• Korean Journal of Construction Engineering and Management
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• v.18 no.2
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• pp.30-37
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• 2017

In Korea, additional indirect costs generated from the time period extension of public construction projects have been studied. Practical claims against such costs are increasing. There are no clear criteria for calculating the delay cost caused by the extension, and thus calculation methods differ across entities. Logical valid calculation methods have also not been researched. Further, there are no Korean studies on the additional indirect cost caused by a suspension in a public construction project on a long-term continuing contract. The purpose of this research is to propose a method of calculating the indirect cost incurred by construction time extension that reflects the characteristics of Korean public construction projects. The cost patterns generated during construction periods were analyzed, and then the current criteria of calculating the indirect costs caused by the extension were examined. Following this, actual conditions and practices in the field were surveyed and the current calculation method was applied to a model case to compare the actual cost and that determined from the current calculation method. Issues with the current method were identified by this comparison. Based on this, this research proposes a method of calculating the total actual cost caused by a suspension in a public construction project that is appropriate for calculating the additional indirect cost generated by a suspension in a public construction project on a long-term continuing contract.

• Korean Journal of Construction Engineering and Management
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• v.19 no.4
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• pp.61-69
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• 2018

Research on additional indirect cost due to construction period extension in general contracts has continuously been active whereas the same for the subcontract operations has not been. In this research, we review previous research on evaluation methods for additional indirect costs which are widely being used on construction sites as well as previously proposed methods altogether, applying them to analyze model-cases for comparison. We acknowledge that this pattern for construction cost fluctuation over the construction period demonstrates an S-curve. This S-curve shaped indirect cost occurrence is then used to generate model-cases that are used throughout the research which models we applied previous evaluation methods on. Finally in pursuit of finding out some problems of evaluation methods, we came to derive a conclusion that the "Average Actual Cost Evaluation Method on Extended Duration," which, in turn, were proved to be valid for application on general contracts, was also valid for general application on subcontractor operations.

• Journal of Preventive Medicine and Public Health
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• v.55 no.5
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• pp.415-423
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• 2022

Economic evaluations in the healthcare are used to assess economic efficiency of pharmaceuticals and medical interventions such as diagnoses and medical procedures. This study introduces the main concepts of economic evaluation across its key steps: planning, outcome and cost calculation, modeling, cost-effectiveness results, uncertainty analysis, and decision-making. When planning an economic evaluation, we determine the study population, intervention, comparators, perspectives, time horizon, discount rates, and type of economic evaluation. In healthcare economic evaluations, outcomes include changes in mortality, the survival rate, life years, and quality-adjusted life years, while costs include medical, non-medical, and productivity costs. Model-based economic evaluations, including decision tree and Markov models, are mainly used to calculate the total costs and total effects. In cost-effectiveness or costutility analyses, cost-effectiveness is evaluated using the incremental cost-effectiveness ratio, which is the additional cost per one additional unit of effectiveness gained by an intervention compared with a comparator. All outcomes have uncertainties owing to limited evidence, diverse methodologies, and unexplained variation. Thus, researchers should review these uncertainties and confirm their robustness. We hope to contribute to the establishment and dissemination of economic evaluation methodologies that reflect Korean clinical and research environment and ultimately improve the rationality of healthcare policies.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.4 no.5
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• pp.73-83
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• 1981

The purpose of value analysis is to assist each to approach nearer enough to this goal to provide substantial competitive and profit advantages. It provides planned and disciplined thought and act ion which hel ps identify unnecessary cost throughout the product or process cycle. Value analysis is a precise, disciplined, one-purpose thinking process. Its one purpose is to retain all the performance and aesthetic factors which now exist In the product, process or services, which the customer wants and is willing to pay for : and through disciplined thinking procedures, to put together Practical alternatives which will accomplish them at still lower cost. Value in a product or service is the reward for appropriate performance and appropriate cost Value analysis must therefore employ techniques which will sensitize any "lacking" area so that the need can be identified and satisfied. As the business begins to see the benefit of the activity, additional value analysts consultants may be added. This will provide more penetration in the three identified areas, of top managers group, individual value analysis consultants and senior member who organizes value analysis work, and besides, additional abilities will be secured.e secured.

• Journal of Navigation and Port Research
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• v.44 no.4
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• pp.326-337
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• 2020

Shipping companies have suffered additional losses because of irrational shipping finance decisions. This paper analyses the cases according to the behavioral finance theories. The theories of behavioral finance used in the analysis and research of this paper are the anchoring effect and sunk cost effect. The backgrounds and reasons for the decisions regarding ship financing are analysed based on the questionnaire responses and case studies. As a result of the analysis, it is found that the behavioral finance theories, anchoring effect, and sunk cost effect, have effects on the ship financing decisions, that errors related to behavioral finance can result in irrational decisions, and that shipping companies suffered additional losses because of the behavioral finance errors.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2019.05a
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• pp.59-60
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• 2019

Thermal bridge on a building envelope causes additional heat loss which increases the heating energy consumption. As the higher building insulation performance is required, heat loss through thermal bridge becomes higher proportion among total building heating energy consumption. For the exterior insulation and finish system, thermal bridge between window frame and concrete wall should be constidered as one of main reasons of heat loss. In this study, the thermal bridge barrier between window frame and concrete wall(STAR) was proposed as the best practice for reducing thermal bridge. The STAR was confirmed that the use of thermal bridge barrier imporved the annual heat energy capacity by 35% or more and the innitial construction cost by 7.4% or less because of additional interior insulation against condensation. Finally the life cycle cost during 20 year by heating energy of a building reduced by 25% or more compared with the exist technology. This STAR thermal bridge barrier will be used as the main technology to improve the energy efficiency of building.

• International conference on construction engineering and project management
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• 2022.06a
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• pp.952-959
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• 2022

Active construction work zones will result in longer travel time and/or longer travel distances for road users because of reduced speed limits and/or detours. This results in increased fuel consumption and increased emissions of harmful gases such as Carbon Monoxide (CO), Nitrogen Oxides (NOx), and Sulfur Oxides (SOx), which causes discomfort to the environment and road users around the work zone. The impact of such emissions should be considered while designing work zones or determining the number of days the roadway will be allowed to be closed partially or fully. This study develops a methodology to compute additional road user costs associated with such work zones. To achieve this goal, a) an extensive literature review is conducted, b) a framework to compute emission cost is developed, c) emission rates are computed for all counties (95) of the state of Tennessee, and d) a case study is conducted to demonstrate the use of the framework to estimate the additional impact of emission because of the work zone. For the case study conducted, the emission cost was computed to be $10,653.60 for the duration of the project. State DOTs can account for such road user costs while selecting contractors using A+B bidding. Accounting for such impact of emission will also indicate the agency's willingness to consider sustainability as a part of the business practices.

• International conference on construction engineering and project management
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• 2022.06a
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• pp.1240-1240
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• 2022

Construction projects are fraught with risks from cost or other overruns to accidents along with other issues. This is true whether the relevant organization is an owner, general contractor, CM, specialty-trade contractor, or other entity. When cost issues or other issues confront arise, how should an organization proceed whether attempting to gain additional compensation in terms of cost/other damages or protecting the same against such claims if they do not appear to be warranted? Enter construction cost forensics. This presentation will focus on strategies/techniques with construction cost forensics in these areas in order to be successful. Covered techniques include those to develop and analyze claims including fundamental construction cost analysis techniques. When an unexpected event disrupts a construction project, using sound analytical methods to identify the cause and quantify the extent of the issue will be important for negotiating a fair result or for obtaining a successful outcome in arbitration or litigation. Key examples of uncovering issues via construction cost forensics will be covered in this presentation.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2012.11a
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• pp.111-112
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• 2012

Korean government is planning to supply a half million public and permanent rental houses from 2013 to 2018 for settlement of non-homeowners. It is requested an objective criterion to appropriate the budget for the rental houses construction project cost. In this study, construction cost indices, which reflect the inflation trend of construction resources, were explorated to suggest a effective methodology for the construction cost estimation of therental houses. We figured out the future construction cost indices using several scientific methods, and seven estimated indices values were shown. It is required an additional research to select the proper value among the analyzed indices.

• Journal of the Korean Institute of Telematics and Electronics
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• v.23 no.5
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• pp.653-657
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• 1986

This paper describes a method to design a guaranteed cost controller for a system with uncertain parameters. The design procedure consists of defining an arbitrary function which satisfies certain condition and minimizing it over the control input. When the method is applied to a class kof linear systems with uncertain parameters, a Riccati equation with additional terms results. A simple example is presented to illustrate the usefulness of this method.