• International conference on construction engineering and project management
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• 2013.01a
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• pp.444-450
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• 2013

Public private partnership (PPP) procurement was introduced into Singapore in 2003, and 10 PPP projects was successfully completed and have been in operation. The objective of this study is to identify the critical risk factors and risk allocation preferences for PPP projects in Singapore. To achieve this objective, a comprehensive literature review was carried out and 42 risks were identified and grouped into three meta levels, i.e. macro, meso and micro levels. The questionnaire survey produced 48 completed questionnaires from 48 different contractors. The survey results indicated that 23 risk factors had significantly high criticalities and that four macro-level risks, four meso-level risks and two micro-level risks were among the top 10 risk ranking. "Lack of support from government", "availability of finance" and "construction time delay" were perceived as the top three critical risks. Also, the result implied that micro-level risks had a higher criticality mean score than macro-level and meso-level risks. The findings of this study help both public and private sectors to better understand the risks and their allocation in PPP projects, providing valuable information for organizations that intend to participate in PPP projects in Singapore.

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

• International conference on construction engineering and project management
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• 2022.06a
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• pp.83-90
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• 2022

Public-private partnerships (PPP) projects are becoming popular in both developed and developing countries due to their ability to access new financing sources and transfer certain project risks to the private sector. PPP has been an active research area where the concept of Critical Success Factors (CSF) is often discussed by researchers. This study aims to identify the CSFs for various PPP infrastructure projects that have been explored in previous CSF studies. This article reviewed the literature about CSF in PPP projects from the years 2002 to 2021, compared the findings of studies regarding the identified CSFs, and consolidated the CSFs that can be applied to various PPP infrastructure projects. The results showed that dominant research focused on general infrastructure, where CSFs can be applied to all infrastructure sectors rather than any specific sector. The most identified CSFs from the study are favorable and efficient legal frameworks, appropriate risk allocation and sharing, a robust and reliable private consortium, a competitive and transparent procurement process, and political support and stability. The findings from the study can provide an overview of CSFs that are relevant to specific PPP infrastructure sectors like building infrastructure, transportation, water, etc. as well as for general infrastructure. In addition, the results can also be used for further empirical analysis.

• Journal of the Korea Institute of Building Construction
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• v.9 no.1
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• pp.65-73
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• 2009

Looking at current construction costs estimations of publicly declared public works, there are many instances where estimation criteria are ambiguous and doesn't imply the reality. Up to date, estimation criteria for calculating construction cost estimations are simply by unit area multiplication and stochastic construction cost estimation. However, possibility of making errors are high due to using uniform data that excludes each public work's specifications and environmental conditions. Further, on the aspect of cost management, there is certain limitation in the efficiency of cost management in order-placing stage and commencing-work stage; while efficient cost management and reduction of expenses are highly possible during initial stages of the project. In this respect, the paper adopts positive approach with regards to construction cost estimations of public works and draws common elements from calculation tables of the construction cost estimations from 3 completed domestic construction works; after which, the paper analyzes whether business exposition, construction guide and publicly-declared estimated construction costs that the orderer issued are calculated economically and properly; deducing problems in the process, the paper seeks to recommend rational calculation method on this.

• Korean Journal of Construction Engineering and Management
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• v.14 no.4
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• pp.130-139
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• 2013

Construction accident rates are reflected in the pre-qualification of public construction projects in order to prevent accidents and facilitate the safety management of construction companies. However, the construction industry is still experiencing an increase in accident rates. Hence, there is a need to strengthen existing safety evaluation systems and requirements in public construction tendering. The objective of this study was to acquire and provide basic data for benchmarking to select tenderers in domestic public construction projects. In Singapore and Japan, safety evaluation systems and requirements are applied based on various aspects in order to screen tenderers. These evaluation systems include safety regulations and institutional requirements, as well as safety performance and safety management plans of respective construction projects. This study recommends that korean public construction projects also apply similar safety evaluation systems which include comprehensive safety criteria in order to decrease accident rates in the industry.

• Korean Journal of Construction Engineering and Management
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• v.13 no.4
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• pp.152-163
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• 2012

At the conceptual phase of a construction project, estimated construction cost is very important as it significantly influences the owner's decision-making. Accurate cost estimating, in the early stage of a public construction project, serves as a critical factor because initial decision-making effects the final cost of a construction project. However in the cases of Korean public apartment projects, excluding a few of the public owners, there is a problem in properly estimating construction cost due to the lack of construction cost estimating system. Thus, this research developed a public apartment cost estimating system using case-based reasoning that was suggested by a previous research with 66 cases of Korean public apartment projects. Based on the system experiments involving 19 public officers and 10 cases of Korean public apartment projects, the effectiveness of the system in terms of estimation accuracy and user-friendly was confirmed. As a result, the developed system has an error range of 1.47% to 13.74% and mean of 6.15%. In addition, the system was evaluated that it could greatly improve the current estimation task of public officers. Consequently, the results of this research can be used as a foundation for a technological advance in estimating construction cost and improving the accuracy and consistency of construction cost estimation.

• Korean Journal of Construction Engineering and Management
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• v.5 no.6 s.22
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• pp.245-254
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• 2004

Pre-compensation and post-construction policy'(PCPC) is a part of $\ulcorner$public project performance improvement policies (PPPIP)$\lrcorner$ whose purpose is to reduce the construction project cost by $20\%$. This research focuses on measuring the quantitative and qualitative impacts of PCPC public construction project. The evaluation of PCPC was conducted using five performance indices which are measuring performance improvement in terms of project cost and schedule. The analysis results show that implementation of this policy reduced $4.8\%$ of public construction project budget while playing a positive role in shortening the project schedule.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2009.11a
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• pp.193-198
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• 2009

It is an important issue in cost management to contract with the standard of cost estimate by the reasonable way in public construction projects. For the standard of cost estimate based on the Standard Estimating System, there is a difference of labor inputs between Standard Estimating System and actual quantities in construction projects. The duration of form work in multi-family housing depends on the manpower compared with other work, which is the critical path on the schedule management to be decided quality, and is the important to the cost management of construction projects. This study presented a simulation model of the productivity analysis for selecting the standard work type of form work in Multi-family housing construction projects.

• Journal of Construction Engineering and Project Management
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• v.3 no.2
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• pp.35-48
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• 2013

Weak competencies in urban local bodies (ULBs) for implementing public private partnership (PPP) projects has been recognized as a major hurdle in uptake of PPP model in India. In this context, a questionnaire survey was conducted to evaluate perception of urban PPP experts and ULB representatives on three aspects related to competency development, including, critical competencies for implementing urban PPP projects, approaches for competency development in ULBs and constraints faced by ULBs in development of competencies. The five critical competencies identified are project identification, project conceptualization, transaction design, PPP process management and contract management. The approach of training programs for municipal staff and elected representatives, and capacity building oriented technical assistance for implementing urban PPP projects have been preferred by survey respondents for competency development. The frequent transfer of municipal decision makers and low motivation among municipal staff have been identified as the most significant constraints for development of competencies.

• International conference on construction engineering and project management
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• 2015.10a
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• pp.381-385
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• 2015

This research aims to investigate critical factors of the government's role in achieving success in Public Private Partnership (PPP) toll road projects in Indonesia according to government and private sectors' perceptions. A preliminary interview Subsequently a questionnaire survey was also conducted involving 143 respondents across the two sectors from eight operating toll were five critical factors of the government's roles in achieving success in PPP toll road projects, namely; "Active involvement in overall project stage activities", "Establishment of good bureaucracy", "Provision of conducive environment", "Appropriate project planning and competitive tendering" and "Provision of appropriate government support and supervision". This research finding is expected to assist the government in defining clear roles and underlying responsibilities in development of PPP toll roads in Indonesia.