• Korean Journal of Construction Engineering and Management
• /
• v.20 no.5
• /
• pp.125-136
• /
• 2019

This study investigated checked risk level before bid, actual risk level after award, contingency, and cost growth rate in the 124 international construction projects executed by Korean major companies. This study conducted comparative analysis by product type using rank analysis, ANOVA and correlation analysis. As a result, plant and civil projects have worse risk level than architecture projects not only in before bid but also in after award. Especially, country risk is the worst risk in both plant and civil projects, followed by project risk and capability risk. Also, although plant and civil projects reflect more contingency than architecture projects, contingency is not correlated with the checked risk level before bid. Lastly, the cost growth rate is correlated with the actual risk level in all product types. This study is expected to support in planning better practical risk management for international construction projects.

• Proceedings of the Korean Institute Of Construction Engineering and Management
• /
• 2006.11a
• /
• pp.295-300
• /
• 2006

In this research, risk factors which can raise project cost are identified in the initial stage and picked out through the decision maker's baseline. And also this probable risks are implemented to the project cash flow to estimate the contingency and to build a risk management system in the level of project. The risks that affect the projects profits were classified in two categories in the risk checklist. Firstly, financial risks derived from the external economic conditions for example exchange rate, escalation, interest rates etc. are analyzed through the stochastic methods, Monte-Carlo Simulation. Secondly, the project individual risks which are come from the project characteristics, for example country risk, clime, owner etc., are evaluated using the utility curve of the decision maker. Finally these risk analysis methods are used to forecast the actual project cash flow and final profit.

• Journal of Korean Tunnelling and Underground Space Association
• /
• v.18 no.1
• /
• pp.1-12
• /
• 2016

When utilizing a Tunnel Boring Machine (TBM) for tunnelling work, unexpected ground conditions can be encountered that are not predicted in the design stage. These include fractured zones or mixed ground conditions that are likely to reduce the stability of TBM excavation, and result in considerable economic losses such as construction delays or increases in costs. Minimizing these potential risks during tunnel construction is therefore a crucial issue in any mechanized tunneling project. This paper proposed the potential risk events that may occur due to risky ground conditions. A resistivity survey is utilized to predict the risky ground conditions ahead of the tunnel face during construction. The potential risk events are then evaluated based on their occurrence probability and impact. A TBM risk management system that can suggest proper solution methods (measures) for potential risk events is also developed. Multi-Criterion Decision Making (MCDM) is utilized to determine the optimal solution method (optimal measure) to handle risk events. Lastly, an actual construction site, at which there was a risk event during Earth Pressure-Balance (EPB) Shield TBM construction, is analyzed to verify the efficacy of the proposed system.

• Water for future
• /
• v.54 no.1
• /
• pp.61-66
• /
• 2021

• Proceedings of the Safety Management and Science Conference
• /
• 2005.05a
• /
• pp.461-466
• /
• 2005

미래는 어쩔 수 없이 불확실하다. 더욱이 현대 프로젝트의 다국적화, 거대화, 복잡화 현상은 프로젝트 성공과 관련된 미래 예측을 더욱 불확실하게 만들고 있다. 이러한 불확실성의 증가 현상은 모든 산업에 있어서 일반적인 것이며, 결과적으로 리스크에 대한 관리의 필요성을 더욱 증폭시키고 있다. 관리되지 않은 프로젝트 리스크는 프로젝트의 실패의 원인이 되며, 나아가 조직의 위기로 발전된다. 따라서 프로젝트 리스크는 프로젝트 팀을 포함한 전체 조직 차원에서 관리되어야 한다. 본 연구에서는 프로젝트의 전반에 걸쳐서 체계적인 리스크 관리를 위해 프로세스를 중심으로 서술하였다.

• Proceedings of the Korean Institute Of Construction Engineering and Management
• /
• 2004.11a
• /
• pp.423-426
• /
• 2004

Costs of public rental housing development project consist on various kinds of profits and expenses such as national housing fund, rental cost, construction cost, financing cost. Therefore, project would not be executed without minute management and precise prediction about each item. Cash (low prediction and analysis are necessary to grasp current situation of project, because construction project which is conducted for a long period has fluent risks and inflows and outflows of cash. Although cash flow analysis has been conducted, cash flow has never been expected and managed. General matters to expect cash flow can be known by actual results and literatures. Hut there is no thesis which is studied about risk to enhance precision of expectation of cash flow. As existing thesises studied the risk about whole project, we haven't known precise relations of cash flow and project. Therefore, in this study, we are supposed to analysis and distinguish risk facts which can affect each item of cash flow for precise cash flow expectation and management of public rental housing development project.

• Construction Engineering and Management
• /
• v.25 no.2
• /
• pp.10-13
• /
• 2024

• Korean Journal of Construction Engineering and Management
• /
• v.18 no.2
• /
• pp.71-80
• /
• 2017

In recent years, the reduction of international award and project loss by Korean contractors have become a big issue not only in industry but also in academic fields. However, many researches have not focused on small and medium subcontractors but on the large contractors, even though the number of international project by small and medium companies is more than by large companies. Therefore, this study focuses on analyzing the predicted risk before bid and the actual risk after award in international subcontracting projects. In addition, it provides the difference between project performances according to the contract types and the project profitability. This study is expected to give more informed risk knowledge to small and medium subcontractors, which enables them to pay attention to managing risk for better project performances.

• Proceedings of the Korean Institute Of Construction Engineering and Management
• /
• 2006.11a
• /
• pp.105-110
• /
• 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 Korean Data and Information Science Society
• /
• v.25 no.6
• /
• pp.1333-1343
• /
• 2014

Hansen and Lund (2005) documented that a univariate GARCH(1,1) model is no worse than other sophisticated GARCH models in terms of prediction errors such as MSPE and MAE. Here, we extend Hansen and Lund (2005) by considering multivariate GARCH models and incorporating risk management measures such as VaR and fail percentage. Our Monte Carlo simulations study shows that multivariate GARCH(1,1) model also performs well compared to asymmetric GARCH models. However, we suggest that actual model selection should be done with care in light of risk management. It is applied to the realized volatilities of KOSPI, NASDAQ and HANG SENG index for recent 10 years.