• Korean Journal of Construction Engineering and Management
• /
• v.17 no.3
• /
• pp.90-97
• /
• 2016

Since Korean construction firms have steadily advanced into the international market, small and medium construction companies (SMCCs) have also advanced in such market. SMCCs's recent trend have clearly shown the changes of contract types from single subcontractor projects to multiple general contracting projects. However, among those multiple projects performed by SMCCs, 1 out of 3 projects were deficit projects that impact the overall pe rformance of the firm. To increase such performance, risk management for in international construction must be managed at the enterprise level for SMCCs. This research aims to create a multiple project management model for SMCCS that employs the concept of acceptable risk to assess the limit risk level for corporation to acceptable. Using the accumulated data from previous survey and International Construction Association of Korea (ICAK), integrated risk of each firm and their profitability of each project are analyzed. Through the analysis, each firm's acceptable risk level is derived. Through the two research steps, acceptable risk algorithm was developed based on corporate integrated risk and profit correlation. To prove the acceptable algorithm relevance, financial statement analysis of 3 corporation was derived that level of acceptable risk and financial statement were available. Through the approach, this research allows the firms to analyze the firm's capability and find projects that suits the firm's situation and capability.

• Proceedings of the Korean Institute Of Construction Engineering and Management
• /
• autumn
• /
• pp.319-324
• /
• 2003

There is much more possibilities of encounter of critical problems and uncertain factors in construction project it is very important to analyze various risk factors of the project in its first stage. Because of the uncertainty, we need to study about the construction insurance scheme for risk-transfer within construction management method. This research methodology has been devised through analysis of characteristic of classified domestic construction insurance as well as some related foreign insurance system.

• Korean Journal of Construction Engineering and Management
• /
• v.13 no.2
• /
• pp.147-155
• /
• 2012

Recently, various construction projects are invested with plenty capital, manpower and resources. The advanced methods of the construction management is introduced to Korea. However, the cases which get involved in excessive cost frequently occur. We can explain it means that the cost management in the entire phases and the risk factors in its works has not been done yet as expected. Thus, it is necessary to unearth risk factors relative to cost management and analyse them for preventing cost-increasing and the success of projects. In this point of view, this study aims to identify the risk factors of the cost management focused on pre-construction stages from the perspective of construction management which is possible to take part in the whole phases and works in cost management. Also, the impact priority and grade of risk factors to cost-increasing are evaluated by using FMEA.

• Korean Journal of Construction Engineering and Management
• /
• v.9 no.5
• /
• pp.168-175
• /
• 2008

Project risk factors are major triggers in cost performance in construction projects. Both owners and contractors are highly concerned in managing their risks in earlier times. As such, it is needed to provide a robust risk evaluation methodology in identifying and assessing the potential risks before project execution. In previous research, risk identification was conducted only in specific phases, i. e., design, procurement, construction. Therefore, the comprehensive approach in risk management was limited and their quantifying method was not well-defined. Since the benefit of planning in earlier times are maximized compared to later times, the risk management should be implemented in earlier planning stage. This study provide a new risk evaluation method by incorporating previous research and extensive literature review. By quantifying each risk factor from an extensive industry survey, the proposed tool can enhance the reliability of each factor weight and also the weights are categorized from a various perspectives, i.e., owners, contractors, lager-scale company, smaller-scale company, building projects. The proposed tool can be also useful in deciding on whether to proceed a particular project and How much the project contingency would be set aside in project execution. The study findings can also expedite the risk management procedure in a more systematic approach.

• Korean Journal of Construction Engineering and Management
• /
• v.13 no.5
• /
• pp.12-24
• /
• 2012

The Risks in undertaking a construction project comes from many sources and often involves many participants in the project. This study has identified various kinds of risks, assessed the risk factors quantitatively and suggested risk management method for response pertinent in Design Build(Turn Key)type of projects in Korean context. A questionnaire was designed comprising of 145 possible risks in all types of construction projects. The population from owner, consultant and contractor groups was asked to indicate the risks applicable in DB projects. 25 numbers of critical risks in DB projects were identified and further analyzed for reveling inherent relationship between them through factor analysis. Factor analysis revealed 8 risk factors in DB projects. Construction site related, contract related and design related risk factor consisted about 72% of total risk weight. It has been found out about 6%, while considering the mutual dependency, it is about 10% of total cost of DB project. Therefore, It is suggested that 6% to 10% of construction amount as contingency has to be made provision for risk responses in the DB projects.

• Korean Journal of Construction Engineering and Management
• /
• v.14 no.4
• /
• pp.140-151
• /
• 2013

In 2011 and 2012, Korean construction firms awarded around $ 64.5. Billion each year from the overseas market in 2011. This contract value accounted for overwhelming portion of total overseas construction contract values, and this growth is expected to continue for the next decade. However, contract scopes awarded to the Korean construction firms mainly involve detailed design and construction phases due to their competitiveness for the construction techniques. In other words, front-end-engineering-design and construction project management are not considered part of core business due to the lack of project management skills and experience. The researchers focused on development of construction sequence model required to improve construction planning and scheduling skills for the Korean construction firms. The model identifies critical work items and the sequence throughout project execution process. In addition, the researchers developed a risk evaluation method by applying fuzzy theory to the critical construction activities for the industrial plant construction projects. Developed methodology will help project practitioners to develop project schedule in a timely and effe ctive manner and evaluate project risks associated with scheduling process for the industrial plant construction projects.

• Proceedings of the Computational Structural Engineering Institute Conference
• /
• 2010.04a
• /
• pp.77-80
• /
• 2010

최근 건설 프로젝트의 대형화 및 다양한 신공법들의 도입으로 불확실한 위험도 요인들이 점점 증가함으로써 일련의 시스템적 절차에 따른 리스크관리 (Risk Management)체계와 프로젝트 참여자들간의 효율적인 정보전달 방안이 요구되고 있다. 이를 위해 본 연구에서는 '리스크 시각화 시뮬레이션 구축 방법론'을 제시한다. 이는 최근 각종공사 정보 시각화부분에서 주목받고 있는 4D CAD 기술과 리스크 분석을 시스템적인 절차로 구성하여 연계한 방법이다. 시스템적 리스크 분석 절차는 리스크관리기법인 AHP 및 퍼지 분석기법을 동시에 적용하여 합리적인 리스크 정량화를 수행할 수 있도록 구성하였다. 그리고 이로부터 산출된 리스크 요인별 위험정도는 WBS 코드체계 기반으로 4D CAD의 공종과 연계되어 리스크 정도 수준에 따라 설정된 색상으로 시뮬레이션이 구현되도록 구성하였다. 이러한 방법론은 IDEF0 모델링 기법으로 제시함으로써 향후 시스템 구축의 기초 자료로 활용할 수 있도록 하였다.

• Korean Journal of Construction Engineering and Management
• /
• v.14 no.4
• /
• pp.73-83
• /
• 2013

Recently, not only around Korea but also other countries shows a pattern of arising high-rise building construction project which was delayed or aborted during global economic crises and recession. Although the market starts to stretch, It is getting competitive to win a contract in high-rise construction project between contractors due to lack of competitive advantage especially to Korea contractors. To get that, Korean contractors needs lifting equipment plan. But currently, they depend on the empirical methods and that cause schedule delay, not controlled cost management problem. Therefore, this research is to improve the accuracy of Lifting plan by analyzing the current issues of Lifting plan system and deducing the types of failures with planning factors, as well as analyzing the impact on schedule and cost control and safety management by each failure mode. Also, by analyzing detail risk factors per Lifting Equipment with FMEA, to infer the critical risk factor on high-rise construction project.

• Korean Journal of Construction Engineering and Management
• /
• v.5 no.3 s.19
• /
• pp.97-105
• /
• 2004

Planning phase became very important because the construction market in Korea is often unpredictable. The existing feasibility analysis cannot fulfill its purpose in development projects because they are based on intuitive approach rather than systematic approach. The purpose of this study is to make a prototype of feasibility model to be a good investment. To build the model, first, risk factors which can be occurred in project had to be selected. Risk factors were divided into several groups in basis of characteristical risk. Economical risk factors were input on financial analysis. Then, to catch the relevance and influence of all risk factors, influence diagram and decision tree were made. Finally, sensitivity analysis was activated, then what the critical factors were, and how those factors could be solved. Through these procedures, the feasibility model that was made in this study could include both quantitative and qualitative factors. This model is expected to be used as a guide of feasibility analysis including all risk factors and is to serve systematic frame in planning and feasibility stage.

• Korean Journal of Construction Engineering and Management
• /
• v.6 no.4 s.26
• /
• pp.71-79
• /
• 2005

As construction projects have been extremely enormous, complex and special, risk factors have been increased consistently. Therefore, it is very important to identify and cope with the uncertain risk factors in such building constructions for successful project accomplishment. The purpose of this research is to approach practical affairs directly and show detail alternatives of risk factors by extracting the risk factors throughout construction process of curtain wall that is largely influenced on cost, quality, schedule ,safety and following activity. Also, extracting these risk factors make it possible to analyze quantitative risk and decide the priority raking of risk factors. Especially, this research is aimed to provide efficient management of scheduling risk that can make the risk minimize to practical workers who have different degree of knowledge and experience to the construction cite when the risk brings out suddenly.