• Korean Journal of Construction Engineering and Management
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• v.7 no.4 s.32
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• pp.177-183
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• 2006

Risk-based estimation has been successfully introduced into the construction industry. By incorporating historical data associated with probability analysis, risk-based estimate is an effective decision support aid in considering whether to launch a particular project. The industry challenges, however, especially related with management issues, such as labor shortage, wage growth, and supply chain complexity, have often resulted in poor cost performance. The insufficient assessing the project characteristics (i.e., resource availability, project complexity, and project delivery method) can be the main reasons in the poor cost performance. Because the accuracy level of cost performance prediction can be enhanced by extensive evaluation of the subject project characteristics, a new approach for predicting cost performance in an earlier stage of a project can improve the Industry substantiality, in other words, value maximization. The purpose of this paper is to develop a new methodology in developing a risk-based estimate tool by incorporating extensive project characteristics. To do this, an extensive industry survey was conducted from both private and public sectors in building industry in Korea. In addition, significant project characteristics were identified in terms of cost performance indicator. Although the data collection is limited to Korean industry the suggested approach provides the industry with a straightforward methodology in risk management. As many researchers maintained that front-end planning efforts are crucial in achieving the successful outcome in building projects, the new method for risk-based estimation can Improve the cost performance as well as enhance the fulfillment in terms of business sustainability.

• Journal of the Korea Institute of Building Construction
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• v.7 no.1 s.23
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• pp.63-70
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• 2007

The aims of this study are to draw the project risk factors by grasping the relation especially between the construction preparation cost calculation and the project risk factors in the project's bidding stage, and to draw the cost estimate based on the risk when the orderer or the constructer performs the project and the main factors in calculating the most suitable construction cost by clarifying the understanding degree of the influence between the risk factors and the construction cost. In addition, this study can give a help to the proper decision -making through the prediction of the construction preparation cost, and this study is expected to give the basic data in developing the assessment tool for the most suitable construction cost of the project.

• New & Renewable Energy
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• v.7 no.4
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• pp.10-17
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• 2011

Recently, electricity industry is facing high market uncertainty which has ever had and which increase risks in power market. In this study, we analyze risk factors such as discount rates, initial investment (overnight cost), plant factor, fuel cost, carbon price, etc, for the perspective of investor. For the analysis of risk factors, we used LCOE method. The results of this study show that renewable energy is more affected by plant factor and overnight cost than other risk factors. First, Renewable energy has higher proportion of overnight cost in the total investment than that of other technologies. Second, renewable energy is free of fuel cost and carbon price so plant factor is the most important factor, in other words, competitiveness of renewable energy depends on plant factor. Furthermore, we conducted economic feasibility of wind power and PV in domestic case study. The minimum requirement condition to get profitability is that plant factor 15% and overnight cost \6,000,000/kW and 26%, \2,200,000/kW for PV and Wind Power, respectively.

• Nuclear Engineering and Technology
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• v.47 no.4
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• pp.461-471
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• 2015

Recently, the estimation of the social cost of energy sources has been emphasized as various novel energy options become feasible in addition to conventional ones. In particular, the social cost of introducing measures to protect power-distribution systems from power-source instability and the cost of accident-risk response for various power sources must be investigated. To account for these risk factors, an integrated societal risk assessment framework, based on power-uncertainty analysis and accident-consequence analysis, is proposed. In this study, we applied the proposed framework to nuclear power plants, solar photovoltaic systems, and wind-turbine generators. The required capacity of gas-turbine power plants to be used as backup power facilities to compensate for fluctuations in the power output from the main power source was estimated based on the performance indicators of each power source. The average individual health risk per terawatt-hours (TWh) of electricity produced by each power source was quantitatively estimated by assessing accident frequency and the consequences of specific accident scenarios based on the probabilistic risk assessment methodology. This study is expected to provide insight into integrated societal risk analysis, and can be used to estimate the social cost of various power sources.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2006.05a
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• pp.125-128
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• 2006

Since the diversification, complication of the construction industry, construction conflicts have been increased these days. Expansion of scale of construction has brought conflict treatment cost increase. Thus, needs of the study on construction conflict risk factors and its management is getting important. But the existing studies about construction conflicts and risk factors that need to be cared to decrease construction cost are almost focused on analysis of number of conflict proposed. It means those studies can be helpful when want to know how many conflict have been instituted, however, they do not contain a close examination between types of conflict and cost of conflict treatment. The purpose of this study, therefore, is an extraction of conflict causes based on the conflict treatment cost and the choice of significant risk factors to be managed to prevent conflict and its treatment cost, which enables reducing the conflict treatment colt on control the risk factors.

• Journal of Ship and Ocean Technology
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• v.4 no.4
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• pp.19-33
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• 2000

For the prevention of marine accidents based on human factor, the risk assessment analysis procedure is proposed which consists of (1) the structural analysis of marine accident, (2) the estimation of incidence probability based on the Fault Tree analysis, (3) the prediction of ef-fectiveness to reduced the accident risk by suitable countermeasures in the specified functional system, and (4) the risk assessment by means of minimizing of the total cost expectation and the background risk. As a practical example, the risk assessment analysis for preventing is investigated using the proposed method.

• International conference on construction engineering and project management
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• 2009.05a
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• pp.1176-1182
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• 2009

Due to recession in real estate market, interest of risk analysis is increasing. Feasibility study in the first stage takes a great role in a project. There are not objectified tools which are able to cope with uncertainty of project, and feasibility study based on selected method of determinism does not include liquidity of weight risk. Also, shortage of consideration for subjective and atypical external factors causes inappropriate results. Therefore, this study proposes feasibility study model focused on risk factor influences in construction cost and sales cost. Considering effective level of cost based on objective risk factors and probable weight of risk by this model, real workers are able to bring correct and scientific decisions better than former method based on selective analysis of real estate development.

• Nuclear Engineering and Technology
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• v.29 no.1
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• pp.78-84
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• 1997

The specific purpose of this study is to develop the numerical guide for the cost-benefit analysis of ORE ($/person-Sv reduction) to meet the criterion of ALARA in the design stage of the KNGR. In deriving the guide, the risk factor which is defined by the risk to unit collective radiation exposure dose (deaths/person-Sv) and the monetary value of human life ($/death) are required. The risk factor has been estimated from various clinical data accumulated for a number of years and continuously modified. And the monetary value of human life is usually quantified using the human capital approach. In this study, the risk to radiation exposure perceived by a group of people is investigated through an extensive poll survey conducted among university students in order to modify the existing risk factor for radiation exposure. And in evaluating the monetary value of human life, the QOL factor is introduced in order to incorporate the degree of public welfare or quality of life. As a result of study, a value within the range of 151, 000~172, 000 dollars per person-Sv reduction is recommended as the appropriate interim numerical guide for cost-benefit analysis of ORE to meet the criterion of ALARA in the design stage of the KNGR. A poll survey was also conducted in order to see whether the public acceptance cost of nuclear power should be incorporated in developing the guide, and the result of study shooed that such a cost does not need to be considered.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.211-222
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• 2020

This study examines simultaneous relationships between regulatory capital, risk, and cost-inefficiency for a sample of 30 commercial banks in Bangladesh from 2006 to 2018. To conduct the analysis, we used the Generalized Methods of Moments (GMM) in an unbalanced panel data framework. The empirical results show that there is a negative and significant relationship between capital regulation and credit, and overall risk. It is also evident from the results that the capital adequacy ratio is positively and significantly related to default risk and liquidity risk. Therefore, higher capitalized banks take an effort to prevent more credit risk and promote financial stability by reducing liquidity risk. Results also report that banks have been characterized as inefficient, less capitalized, and high risk. On the other hand, efficient banks are more stable but have a high level of liquidity risk. Besides, from the size of the bank, large banks are defined as having lower regulatory capital, are more risk seekers but stable with higher cost-efficiency. Notably, higher capitalized banks are more profitable and cost-efficient by reducing risk. Finally, this study also provides some insightful policy suggestions to the stakeholders.

• Journal of Korean Medical Science
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• v.33 no.46
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• pp.304.1-304.7
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• 2018

Background: The Republic of Korea has a very low prevalence of human immunodeficiency virus (HIV) infection, but the number of new HIV diagnoses has steadily risen, strongly indicating a large number of undetected HIV infections. Thus, it is important for Korean public health authorities to adopt and encourage cost-effective HIV detection tools, such as rapid HIV screening tests. In this study, we aimed to evaluate the cost-effectiveness of enzyme-linked immunosorbent assays (ELISA) and rapid tests in a public health center (PHC) setting. Methods: We developed a decision analytic model to assess the per-examinee cost and the cost-effectiveness of identifying HIV patients in a PHC setting using two HIV testing strategies: conventional HIV screening by ELISA versus rapid HIV testing. Analysis was performed in two scenarios: HIV testing in an average-risk population and in a high-risk population. Results: Compared to the ELISA, the rapid test was cost-saving and cost-effective. The per-examinee cost was USD 1.61 with rapid testing versus USD 3.38 with ELISA in an average-risk population, and USD 4.77 with rapid testing versus USD 7.62 with ELISA in a high-risk population. The cost of identifying a previously undiagnosed HIV case was USD 26,974 with rapid testing versus USD 42,237 with ELISA in an average-risk population, and USD 153 with rapid testing versus USD 183 with ELISA in a high-risk population. Conclusion: Rapid testing would be more cost-effective than using conventional ELISA testing for identifying previously undiagnosed HIV-infected cases in Korea, a country with extremely low HIV prevalence.