• Title/Summary/Keyword: Additional Costs

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Framework to Compute Vehicle Emission Costs Associated with Work Zones

  • Shrestha, K. Joseph;Adebiyi, Jeremiah;Uddin, Mohammad Moin;Sturgill, Roy
    • 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.

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Comparison Analysis of Construction Costs according to LEED and non-LEED Certified Educational Buildings (교육시설물의 LEED 인증유무에 따른 공사비 비교연구)

  • Ha, Sun-Geun;Son, Kiyoung;Kim, Ji-Myong;Kim, Taihui
    • Journal of the Korean Institute of Educational Facilities
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    • v.24 no.6
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    • pp.3-10
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    • 2017
  • The efforts for sustainable development in building construction is widely applied by global organizations, governments, etc. However, according to the researchers, if the green rating systems on the building, it is reported that construction costs and durations are increased compared to conventional buildings. In this respect, the objective of this study is to identify the construction costs between LEED and non-LEED buildings. The scope of this study is limited in 21 university buildings of Canada. The methodology is as follows: First, the data of LEED and non-LEED buildings are collected in every university building. Second, the average construction costs per square meter is collected and normality check is conducted. Third, to identify statistical significance, the difference of average construction costs is analyzed by using T-test. As a result, it is concluded that the construction costs of LEED buildings are increased by approximately 3.8% more than non-LEED buildings. In the future, the results of this study can be applied to analyzing the additional costs according to the LEED grade in educational buildings.

A calculation method on the loss of labor productivity due to change orders (설계변경으로 인한 작업 생산성 손실 산정방법)

  • Jeon Yong-Deok;Lee Jae-Seob
    • Proceedings of the Korean Institute Of Construction Engineering and Management
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    • autumn
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    • pp.295-300
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    • 2001
  • Additional costs as well as schedule delay are occurred due to change orders in today's construction projects. Additional costs, overhead calculation methods are of various types. In a foreign country cases, many claims related to the loss of labor productivity quote research statistics data. In domestic cases, the study of the reason why the loss of labor productivity occurs and its effect have not been performed. Therefore, this paper analyzes factors affecting lost productivity and a methodology is presented to estimate the lost productivity.

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Cost Analysis of VVVF Inverter Train Based on Life-cycle to Determine the Introduction Timing of New Trains (신규차량 도입시기 의사결정을 위한 인버터제어 전동차의 잔여수명에 따른 비용분석)

  • Lee, Kwang-Sub;Lee, Chan Woo;Yang, Keun-Yul;Min, Jae Hong;Shin, Jong Jin
    • Journal of the Korean Society for Railway
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    • v.19 no.1
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    • pp.77-86
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    • 2016
  • Before urban railway vehicles reach their design life-span, operating agencies should determine when to buy new vehicles. Previous LCC (Life Cycle Cost) studies were limited because they independently focused on existing vehicles based on costs that directly impacted only the operating agency without considering effects such as social costs and the reduction of maintenance costs. Thus, it is difficult to systematically determine when to buy new vehicles. This study investigated the operating and maintenance related costs, especially from additional expenses and social costs due to unexpected vehicle failures and safety accidents, and did an economic analysis of scenarios with different discount rates. Considering that the public is very concerned about safety after the Sewol ferry accident, additional costs, which include social costs, should be included in the analysis. This study shows that the economic priority of scenarios may change depending on whether those costs are included and on the discount rate. The results of this study can help in the decision-making process for the planning and buying of new trains.

A Cell Formation Model For Manufacturing System with Sequence Dependence (가공순서에 종속적인 제조시스템을 위한 군형성모형)

  • 홍상우
    • Journal of Korean Society of Industrial and Systems Engineering
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    • v.22 no.49
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    • pp.59-65
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    • 1999
  • This paper considers the cell formation in a manufacturing environment where the setup times and costs are significantly dependent on the sequence. The trade-off between saving on the setup costs and additional investment on new machines is considered for determining the economic number of cells. Accordingly, This paper develops a mixed integer program and mentions a variety of manufacturing situations where this model can be useful. This paper also includes an illustrative example.

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VALUATION AND HEDGING OF OPTIONS WITH GENERAL PAYOFF UNDER TRANSACTIONS COSTS

  • Choi, Hyeong-In;Heath, David;Ku, Hye-Jin
    • Journal of the Korean Mathematical Society
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    • v.41 no.3
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    • pp.513-533
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    • 2004
  • We present the pricing and hedging method for options with general payoffs in the presence of transaction costs. The convexity of the payoff function-gamma of the options- is an important issue under transaction costs. When the payoff function is convex, Leland-style pricing and hedging method still works. However, if the payoff function is of general form, additional assumptions on the size of transaction costs or of the hedging interval are needed. We do not assume that the payoff is convex as in Leland 〔11〕 and the value of the Leland number is less (bigger) than 1 as in Hoggard et al. 〔10〕, Avellaneda and Paras 〔1〕. We focus on generally recognized asymmetry between the option sellers and buyers. We decompose an option with general payoff into difference of two options each of which has a convex payoff. This method is consistent with a scheme of separating out the seller's and buyer's position of an option. In this paper, we first present a simple linear valuation method of general payoff options, and also propose in the last section more efficient hedging scheme which costs less to hedge options.

Third Party Funding in International Arbitration and its most current Development in Asia -Issue of Security for Costs and its main Cases

  • Kim, Se-Jin;kim, Dae-Jung
    • Journal of Arbitration Studies
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    • v.29 no.4
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    • pp.77-100
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    • 2019
  • Third-party funding in international and domestic disputes is a fast-growing trend and it is increasingly used by large, solvent companies that simply wish to share risk in their finance. On January 10, 2017, the Civil Law Amendment Bill was passed in Singapore and on June 2017 an "Arbitration and Mediation Legislation (Third Party Funding) Bill" in Hong-Kong had a third-party funding to finance the international arbitration and other dispute resolutions expressly approved. This arbitral tribunal's expanding discretion over critical interim measure of security cost was in issue. In Essar v. Norscot (2016), the arbitrator found that the additional third-party funding costs were recoverable as "other costs of the parties." In here, the decision showed the issue of a tribunal's power over cost measures could spread out to be reviewed and broadened through the legislative process. A recent investor-state arbitration case of ICSID, RSM Production Corporation v. Saint Lucia, covered the express awarding of security for costs where a claimant was funded by a third-party funder. It seems inevitable that the volume of third-party funding industry will grow more as time goes on. The next step would be to formulate guidelines on how to determine criteria against which an application for security for costs is measured.

Occupational Injuries and Illnesses and Associated Costs in Thailand

  • Thepaksorn, Phayong;Pongpanich, Sathirakorn
    • Safety and Health at Work
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    • v.5 no.2
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    • pp.66-72
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    • 2014
  • Background: The purpose of this study was to enumerate the annual morbidity and mortality incidence and estimate the direct and indirect costs associated with occupational injuries and illnesses in Bangkok in 2008. In this study, data on workmen compensation claims and costs from the Thai Workmen Compensation Fund, Social Security Office of Ministry of Labor, were aggregated and analyzed. Methods: To assess costs, this study focuses on direct costs associated with the payment of workmen compensation claims for medical care and health services. Results: A total of 52,074 nonfatal cases of occupational injury were reported, with an overall incidence rate of 16.9 per 1,000. The incidence rate for male workers was four times higher than that for female workers. Out of a total direct cost of $13.87 million, $9.88 million were for medical services and related expenses and $3.98 million for compensable reimbursement. The estimated amount of noncompensated lost earnings was an additional $2.66 million. Conclusion: Occupational injuries and illnesses contributed to the total cost; it has been estimated that workers' compensation covers less than one-half to one-tenth of this cost.

Costs analysis of carcass burial site construction: Focused on the foot and mouth disease 2011, South Korea

  • Kim, Mi Hyung;Ko, Chang-Ryong;Kim, Geonha
    • Environmental Engineering Research
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    • v.20 no.4
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    • pp.356-362
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    • 2015
  • Many burial sites were constructed in a short time to prevent the rapid spread of foot and mouth disease in infected livestock carcasses in Korea. More than 4,700 carcass burial sites were constructed in 2011. Approximately seven million poultry and 3.5 million livestock, including cattle and swine, were buried on farmland. Some burial sites were suspected of leachate leakage and were excavated and carcasses redisposed in a bioaugmentation process. This study performed interviews in order to understand the economic issues related to carcass burial and redisposal. The internal data from local government and the assumption data from online sites were analyzed to evaluate the costs; the focus was on burial site construction. The results showed that the local government paid $4.7 and $10.9 per carcass for traditional burial and redisposal. The comparable costs shown online were $4.5. This study found that the standard operating procedures should be carried out to reduce environmental impact and avoid additional costs. We estimated that the cost could be reduced by the advance preparations of materials against the emergency situations such as catastrophe of epidemics. In addition, the innovative technology for the stabilization of carcasses should be established through a future study.

Project Time-Cost Tradeoff Problem with Milestones under an Uncertain Processing Time (불확실한 환경 하에서 중간 평가가 있는 시간-비용 프로젝트 문제)

  • Choi, Byung-Cheon;Chung, Jibok
    • Journal of the Korean Operations Research and Management Science Society
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    • v.38 no.2
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    • pp.25-42
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    • 2013
  • We consider a project time-cost tradeoff problem with two milestones, where one of the jobs has an uncertain processing time. Unless each milestone is completed on time, some penalty cost may be imposed. However, the penalty costs can be avoided by compressing the processing times of some jobs, which requires additional resources or costs. The objective is to minimize the expected total costs subject to the constraint on the expected project completion time. We show that the problem can be solved in polynomial time if the precedence graph of a project is a chain.