• Journal of the Korea Safety Management & Science
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• v.4 no.4
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• pp.15-26
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• 2002

The quantitative evaluation method of the safety management cost was suggested to prevent a gas accident as a major industrial accident. In a gas governor station, process risk assessments such as the fault tree analysis(FTA) and the consequence analysis were performed. Based on process risk assessments, potential accident costs were estimated and the cost-benefit analysis(CBA) was performed. From the cost-benefit analysis for five classification items of safety management cost, the order of the cost/benefit ratio was estimated.

• Korean Journal of Construction Engineering and Management
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• v.10 no.1
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• pp.78-90
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• 2009

Recently, operation of highway is the complex digital Infrastructure based on complicated IT. The application of IT is increasing more and more in digital Infrastructure. Though IT is very convenient, if unpredicted operating risk of highway occurs, widespread damage can be large. When operating risk of highway occurs, road users are out of smoothly-run service because of the operating interruption. This risk causes unpredicted operating management cost and additional maintenance cost. It will excess over the planned operating cost, which may leads to users's unsafety and operator's insolvency because of income loss. Until now, related studies to find out the risk are not sufficient. The purpose of this study is to suggest risk cost items and to estimate the reasonable risk cost by using simulation method in case of occurring the huge power failure at the operating digitalized highway. This study indicates the several plans to hedge against risk cost and the management of highway project. From now on, it will be used as basic data to confirm the soundness of operating system in Digital Infrastructure.

• Korean Journal of Construction Engineering and Management
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• v.4 no.4 s.16
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• pp.201-211
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• 2003

Considering about construction projects characteristics, there Is an existing uncertainty which causes inaccuracy or invalidity under decision making situation. Therefore, cost risk analysis of numerous construction projects are Inclined to depend on expert's experiences and subjective judgements. In Korean domestic construction works, however, there is no reasonable method or process for applying subjective elements. Only probabilistic analysis using objective calculation are being used now. This research suggests a cost risk analysis method to analyze quantitatively Cost Impact by risk, and it appraises expert's subjective elements for the purpose of enhancing validity of cost estimation. Moreover, a new cost risk analysis method is introduced for providing convenient user interface in practical business.

• Journal of Information Technology Applications and Management
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• v.11 no.2
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• pp.1-14
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• 2004

The level of sunk cost and risk-taking theory have been offered as one explanation for the escalation of commitment behavior. This Study attempted to replicate Keil's study in Korea. Keil examined the level of sunk cost associated with the risk propensity and risk perception of decision-makers, and these factors are assessed for cross-cultural robustness using matching laboratory experiments carried out in three countries. The level of sunk cost and the risk perception of decision-makers contributed significantly to their continuous willingness to their project. Moreover, the risk propensity of decision-makers was inversely related to risk perception, and this inverse relationship was significantly more weak in Korea than in Singapore. These results show that the sunk-cost effect exists across cultures, and that the risk-taking behaviors are partially mediated by cultural factors.

• Journal of the Korean Operations Research and Management Science Society
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• v.35 no.4
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• pp.33-53
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• 2010

When purchase prices of a raw material fluctuate over time, the total purchasing cost is mainly affected by reordering time. Existing researches focus on deciding the right time when the demand for each period is replenished at the lowest cost. However, the decision is based on expected future prices which usually turn out to include some error. This discrepancy between expected prices and actual prices deteriorates the performance of inventory models dealing with fluctuating purchase prices. In this paper, we propose a new inventory model which incorporates not only cost but also risk into making up a replenishment schedule to meet each period's demand. For each replenishment schedule, the risk is defined to be the variance of its total cost. By introducing the risk into the objective function, the variability of the total cost can be mitigated, and eventually more stable replenishment schedule will be obtained. According to experimental results from crude oil inventory management, the proposed model showed better performance over other models in respect of variability and cost.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2019.05a
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• pp.246-247
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• 2019

This study was conducted to provide useful information to enable planned repair and cost planning during the operation and maintenance phase of aged multi-family housing. For this purpose, The concept of probabilistic maintenance cost analysis considering the risk factors of the aged multi-family housing is presented in the following six steps. 1. Risk factor investigation and analysis 2. Classification and deriving of maintenance cost 3. Investigation and deriving cost maintenance cost of old apartment house 4. Analysis of expert questionnaire 5. Analysis of Monte -Carlo simulation 6. Probabilistic maintenance cost Deriving the result. This study has limitations that need to be verified by applying actual data.

• Korean Journal of Construction Engineering and Management
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• v.10 no.1
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• pp.126-135
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• 2009

Recently, operation of highway is the complex digital Infrastructure based on complicated IT. The application of IT is increasing more and more in digital Infrastructure. Though IT is very convenient, if unpredicted operating risk of highway occurs, widespread damage can be large. When operating risk of highway occurs, road users are out of smoothly-run service because of the operating interruption. This risk causes unpredicted operating management cost and additional maintenance cost. It will excess over the planned operating cost, which may leads to users's unsafety and operator's insolvency because of income loss. Until now, related studies to find out the risk are not sufficient. The purpose of this study is to suggest risk cost items and to estimate the reasonable risk cost by using simulation method in case of occurring the huge power failure at the operating digitalized highway. This study indicates the several plans to hedge against risk cost and the management of highway project. From now on, it will be used as basic data to confirm the soundness of operating system in Digital Infrastructure.

• Korean Journal of Construction Engineering and Management
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• v.18 no.3
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• pp.105-116
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• 2017

In recent years, large Korean construction companies have suffered serious losses in their overseas business. Many practitioners and researchers have analyzed causes of cost overrun in these projects. However, these arguments have not been empirically verified based on acutal project cases. This study investigated cost overrun rate, contingency, allowance, predicted risk before bidding, and actual and residual risk after award in the 67 international infrastructure projects conducted by 13 large construction companies. The causes of cost overruns are derived as follows. First, they identified the possibility of cost overrun to some extent before the bidding, but did not reflect the enough risk money to bid price. In particular, this behavior was more severe in badly cost-overrun projects. Second, the causes of cost overrun were more influenced by external environmental risk than internal capability risk. However, the internal risk in badly cost-overrun projects was relatively high compared to cost-underrun projects. Third, badly cost-overrun projects failed to mitigate risk. However, cost underrun projects were affected more by low exterior risk conditions than by well mitigated risk. This study provides more informed knowledge in controlling project costs in international infrastructure projects.

• 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.

• Journal of Information Processing Systems
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• v.16 no.1
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• pp.61-82
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• 2020

The security risk management used by some service providers is not appropriate for effective security enhancement. The reason is that the security risk management methods did not take into account the opinions of security experts, types of service, and security vulnerability-based risk assessment. Moreover, the security risk assessment method, which has a great influence on the risk treatment method in an information security risk assessment model, should be security risk assessment for fine-grained risk assessment, considering security vulnerability rather than security threat. Therefore, we proposed an improved information security risk management model and methods that consider vulnerability-based risk assessment and mitigation to enhance security controls considering limited security budget. Moreover, we can evaluate the security cost allocation strategies based on security vulnerability measurement that consider the security weight.