• Journal of the Korean Society of Marine Environment & Safety
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• v.29 no.3
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• pp.288-295
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• 2023

The purpose of this study is to evaluate the feasibility of the new marine leisure ships. In order to achieve the research purpose, the cost and income were calculated based on the operating of other marine leisure ships, and the feasibility of the project was empirically analyzed. This study established a research model that applies the values derived by empirically analyzing ships with similar specifications, to the new marine leisure ships. We then calculated the cost-benefit analysis, net present value, and internal return, and evaluated the feasibility of the project based on this. As a result of the business feasibility analysis of investing in marine leisure ship, it was found that economic feasibility exists with a B/C of 1.042 and 1.049 for new and secondhand ships, respectively; however, considering the stability of the ship and the publicity and continuity of the business operation, it is recommended to invest in new ships compared to secondhand ships. The total benefit over the 10-year operating period using a social discount rate of 4.5% was evaluated to be about KRW 292.0 billion, which is higher than the total cost of KRW 256.6 billion. In conclusion, the profitability analysis showed that the B/C was 1.042, the NPV was KRW 193 billion, and the IRR was 2.1%, which indicates that profitability is weakly secured.

• International conference on construction engineering and project management
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• 2015.10a
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• pp.77-81
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• 2015

The unit price contracting is the standard contracting method for highway projects in the U.S. As a result, state highway agencies have collected a large amount of historical bid data that they can use to determine engineer's estimates for future projects. The estimator must carefully consider various characteristics of a new project such as its location to determine an engineer's estimate as accurate as possible before bid letting. Higher cost estimates can result in the loss of the available budget and lower cost estimates may lead to deferral and delay of projects. The study uses the historical bid data obtained from Iowa Department of Transportation and develops a Geographic Information System (GIS) tool to visually show the variation of unit prices over the map using a spatial interpolation technique. The interpolation map can be used to estimate the unit price of the item at any location across Iowa. This noble method allows the estimator to effectively and fully utilize the historical bid data in a very time efficient manner and determine more accurate cost estimation.

• International conference on construction engineering and project management
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• 2011.02a
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• pp.132-141
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• 2011

Australia has joined many governments to adopt public-private partnership (PPP) as a major strategy for procuring infrastructure for decades. However, failures have occurred although the market has been considered to be a mature and sophisticated one. Failures have typically been traced back to inappropriate economic evaluation and a lack of value-for-money. In particular, a literature review has identified that there was no holistic consideration on the evaluation of procurement transactions of PPP projects. The transaction costs of PPPs were not handled properly. In this paper, theories of transaction cost economics are proposed for the purpose of such a holistic institutional economic evaluation. These theories are analysed in order to identify potential critical success factors for a strategic infrastructure procurement framework. The potential critical success factors are identified and grouped into a number of categories that match the theories of transaction cost economics. These categories include (1) Asset Specificity, (2) Organizational Capability, (3) Transaction Frequency, (4) Behavioural Uncertainty, and (5) Environmental Uncertainty. These potential critical success factors may be subject to an empirical test in the future. The proposed framework will offer decision makers with an insight into project life cycle economic outcomes needed to successfully deliver PPPs.

• Management Science and Financial Engineering
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• v.22 no.1
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• pp.5-12
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• 2016

We consider a time-cost tradeoff problem with multiple milestones under a chain precedence graph. In the problem, some penalty occurs unless a milestone is completed before its appointed date. This can be avoided through compressing the processing time of the jobs with additional costs. We describe the compression cost as the convex or the concave function. The objective is to minimize the sum of the total penalty cost and the total compression cost. It has been known that the problems with the concave and the convex cost functions for the compression are NP-hard and polynomially solvable, respectively. Thus, we consider the special cases such that the cost functions or maximal compression amounts of each job are identical. When the cost functions are convex, we show that the problem with the identical costs functions can be solved in strongly polynomial time. When the cost functions are concave, we show that the problem remains NP-hard even if the cost functions are identical, and develop the strongly polynomial approach for the case with the identical maximal compression amounts.

• Korean Journal of Construction Engineering and Management
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• v.6 no.2 s.24
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• pp.69-79
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• 2005

The Purpose of cost Planning at the early Phase of construction Projects is to provide the clients with the appropriate cost information during the design decision-making process. Therefore, the cost planning process is expected not only to predict projects' cost accurately but also closely to coordinate with the design decision-making activities. This paper proposes a new cost planning method for the effective and efficient directions relating a design decision-making process. Strategies for this method are i ) to utilize elemental cost breakdown system, and ii ) to apply probabilistic distribution theories. Based on these strategic direction, this paper proposed a probabilistic cost planning model for high-rise office building projects. The suggested model provides appropriate cost information to meet clients limited budget and various project' requirements during the design decision-making process. This study is based on probabilistic distribution variables theories and the range estimating technique. This study also develops a web-based software program in order to apply the proposed cost planning model effectively in high-rise of office building construction practices.

• Journal of KIBIM
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• v.1 no.1
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• pp.18-25
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• 2011

Construction cost estimation in the early phase provides the opportunity to make reasonable decisions related to the project. For estimating this cost, various methods have been developed. But several problems have been recognized like accuracy, relation beteewn design and cost etc. In this study, we developed the method of cost estimating for building parts. The modified method has defferent ratio of space functions to calculate cost more correctly. Also historical cost data is used in this modified method for architects to estimate cost conveniently. By this modified method, we expects architects should easily design buildings based on cost.

• Journal of the Korean Solar Energy Society
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• v.22 no.4
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• pp.97-106
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• 2002

The purpose of this study is to analyze the life cycle cost of primary cooling system by systematic support cost. Life Cycle Cost(LCC) is the process of making an economic assessment of an item, area, system, or facility by considering all significant costs of ownership over an economic life, expressed in terms of equivalent costs. The essence of life cycle costing is the analysis of equivalent costs of various alternative proposals. In order to select economical primary cooling system in early heat source plan stages, the research investigates cost items and cost characteristics during project process phases such as planning/design, construction, maintenance /management, and demolition/sell phases. The study also analyze the life cycle cost by capacity leading to suggest the most economical primary cooling system by systematic support cost.

• International conference on construction engineering and project management
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• 2009.05a
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• pp.203-211
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• 2009

Korean public owners who order public multi-family housing construction projects have yet to gain access to a model for predicting construction cost. For this reason, their construction cost prediction is mainly dependent upon historic data and experience. In this paper, a cost-prediction model based on Case-Based Reasoning (CBR) in the design phase of public multi-family housing construction projects was developed. The developed model can determine the total construction cost by estimating the different Building, Civil, Mechanical, Electronic and Telecommunication, and Landscaping work costs. Model validation showed an accuracy of 97.56%, confirming the model's excellent viability. The developed model can thus be used to predict the construction cost to be shouldered by public owners before the design is completed. Moreover, any change orders during the design phase can be immediately applied to the model, and various construction costs by design alternative can be verified using this model. Therefore, it is expected that public owners can exercise effective design management by using the developed cost prediction model. The use of such an effective cost prediction model can enable the owners to accurately determine in advance the construction cost and prevent increase or decrease in cost arising from the design changes in the design phase, such as change order. The model can also prevent the untoward increase in the duration of the design phase as it can effectively control unnecessary change orders.

• Proceedings of the KSR Conference
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• 2003.10b
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• pp.46-51
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• 2003

The government's financial subsidy system for the construction project of urban rail transit needs to be revised. In 1998, the central government raised its subsidy rate to 50$\%$ of the total cost of construction. The 'method for differentiating subsidies depending on construction type and transit System' is suggested here, so that a subsidy rate can be raised for the construction of Light Rail Transit, which costs less to construct. Such methods will force local governments to make decisions regarding construction method and project size in a more rational manner.

• Proceedings of the Korean Society of Surveying, Geodesy, Photogrammetry, and Cartography Conference
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• 2003.04a
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• pp.327-330
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• 2003

In this study a framework for cost effective visualization application is presented. Visualizations of a complex street rehabilitation and a highway interchange project are performed. The visualized products were presented to political and community groups, which significantly expedited the consensus building and project approval process.