• Journal of Korean Society of Industrial and Systems Engineering
• /
• v.2 no.2
• /
• pp.53-62
• /
• 1979

A widely accepted indicator of a project's economic potential is the internal rate of return (IRR). The primary objective of feasibility analysis for any project is to measure the economic potential for the project, normally defined as the expected return on capital investment. The analysis should be designed to determine whether a project is technically and economically sound, and under what conditions. Therefore, there are factors other than economic potential that must be taken into account in the reasonable composition of an investment program. These kinds of factors can be given proper consideration in project selection after the economic feasibility of alternative projects has been determined. The primary reason for having to choose among different projects is that capital resources are scare : the investment budget is limited. The case project, casting facilities investment project, treated in this paper were selected for their value in illustrating the methods of feasibility analysis. This case project an actual potential project and is analyzed on the basis of the best available data for the specific conditions for that project.

• Journal of the Korean Operations Research and Management Science Society
• /
• v.20 no.1
• /
• pp.85-99
• /
• 1995

Increasingly, risk analysis is becoming important ingredients in achieving the successful implementation and application in the area of the project management. The project management system is designed to manage or control the project resources on a given activity within time, cost and performance so called TPPM (Total Productive Project Management). In this research, a risk analysis model misproposed to identify potential problem areas, quantify the risks, and generated the chice of the action that can be taken to reduce the risk. In addition two analysis models are proposed : 1) risk factor model and 2) network simulation model using VERT (Venture Evaluation and Review Technique ). The objective of the remodels is to estimate the schedule, cost performance risks. These proposed quantitative models for project risk analysis are proving its value for the project managers who need to assess the risk of changes in cost, schedule, or performance. The proposed models will be used in the area of project selection, evaluation and the allocation of project resources.

• Journal of the Korean Institute of Rural Architecture
• /
• v.13 no.3
• /
• pp.53-60
• /
• 2011

The purpose of this study was to propose the urban regeneration project model that reinforce public functions and contribute effectively to urban development. The results of this study were as follows. First, this study developed objective 22 different types of evaluation indexes. The indexes allows to figure out the necessities, business value and conditions of certain urban regeneration project. Second, the urban is divided to 6 types by characteristics of functionality and location. So, each regeneration project model can be applied to meet the condition of the urban.. Third, this study proposed 5 types of urban regeneration project model to fulfil roles of public and encourage the urban development. The urban regeneration project model is supposed to perform the evaluation of urban condition using the index, typological analysis under the law and scheme and analysis of function and urban location.

• Health Policy and Management
• /
• v.17 no.3
• /
• pp.1-25
• /
• 2007

Relative value scales introduced in 2001 remarkably improved health insurance fee schedule, but current relative value scales have many problems. In the beginning the government intended to introduce 'resource based relative value scales(RBRVSs)' like USA, but political adjustment of RBRVS studied in 19.17 weakened the relationship between relative value scale and resource consumption. So unbalance of health insurance fees are existing till now. Also relative value was not divided to physician work and practice expense, and malpractice fee was not divided separately. To correct the unbalance of current relative value scales, the refinement project of health insurance relative value scales started in 2003. The project team divided relative value scales into three components, which are physician work, practice expense, malpractice fee. Physician work was studied by professional organizations like Korean medical association. To develop the practice expense relative value, project team organized clinical practice expert panels(CPEPs) composed of physicians, nurses, and medical technicians. CPEPs constructed direct expense data like labor costs, material costs, equipment costs about each medical procedures. The practice expense relative values of medical procedures were developed by the allocation of the institution level direct & indirect costs according to CPEPs direct costs. Institution level direct & indirect costs were collected in 21 hospitals, 98 medical clinics, 53 dental clinics, 78 oriental clinics, and 46 pharmacies. The malpractice fee relative values were developed through the survey of malpractice related costs of hospitals, clinics, pharmacies. Putting together three components of relative values in one scale, the final relative values were made. The final relative values were calculated under budget neutrality by medical departments, that is, total relative value score of a department was same before and after the revision. but malpractice fee relative value scores were added to total scores of relative values. So total score of a department was increased by the malpractice fee relative value score of that department This project failed in making 'resource based' relative value scales in the true sense of the word, because the total relative value scores of medical departments were fixed. However the project team constructed the objective basis of relative value scale like physician's work, direct practice expense, malpractice fee. So step by step making process of the basis, the fixation of total scores by the departments will be resolved and the resource based relative value scale will be introduced in true sense.

• The Journal of Fisheries Business Administration
• /
• v.39 no.1
• /
• pp.63-85
• /
• 2008

The objective of this study is to review the methodology of economic analysis of fishing ports by examining the economical feasibilities of a national fishing port (Jeongja Port) in Ulsan. This study utilized market value evaluation method to measure the benefits and costs related to the development of ports. The benefit variables are income effects resulting from the developments while the cost variables are sum of construction costs and maintenance costs. The income effects are measured in two ways: (1) income from individual project resulting from the developments, (2) the income effects by utilizing investment multipliers. The results shows that the BC ratio (Benefits/Costs) of Jeongja port by using (1) income from individual project resulting from the developments was 1.07 while the BC ratio by using (2) the income effects by utilizing investment multipliers was 1.10 due to a relative short period of useful life for investment multipliers. However, the income variable utilizing investment multipliers is more sensitive to the period of duration than the income variable from individual project.

• International conference on construction engineering and project management
• /
• 2011.02a
• /
• pp.280-285
• /
• 2011

This study aims to propose an assessment model on environmental economics which will provide useful information in making a decision for the implementation of pro-environmental and economical construction projects. To meet the objective, this study suggests a procedure to estimate environmental cost of construction projects. The model combines environmental load assessment and environmental value assessment. The environmental cost of pollutant generated from the construction project was estimated utilizing the Contingent Valuation Method (CVM) which is a value assessment method borrowed from economic science. The devised model is expected to provide a useful methodology that will scientifically support the planning and management of sustainable construction not only in the environmental aspect but also in the economical aspect.

• Journal of Fisheries and Marine Sciences Education
• /
• v.20 no.3
• /
• pp.369-380
• /
• 2008

The government has promoted the local fishing port construction project since 1972 for conquest of the crisis of the fishing village by withering of a fishery, the improvement in fishermen's living environment and quality of life, and promotion of fisheries. In order to estimate the local fishing port construction project objective and synthetically, and to grope for the method proposal of system establishment of the project, the monitoring survey was carried out. The monitoring survey was classified into the program and the performance monitoring. The program monitoring was carried out in order to investigate the project fit for the inhabitants of a fishing village. The performance monitoring was carried out in order to investigate the development latent powers, fishery latent powers, tourism latent powers of a fishing village, rural settlement conditions, etc. using various statistical materials. Since investigating the measured value before executing a policy was not completed, the project effect was compared with the measured value of other areas. According to the local fishing port construction project, the development latent powers, fishery latent powers, and tourism latent powers of the fishing village where the project was undertaken improved greatly, and income of the fishing village increased greatly. As a result of comparing project fit in order to evaluate the project, the project fit of the local fishing port construction project area was higher than the non-project area. Desirable method proposal of monitoring survey was established and the method for raising the efficiency of monitoring survey was extracted.

• Journal of Construction Engineering and Project Management
• /
• v.3 no.1
• /
• pp.35-38
• /
• 2013

No single project is identical to one another in the construction industry. Furthermore, many construction projects are suffering from tighter budget, shortened schedule and higher client satisfaction level. To overcome these, project managers and engineers are willing to apply various best management practices to their projects. However, it is non-trivial to select the most appropriate practices for their projects. In many cases, it is much more important to find the appropriateness of the management practices than just to use the practices. Although many researchers are focusing on the development of new management practices, there is little research on matching between the circumstances of projects and the developed management practices. The objective of this study is to provide a structured process to suggest the best management practices for individual construction projects by developing a computerized system where an individual project is matched with the most optimal management practices to increase the value of the project. At this stage of writing, the authors have developed a computerized system to effectively find out the best suitable management practices for individual projects. By maximizing the usages of this system, it would facilitate the application of the best management practices in the industry.

• International conference on construction engineering and project management
• /
• 2013.01a
• /
• pp.624-627
• /
• 2013

No single project is identical to one another in the construction industry. Furthermore, many construction projects are suffering from tighter budget, shortened schedule and higher client satisfaction level. To overcome these, project managers and engineers are willing to apply various best management practices to their projects. However, it is non-trivial to select the most appropriate practices for their projects. In many cases, it is much more important to find the appropriateness of the management practices than just to use the practices. Although many researchers are focusing on the development of new management practices, there is little research on matching between the circumstances of projects and the developed management practices. The objective of this study is to provide a structured process to suggest the best management practices for individual construction projects by developing a computerized system where an individual project is matched with the most optimal management practices to increase the value of the project. At this stage of writing, the authors have developed a computerized system to effectively find out the best suitable management practices for individual projects. By maximizing the usages of this system, it would facilitate the application of the best management practices in the industry.

• International conference on construction engineering and project management
• /
• 2015.10a
• /
• pp.252-254
• /
• 2015

Building Information Modeling (BIM) encourages effective information share and utilization among project participants during entire life cycle of facility. This paper presents a method that keeps track of the historical quality records involved in construction operations and facilitates using BIM. The method is coded into BIM based Quality Record Traceability (BIM-QRT) System that makes use of historical records obtained from database administrating construction operations. This study is of value to practitioners because the method makes clear the project participants' responsibility relative to the quality of each and every element of the facility. The main objective of this research is to develop an accurate, fully automated method for construction Quality Record Tracking by using a BIM along with construction operations data obtained by information technology. Test cases verify the usability and validity of the methods implemented in the system.