• Korean Journal of Construction Engineering and Management
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• v.24 no.6
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• pp.45-52
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• 2023

Recently, as climate change caused by greenhouse gases is intensifying, the international community has committed to reduce greenhouse gas emissions. The purpose of this study is to present the methodology and major considerations for investment judgment. Two actual cases of overseas projects were selected as study subjects. As an analysis method, the major risk factors were defined as a probability distribution, and the NPV was stochastically estimated using the Monte Carlo simulation method. In addition, assuming a policy change, the range of NPV change was analyzed. As a result, the average NPV of project A was lowered by 19%, and the probability of showing a negative NPV was 12.2%. The average value of project B was lowered by 12.5%. Considering the policy change, project A can obtain economic benefits only when it obtains 72.9% or more of the total amount of carbon credits generated, and project B is economically feasible when it acquires 49.5% or more. As a result, the average value of project A is lower than the net present value under basic assumptions, so caution is needed in investment decisions depending on changes in major risk factors. Additionally, considering policy changes, the carbon credit distribution ratio should be differentially applied depending on the project size, and this was presented as a specific figure.

• Korean Journal of Agricultural Science
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• v.35 no.1
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• pp.85-100
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• 2008

The United States Department of Agriculture (USDA) funded collaborative project on The Economic Feasibility Analysis of Crop Cultivation Practice Project in Pirganj and Kurigram Districts in Bangladesh will started during 2008-2012, for 4 years with total project cost of US$ 571,270. The project will be implemented in 6 villages; has 1,097 hectares areas which is divided into 948 hectares of agricultural land, 52 hectares of forest land and 345 hectares of other land, covered 1,059 households equal to 5,305 persons in Pirganj and Kurigram districts The project has proposed to be implemented in joint collaboration by Bangladesh Agricultural Research Council (BARC), Bangladesh Agricultural Research Institute (BARI) and Rangpur Dinajpur Rural Service (RDRS) Bangladesh with full participation of the farmers' groups of respective project site. The specific objectives of the project are: (1) to estimate the productivity of paddy, wheat, maize, tobacco and sugarcane (2) to determine the cost of production and returns to the above mentioned crops (3) to study the interrelationship between inputs and output of the above mentioned crops and (4) to examine the resource utilization patterns at farm level. In this project analysis, the net incremental profit is US$33,028. The expected incremental project benefit and incremented production cost are estimated as US$ 219,959 and US$ 186,931 respectively. The financial decision making criteria would be followed in this crop cultivation practice project. After the project implementation, the expected project benefits are assumed to be continued for 15 years. The benefit cost ratio (B/C) of the project is estimated at 1.077 (table 11) when using discount rate of 10% as an opportunity cost of capital in Bangladesh. FIRR of project is estimated at 26.15% which is bigger than the opportunity cost by more than double. So this project is financially feasible and acceptable. Therefore, this project should be extended to other areas to increase the farm income and economic growth of marginal poor farmers in Bangladesh.

• Journal of Technology Innovation
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• v.24 no.4
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• pp.55-99
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• 2016

The paper investigates X-project, in which the public was invited to participate in a national R&D project, examines how X-project attracted the public's attention and involved them in a national R&D project, and discusses the significance and limitations of X-project. X-project was executed by a 12 citizen-led committee, financially supported by the Ministry of Science, ICT, and Future Planning, and backed by the Science and Technology Policy Institute. People raised 6,212 questions that reflected the severe needs they experienced in their daily lives through the online and offline platforms of X-project. In addition, the committee members, scholars, experts, government officials, and citizens gathered together to select the fifty most provocative and novel of the questions raised by the public, and invited public participation to answer the questions in innovative ways. 310 research teams including professional researchers from universities and institutes, high-school students, lay persons, and corporate workers applied for X-project, and 54 of these teams were finally selected to receive funding from the government. Through planning and conducting X-project, as well as interviewing and surveying the participants in X-project and non-participants, we found that there was an enormous social consensus on the necessity of public participatory national R&D projects. People asserted that science and technology should put a greater focus on solving social problems and satisfying public needs. We also confirmed that the public could take part in national R&D projects. Most of all, we found that the questions raised by the public were very challenging, novel, and complex, and thus researchers need break-through approaches to address them. It can be also argued that through experiencing the X-project citizens can regard themselves as ones who are not only recipients of the benefits of the development of science and technology, but also contributors of the development of them. We finally argue that there are some limitations to X-project in terms of how to provide diverse incentives that attract more participation, how to develop the process in which people got involved in the project in more easy ways, and how to create new ways for lay persons and professional researchers to cooperate in solving social problems.

• Korean Journal of Construction Engineering and Management
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• v.10 no.4
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• pp.87-100
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• 2009

The quality of early cost estimates is critical to the feasibility analysis and budget allocation decisions for public capital projects. Various researches have been attempted to develop cost prediction models in the early stage of a construction project. However, existing studies are limited on its applicability to actual projects because they focus primarily on a specific phase as well as utilize restricted information while the amount of information collectable differs from one another along with the project stages. This research aims to develop two-staged cost estimation model for the schematic planning and preliminary design process of a construction projects, considering the available information of each phase. In the schematic planning stage where outlined information of a project is only available, the Case-Based Reasoning model is used for easy and rapid elicitation of a project cost based on the extensive database of more than 90 actual highway construction projects. Then, the representing quantity-based model is proposed for the preliminary design stage where more information on the quantities and unit costs are collectable based on the alternative routes and cross-sections of a highway project. Real case studies are used to demonstrate and validate the benefits of the proposed approach. Through the two-stage cost estimation system, users are able to hold a timely prospect to presume the final cost within the budge such that feasibility study as well as budget allocation decisions are made on effectively and competitively.

• Korean Journal of Construction Engineering and Management
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• v.17 no.4
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• pp.49-56
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• 2016

Recent research has been ongoing for modular buildings in the country and interest increases. However, the activation of modular building projects is obstructed in the construction industry. There are many reasons to identity for this obstruction but one issue should be focussed. Modular buildings require to change the existing construction production system to a new construction production system, which is factory production - transportation - erection. However, the existing project delivery system in the public sector could not be adapted for this new construction production system due to the obligation of multi prime contract use, such as electrical, communication, fire fighting contracts by Law. Therefore, modular buildings in the existing project delivery system are separately contracted by multi prime contracts and modular units composed of the buildings are contracted by an architectural prime contractor as a commodity. As results, construction costs are increased, potential quality problems are raised and the existing project delivery system is finally an obstacle not to maximize benefits of the modular buildings. In this paper, we propose a new project delivery system for the modular buildings to adapt then ew construction production system.

• Asia pacific journal of information systems
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• v.23 no.2
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• pp.41-66
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• 2013

IS outsourcing has an important meaning to the Korean SME's (Small and Medium Enterprises) which want to use the IS Services. The objective of this research is to manage IT risks occurred during IS outsourcing project process. This study tries to identify these risks using real option methodology. In order to perform this objective, this study set up the research model which is composed of two main concepts. The first one is the risk factors occurred during IS outsourcing project process: User's Risks, Supplier's Risks and Transaction's Risks. All of these risks are based on Transaction Cost Theory. The second one is the intention to get (or buy) Real Options to manage the risks. In the research model, two types of real option are included: option to abandon (put option) and option to defer (call option). This study uses questionnaires and statistics methodology (PLS) to analyze the hypotheses proposed in the research model. Compared with prior studies, this study is different in two ways. First, this study restricts the range of IT risks. Prior researches of IT Risk management in MIS area cover various range of IT risks, but this study focuses on the Korean SME's IT outsourcing risks on the basis of Transaction Cost Theory. This study tests the relationship between the risks and real option types. Second, this study tries to test the moderating effect of user's risks and supplier's risks on the relationship between transaction's risks and real option types. In IT outsourcing research area, almost studies focus on the direct relationships between IT risks and outsourcing success. But in reality, the co-relationship among IT risks may occur. There are some findings according to the research analysis. First, risks related with user's risks have strong causal relationships with the intention to get option to abandon (put) and option to defer. But risks related with supplier's risks have causal relationships only with option to abandon (put). Second, user's risks and supplier's risks have no moderating effect on the relationship between transaction's risks and real option types. According to the research results, this research have some important and interesting implications on the IS outsourcing business area. First, this study identifies the effective types of real option to minimize the risks occurred during the IT outsourcing projects. So IS outsourcing service users can manage (or minimize) effectively the risks, which occurred during outsourcing projects, using real options. Second, real option gives benefits to suppliers and users at the same time (i.e., win-win strategies between IS outsourcing service providers and users). Vendors (:IS outsourcing service providers) can offer users the real options which can minimize the occurrence of risks in time. "IN TIME" means that before the IS outsourcing project starts, vendors can offer users the opportunity to buy real options in appropriate prices to manage the possibility of the risks of IS outsourcing project. And users also have chance to minimize the IT outsourcing risks occurred during the project process using real options.

• Journal of the Korea Society of Computer and Information
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• v.17 no.8
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• pp.123-133
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• 2012

Recently, as IT convergence has seen rapid growth the role and scope of software has been extended. many software companies are trying to improve the software quality and project outcome using software process improvement approach to cope with increasing software demands and software quality. Although software process improvement is difficult task which requires a lot of cost and time, there is still insufficient objective evidence on business benefits by its deployment. The purpose of this study is to analyze the relationship between software process improvement and software project productivity. That is, we investigated whether there is difference in software development productivity depends on software engineering level using statistical methods. We found that the software development productivity is different across the software engineering levels and the higher software engineering level can lead to improved software development productivity.

• Journal of the Korean Society of Surveying, Geodesy, Photogrammetry and Cartography
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• v.23 no.1
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• pp.19-30
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• 2005

Korean government has constructed a nationwide cadastral map database through the cadastral map computerization project and also produced a variety of spatial data through the NGIS (National Geographic Information Systems) project. Under this circumstance, it is needed to set up the new automatic methodology that effectively solve cadastral non-coincidence problems by using various digital map data instead of expensive field survey methods. This study proposed a new automatic methodology for cadastral non-coincidence surveying and developed a prototype system as a proof of concept. Validation of this proposed method was done with some test areas. Results showed that this methodology could easily detect and assess both regional non-coincidence levels and cadastral map quadrangle non-coincidence levels. We expect that this new methodology can provide many benefits in planning and determining work priority of the forthcoming nationwide cadastral re-surveying project.

• Korean Journal of Construction Engineering and Management
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• v.11 no.2
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• pp.137-146
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• 2010

Becoming construction projects larger and more complicated, and utilizing more varied and complex contracting and delivery systems in the industry, integrating information and managing constructability from project inception to completion became the most critical tasks for the successful project management. However, current industry practices of constructability analysis which are too much dependent on field engineers and managers' experiences, are not performed efficiently and also not managed effectively. Then the scope, method, and procedure in performing analysis tasks are not certain as well as not systematic, In addition, due to using 2D based drawings and documents, information required at project phases for the analysis is inconsistent and inaccurate. This study aims to suggest the use of BIM technology and functions for solving various problems of current constructability practices. In particular, constructability analysis tasks performed at design and construction stages are identified and their adaptability, applicability, and benefits of BIM are investigated through interviews on constructability and BIM professionals in the industry.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2004.11a
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• pp.515-520
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• 2004

Manufacturing Production System (MPS) has been widely accepted in construction area for the productivity improvement. However, the MPS does not always provide cost and time saving. It often caused more delays and increased project cost. Therefore the use of the MPS technique, systematic decision-making process is needed by reviewing various project parameters such as cost and time. This study includes extensive literature reviews and case studies on MPS. As a result, a decision-making model is proposed. The decision-making flowchart and decision-making model are developed in three steps: (1) identification and categorization of decision-making factors; (2) calculations of benefits, cost, and duration in accordance with the location and the production capacity of the factory; (3) comparisons of MPS and on-site assembly by varying the locations and sizes of the factory