CM is very precious for my future.

The Youngjong grand bridge in Korea. The longest in Korea.

I used to be a reporter in South Korea. The name of my company is the Builders Daily. This is the only one daily newspaper for real estate and construction in Korea. Thus, I was familiar with construction and CM(construction management).
I visited over 20 construction sites including subway, skyscraper building, amusement park, and highway. And, I was charged to cover the construction management companies and association. That’s why the president of CMAK(Construction management association of Korea) wrote a recommendation letter for me when I entered at UTA.

I am so interested in CM. But, I do not have much chance to learn about CM. I had just written many articles about CM industry. Those are about which company got a contract for some projects and impact for construction industry. Therefore, I had a desire learn about CM in detail.
When I listened the lecture about Construction management (REAE 5317) of Dr, Russell Peterson in the first class, I was so happy because I could get a very precious knowledge for my future. My purpose studying real estate is to be city redeveloper. Thus, the knowledge and information about construction and construction management are very important for me.

Time Square shopping center in Korea

And, I thought the most of system in construction industry and terms are very similar between the US and Korea. Thus, I was easy to understand.
First of all, the relationship between general contractors and subcontractors is exactly same. In Korea, sometimes, subcontractor gives a bribe to powerful general contractor to get a contract with a good condition.

Bidding system is also very similar. These days, Korean construction project seek GCs by open bidding. But, there is a barrier to bid some projects. That is the gross construction amount of last year. According to this amount of contract in last year, the participation condition to construction projects is decided. This is pre bid qualification that we dealt with in last lecture. If that amount of money is too low, the company cannot participate big project because the owners are not able to believe ability of the GC to fulfill the project.

The symbol of Korean construction is apartments.

And, fast track is one of the most important concepts for construction management. The main role of CM is to reduce the period of construction. Some CM companies could get more money from owner, if they reduced the period of construction. Thus, many CM companies are using fast track techniques. And, the most valuable asset for CM companies is fast track knowhow.
And, I can remind from this lecture that the owner and contractor, designer should be cooperated in order to make good building. It is because good design, good support, good performance is needed for good building. Thus, the three parties have to take their responsibility and liability.

In short, I can learn basic concept of construction from this lecture. This is essential for leaning CM and developing.

The biggest CM company in Korea is Hanmi Parsons.

Next time, I want to introduce Korean construction companies and CM companies to explain current role of GC and CM companies for construction project.