Time‐cost relationships of building construction project in Korea

Abstract

PurposeTime is an important factor in any project, especially in construction projects. Although using detailed scheduling techniques is unavoidable, a model to predict or benchmark time performance has interested many researchers. For an exploratory purpose, this paper aims to investigate the time‐cost relationship proposed by Bromilow with data from construction projects in Korea.Design/methodology/approachThe data are collected from 34 historical building projects in Korea. Construction cost is adjusted using a building price index. Analysis is carried out on variety of project characteristics.FindingsIt is shown that a time‐cost relationship is applicable to the Korean construction industry. Further analysis indicates that the original Bromilow time‐cost model is not the best fit regression form, and alternative models are proposed.Research limitations/implicationsThe data are limited to a small sample of 34 building projects. This limitation arises because of the data collection approach, which is direct contact with historical project documents supplied by construction firms.Originality/valueModels from this study can serve as a reference tool for practitioners in the early stages of building projects in Korea. The results from this study are not intended to reject or replace detailed construction scheduling techniques.