• Architectural research
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• v.11 no.2
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• pp.35-42
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• 2009

Recently, intensive urban redevelopment concentrated on new towns has reduced the number of settled population, and weakened various functions such as commercial, culture, education and welfare in old towns, and made the stagnation and declination of the entire or some parts of old towns. Urban regeneration project means renewing cities' functions in terms of physical, environmental, social, cultural, industrial and economic aspects or revitalizing the existing functions through improvement project in the entire or part of a city, which is now drawing keen attention from the public. However, urban regeneration project is huge in scale, needs long construction period and various complex facilities, and also characterized by complicated relations with many stakeholders. Due to such characteristics, there are many risks in the project. Therefore, systematic risk management is absolutely necessary to efficiently manage various risk factors inherent in urban regeneration project. The purpose of this research proposes a basic model to establish risk management plan and work process in order to help project participants to perform risk management more systematically and rationally in the development phase of urban regeneration project.

• Korean Journal of Construction Engineering and Management
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• v.9 no.4
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• pp.101-110
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• 2008

In order to achieve the best performance of a project, uncertainties involved in the building construction process need to be identified in the planning phase of the project. Risk management plays a significant role in construction to minimize risk occurred due to uncertainties of a project. Although the importance of the risk management has been known to the construction industry, a more effective system should be developed to meet the demands of the industry. The purpose of this study is to develop the effective risk management system for scheduling the construction processes. The study provides a tool that can optimize the management system which would assist managers to identify schedule risks in the planning phase of the project.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2006.11a
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• pp.67-73
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• 2006

Alternative project delivery methods including design-build and CM at Risk have evolved as a means of meeting owner's diverse needs and implementing project efficiently with limited budget and time in more competitive construction environment. It is time to consider adopting alternative project delivery methods, especially CM at Risk, for domestic construction industry to enhance competitiveness and to provide various options for owners so that they can select more appropriate project delivery methods for the facility being planned. This research report derives suggestions from investigating how CM at Risk has been evolved in the US construction market. Besides the analysis of CM at Risk market in the US construction industry, the characteristics of companies whose market share are in Top 100, the type of facility usually built by this method were investigated. Based on the analysis of CM at Risk in the US, the prepositions in adopting CM at Risk to domestic construction industry and the possibility of adopting this method have been identified.

• Journal of The Korean Society of Agricultural Engineers
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• v.60 no.4
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• pp.15-25
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• 2018

The accident risk at the construction workplace associated with agricultural engineering is comparatively higher than those of other fields due mainly to its complex work types and processes. Agricultural engineering deals with a variety of agricultural infrastructures from irrigation and drainage facilities to giant-scale coastal reclamation land infrastructures. The characteristics that most agricultural projects have conducted on a small-scale even worsen the situation drawing low attentions to risk management. Therefore, systematical risk assessment that focuses on details of agricultural construction work process is required in order to enhance safety management capacity and to prevent repetitive accidents ultimately. This study aims to categorize construction work types and processes of agricultural construction works, and to quantitatively assess the accident risk of them based on accident analysis. Regarding classification of construction works, actual 827 accident cases were thoroughly reviewed and coded by their construction site, facility and work type, project scale and so on. Most accidents (71.8 % of total cases) occurred in small-scale construction workplaces with less than 5 billion Korean won project budget. And those accidents related to agricultural infrastructure project (37.4%) and agricultural water development project (22.4%). In terms of work types, accidents frequently took place in form-work followed by pipe installation work, steel bar work and concrete work. The potential risks were compared with actual outbreak of accidents based on Analytic Hierarchy Process (AHP). The results show that the potential conditions of accident expected to be took place is somewhat different from the actual conditions where accidents actually happened. This implicates that risk management manuals or education needs to be adjusted by reflecting unexpected circumstances. Overall, this study is meaningful in that the results could be foundations as to strengthen risk management capacity for agricultural engineering projects.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2006.11a
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• pp.571-573
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• 2006

This study suggests a reasonable method for visualizing risk management level by risk weight linked with 4D model. This study defines risk management procedures as preparation, identification, analysis, response and management to manage potential risks in the construction project. The modules for computerizing in this system consist of planning, construction, application of WBS (Work Breakdown Structure) and RBS (Risk Breakdown Structure), and risk analysis. The final results include a method for visualizing risk level by each element of the project by using 4D simulation technique. It can be used as a visualized risk management tool instead of current system using numerical data.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2010.05b
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• pp.85-89
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• 2010

The propose of this research is derive project management factors and evaluate its decision weight in LNG plant EPC phases. In order to research, we studied the demestic and international research trend and analysed expert opinions. Initially we derived nine project management factors in each phase of EPC. Elicited factors in research are project management, design management, cost management, time management, contract and craim management, safety management, environment management, and risk management. Then, we evaluated the weight of project management factors with expert survey method and elicitated. Finally, The remarkable points in the result are that key management factors of EPC project are project management and risk management.

• International conference on construction engineering and project management
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• 2022.06a
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• pp.204-212
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• 2022

Recently, the Korean government has been actively promoting the smart city as their strategic agenda. However, to build smart cities that are greener, the authors believe it is essential to rapidly transit conventional energy sources such as fossil fuels to renewable energy. Although there is a big potential for Offshore wind in Korea, there has not been a full-scale commercial offshore wind farm until today. Since Korea is relatively a new market compared to the EU, it can be risky for developers. The authors will introduce risk management best practices in the offshore wind industry applicable to the Korean environment. This paper will mainly introduce an offshore wind project size of 99 MW. The project is expecting a Finance Close (FC) in Q3 2022, so the project team has prepared a risk register with over 150 risks and levers throughout the project lifecycle. Overall risks include risks with Development Expenditure (DEVEX) impact, a Capital Expenditure (CAPEX) impact, and an Operating Expenditure (OPEX) impact. Based on the identified risks, a more qualitative assessment of Cost and Schedule Impact was conducted. In conclusion, a Monte Carlo simulation was performed to propose a quantitative risk assessment to evaluate a benchmark contingency of the project cost.

• Korean Journal of Construction Engineering and Management
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• v.20 no.5
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• pp.137-148
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• 2019

Many construction developers have tried to develop the international PPP (Public-Private Partnership) projects but frequently failed to gain loan investor approval from loan investor. Many of these failures were caused by the risk attitude gaps among project stakeholder. This study aims to compare the risk attitude between the construction investor and loan investor. This study investigated how much differently 21 construction investors and 21 loan investor recognize the risk magnitude corresponding to the same three risk status of 27 risk factors. Construction investors show a more risk-seeking attitude than loan investor in 58 of 81 risk status. Loan investors show a more risk-averse attitude than construction investors in 9 risk factors. These results will contribute to developing the successful PPP project by reducing the risk perception gap between construction investors and loan investors.

• International conference on construction engineering and project management
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• 2011.02a
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• pp.534-541
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• 2011

Risk evaluation approaches for bidding on international construction projects are typically partitioned into three stages: country selection, project classification, and bid-cost evaluation. However, previous studies are frequently under attack in that they have several crucial limitations: 1) a dearth of studies about country selection risk tailored for the overseas construction market at a corporate level; 2) no consideration of uncertainties for input variable per se; 3) less probabilistic approaches in estimating a range of cost variance; and 4) less inclusion of covariance impacts. This study thus suggests a three-staged risk evaluation model to resolve these inherent problems. In the first stage, a country portfolio model that maximizes the expected construction market growth rate and profit rate while decreasing market uncertainty is formulated using multi-objective genetic analysis. Following this, probabilistic approaches for screening bad projects are suggested through applying various data mining methods such as discriminant logistic regression, neural network, C5.0, and support vector machine. For the last stage, the cost overrun prediction model is simulated for determining a reasonable bid cost, while considering non-parametric distribution, effects of systematic risks, and the firm's specific capability accrued in a given country. Through the three consecutive models, this study verifies that international construction risk can be allocated, reduced, and projected to some degree, thereby contributing to sustaining stable profits and revenues in both the short-term and the long-term perspective.

• Korean Journal of Construction Engineering and Management
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• v.8 no.4
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• pp.90-98
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• 2007

Although the construction industry has been rapidly increased at its size and technologies as a locomotive of the economy development in Korea, most construction companies have not paid their attention on the construction risks seriously. However, they have been experienced a lot of business deterioration and project instability during the IMF crisis and WTO entry, and trying to figure out a way to manage the construction intrinsic risks systematically. Some top ranked construction companies have already developed and been implementing a risk management system for the oversea construction projects applying for the marketing and bidding stage, but not for the domestic construction projects during construction phase yet. This paper proposes a construction risk management system model for the site personnel to understand and manipulate very easily in the construction project.