• International conference on construction engineering and project management
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• 2009.05a
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• pp.856-863
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• 2009

The problem of urban decay in Hong Kong has drawn much attention of both practitioners and academics. Poorly managed buildings not just give a negative image to the Pearl of the Orient in the region, but also pose potential risk hazards to the health and safety of the general public. While it is necessary to devise a comprehensive plan on redevelopment and urban planning, preserving the existing buildings to maintain their conditions for habitation can be a short-term option to safeguard quality standard. With the increasing number of ageing buildings in Hong Kong, a lot of research efforts have been devoted to managing repair and maintenance projects properly (for example those initiated and funded by the Construction Industry Institute, Hong Kong; and the current study financially supported by The Hong Kong Polytechnic University). Given the short duration and more diversified nature of work, building repair and maintenance works are found to be more difficult to monitor and regulate when compared with new works. This paper aims to provide a comprehensive analysis on the problems of running building maintenance projects. An extensive review of contemporary literature was firstly conducted, which forms a solid basis for developing an empirical study on the problems and difficulties of running building maintenance projects from the viewpoints of industrial practitioners with a view to formulating effective strategies for managing maintenance projects successfully.

• Journal of the Korea Institute of Building Construction
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• v.9 no.1
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• pp.123-129
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• 2009

The global financial crisis resulting from sub-prime mortgage crisis in the United States, beginning in 2007, has had dealt a blow to domestic economy. The economic downturn, coupled with a large number of apartments remaining unsold has resulted in contracted investment sentiment of the builders. Thus it's difficult to even implement the business, unless the investment project is thoroughly verified as well as the accurate profitability is granted. Viewing the current situation, forecasting and evaluating the business profitability is more than important today. The study was planned to identify the factors influencing the business success and to evaluate the sensitivity, relative risk of each factor was measured, and the scope of the study was limited to the commercial buildings among other buildings except apartment buildings. Hence, the study was aimed to analyze the factors affecting the business and the sensitivity so as to be able to systematically materialize the risk management of the commercial buildings. The outcome of the study is expected to serve the useful data in analyzing the business profitability and implementing the investment projects as well.

• International conference on construction engineering and project management
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• 2011.02a
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• pp.382-388
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• 2011

Being aware of the risk in advance necessitates intricate processes but is feasible. Although previous studies have demonstrated high accuracy, their performance still leaves room for improvement. A self-organizing feature map (SOM) based neurofuzzy model is developed in this study to provide another alternative for forecasting corporate financial distress. The model is designed to yield high prediction accuracy, as well as reference rules for evaluating corporate financial status. As a database, the study collects all financial reports from listed construction companies during the latest decade, resulting in over 1000 effective samples. The proportion of "failed" and "non-failed" companies is approximately 1:2. Each financial report is comprised of 25 ratios which are set as the input variable s. The proposed model integrates the concepts of pattern classification, fuzzy modeling and SOM-based optimization to predict corporate financial distress. The results exhibit a high accuracy rate at 85.1%. This model outperforms previous tools. A total of 97 rules are extracted from the proposed model which can be also used as reference for construction practitioners. Users may easily identify their corporate financial status by using these rules.

• Architectural research
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• v.21 no.2
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• pp.49-57
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• 2019

Risk assessment during pre-construction phase is important due to the uncertainty of the risks that may exist in projects. Risk checklist is a method to systematically classify and organize the risks that have been experienced in the past, and to identify the risk factors that may be present in the future projects. In addition, risk value assessment based on checklists plays a key role in risk management, and various risk assessment researches have been conducted to carry out this systematically. However, previous approaches have limitations in common, this is because risk values are evaluated individually in risk checklists, which ignore interdependencies among risk factors and neglect the emergence of co-occurrence of risks. Hence, when multiple risk factors cooccur, they cannot be far off from the conventional method of summing the total risk value to establish the risk response strategy. Most of risk factors are interdependent and may have multiple effects if occurred than expected. In particular, specific cause can be overlapped if multiple risks co-occur, and this may result in overestimation of the risk response for the future project. Thus, the objective of this research is to propose a model to help decision makers to quantify the risk value reflecting the interdependency during the identification phase using existing risk checklist that is currently being practiced in actual construction projects. The proposed model will provide the guideline to support the prediction and identification of the interdependency of risks in practice. In addition, the better understanding and prediction of the exceeding risk response by co-occurring risks during the risk identification phase for decision makers.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2006.11a
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• pp.686-691
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• 2006

Beginning January 2005, the BTL (Build-Transfer-Lease) project was initiated by government to provide high level of public services for the upgraded quality of life. The most important process of the BTL project is operation, because the company have to operate the building about $20{\sim}30$ years after completion. But a lot of problems have been founded so far. For example, no counterplan for the risk in operation, no total control system and the vagueness in project guideline and so on. These problems will cause serious demage to the BTL project. Hence, this paper analyzes the above issues and conducts the interviews with the professionals from the diverse sectors in order to propose the improvement and deliver the successful operation in BTL project.

• Korean Journal of Construction Engineering and Management
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• v.23 no.4
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• pp.15-25
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• 2022

As the incidence and mortality of serious disasters in the construction industry are the highest, various efforts are being made in Korea to reduce them. Among them, risk assessment is used as data for disaster reduction measures and evaluation of risk factors at the construction stage. However, the existing risk assessment involves the subjectivity of the performer and is vulnerable to the domestic construction site. This study established a DB classification system for risk assessment with the aim of early identification and pre-removal of risks by quantitatively deriving risk factors using BIM in the risk assessment field and presents a methodology for risk assessment using BIM. Through this, prior removal of risks increases the safety of construction workers and reduces additional costs in the field of safety management. In addition, since it can be applied to new construction methods, it improves the understanding of project participants and becomes a tool for communication. This study proposes a framework for deriving quantitative risks based on BIM, and will be used as a base technology in the field of risk assessment using BIM in the future.

• Journal of the Korea Institute of Building Construction
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• v.20 no.2
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• pp.137-145
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• 2020

The recent bridge construction projects demand thorough and systematic safety and risk management, due to the increase of risk factors following the introduction of new and complex construction methods and technologies. Among many types of damages that can occur in bridge construction projects, the damages to third parties who are not directly related to the existing property of the contractor construction project can also bring about critical loss in the project in order to compensate the damages. Therefore, risks that could be caused by the loss occurred to indemnify the third party damages should be clearly analyzed, although there are not subsequent amount of studies focusing on the issue. Based on the past record of insurance payment from domestic insurance companies for bridge construction projects, this study aimed to analyze the risk factors of bridge construction for loss caused to compensate the third-party damages happened in actual bridge construction projects and to develop a quantified and numerical predictive loss model. In order to develop the model, the loss ratio was selected as the dependent variable; and among many analyzed independent variables, the superstructure, foundation, flood, and ranking of contractors were the four significant risk factor variables that affect the loss ratio. The results produced can be used as an essential guidance for balanced risk assessment, supplementing the existing analysis on material losses in bridge construction projects by taking into account the third-party damage and losses.

• Korean Journal of Construction Engineering and Management
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• v.10 no.1
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• pp.91-101
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• 2009

The factors of uncertainty such as work delay could cause many problems, for example, increase of construction cost and terms of work, and the deterioration of quality. Because of these, the uncertainty risk is regarded as an important management factor to obtain the success of construction project. So, the systematic management plan about the uncertainty factors is needed because it plays an important role in the completion of entire project. And also analysis of some factors which can cause the work delay can be one way of improving construction project's certainty and making it competitive. In this reason, we have to make an effort to set a priority based on analysis of quantitatively numerical value about work delay factors to manage them effectively. Thus, this study aims to suggest the basic data for the effective management and prevention of work delay in steel-frame work which is progressive actively now, along with increasing of demand of high-rise buildings by analyzing each reasons of work delay factors and also by suggesting important management factors that are coded according to each construction work using FMEA method which could give a data about the importance of work delay factors through quantitatively numerical value.

• Journal of Construction Engineering and Project Management
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• v.5 no.4
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• pp.1-6
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• 2015

Due to unique characteristics of small construction companies, safety management is comprised of complex problems. This paper aims to better understand the complexity and dynamics of safety management in small construction companies. A system dynamics (SD) model was built in order to capture the causal interdependencies between factors at different system levels (regulation, organization, technical and individual) and their effects on safety outcomes. Various tests were conducted to build confidence in the model's usefulness to understand safety problems facing small companies from a system dynamics view. A number of policies were analyzed by changing the value of parameters. The value of a system dynamics approach to safety management in small construction companies is its ability to address joint effects of multiple safety risk factors on safety performance with a systems thinking perspective. By taking into account feedback loops and non-linear relationships, such a system dynamics model provides insights into the complex causes of relatively poor safety performance of small construction companies and improvement strategies.

• Journal of Construction Engineering and Project Management
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• v.3 no.4
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• pp.35-40
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• 2013

Currently, the Kingdom of Saudi Arabia (KSA) is the epicentre of building services engineering encapsulating the construction industry. On rise of technological advancements, engineers have the ease to thoroughly investigate engineering aspects. Not only engineers, but other stakeholders, tender related people, financial analysts work in parallel as well. However, there are some factors that are stumbling blocks in the way of progression including delaying factors in the construction industry. The paper provides deep insights of delaying factors regarding public building projects of the KSA. Collection of primary data was carried out by conducting a survey which comprised of 63 chief delay factors. Professionals related to construction industry were asked for ranking the factors in terms of their frequency of occurrence and degree of impact. Seven groups of risk factors are categorized and a correlation analysis is performed by identifying the correlation amongst the variables. Finally, 31 leading delay factors are extracted and reported.