• International conference on construction engineering and project management
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• 2013.01a
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• pp.107-110
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• 2013

Recently, Korea parliament legislated the Low Carbon Green Growth Act (April, 2012) and approved a bill (May, 2012) to start carbon emission trading system in 2015. It means that for the first time, government would regulate the amounts of carbon emission in private entities, and private entities should attain predefined emission reduction goals by implementing clean development mechanism (CDM) project or buy the Certified Emission Reductions (CERs) from the trading market to avoid penalty. Under these circumstances, it is not easy for them to determine when or how to implement the CDM project because the governmental energy policies about the level of governmental subsidies, periods for free emission allocation, etc. are still under discussion and the future price of the CERs is quite uncertain. Thus, this study presents a real-option based model to assess the financial viability of the CDM project which switches bunker-C oil to liquefied natural gas (LNG). The proposed model is expected to assist private entities in establishing the investment strategy for CDM project under uncertain government energy policies.

• Journal of Construction Engineering and Project Management
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• v.4 no.3
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• pp.13-20
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• 2014

Estimating time and cost is an important mission in the early phase of a construction project, especially in feasibility study. It provides a foundation for making decision whether or not the project is performed on schedule and within budget. Thus, reliability of this estimate plays a key role in measuring the success of a project. This study was carried out to investigate the time-cost relationship in building construction projects in Bangladesh. The mathematical equation used in this study is based on Bromilow's equation. The research data were collected from sixty-three completed building projects through questionnaire survey. Type of clients, type of projects, and tender methods are the project characteristics considered in this study. The results of analysis indicated that the Bromilow's time-cost (BTC) models developed for each project characteristic are appropriate due to quite high coefficient of determination and relatively small mean percent errors. Among them, the forecasted model for time and cost according to tender methods is the best fit model. It is concluded that the BTC model could be applied in building construction project to predict its time and cost in Bangladesh. Four different regression models were also developed in this study. The results of BTC model between some selected countries were compared to gain the comprehensive view.

• Wind and Structures
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• v.26 no.2
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• pp.69-74
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• 2018

Nowadays, using math logic in great civil projects is considered by the clients to achieve the goals of project including quality optimization, costs, avoiding individual, emotional and political decision making, long-term and short-term goals and they are the main requirements of each project and should be considered by the decision makers to avoid the illogical decision making applied on the majority of civil projects and this imposes great financial and spiritual costs on our country. The present study attempts to present one of the civil projects (Ghasre Shirin storage dam) whose client was not ministry of energy for the first time and the short-term and long-term goals of the private sector were applied based on the triangle of quality, cost and time. Also, the math logic and model (multi-criteria decision making method and decision making matrix) is used in one of the most important sections of project, sealing element, policies and new materials (Geosynthetics) are considered and this leads to suitable decision making in this regard. It is worth to mention that this method is used for other sections of a dam including body, water diversion system, diaphragm and other sectors or in other civil projects of building, road construction, etc.

• Korean Journal of Construction Engineering and Management
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• v.18 no.2
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• pp.99-107
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• 2017

In recent years, Korean engineering companies are actively entering into the international business. Although international engineering project is known to have lower risk rather that EPC construction project, Korean engineering companies' international sales profit is not as good. Therefore, this study analyzes the risks that are predicted before bid and actually occurred after award. In addition, this study shows the difference of risk depending on lump sum contract and cost reimburse contract. Finally, this study analyzes the difference of risk according to civil engineering and building engineering. This study provides industry to analyze risk more practically and helps academics to focus on risk to be studied more in the future.

• Korean Journal of Construction Engineering and Management
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• v.15 no.2
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• pp.79-86
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• 2014

Construction project become larger and more complicated. Korea go through government complex relocation Mega-size program including many sub-projects which were complicated, long-term, and need extensive funding. Effective change management is very important for this kind of mega-project since it has many stakeholders and can't avoid continual change of schedule, budget, etc. Especially, change management process and system is very important for program success. When each project have changes, program is impacted by these changes. So, Change management is very important for effective program budget and time management. This study try to develop change management process and framework considering continuous changes in project level for effective program management. In addition, this study developed change management system and applied it to new mega-size program and analyze the effectiveness.

• International conference on construction engineering and project management
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• 2007.03a
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• pp.729-738
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• 2007

The Public Private Partnership/Private Finance Initiative (PPP/PFI) schemes have made the private sector become a major participant involved in the development of infrastructure systems along with the government. Due to more integrated efforts among project participants and longer concession period, PPP/PFI projects are inherently more complex and risky. It is therefore very important to proactively manage the risks involved throughout the project life cycle. Conventional risk management strategies sometimes ignore managerial flexibility in the planning and execution process. This paper starts with a revised risk management framework which incorporates the real option concept. Following the presentation of the framework, a new risk classification is proposed which leads to different ways of structuring options in a project according to the stage of the project life cycle. Finally, the paper closes by discussing other issues concerning option modeling and negotiation.

• International conference on construction engineering and project management
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• 2015.10a
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• pp.111-113
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• 2015

Floats are used by the parties involved in a construction project. The owner may use float by changing order(s) or by executing risk avoidance plan; the contractor may use it for leveling resources or substituting activities' construction methods to reduce costs. Floats are accepted either just as by-product obtained by critical path method(CPM) scheduling or as asset having significant value. Succinctly, existing studies involved in float value does not consider its' changes on project time domain. It is important to identify float ownership and to quantify its' corresponding values. This paper presents a method that quantifies float value of money that changes over project execution. The method which accurately computes the monetary value of float may contributes to resolve conflicts relative to float ownership and/or delay issues among project participants. It compares the difference between the monetary value of total float - on non-critical path in each and every schedule update. It makes use of critical path method (CPM) and commercial software with which practitioners are already familiar.

• International conference on construction engineering and project management
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• 2005.10a
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• pp.1036-1041
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• 2005

Treemaps, a space filling visualization technique, displays a massive data set of hierarchical data interactively on a single computer screen by mapping it to a matrix of rectangles. It allows users to visually inspect and manipulate data to find new relationships or discrepancies that are to difficult to find using traditional techniques. This paper applies treemaps to the evaluation of highway project bids, which contain hundreds or thousands of elements arranged in a hierarchical structure. Through a case study, treemaps are shown to be a potentially effective tool for bid evaluation by both contractors and State or Federal highway officials.

• International conference on construction engineering and project management
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• 2022.06a
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• pp.18-24
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• 2022

State highway agencies (SHAs) typically apply a competitive procurement procedure to select contractors for their design-bid-build projects. Since the level of competition affects construction bid prices and project outcomes, the Federal Highway Agency (FHWA) suggests SHAs seek ways to improve competition among contractors continuously. However, they rarely conduct an empirical assessment of the current competition level necessary to identify room for improvement. Besides the number of bidders on a project, other factors such as winning or losing rates among the contractors in previous projects can also indicate the degree of competition; only a few contractors may have won the majority of the projects in a specific region. However, few studies have investigated such factors. This paper proposes a network analysis-based approach to evaluating contractor competition levels of highway projects using historical bid tabulation data. The proposed method provides insights into overall competition levels, the determination of competitive contractors, and winning rate distribution among contractors.

• International conference on construction engineering and project management
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• 2022.06a
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• pp.886-892
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• 2022

In construction projects, it is common to exchange documents using email because of convenience. In this study, a method extracting and organizing block information automatically based on email was developed. This method is composed of document exchange and archiving processes, which are difficult to manage and vulnerable to loss. Therefore, this study aims to develop a solution that can automatically link email and block information. The block data components are designed to derive from email exchange and user-additional input information. Also, automatically generating blocks process including extraction and conversion of information was proposed. This solution can lead to promote the convenience of project document management in terms of identifying the document flow and preventing loss of information.