• International Journal of Highway Engineering
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• v.16 no.1
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• pp.75-89
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• 2014

PURPOSES : This study evaluates the economic value of national highway construction projects using Real Option Pricing Models. METHODS : We identified the option premium for uncertainties associated with flexibilities according to the future's change in national highway construction projects. In order to evaluate value of future's underlying asset, we calculated the volatility of the unit price per year for benefit estimation such as VOTS, VOCS, VICS, VOPCS and VONCS that the "Transportation Facility Investment Evaluation Guidelines" presented. RESULTS : We evaluated the option premium of underlying asset through a case study of the actual national highway construction projects using ROPM. And in order to predict the changes in the option value of the future's underlying asset, we evaluated the changes of option premium for future's uncertainties by the defer of the start of construction work, the contract of project scale, and the abandon of project during pre-land compensation stages that were occurred frequently in the highway construction projects. Finally we analyzed the sensitivity of the underlying asset using volatility, risk free rate and expiration date of option. CONCLUSIONS : We concluded that a highway construction project has economic value even though static NPV had a negative(-) value because of the sum of the existing static NPV and the option premium for the future's uncertainties associated with flexibilities.

• Journal of the Society of Disaster Information
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• v.6 no.2
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• pp.131-142
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• 2010

The paper presents the future transportation policy based on the smart highway project in korea. The backgrounds and the principal findings in this study were obtained through domestic and overseas literature surveys. The domestic and overseas transportation policies were also compared and analyzed using various case studies. As a result, the future transportation policy in Korea was concluded within the limit conducted in this paper. Research results demonstrated that the future transportation policy should be reflected and accompanied by various social developments. The social benefits from the future transportation policy should also be distribute equally to social individuals, rather than small limited groups. That is, the recent global slogan of green growth is an example of a future transportation policy since it is for all social individuals, not for a limited small group.

• Smart Media Journal
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• v.11 no.10
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• pp.36-45
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• 2022

This study was promoted to prepare an ESG-oriented work system for Korea Expressway Corporation through sustainable highway construction, IOT-based smart highway preparation, and establishment of a broad convergence business governance system between multiple ministries and implementing entities. Based on the 2nd Basic Plan for Landscape Policy (2020~2024) and the Public Design Promotion Act (2018~2022), the study was conducted through the improvement of the highway design method to be applied for four years from 2021 to 2024, the changes in construction and social conditions related to expressways, the analysis of policies and plans to secure consistency with the 'Korean New Deal', and the analysis of the project performance and work promotion system that the Korea Expressway Corporation's business execution organization has promoted together with each government department. The results of this research are expected to help the Korea Expressway Corporation establish the 21st Innovation Plan for the phased construction of a "100-years landscape with people" and the preparation of a sustainable future highway environment creation project for the lives and safety of the people.

• Journal of the Korean Society of Surveying, Geodesy, Photogrammetry and Cartography
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• v.19 no.1
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• pp.39-45
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• 2001

The design of highway in the future should be convenient using of a high-technology information, and it needs the design of alignment that is able to find the maximum vehicles inducement function fitting into Car Navigation System. Well then, the alignment of the existent highway needs to be analyzed with accuracy for improving design of existent highway, and it needs the design drawing of existent highway, and coordinates of the main point. This study gets data of the alignment of highway economically by Kinematic GPS surveying to analyze the alignment of existent highway, and horizontal alignment of highway is analyzed by this data. The result of study is included within range practical error, and alignment analysis can be known that there is practical.

• International conference on construction engineering and project management
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• 2005.10a
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• pp.638-642
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• 2005

This paper presents incentive application strategies and delay prevention strategies as schematic approaches to improve time performance of highway construction contracts. This research recognizes the importance of improving time performance during highway construction. Strategic solutions of the most core issues on time performance incentive contracting are identified. The suggested incentive application strategies develop criteria for applying time classification to projects, for assigning project time classifications to contractors and designers, and for determining appropriate incentive values in A (cost) + B (time cost) and other performance incentive contracts. The suggested delay prevention strategies develop criteria for determining the appropriate subsurface utility engineering (SUE) level and to develop best practices for avoiding utility relocation delays. A schematic approach for each strategy is developed. This paper also introduces current incentive contracting practices in Florida. The researchers obtained the information from experienced persons in the highway construction industry, including key highway contractors, designers, and Department of Transportation (DOT) and Federal Highway Administration (FHWA) personnel. The major focus of this research is to develop strategies and suggest approaches to improve time performance of highway construction contracts. For future study, practical tools to facilitate implementation of the suggested strategies should be developed, so that the criteria, implementation processes, and best practices developed may contribute to the current industry-wide effort to improve time performance.

• Journal of the Korea Safety Management & Science
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• v.13 no.2
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• pp.51-59
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• 2011

The objective of this study is to develop an evaluation model for the National highway risky areas. Thus, for the purposes of doing this, National highway risky area evaluated targeting to provide determination ranking and suggesting rival-superiority factors as well as under-inferiority factors in ten National highway risky areas. This study developed for modules of risky areas evaluation, using fuzzy set theory and analytic hierarchy process for evaluation model of National highway risky area in transport environment. The preceding studies assess risk analysis through analysis of causal relationships by National highway safety sector not only handles rating scale development suitable for assessment area by referring to accident frequency model but also geometric structures model. As result of this study, this model of Fuzzy Ahp Risk Analysis (FARA) apply for programmable design in real time processing through easily derive strategy for improvement activities to provide a decision-making effectively. Furthermore, this study contributes frame for improvements of National highway construction for renovation's priority strategy as well as future's policy schemes.

• Journal of Korean Society of Transportation
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• v.33 no.3
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• pp.294-303
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• 2015

This paper describes a method that can be used for estimating future carbon emissions and environmental effects. To forecast future land use and transportation changes under various low carbon policies, a DELTA and OmniTRANS combination (a land use-transport integrated model) was applied. Appropriate emission estimation methods and dispersion models were selected and applied in the method. It was designed that the estimated emissions from land use and transportation activity as well as the estimated concentrations of air pollutants and comprehensive air quality index (CAI) are presented on a GIS-based map. The prototype was developed for the city of Suwon and the outcome examples were presented in this paper; it demonstrates what kinds of analysis results are presented in this method. It is expected that the developed method will be very useful for decision makers who want to know the effect of environmental policies in cities.

• Journal of Korean Society of Transportation
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• v.33 no.3
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• pp.247-255
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• 2015

When the new highway is opened, the new highway has alternative or linkage relationship with current highway networks. This change will lead to the different traffic patterns which can also lead to the change of toll revenue in other surrounding highways. This study investigates the change of revenue on the current highway networks caused by the new highway opening under the unified revenue system. Moreover, this study calculates the effectiveness of the revenue fluctuation when the highway system is under controlled by the public or private institution and proposes the meaning of the revenue fluctuation to those institutions. This study also proposes an index of revenue change that could be used to reflect the individual project evaluation and set the priority between multiple projects. Some limitations and future research agenda have also been discussed.

• Magazine of the Korea Concrete Institute
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• v.11 no.3
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• pp.53-63
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• 1999

• Journal of the Korea Academia-Industrial cooperation Society
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• v.8 no.2
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• pp.385-394
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• 2007

To study long-term characteristics of the heavy metal contamination, soil and sediment samples were collected at 14 sites in highway roadside during 6 years. The total concentrations of metals including Zn, Ni, Cu. Pb, Cr, Cd, and As in those samples were investigated. The results indicate that concentrations of Zn, Ni, and Cu in highway roadside soils are much higher than the metal concentrations in background soils and appear to be increased gradually. Strong linear relationships between the cumulative traffic and the contents of the metals in highway roadside soils were obtained. Therefore, they might be used to predict the heavy metal concentrations in the future highway roadside soils for establishing the countermeasure of soil and sediment contamination.