• Korean Journal of Construction Engineering and Management
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• v.15 no.1
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• pp.39-50
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• 2014

After the global financial crisis, domestic construction industry has gone through a rapid recession. This resulted in gradual market shift towards architectural remodeling. Architectural remodeling not only improves residential environment but it has many advantages such as increase of each unit's exclusive area, free space within the horizontal or extension of an annex building, and increase number of household through splitting the household of bigger pyeong, etc. However, in case of the Korean market for apartment remodeling, due to various regulations and problem with business promotion procedures, majority of business is slow despite the figure that remodeling volume is not that small. Also, feasibility study which decides to push ahead public house remodeling business will have a flaw using net present value's law; it has a flaw of not considering properties of each phase of remodeling business and future's uncertainty. Hence, this research will improve the problem of traditional value assessment method of net present value's law. It will also consider one of the real options such as binomial model in order to supplement NPV which is used in current feasibility study. This research was based on real successful cases of public house remodeling and it was possible for feasibility study which was more realistic and valid. This research provided foundation for development of Korean public house remodeling market. There is high anticipation of increasing the validity by improving the problems of current feasibility study and economic efficiency assessment.

• Korean Journal of Construction Engineering and Management
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• v.21 no.6
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• pp.113-124
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• 2020

Social movements to improve the performance of buildings through remodeling of aging apartment houses are being captured. To this end, the remodeling construction cost analysis, structural analysis, and political institutional review have been conducted to suggest ways to activate the remodeling. However, although the method of analyzing construction cost for remodeling apartment houses is currently being proposed for research purposes, there are limitations in practical application possibilities. Specifically, In order to be used practically, it is applicable to cases that have already been completed or in progress, but cases that will occur in the future are also used for construction cost analysis, so the sustainability of the analysis method is lacking. For the purpose of this, we would like to suggest an automated estimating method. For the sustainability of construction cost estimates, Deep-Learning was introduced in the estimating procedure. Specifically, a method for automatically finding the relationship between design elements, work types, and cost increase factors that can occur in apartment remodeling was presented. In addition, Monte Carlo Simulation was included in the estimation procedure to compensate for the lack of uncertainty, which is the inherent limitation of the Deep Learning-based estimation. In order to present higher accuracy as cases are accumulated, a method of calculating higher accuracy by comparing the estimate result with the existing accumulated data was also suggested. In order to validate the sustainability of the automated estimates proposed in this study, 13 cases of learning procedures and an additional 2 cases of cumulative procedures were performed. As a result, a new construction cost estimating procedure was automatically presented that reflects the characteristics of the two additional projects. In this study, the method of estimate estimate was used using 15 cases, If the cases are accumulated and reflected, the effect of this study is expected to increase.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.2
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• pp.75-87
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• 2016

This study examines the impact of government funds to venture capital on investment in early-stage firms. We provide novel explanations about this relationship focusing on mechanisms by which government funds influence the perceived uncertainty, decision about investment priority, scale economy of investment, information asymmetry in investment decision, and capital expense. We argue that venture capital's investment in early-stage firms increases as government funds increase and as government funds are explicitly directed for early-stage firms. However, we further claim that the impact of government funds on early-stage investment will be decreasing as their size increases and finally be reverted to negative impact beyond a certain amount of funds to show inverse-U relationship. Our empirical examination using data from 105 Korean venture firms active as of 2013 consistently supports the claims. This study contributes to the venture capital literature by providing novel arguments about mechanisms and effects of policy intervention in venture capital. In practice, we expect our results will provide an opportunity for relevant policy makers to review their venture support policy based on empirical evidences for policy effects.

• Korean Journal of Construction Engineering and Management
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• v.17 no.3
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• pp.71-80
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• 2016

PERT(Project Evaluation and Review Technique) is typical method in order to probabilistically establish the schedule plan for large scale complex project or mega project. PERT technique is impossible to estimate relationship of each activity probabilistically when there are overlapping relationships because it is limited to Finish-to-Start(FS) relationship. In order to overcome this kind of limitation of PERT technique, PLET(Probabilistic Linkage Evaluation Technique) has been suggested to probabilistically estimate project duration for various overlapping relationships for each activity. However, estimating project duration by PLET technique only considers uncertainty of relationship between activities and not activity time, thus it is not the perfect duration estimating method. The main objective of this research is to propose the integration model of PERT and PLET and verify its probabilistic validity. By verifying application of time calculation method of integration model in practical case, this research will suggest probabilistic project duration estimating method in schedule plan of high-risk construction industry.

• Toxicological Research
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• v.28 no.2
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• pp.73-79
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• 2012

While the ability to develop nanomaterials and incorporate them into products is advancing rapidly worldwide, understanding of the potential health safety effects of nanomaterials has proceeded at a much slower pace. Since 2008, Korea Food and Drug Administration (KFDA) started an investigation to prepare "Strategic Action Plan" to evaluate safety and nano risk management associated with foods, drugs, medical devices and cosmetics using nano-scale materials. Although there are some studies related to potential risk of nanomaterials, physical-chemical characterization of nanomaterials is not clear yet and these do not offer enough information due to their limitations. Their uncertainties make it impossible to determine whether nanomaterials are actually hazardous to human. According to the above mention, we have some problems to conduct the human exposure risk assessment currently. On the other hand, uncertainty about safety may lead to polarized public debate and to businesses unwillingness for further nanotechnology investigation. Therefore, the criteria and methods to assess possible adverse effects of nanomaterials have been vigorously taken into consideration by many international organizations: the World Health Organization, the Organization for Economic and Commercial Development and the European Commission. The object of this study was to develop risk assessment principles for safety management of future nanoproducts and also to identify areas of research to strengthen risk assessment for nanomaterials. The research roadmaps which were proposed in this study will be helpful to fill up the current gaps in knowledge relevant nano risk assessment.

• Journal of Intelligence and Information Systems
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• v.7 no.1
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• pp.81-95
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• 2001

Plant construction projects usually take much higher uncertainty and risks than the projects from other domains. This implies the importance of plant construction project management should be more emphasized than the other domain. Especially, the overall successes of the projects often depend on the performance of process planning and scheduling performed at the initial stage of the project. However, most plant construction projects suffer great difficulties in establishing proper process planning and scheduling timely because of unstructureness and dynamicity of environment of the project itself In this paper, we propose a knowledge-based process planning and scheduling approach in a plant construction domain to cope this problem. First, we modulize process planning knowledge and present the knowledge representation scheme. Second, we propose an inferencing mechanism to build a process planning for plant construction based on the represented process planning knowledge. Since our approach automate the initial process planning, which was usually done by manual way, it can improve the correctness and also completeness of the process plan and schedule by reducing the time to plan and allowing simulations on the various situation. We also design and implement this our approach as a real working system, and it is successfully applied to real plant construction cases from a leading construction company in Korea. Based on this success, we expect our approach can be easily applied to the projects of other areas, while contributing to enhancement in productivity and quality of project management.

• Korean Journal of Construction Engineering and Management
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• v.18 no.4
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• pp.27-35
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• 2017

Based on Income-approach, this study develops the evaluation model which reflects construction industry's traits. Using Income approach, we derive future income's present value and evaluates the technological value by contribution to future income. As there exist more random variables in construction technology than in standardized manufactured products, we cannot help relying on not only quantitative estimation method but also qualitative evaluation by technology and market experts when we estimates construction technology value. Also, conservative estimation is needed for discount rate and cash-flow estimation, because of high uncertainty in sales and profits in construction industry. In empirical analysis, we applied economic periods of duration and cash-flow based on the standard guideline, and analyzed discount rate and technology factor based on characteristics of construction industry. The discount rate is estimated to 15% because of risk-premium increase by conservative evaluation. Technology factor is estimated to 46.7%, because technological intensity is estimated to 72% by technological superiority. Such implications can be inferred. Firstly, we need to build a database to diversify categories for division of sectors by activity or industrial classification which is now categorized only by two sectors in standard guideline. Secondly, the roles of experts who participate in technology evaluation are important because of volatility of construction technology.

• Journal of Korea Water Resources Association
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• v.53 no.4
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• pp.293-301
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• 2020

This study determined appropriate threshold level (cumulative period and percentage) of precipitation for drought management in dam basin. The 5 dam basins were selected, the daily dam storage level and daily precipitation data were collected. MAP (Mean Areal Precipitation was calculated by using Thiessen polygon method, and MAP were converted to accumulated values for 6 cumulative periods (30-, 60-, 90-, 180-, 270-, and 360-day). The correlation coefficient and ratio of variation coefficient between storage level and MAP for 6 cumulative periods were used to determine the appropriate cumulative period. Correlation of cumulative precipitation below 90-day was low, and that of 270-day was high. Correlation was high when the past precipitation during the flood period was included within the cumulative period. The ratio of variation coefficient was higher for the shorter cumulative period and lower for the longer in all dam, and that of 270-day precipitation was closed to 1.0 in every month. ROC (Receiver Operating Characteristics) analysis with TLWSA (Threshold Line of Water Supply Adjustment) was used to determine the percentage of precipitation shortages. It is showed that the percentage of 270-day cumulative precipitation on Boryung dam and other 4-dam were less than 90% and 80% as threshold level respectively, when the storage was below the attention level. The relationship between storage and percentage of dam outflow and precipitation were analyzed to evaluate the impact of artificial dam operations on drought analysis, and the magnitude of dam outflow caused uncertainty in the analysis between precipitation and storage data. It is concluded that threshold level should be considered for dam drought analysis using based on precipitation.

• Korean Journal of Construction Engineering and Management
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• v.10 no.1
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• pp.114-125
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• 2009

In this study, a design value analysis technique that considered stochastic LCC and stochastic performance evaluation was proposed, and by introducing the concept of reliability analysis, a decision making that secured reliability was supported. The results of this study, which was carried out according to the above objectives and methods, are summarized as follows: 1) The design value analysis procedures and value state function, improved in order to carry out a reliable analysis when evaluating alternate proposals that were extracted after the function definition was complete, were formalized, and in order to secure consistency and efficiency for value evaluation procedures, an evaluation index scheme was proposed; 2) Database collection and analysis were done for a bridge's LCC analysis. As for the collection scope of data, literature of previous research done on a bridge's LCC analysis was used as the basis for analysis, and for securing reliability regarding analysis results and dealing with uncertainty of collected data, the MCS technique was applied; 3) Weights and evaluation ranks for performance evaluation of each of the alternate proposals, as well as LCC analysis model, analysis period, discount rate, user expense, safety inspection and safety diagnosis expense conditions for LCC analysis were proposed. Lastly, a feasibility study was done and conclusion was made about "OO grand bridge and connecting road construction work execution design" project centered on value analysis execution case.

• Korean Journal of Construction Engineering and Management
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• v.19 no.2
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• pp.107-116
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• 2018

Since 2010, Korea's overseas construction orders have seen dramatic fluctuations. I propose causes and remedies for the industry as a whole. Orders have recorded an annual average of $63.8 billion dollars from 2011 to 2014, reaching its highest at $71.6 billion dollars(2010) which marked the peak of Korea's overseas construction. However, due to a decline in international oil prices, starting in the last half of 2014, Korea's overseas construction orders have followed suit recording $46.1 billion dollar in 2014, $28.2 billion dollars in 2016, and $29.0 billion dollars in 2017. Facing uncertainty in Korea's overseas construction market, caused by continued slow growth of the global economy, Korean EPC contractors are at a critical point in regards to their award-winning capabilities. Together with declining oil prices, the challenges have never been bigger. To mitigate the challenges, I would suggest policy direction as a way to grow and develop the overseas construction industry. Proper counterplans are needed to foster Korea's overseas construction industry. Forecasting total order amount for overseas construction projects is essencial. Analyzing contract award & tender structure and its changing trends in both overseas and world construction markets should also be included. Korea has great potential and global competitiveness. These measures will serve to enhance Korea's overall export strategy in uncertain overseas markets and global economy.