• International Journal of Highway Engineering
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• v.19 no.2
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• pp.103-112
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• 2017

PURPOSES : In this study, field performance evaluation of crack treatment of pavement and the feasibility of surface treatment of pavement are presented. The performance and cost of preventive maintenance methods have been previously verified, and the methods are being used in many developed countries and cities. However, the performance and cost of the system have not been verified in domestic, field applications. Therefore, in order to improve performance, the field performance is evaluated, and a reasonable cost is proposed. METHODS : Visual Inspection was conducted to evaluate the field application and performance of the preventive maintenance method. In addition, the PCI index was calculated from the results of visual inspection of the application area of the surface treatment method, and the performance life of each method was predicted. For the economic evaluation, life cycle cost analysis was performed using the life cycle cost analysis program. RESULTS :In order to evaluate and quantify the field performance of crack repair material, the residue condition of the pavement surface after crack treatment, rather than the performance of the material, is evaluated. In addition, the crack resistance and performance life of surface treatment methods are evaluated. The cost of currently available treatment methods are compared to the common pavement cut and overlay method, and it is determined that the preventive method is not economical based on life cycle cost analysis. CONCLUSIONS :Because of the characteristics of cracking, it is necessary to conduct the evaluation of currently applied methods and the analysis of the cause of damage, by visual inspection. Moreover, in order to evaluate the performance and economic suitability of the currently applied surface treatment methods, it is necessary to acquire information on application sections by monitoring their long-term conditions and performance.

• International conference on construction engineering and project management
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• 2015.10a
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• pp.72-76
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• 2015

Capital project benchmarking requires an effective cost normalization process to compare cost performance of projects accomplished in different time and location. Existing cost normalization approaches have been established based on the assumption that all required information for cost normalization is fully identified once a project is completed. Cost normalization, however, is sometimes required to evaluate phase-level outcomes of an ongoing project where the required information is not fully available. This paper aims to provide a cost normalization procedure for phase-based performance assessment. The procedure consists of three normalization steps: currency conversion, location adjustment, and time adjustment considering various scenarios where the required information is not fully identified. This paper also presents how the cost normalization procedure has been applied to the 10-10 Performance Assessment Program, which is a phase-based performance assessment system developed by the Construction Industry Institute (CII). Both researchers and industrial professionals can apply the cost normalization procedure to studies and practices regarding to cost estimation, feasibility analysis, and performance assessment.

• Korean Journal of Construction Engineering and Management
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• v.7 no.4 s.32
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• pp.177-183
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• 2006

Risk-based estimation has been successfully introduced into the construction industry. By incorporating historical data associated with probability analysis, risk-based estimate is an effective decision support aid in considering whether to launch a particular project. The industry challenges, however, especially related with management issues, such as labor shortage, wage growth, and supply chain complexity, have often resulted in poor cost performance. The insufficient assessing the project characteristics (i.e., resource availability, project complexity, and project delivery method) can be the main reasons in the poor cost performance. Because the accuracy level of cost performance prediction can be enhanced by extensive evaluation of the subject project characteristics, a new approach for predicting cost performance in an earlier stage of a project can improve the Industry substantiality, in other words, value maximization. The purpose of this paper is to develop a new methodology in developing a risk-based estimate tool by incorporating extensive project characteristics. To do this, an extensive industry survey was conducted from both private and public sectors in building industry in Korea. In addition, significant project characteristics were identified in terms of cost performance indicator. Although the data collection is limited to Korean industry the suggested approach provides the industry with a straightforward methodology in risk management. As many researchers maintained that front-end planning efforts are crucial in achieving the successful outcome in building projects, the new method for risk-based estimation can Improve the cost performance as well as enhance the fulfillment in terms of business sustainability.

• Journal of Distribution Science
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• v.20 no.5
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• pp.119-127
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• 2022

Purpose: The purpose of this study is to analyze the Cost-Effectiveness Analysis (CEA) of wholesale and retail brokerage businesses in Korea. And give managerial implications and contribute to academics. Research design, data and methodology: This research empirically analyzes the relationship between expenses and business performance. As for business performance, this research considered two financial performances; sales and profit. As for antecedent variables, this research measured three cost investment expenses; human resource management (HRM), marketing (MKT) and corporate social responsibility (CSR). This research used frequency analysis, correlation analysis, stepwise regression analysis and curve estimation analysis. Results: The result shows that HRM and CSR positive significant influence on sales yet marketing negatively significant influence on sales. And for profit, HRM and CSR give a positive significant influence. However, marketing's influence was not significant. According to curve estimation analysis, the relation between individual cost and performance, best functional relation was all quadratic functions. Some results show ∩ shape and others show shape. Conclusions: Based on this study result, implications for practical management to Wholesale and Retail Brokerage companies in Korea. And the contribution to academics is expected. Also, based on the limitation of this study, future research is suggested.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.60 no.11
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• pp.1993-1999
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• 2011

Today, the power utilities is setting on the slow load growth and the aging of power equipment, and then could spend the efforts on the stability of system performance. Asset management may be defined as the process of maximizing corporate profit by maximizing performance and minimizing cost over the entire life cycle of power equipment. Therefore, asset management is great way to fulfill the economic investment and the stability of system performance. This paper presents the application of effective asset managem ent from an economic perspective. A proposed method is considering the life cycle analysis using life cycle cost methodology for hydro-generator during the total life cycle. The life cycle cost methodology include a way to calculating maintenance and operating costs. The proposed method will be expected to play an important role in investment decision making considering economic evaluation.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2023.05a
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• pp.389-390
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• 2023

To improve the cost performance of construction sites, various systems and standards are constantly being developed and implemented. Although legal requirements for these system and standard improvements have been increasing, the cost efficiency performance of construction sites remains stagnant. We have digitized documents generated through construction supervision work at 39 building construction sites and proposed a model that can support decision-making in cost efficiency evaluation. This model selects key keywords that are considered to be highly related to cost efficiency by identifying the patterns and relationships of keywords through associated rule analysis and social network analysis using keywords derived from documents. In addition, it is expected to be used as a decision-making aid to determine the cost efficiency of a specific building construction site by establishing a logistic regression model using core keywords. As a systematic database of construction supervision documents and an integrated system of massive data generated by digital technology are established in the future, the accuracy and reliability of the cost efficiency evaluation model are expected to be reinforced.

• International Journal of Highway Engineering
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• v.8 no.2 s.28
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• pp.49-54
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• 2006

The purpose of this study was to determine the effect of expansion joint spacing (slab size) on the life cycle costs of owning Portland Cement Concrete (PCC) airfield pavements. Previous research has shown that slab size has a statistically significant impact on pavement performance. A probabilistic life cycle cost analysis was performed to determine if the effect of slab size on pavement performance would affect the total cost of ownership of PCC pavements. Data from 48 Pavement Condition Index (PCI) inspections of military and civilian airfields were used to develop probability-of-distress-by-condition curves, which were then used to develop probabilistic cost-of-repair-by-condition curves. A present worth life cycle cost analysis was then performed for various slab sizes, using construction costs, rehabilitation costs, and maintenance costs. Maintenance costs were determined by assuming a condition deterioration rate appropriate for each slab size and applying the cost-by-condition curves. The probabilistic cost-of-repair-by-condition curves indicated that smaller slabs are more expensive to repair on a unit cost basis. Life cycle cost analysis showed that larger slabs have a higher total cost of ownership than smaller slabs due to a faster rate of deterioration.

• Earthquakes and Structures
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• v.21 no.5
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• pp.489-503
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• 2021

This research aims to investigate the seismic response of RC shear wall buildings of 5-, 6-, 7-, 8-, 9-, and 10-story designed as conventional and ductile and located in moderate seismic zone in Saudi Arabia in accordance with the seismic provisions of the American code ASCE-7-16. Dynamic analysis is conducted using the developed models in ETABS and the design spectra of the selected zone. The seismic responses of a number of design variations are evaluated in terms of story displacements, drift, shear and moments of both conventional and ductile building models as performance measures and presented comparatively. In addition, pushover analysis is also performed for the lowest and highest building models. Cost estimate of ductile and conventional walls is evaluated and compared to each other in terms of weight of reinforcement bars. In addition, due to the complexity of design and installation of ductile shear walls, sensitivity analysis is performed as well. It is observed that conventional design considerably increases induced seismic responses as well as cost compared to ductile one.

• Journal of Construction Engineering and Project Management
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• v.2 no.4
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• pp.42-45
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• 2012

In construction industry, the term 'procurement' is considered as a project based job where clients and contractors are always keen to observe performance indicators. These indicators represent financial and non-financial efficiency of project activities. Among these, the monitoring of financial indicators such as cost monitoring is an ongoing process and its importance cannot be undermined during the project life cycle. It can be monitored by using traditional approach of direct reporting of actual cost against budget. However, the comparison of budget versus actual spending does not indicate the worth of the work which is completed at any given time. This approach does not represent the true cost performance of the project. Because of these limitations, this paper discusses the applications of Earned Value Analysis (EVA) for cost monitoring of construction projects in Malaysia. Besides traditional approach, EVA is a three-dimensional approach that compares three cost indicators i.e. the budgeted value of work scheduled with the earned value of physical work completed and the actual cost of work completed. Therefore, cost monitoring by EVA is an objective measure of actual work performed. This paper uses a case study, an example application of EVA as a cost monitoring tool. This case study reaffirms the benefits of using EVA for project cash flow analysis and forecasting.

• International conference on construction engineering and project management
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• 2007.03a
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• pp.653-661
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• 2007

Overseas construction projects tend to be more complex than domestic projects, being exposed to more external risks, such as politics, economy, society, and culture, as well as more internal risks from the project itself. It is crucial to have an early understanding of the project condition, in order to be well prepared in various phases of the project. This study compares a structural equation model and multiple regression analysis, in their capacity to predict cost performance of international construction projects. The structural equation model shows a more accurate prediction of cost performance than does regression analysis, due to its intrinsic capability of considering various cost factors in a systematic way.