Authors
Ki-Hong Kim, Chan-Sik Park, Sun-Ho Chang
Publication date
2005
Journal
Korean Journal of Construction Engineering and Management
Volume
6
Issue
2
Pages
69-79
Publisher
Korea Institute of Construction Engineering and Management
Description
The Purpose of cost Planning at the early Phase of construction Projects is to provide the clients with the appropriate cost information during the design decision-making process. Therefore, the cost planning process is expected not only to predict projects’ cost accurately but also closely to coordinate with the design decision-making activities. This paper proposes a new cost planning method for the effective and efficient directions relating a design decision-making process. Strategies for this method are i) to utilize elemental cost breakdown system, and ii) to apply probabilistic distribution theories. Based on these strategic direction, this paper proposed a probabilistic cost planning model for high-rise office building projects. The suggested model provides appropriate cost information to meet clients limited budget and various project’requirements during the design decision-making process. This study is based on probabilistic distribution variables theories and the range estimating technique. This study also develops a web-based software program in order to apply the proposed cost planning model effectively in high-rise of office building construction practices.