• Korean Journal of Construction Engineering and Management
• /
• v.15 no.5
• /
• pp.127-137
• /
• 2014

Project Financing (PF) development project is the type which influences national economy and building industry largely because it is exerted by using borrowed money from many kinds of investors and huge amount of financial raising. Many domestic PF projects are focused mainly on the profit maximization lacking in a sufficient feasibility study. Nowadays many projects are suspending due to the global finance debacle and stagnation of real estate industry. Therefore, in this paper, risk factors of PF project are deducted and Key Success Factors (KSFs) are derived through Factor-Analysis and qualified using Fuzzy-AHP method. And through the evaluation of the derived success factors in real projects, a strong correlationship has been identified between the score of each PF success factor and the level of success and/or expected rate of return (ROR). So, the result of this paper can help decision makers of the PF projects make a better decision and give a meaningful guidance in achieving successful PF projects.

• The Journal of the Korea Contents Association
• /
• v.13 no.1
• /
• pp.456-466
• /
• 2013

The most important thing to develop real estate asset would be a feasibility study. To secure feasibility of development projects, reducing and minimizing the cost of land and construction also would be the important thing. To analyze optimal land-value for real estate development projects, I have collected 204 balance sheets of development projects in South Korea. With the help of statistical technology, I could have selected useful data from those balance sheets. After detailed analysis of statistical data, I could have reached conclusion that the most important factor to earning rate would be land cost per unit ground area under the constraint of given sale price. So far the main pattern of feasibility study of development projects was land cost and construction cost. However, by this study, I have found a new fact that construction cost has little effect to earning rate and land cost per unit ground area is the most effect to earning rate especially in residential facilities rather than commercial ones.

• Journal of Climate Change Research
• /
• v.4 no.2
• /
• pp.105-114
• /
• 2013

Recently, foreign direct investment of Korea has increased significantly. Foreign direct investment is motivated by various reasons and renewable energy investments in foreign countries can be performed by many causes. Korean companies can enjoy the export of products, related EPC contracts, acquisition of the knowledge of the project management technique, pre-occupying effect of the market and profit itself. Wind power projects have biggest share in the investment amounts among the renewable energy business. So, in this study, one wind farm project was selected and supposed to be invested in China, USA, Germany and UK at the same time and the effect of electricity price, corporate income tax, inflation rate and interest rate of debt were analyzed. The result showed that investing in Germany is most profitable because of the highest electricity price and electricity price and debt interest rate are the most sensitive factors for IRR. This approach would be helpful to make decisions in investing foreign wind power projects.

• Resources Recycling
• /
• v.21 no.1
• /
• pp.49-59
• /
• 2012

One of the world's top resource-rich countries, the Democratic Republic of the Congo has ample reserves of cobalt, iron ore, copper and diamond in particular. Importing most of major mineral resources, the Republic of Korea has examined-together with the Congo government since 2008-the possibility of a project where it supports port construction in the Democratic Republic of the Congo and acquires useful minerals such as zinc, cobalt and copper in exchange through slag reprocessing in the local city of Lubumbashi. This study conducted feasibility analysis on the slag reprocessing project in Lubumbashi, Congo and found that the project's payback period stands at 6.7 years, net present value(NPV) at 34 million dollars and internal rate of return(IRR) at 17.4%. According to sensitivity analysis that takes into account uncertainties concerning taxation, fixed cost, operational cost and resource prices, the NPV of the project ranges from -24.8 million dollars to 92.7 million dollars.

• Proceedings of the Korean Institute Of Construction Engineering and Management
• /
• 2008.11a
• /
• pp.382-387
• /
• 2008

Current global construction market has grown at a dramatic expansion rate every year in connection with more market accessibility by foreign contractors. The market openness is largely due to globalization of world construction markets, rapid development of world-wide telecommunication technologies, the formation of collaborative acquisitions and joint ventures among contractors, development of regional Free Trade Blocks, and just name a few. This paper focuses on the formation of collaborative networks when expanding into new foreign markets. The social network analysis (SNA) is introduced to investigate a variety of the collaboration patterns and also their impacts on the performance. To this end, the collaboration cases of 600 international construction projects performed by Korean contractors since 1990 were collected and classified into firm's size, project types, collaboration modes, and performance levels using social network analysis. The results showed a direction in establishing business strategy associated with experienced or inexperienced contractors in international construction projects.

• Plant Journal
• /
• v.11 no.4
• /
• pp.47-54
• /
• 2015

국내 플랜트 엔지니어링 및 건설 업체들의 수익성 악화가 지속됨에 따라 플랜트 원가 경쟁력 강화 및 생산성 향상에 대한 요구가 증대되고 있다. 본 논문에서는 ISO 도면으로부터 용접 포인트의 번호를 부여 하는 용접커팅플랜 작업과 용접이력관리를 위한 용접검사보고서 작성에 대하여 현행 프로세스를 분석하고 문제점을 도출하였다. 현행 프로세스에서는 수작업에 따른 생산성 저하와 현장변경요청 발생에 대한 검증의 어려움이 발생하여 전산화를 통하여 석유화학 플랜트 배관공사용 용접관리 프로세스를 개선하였다. 개선 효과의 검증을 위해 국내 석유화학 플랜트 건설 프로젝트를 대상으로 현장변경요청 발생률과 업무 생산성 향상에 대하여 개선 전후를 비교하였다. 개선된 프로세스를 적용하여 현장변경요청 발생률은 개선프로세스 적용 이전 대비 4.3%p 감소하였고, 업무 생산성은 개선프로세스 적용 이전 대비 생산성이 한 장당 0.13 시간 향상이 있음을 확인할 수 있었다.

• Proceedings of the Korean Institute Of Construction Engineering and Management
• /
• 2008.11a
• /
• pp.491-496
• /
• 2008

In spite of economic slump, the Real Estate PF(project financing) market competes for receiving large project orders. While the project is successful, the Real Estate PF still guarantees a high benefit ratio. But the initial stage of the project involves many risks. There are many financial, constructional, legal, and other risks. After searching for possible risks, we must consider a management plan. This study executed a question investigating risk factors and management plans. Those who have studied for 3 or more years have concluded that the question objects are developer, construction company, and financial institution staff. The main management plans take actions for proper benefit rate security and loan repayment. This study has also been verified through the actual case. The study results will help solve the Real Estate PF project's risks.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.13 no.12
• /
• pp.6128-6134
• /
• 2012

In so many real estate development projects, there were strong needs to have a powerful tool to check feasibility of those projects. But there were not enough tool and measure to cover risk of real estate development and construction. Therefore I tried to find a real tool to measure investment value of development properly and efficiently, by means of case studies of many real estate development projects. Finally I found a fact that no tools of investment value analysis are perfect and efficient to hedge all kinds of risks in projects. Especially NPV(Net Present Value) and IRR(Internal Rate of Return) were not sufficient by themselves to measure investment value. So I found out that MIRR(Modified IRR), XIRR(X-IRR), ARR(Average Rate of Return), PP(Payback Period) and so on, would be supplementaries of proper and efficient investment value analysis.

• The Journal of the Korea Contents Association
• /
• v.15 no.5
• /
• pp.560-569
• /
• 2015

Crowd funding is the method of raising money for a project, companies from a large group of people via the Internet, in return for future products or equity. Kickstarter is the largest and most successful crowdfunding site where creative projects raise reward based funding. Drawing on dataset of 80,267 projects with combined funding over $1.3b from 8.1m people, this paper suggest that backer select project based on their preference on the project, instead profitability of the project. It suggests that well-established platform and big size of network increases the chance of success of the project due to a ripple effect and blockbuster effects. Clear communication about the project's idea and goal is highly correlated with success. Regular communication on the project site, such as by constant progress updates, helps the success of the project. Equity-based crowdfunding is emerging as an innovative means of raising capital for businesses, so it has been receiving a lot of attention and expectation from the government and the market. The findings of this paper and others will help to get some understanding and insight into equity-based crowdfunding. However, Kickstarter differs from equity-based crowdfunding in the goals of the backers. Kickstarter's backers are not investors, they are contributors. To understand equity-based crowdfunding, the subject will need further study.

• Korean Journal of Construction Engineering and Management
• /
• v.15 no.3
• /
• pp.23-30
• /
• 2014

Overseas construction orders of domestic companies had been increased significantly in a short period from $10.9 billion in 2005 to $64.9 billion in 2012. However experts are concerned that quality of growth will not support quantitative growth. This study suggest concentrate competencies for not only winning in bid but also successful execution of domestic companies. 4 Steps which are Pre-Marketing, Bid-Preparation, Bidding, Contract Phase are defined for competency assessment. After drawing specific tasks by phase, survey asking importance and capability of the tasks to the person in charge of bidding and site was conducted by utilizing Likert 7 point scale. According to the result of IPA analysis, domestic construction companies need to ensure internal competencies; Project risk review, Bid team organization, and external competencies; Client needs grasp, Localization strategy, Cooperation establishment. Hearafter domestic construction companies will be able to utilize the result of the study for setting bidding strategy for winning in bid and improving earning rate.