• Journal of Construction Engineering and Project Management
• /
• v.1 no.2
• /
• pp.28-36
• /
• 2011

Risk management is popularly and widely used in various industries to handle uncertainty that can negatively affect their businesses. While in the current Information-Technology oriented age, software packages are designed to assist in carrying out risk management processes, the construction industry does not seem to have software that is tuned to its specific characteristics and processes. Therefore, this study first explores the types of software that are commonly used for risk management in the Singapore construction industry. Also, using one-sample t-test, it is tested if the software programs used in the construction industry have effectively catered the needs of the users. For the analysis, a survey questionnaire was developed and the representatives from 34 companies participated in the survey. Furthermore, this study also makes use of the current risk management framework defined in ISO31000 to design a risk management software algorithm that can suit the needs for the Singapore construction industry. The results from this study will contribute to identifying strategic areas, in terms of use of risk management software, on which the industry needs to focus, ultimately enhancing their performance of risk management.

• Korean Journal of Construction Engineering and Management
• /
• v.17 no.3
• /
• pp.125-133
• /
• 2016

The Project Risk Management is intended to result in the effective management by identifying in advance and mitigating all significant risks including project risks and opportunities during the entire project life cycle - from project inception to completion of construction. It is impossible to predict an exact budget and construction duration before finishing a project. So, Washington Department of Transportation mandates that workshop-based risk management is conducted for projects over specific cost. However, the domestic construction sites have depended on numerical risk analysis without any workshop and efficient risk management have not made. Therefore, in this study, we propose the effective risk management using the RBES program which is very useful for workshop-based risk management and pre & post mitigation, by workshop-based risk management techniques. This proposed risk management approach is applied to a domestic 'A' river recovery project. It is concluded that we may expect the effect to mitigate the total cost overrun problem and the construction duration delay effect in the project by identifying significant risks and by preparing effective risk mitigation strategies.

• Proceedings of the Korea Water Resources Association Conference
• /
• 2022.05a
• /
• pp.210-210
• /
• 2022

This study evaluates Japan's Official Development Assistance (ODA) projects in Thailand from 2011 to 2013 by deploying the Sendai Framework for Disaster Risk Reduction (SFDRR) and the Organization for Economic Cooperation Development (OECD) evaluation criteria. Special attention is placed on disaster-related development assistance activities of Japan through reviewing long-term impacts of the projects. The Japan International Cooperation Agency (JICA) has played a crucial role in transferring Japan's experiences on disaster risk management to developing countries, including Thailand. The study highlights two flood risk management projects in Thailand with the support of JICA after the 2011 floods, namely the Project for the Comprehensive Flood Management Plan for the Chao Phraya River Basin and the Project for Flood Countermeasures for Thailand Agriculture Sector. The case studies demonstrate that the projects were efficiently and effectively conducted for meeting Thailand's needs and requirements. JICA provided multi-hazards risk analysis through scientific data as well as local knowledge. However, achievements of the project did not last for long because of a lack of Thai stakeholders' commitment and JICA's post-project management. It is concluded that a development agency should consider impacts and sustainability of flood risk management projects more carefully from the stage of planning, and the practical application of the knowledge, and technologies should also be monitored progressively after the completion of the project.

• Journal of the Korea Institute of Military Science and Technology
• /
• v.27 no.3
• /
• pp.364-374
• /
• 2024

Today, risks created by uncertainty must be managed for successful project execution. From this perspective, applying a risk management process is very important for successful defense systems test works. This paper describes 'the implentation of risk management process for test work' carried out by DTERI's process improvement activities. In this study, the concept of risk management process, and details of the risk management process are examined through PMBOK and ISO/IEC/IEEE 15288, CMMI. After that, we defined 'Standard Process for Risk Management' of defence systems test works. And, we describe 'Risk Management Function' of DTERI's Project Management System(PMS) and the risk management process of DTERI. Finally, the effectiveness of the risk management standard process is verified through quantitative analysis.

• International conference on construction engineering and project management
• /
• 2015.10a
• /
• pp.4-5
• /
• 2015

Owning to rapid infrastructure development, Asia is experiencing dramatic economic growth. There are not a few cases in which, however, economic growth is achieved by increasing the external diseconomy. Pursuit of sustainable development is one of the most important issues for mankind. Under the post-industrial capitalism society, however, there seems a big risk of increase in the external diseconomy worldwide. The objectives of this manuscript are to discuss importance of risk management of construction practice in present and future. Regarding the latter, a particular attempt is made to discuss how project risk communication should be done to reduce the external diseconomy. Presently, one of the important issues in implementation of infrastructure projects is practice of risk management to properly manage time, cost, quality, and safety: mainly maximization of internal economy. Multi-party risk and uncertainty management process (MRUMP) is one of tolls to assist it. The idea on MRUMP can be used to reduce the external diseconomy through identifying, sharing, and tuning people's rhythms.

• International conference on construction engineering and project management
• /
• 2005.10a
• /
• pp.1231-1236
• /
• 2005

Global construction projects manifest more risks than do other industries. Often, firms doing business in construction markets find these risks intimidating. To secure corresponding profits, many global contractors attempt to forecast the effects of risks and establish risk management strategies. However, one key problem with present-day risk management methods is that they are basically analytical or mathematical-oriented approaches which are not easy to adopt in real business. Based on preliminary investigations and evaluations of current tools, this research elicits more practical algorithms for risk checklist by constructing risk scenarios over the whole period of project execution. For the application of the algorithms, a "SE/RF" (Source-Event/Regular-Floating) checklist is suggested, which sorts out risk sources and their subsequent events, as well as dividing various risk factors into either regular or floating categories. In addition, the "PIS" (Probability-Impact-Significance) method is introduced, in place of traditional "PI" (Probability-Impact) methods, by adding the additional criterion of "risk significance" to determine the degree of risk exposure in a more realistic way. As a result, we draw the significant finding that the "PIS" method presents a closer evaluation regarding degree of risk exposure as compared to the level of expert judgments than those from traditional methods. Finally, we provide an integrated procedure for international project risk management with all of the research achievements being incorporated.

• Proceedings of the Korean Institute Of Construction Engineering and Management
• /
• 2008.11a
• /
• pp.475-480
• /
• 2008

In BTL project, the operation cost covering upcoming 20 years is usually alloted more than construction cost although its plan is made in short time. Therefore, it is a key issue to forecast and to analyze operation risks in the process of making contract in order to successfully finish the BTL project and to ensure the profitability of business. However, only a few domestic professional management companies are capable to carry out funding and facility management. To manage the potential risks efficiently in BLT project, it's essential to prioritize the risk factors by means of considering economical risk level, non-economical risk level and occurrence frequency. Thus, this study suggests risk analysis model for improving efficiency of BTL project from operation company's perspective by means of survey. The suggested risk analysis model is expected to establish a risk management strategy which can improve the efficiency of management affairs in BTL project.

• Proceedings of the Korean Institute Of Construction Engineering and Management
• /
• 2004.11a
• /
• pp.232-235
• /
• 2004

The apartment reconstruction project is making some problems, such as delay of lack specialty, conflict between project owners and cost increasing etc. The enforcement process of project are very complicated, the term of project is long and too many project owners are participating. For this reasons. it is always in the face of uncertainty. To promote the reconstructing project successfully. we need to make risk management process to get rid of uncertain factors which occur in forwarding the reconstructing project This study has for its objects. First, suggest the best way of risk analysis to manage risk factors systematically and efficiently recognized in The Apartment reconstruction protect. Second, furnish basic data to build the risk managing system of The apartment reconstructing project.

• Journal of the Korean Operations Research and Management Science Society
• /
• v.5 no.1
• /
• pp.61-72
• /
• 1980

This paper is an attempt at developing a method for the analysis and estimation of the effects of project disruptions due to uncertainties. Such uncertainties may result from design changes in large-scale, complex, research and development, or construction projects. An entropical risk analysis method is developed. The method is able to estimate the project capacity to handle equivocation due to design changes and the effects of project disruptions. In an attempt to evaluate the predictive capability of the method, it is compared with the results obtained by a computer Monte Carlo simulation program. It is shown that the entropical risk analysis method may be suggested as an expedient means of evaluating project status for management in the different stages of project execution.

• Proceedings of the Korea Society of Environmental Toocicology Conference
• /
• 2003.10a
• /
• pp.162-163
• /
• 2003

The Eco-2 Project presents a win-win strategy for the environment and for the economy (ECO-2 is an abbreviation of Ecology and Economy), The project was initiated by the Korean Ministry of the Environment to promote the development of an environmental industry technology as a means of driving national development in this sector. Our project work belongs to the category of integrated environment management technology, and is described as a development and utilization of risk assessment and analysis system for integrated environmental management in municipal and industrial areas. The goal of our project is to develop available system software in health and ecological risk assessment and to offer it as Decision Support System (DSS) to aid the effective management of environmental risk in municipal and industrial areas in Korea.