• Korean Journal of Construction Engineering and Management
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• v.13 no.5
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• pp.12-24
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• 2012

The Risks in undertaking a construction project comes from many sources and often involves many participants in the project. This study has identified various kinds of risks, assessed the risk factors quantitatively and suggested risk management method for response pertinent in Design Build(Turn Key)type of projects in Korean context. A questionnaire was designed comprising of 145 possible risks in all types of construction projects. The population from owner, consultant and contractor groups was asked to indicate the risks applicable in DB projects. 25 numbers of critical risks in DB projects were identified and further analyzed for reveling inherent relationship between them through factor analysis. Factor analysis revealed 8 risk factors in DB projects. Construction site related, contract related and design related risk factor consisted about 72% of total risk weight. It has been found out about 6%, while considering the mutual dependency, it is about 10% of total cost of DB project. Therefore, It is suggested that 6% to 10% of construction amount as contingency has to be made provision for risk responses in the DB projects.

• Journal of Navigation and Port Research
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• v.40 no.3
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• pp.147-157
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• 2016

The trend of globalization and the development of the communication-Information technology have led the organization of a complex supply chains which are more vulnerable to risks. The impact of risk on the supply chain can be adverse so importance of risk management on a supply chain has increased. In order to analyze the risk factors of transport system, this study described about the definition of transport risk and investigated the relationship between likelihood index and effect index of each risk factor. We identified risk factors on transport system and measured likelihood index and effect index of each risk factor. Finally, a numerical risk index, which is a value of total transport system, has been resulted by aggregating all indices. In addition, a case study using the proposed method has done on a heavy vehicle transport context with a transport company.

• Journal of Korean Tunnelling and Underground Space Association
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• v.14 no.6
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• pp.667-681
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• 2012

In general, risk management consists of a series of processes or steps including risk identification, risk analysis, risk evaluation, risk mitigation measures, and risk re-evaluation. In this paper, potential risk factors that occur in shield TBM tunnels were investigated based on many previous case studies and questionaries to tunnel experts. The risk factors were classified as geological, design or construction management features. Fault Tree was set up by dividing all feasible risks into four groups that associated with: cutter; machine confinement; mucking (driving) and segments. From the Fault Tree Analysis (FTA), 12 risk items were identified and the probability of failure of each chosen risk item was obtained.

• Korean Journal of Construction Engineering and Management
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• v.3 no.2 s.10
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• pp.75-86
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• 2002

The construction market is diversely changing because social environmental factors are rapidly transforming. Therefore, Construction projects are becoming complex and diverse. Furthermore, the risk being inherent in construction projects are increasing, and now people are considering about the risk management of construction projects in successfully handling the risk factor. The purpose of this study is first to comprehend the preparation of basic references for objective and systematic identification, categorization, and analysis of risk. Secondly it is to find the principle elements within the risk factors identified and categorized around planning process. Finally it is to manage objectively on the planning process, which forms a lot of uncertainty, in order to accentuate the importance about the risk of pre-planning process stage

• The KIPS Transactions:PartD
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• v.19D no.3
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• pp.257-262
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• 2012

The aim of this study is to present the importance of Risk Management and Risk Classification System in Supply Chain to cope with the rapidly changing distribution environment flexibly through the cooperation between a shipper and a distribution company. First of all, we considered existing studies related to the risks of Supply Chain Risk and analyzed 47 different risk factors by 18 kinds of risk causing factors. Second, we collected opinions of corporation specialist group based on the analyzed risk factors and then classified the risk factors into three categories and ten sub-categories. Third, we conducted a survey targeting shipping companies and distribution companies about classified risk and then verified the validity of Supply Chain Risk Classification using verification techniques such as Confirmatory Factor Analysis, Concentration Validity and Distinction Validity. Finally, we suggest some implications based on the verification results.

• Korean Journal of Construction Engineering and Management
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• v.13 no.4
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• pp.89-99
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• 2012

Urban regeneration projects tingeing the shape of mixed-use development, due to the nature of the business, involve risk factors such as protracted business conflict among participations, subjects, complex approval and permission procedure, frequent policy changes, etc. Therefore, systematic risk management is needed to effectively manage the numerous risk factors that may occur during the process course of project. However, risk management of large and complex development projects such as urban regeneration projects is in the introduction stage yet and somewhat one time risk management plan has been established. Therefore, in this study, in order to systematic risk management of urban regeneration projects inhered numerous risk factors, risk factors for urban regeneration projects through preceding studies and case studies were presented. Also risk factors are classified in accordance with business propulsion phase, by estimating the importance for these, step by step emphasis on managed subjects of risk management was proposed.

• Korean Journal of Construction Engineering and Management
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• v.12 no.4
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• pp.139-148
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• 2011

u-City projects are different with the existing urban development projects progress via convergence with IT technology. Therefore, it inheres many risk factors more than the existing development projects as including more complexity and variety. The risk management system to systematically manage those risks which get identified and quantified is required. Especially, the planning phase that is appeared the various forms has a large effect on the success of the business. However, the management of risk factors remains in the passive form. So the problems on u-City project in the planning phase and risk factors of existing development business were analyzed for the continuous growth and the successful performance of u-City project, and those risk factors was identified and quantified by using statistical technique. In the results of it, the core risk factors were obtained through which way and the basis for the effective risk management in u-City business is provided.

• Korean Journal of Construction Engineering and Management
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• v.16 no.1
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• pp.15-23
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• 2015

In the construction industry, risk management has gained constant attention as the factor not only to evaluate global competitiveness of the country but also to secure competitiveness of public institutions and private companies. For effective construction risk management, the specific work process improvement that can be employed in the field in terms of risk management of the entire corporation such as financial, insurance and safety management is necessary. To manage construction risks, what is important is the step to identifying inherent risks in the construction project. The identification of risks will be followed by the step to seeking ways to establish and manage strategies responding to the risks. This study suggests ways and processes to make a checkslit to identify risks through case studies. To that end, the focus will be placed on working process improvement of risk identification among stages to manage construction risks such as risk identification and analyses, planning to respond to risks, risk monitoring and management. The case study checklists show that setting up the system to classify risks by stage is helpful to figure out causes of risks to reduce or eliminate risk factors. The checklist making process that considers features of the project is expected to contribute to successful completion of the project by enabling effective risk identification and systematic risk management.

• Korean Journal of Construction Engineering and Management
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• v.9 no.5
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• pp.168-175
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• 2008

Project risk factors are major triggers in cost performance in construction projects. Both owners and contractors are highly concerned in managing their risks in earlier times. As such, it is needed to provide a robust risk evaluation methodology in identifying and assessing the potential risks before project execution. In previous research, risk identification was conducted only in specific phases, i. e., design, procurement, construction. Therefore, the comprehensive approach in risk management was limited and their quantifying method was not well-defined. Since the benefit of planning in earlier times are maximized compared to later times, the risk management should be implemented in earlier planning stage. This study provide a new risk evaluation method by incorporating previous research and extensive literature review. By quantifying each risk factor from an extensive industry survey, the proposed tool can enhance the reliability of each factor weight and also the weights are categorized from a various perspectives, i.e., owners, contractors, lager-scale company, smaller-scale company, building projects. The proposed tool can be also useful in deciding on whether to proceed a particular project and How much the project contingency would be set aside in project execution. The study findings can also expedite the risk management procedure in a more systematic approach.

• The Journal of the Korea Contents Association
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• v.17 no.5
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• pp.574-590
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• 2017

The purpose of this paper is the provision of a decision-making tool for developers to identify the project risks for under-consideration overseas independent power projects (IPPs), and to analyze the priority and importance weights of the risks through the employment of a fuzzy multi-criteria decision-making (MCDM) approach. A fuzzy MCDM is the calculation method for which the imprecision of each respondent's unique opinion is considered. Through the extensive literature surveys that were conducted for this paper, eight major project finance (PF) risks have been derived credit risk, completion risk, market risk, fuel risk, operating risk, financial risk, environmental risk, and force majeure. The empirical results show that the market risk is the most important risk factor in terms of overseas IPPs, thereby confirming that the long-term power purchase agreement (PPA) guarantee of the host country is one of the most important corresponding factors for the PF.