• Journal of the Architectural Institute of Korea Planning & Design
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• v.35 no.6
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• pp.3-12
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• 2019

Current risk assessment methods typically determine accident risks embedded in construction projects by combining severity and frequency; however, they do not reflect the characteristics of construction projects. To solve the problem, this study aims to develop a novel risk assessment method that combines severity, frequency, and disaster influence factors (i.e., weather conditions and worker's characteristics) for assessing risks of activities occurring on a construction site actually. In this study, a severity was estimated by death against victims, and a frequency was estimated by the victim rate. The frequency was then converted to probability taking disaster influence factors into account. Thus, instead of considering severity and frequency for assessing the original risks (RO), the proposed method uses severity and probability to yield adjusted risks (RA) for each activity. A case study was conducted to determine if the proposed method works as intended in a real setting. The results show that RA is more sensitive to disaster influence factors than RO and, therefore, is able to assess the actual risks reflecting the working environment and conditions of a construction site. This study contributes to risk management of construction projects by offering a risk assessment method that measures a possibility of potential disasters from the probabilistic perspective. This method would help project managers assess accident risks in a more systematic and quantitative manner.

• Journal of the Korean Society of Systems Engineering
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• v.7 no.1
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• pp.43-51
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• 2011

SE generally defines approaching ways of conducting identification, verification and integration of an optimized product and process solution to meet customer's needs by leveraging organizational competency in engineering and management. To successfully develop a new product under mass production contract, it is important to efficiently carry out the program by ensuring that three major competencies are secured; core technology, system integration, and program management. For successful implementation of tasks in the three areas, systematic execution is called for, which requires identifying risk factors in advance. In particular, comprehensive risk management role and responsibility is required for program management. Success of a development program is determined by complex elements of human resources, organization culture, and overall competency of an organization in technology and program management, including capability of the program manager. In this paper, a risk management solution is suggested to lead a program to success with a more efficient way through actual risk management by the concept of SE around the above three areas.

• Journal of Information Technology Applications and Management
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• v.26 no.6
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• pp.119-138
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• 2019

This work examines whether IT managers adopt of real options such as defer, expand, contract, and abandon in order to cope with ERP risks, which include technological risk, relationship risk with SW vendors, economic risk, and security risk. We collect data of logistics firms in Seoul and its suburbs in 2018 to empirically validate the effect of risks upon the adoption of real options. The results suggest that IT managers adopt all 4 options when facing economic risk and adopt contract and abandon options only when facing security risk. Additionally, we find that IT managers prefers expand option and avoid abandon option when they think ERP compatibility is high.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2013.05a
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• pp.192-193
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• 2013

In recent years, risks associated with mixed used development in urban regeneration projects which have actively been implemented have been on the rise due to uncertainties and complexities of those projects. Thus, risk management is needed to effectively manage those risks that may occur during the process of a project. Many studies have contributed to deal with risk management of those projects. These studies, however, have focused main on identification stage and deriving the main risk factors and have limitations on presenting the relationship among those risk factors. Since many risks are interdependent and have multiple effects, the purpose of this study is to present a way(ISM method) to provide a hierarchical structural framework of risks in Urban Regeneration. The structural of risks can helps decision makers to trace the actual source of these risks.

• International conference on construction engineering and project management
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• 2009.05a
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• pp.990-994
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• 2009

With the world in financial recession, the general trend of global trade is declining. As a result, the world leading shipbuilding industries are confronted with an even more difficult task of mitigating various risks associated with the industries. How well the three shipbuilding industries, Japan, Korea and China, can adapt and manage the risks will be crucial. As the youngest of the top three, the Chinese industry faces greater risks. As it happens to share many factors with that of South Korea in 2004-2005, it is necessary to review and evaluate the risk management plan used by South Korea. This paper presents an evaluation of the risk management plan for shipbuilding industry in South Korea during 2004-2005, considering the financial and political environments at that time. This will help us to structure a plan of risk management for the future.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2023.05a
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• pp.407-408
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• 2023

This article proposes a method to assess construction safety risk during the construction phase based on accident loss costs. Risk assessments for hazardous construction work are required by law, but they lack quantitative criteria. To address this, a survey estimated loss costs due to fatalities in the construction industry, finding labor loss cost and delay reimbursement cost to be the largest factors. The proposed method uses algorithm to calculate expected accidents and risk levels based on project characteristics, work methods, personnel, and environment data. This method is expected to enhance the reliability and usability of risk assessments during the construction phase of construction projects.

• Journal of Environmental Impact Assessment
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• v.27 no.2
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• pp.194-202
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• 2018

Health impact assessment in South Korea is carried out within the framework of Environmental Impact Assessment (EIA). And, public health and hygiene items in EIA as an evaluation of health impact items were designed to calculate the emission level of hazardous air pollutants from specific development projects, and the exposure concentration at major sites, and to assess the health risk associated with these projects. But, the assessment of the receptor characteristics around the development project is limitedly considered. The purpose of this study is to propose the method of calculation of potential exposed population and the use of it for public health and hygiene items in EIA. The data for the calculation of potential exposed population in South Korea were identified. And the calculation algorithm based on them was proposed. After that, in a development of industrial complex, a case analysis was carried out assuming the release of hazardous air pollutants. This study suggested that the concept of population risk should be applied in risk assessment utilizing the potential exposed population and as a future study, a standard of assessment of health effects for population risk should be established. Finally, the possibility of using this study as a location-limiting tool for the development project was presented through the method of calculating the potential exposed population. It is meaningful that this study presented a method for performing risk assessment from the perspective of receptors around a development project.

• Environmental and Resource Economics Review
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• v.23 no.4
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• pp.643-665
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• 2014

We study the optimal policy of the contracual arrangement in raising the debt-to-equity ratio for oil, gas and mining project finance deals. We investigate the impact of the optimal contractual relationship between counterparties on the soundness of projects, differing in output price volatility and country risk. Key findings are: first, the existence of EPC sponsors and off-takers generally raises the debt-to-equity ratio. In particular, EPC sponsors and off-taking sponsors jointly mitigate the credit risk caused by counntry risk. Seocond, off-taking and EPC contracts jointly help mitigate the credit risk caused by the country risk, rather than the price volatility. Indeed, the contractual structure raises the debt-to-equity ratio.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.42 no.2
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• pp.229-238
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• 2022

With rapid industrialization since the 1960s, development projects have contributed to the development of the national economy. In addition to the development projects promoted by the government, private project operators are also promoting development projects for reasons such as increased public convenience, insufficient financing of SOC assets, and expansion of their own development projects other than public orders. However, as the economy has been stagnating due to several factors such as continued supply of facilities for decades and recent COVID-19, the success of the development projects are unsure these days. Therefore, this study attempted to analyze project costs through the case of such development projects, and to present a plan to judge and manage the risks of each project cost item in advance. The AHP technique, which is widely used as a risk factor selection method for existing development projects, was used, and items were determined through interviews with experts related to development projects in order to stratify the upper and lower subjects of the risk. We analyzed how the derived risk factors affect the business performance through sensitivity analysis, and finally substituted the risk factors management plan into the risk response strategy and suggested.

• The Journal of Information Systems
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• v.19 no.1
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• pp.97-116
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• 2010

Failures of super large projects like IT Upgrade of Shinhan Financial Group can be a heavy blow not only to the company but even to the national economy. Research on the practices of risk management in those projects will provide invaluable lessons, enhancing capabilities and chances of successfully executing mission critical projects of the companies and the national economy as a whole. This paper analyzes the risk management of the Core Systems Reconstruction which was the most critical component of IT Upgrade. The analysis covers risk management plans, and identification and evolution, and control and monitoring of risk factors. This study confirms the major results of previous research on risk management in Korea. However, the analysis found as well some discrepancies of practices from the previous research results. This research also tracked the trajectories of evolution of risk factors and management. In particular, in depth analysis of control and monitoring is the first research in Korea on the "management" of risks in IT projects. The result of this research is expected to be a useful guide for theory development and practices of risk management in the future.