• International conference on construction engineering and project management
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• 2011.02a
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• pp.162-167
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• 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
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• v.2 no.2 s.6
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• pp.81-89
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• 2001

Construction industry has particular properties of non-continuity of production, and non-stability of market comparing to other industries. Because of them, the practical construction cost is more difficultly recognized than in manufacturing industry, so, that is various according to many projects. Therefore, it is very hard work to standardize construction cost, and it is worthy of analyzing and measuring exactly construction cost. On this study, the trouble in producing expected construction cost with original cost calculation method is progressed by the data of cost items in complete works. On the basis of analyzing data, as expected cost of practical construction is measured, it can be referred to the method and the standard of indirect labor cost rate in construction.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.379-382
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• 2001

In domestic construction industry, time and cost has been managed separately in most cases. Usually projects are managed focused on cost, so time is not yet managed systematically. Project performance in these managemental situation can not be assessed correctly. This would cause project delay, cost overrun, productivity loss. Therefore it is needed to adopt earned value concept, an approach used in the management and control of project costs and schedules. Using this EV concept through time-cost integration, project can be managed properly based on the consistency, predictability, and reliability of the performance data. This paper proposed time and cost integration process, proper PMT method, and practical performance management model through time and cost integration.

• International conference on construction engineering and project management
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• 2013.01a
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• pp.243-251
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• 2013

Cash management is a major concern for all contractors in the construction industry. It is arguable that cash is the most critical resource of all. A contractor needs to secure sufficient funds to navigate the project to the end, while keeping an eye on maximizing profits along the way. Past research attempted to address such topic via developing models to tackle the time-cost tradeoff problem, cash flow forecasting, and cash flow management. Yet, little was done to integrate the three aspects of cash management together. This paper, as such, presents a comprehensive model that integrates the time-cost tradeoff problem, cash flow management, and cash flow forecasting. First, the model determines the project optimal completion time by considering the different alternative construction methods available for executing project activities. Second, it investigates different funding alternatives and proposes a project-level cash management plan. Two funding alternatives are considered; they are borrowing and company own financing. The model was built as a combinatorial optimization model that utilizes ant colony search capabilities. The model also utilizes Microsoft Project software and spreadsheets to maintain an environment that incorporates activities, their durations, and other project data, in order to estimate project completion time and cost. Ant Colony Optimization algorithm was coded as a Macro program using VBA. Finally, an example project was used to test the developed model, where it acted reliably in maximizing the contractor's profit in the test project.

• International conference on construction engineering and project management
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• 2011.02a
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• pp.586-590
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• 2011

This paper presents the case study of the CE by collaborative system and proposes a model of the CM group for the cable supported bridge. The cable supported bridges have a large project scale and need a high level of construction method. Therefore an advanced construction management system is required for successful completion of project. The construction management (CM) group which control design management, construction plan, subcontract, technical support and R&D is organized for the cable supported bridge project. The CM group established a collaborative system with construction site and drew an effective management of cost, process, quality, safety for each project. Furthermore, the CM group established the procedure of construction management based on the construction engineering (CE) items and performed the project management on the construction phase. Efficiency of cost reduction and site control is maximized by using a collaborative system.

• International conference on construction engineering and project management
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• 2015.10a
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• pp.376-380
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• 2015

Life-Cycle Cost Analysis (LCCA) for highway projects is known as an effective analytical technique that uses economic principles to evaluate long-term alternative investment options, especially for comparing the values of alternative pavement design structures and construction strategies. In the Unites States, the 2012 Moving Ahead for Progress in the 21^st Century Act (MAP-21) amended the United States Code to mandate that the United States Government Accountability Office (GOA) conducts a study of the best practices for calculating life-cycle costs and benefits for the federally funded highway projects in 2013. The RealCost 2.5CA program was developed and adapted as an official LCCA tool to comply with regulatory requirements for California state highway projects in 2013. Utilization of this California-customized LCCA software helps Caltrans to achieve substantial economic benefits (agency cost and road user cost savings) for highway projects. Proper implementation of LCCA for roadway construction and rehabilitation would deliver noticeable savings of agency's roadway maintenance cost especially in developing counties where financial difficulties exist.

• Korean Journal of Construction Engineering and Management
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• v.9 no.2
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• pp.170-181
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• 2008

Cost of construction project have to be estimated based on drawing before execution. Cost estimate and check would be performed numerously for preparing general outline of requirements and determining the budget at conceptual planning stage, for obtaining decision on every matter related to design, specification, construction and cost at design stage, and for predicting bidding cost. Thus, importance of cost estimation cannot emphasize too much in construction. However, there are lack of standard estimation method, process, and cost analysis method, that square foot estimation method is as used as eyer, in Korea. Thus, This research present the direction for improving cost estimation and management in construction; It is demanded that establishing standard data base methodology, multi-level database model CUBE, and standard cost planning process, choosing cost estimation methodology according to objectives and cost planning process, and making more experts.

• Korean Journal of Construction Engineering and Management
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• v.14 no.5
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• pp.26-34
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• 2013

Recently, many companies recognize the individual human resource as a core asset of the corporate value creation and devote a lot of effort to develop and manage competency-based human resource in order to strengthen the corporate competitiveness. As the integrated construction company taking the major portion in Korean construction industry, its construction engineers perform the construction supervision task with various related parties at each stage of the life cycle of the construction project. Therefore, the competency of a construction engineer is an important factor which have a direct impact on the success of the construction project. However, the current capability evaluation scheme of the domestic construction engineers is mainly oriented on the qualification factors such as the certificates or the seniority and this is quite different from evaluating the actual ability for construction management tasks. In this point of view, this study proposes the appropriate level of proficiency in cost management by analyzing the work process and its detailed items of the cost management that is the one of the basic management items of the construction industry. Based on this, this study analyzes the current competency level of the construction engineer by comparing with the required competency of each job position and also performs the engineer's work competency analysis of each work step.

• Journal of Construction Engineering and Project Management
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• v.1 no.1
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• pp.31-36
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• 2011

Construction materials usually constitute a major portion of the total cost in a building construction project. Materials management Is made problematic by materials shortages, delays in supply, price fluctuations, damage and wastage, and lack of storage space. Despite the potential benefit of ICT, convincing construction organisations to embrace its use and implementation has proved a difficult task. This study seeks to identify the implementation of ICT for materials management processes in construction projects. The findings from the case studies reveal that the implementation of ICT in the materials management processes for construction projects in Malaysia Is at early stage. Microsoft Excel Spreadsheet and handheld devices are found to be the common ICT tools adopted in the materials management processes. The main barrier is found to be the cost involvement at the initial stage or overall implementation of ICT in the materials management processes. Finally, this paper concludes the finding from interviews towards the ICT implementation of materials management in the construction projects.

• International conference on construction engineering and project management
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• 2007.03a
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• pp.30-40
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• 2007

The demand for light-rail construction projects has recently been increasing, and they are mostly supervised by private construction companies. Therefore, a private construction company that aim to raise gains from the operation of the facilities during the contract period greater than what they invested should b able to accurately calculate the costs from the aspect of Life Cycle Cost (LCC). In particular, a light-rail transit bridge that has a heavier portion from the aspect of the cost of light-rail transit construction requires a more accurate calculation method than the conventional LCC calculation method. For this, an LCC analysis model was developed and a cost breakdown structure was suggested based on literature review. The construction costs by shape of the upper part of a light-rail transit were calculated based on the cost breakdown system presented in this paper, and the cost generation cycle and cost unit price were collected and analyzed based on records on maintenance costs, rehabilitation and replacement. In addition, after forming some hypotheses in order to perform the LCC analysis, economic evaluation was conducted from the aspect of the LCC by using performance data by item.