• Title/Summary/Keyword: Construction Management Market

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Public Building Value Evaluation Using Contingent Valuation Method Based on Market Value Estimation

  • PARK, Jieun;YU, Jungho
    • International conference on construction engineering and project management
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    • 2015.10a
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    • pp.367-370
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    • 2015
  • Building deterioration reflects the degradation of basic building performance including structural performance, energy performance, durability, and safety, and it also includes perceived deterioration, which considers a user-based perspective. More than 50% of the existing buildings in Korea are over 15 years old and public buildings compose 2.5% of all buildings domestically. Therefore, there are several different problems, such as poor energy efficiency, structural performance, and safety. To address the challenges of increasing stock in deteriorated buildings, it is necessary to make decisions about reconstruction or renovation. In this study, we propose a new method to evaluate public building value with a contingent valuation method (CVM). By estimating willing-to-pay (WTP) from users of private buildings in similar situation with the public building, it is possible to compare market prices and calculate a correction factor to adjust the WTP data. Finally, we apply the correction factor to the WTP of a public building and estimate market price, willingness to pay (WTP). Finally, we apply the correction factor to willing to pay (WTP) of public building and estimate market price.

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Improvement Factors for Reinforced Concrete Firm against Removing the restriction of Construction Market Activation (겸업제한 폐지에 따른 철근콘크리트 전문건설업체의 발전요인)

  • Park, Jeong-Ho;Jun, Hun-Bai;Cho, Kyu-Man;Hong, Tae-Hoon;Koo, Kyo-Jin;Hyun, Chang-Taek
    • Korean Journal of Construction Engineering and Management
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    • v.9 no.1
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    • pp.118-125
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    • 2008
  • Recently, the Ministry of Construction and Transportation announced a notice of the legislation related to remove the restriction of construction market activation in advance. he removement is an overwhelming change of the business structure in the Korean construction industry and has a far-reaching influence on general and trade contractors. The purpose of this research was to suggest improvement factors to survive an excessive competition in reinforced concrete market. This research did SWOT analysis to examine the strength, weakness, opportunity and threat of reinforced concrete firm, and established business strategies. The factor analysis was also applied with questionnaire survey to staff in charge of reinforced concrete company. It is expected that the suggested improvement factors can give effective business strategies to reinforced concrete firm. Furthermore, trade contractors having difficulty in a bottleneck in management can get help from the result of this research.

A Suggest on the Reclassification and Performance Criteria of Construction Material in Korean Public Procurement - Based on the Law of Purchasing Policy for Market Support of Small and Medium Business - (공공공사 직접구매 조달품목 재분류 및 성능기준 제안)

  • Yang, Jinkook;Choi, Yongho;Lee, Eunha;Lee, Sangbeom
    • Korean Journal of Construction Engineering and Management
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    • v.15 no.3
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    • pp.31-37
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    • 2014
  • "The Law of purchasing policy for market support of small and medium business" was legislated to support small and medium industry by expanding purchase and revised consistently for the activation. And then the government made the public construction direct purchase compulsory about design items designated by president on small and medium business based on this law. However, secureing quality, tardiness and field material staff's heavy duty were arisen from approximately 120 direct market purchase items. The legislative intent of law is in accord with Win-Win growth between major company and small and medium business. However material staff who works in the field based on this law has difficulties with material securing quality, JIT(Just In Time), cost push. This study reclassified procurement items of "the direct market purchase system" reasonably and then suggested performance criteria for evaluation. The suggested result will contribute to vatalize the direct market purchase system.

THREE-STAGED RISK EVALUATION MODEL FOR BIDDING ON INTERNATIONAL CONSTRUCTION PROJECTS

  • Wooyong Jung;Seung Heon Han
    • International conference on construction engineering and project management
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    • 2011.02a
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    • pp.534-541
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    • 2011
  • Risk evaluation approaches for bidding on international construction projects are typically partitioned into three stages: country selection, project classification, and bid-cost evaluation. However, previous studies are frequently under attack in that they have several crucial limitations: 1) a dearth of studies about country selection risk tailored for the overseas construction market at a corporate level; 2) no consideration of uncertainties for input variable per se; 3) less probabilistic approaches in estimating a range of cost variance; and 4) less inclusion of covariance impacts. This study thus suggests a three-staged risk evaluation model to resolve these inherent problems. In the first stage, a country portfolio model that maximizes the expected construction market growth rate and profit rate while decreasing market uncertainty is formulated using multi-objective genetic analysis. Following this, probabilistic approaches for screening bad projects are suggested through applying various data mining methods such as discriminant logistic regression, neural network, C5.0, and support vector machine. For the last stage, the cost overrun prediction model is simulated for determining a reasonable bid cost, while considering non-parametric distribution, effects of systematic risks, and the firm's specific capability accrued in a given country. Through the three consecutive models, this study verifies that international construction risk can be allocated, reduced, and projected to some degree, thereby contributing to sustaining stable profits and revenues in both the short-term and the long-term perspective.

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Risk Classification and Relational Database Schema in Overseas Power Plant Construction (해외 발전플랜트 리스크 분류체계 및 관계형 데이터베이스 구축 방안)

  • Kim, Min;Jung, Youngsoo
    • Proceedings of the Korean Institute of Building Construction Conference
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    • 2014.05a
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    • pp.192-193
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    • 2014
  • Due to the decreasing domestic construction market since 2007, Korean construction companies are expanding overseas market. As a result, the international market share by Korea has been continuously increased and achieved 65.2 billion dollars in 2013. Despite of such visible results, profitability concerns are constantly arising. It is pointed out that the low-priced bid competition between Korean construction companies and various unpredictable risks are the most crucial factors which aggravate the profitability in the overseas projects. From this point of view, predicting the risks in advance and controling them could be the most important tasks to improve the profitability. This research proposed 202 risk factors with a hierarchy and relational database schema for power plant construction, which is based on the 24 risk classifications in previous research (Kim & Jung 2013). Proposed risk classification and relational database schema could be utilized as the basic data in risk management system.

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Classifying Strategic Types Through Strategic Group Analysis In Construction Industry (국내 건설부문 전략군 분석을 통한 전략군집분류 -국내 중규모 건설기업을 중심으로-)

  • Jeong Dae-Ryung;Yoo Byeong-Gi;Kim Jae-Jun
    • Korean Journal of Construction Engineering and Management
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    • v.6 no.2 s.24
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    • pp.102-110
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    • 2005
  • After the IMF bailout, the Environment of Domestic Construction Industry had changed dramatically. Before the IMF, Domestic Construction Firms are secured by the government regulations and some traditional practices. However, due to the following reasons: a decrease in public works, an increase in uncertainty of market prediction, the change of bid system, and increase in construction firms, recently the competition among construction firms has became keen. Under the serious competition, in order that medium-size construction firms survive in the construction market, it is need to establish the strategy that could increase productivity. In order to establish the strategy, firstly, construction firms should set up an appraisal standard of construction firms. Consequently, This study will introduce companies' objective appraisal in domestic construction market as well as basal data for setting-up strategy through adaptation industry structure analysis of business administration for strategic group analysis and a company which has lagged behind competitive power among the competitive companies can choose a target strategic group which should be pursued it in the future through being classified according to a group taken analogical strategy.

The Prediction of the Apartment Construction Project Cashflow with Changing Sales Point (분양시기 변동에 따른 공동주택 건설공사 현금흐름 예측)

  • Bae Jun-Ho;Kim Jae-Jun
    • Proceedings of the Korean Institute Of Construction Engineering and Management
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    • autumn
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    • pp.234-237
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    • 2003
  • The Korean housing supply have been provided by the Pre-construction sales system. The Pre-construction sales system contributed to large housing supply. But it followed by the market anomaly. Along the housing market is changing to tile market for consumers, it requires new policy and regulations. This market changes and needs to modify the policy make a discussion about introducing the Post-construction sales system. it concerns to change the time to sale. This paper analyzes the present feasibility study and makes a tool to predict construction cashflow considering changed sales point. The sales timing leads to decide the amount of financial costs in the construction project and that cost affects to the feasibility. The accurate cashflow prediction is required for a successful apartment construction delivery.

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A STUDY ON INTANGIBLE ASSET EVALUATION MODELING FOR CONSTRUCTION MANAGEMENT EFFICIENCY

  • Soyean Lim;Hyun-Chul Lee;Woo-Sung Yoon;Seong-Seok Go
    • International conference on construction engineering and project management
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    • 2009.05a
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    • pp.876-882
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    • 2009
  • With overall opening of global construction market by World Trade Organization (WTO) agreements, importance of management efficiency of construction industry which considers both tangible and intangible assets is recently being recognized in our nation. That is, efforts for reinforcement of competitiveness must be placed through maximization of values of internal and external intangible assets of construction industry such as management innovation, information, investment in technology and R&D and intellectual property. Accordingly in this study, evaluation criteria for intangible assets of construction industry were investigated and classified. Using such criteria, evaluation index and model were established based on the degree of importance of each criterion. The purpose of this study is to review importance of intangible assets in terms of competitiveness and management efficiency of construction industry and to provide basic data for establishment of intangible assets and revitalization of investment.

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A Basic Analysis of the Management Factors the Application of Modular Construction Method in Buildings (건축물 모듈러 공법 적용을 위한 단계별 관리요인 기초적 분석)

  • Kim, Sung-Eun;Lee, Shin-Ja;Lim, Hyoung-Chul
    • Proceedings of the Korean Institute of Building Construction Conference
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    • 2023.05a
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    • pp.373-374
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    • 2023
  • Modular construction is a cost-effective and time-saving method of building that involves prefabricating modules in a factory and assembling them on-site. However, effective management factors must be considered at each stage of the process to ensure quality and stability. This study analyzes these management factors and proposes systematic ways to manage them, including construction planning, data management, and quality assurance. Proper management can improve construction quality, shorten construction time, and reduce costs. These stage-specific management factors are crucial for the success of modular construction projects, and further research and efforts are needed to promote its widespread use in the construction market.

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A Study on Information Management System for Efficient Asset Management (효율적인 자산관리를 위한 정보관리 체계 구축 방안에 대한 기초연구)

  • Kim, Do-Min;Seo, Hee-Chang;Kim, Ju-Hyung;Kim, Jae-Jun
    • Proceedings of the Korean Institute of Building Construction Conference
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    • 2012.11a
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    • pp.121-123
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    • 2012
  • Since the financial crisis in 1997, the paradigm in property has been changed. So the domestic asset management market was generated and developed. While developing the asset management, however, there were a variety of problems about management of property information and asset management specialist shortage. For effective property management, this study propose the strategy of making information management system.

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