• International conference on construction engineering and project management
• /
• 2009.05a
• /
• pp.800-807
• /
• 2009

The limited public funds available for infrastructure projects have led governments to consider private entities' participation in long-term contracts for finance, construction, and operation of these projects to share risks and rewards between the public and the private. Because these projects have complicated risk evolutions, diverse contractual forms for each project member to hedge risks involved in a project are necessary. In light of this, Build-Operate-Transfer(BOT) model is considered as effective to accomplish Public Private Partnerships(PPPs) with a characteristic of an ownership-reversion. In BOT projects, the government has used such an incentive system as minimum revenue guarantee(MRG) agreement to attract the private's participation. Although this agreement turns out critical in success of BOT project, there still exist problematic issues in a financial feasibility analysis since the traditional capital budgeting theory, Net Present Value(NPV) analysis, has failed to evaluate the contingent characteristic of MRG agreement. The purpose of this research is to develop real option model based on option pricing theory so as to provide a theoretical framework in valuing MRG agreement in BOT projects. To understand the applicability of the model, the model is applied to the example of the BOT toll road project and the results are compared with that by NPV analysis. Finally, we found that the impact of the MRG agreement is significant on the project value. Hence, the real option model can help the government establish better BOT policies and the developer make appropriate bidding strategies.

• 한국디지털정책학회:학술대회논문집
• /
• 2006.06a
• /
• pp.87-109
• /
• 2006

The purpose of this paper is to examine the present performance evaluation methods and to make Monte Carlo Simulation Model for the IT-based Government innovation project. It is suggested the proper ways in applying of Monte Carlo Simulation Model by integration of present evaluation methods. It develops the theoretical framework for this paper, examining the existing literature on proposing an approach to the key concepts of the economic impact analysis methods. It examines the actual conditions of performance evaluation focusing on the It-based Government Innovation project. It considers how the simulation model is applied to the performance management in the public innovation project focusing on the framework, process and procedure of performance management.

• Proceedings of the Korean Operations and Management Science Society Conference
• /
• 1996.04a
• /
• pp.213-216
• /
• 1996

R'||'&'||'D project management is a process of decisions concerned with the achievement of goals of objectives. Especially, defense R'||'&'||'D project planning is the key in the successfull management of defense development. The defense project managers are constantly having to perform "what if\ulcorner" exercise, such as what if the project is extended out for an additional cost\ulcorner In this reserch, we developed a schedule-cost analysis model based upon Critical Path Method(CPM) and Venture Evaluation and Review Technique(VERT) for schedule-cost trade off analysis defense R'||'&'||'D projects. In the first step, a deterministic model is developed as a heuristic which deterministic model is developed as a heuristic which determines the schedule extension and reduction cost as a function desired schedule. In the second step, a stochastic network simulation model is developed to analyse the project risk (sucess and failure). The expected time and cost can be determined for desired schedule under the assumptions of stochastic arc data (time and cost) with a various precedence relationships. This model provides the defense R'||'&'||'D managers with an estimated and expected cost for curtailing or extending a project a given amount of time. The effectiveness and efficiency of the proposed methods, a heuristic and stochastic networks simulations, have been demonstrated through examples.

• Journal of Construction Engineering and Project Management
• /
• v.3 no.3
• /
• pp.35-41
• /
• 2013

All infrastructure projects are said to be inter-dependent, uncertain and labour-intensive in nature. There is no exception for building services sub sector. For a real time project such as 'The construction, extension and refurbishment of Employees' State Insurance Corporation (ESIC) Hospital at Tirupathy, India with total area of 45,000 square feet at an estimated cost of 1100 million rupees, a generic process model is developed to simulate the effect of set of identified variables on construction project. The 'Stocks and Flows' of dynamic model affords relevant insights to project managers, who apply this knowledge when designing better performance through more appropriate project planning. It is concluded from the model-based approach that building services works can be improved through specific better focussed managerial efforts, such as an increasing coordination effectiveness at the planning stage, clarifying prerequisite conditions prior to installations. Otherwise, pending works arising from work clashes can lead to knock-on effects resulting in productivity constraints and pressures, as well as more rework and demolition. Current study reveals that the model enables deep insight into various interdependent processes, their by improving construction performance levels, by addressing the dynamics of design errors and defective works, and recovering delayed schedule.

• International conference on construction engineering and project management
• /
• 2007.03a
• /
• pp.69-78
• /
• 2007

In real world, the project managers handle conflicting goals that govern the use of resources within the stipulated time and budget with required quality and safety. These conflicting goals are required to be optimized simultaneously by the project managers in the framework of fuzzy aspiration levels. The fuzzy linear programming model proposed herein helps project managers to minimize total project costs, completion time, and crashing costs considering indirect costs, contractual penalty costs etc by practically charging them in terms of direct cost of the project. A case study of bituminous pavement under construction is considered to demonstrate the feasibility of applying the proposed model for optimization of project parameters. Consequently, the proposed model yields an efficient compromise solution and the decision maker's overall degree of satisfaction with multiple fuzzy goal values. Additionally, the proposed model provides a systematic decision-making framework, enabling decision maker to interactively modify the fuzzy data and model parameters until a satisfactory solution is obtained. The significant characteristics that differentiate the proposed model with other models include, flexible decision-making process, multiple objective functions, and wide-ranging decision information.

• The Journal of Korean Institute for Practical Engineering Education
• /
• v.3 no.1
• /
• pp.110-118
• /
• 2011

This paper suggests a realistic, business engineers' model based on Coop projects run by regional universities or colleges, in which students must meet the guidelines for engineering design that ABEEK requires. Many of current activities such as Coop programs and Internships aimed for engineering majored-undergraduates have notled them either to a satisfactory level of business skill at entrepreneur side, or to their higher chance of employment opportunities. Under the circumstances like this, we need a revised version of Coop activities: for example, launching a project that will be fully supported intrust by both sides, and thus improving students' business skill while they are working on that project. We demonstrate in this study how students have greatly improved their business skill through a model project that was planned by a working group, was successfully carried out on real job positions, and many of the students in the working group were job-offered finally as this new model suggested.

• Proceedings of the Korean Institute Of Construction Engineering and Management
• /
• autumn
• /
• pp.35-41
• /
• 2002

This research introduces the development of a project-level cash flow forecasting model in construction stage based on the planned earned value and the cost from a general contractors view on a jobsite. Most previous models have been developed to assist contractors in their pre-tendering or planning stage cash flow forecasts. The critical key to cash flow forecasting at the project level is how to build a cash-out model. The basic concept is to use moving weights of cost categories in a budget over project duration. The cost categories are classified to compile resources with almost the same time lags that are based on contracting payment conditions and credit times given by suppliers or venders. For cash-in, net planned monthly-earned values are simply transferred to the cash-in forecast, to be applied there with billing time and retention money. Validation of the model involves applying data from on-going 4 projects in progress for 12 months. Based on the results of the comparative analyses through the simulation of the proposed model and the existing models, the proposed model is more accurate, flexible and simpler than traditional models to the employee of construction jobsite who is not oriented financial knowledge.

• Journal of Korean Institute of Industrial Engineers
• /
• v.32 no.1
• /
• pp.18-28
• /
• 2006

Some issues which should be considered in an R&D project selection problem are as follows: First, quantitative analysis on the efficiencies of R&D projects is required to guarantee objective validity in the evaluation of the projects. For this reason, the methodology for selecting R&D projects should be based on mathematical models that perform quantitative analysis. Second, in general there are ordinal factors like Likert-scale in the data for evaluating R&D projects. Previous researches, however, couldn't suggest explicit methods incorporating these ordinal factors into models. Third, for the R&D project selection problems with limited resources like budget, it is necessary to decide the perfect ranking of the all projects. This paper develops a mathematical model that can be applicable to the problems of selecting R&D projects with the previous features. In this paper, we improve the original DEA model for evaluating efficiency to incorporate ordinal factors and suggest a new model which can decide the perfect ranking of all projects by merging the improved DEA model and AHP method. Furthermore a web-based R&D project selection system using the DEA/AHP model suggested in this paper is developed and illustrated.

• Journal of Family Resource Management and Policy Review
• /
• v.14 no.4
• /
• pp.101-126
• /
• 2010

This Qualitative case study focused on the National Pilot Project to make family-friendly communities. We examined the basic model of the family-friendly community proposed by the Ministry of Gender Equality and Family. One of the three local communities selected as family friendly models was chosen for observation and in-depth interview for its residents. The official performance report shows this project's process, results and future tasks. From the in-depth interview data, we defined the project's characteristics as the government and private sectors collaboration, model transformation from the original family friendly model to the production model, and we found some conflicts among residents upon financial issues and business items. The most important task is the vitalization of the community corporate body to realize this project's performance through these three years. And this study implicates to elaborate the rural family-friendly community model focused on income creating community redesign, different from the urban model focused on caring.

• Journal of Construction Engineering and Project Management
• /
• v.7 no.3
• /
• pp.1-14
• /
• 2017

Delay claim should actually be supported by a set of proper information so that the contractors could prove their validity. The so-called information should be able to clarify the relationship between delay events and how they impact on the whole project. Therefore, exploiting an integrated system by people who are involved in construction business would certainly prove helpful. In the present study, delay analysis methods have been investigated along with selecting a relatively comprehensive method which has been modified, and eventually, a novel model and its required modules have been proposed for evaluating delay claims. The suggested integrated model is formed to identify delayed events, to classify delays, to measure the impacts of delays on the project scheduling, and finally to estimate the damages which were caused by those so-called delays. A decision support system (DSS) model which is related to the integrated system is actually extracted from Iran's general contract conditions, that is, 4311 magazine (equivalent to red FIDIC book). It is then programmed and coded by C# program. This DSS model can be used as an input of Easy Plan program. In addition, at the end of this research, the coded DSS has been used along with the so-called program so that a modified and developed model could be generated.