• 국제학술발표논문집
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• The 6th International Conference on Construction Engineering and Project Management
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• pp.463-467
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• 2015

Mega-shock means a sporadic event such as the earning shock, which occurred by sudden market changes, and it can cause serious problems of profit loss of international construction projects. Therefore, the early response and prevention by analyzing and predicting the Mega-shock is critical for successful project delivery. This research is preliminary study to develop a prediction model that supports market condition analysis and Mega-shock forecasting. To avoid disadvantages of classic statistical approaches that assume the market factors are linear and independent and thus have limitations to explain complex interrelationship among a range of international market factors, the research team explored the Fractal Theory that can explain self-similarity and recursiveness of construction market changes. The research first found out correlation of the major market factors by statistically analyzing time-series data. The research then conducted a base of the Fractal analysis to distinguish features of fractal from data. The outcome will have potential to contribute to building up a foundation of the early shock warning system for the strategic international project management.

• 국제학술발표논문집
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• The 3th International Conference on Construction Engineering and Project Management
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• pp.1414-1418
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• 2009

International construction projects typically manifest difficult, complex, and varied types of risk exposures; because of this, there is a need for accurate evaluation of risk-integrated performances during the timeframe of project execution. Given the financial crisis currently affecting the world economy recession, risk management has become a more crucial part for the success of international project management. However, the majority of risk management approaches, particularly for overseas projects, are focused primarily on simple forms of checklists, formalization of risk variables affecting project performance for a specific phase, or more complicated computational methods that restricting practical utilization in real-world projects; moreover, these methods lack the conceptual basis to broadly visualize the level of risk over all phases of a project. This study suggests an efficient, yet simple risk-integrated total index to successfully assess the risk levels of overseas construction projects. To this end, this paper first investigates the life cycles and key processes of decision-making for a given project and then derives formulas to represent the total risk index (TRI) along the key decision-making processes. In addition, the study examines the relationships between TRI and performance levels based on the analysis of 126 real-world project samples. Validations using the proposed TRI showed a high correlation to project performance, signifying the usefulness of the proposed approach for construction firms when investigating the level of risks and key areas for management focus.

• 국제학술발표논문집
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• The 3th International Conference on Construction Engineering and Project Management
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• pp.1000-1014
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• 2009

Research sponsored by the Korean Government investigated the establishment of a risk management process by Korean contractors involved with plant projects in the Middle East. This research effort builds upon the work completed by the Construction Industry Institute (CII), called the International Project Risk Assessment (IPRA) tool and method, and also explored how CII's Project Definition Rating Index (PDRI) could be incorporated to improve project planning by addressing risks and scope development issues. Specific findings and recommendations were developed including the creation of the Contractor Critical Areas of Concern (CCAC) risk screening tool for Korean contractors pursuing Middle East oil and gas projects.

• 국제학술발표논문집
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• The 6th International Conference on Construction Engineering and Project Management
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• pp.213-216
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• 2015

Despite the significant increase of Korean contractors in the international construction market, many SMCCs (Small & Medium Construction Companies) have suffered in the global financial crisis, and some of them have been kicked out of the international market after experiencing huge losses on projects. SMCCs face obstacles in the international market, such as an insufficient ability to gather information and inappropriate management of associated risks, which lead to difficulties in establishing effective business strategies. In other words, making immature decisions without an effective business strategy may cause not only the failure of one project but also the bankruptcy of the SMCC. To overcome this, the research presented herein aims to propose a decision support system for SMCCs, which would screen projects and make a go/no-go decision at the early stages of international projects. The proposed system comprises a double axis: (1) a profit prediction model, which evaluates 10 project properties using an objective methodology based on a historical project performance database and roughly suggests expected profit rate, and (2) a feasibility assessment model, which evaluates 17 project environment factors in a subjective and quantitative methodology based on experience and supervision. Finally, a web-based system is established to enhance the practical usability, which is expected to be a good reference for inexperienced SMCCs to make proper decisions and establish effective business strategies.

• 국제학술발표논문집
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• The 1th International Conference on Construction Engineering and Project Management
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• pp.1237-1243
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• 2005

International construction projects are exposed to various and complicated risk factors stemming from different political, economical, social, and cultural backgrounds, which make contractors entering into international construction to experience severe losses. It implies that overseas markets do not necessarily secure the high return, which is typically expected to in the high risky attempts. Accordingly, contractors need to evaluate various risk factors faced with overseas construction projects that can possibly aggravate the profitability. This paper aims at establishing a valid groundwork for further research on developing the integrated risk management model. For this end, it analyzes the long-term trend of profitability on total of 3,487 projects performed by Korean global contractors in world-wide construction markets during the last four decades. Then, it investigates the possible factors/causes of bad profit that have affected the profitability significantly through the structured surveys of 90 real overseas projects based on the project-specific information and experiences of Korean contractors in overseas markets. Furthermore, it analyzes relative importance of these factors/causes and identifies the important features expected for the risk management of international construction projects. Finally, vital distinctions between success and failure projects and lessons learned to improve profitability are then distilled.

• 국제학술발표논문집
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• The 5th International Conference on Construction Engineering and Project Management
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• pp.451-458
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• 2013

This research documents the initial findings and recommendations for developing a risk management tool to assess and quantify the risks associated with the construction of the next generation of nuclear power plants. The proposed tool builds upon the Construction Industry Institute's International Project Risk Assessment (IPRA) Best Practice. This paper provides an overview of the investigation to assess the unique risk elements pertaining to nuclear power plant construction and documents the preliminary findings from historical project performance data to better understand the function and use of the IPRA's Relative Impact value.

• 한국건축시공학회:학술대회논문집
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• 한국건축시공학회 2015년도 춘계 학술논문 발표대회
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• pp.107-108
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• 2015

It's became essential that Korea construction companies should enter into the overseas construction market for their growth and sustainability. In order to comply with the client's required global standard and to compete with in the international market, the shifting the construction project management system to global level is required. In accordance with the demand, this paper proposes the top-level document of construction project management system as a to-be model that utilized in overseas construction projects. The project management plan ("PMP") suggested in this paper is not only the most appropriate one, which complies with the global standard, to be used when companies bid for international construction projects against foreign competitors but also has the process modeling and hierarchical structure.

• 국제학술발표논문집
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• The 4th International Conference on Construction Engineering and Project Management Organized by the University of New South Wales
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• pp.534-541
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• 2011

Risk evaluation approaches for bidding on international construction projects are typically partitioned into three stages: country selection, project classification, and bid-cost evaluation. However, previous studies are frequently under attack in that they have several crucial limitations: 1) a dearth of studies about country selection risk tailored for the overseas construction market at a corporate level; 2) no consideration of uncertainties for input variable per se; 3) less probabilistic approaches in estimating a range of cost variance; and 4) less inclusion of covariance impacts. This study thus suggests a three-staged risk evaluation model to resolve these inherent problems. In the first stage, a country portfolio model that maximizes the expected construction market growth rate and profit rate while decreasing market uncertainty is formulated using multi-objective genetic analysis. Following this, probabilistic approaches for screening bad projects are suggested through applying various data mining methods such as discriminant logistic regression, neural network, C5.0, and support vector machine. For the last stage, the cost overrun prediction model is simulated for determining a reasonable bid cost, while considering non-parametric distribution, effects of systematic risks, and the firm's specific capability accrued in a given country. Through the three consecutive models, this study verifies that international construction risk can be allocated, reduced, and projected to some degree, thereby contributing to sustaining stable profits and revenues in both the short-term and the long-term perspective.

• 한국건축시공학회:학술대회논문집
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• 한국건축시공학회 2014년도 춘계 학술논문 발표대회
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• pp.184-185
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• 2014

International construction contracts to Korean construction companies have been dramatically increased over the 48 years (Contract received worth 65.2 billion dollars in 2013). Especially, the plant construction sector has achieved about 61% among the 65.2 billion dollars. Under this trend, in order to ensure plant construction's competitiveness, 'standard classification' is an important area for systematic management. However, these standards in the plant construction are not widely utilized yet, in comparison with civil and building sectors. Therefore, in this research, a higher level of standard classifications is proposed for various types of power plants from a PMO's (Project Management Office) perspective. This study also provides a comparative analysis outlining different features and common components based on various types of power plants.

• 국제학술발표논문집
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• The 7th International Conference on Construction Engineering and Project Management Summit Forum on Sustainable Construction and Management
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• pp.260-262
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• 2017

During the construction of the project, all surveying and mapping work is collectively referred to as engineering survey. Therefore, the measurement work contains a wide range of content, in the engineering survey, design and construction management stage are involved. To the actual work, the project measurement runs through the project building in a number of stages, and provide basic services. This paper mainly through the analysis of engineering measurement at all stages of the role played by the measurement work in the project management work to do the following description.