• International conference on construction engineering and project management
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• 2005.10a
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• pp.1237-1243
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• 2005

International construction projects are exposed to various and complicated risk factors stemming from different political, economical, social, and cultural backgrounds, which make contractors entering into international construction to experience severe losses. It implies that overseas markets do not necessarily secure the high return, which is typically expected to in the high risky attempts. Accordingly, contractors need to evaluate various risk factors faced with overseas construction projects that can possibly aggravate the profitability. This paper aims at establishing a valid groundwork for further research on developing the integrated risk management model. For this end, it analyzes the long-term trend of profitability on total of 3,487 projects performed by Korean global contractors in world-wide construction markets during the last four decades. Then, it investigates the possible factors/causes of bad profit that have affected the profitability significantly through the structured surveys of 90 real overseas projects based on the project-specific information and experiences of Korean contractors in overseas markets. Furthermore, it analyzes relative importance of these factors/causes and identifies the important features expected for the risk management of international construction projects. Finally, vital distinctions between success and failure projects and lessons learned to improve profitability are then distilled.

• International conference on construction engineering and project management
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• 2015.10a
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• pp.614-615
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• 2015

In these days, global construction market is speedily increasing and domestic construction companies have a chance of new contracts. In the meantime, international projects have been increasingly forced to cope with potential risks, which seriously impacted achieving the targeted time and cost. In this study, we introduce a computerized risk management system for international EPCS projects, which is constructed on the needs of practitioners and decision makers as an aid to proactively control the potential risks and to monitor continuously their status and variation. The system is called the Project Risk Management System (PRiMS) is useful for furnishing project managers with warning signals as a project is progressing and helpful for producing the total risk score and tracking risk variation.

• Korean Journal of Construction Engineering and Management
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• v.17 no.2
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• pp.49-57
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• 2016

R&D projects for land, infrastructure, and transportation is to identify challenges through academic-industrial demand survey, and to promote R&D projects through detailed planning projects. These R&D projects have been promoted to be applied to most domestic project-oriented. Despite continuous R&D investment, the investment has been promoted to the world top technology rather than to international construction projects. This study analyzed the international construction market trends and international construction contracts in order to promote technology development for enhancing international construction competitiveness. This study suggests three R&D technology development directions and ten research projects for expanding international construction projects.

• International conference on construction engineering and project management
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• 2007.03a
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• pp.653-661
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• 2007

Overseas construction projects tend to be more complex than domestic projects, being exposed to more external risks, such as politics, economy, society, and culture, as well as more internal risks from the project itself. It is crucial to have an early understanding of the project condition, in order to be well prepared in various phases of the project. This study compares a structural equation model and multiple regression analysis, in their capacity to predict cost performance of international construction projects. The structural equation model shows a more accurate prediction of cost performance than does regression analysis, due to its intrinsic capability of considering various cost factors in a systematic way.

• International conference on construction engineering and project management
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• 2005.10a
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• pp.758-763
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• 2005

For international projects in general and the projects in the Gulf area in Particular, the most common cause of construction disputes and claims is construction delay. This paper will present different surveys to identify the causes of delay, the parties responsible, and how delay can be avoided. This paper will outline how these factors impact damage assessment and entitlement. Furthermore, a case study will be presented to show how the responsibility and damages due to delay are assessed and how entitlements are calculated.

• International conference on construction engineering and project management
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• 2024.07a
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• pp.1309-1309
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• 2024

This resarch showed that the factors contributing to the success or failure of international joint ventures (IJVs), such as those between Japanese and American engineering companies, are influenced by information sharing and consensus building within the IJV. Based on the available information about such IJV projects, the factors were evaluated by the following statical method. However, the mechanism is not simple and includes many mediating and interaction effects between explanatory variables due to the uncertainty of the environment surrounding the project. Based on existing research on risk management in Project management area, it was revealed that the analyzed factors behind IJV success and failure based on the analysis model that integrates the above perspectives and incorporates typical risk items for projects as pointed out by PM-related academic and practionors societies. It was demonstrated that it can be explained quantitatively by applying the Multivariate analysis method. This analysis method could be expanded to the future evaluation of the projects risk item during the planning stage of the projects.

• International conference on construction engineering and project management
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• 2024.07a
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• pp.831-838
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• 2024

Public construction projects have a significant impact on the local residents' economy and social lives due to their large scale and construction costs. If residents suffer losses and damages from public construction projects, it can lead to complaints, which can negatively affect to the projects, such as cost overrun and schedule delay. Therefore, the managerial efforts should be made to minimize these complaints. The purpose of this study is to analyze the complaints associated with construction projects based on their characteristics and assess the impact of complaints on the projects, aiming to minimize the complaints arising from construction projects. This study is conducted in three steps: 1) extracting the complaints' information from the existing construction projects, 2) analyzing the complaints based on projects characteristics using post-evaluation data, and 3) analyzing how the complaints are actually handled. Through this study, it is possible to understand the characteristics of complaints in actual public construction projects in Korea.

• International conference on construction engineering and project management
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• 2015.10a
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• pp.213-216
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• 2015

Despite the significant increase of Korean contractors in the international construction market, many SMCCs (Small & Medium Construction Companies) have suffered in the global financial crisis, and some of them have been kicked out of the international market after experiencing huge losses on projects. SMCCs face obstacles in the international market, such as an insufficient ability to gather information and inappropriate management of associated risks, which lead to difficulties in establishing effective business strategies. In other words, making immature decisions without an effective business strategy may cause not only the failure of one project but also the bankruptcy of the SMCC. To overcome this, the research presented herein aims to propose a decision support system for SMCCs, which would screen projects and make a go/no-go decision at the early stages of international projects. The proposed system comprises a double axis: (1) a profit prediction model, which evaluates 10 project properties using an objective methodology based on a historical project performance database and roughly suggests expected profit rate, and (2) a feasibility assessment model, which evaluates 17 project environment factors in a subjective and quantitative methodology based on experience and supervision. Finally, a web-based system is established to enhance the practical usability, which is expected to be a good reference for inexperienced SMCCs to make proper decisions and establish effective business strategies.

• International conference on construction engineering and project management
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• 2007.03a
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• pp.19-29
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• 2007

This paper shares our project management experience in the 2 large-scale projects in managing a diverse international project team of consultants and managing in a foreign land. The first part introduces the two projects, second part addresses management of the projects and the last portion presents some of the challenges we experienced and highlights the importance of understanding the peculiarities of the operating environment, their norms, cultures, effectiveness and limitations of conventional project management tools while operating in a foreign country.

• International conference on construction engineering and project management
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• 2015.10a
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• pp.49-50
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• 2015

Since the mid-2000s, Korean large-sized construction companies have pursued in earnest to expand their business to global construction market in surroundings that domestic market have a continuous and long-term stagnation. However, during last a few years, they have experienced the serious financial loss from international projects. In the meantime, for the sound improvement of Korean construction industry, many stakeholders long for efficient early warning signals to generally monitor and track the potential risks of international projects. In this study, we introduce an International Project Risk Index (IPRI), which is derived from massive data provided by large-sized companies, and expect to provide the practitioners and decision makers as an aid to proactively cope with the change of the potential risks. The outcomes from the IPRI can be utilized to prepare a timely management strategy and to establish an appropriate government support regulation.