• Korean Journal of Construction Engineering and Management
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• v.17 no.5
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• pp.13-21
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• 2016

Insolvency of construction companies that play the role of main contractors can lead to clients' losses due to non-fulfillment of construction contracts, and it can have negative effects on the financial soundness of construction companies and suppliers. The construction industry has the cash flow financial characteristic of receiving a project and getting payment based on the progress of the construction. As such, insolvency during project progress can lead to financial losses, which is why the prediction of construction companies is so important. The prediction of insolvency of Korean construction companies are often made through the KMV model from the KMV (Kealhofer McQuown and Vasicek) Company developed in the U.S. during the early 90s, but this model is insufficient in predicting construction companies because it was developed based on credit risk assessment of general companies and banks. In addition, the predictive performance of KMV value's insolvency probability is continuously being questioned due to lack of number of analyzed companies and data. Therefore, in order to resolve such issues, the Bayesian Probabilistic Approach is to be combined with the existing insolvency predictive probability model. This is because if the Prior Probability of Bayesian statistics can be appropriately predicted, reliable Posterior Probability can be predicted through ensured conditionality on the evidence despite the lack of data. Thus, this study is to measure the Expected Default Frequency (EDF) by utilizing the Bayesian Probabilistic Approach with the existing insolvency predictive probability model and predict the accuracy by comparing the result with the EDF of the existing model.

• Korean Journal of Construction Engineering and Management
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• v.15 no.3
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• pp.12-22
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• 2014

In recent, many Korean contractors have tried to extend their business area into the overseas construction market, mainly as a result of a reduction in their domestic construction market. However in terms of risk, overseas construction projects are likely to face a number of unpredictable problems, many of which occur as a result of differences in contract cultures and construction environments between Korea and other countries. One key issue facing overseas construction projects in particular, is that of sub-contracting and control, and the way in which many countries of Commonwealth of Nations operate a unique subcontracting method well known as a nominated sub-contractor(NSC). This paper introduces the NSC system and differences as comparing among standard construction contract forms, such as JCT, SIA, HKIA and PAM. in UK and Asian Commonwealth of Nations. Also, we attempt to classify the type of the NSC system through the consideration of NSC clauses in accordance with the objection and termination of NSC contracting respectively.

• Journal of Korean Society of Transportation
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• v.28 no.2
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• pp.135-150
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• 2010

This paper focuses on finding out which covenants are different among the concession agreements of Korean BTO projects and how these influenced IRR(Internal Rate of Return). That is, to figure out the political and economical determinants of IRR by analyzing the concession agreements which are the basic contract of implementing projects. As IRR is an index of profitability, so spread is an indicator of risk to collect debts. That's the reason why the analysis of spread is included. For the empirical analysis, the data of concession agreements for 75 projects and financial models are used. These 75 concession agreements are contracted from 1995 to 2008. The dependent variables are after tax nominal IRR and the spread of long term interest rates of 75 BTO projects. The independent variables are project's proceeding factors, the feasibility variables, the variables related to financial character and the variables related to covenants or the government's policy. The analysis shows that IRR has been influenced by the equity level of financial investors, the national government managed projects, the projects with minimum revenue guarantee (MRG), etc. And the equity level of financial investors, the national government managed projects and the implementation of supplementary project have an effect on spread also.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.9
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• pp.314-321
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• 2016

After the 1980s, as the economy was growing rapidly and the real estate market was active, a large increase in population was supplied to the city. Accordingly, the national apartment housing market is located in the form of Urban Housing Culture. On the other hand, with time, the supply apartment houses became superannuated and the residential environment became poor. Therefore, the environment of old apartment houses has been changed to improve by reconstruction. Despite this, reconstruction incurred not only a lot of construction waste, but also problems of environmental degradation, noise, traffic congestion, increasing number of households, and so on. Recently, the housing law has changed, and vertical extension remodeling focused on Small/Medium Town House is underway. This has been changed in response to the demand. This is one of essential parts in the remodeling field for the future, even though it has some problems in how uses existing buildings. Therefore, this study analyzed occurrence risk factor for each type through research materials and case analysis regarding the vertical extension remodeling of apartment housing. In addition, the relative importance was determined through questionnaires and interviews from constructors, designers, and experts in the field.

• Journal of Construction Engineering and Project Management
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• v.8 no.4
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• pp.1-24
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• 2018

In the last decade, the use of Building Information Modeling (BIM) as a new technology has been applied with traditional Computer-aided design implementations in an increasing number of architecture, engineering, and construction projects and applications. Its employment alongside construction management, can be a valuable tool in helping move these activities and projects forward in a more efficient and time-effective manner. The traditional stakeholders, i.e., Owner, A/E and the Contractor are involved in this BIM system that is used in almost every activity of construction projects, such as design, cost estimate and scheduling. This article extracts major features of the application of BIM from perspective of participating BIM components, along with the different phrases, and applies to them a logistic analysis using a fuzzy performance tree, quantifying these phrases to judge the effectiveness of the BIM techniques employed. That is to say, these fuzzy performance trees with fuzzy logic concepts can properly translate the linguistic rating into numeric expressions, and are thus employed in evaluating the influence of BIM applications as a mathematical process. The rotational fuzzy models are used to represent the membership functions of the performance values and their corresponding weights. Illustrations of the use of this fuzzy BIM performance tree are presented in the study for the uninitiated users. The results of these processes are an evaluation of BIM project performance as highly positive. The quantification of the performance ratings for the individual factors is a significant contributor to this assessment, capable of parsing vernacular language into numerical data for a more accurate and precise use in performance analysis. It is hoped that fuzzy performance trees and fuzzy set analysis can be used as a tool for the quality and risk analysis for other construction techniques in the future. Baldwin's rotational models are used to represent the membership functions of the fuzzy sets. Three scenarios are presented using fuzzy MEAN, AND and OR gates from the lowest to intermediate levels of the tree, and fuzzy SUM gate to relate the intermediate level to the top component of the tree, i.e., BIM application final performance. The use of fuzzy MEAN for lower levels and fuzzy SUM gates to reach the top level suggests the most realistic and accurate results. The methodology (fuzzy performance tree) described in this paper is appropriate to implement in today's construction industry when limited objective data is presented and it is heavily relied on experts' subjective judgment.

• The Journal of the Korea Contents Association
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• v.19 no.3
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• pp.114-125
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• 2019

The frequency of official injury of fire-fighting officers exposed to an extreme situation in disaster areas has been continuously increased. In spite of increase of injury, procedures of injury approval are complex, so the working environment of fire-fighting officers is very poor in terms of safety management. This study was, therefore, conducted to provide basic data for improvement of the injury management system for fire-fighting officers, by empirically analyzing the system for those in Busan city. The findings of the empirical analysis are as follows: first, the frequency of injury experienced by them is higher than that of other occupations; second, application for injury is not actively made; third, fire-fighting officers should bear the expense if injury is approved. On the basis of such an analysis on actual conditions, an analysis on policy factors for improving the injury management system shows; first, various high-risk matters should be considered in the review of application for injury, for improvement factors of the application for injury, while it is necessary to extend the benefit and support project for injured officers, for operation improvement factors of the injury management system, and the compensation act should be improved, for the improvement factors of the injury system. Second, it is urgent to develop damage prevention and coping education program for improving the injury management system. In addition, the simplification of administrative procedures of application for injury and the extension of benefit and support project for injured officers should be realized as soon as possible, moreover, the enhancement of directors' interest and support is also required.

• 한국노년학
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• v.38 no.4
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• pp.1149-1171
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• 2018

The purpose of this study is to increase understanding of the social intervention for severely isolated older adults who live alone and are in serious isolation as if they were 'hidden'. Through qualitative descriptive methods, it intends to describe how social workers in the "Making Friends of Older Adults who Live Alone" project have perceived older adults living alone in serious isolated situation, whether there have been changes in the perception of the elderly according to the progress of the project, and what kinds of experiences these social workers have had while providing case management to older adults. In-depth interviews with 40 social workers, case management records of 70 senior citizens, and research journals were collected and analyzed using qualitative content analysis methods. The results of data analysis were presented in two categories and four subcategories each. Based on the research findings, four kinds of implications were suggested.

• Journal of Korean Society of Forest Science
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• v.112 no.3
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• pp.303-321
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• 2023

To develop the Forest Work Load Index (FWLI) for estimating the work intensity of forest workers, a study focused on forest tending was conducted. To estimate the FWLI, we used the Ovako Working Posture Analysis System (OWAS) and the Work Load Index (WLI). The OWAS is a prominent method used for analyzing musculoskeletal load in work tasks, and WLI is a prominent method used for analyzing the work intensity of workers. The PRI values analyzed for each forest tending project were 185.3 (Thinning), 150.6 (Pruning), 181.1 (Thinning for Forest Fire Prevention), and 197.0 (Thinning for Young Trees). The WLI values, calculated on the basis of the measured heart rates, were 59.5% (Thinning), 53.5% (Pruning), 56.2% (Thinning for Forest Fire Prevention), and 62.3% (Thinning for Young Trees). The FWLI was calculated using the analyzed PRI and WLI values. The FWLI values for the forest tending project were 110.2 (Thinning), 80.7 (Pruning), 102.1 (Thinning for Forest Fire Prevention), and 123.0 (Thinning for Young Trees). The FWLI developed in this study can be used to quantitatively compare the workloads of forest workers. In the future, the analyzed FWLI can be used as a basis for improving forest workers' postures and comparing workloads across different forest projects.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.30 no.3D
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• pp.295-302
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• 2010

Since the late 1990s, the BOT mode in China has been extensively used in the water sector in order to attract private investment, improve technical and operational efficiency, and expand the coverage of water services. The BOT mode has been hailed as this provides a win-win structure between the government and private players through formalized procedures and an optimal risk allocation. However, recent market analyses show that some foreign investors are reluctant to participate in the market or even retreat due to uncertainties and risks in the market. This study aims to explore various risks in the Chinese water BOT market based on the thorough literature review, fieldwork, and the case studies on the two wholly foreign-owned BOT water projects: the Chengdu No. 6 and the Shanghai Dachang Water Supply BOT projects. The research results indicate that the Chinese BOT market embraces high risks in political, institutional and legal, and financial systems. The key to a successful takeoff of the BOT mode in the Chinese water market depends on the extent to which the government will be able to remove risky factors in political, institutional and legal, and financing systems. This research outcome will provide a useful reference to the Korean construction companies which consider expanding business to overseas water markets in the form of public private partnership.

• Journal of the Korean Society of Marine Environment & Safety
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• v.17 no.4
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• pp.399-405
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• 2011

Recently, the navigation risk is increasing significantly with growth of marine traffic volume and construction of marine facilities, water bridges, port development and marine wind farm etc. To reduce this kinds of risk, Ministry of Land, Transport and Maritime Affairs enacted a new law called MSA(Maritime Safety Audit) as a comprehensive maritime traffic safety management scheme in order to ensure safety improvements from the early planning stage to post managing of the development which affect the maritime traffic environment. MSA as a tool for improving maritime traffic safety is a formal safety assessment in the existing or future ship's fairway by an independent audit team. It examines the potential hazards of maritime traffic safety, if necessary, and is to ensure the implementation of appropriate safety measures. The object of this paper is to comprehensively evaluate the achievements and implementation problems of MSA about the 2 years, to define the fundamental problems of MSA by conceptualizing and analyzing MSA limits. MSA requires further examination about the introduction of screening and scoping in order to increase the efficiency and objectivity. It will be required the measures concerning policies directions as a tool for planning process for project owner. It will lead to right understanding concerning audit scheme and used in various ways such as amendments to related law.