• Korean Journal of Construction Engineering and Management
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• v.1 no.1 s.1
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• pp.63-71
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• 2000

The paper considers two non-deterministic methods of analysing the risk exposure in a cost estimate The fist method(referred to as the 'conventional statistical' method) analyses cost data directly, to describe a probability distribution for total cost. The second method(referred to as the 'Monte Carlo simulation' method) interprets cost data directly, to generate a probability distribution for total costs from the descriptions of elemental cost distribution. The common practice of allowing for risk through an all-embracing contingency sum or percentage addition is challenged. Rather than excluding conventional, non-deterministic methods, they are here presented as possibly the only of effective foundation on which to risk management in cost estimating.

• Korean Journal of Construction Engineering and Management
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• v.21 no.1
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• pp.32-39
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• 2020

The purpose of this study is to derive the risk factors that occurred during the construction of the temporary aircraft runway and to analyse the risk costs and loss costs. For this purpose, actual construction data made during the construction of the aircraft runway were investigated. And the risk factors that occurred during the construction work were derived. So the increased construction costs and loss costs due to risk factors were analyzed. The results of this study are as follows: 1)The number of risk factors that occurred during the construction of the aircraft runway was derived from eight. 2)It was calculated that the total risk cost of 5.2million won, the risk cost of the owner's should be 243 million won and the cost of the contractor should be 277million won. 3)Owner's was up 2.36% from its planned budget and the contractor lost -277million won out of its planned profit of 443million won, resulting in a residual profit of 165million won. The results of the study are used as a reference for estimating risk factors and contingency that should be considered in aircraft runway construction.

• Journal of Navigation and Port Research
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• v.43 no.3
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• pp.166-171
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• 2019

Aids to Navigation(AtoN) Accident can reduce the credibility of AtoN by adding extra works to the administrators, and cause burdens and inconveniences to the users during their navigation leading to social costs (or economic losses). Prior research on social cost estimation model to determine the Encounter cost, Administrative cost and Risk cost on the Aton model was done to estimate the economic losses due to AtoN Accident. However, this research could not provide adequate study results on risk cost estimates. Therefore, this study complements the estimation model presented in the previous study, and the estimated social cost of 249 AtoN Accidents that occurred during the last 10 years (2008-2017) in the Busan Regional Office of Oceans and Fisheries jurisdiction area. The risk cost was estimated using contingent valuation method since the AtoN is a non-market goods. As a result, the social cost of AtoN Accidents for the past 10 years was estimated to total 12.4 billion won including Encounter cost of 3.1 billion won (25.38%), Administrative cost of 1.7 billion won (13.62%), and Risk cost of 7.5 billion won (61.01%).

• Proceedings of the Korean Reliability Society Conference
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• 2004.07a
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• pp.207-210
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• 2004

컴퓨터 소프트웨어는 이제 우리의 일상적인 삶에서 필수불가결한 요소이며 시스템의 운용에 중요한 요인이 되었다. 최근에 들어서는 소프트웨어 비용이 하드웨어 비용을 초과하게 되면서 소프트웨어를 개발하는데 필요한 비용과 더불어 소프트웨어 고장에 의한 비용의 중요성이 더 커지게 되었다. 본 논문에서는 Non-Homogeneous Poisson Process(NHPP)에 기초한 소프트웨어 비용 모형을 제안하려고 한다. 개발초기단계에서 출시 전까지의 소프트웨어 개발비용과 테스트비용, 출시이후의 보증기간동안의 제반비용, 소프트웨어 고장에 의한 위험비용 등을 포함하는 소프트웨어 비용 모형을 제안하고 소프트웨어의 최적 출시시기를 결정하는 효과적인 정책을 제시하려고 한다.

• Environmental and Resource Economics Review
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• v.22 no.2
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• pp.367-391
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• 2013

After the Fukushima nuclear accident, the external costs of generating electricity from nuclear power plants such as additional safety compliance costs and possible accident risk action costs have gained increasing attention from the public, policy-makers and politicians. Consequently, estimates of the external costs of nuclear power are very deliberate issue that is at the center of the controversy in Korea. In this paper, we try to calculate the external costs associated with the safety of the nuclear power plants, particularly focusing on additional safety compliance costs and possible accident risk action costs. To estimate the possible accident risk action costs, we adopt the damages expectation approach that is very similar way from the external cost calculation of Japanese government after the Fukushima accident. In addition, to estimate additional safety compliance costs, we apply the levelized cost of generation method. Furthermore, we perform the sensitivity analysis to examine how much these social costs increase the electricity price rate. Estimation results of the additional security measure cost is 0.53Won/kWh ~ 0.80Won/kWh depending on the capacity factor, giving little change on the nuclear power generation cost. The estimates of possible accident risk action costs could be in the wide range depending on the different damages of the nuclear power accident, probability of the severe nuclear power accident and the capacity factor. The preliminary results show that it is 0.0025Won/kWh ~ 26.4188Won/kWh. After including those two external costs on the generation cost of a nuclear power plant, increasing rate of electricity price is 0.001%~10.0563% under the capacity factor from 70% to 90%. This paper tries to examine the external costs of nuclear power plants, so as to include it into the generation cost and the electricity price. This paper suggests one of the methodologies that we might internalize the nuclear power generations' external cost, including it into the internal generation cost.

• Journal of Korean Society of Transportation
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• v.20 no.4
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• pp.213-222
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• 2002

교통사고가 중요한 사회 문제로 대두되어 정부는 교통안전대책의 실질적인 추진 방안으로 "교통사고 잦은 곳"과 "위험도로" 개선사업을 제시·시행하고 있다. 이에 "교통사고 잦은 곳" 개선사업은 추진현황에 따라 각 년도별 기본 개선계획의 평가 및 경제적 타당성에 대한 효과분석이 이루어지고 있다. "위험도로"'의 경우 모든 사업을 건설교통부 산하 국도유지사무소에서 진행을 하고 있으나, 광범위한 사업으로 인한 업무과중 및 개선사업비 조달 등의 문제로 개선된 현황의 체계적인 효과분석이 이루어지지 못하고 있는 실정이다. 이에 따라 본 연구에서는 "위험도로" 개선사업에 대한 효과분석을 수행하여 보다 비용-효율적인 개선사업이 될 수 있는 기반을 마련하고자 한다. 이를 위해 전체 위험도로 구간 중에서 '광주국도유지사무소' 및 '순천국도유지사무소' 관할 구역 내의 "위험도로"로 선정(1995년)된 도로구간 중 1999년 이전에 도로개선공사가 완료된 후 현재 교통소통이 원활하게 진행되는 18개 도로구간을 연구 대상으로 선택하였다. 선택되어진 18개 구간에 대한 도로개선공사 전후의 교통사고건수 및 교통사고율을 효과척도로 삼고 각 사고에 대한 소요비용을 기준으로 경제성 평가를 실시하였다. 이를 근거로 "위험도로" 개선사업에 대한 타당성조사 및 효과분석을 실시한 결과 "위험도로" 개선사업의 타당성이 입증되었다. 연구 분석결과가 전라도 권역의 사업을 중심으로 진행되어져 전국적인 개선사업에 대한 대표성을 가지고 있다고 볼 수는 없으나, 체계적인 분석을 통한 개선사업의 효과를 구체화 할 수 있는 대안을 제시할 수 있을 것으로 사료된다. 더불어 공사 완료된 도로구간에 대한 상세한 공사비 내역과 다수의 개선방안별 자료가 갖추어지면 위험도로의 사고율과 개선방안별 상관관계를 관련 비용을 중심으로 도출함으로서 비용-효율적인 개선 방안을 제시할 수 있을 것이다. 또한 비용-효율적인 개선 방안을 기반으로 한 각각의 사업 투자우선 순위 결정방안에 관한 지속적 인 연구가 요망된다.

• Journal of the Korean Institute of Gas
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• v.15 no.2
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• pp.40-46
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• 2011

The purpose of CBA(cost-benefit analysis) in risk assessment is to show whether the benefits of implementing additional risk reduction methods(RRMs) derived through risk assessment outweigh its costs and it is proper to implement the methods. In this paper CBA has been conducted in order to select the most effective and reasonable RRM as implementing the RRM derived after QRA for the high pressure urban gas pipelines. As conducting QRA again by applying the derived RRMs, No. 10 measure which includes pipeline corrosion monitoring, MOV(motor operated valve) installation and the method to protect pipeline damage caused by third-party mechanical interference has showed the highest risk reduction effect. Also it has been considered to be reasonably practicable by conducting CBA and then is selected as the most effective and reasonable RRM on the objects of this paper.

• Journal of Distribution Research
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• v.9 no.1
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• pp.25-45
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• 2004

As electronic commerce establishes itself as a viable and competitive channel, this research compares the attractiveness of online and offline purchase from a transaction cost perspective. In the process, we propose a framework that integrates transaction cost with purchase decision process and product type. Specifically, the paper proposes and tests hypotheses regarding the difference between online and offline channels with respect to the transaction costs incurred in each stage of the purchase decision process. These differences are further compared across different product types categorized according to the FCB Grid. A total of 24 hypotheses were tested by conducting a questionnaire survey on university students. The results showed that 19 out of 24 hypotheses were supported. Following a detailed presentation of the analysis results, the paper concludes by discussing the academic and managerial implications of the findings.

• Environmental and Resource Economics Review
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• v.28 no.3
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• pp.355-383
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• 2019

This study is to investigate whether averting costs for wearing $anti-PM_{10}$ masks and using air purifiers at home to reduce exposure from $PM_{10}$ are influenced by subjective risk perceptions and/or objective $PM_{10}$ concentration levels, whose estimates will be used to measure the willingness to pay for $PM_{10}$ risk reduction. An empirical analysis was conducted on a sample of 1,224 respondents who participated in the web-based survey in the late October of 2017. As we reflect the potential endogeniety bias in the estimation of averting cost functions of using air purifiers, the coefficients of risk perception were differed by 6~7 times. Respondents. subjective risk perceptions were influenced by individuals' knowledge, attitudes and demographic variables, as well as the levels of $PM_{10}$ concentrations in their residential region. The marginal willingness to pay for risk reductions at the mean levels of their risk perceptions were measured at 1,000 won per month from wearing $anti-PM_{10}$ masks and 6,000 won for using air purifiers respectively.

• Journal of the Korea Convergence Society
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• v.6 no.5
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• pp.1-8
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• 2015

The data of fair value hierarchy is expected to contain different degree of measurement error, information asymmetry, and information risk by the level of hierarchy. Thus, this study examines how hierarchy of fair value discriminately influences on companies' cost of capital. Through regression analysis of corporations listed from 2011 to 2014, it turns out that the regression coefficient of level 1 and 2 of fair value variable vary their rank by cost of capital types, while level 3 contains the highest regression coefficient for every cost of capital variable. In addition, further study of how the relevance between cost of capital and the fair value hierarchy gets affected by market risk management level and audit quality finds no consistent results. However, by analyzing the effect of coincident interaction through the convergence of market risk management and audit quality, when audit quality and market risk management level are high, the effect of relieving cost of capital of Level 3 gets the highest. In conclusion, fair value hierarchy data seems to affect discriminately on cost of capital by involved information risk, and the information risk could decrease by the level of market risk management and audit quality.