• International conference on construction engineering and project management
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• 2015.10a
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• pp.72-76
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• 2015

Capital project benchmarking requires an effective cost normalization process to compare cost performance of projects accomplished in different time and location. Existing cost normalization approaches have been established based on the assumption that all required information for cost normalization is fully identified once a project is completed. Cost normalization, however, is sometimes required to evaluate phase-level outcomes of an ongoing project where the required information is not fully available. This paper aims to provide a cost normalization procedure for phase-based performance assessment. The procedure consists of three normalization steps: currency conversion, location adjustment, and time adjustment considering various scenarios where the required information is not fully identified. This paper also presents how the cost normalization procedure has been applied to the 10-10 Performance Assessment Program, which is a phase-based performance assessment system developed by the Construction Industry Institute (CII). Both researchers and industrial professionals can apply the cost normalization procedure to studies and practices regarding to cost estimation, feasibility analysis, and performance assessment.

• Korean Journal of Construction Engineering and Management
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• v.7 no.4 s.32
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• pp.177-183
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• 2006

Risk-based estimation has been successfully introduced into the construction industry. By incorporating historical data associated with probability analysis, risk-based estimate is an effective decision support aid in considering whether to launch a particular project. The industry challenges, however, especially related with management issues, such as labor shortage, wage growth, and supply chain complexity, have often resulted in poor cost performance. The insufficient assessing the project characteristics (i.e., resource availability, project complexity, and project delivery method) can be the main reasons in the poor cost performance. Because the accuracy level of cost performance prediction can be enhanced by extensive evaluation of the subject project characteristics, a new approach for predicting cost performance in an earlier stage of a project can improve the Industry substantiality, in other words, value maximization. The purpose of this paper is to develop a new methodology in developing a risk-based estimate tool by incorporating extensive project characteristics. To do this, an extensive industry survey was conducted from both private and public sectors in building industry in Korea. In addition, significant project characteristics were identified in terms of cost performance indicator. Although the data collection is limited to Korean industry the suggested approach provides the industry with a straightforward methodology in risk management. As many researchers maintained that front-end planning efforts are crucial in achieving the successful outcome in building projects, the new method for risk-based estimation can Improve the cost performance as well as enhance the fulfillment in terms of business sustainability.

• International Journal of Highway Engineering
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• v.19 no.2
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• pp.103-112
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• 2017

PURPOSES : In this study, field performance evaluation of crack treatment of pavement and the feasibility of surface treatment of pavement are presented. The performance and cost of preventive maintenance methods have been previously verified, and the methods are being used in many developed countries and cities. However, the performance and cost of the system have not been verified in domestic, field applications. Therefore, in order to improve performance, the field performance is evaluated, and a reasonable cost is proposed. METHODS : Visual Inspection was conducted to evaluate the field application and performance of the preventive maintenance method. In addition, the PCI index was calculated from the results of visual inspection of the application area of the surface treatment method, and the performance life of each method was predicted. For the economic evaluation, life cycle cost analysis was performed using the life cycle cost analysis program. RESULTS :In order to evaluate and quantify the field performance of crack repair material, the residue condition of the pavement surface after crack treatment, rather than the performance of the material, is evaluated. In addition, the crack resistance and performance life of surface treatment methods are evaluated. The cost of currently available treatment methods are compared to the common pavement cut and overlay method, and it is determined that the preventive method is not economical based on life cycle cost analysis. CONCLUSIONS :Because of the characteristics of cracking, it is necessary to conduct the evaluation of currently applied methods and the analysis of the cause of damage, by visual inspection. Moreover, in order to evaluate the performance and economic suitability of the currently applied surface treatment methods, it is necessary to acquire information on application sections by monitoring their long-term conditions and performance.

• Journal of Industrial Technology
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• v.37 no.1
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• pp.32-36
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• 2017

In this study, as part of a research on the development of economical high-performance concrete with high strength and high quality, the physical properties of high-performance concrete were analyzed by substituting a certain amount of low-cost domestic silica fume exempted from the re-importation type distribution structure of the domestic production and the existing high-priced silica fume distribution structure. Performing tests to identify the physical properties of the fresh and hardened concrete and durability analogy of the concrete which use low-cost domestic silica fume and imported silica fume, the chloride ion penetration resistance test result showed that the strength difference between the low-cost silica fume and the imported silica fume is not big but the strength of the low-cost silica fume was measured higher than the imported silica fume. The chloride ion penetration resistance of all variables was measured as "very low". Since the low-cost domestic silica fume can be used as a high-performance admixture of concrete, the results suggest that it is possible to produce a more economical high-performance concrete.

• Communications for Statistical Applications and Methods
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• v.11 no.1
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• pp.21-30
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• 2004

Often the accuracy is not adequate as a performance measure of classifiers when costs are different for different prediction errors. ROC and cost graphs can be used in such case to compare and identify cost-sensitive classifiers. We extend ROC and cost graphs so that they can be used when more general cost matrix is given, where not only misclassifications but correct classifications also incur penalties.

• International conference on construction engineering and project management
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• 2022.06a
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• pp.50-56
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• 2022

Change Orders generally impact cost and schedule performance of highway projects. However, highway projects that do not have any change orders also face cost growth and schedule delays. This study seeks to determine the cost and schedule performance of Texas DOT projects by collecting project data for 120 highway projects completed between 2016 to 2020. For the study, we selected project data that has zero or negative change orders which were then grouped and analyzed based on their Project Types i.e., maintenance works; structural works; restoration and rehabilitation works; and safety works. The study found that performance of Maintenance and Safety type projects had less cost and schedule growth among the data analyzed. Statistical tests also found that even though the projects have no change orders, Rehabilitation and Restoration type projects experienced significant schedule growth compared to others. However, the data did not show any significant cost and schedule growth for the projects when statistical tests were performed on overall data. The study concluded that highway projects are experiencing schedule growth even though the projects had no change orders. Results from the study can help planners, engineers, and administrators to gain better insight on how different types of highway projects are performing in terms of cost and schedule and eventually derive appropriate solutions to minimize cost and schedule growth in such projects.

• The Journal of Information Systems
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• v.20 no.3
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• pp.161-186
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• 2011

To date, SCM research has mainly focused on the effects of controlled variables on SCM success and emphasized adoption strategies and critical success factors. Consequently, the effects of more uncontrolled variables such as partnership between SCM partners have been largely ignored. The purpose of this study, therefore, is to examine the effects of both controlled variables and uncontrolled variables on SCM performance through affecting RTE characteristics. The six factors examined in this study include Quality of information, partnership quality, Forecasting, Agility, Visibility, and SCM performance. In this study, SCM Performance was divided into three categories: Quality Performance, Cost Performance, Delivery Performance. All factors were examined from the perspective of part suppliers. The results of this study can be summarized as follows. First, SCM information quality positively affected SCM partnership quality, Forecasting, Agility, Visibility. Second, SCM partnership quality positively affected Forecasting, Agility. But, SCM partnership quality showed no significant effect on Visibility. Third, Forecasting had a significant impact on SCM performance. According to the detailed result of measuring SCM performance with Quality Performance, Cost Performance, Delivery Performance, although Forecasting affects Cost Performance, Delivery Performance directly, it does not affect Quality Performance directly. Fourth, Agility also had a significant impact on SCM performance. According to the detailed result of measuring SCM performance, Agility has significant impact on Quality Performance, Cost Performance, Delivery Performance. Fifth, Visibility, as expected, had a significant impact on SCM performance. According to the detailed result of measuring SCM performance, Visibility has significant impact on Quality Performance, Cost Performance, Delivery Performance.

• Journal of the military operations research society of Korea
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• v.6 no.1
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• pp.79-92
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• 1980

In cost-only incentive contract the emphasis is the attainment of efficient and effective cost control. In contrast multiple incentives contract correlates contractor's profit motives with the generalized government objective function, the decision variables of which are performance or quality (technical progress), time or schedule (timely development and delivery) and the cost (efficient and effective cost control) Under multiple incentive structure, it is essential to formulate the trade-off curves between cost and performance, which are called iso-fee curves. Trade-off curves depict the combination of cost and performance achievement for which the contractor will be rewarded with the same fee. The basic function of trade-off curves is to show he the contractor will be motivated by incentive arragement to trade off or sacrifice the achievement in one incentive element for the acnievment in another.

• Land and Housing Review
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• v.11 no.4
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• pp.115-124
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• 2020

Incentive/Disincentive (I/D) contract is designed for minimizing any disruption of traffic flow in road construction projects. I/D contracting projects have been evaluated with regard to time and cost performance in various states, more than 35 states. However, construction project managers and planners have little understanding of the project factors that affect the project time and cost performance of highway construction projects using I/D regulations. Therefore, the purpose of this research is to find factors that affect I/D project success or failure to improve the decision-making process for the implementation of I/D projects. In order to achieve the objectives of this research, the researchers collected I/D road construction project data from FDOT and performed evaluation for each collected project. Then, project data analysis to identify key factors that affect I/D project performance was performed. In conclusion, five significant factors for project time performance and six significant factors for project cost perfornace were identified and summarized.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.379-382
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• 2001

In domestic construction industry, time and cost has been managed separately in most cases. Usually projects are managed focused on cost, so time is not yet managed systematically. Project performance in these managemental situation can not be assessed correctly. This would cause project delay, cost overrun, productivity loss. Therefore it is needed to adopt earned value concept, an approach used in the management and control of project costs and schedules. Using this EV concept through time-cost integration, project can be managed properly based on the consistency, predictability, and reliability of the performance data. This paper proposed time and cost integration process, proper PMT method, and practical performance management model through time and cost integration.