@article{ART003291392},
author={Choi, Myoungsub and KimTaeHoon and Kim, Myeongsoo},
title={Exploratory Study on Price Fluctuation Adjustment before Ordering in Public Construction Projects: Focused on the Total Project Cost Management Guidelines},
journal={Journal of Regulation Studies},
issn={1738-7132},
year={2025},
volume={34},
number={2},
pages={3-37},
doi={10.22954/ksrs.2025.34.2.001}
TY - JOUR
AU - Choi, Myoungsub
AU - KimTaeHoon
AU - Kim, Myeongsoo
TI - Exploratory Study on Price Fluctuation Adjustment before Ordering in Public Construction Projects: Focused on the Total Project Cost Management Guidelines
JO - Journal of Regulation Studies
PY - 2025
VL - 34
IS - 2
PB - 한국규제학회
SP - 3
EP - 37
SN - 1738-7132
AB - This study examines the relevance of the price fluctuation adjustment method applied in the Total Project Cost Management Guidelines, because it is important for the normal implementation of public construction projects. The Total Project Cost Management Guidelines specify that, during the total project cost negotiation stage, the fluctuation in total project cost due to price increases should be adjusted by applying the price index with the lower growth rate between the Construction Cost Index, which published monthly by the Korea Institute of Civil Engineering and Building Technology, and the Construction Investment GDP Deflator, which is published by the Bank of Korea.The empirical results of this study are as follows. First, it was found that the construction cost based on the unit price adjustment shows a statistically significant difference from the cost estimated using the lower index, suggesting that applying the lower growth rate of the two indices in the guidelines may not accurately reflect actual price changes. Second, during periods of inflation, the difference in growth rates between the two indices tends to widen, which indicates the possibility of impairing the accuracy of project cost estimation depending on the timing of price fluctuations. Third, the longer the price adjustment period, the more likely the effects of price increases will persist even after prices stabilize. Therefore, it is needed to establish measures to fundamentally reduce the price adjustment period.
KW - Rising Market Prices Regime;Public Construction Projects;Total Project Cost Management Guidelines;Construction Investment GDP Deflator;Construction Cost Index
DO - 10.22954/ksrs.2025.34.2.001
ER -
Choi, Myoungsub, KimTaeHoon and Kim, Myeongsoo. (2025). Exploratory Study on Price Fluctuation Adjustment before Ordering in Public Construction Projects: Focused on the Total Project Cost Management Guidelines. Journal of Regulation Studies, 34(2), 3-37.
Choi, Myoungsub, KimTaeHoon and Kim, Myeongsoo. 2025, "Exploratory Study on Price Fluctuation Adjustment before Ordering in Public Construction Projects: Focused on the Total Project Cost Management Guidelines", Journal of Regulation Studies, vol.34, no.2 pp.3-37. Available from: doi:10.22954/ksrs.2025.34.2.001
Choi, Myoungsub, KimTaeHoon, Kim, Myeongsoo "Exploratory Study on Price Fluctuation Adjustment before Ordering in Public Construction Projects: Focused on the Total Project Cost Management Guidelines" Journal of Regulation Studies 34.2 pp.3-37 (2025) : 3.
Choi, Myoungsub, KimTaeHoon, Kim, Myeongsoo. Exploratory Study on Price Fluctuation Adjustment before Ordering in Public Construction Projects: Focused on the Total Project Cost Management Guidelines. 2025; 34(2), 3-37. Available from: doi:10.22954/ksrs.2025.34.2.001
Choi, Myoungsub, KimTaeHoon and Kim, Myeongsoo. "Exploratory Study on Price Fluctuation Adjustment before Ordering in Public Construction Projects: Focused on the Total Project Cost Management Guidelines" Journal of Regulation Studies 34, no.2 (2025) : 3-37.doi: 10.22954/ksrs.2025.34.2.001
Choi, Myoungsub; KimTaeHoon; Kim, Myeongsoo. Exploratory Study on Price Fluctuation Adjustment before Ordering in Public Construction Projects: Focused on the Total Project Cost Management Guidelines. Journal of Regulation Studies, 34(2), 3-37. doi: 10.22954/ksrs.2025.34.2.001
Choi, Myoungsub; KimTaeHoon; Kim, Myeongsoo. Exploratory Study on Price Fluctuation Adjustment before Ordering in Public Construction Projects: Focused on the Total Project Cost Management Guidelines. Journal of Regulation Studies. 2025; 34(2) 3-37. doi: 10.22954/ksrs.2025.34.2.001
Choi, Myoungsub, KimTaeHoon, Kim, Myeongsoo. Exploratory Study on Price Fluctuation Adjustment before Ordering in Public Construction Projects: Focused on the Total Project Cost Management Guidelines. 2025; 34(2), 3-37. Available from: doi:10.22954/ksrs.2025.34.2.001
Choi, Myoungsub, KimTaeHoon and Kim, Myeongsoo. "Exploratory Study on Price Fluctuation Adjustment before Ordering in Public Construction Projects: Focused on the Total Project Cost Management Guidelines" Journal of Regulation Studies 34, no.2 (2025) : 3-37.doi: 10.22954/ksrs.2025.34.2.001
