• Proceedings of the Korean Institute of Building Construction Conference
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• 2014.11a
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• pp.90-91
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• 2014

Previous research related to the construction schedule management has focused on construction schedule categorization, construction schedule management, and system development to manage construction schedule risks. Therefore this research present quantitively deducing method for managing construction schedule risk. Based on the investigation, this study suggested the probable risk factors and a practical management method, through interviews and discussions with experts. The quantified risks should be adapted for an individually specific projects and managed until the project is complete. To maintain the continuity of schedule risks, the schedule risk management procedures should be controlled during the performance of the construction project.

• International conference on construction engineering and project management
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• 2009.05a
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• pp.1334-1339
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• 2009

To achieve the best performance of a project, uncertainties involved in the building construction process need to be identified in the planning phase of the project. Uncertainties seldom create a positive impact on construction project, but they almost cause delay and increase costs. Therefore, risk management plays a significant role in construction to minimize risk occurred due to uncertainties of a project. Although the importance of the risk management has been known to the construction industry, it is not enough to be developed to meet the demands of the industry. It has not been enough for Systems to control schedule risks for managers in the field. Therefore, a tool is necessary to efficiently control risks. The propose of this study is to invent Schedule Risk Control System Module to prepare for risks in preconstruction phase.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.39 no.1
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• pp.9-16
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• 2016

The project schedule risk in the engineering and facility construction industry is increasingly considered as important management factor because the risks in terms of schedule or deadline may significantly affect the project cost. Especially, the project-based operating companies attempt to find the best estimate of the project completion time for use at their proposals, and therefore, usually have much interest in accurate estimation of the duration of the projects. In general, the management of projects schedule risk is achieved by modeling project schedule with PERT/CPM techniques, and then performing risk assessment with simulation such as Monte-Carlo simulation method. However, since these approaches require the accumulated executional data, which are not usually available in project-based operating company, and, further, they cannot reflect various schedule constraints, which usually are met during the project execution, the project managers have difficulty in preparing for the project risks in advance of their occurrence in the project execution. As these constraints may affect time and cost which role as the crucial evaluation factors to the quality of the project result, they must be identified and described in advance of their occurrence in the project management. This paper proposes a Bayesian Net based methodology for estimating project schedule risk by identifying and enforcing the project risks and its response plan which may occur in storage tank engineering and construction project environment. First, we translated the schedule network with the project risks and its response plan into Bayesian Net. Second, we analyzed the integrated Bayesian Net and suggested an estimate of project schedule risk with simulation approach. Finally, we applied our approach to a storage tank construction project to validate its feasibility.

• Korean Journal of Construction Engineering and Management
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• v.6 no.1 s.23
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• pp.177-185
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• 2005

The purpose of this study is to develop a supporting tool for efficient management, at preconstruction phase, of the schedule risk that is able to generate at construction phase. The main contents of this study to develop a practical tool are as follows. First steel work was selected as a relevant trade and a risk breakdown structure focused on the process of steel work having large effect on total construction process was made. Secondly, the work flow considering schedule risk factor was made and schedule risks that must be managed preferentially through analyzing the grade of importance for risk was selected. Finally, based on above two procedure, the management form for schedule risk was developed It is necessary to accumulate abundant data for schedule risk for other construction process and to develop a manual and a schedule risk management system.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2012.05a
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• pp.143-144
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• 2012

A number of construction projects tied to the concerns and decision-making is also very complicated. In addition, more than any other industry, is inherent in many risk factors. In the course of the construction project on risk factors that exist in the early stages of project risk factors to predict in advance and prepare a project by shortening the construction period and project cost as you can to maximize performance. In this study, I proposed risk management processes and how they are used in web-based schedule risk in the process of change management system, and between 3D CAD, 4D CAD taking into account the linkages, risk management strategy process in the BIM environment.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2006.11a
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• pp.105-110
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• 2006

It is more effective and more efficient to manage schedule and risk at a same time because many risks occur in construction phase in building construction projects. The objective of this paper is to propose a tool that manages risks in a project management software. The tool is implemented by VBA in Microsoft Project, and enables field managers of a construction project to make schedules and to help to predict risks.

• Journal of the Korea Institute of Building Construction
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• v.18 no.4
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• pp.385-394
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• 2018

There have been frequent reports of schedule delays due to various risks of remodeling projects, which are different from new construction. Therefore, this study was carried out to analyze the risk factors inherent in the remodeling project and the likelihood of schedule delay occurrence in the remodeling construction work. To analyze the relationship between the risk factors and the likelihood of schedule delays of remodeling projects, (1) a prototype of the office building remodeling work was developed through the analysis of existing case and literature, (2) a questionnaire survey was conducted on 29 construction managers who have been or are currently conducting remodeling projects, and (3) after evaluating the reliability of the collected questionnaire results, the relationship between the two elements, which denotes (i) likelihood of schedule delays per each work, (ii) importance of risk factors, and (iii) risk factors affecting schedule delay in remodeling work, was suggested. Using the results of this study, it is expected to develop a plan for preventing the schedule delay of the office building remodeling work through control the risk factors that may cause schedule delays.

• International conference on construction engineering and project management
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• 2013.01a
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• pp.459-466
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• 2013

Risk exists in all construction projects and resides among the collection of subcontractors and their array of individual activities. Wherever risk resides, the interrelation of participants to one another becomes paramount for the way in which risk is measured. Inherent risk becomes recognizable and quantifiable within network schedules in the form of consuming float - the flexibility to absorb delays. Allocating, owning, valuing, and expending such float in network schedules has been debated since the inception of the critical path method itself. This research investigates the foundational element of a three-part approach that examines how float can be traded as a commodity, a concept whose promise remains unfulfilled for lack of a holistic approach. The Capital Asset Pricing Model (CAPM) of financial portfolio theory, which describes the relationship between risk and expected return of individual stocks, is explored as an analogy to quantify the inherent risk of the participants in construction projects. The inherent relationship between them and their impact on overall schedule performance, defined as schedule risk -the likelihood of failing to meet schedule plans and the effect of such failure, is matched with the use of CAPM's beta component - the risk correlation measure of an individual stock to that of the entire market - to determine parallels with respect to the inner workings and risks represented by each entity or activity within a schedule. This correlation is the initial theoretical extension that is required to identify where risk resides within construction projects, allocate and commoditize it, and achieve actual tradability.

• Korean Journal of Construction Engineering and Management
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• v.6 no.5 s.27
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• pp.119-127
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• 2005

According to the recent systemic changes such as construction market reduction, five days per week system, introduction of construction duration reduction bidding system and post-construction sale system, the bidding competition have been enhanced. However, there are many construction schedule risks which could delay construction completion. Without the proper identification of construction schedule risks and the structured construction schedule risk management, the competitive advantages of construction project could not be made. Previous researches to solve the problem have been focused on the construction schedule categorization, construction schedule management, and the system development to manage the construction schedule risk. Therefore, this study selected the reinforeced concrete construction as the studied work due to the major impact characteristics on the total construction duration and the quite accident rate, and then proposed the real construction schedule risks of reinforced concrete construction and the construction risk management method based on the previous studies, many times of expert interviews and brainstorming.

• Journal of Construction Engineering and Project Management
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• v.3 no.2
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• pp.21-34
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• 2013

Various risk factors affect construction projects. Due to the uncertainties created by risk factors, actual activity durations frequently deviate from the estimated durations in either favorable or adverse direction. For this reason, evaluation of schedule uncertainty is required to make decisions accurately when managing construction projects. In this regard, this paper presents a new computer simulation model - the Repetitive Schedule Risk Analysis Model (RSRAM) - to evaluate unit-based repetitive building project schedules under uncertainty when activity durations and risk factors are correlated. The proposed model utilizes Monte Carlo Simulation and a Critical Path Method based repetitive scheduling procedure. This new procedure concurrently provides the utilization of resources without interruption and the maintenance of network logic through successive units. Furthermore, it enables assigning variable production rates to the activities from one unit to another and any kind of relationship type with or without lag time. Details of the model are described and an example application is presented. The findings show that the model produces realistic results regarding the extent of uncertainty inherent in the schedule.