| Title |
Development of Quantity based Base Period Price Index(QBPPI) to calculate Construction Cost Index |
| Authors |
Park, Sung-Chul ; Koo, Kyo-Jin ; Hyun, Chang-Taek |
| Keywords |
Historical Cost ; Construction Cost Index ; Quantity Based PriceIndex |
| Abstract |
Indexes have played an important role as a economic indicator or performance indicator in many industries for a long time. Inconstruction industry, indexes, or Construction Cost Index(CCI), have been used to compensate for the gap of time in EstimateUsing the Historical Cost Data from Feb. 2004. CCI is composed of index formula and resources. Existing literatures had usedLaspyeres Index as a index formula. And, Leontief table, the bills of quantities, and information of price surveyor were used as aresource. When applying Laspyeres formula and the resources to calculating the CCI, the problems such as double application ofprice fluctuation, calculating the incorrect weights, may be generated. This paper analyzed the existing economic relevant indexes as well as Laspyeres formula. Thus, feasibility of them wasanalyzed using three practical cases of apartments. And then, Quantity based Base Period Price Index(QBPPI) was developed toconsider the characteristics of construction more accurately. |