• International conference on construction engineering and project management
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• 2020.12a
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• pp.323-330
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• 2020

Project delays, cost overruns, and disputes are becoming a norm for the construction industry in Hong Kong. Researchers argue that the inability of traditional contracts to manage risk and associated changes are perhaps the main points of contention. The Institution of Civil Engineers published a new engineering contract (NEC), NEC4 Suite of Contracts in this to facilitate better risk management through collaborative culture in construction projects. NEC aims to increase the chances of project success thought its flexible nature of contracts, 'simple' and 'clearly written' documents and provision for the incentive by adopting a better management approach. This paper focuses on traditional and NEC contracts to compare risk management and change management aspects. Through literature review and preliminary interviews with three industry professionals, the paper is exploring how a change in traditional contracts can recuperate from disaster. Our interviewees in this work have extensive experience in traditional as well as in NEC contracts. The results suggest a proactive risk management provisions in NEC contracts does make a difference to avoid later escalation of issues. Whereas, management of change helps streamline all identified issues through a structured process without going in mediation or litigation. NEC, with its new approach to collaborative working, allows partners to be vigilant, yet gratifying in the project process.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.1035-1043
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• 2020

Project manager plays a very important role in the success of any project. The primary duty of the project manager is to combine the outcomes or results of the various processes and activities of project management into a systematic project management strategy or plan for the project. In the construction industry, a lack of motivation is an urgent problem for many project managers in construction and engineering projects. Lack of motivation affects the quality and productivity of jobs, reducing profits and growth for companies, businesses, contractors or organizations that rely on human resources. The reasons for this lack of motivation are diverse ranging from salary to culture to life and working environment, among others. Through surveys and data analysis using Cronbach's Alpha reliability and EFA (Exploratory Factor Analysis), our research scaled the factors affecting work motivation of project managers in the construction industry in Vietnam. The research results identified six major groups of relevant factors including (i) salary and benefits, (ii) work environment, (iii) promotion opportunities, (iv) organizational culture, (v) interest in the job, and (vi) relationship with the organization. From there, this paper contributed useful information as well as measures for businesses, companies, contractors or organizations in the construction industry.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.250-253
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• 2003

Many construction companies have been trying to extend their businesses to the development projects after IMF. Project financing was introduced to the construction market and has been popular with construction companies which can not furnish funds for project by themselves. But, there are so many problems that project financing has not been activated in the construction field. One of the main factors that disturb activation of project financing is distrust about construction management among participants. This distrust is caused by the lack of speciality, objectivity, clearness about CM. So, to process business successfully, they need specialty and objectivity for the construction management. In this research, I analyzed the role and duty of the main participants about CM in the development project ana suggested an advanced management structure in order to activate project financing in the development projects.

• Korean Journal of Construction Engineering and Management
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• v.7 no.5
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• pp.53-63
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• 2006

Since 2005, the government began to introduce and promote a new project delivery system, BTL(Build, Transfer, and Lease), in order to provide high level of public services for the upgraded quality of life and to boost the domestic and local construction economy. However, the lack of experiences in the new system by the constituents from diverse economic sectors brought a number of drawbacks from each constituent's perspective such as improperly low earning rate, excessive expenses for preparation of the project proposal, imbalanced regulations, heavy cost and procedures to establish SPC, the ineffective structure of the consortium, the short-term oriented evaluation criteria for the selection and so forth. These drawbacks turned out to be obstacles for the successful BTL projects. Hence, this paper analyzes the above issues and conducts the interviews with the professionals from the diverse sectors in order to propose the changes to resolve those for the improvement and finally to deliver the successful BTL projects for the diverse public owners.

• Asia Pacific Journal of Business Review
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• v.5 no.2
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• pp.19-44
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• 2021

Sub Saharan Africa (SSA) is receiving increased investments in the energy sector under the belt and road initiative (BRI) project since its inception in 2013. SSA has a worse energy efficiency ratio coupled with deficient electricity access, through analysis showed varied impacts on the SSA countries due to the BRI initiative. This study dilves into the influencing factors for Energy Efficiency (EE) in 38 SSA countries, applying the probit and logit approach for 2000-2018. The Multiple-regression model shows significant results of some variables such as foreign direct investment, gross domestic product, and port infrastructure quality being significant on EE under BRI initiative countries. However, the logit and probit models produce similar results and the marginal effect for the entire variable, except energy imports that do not likely impact EE. Furthermore, the interaction of quality of port infrastructure and foreign direct investment variables produces significant results, highlighting the increased investments SSA receives under the BRI initiative in the energy and transport sectors. The model Percent correctly predicted (PCP) value was about 84%, indicating it correctly classified the variables and about 16% not classified. The study recommends EE performance standards should be incorporated on energy projects in SSA to ensure that these projects are energy efficient and decouple SSA's energy demand from economic growth. The research proffers suggestions for policy regarding the BRI initiative in SSA and the implications on sustainable energy and building a community with a shared future.

• Korean Journal of Construction Engineering and Management
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• v.10 no.1
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• pp.146-155
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• 2009

In the construction industry, success or failure depends on the capability and role of the project owner's organization, which has an effect on the peoples' lives and national finance because of a lot of involvement from the project owner. Therefore, it is required that the project owner has the sufficient capability for the success of relevant industry and the further development of whole industry. Therefore, at the viewpoint of successful accomplishment of the construction industry, systematic and in-depth research that defines and evaluates the capability of the project owner's organization is necessary. As-Is and To-Be competency can be measured by the individual areas and elements through the survey. By evaluating these capabilities simultaneously, it is possible to assume not only the project owner's organizational competency but also constant other capabilities. It is become to make plans for strengthening the capabilities and to establish the strategy, by catching which capabilities are really necessary. It will result in positive effects on improving the capabilities of the project owner's organizational competency.

• The Journal of Asian Finance, Economics and Business
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• v.3 no.1
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• pp.5-14
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• 2016

This paper investigates announcement effects of the outward foreign direct investment (FDI) projects of the Korean multinational companies. Although the FDI is considered corporate activity that can provide various benefits beyond financial resources, the most previous research focused on macro analysis such as country-level and industry-level analysis instead of the firm-level study, which is required to decide the investment project from a management perspective. Thus, this study examines the relationship between the outward FDI activities of the Korean corporations and their financial performance to fill the gap in this area.

• International conference on construction engineering and project management
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• 2011.02a
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• pp.389-394
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• 2011

In many parts of the world, low cost housing used to be built and maintained by the governments, based on designs and detail specifications prepared by the public sector with construction carried out by contractors. Results vary due to differences in design standards, workmanship and property management, depending also on the neighbourhood's care of the estates and their pattern of usage. In the UK, where Private Finance Initiative (PFI) has been used for infrastructure projects, there have been successful cases of city estate being transformed by PFI. These PFI housing schemes involve new-build, refurbishment as well as facility management. Unlike traditional construction, which is based on prescriptive specifications, PFI housing is based on output specifications. A study has been undertaken to compare the two specification approaches as they are applied to housing estate. Results are enlightening and serve as good reference to cities such as Hong Kong SAR and Singapore, where public housing provisions have been a major concern of their citizens as the building stock gets older.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.50
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• pp.215-250
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• 2011

Korean won overseas construction projects worth 71.6 billion US Dollars in 2010, which exceeded that of 2009 by 45.6%. An overseas construction project is a transaction of large scale, long term project, many parties participating, deferred payment, and of high-technology. It contributes to foreign currency earning, and also leads the nation's export restructuring work towards high value-added one. There are various kinds of risks towards the relevant parties respectively, which are key elements in successfully performing the overseas construction project. There are completion risk, financing risk, operating risk, revenue risk etc, in an employer's place. A contractor may be confronted with payment risk, issuance risk of performance bond, financing risk, performance risk of sub-contractors, and exchange rate risk. In lenders place there are repayment risk, completion risk, and political risk in the host country. In order to mitigate risks, the parties shall take relevant measures or require relevant securities. A contractor needs to evaluate the credibility of an employer in respect of payment risk, and can also request export insurance cover by the Korea Trade Insurance Corporation(the former 'Korea Export Insurance Corporation"). An employer can require a contractor to provide performance bond in respect of completion risk, and employ a well-known first class bank as a mandated arranger to arrange financing with regard to completion risk. Lenders needs to evaluate the credibility of an employer and accomplish feasibility study of the project. Lenders can request insurance cover from export credit agency. Once the parties assess the respective risks and obtain relevant securities, the project will be successfully completed. The success of the project will be sure to bring the parties involved enormous profits and another opportunity to participate in overseas construction project afterwards.

• Journal of Internet Computing and Services
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• v.15 no.4
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• pp.57-65
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• 2014

Risk factors are the reason behind cost overruns and delays in long-term large-scale IT service projects. Major risks originate from the integration of complex IT system components, including software, hardware, and solutions; the competitive bidding process; the turnkey and firm-fixed price nature of contracts; and the project execution environment. We have identified several risk factors such as delay in acceptance, low quality of deliverables, delay in payment, adding and changing requirements and scope, unclear definition of roles and responsibilities of the buyer and supplier, and unclear procedures of change and quality management during the project execution phase. One needs to manage risks proactively before signing the contract. In order to weed out or lower the risk factors well in advance, we need to identify and remove risk factors contained in contract clauses and attached contract documents. We propose a checklist for assessing IT service project contracts. To validate the checklist's utility, we applied it to an IT service project in the finance industry. The results show that the checklist is effective in identifying and removing risk factors pertaining to IT service projects.