• International conference on construction engineering and project management
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• 2022.06a
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• pp.1220-1220
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• 2022

Constructionarium Ltd is a not-for-profit organisation which delivers a residential, experiential, immersive learning opportunity to university students from across the built environment education sector. Since 2002, the Constructionarium education model has been available to students in engineering, construction management and architecture at a purpose built, 19-acre multi-disciplinary training facility in Bircham Newton, England simulating real site life and reflecting site processes, practices and health and safety requirements. The unique approach of Constructionarium puts experiential learning and sustainability at the heart of everything. In a week, students develop a practical understanding of the construction process, develop transferable skills, build a team and are exposed to the latest in sustainable technologies. Experiential learning is what differentiates a Constructionarium project from regular field trips or site visits. At Constructionarium the focus is on learning by participation rather than learning through theory or watching a demonstration. The projects cannot be replicated in a classroom or on campus. Using the hands-on construction of scaled down versions of iconic structures from around the world, students learn that it requires the involvement of the whole construction team to successfully complete their project. Skills such as communication, planning, budgeting, time management and decision making are woven into a week-long interrelationship with industry professionals, academic mentors and trades workers. Working together to enhance transferable skills brings the educational environment into the reality of completing an actual construction project handled by the students. Constructionarium has used this transformational learning model to educate thousands of students from all over the United Kingdom, Europe and Asia. Texas A&M University in the United States has sent multiple teams of students from its Department of Construction Science every operational year since 2016.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2007.11a
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• pp.109-113
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• 2007

This paper introduces a system, Simulation based Stochastic Markup Estimation System (S2ME), for estimating optimum markup for a project. The system was designed and implemented to better represent the real world system involved in construction bidding. The findings obtained from the analysis of existing assumptions used in the previous quantitative markup estimation methods were incorporated to improve the accuracy and predictability of the S2ME. The existing methods has four categories of assumption as follows; (1) The number of competitors and who is the competitors are known, (2) A typical competitor, who is fictitious, is assumed for easy computation, (3) the ratio of bid price against cost estimate (B/C) is assumed to follow normal distribution, (4) The deterministic output obtained from the probabilistic equation of existing models is assumed to be acceptable. However, these assumptions compromise the accuracy of prediction. In practice, the bidding patterns of the bidders are randomized in competitive bidding. To complement the lack of accuracy contributed by these assumptions, bidding project was randomly selected from the pool of bidding database in the simulation experiment. The probability to win the bid in the competitive bidding was computed using the profile of the competitors appeared in the selected bidding project record. The expected profit and probability to win the bid was calculated by selecting a bidding record randomly in an iteration of the simulation experiment under the assumption that the bidding pattern retained in historical bidding DB manifest revival. The existing computation, which is handled by means of deterministic procedure, were converted into stochastic model using simulation modeling and analysis technique as follows; (1) estimating the probability distribution functions of competitors' B/C which were obtained from historical bidding DB, (2) analyzing the sensitivity against the increment of markup using normal distribution and actual probability distribution estimated by distribution fitting, (3) estimating the maximum expected profit and optimum markup range. In the case study, the best fitted probability distribution function was estimated using the historical bidding DB retaining the competitors' bidding behavior so that the reliability was improved by estimating the output obtained from simulation experiment.

• Journal of The Korean Digital Architecture Interior Association
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• v.12 no.1
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• pp.61-70
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• 2012

A construction project is very costly and takes a long time to make investment and yield profit. For this reason, financial institutions are cautious about financing construction projects. Meanwhile, a construction company needs financing from financial institutions to cover a large expense of a construction project. Thus, there is likely to be a close correlation between financing conditions and business operation of a construction company. To examine the relationship, variables were identified that are related to insolvency of a construction company and changes in financing conditions. The analysis period is between the second quarter of 2001 and the fourth quarter of 2010. Data was retrieved from TS2000 established by Korea Listed Companies Association (KLCA), Statistics Office, and Construction Economy Research Institute of Korea (CERIK). In terms of methodology, VECM (Vector Error Correction Model) was used to analyze dynamic relationship between changes in financing conditions and insolvency of a construction company based on the identified variables. The hypothesis was that changes in financing conditions would significantly affect business of a construction company, but, the analysis did not find a close relation between the two factors. However, it was shown that poor business of a construction company affects financing conditions adversely.

• 한국신재생에너지학회:학술대회논문집
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• 2008.05a
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• pp.229-234
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• 2008

Korea Electric Power Corporation (KEPCO) has started the nation's first biogas-microturbine project in the city of Gongju as an effort to encourage the utilization of wasted biogas containing useful energy source in the form of $CH_4$. The goal of the project is to set up the biogas microturbine co-generation system for utilizing biogas as an energy source and improving the economics of the wastewater treatment plant. Wastewater treatment processes were investigated in depth to find improvement possibility. Changes in internal recirculation ratio and pre-treatment degree are needed to optimize plant operation and biogas production. Biogas pre-treatment system satisfies Capstone's fuel condition requirement with the test result of 99.9% and 90.2% of hydrogen sulphide and ammonia is removal performance. Installation of microturbine and manufacture of heat exchanger to warm anaerobic digester has been done successfully. Expected economic profit produced by the system is coming from energy saving including electricity 115,871kWh/year and heat contained in exhaust gas 579GJ/year.

• Proceedings of the KSR Conference
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• 2004.06a
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• pp.570-575
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• 2004

This paper deals with the exchange of tourists and the operation of sightseeing train encouraged by the inter-Korean cross-border railway project. First of all, how the inter-Korean cross-border railway project has developed will be discussed. After this, the present tourism state, facilities, the state of railways and roads of North Korea, and major tourist attraction around the Kyonguisun will be shown. And then, several aspects on the agreements between the Korean National Railroad (KORAIL) and North Korean railroad system will be summarized. And, finally, the economic effect of the line including the operation schedule of the Kyonguisun sightseeing train, the demand forecast, the computation of railway fare, and profit sharing will be depicted.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2007.11a
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• pp.599-602
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• 2007

To enhance the competition of National power, the investment of SOC is an essential factor for infrastructure construction. The capital for SOC is so gigantic and the national finance is limited, engagement of various subject is necessary. So, Government is promoting the private sector to invest capital in SOC development. Nevertheless the increasement of SOC investment, various problems were issued in selection & operation of BTL. Therefore, to raise the probability of success for BTL project, escalation, unification and specialization of BTL affairs, BTL selection process were suggested in this study.

• Korean Journal of Construction Engineering and Management
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• v.17 no.2
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• pp.21-30
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• 2016

The current PF project is entirely relying on construction company's credibility. As such, it has increased a negative and bad recognition in domestic real estate economy. In addition, PF experts has a perception that a project's safety of future cash flow profitability is more important than the construction company's credibility. So many PF experts make an effort in order to set aside safe project structure of PF and analyse systematically the risks of the project. In common feasibility study of the PF Project, financial specialists and real estate specialists are forecasting and evaluating the suitability of the project through reviewing the development profit from the project of sales. However, cash flow analysis and evaluation from the perspective of mid-sized construction companies are still in the primary level. Therefore, this study has analysed the current feasibility study and go/no go decision making procedures. Then the authors have a new cash flow analysis method from the perspective of mid-sized construction companies, by improving the feasibility study and go/no go decision making procedures.

• Environmental and Resource Economics Review
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• v.14 no.1
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• pp.101-134
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• 2005

Economic feasibility analysis for the public projects such as sewer improvement project differs from the one for the project by profit organization in that the former has to take into consideration the public benefit that cannot be priced in the market. This study presents a model case study for the economic feasibility analysis for the sewer improvement project by the City of Gumi, Korea. The project is planned for the period of 2003~2021. It utilized Contingent Valuation Method(CVM) to assess the public benefits such as improvement of environmental quality and quality of life that can not be priced in the market. WTP(Willing-to-pay) of a household of the Gumi was estimated at 2,865 Korean Won on average. The result of an economic feasibility test including the estimated WTP indicates that B/C ratio of the project turned out to be 0.97, slightly less than 1. This study is the first application of WTP estimated by CVM to the economic feasibility analysis of public project in Korea. It is expected to contribute to the decision makings in the public policy domain as well as academic development.

• 사회경제평론
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• v.31 no.3
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• pp.203-237
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• 2018

This paper critically studies Meidner's wage-earner funds project. On the basis of this, this paper intends to create new prospects for a universal welfare regime. From the perspective of the welfare system, the funds project is a correction or supplement of the Swedish welfare system of the Swedish model centered on 'redistribution'. However, the funds project shares the ideology of Swedish model and its fundamental premise, I.e. guild socialism and labor-centrism. This paper discusses the limitations of the funds project resulting from this, especially with regard to its three purposes: equalization of property distribution, economic democracy and the correction of excess profit. It then highlights that the alternative to overcome the limitations of the funds project and the Swedish universal welfare system should be based on a new ideology and fundamental premise that is cut off from guild socialism and labor centrism. As an alternative fulfilling this, this paper focuses on theories that suggest that the Common Wealth Fund should be created and basic income should be implemented in the form of dividends as its dividend. As a result, Commons Capital Stock and the basic income as its dividend are presented as alternative prospects for the funds project.

• Journal of Fisheries and Marine Sciences Education
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• v.27 no.1
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• pp.218-229
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• 2015

While promoting a variety of projects by using sea space, there has been a lot of social controversy among the stakeholders based on the results of the analysis. In particular, the benefits of fisheries sector were over-estimated and occurred a lot of opposition from fishermen and environment groups. In order to this solve, we have been studied focussed such as excavation of new projects, the method and result of the estimated benefits for fisheries sector. With regard to the tidal power plant of Garolim, we came up with five kinds of problems such as doing not reflect of the cost of the initial investment, over unit production, over unit price, excessive selection of breed, issues of cost of production in benefits study of fisheries sector derived previously. In order to these problems, we have derived new profitable projects based on the initial materials such as improvement of raising breed, discharge project of fingerlings and a small sea ranch project. As a result, previous study was analyzed in 30.2 billion won(1993), 54.8billion won(2009), but this study was estimated to 26.4 billion won and differences of benefits amount were occurred. In a previous study was calculated benefits by simple method, but this study came up with new projects for fisheries sector and because we estimated benefits considering new project. The method for benefits calculations for fisheries sector was not attempted in previous studies and in this study, we approached for the first time Also, in this study suggested new method to increase incomes fishermen such as development of suitable ranch breeding for the marine environment, ranch license(limited license), development of fisheries resources and the operation of fisheries facility. In the future, we hope to be helpful for the same field of study.