• International conference on construction engineering and project management
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• 2022.06a
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• pp.3-10
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• 2022

An estimated investment gap of $176 billion needs to be filled over the next ten years to improve America's inland waterway transportation systems. Many of these infrastructure systems are now beyond their original 50-year design life and are often behind in maintenance due to funding constraints. Therefore, long-term maintenance strategies (i.e., asset management (AM) strategies) are needed to optimize investments across these waterway systems to improve their condition. Two common AM strategies include policy-driven maintenance and performance-driven maintenance. Currently, limited research exists on selecting the optimal AM approach for managing inland waterway transportation assets. Therefore, the goal of this study is to provide a decision model that can be used to select the optimal alternative between the two AM approaches by considering key uncertainties such as asset condition, asset test results, and asset failure. We achieve this goal by addressing the decision problem as a single-criterion problem, which calculates each alternative's expected value and certain equivalence using allocated monetary values to determine the recommended alternative for optimally maintaining navigable waterways. The decision model considers estimated and predicted values based on the current state of the infrastructure. This research concludes that the performance-based approach is the optimal alternative based on the expected value obtained from the analysis. This research sets the stage for further studies on fiscal constraints that will effectively optimize these assets condition.

• Information Systems Review
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• v.3 no.2
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• pp.245-260
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• 2001

While past knowledge management researches have focused on conceptualization and strategic implications, knowledge asset researches attempt to provide practical guidelines for companies. However, each research classifies knowledge asset from its own perspective, and thus it is not a trivial task to leverage consistent and inclusive criteria in managing corporate knowledge asset. The objective of this paper is to develop a knowledge asset classification schema on the basis of the three business functions: customer relationship management, product innovation, and infrastructure management. To demonstrate the feasibility of our schema, it has been applied to 9 Korean corporations. Knowledge assets are evaluated according to core capabilities, which are main drivers of sustainable competitive advantages. The results of case study show that the leveraged classification schema reflects current knowledge asset management and characteristics of corporations. Our finding is that most top-quality knowledge management corporations are likely to develop well-balanced knowledge asset.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2021.05a
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• pp.311-312
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• 2021

As the number of deteriorated infrastructures increases, research on decision-making methods for efficient budget allocation is required. Thus, this study considered the application of utility theory for asset management of deteriorated infrastructure. In decision-making, methods that enable quantitative measurement were proposed, attributing the aging, economic feasibility, and ripple effects. This study is meaningful as a basic study of decision-making methods, and we will conduct research applied to case studies in the future.

• International Journal of Highway Engineering
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• v.17 no.3
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• pp.13-25
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• 2015

PURPOSES : This paper aims at the implementation of a balanced scorecard that can be widely applied to modern business management for use in the public road management sector. METHODS : This study applied the newly developed LOS-based balanced scorecard system instead of a traditional Key Performance Index (KPI) for better decision making in asset management planning. As an evaluation technique, a" hierarchical alignment and cascading method" is also suggested. Finally, the suggested system has been empirically applied to a regional government. RESULTS : To provide stable and sustainable road services, the balanced scorecard informs the regional government of needed improvements in its asset management plans regarding budget optimization, structural management, the development of inner-business processes, and human resources. CONCLUSIONS : An LOS-based balanced scorecard for managing road services and organizations in a quantitative manner has been successfully developed and tested through a field study. The developed scorecard is a timely topic and a useful analytical tool for coping with the new phases of an aging infrastructure, tighter budgets, and demand for greater public accountability.

• Construction Engineering and Management
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• v.9 no.3
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• pp.17-20
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• 2008

• Korean Journal of Construction Engineering and Management
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• v.10 no.6
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• pp.67-77
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• 2009

Infrastructure asset management can be defined as the long term and cost effective management strategy to meet the required service level. In most developed countries, the major motivations of the introduction of asset management are increment in number of assets, extension of maintenance field, accounting approaches of public facilities, performance-based FM(Facility Management), limitations of public funds and public-private partnership, life cycle cost approach, and the development of information technology. This paper discusses the strategic and stepwise methods of introducing infrastructure asset management. Strategic approaches are suggested to develop the practical methods of condition and value assessment of assets, and long-term capital investment plan for optimized decision making(ODM). Required systematic processes are analyzed in terms of resource and technical limitations and detailed implementation plan for each development phases are suggested.

• International Journal of Highway Engineering
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• v.16 no.4
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• pp.75-86
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• 2014

PURPOSES: The aim of this paper is developing user-oriented flexible Level Of Service (LOS) system for integrated asset management of various road facilities. It is essential to overcome limitations of general management systems which only focus on a type of assets (e.g. pavement, bridge etc.), and to serve a customizable LOS platform for smooth implementation and future improvement of the LOS considering various managerial environments of road agencies. METHODS: This study suggested a total framework of the LOS system as a process for self-development, operation and improvement of LOS system to conduct the PDCA (Plan-Do-Check-Act) in management process. In the process, we adopted user-customizable elements regarding asset definition, service index and evaluation method to match with the managerial environment of road agencies. In addition, we conducted an empirical study on the entire process of the suggested LOS system with a real road agency (Korea Express Highway) to prove applicability of the LOS system. RESULTS: From the empirical study, we confirmed that the suggested LOS system framework were suitable for development of customized LOS system. In addition, evaluation of asset conditions by LOS ratings, and quantification of vision achievement of the Korea Express Highway were successfully made. It would be the first trial in integrated management approach with LOS systems for numerous road facilities. CONCLUSIONS : It was recognized that easy application and sustainable improvement of the LOS was the most critical point in asset management. The suggested LOS system would be a powerful weapon as a managerial tool in preparing tight budget, aging infrastructures, and increased demands for more accountability both in Korea and internationally. Implementation of the LOS system needs to be expanded to the other infrastructure members to serve satisfactory level of service to taxpayers.

• The Journal of the Korea Contents Association
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• v.11 no.12
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• pp.931-942
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• 2011

As the social infrastructure becomes deteriorated, its maintenance cost has been increased rapidly. There are growing needs to manage facilities systematically to reduce this kind of maintenance budget, and furthermore to avoid safety accidents in Korea. Asset management is widely used in New Zealand, the United States, Great Britain to manage their social facilities. In these countries, standardized information model and its system are developed and in service for asset management. There are several researches on asset management of social infrastructure in Korea, and the KTAM-40 work procedure is one of the main results for these researches. In this paper, the IIMM of New Zealand and the KTAM-40 of Korea, were surveyed to develop a business architecture of the highway asset management system. A new business architecture for the highway asset management system is proposed based on the KTAM-40 work procedure: First, the organization and its role for the highway asset management are defined. Second, business functions of the highway asset management are classified. Third, the highway asset management functions and the flow of information are defined. In the last section, differences between the newly designed architecture and the other systems' architecture is reviewed.

• The Transactions of the Korean Institute of Electrical Engineers P
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• v.67 no.2
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• pp.70-74
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• 2018

Social infrastructure such as production, transportation, gas, and electrical facilities would be degraded according to time and those facilities might need more maintenances, repairing, and management as time goes by. Especially, in the case of a power transformer, it is important to diagnose the transformer in order to avoid malfunction and failure because they could cause enormous damage. The economic as well as technical aspects of a transformer management must be considered while it is operated. Therefore, the concept of asset management should be applied as an advanced method of transformer management. Asset management refers to a series of processes to make a plan of maintenance and conservation of a power transformer considering the soundness, investment cost, and importance of equipment. It is important to apply the asset management considering calculation of a lifetime loss. In this paper, the lifetime loss calculation method of asset management for a power transformer is suggested.

• International conference on construction engineering and project management
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• 2005.10a
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• pp.621-626
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• 2005

Recent increases in construction costs on Korean public works projects, largely due to change orders caused by poorly elaborated design, become a motivation of applying VE process in Korean construction industry. The Seoul Toll Plaza project, recently value analyzed by four VE teams, demonstrates how value management helps save time, money and increase functional performance. The objective of this project is to upgrade and expand existing pay and ticket booths system on "Kyungboo Express Highway", the main artery for the Korean peninsula linking Seoul to Pusan. The value management study generated several innovate alternatives capable of saving up to 50% of project cost from the baseline project plan.