This Guest case study was submitted for publication 8/15/13.
It is copyright to Young Min Park, PMP MSPM, 2013.
Published here March 2014

PART 1 | Introduction to Part 2 | Project Governance and Organization
Stakeholder Management and Project Charter | Project Planning, Scope Planning, and Team Building
Estimating Activity Durations and Project Duration | Project Time Management
Project Cost Management | Project Quality Planning and Control
Project Human Resources Management and Communications
Summary and Conclusions | Issues for Discussion

Project Cost Management

Uigwe volumes six and seven (Jaeyong) describe in detail the "Guhoik" (Budget and source of funds, and "Silip" (Actual Resource Cost). This is the most detailed part of Uigwe as it includes all the detailed records of resource expenditures. The contents of "Jaeyong" include material items, quantity and cost of equipment, and name and pay rates of every worker. The actual cost of each facility was itemized by materials, labor and transportation cost. Comparing the cost management practices of today, the cost management at that time appears no less sophisticated than it is today.

Figure 30: Guhoik, 31 Jaeyong-1
Figure 30: Guhoik, 31 Jaeyong-1


Translation of extract shown in yellow:

"Eoyoungchung Jeongbonjeon 203,000 Nyang, Keumweyoung Jeongbonjeon 133,000 Nyang, Jeonrado Gamyoung Sangchaegokdaejeon 100,000 Nyang, Peungyang Gamyoung Yeonrye Byulmijeon 100,000 Nyang, Kyungsangdo Gamyoung Namchangbyulmijeon 50,000 Nyang, Tongyoung Yeonrye Byulmijeon 5,000 Nyang ... Kyungsangdo Gamyoung Namchangjeon 10,000 Nyang ... In total, it is 873,517 Nyang 7 Jeon 9 poon."

Detailed Cost Estimating

Modern project management offers a number of tools and techniques for cost estimating. These are Analogous Estimating, Determine Resource Cost Rates, Bottom Up Estimating, Parametric Estimating and so on. There is a perfect example of "Parametric Estimating" in Eojeseonghwajuryak.

Figure 31: Eojeseonghwajuryak
Figure 31: Eojeseonghwajuryak


Translation of extract shown in yellow:

"If such a simple and economic method is chosen, it would cost about 12 Nyang for one cattle carriage. Therefore it would cost 840 Nyang for 70 cattle carriage."

Project cost control

Project cost control is influencing the factors that create cost variances and controlling changes to the project budget and it includes "Monitoring cost performance" to detect and understand variances from the cost baseline. Below is a good example of controlling cost and the King was a driver behind this action.

Figure 32: Kyesa, December 6th, 1793
Figure 32: Kyesa, December 6th, 1793


Translation of extract shown in yellow:

"The basic principle of cost management is to control the expenditures of predefined budget and not to expect any donation and make comprise." [Bribes]


Project Time Management  Project Time Management

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