Early-warning performance monitoring system (EPMS) using the business information of a project |
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Authors: | Chang-Won Kim Wi Sung Yoo Hyunsu Lim Ilhan Yu Hunhee Cho Kyung-In Kang |
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Affiliation: | 1. BK21 Innovative Leaders for Creating Future Value in Civil Engineering, Korea Univ., 145 Anam-ro, Seonbuk-Gu, Seoul 02841, Republic of Korea;2. Department of Technology Policy Research, Construction & Economy Research Institute of Korea, 711, Eonju-ro, Gangnam-Gu, Seoul 06050, Republic of Korea;3. Future Strategy Division, Korea Research Institute for Construction Policy, 13F Specialty Construction Building, 15, Boramae-ro 5-gil, Dongjak-Gu, Seoul 07071, Republic of Korea;4. School of Civil, Environmental and Architectural Engineering, Korea Univ., 145 Anam-ro, Seonbuk-Gu, Seoul 02841, Republic of Korea |
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Abstract: | An early-warning performance monitoring system (EPMS) is proposed to objectively measure and monitor the performance of a project for early detection of inherent poor performance problems. The EPMS is built based on project progress data and consists of a database of business information, an optimized theoretical model used as a performance measurement baseline, and an index for monitoring and forecasting the performance. By monitoring the performance through an application of the EPMS to the Korean construction project, the quarterly variation of index was found to differ by project type. These results could explain the environmental changes in the project execution. Therefore, the EPMS is expected to be an alternative for objective performance monitoring and forecasting while applying the existing methods is difficult because of the limited available data on performance indicators. The development procedures may also be useful to researchers interested in approaches to quantitatively analyze trends in various industries. |
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Keywords: | Performance monitoring and forecasting Early-warning system Performance measurement baseline Performance index Construction project types |
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