• Korean Journal of Construction Engineering and Management
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• v.1 no.1 s.1
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• pp.45-52
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• 2000

In Korea, demand for the Social Overhead Capital(SOC) projects has tremendously increased since 1970's and is expected to keep growing to support national economic development as well as to enhance the quality of life. In these projects, project planning and feasibility study phase is one of the most critical phases because it determines the success of later phases. However, we have experienced trial and errors repeatedly such as cost overruns and schedule delays in many of the SOC projects. These problems can be prevented or at least expected in the earlier phase and it requires well-developed and standardized project planning process and systems before design, procurement, and construction phases begin. Therefore, the purpose of this research is to investigate current problems in this phase and provide framework for a model for the project planning management which can be used for the SOC projects to insure the whole project success.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2018.05a
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• pp.72-73
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• 2018

The accuracy of contingency estimation plays an important role for dealing with the uncertainty of the financial success of construction project. Its' estimation may be used for various purposes such as schedule control, emergency resolve, and quality expense, etc. This paper presents a contingency estimation method which is schedule control specific. The method 1) implements stochastic EVMS, 2) detects a specific timing for schedule compression, 3) identifies an optimal strategy for shortening planned schedule, 4) finds a probability density function (PDF) of project cost overrun, and 5) estimates the optimal contingency cost based on the level of confidence. The method facilitates expeditious decisions involved in project budgeting. The validity of the method is confirmed by performing test case.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2019.05a
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• pp.127-128
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• 2019

The cost of procurement in construction projects varies depending on the type of project, but the proportion of the cost component is very large. Therefore, efficient procurement system operation affects the success of the project. However, difficulties arise in procurement management due to problems such as availability of data due to limited information, inaccurate scheduling and integration of costs. Therefore, the purpose of this study is to develop a procurement management system to help efficient communication decision by combining Big Data which can analyze a lot of information and Block Chain technology which can secure information and record reliability to satisfy the above requirements. The results of this study are used to develop a system to develop academically improved procurement management system and practically to develop a system to secure business competitiveness and to facilitate rapid communication among project participants.

• International conference on construction engineering and project management
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• 2009.05a
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• pp.1474-1478
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• 2009

The cooperation and trust among the project participants play a critical role in the success or failure of any delivery system in construction industry. But it is very difficult to establish trust between an owner and a contractor when rational people only pursue only their own material self-interest. Based on the principal-agent theory, this paper will introduce the altruistic behavior into the traditional principal-agent model, and model the reciprocal behavior between the owner and contractor. We will show that both the owner and the contractor benefit from their reciprocal behavior, and hence trust establishing between them is possible. More importantly, we will proof that the higher the project uncertainty is, the more important trust establishing is.

• Journal of Construction Engineering and Project Management
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• v.4 no.4
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• pp.17-32
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• 2014

In a competitive business environment, like construction, achieving customer satisfaction has been identified as an important element for measuring project's success and sustaining competitive advantage. Traditionally, customers were expelled from the product development process. Little effort was done, in the past to identify the factors that lead to customer satisfaction and hence, use them for product improvement. Organizations that adopted that approach, encountered the risk of losing their customers. In construction, end-users of governmental housing projects were excluded from the design decision making process and accordingly, their requirements were not reflected in design. Although a number national customer satisfaction indices and barometers have been developed worldwide, they have their own limitations and shortcomings. This paper aims to develop an international index for customer satisfaction in the construction Industry. For the first time in construction literature, this research identified, validated and classified 45 drivers for achieving customer satisfaction in the construction industry.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.50
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• pp.215-250
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• 2011

Korean won overseas construction projects worth 71.6 billion US Dollars in 2010, which exceeded that of 2009 by 45.6%. An overseas construction project is a transaction of large scale, long term project, many parties participating, deferred payment, and of high-technology. It contributes to foreign currency earning, and also leads the nation's export restructuring work towards high value-added one. There are various kinds of risks towards the relevant parties respectively, which are key elements in successfully performing the overseas construction project. There are completion risk, financing risk, operating risk, revenue risk etc, in an employer's place. A contractor may be confronted with payment risk, issuance risk of performance bond, financing risk, performance risk of sub-contractors, and exchange rate risk. In lenders place there are repayment risk, completion risk, and political risk in the host country. In order to mitigate risks, the parties shall take relevant measures or require relevant securities. A contractor needs to evaluate the credibility of an employer in respect of payment risk, and can also request export insurance cover by the Korea Trade Insurance Corporation(the former 'Korea Export Insurance Corporation"). An employer can require a contractor to provide performance bond in respect of completion risk, and employ a well-known first class bank as a mandated arranger to arrange financing with regard to completion risk. Lenders needs to evaluate the credibility of an employer and accomplish feasibility study of the project. Lenders can request insurance cover from export credit agency. Once the parties assess the respective risks and obtain relevant securities, the project will be successfully completed. The success of the project will be sure to bring the parties involved enormous profits and another opportunity to participate in overseas construction project afterwards.

• Korean Journal of Construction Engineering and Management
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• v.13 no.1
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• pp.3-13
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• 2012

The importance of project performance management as an alternative for solving problems is rising, which are followed by the hardships of managing construction project in the construction industry. This research classifies and applies the improvements made by the operator's work, in order to apply factors of success on the construction project, as performance management factors. In addition, in order to predict the results reflecting the project characteristic of performance management factor un-improvable by the operator in the initial stage of construction, the effect of project characteristic to the performance was drawn by performance difficulty. Also, in order to improve the predicted performance, researches on setting valid best practices according to the performance territory through a correlation analysis between the best practices improvable through the operator's work, and the performance was made.

• International conference on construction engineering and project management
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• 2007.03a
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• pp.259-268
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• 2007

In a very competitive construction business environment there is a need to measure and manage business performance across a wider spectrum of business success criteria. The Balanced Scorecard (BSC) and Triple Bottom Line (TBL) reporting concepts are emerging as champions in the race for sustainable business success. The construction business organisations are often judged based on their financial performance as well as wider performance. This paper aims at developing a universally accepted tool for assessing contractors' wider business performance in the construction industry. A prototype of web-based business performance measurement system has been developed to help contractors assess their own performance aimed at uplifting their performance. The consultants/clients can also use the tool to measure contractors' performance in a value-based contractor selection. The system was developed based on the research conducted among 63 senior construction professionals and therefore further research with the participation of a large number of managers across different countries and also an upgrade of the system will be required.

• Journal of Construction Engineering and Project Management
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• v.2 no.4
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• pp.11-19
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• 2012

Construction supply chain management (CSCM) has become one of the critical factors that determine the success of a construction project as it becomes increasingly complicated and mega-sized. Particularly for high-rise or mega-sized building construction, just-in-time supply chain management is required due to lack of storage space and effective logistics for construction components and materials at a construction site. Despite the fact that research and development of radio frequency identification (RFID) and wireless sensor network (WSN) technology have been performed, construction project managers still need to carry mobile devices and check material and component flow at each stage of the supply chain process. This research proposes that the equipment used in the construction supply chain process, such as movers, trailers, gates, and hoists, can become main actors in the supply chain process using RFID and WSN technologies. And the proposed equipment and process focused on a solution to the redundancy identification problem, which has been observed in operations that use RFID/WSN-based processes for construction logistics. This paper also presents issues identified through verification and validation of the research results and proposes further studies.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.273-278
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• 2001

Since its introduction in mid 1990s, Financial Crisis in Korea, knowledge management (KM) has been considered as a new, optimal way of corporate management style. And a large number of researches, either theoretically or empirically, were carried out in order to find out what the key success factors will be in common. However, though key success factors are extracted, it can hardly be a successful project if those are not well matched for the unique industry characteristics, still more in construction industry. Even we can find some KM precedents in construction industry, it can hardly be revealed how far they exerted themselves in order to match key factors with industry characteristics. Hence, at the dawn of implementing KM, this research work will scrutinize key success factors (KSFs) derived from previous studies and funnel those KSFs into construction domain. Then rearranged KSFs will be proposed with each key issues. Therefore, this article can contribute to setting strategies for KM in construction sector.