| 논문명 |
Cost Normalization Procedure for Phase-Based Performance Measurement / [Oral Presentation] Track 1 : Construction Planning and Control |
| 저자명 |
Jiyong Choi(Jiyong Choi) ; Sungmin Yun(Sungmin Yun) ; Daniel Oliveira(Daniel Oliveira) ; Stephen Mulva(Stephen Mulva) ; Youngcheol Kang(Youngcheol Kang) |
| 수록사항 |
국제건설관리학술대회 - Program & Proceedings, Vol.6 (2015-10) |
| 주제어 |
; Cost Normalization ; Phase-Based Benchmarking ; Absolute Cost Metrics ; and Construction Cost Index (CCI) |
| 요약2 |
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. |
