| Title |
Development of a Conceptual Estimate Methodology for Plant Construction Projects |
| Authors |
Kim, Hyun-Joong ; Choi, Jaehyun |
| DOI |
http://dx.doi.org/10.6106/KJCEM.2019.20.1.141 |
| Keywords |
Plant Construction ; Project Planning ; Conceptual Estimate ; Cost Management ; Cost Estimating Methodology |
| Abstract |
In the overseas plant construction market, the domain construction firms'construction capability has been greatly improved, but the capability of project management is evaluated to be insufficient compared to the technical aspect. Project management capabilities from the initial planning stage of project execution are regarded as the core competence of advanced construction companies. Among them, it is urgent to improve the capacity of conceptual estimate for domestic companies. In this study, the researchers surveyed and analyzed the methodology of estimating project cost in the planning phase of the plant project and developed an estimation method by conducting a case study analysis. Based on the logic of the cost index and parametric estimation method among the existing estimation methodology, the estimation tool was developed by deriving the input and output variables tailored to the plant project. The validity of the proposed methodology was evaluated by comparing the accuracy between the project estimate amount of the case project and the actual project amount. In order to increase the utilization of the developed conceptual estimate methodology,for plant construction project, it is necessary to systematize the data of the historical project data. Increasing the accuracy of future project cost estimates is directly related to increasing project award and profitability of the domestic construction company. |