• Journal of the Korea institute for structural maintenance and inspection
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• v.21 no.3
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• pp.9-18
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• 2017

Construction Management at Risk (CMAR) is a project delivery method that enables CM companies to deliver projects at a Guaranteed Maximum Price (GMP). General contractors can apply CMAR from the initial design phase right through the construction phase to reduce risks and improve project performance. One of the major advantages CMAR offers is that it permits a general contractor to provide a comprehensive suite of preconstruction services, including estimating, a constructability review, value engineering, drawings and a specification review, green building, and Building Information Modeling(BIM), among others. However, general contractors in South Korea currently provide only limited preconstruction services using CMAR because few CMAR projects have yet been implemented in Korea and their experience using the method is therefore limited. This benchmark study of how foreign general contractors utilize CMAR in their projects, particularly during the preconstruction process, its purpose, and the roles and responsibilities of each of the different participants in successful implementations thus provides invaluable information and will serve as a useful guide for Korean contractors seeking to incorporate CMAR preconstruction services in their projects and thus improve the competitiveness of their construction businesses.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.4
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• pp.685-693
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• 2017

This study aims to effectively respond to urban local rainstorms by classifying the risk against flood damage for each use district. The risk classification is based on sensitivity analysis of the socio-economic damage caused by local rainstorms in Changwon city, Korea by a Fuzzy model using data, such as the districts that provide institutional bases for land use, land prices, which estimate the property values, and floor area ratios, which measures the density and areas of flood damage. The analysis result indicated that flood damage in five districts of Changwon (Masan happo-gu, Masan Hoewon-gu, Sungsan-gu, Euichang-gu, and Jinhae-gu) is highest in the order of commercial areas, residential areas, industrial areas, and forests, which was attributed to high land price and floor area ratio of commercial areas. On the other hand, specific analysis in Masan Hoewon-gu and Sungsan-gu was different from the previous result, indicating that the risk against flood damage may vary according to the districts depending on their local conditions. The analysis from this study can be applied to future urban planning and be used as a guideline to estimate the potential flood damage. Overall, this study is meaningful in that it proposes an effective management of land use as a new resolution to mitigate of urban flood damage within a broader perspective of climate change and urbanization.

• Journal of Cadastre & Land InformatiX
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• v.49 no.1
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• pp.45-63
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• 2019

Until recently, most people have invested in a traditional portfolio consisting of stocks, bonds and real estates based on the three-division method of properties in Korea. However, this study analyzed the impact of the composition of a portfolio combining representative real estate indirect investment products such as Reits and real estate funds on the investment performance. For this purpose, the empirical analysis using the mean variance model, which is the most appropriate method for the portfolio composition, was used. For variables used in this study, mixed asset portfolios were classified into Portfolio A through Portfolio G depending on the composition of assets, and the price indices selected as Kospi, Krx bond, Reits Trus Y7, Hanwha-Lasal fund, and Office (Seoul). The results are as follows; first Portfolio D, which combined bonds, stocks, Reits and Real Estate funds, and Portfolio G, which added the office, the actual real estate, were shown to have the lowest risk. second, Portfolio B composed of bonds, stocks and Reits and Portfolio D with added real estate funds had the lowest risk while Portfolio F composed of bonds, stocks, offices and real estate funds, and Portfolio G with added Reits were the most profitable. As a result, it has been analyzed that it was more effective to compose a portfolio including Reits and real estate funds, which were real estate indirect investment products that eliminated the illiquidity limitation of real estates than real estates, the traditional three-division method of properties. Therefore, it is possible to minimize the risk of investors and reduce the cost of ownership of the real estate by solving the illiquidity problem that is the biggest disadvantage of the direct investment, In addition, it is considered that it is more necessary to reinvigorate the real estate indirect investment market where small amounts can be invested.

• MARITIME LAW REVIEW
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• v.29 no.2
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• pp.115-144
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• 2017

The impact of the global financial crisis, which began in the United States in 2007, had a major impact on the domestic shipping and shipbuilding industries. In this regard, the domestic shipyard has established an order-taking strategy in several ways as an alternative to lowering the amount of construction of commercial vessels due to deterioration of the shipping industry, and selected industrial sector was the offshore plant sector. However, the domestic shipyard has under performed the offshore plant in order to just increase sales and secure work without any risk analysis for EPC contracts. As a result, the shipyard has been charged more than the initial contract price with the offshore plant contractor, or the shipyard has become a legal issue requiring payment of liquidated damages due to delays in delivery of the product. The main legal disputes are caused by the thorough risk analysis and the inexperience of process control that can occur during offshore plant construction. and In particular, there is no sufficient review of the unequivocal provisions in the contract as an element of risk management. There is no human resource to review these contractual clauses. Therefore, this study identifies the existence of specific risks that could lead to delays in offshore plant construction, and examined the existence of any unequivocal clauses in contracts for offshore plant construction. and also discussed how the toxic clause applies to the actual parties and how the concrete risk factors in the construction contracts are transferred and expressed by referring to the interviews with the project manager of the domestic shipyard and the previous research. As a result, This paper examined the legal liability of the contracting parties regarding delayed delivery of the products due to the offshore plant construction contract. And to improve the domestic shipbuilding industry.

• Journal of the Korean Institute of Gas
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• v.26 no.6
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• pp.30-36
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• 2022

In commercial transactions of energy sources using hydrogen charging stations, high-accuracy flow meters are needed to prevent accidents such as overcharging due to inaccurate measurements and to ensure transparency in hydrogen commercial transactions through accurate measurements. This research developed a Corioli-type flowmeter prototype and conducted a risk assessment to prevent accidents during a process change comparison experiment for existing charging stations to verify the measurement performance. A process change section was defined for the installation of measurement facilities for empirical experiments and HAZOP was conducted. In addition, JSA was also conducted to secure the safety of experimenters, such as preventing valve mis-opening during empirical experiments. Measures were established to improve the risk factors derived through HAZOP, and work procedures were established to minimize human errors and ensure the safety of workers through JSA. The design change and system manufacturing for the installation of the metering system were completed by reflecting the risk assessment results, and safety could be confirmed through the performance comparison test of the developed meter prototype. The developed prototype flow meter showed a total of 30 flow measurements under the operating conditions of 70 MPa, and the average error was -1.58% to 3.96%. Such a metering error was analyzed to have the same performance as a flow meter installed and operated for commercial use.

• Journal of Korea Trade
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• v.27 no.2
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• pp.115-129
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• 2023

Purpose - This study empirically analyzes the consumer value of risk management associated with illegal, unreported, and unregulated (IUU) fishing of fishery products imported to Korea. The global regulatory paradigm for IUU fishing has shifted from production-centered to market-centered. As a result, changes in the international fisheries trade environment emphasizing "transparency" and "legality" of the production process are accelerating. Therefore, changes in the management systems of fishery products entering the country are also needed. Accordingly, this study estimated the consumer value for risk management of IUU fishing, targeting major fish species imported to Korea, and derived the feasibility of introducing related policies. Design/methodology - This study used the choice experiment as an analysis model to estimate consumers' willingness to pay for the "possibility to check for IUU fishing." The choice experiment assumes that the value of a good or service is composed of separable attributes and that the sum of the part-worth of these individual attributes becomes the total value. In this study, respondents were presented with profiles comprising three attributes (country of origin, price, and possibility of checking IUU fishing) and the levels of frozen poulp squid, the subject of the analysis. The participants were asked to select their preferred profile. The marginal willingness to pay for each attribute was derived from the results of the respondents' choices using conditional logit model estimates. Findings - There is a marked difference in utility based on the preference of the country of origin of fishery products among consumers. In addition, the utility of fishery products that have undergone IUU fishing verification was observed to be higher, with the utility marked to be higher for lower prices. Originality/value - Estimating the policy value of the risk management in IUU fishing of imported fisheries products in this study is a novel attempt that has never been conducted before. Several studies have been conducted to assess the risk of IUU fishing associated with the import of fishery products internationally. However, such studies are yet to be conducted in Korea. Instead, policies and studies have focused on issues related to complying with trading partners' legal and transparent standards for exporting fishery products. This study should be the beginning of more in-depth empirical and theoretical explorations to establish order in the domestic seafood market and respond to changes in international regulations on IUU fishing.

• Journal of the Korean Data and Information Science Society
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• v.27 no.6
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• pp.1537-1545
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• 2016

Due to global economy recession with low oil price, Korea has stepped into a stage of sluggish development, and the unemployment has become a major issue. Hence, we study various risk factors influencing on unemployment using the Korean labor and income panel data of 2014. We first divide the adult life cycle into three categories, such as young adult, adult, and old adult. Then we consider demographic variables, occupational variables and health related variables as risk factors. The decision tree models have shown that education and gender are the most important factors respectively in young adult group and in adult group. Gender, health status, and education are influential factors in old adult group.

• Journal of Distribution Research
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• v.10 no.2
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• pp.1-26
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• 2005

The purpose of this study is to identify the consumer factors influencing the channel choice in the brokerage transaction. The 14 consumer factors were extracted from the two perspectives: first, the off-line channel is based on the relational benefits offered by the salespeople, second, the on-line stock exchange is a transaction mediated by the internet technology. The results shows that the channel choice is significantly influenced by the 8 out of 14 consumer factors hypothesized: interpersonal orientation, risk-taking tendency, amount of money invested, price consciousness, time length of internet usage, innovativeness, information privacy sensitivity, intrinsic desire for information. And the results of discriminant analysis shows that three consumer factors-risk-taking tendency, time length of internet usage, and information privacy sensitivity-are most valuable in discriminating off-line vs. on-line customers.

• Journal of the Korean Institute of Rural Architecture
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• v.14 no.1
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• pp.83-90
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• 2012

The purpose of this study was to set and analyze the standard model for prioritizing and deciding to take part in housing environment improvement project in the perspective of the public sector. The results of this study were as follows. The location competitiveness, potential demand, marketability and competitive price, etc were selected by assessment indicators. And Various indicators, including of the size of the area, public transportation, accessibility, convenience of living and the influx of the population, were used by weights indexes. The profit of local residents and the public promoter, variability of earnings, sensitivity analysis and the ratio of money in reserve, etc were also established as detailed indexes for the profitability and business risk analysis. To analyze the cash flow of the project process and review the necessary capital in advance, the payback, total working expenses, gearing ratio and sensitivity of a risk, etc were also set as additional detailed indexes. Lastly, considering it is quasi-public projects, the measure to protect tenants, necessity need of redevelopment and local government's will were additionally used by indexes. And Points were distributed on the importance of each index and scored out of 100. It will allow for the public project promoter to decide rationally whether to come in on the project. The public project promoter like the Korea Land and Housing Corporation will be able to make use of various indexes are based on this study to make decision whether joining the housing environment improvement project in depressed region.

• The Journal of Society for e-Business Studies
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• v.22 no.4
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• pp.117-128
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• 2017

The increased national utilization of Bitcoin results in multiple complications. Therefore, there are continuous debates on the subject, the main point being how to characterize Bitcoin's asset nature. The following study bases, focusing on the function value, justifies Bitcoin's asset characterization. Using regression analysis to construct relations between gold and indexes such as CPI, DXY, and S&P500 as well as the relation between Bitcoin and the previously mentioned indexes, the question of whether gold and Bitcoin reacted in a similar fashion to the same indicators was examined. The results conclude that Bitcoin has similarities with gold, showing that it is risk averse and an investable commodity in lieu to profitability when it comes to inflation and currency value. When considered with price volatility, the main force behind the function of investment asset, categorizing Bitcoin as a high-risk financial investment asset rather than as a currency within the system would be more effective for management.