Economic impact of safety improvement by a rotation-controllable tower-crane hook block

Chijoo Lee, Ghang Lee

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

The rotation-controllable tower-crane hook block is the automated construction equipment able to rotate a steel beam in a horizontal direction. This paper estimates the economic impact of safety improvement when this equipment is deployed at construction fields. An analysis on industrial accidents shows that accidents related to steel structures make up 4.78% of total building construction accidents. This paper employed real discount rate and present worth of annuity (PWA) assessments to convert future cash flow into present worth. For this, the economic benefits were analyzed by including a reduction in the accident rate compared with manufacturing costs. The cost-benefit ratio was 1.142, demonstrating the economic feasibility of the equipment. In addition, sensitivity and qualitative benefits analyses were conducted.

Original languageEnglish
Title of host publicationEG-ICE 2010 - 17th International Workshop on Intelligent Computing in Engineering
EditorsWalid Tizani
PublisherNottingham
ISBN (Electronic)9781907284601
Publication statusPublished - 2019 Jan 1
Event17th International Workshop on Intelligent Computing in Engineering, EG-ICE 2010 - Nottingham, United Kingdom
Duration: 2010 Jun 302010 Jul 2

Publication series

NameEG-ICE 2010 - 17th International Workshop on Intelligent Computing in Engineering

Conference

Conference17th International Workshop on Intelligent Computing in Engineering, EG-ICE 2010
CountryUnited Kingdom
CityNottingham
Period10/6/3010/7/2

All Science Journal Classification (ASJC) codes

  • Computer Science Applications
  • Engineering(all)

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  • Cite this

    Lee, C., & Lee, G. (2019). Economic impact of safety improvement by a rotation-controllable tower-crane hook block. In W. Tizani (Ed.), EG-ICE 2010 - 17th International Workshop on Intelligent Computing in Engineering (EG-ICE 2010 - 17th International Workshop on Intelligent Computing in Engineering). Nottingham.