• International conference on construction engineering and project management
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• 2011.02a
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• pp.526-533
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• 2011

Contracting is said to be a high-risk business, and a common cause of business failure is related to cash management. A contractor's financial viability depends heavily on how actual payments from an owner deviate from those defined in the contract. The paper presents a method for contractors to evaluate the punctuality and fullness of owner payments based on historical behaviour. It does this by classifying owners according to their late and incomplete payment practices. A payment profile of an owner, in the form of aging claims submitted by the contractor, is used as a basis for the method's development. Regression trees are constructed based on three predictor variables, namely, the average time to payment following a claim, the total amount ending up being paid within a certain period and the level of variability in claim response times. The Tree package in the publicly available R program is used for building the trees. The analysis is particularly useful for contractors at the pre-tendering stage, when contractors predict the likely payment scenario in an upcoming project. Based on the method, the contractor can decide whether to tender or not tender, or adjust its financial preparations accordingly. The paper is a contribution in risk management applied to claim and dispute resolution practice. It is argued that by contractors having a better understanding of owner payment behaviour, fewer disputes and contractor business failures will occur.

• East Asian Journal of Business Economics (EAJBE)
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• v.12 no.1
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• pp.35-42
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• 2024

Purpose: A railroad project is a complex system with large construction costs in the initial stage and ongoing operating costs over its lifecycle. Current railroad projects tend to be based on construction options, which leads to huge deficiencies in operating costs. This phenomenon results from a lack of appropriate tools to accurately estimate a railroad project's lifecycle costs. This study attempts to analyze the major components of railroad operating costs and to propose a decision-making system for analyzing the long-term lifecycle costs of railroad projects. Research design, data and methodology: We review the literature and analyze the current status of railroad operating costs in Korea and overseas. Based on previous projects, a framework for project options and operating costs is proposed. The framework is applied to actual railroad projects to demonstrate the validity of the model. Results: Case analysis shows that our framework is comprehensive in analyzing the primary aspects of railroad operating costs and plays an effective role in choosing various railroad project options. This study points out that the railway project operates inefficiently because estimating long-term costs without reflecting specific project options causes many errors. Conclusions: A major contribution of this study is the development of an improved framework for accurately estimating operating costs and providing policymakers and engineering firms with a holistic decision support system. Detailed components in estimating operating costs of the railroad business are discussed. And we present a decision-making tool that policymakers and private businesses can use in planning the railroad business.

• Proceedings of the Korean Society of Tribologists and Lubrication Engineers Conference
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• 2000.11a
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• pp.414-419
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• 2000

This paper presents the knowledge and information construction trends in the oil industry. The investigated results show that the website construction and e-business level in oil industries including oil circulation distributors are very low and introduction stage compared with those of other industries.

• Korean Journal of Construction Engineering and Management
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• v.13 no.3
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• pp.3-13
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• 2012

Urban area has caused decline of commercial function and infrastructure because of unorganized urban development, and urban regeneration projects have appeared since 2000s in order to solve urban problems. Because urban regeneration projects have a complexation of various use, the complicated business process and unsystematic conduction work, project stakeholders are suffering from problem in conducting project. Therefore, this study suggested the necessity of business system for urban regeneration projects with analyzing situations and stakeholders. Also, this study classified business information through development of BPS in order to make information system of business process in the urban regeneration project and evaluated it after realization for information system based on BPS of urban regeneration projects. Project stakeholders will be systematically provided information about urban regeneration projects through this system and it is expected to accomplish urban regeneration projects effectively.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.31 no.1D
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• pp.99-109
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• 2011

In order to maintain construction industry and to improve efficiency, the Korean government legislated private investment system. Private sector takes advantages by adopting CM (Construction Management) project system, however, public sector has relatively less capability and experience than private sector. In this paper, PSM (Partnership Support Management) is addressed in order to actively strengthen the project capabilities for public sector. PSM maintains existing CM project system because it is a concept of expended business model of CM. PSM needed to categorize the private participated project into 5 phases; project development phase, project announcement phase, project evaluation phase, project agreement phase and agreement changing phase. PSM business structure and business process considering stakeholder's interrelationship and participation are suggested in this research. Suggested PSM business model may not only increase a comprehensive understanding of government and project capability, but also may reduce work load and responsibilities for project momentum of private participation in infrastructure.

• Korean Journal of Construction Engineering and Management
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• v.20 no.3
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• pp.77-85
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• 2019

Reconstruction and remodeling have been introduced as a part of renewal (redevelopment) projects for old apartments built after the mid-1970's and government policies for revitalizing each project has been changed continually. However, the frequent changes of the policies have caused conflicts among business entities in selecting business methods. The conflicts from their early stages have made serious problems in the entire business process. Therefore, this study deduced factors of business selection by applying comparison analysis between the two business projects on how certain factors have an influence on selecting reconstruction and remodeling business projects. Based on the analysis, four categories and 26 factors were finally selected. After then, the priority of each selection factor was deduced through the AHP method and PROMETHEE method used for analysis of relative importance and impact values regarding to the business selection.

• Proceedings of the Computational Structural Engineering Institute Conference
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• 2006.04a
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• pp.43-49
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• 2006

Construction CALS has contributed much to the improvement of construction management. Recently, the ubiquitous technology brings another opportunities for expanding tile business horizon in construction. The government policies to upgrade the information technologies in Korean offer an environment in which practical application of ubiquitous becomes more practical. To maintain the level of competitiveness, construction companies need to pay attention to the chance of ubiquitous technologies. This paper introduces the research movement in the construction industry in an attempt to find out the feasibility of ubiquitous technologies such as RFID, USN, etc. The construction process, which is executed in the natural environment, will benefit from the state-of-are information technologies in terms of improved communication interface.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2012.05a
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• pp.117-118
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• 2012

This study has been reorganizing a standard breakdown structure of temporary technique focused on construction site. For this, first of all we, the authors, reviewed features and present statuss of construction temporary technique, and could develop to the standard breakdown structure through studying a construction site and researching a delphi method. By using the standard breakdown structure obtained from this study, it is expected that the application of to information of construction business and plan to a schedule and a work.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2012.05a
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• pp.121-122
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• 2012

It has been passed around two decades since the CM is introduced in December 1996. And 20 years have passed. Construction Technology Management Act is the enacted of 1987, since Independence Hall fire in 1986. In the meantime, basic background and operational rather than the development of regulations that skewed had a voice of concern. Accordingly, Ministry of land is promoting a full-scale revision that Construction Technology Promotion law as switching to promote and support the necessity from Regulatory and management-oriented paradigm. In this paper, according to the Construction and Technology Promotion law amended in the course of doing business, was conducting research for drawn counterstrategy through SWOT analysis that was not the side of owner but CM company.

• Proceedings of the Safety Management and Science Conference
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• 2013.04a
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• pp.243-254
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• 2013

Recently in the construction business construction companies has been ordered to survive in the terriblly competitive environment. Aa a result, most of the project with low-priced contract needs a speedy progress during all construction period. For the last five years major incident frequently occurs and results in the death of 189 workers at major top 6 construction builders. In most recent 10 years, the cause of major incidents happened in construction company is the speedy construction work that is affecting on the safety management. To prevent these accidents in the speedy construction work, four factors were chosed and analysed such as the personnel/organization, the working budget, the subcontractor selection and the employee motivation. The head office taked the support plan and tested it at the pilot work site. It showed a reduced accident and the harmful factors can be eliminated. It should be able to apply to the field to secure safety and prevent accidents.