• Proceedings of the KIEE Conference
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• 2008.07a
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• pp.2092-2093
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• 2008

Since Jan. 2004, the Ministry of Construction and Transportation has partly introduced estimation system of historical cost data in order to reflect result cost of construction market to cost estimation for public construction. And KEPCO started estimation system of historical cost data in the electrical construction works. Electrical construction cost index a matter of great importance. This paper was conducted to examine estimation methods of the items of the price index estimation system of historical cost data and suggest reasonable applications.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2004.11a
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• pp.256-260
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• 2004

As a large portion of defence budget are alloted for military facility construction, reasonable budget estimation in the planning stage has been officers' main concerns. However the proper estimation of construction cost is difficult to be carried out due to the absence of systematic criteria. To improve the budget estimation for military facility construction, this study proposes a cost index model which can convert historical cost to current cost. Thus the developed cost index would enhance effectiveness of budget estimation process 3nd support reasonable decision making. This cost index model is developed by analyzing historical cost data with statistical methodology The study is executed by following process. First, factors which affect construction cost for the most are selected by analyzing historical cost data. second, the selected factors are categorized material cost, labor cost and equipment cost, and weights of those factors are calculated by dividing the cost of each factor by total item costs. Last, cost index is developed by using weighted average method.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.423-426
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• 2002

The foundation for developing a cost estimation system based on historical data has been being prepared in Korea. Historical data is a priori of developing a cost estimation model. Cost Index, one of the historical data, is used to estimate construction cost and to adjust the amount of contract money in the foreign country, whereas it is not used in domestic except for the road construction project in Korea. Construction cost indices can be used by an estimator in tender analysis, pricing, price adjustment, cost planning, and forecasting. In this regards, this paper identified the problems in developing Cost Index evaluation process by comparing the standard of framing Cost Index used in British to the one used in Korea. Then, the scheme for improving a Cost Index required for Site Developing Construction was proposed. Twenty-two cases of engineering estimate data were used to compare the domestic standard to the foreign one in deriving a Cost Index.

• IE interfaces
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• v.4 no.1
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• pp.35-46
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• 1991

The purpose of this paper is to present how to prepare pro forma manufacturing cost, and profit and loss statements using the historical data of the industry to which the project under consideration belong to. This approach is proposed because it is relatively simple compared with possible alternative methods. The approach proposed here can be used in countries other than Korean if relevant historical data is available. An example is shown.

• International conference on construction engineering and project management
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• 2009.05a
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• pp.417-424
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• 2009

For a construction project to progress smoothly, effective cost estimation is vital, particularly in the conceptual and schematic design stages. In these early phases, despite the fact that initial estimates are highly sensitive to changes in project scope, owners require accurate forecasts which reflect their supplying information. Thus, cost estimators need effective estimation strategies. Practically, parametric cost estimates are the most commonly used method in these initial phases, which utilizes historical cost data (Karshenas 1984, Kirkham 2007). Hence, compilation of historical data regarding appropriate cost variance governing parameters is a prime requirement. However, precedent practice of data mining (data preprocessing) for denoising internal errors or abnormal values is needed before compilation. As an effort to deal with this issue, this research proposed a statistical methodology for data preprocessing and verified that data preprocessing has a positive impact on the enhancement of estimate accuracy and stability. Moreover, Statistically Preprocessed data Based Parametric (SPBP) cost models are developed based on multiple regression equations and verified their effectiveness compared with conventional cost models.

• Journal of Korean Society of Rural Planning
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• v.2 no.2
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• pp.103-108
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• 1996

In rural planning, the cost estimation of project is a key factor for planning. Therefore, development of reliable cost estimation method is essential. Recently, new techniques are suggested for determination of project cost using historical cost data. In this study, a multiple-regression analysis was used to determine the cost of the farm land consolidation. The results demonstrated that multiple regression analysis using historical cost data can be applicable to project cost estimation.

• Korean Management Science Review
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• v.23 no.2
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• pp.75-91
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• 2006

The purpose of this paper is to propose a new software development cost estimation method using SVR(Support Vector Regression) SVR, one of machine learning techniques, has been attracting much attention for its theoretic clearness and food performance over other machine learning techniques. This paper may be the first study in which SVR is applied to the field of software cost estimation. To derive the new method, we analyze historical cost data including both well-known overseas and domestic software projects, and define cost drivers affecting software cost. Then, the SVR model is trained using the historical data and its estimation accuracy is compared with that of the linear regression model. Experimental results show that the SVR model produces more accurate prediction than the linear regression model.

• Journal of the Korea Institute of Building Construction
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• v.14 no.5
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• pp.477-485
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• 2014

Standard production unit system and historical cost data are the most typical data base for calculating budget price in construction. However, these construction cost estimation methods are difficult to calculate proper construction cost because definition, additional allowance or modification criteria is not clear in construction within one day. Therefore, this study identifies problems for standard production unit system and historical cost data and suggests the improvements for them. For the objectives, this study analyzes frequency after implementing survey for 44 specialty contractors in placing at kyeonggi-province. As the results of the study, labor costs in standard production unit system and equipment costs in historical cost data and in construction of pavement and maintenance by project type was exceeded at most high rate against construction cost estimation methods. Based on this result, standard production unit system and historical cost data need to be modified by three improvements such as classification by project scale. These will be baseline data for improvement of construction cost estimation methods for less than one day workload.

• Korean Journal of Construction Engineering and Management
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• v.4 no.4 s.16
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• pp.192-200
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• 2003

The object of this research is to develop a computerized algorithm of cost estimation method to forecast the total construction cost in the bidding stage by the historical and elemental work cost data. Traditional cost models to prepare Bill of Quantities in the korea construction industry since 1970 are not helpful to forecast the project total cost in the bidding stage because the BOQ is always constant data according to the design factors of a particular project. On the contrary, statistical models can provide cost quicker and more reliable than traditional ones if the collected cost data are sufficient enough to analyze the trends of the variables. The estimation system considers non-deterministic methods which referred to as the 'Monte Carlo simulation. The method interprets cost data to generate a probabilistic distribution for total costs from the deficient elemental experience cost distribution.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.6 no.9
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• pp.81-95
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• 1983

The author has intended to seek for the usefulness of price-level change accounting information through financial statements of general price level. The accounting information obtained from financial statements of general price level, must be useful to the reasonable judgment of financial statement users or to the economic decision making, This thesis may be summarized as follows : 1. Financial statements arranged by historical cost accompany many problems as accounting information. In other words, at the time of inflation, they have little usefulness as accounting information. 2. In order to correct the little usefulness of the financial statements arranged by historical cost, the author examined this matter centering around FASB statement No. 33. 3. The price level change accounting eliminates the contradiction of the accounting information obtained from the financial statements arranged by historical cost. 4. In the general price level change accounting, money value is presumed to change according to the level of general price and, then, the money value for goods must be revised. 5. In the general price level change accounting, the division between monetary items of asset and debt, and non-monetary items, is important. 6. The general price level change accounting based upon historical cost accounting, has objectivity as accounting information like the cost basis accounting and larger usefulness than the cost basis accounting. In conclusion, the price level change accounting increases its usefulness as accounting information and, therefore. (1) the information on the general price level change accounting is desirable to be disclosed as supplementary information for the traditional financial statements, and (2) the general price level change accounting should be induced to the listed Companies in Korea under continuing inflation for improving the usefulness of financial statements as accounting information.