• Korean Journal of Construction Engineering and Management
• /
• v.17 no.3
• /
• pp.81-89
• /
• 2016

Under the circumstances where the profitability has become a more critical issue for general contractors, the objective of the study is to identify and discuss obstacles and their key characteristics in the construction budget estimating. Through the questionnaire survey and interviews with experienced estimators of general contractors, the study identified 18 obstacles by 6 groups. It discussed that although various obstacles exist, there are key obstacles to which general contractors should pay attention for the realistic construction budget estimating. In particular, improving subcontractors' estimating competency and incubating estimating experts are identified as the key issues to overcome obstacles in the construction budget estimating.

• Korean Journal of Construction Engineering and Management
• /
• v.23 no.3
• /
• pp.13-24
• /
• 2022

Construction projects are exposed to various types of risks, which tend to increase. The increasing risks call for contractors' more attentions to forecasting and dealing with these risks. One of the measures to deal with contractors' risks is to forecast or estimate risk cost and include it in the construction budget. Although various researches in relation to risk cost have been observed, little attention has been paid to general contractors' perceptions and current practices in estimating risk cost of construction budget. The objective of the study is to identify and discuss key characteristics and implications based on the survey and analysis of general contractors' perceptions and current practices in estimating risk cost of construction budget. The study shows that there is a gap between the perception and the practice of estimating risk cost, that is, high perception of the importance of risk cost and a relatively low level of practice. It suggests that historical cost data, guidelines and corporate-level standard procedures are required to improve the current practice in addition to sufficient time allocations for risk cost estimating. It discusses that there is a need for using sophisticated estimating techniques including bid data analytics despite a low level of the current adoption, and also proposes that research and development in the field of the sophisticated estimating techniques should be further implemented in order to increase their practicality.

• International conference on construction engineering and project management
• /
• 2009.05a
• /
• pp.1201-1208
• /
• 2009

A making a decision of construction cost has important meaning and function for both contractor and owner in construction projects. Especially, it should be premised that estimating the construction cost in efficient and rational way in public construction, which is invested by government funds, for efficient execution of the budget and investment as a side of government. The systematic methodology for estimating construction cost approximately of a river facility construction project has not yet been established because of its unique characteristics including its relatively small project size in terms of cost. On this study, It collect and analyze a river facility construction historical cost data for develop an approximate cost estimating model for river applied by typical embankment section method and rate application of the others activity type. And it verify suitability of model through a that result of application of real river facility construction statement at developed model. By this study, it is expected to reasonable and systematic estimating construction cost through application of developed model.

• Proceedings of the Korean Institute of Building Construction Conference
• /
• 2014.05a
• /
• pp.46-47
• /
• 2014

Recently, BAI(Board of Audit and Inspection of Korea) has recommended that "Result unit cost" of Korean government apply to national power plant construction project when plant owner corporations estimate budget price for tender. but nuclear industry have difficulties with this suggestion. the purpose of this study is to review the "Result unit cost" and problem with application of NPP construction cost estimating. And proposed the direction of application of "Result unit cost" to NPP construction cost estimating.

• Proceedings of the Korean Institute Of Construction Engineering and Management
• /
• 2008.11a
• /
• pp.922-925
• /
• 2008

Many highway projects are under way in Korea. However, owners frequently find that the project cost exceeds the budget and they are unable to identify the underlining reasons. The main purpose of this research is to develop cost models for transportation projects in Korea using the multiple linear regression (MLR). The data consist of 27 completed transportation projects, built from 1991 to 2001, The technique of multiple regression analysis is used to develop the parametric cost estimating model for total budget cost per highway square meter (TBC/$m^2$). Findings of the study indicated that MLR car be applied to highway projects in Korea. There are twf) major contributions of this research. (1) the identification of transportation parameters as a significant cost driver for transportation costs and (2) the successful development of the parametric cost estimating models for transportation projects in Korea.

• Korean Journal of Construction Engineering and Management
• /
• v.24 no.5
• /
• pp.22-34
• /
• 2023

Predicting accurately the construction cost budget in the early stages of construction projects is crucial to support the client's decision-making and achieve the objectives of the construction project. This holds true for public construction projects as well. However, the current methods for predicting construction cost budgets in the early stages of public construction projects are not sophisticated enough in terms of accuracy and reliability, indicating a need for improvement. The objective of this study is to develop a construction cost budget prediction model that can be utilized in the early stages of public building projects using an artificial neural network (ANN). In this study, an artificial neural network model was developed using the SPSS Statistics program and the data provided by the Public Procurement Service. The level of construction cost budget prediction was analyzed, and the accuracy of the model was validated through additional testing. The validation results demonstrated that the developed artificial neural network model exhibited an error range for estimates that can be utilized in the early stages of projects, indicating the potential to predict construction cost budgets more accurately by incorporating various project conditions.

• International conference on construction engineering and project management
• /
• 2011.02a
• /
• pp.162-167
• /
• 2011

Construction projects are full of risks. This is particularly the case in civil construction projects that are often featured with large scale, complexity and involving a large number of participating parties. The eventuation of risks typically results in extended project durations leading to an increase in the total project budget. The consequence can be amplified considering the significant impacts of civil construction projects on the society, from economical, environmental and social perspectives. This research investigates the significance of risks within civil construction projects and approaches to deal with risks. Semi-structured interviews were undertaken with local industry practitioners in South Australia on this matter. It is found that the industry is fairly aware of risks associated with civil construction projects and subsequently has procedures in place to attempt to minimize the impacts of these risks on the project outcomes. The interview results also indicate that there is limited utilization of software for the risk management purpose from the cost estimation perspective.

• Korean Journal of Construction Engineering and Management
• /
• v.8 no.4
• /
• pp.110-118
• /
• 2007

For deciding the owner's budget of the building construction in the predesign stage, the probabilistic methodologies for estimating the cost are often studied, however these parameter-based conceptual estimating methodology has limitation of applying it to the practical business because it hardly can link the design decision-making and the cost estimating and control. Besides if the result of detail estimating after detail design is over the budget, locally and arbitrarily control the level of interior design and fix the design. This research proposed the prototype-based cost estimating model for building interior construction which leads to estimate the interior cost easily linking with design decision-making and supports to evaluate the design alternatives in the schematic design and the design development stage for office buildings. The model divides the building on the design process by Element Breakdown Structure and presents the design alternative by selecting the elements of each room from the database accumulated the historical office buildings' prototypes and estimates the cost. The 2 case studies presented to validate the effectiveness of as the linking tool integrating the design and construction data and applicability to the practical design on the presented prototype-based model.

• Proceedings of the Korean Institute of Building Construction Conference
• /
• 2021.05a
• /
• pp.271-272
• /
• 2021

The maintenance and repair work of sidewalk block pavement is a construction that requires a large amount of budget to be invested every year. It is important to establish an appropriate standards for estimating construction cost to ensure proper budgeting and quality. In this study, the standards for estimating the cost of maintenance and construction work for sidewalk blocks that can be applied to the construction volume classified according to the site conditions, construction type, and equipment use differentiated from new construction was established. As a result, the daily construction volume was presented by reflecting excavator and truck as equipment in the combination of paver and common worker. The re-installation was applied by separating the construction volume of sections with general blocks and induction/raised blocks based on the installation of sidewalk blocks after demolition. Generally if block cutting is necessary, the precision construction conditions using a cutting machine were taken into consideration to secure the construction quality. In addition, it has been revised to apply classified construction volume into A and B-Type depending on the park and site conditions.

• Proceedings of the Korean Institute Of Construction Engineering and Management
• /
• autumn
• /
• pp.383-387
• /
• 2003

Construction project has many problem such as delay of the appointed date delivery, over budget, wether and site conditions. When several activities are influenced by the same factor, their duration may be delayed. This paper deals with the problem of construction duration estimating and schedule variation on the construction project. The theory of constraints technique for project management is referred to 'Critical Chain' technique. This paper shows optimal scheduling plan and time management technique, used probability construction duration estimating and scheduling buffer based on the critical chain project management.