• Journal of Navigation and Port Research
• /
• v.42 no.2
• /
• pp.79-86
• /
• 2018

Common Maritime Data Structure (CMDS) is commonly used by shore and ship users in e-Navigation data domain. In the overarching of e-Navigation architecture, IHO uses S-1XX, a digital exchange standard for next-generation marine information, as data exchange standard. The current CMDS has the advantage of intuitively recognizing the overall structure of e-Navigation. However, it has disadvantage in that it does not allow stakeholders to easily understand benefits that e-Navigation can provide when implementing e-Navigation. In this study, the direction of improving existing system for effective e-Navigation implementation was proposed considering RCOs (Risk Control Options) with expected composition of ship/ shore/ communication system by sector.

• Asia Marketing Journal
• /
• v.22 no.1
• /
• pp.27-39
• /
• 2020

Building on the growing literature on how physical bodily expressions influence psychological processes, the authors propose that exerting physical strength decreases risk perceptions and increases preference for risky options by increasing perceptions of control or agency. The present research is based on the belief of "no pain, no gain", that when an individual exerts physical strength and effort, he believes he can be the agent in bringing about the desired outcome. Because of this automatic association between exerting physical strength and the sense of being in control of the outcome, the authors hypothesize that even in situations where the outcome is determined by chance and luck, individuals exerting effort feel they have more control and thus choose riskier, but more desirable, options. Furthermore, this research clarifies the distinction between physical exertion of strength, high- and low-power poses, and psychological power.

• Journal of Navigation and Port Research
• /
• v.41 no.5
• /
• pp.287-296
• /
• 2017

The Formal Safety Assessment (FSA) is a structured and systematic methodology developed by the IMO, aimed at assessing the risk of vessels and recommending the method to control intolerable risks, thereby enhancing maritime safety, including protection of life, health, the marine environment and property, by using risk analysis and cost-benefit assessment. While the FSA has mostly been applied to merchant vessels, it has rarely been applied to a DP vessel, which is one of the special purpose vessels in the offshore industry. Furthermore, most of the FSA has been conducted so far by using the Fault Tree Analysis tool, even though there are many other risk analysis tools. This study carried out the FSA for safe operation of DP vessels by using the Bayesian network, under which conditional probability was examined. This study determined the frequency and severity of DP LOP incidents reported to the IMCA from 2001 to 2010, and obtained the Risk Index by applying the Bayesian network. Then, the Risk Control Options (RCOs) were identified through an expert brainstorming and DP vessel simulations. This study recommends duplication of PRS, regardless of the DP class and PRS type and DP system specific training. Finally, this study verified that the Bayesian network and DP simulator can also serve as an effective tool for FSA implementation.

• Journal of Distribution Science
• /
• v.13 no.2
• /
• pp.15-24
• /
• 2015

Purpose - Foreign exchange risk control is in an important component in the international supply chain management. This study shows the importance of the reference period in forecasting future exchange rates with a specific illustration of KIKO currency option contracts, and suggests feasible preventive measures. Research design, data, and methodology - Using monthly Won-Dollar exchange rate data for January 1995~July 2007, I evaluate the statistical characteristics of the exchange rate for two sub-periods; 1) a shorter period after the East Asian financial crisis and 2) a longer period including the financial crisis. The key instrument of analysis is the basic normal distribution theory. Results - The difference in the reference period could lead to an unexpected development in contract implementation and a consequent financial loss. We may avoid foreign exchange loss by using derivatives such as forwards or currency options. Conclusions - We should consider not only level values but also the volatilities of financial variables in making a binding financial contract. Appropriate measures may differ depending on the specific supply chain pattern. We may extend the study with surveys on actual risk measures.

• Korean Journal of Microbiology
• /
• v.37 no.2
• /
• pp.101-108
• /
• 2001

Risk assessment defines as the process of estimating both the probability that an event will occur and the probable magnitude of its adverse effects. Chemical or microbial risk assessment generally follows four basic steps, that is, hazard identification, exposure assessment, dose-response assessment, and risk characterization. Risk assessment provides an effective framework for determining the relative urgency of problems and the allocation of resources to reduce risks. Using the results of risk analyses, we can target prevention, reme-diation, or control effects towards areas, sources, or situations in which the greatest risk reductions can be achieved with resources available. Risk assessment is also used to explain chemical and microbial risks as well as ecosystem impacts. Moreover, this process, which allows the quantitation and comparison of diverse risks, lets risk managers utilize the maximum amount of complex information in the decision-making process. This information can also be used to weigh the cost and benefits of control options and to develop standards or treatment options.

• Journal of Navigation and Port Research
• /
• v.35 no.1
• /
• pp.23-30
• /
• 2011

This study was carried out in order to verity the usefulness of FSA(Formal Safety Assessment) methods as a tool to conduct a safety assessment of general cargo ships flying the Korean flag, and to provide useful information on 'the Safety of General Cargo Ships' for IMO committee's discussion on the matter at a future session. In the previous paper, "A Study on High-level FSA for Korean-flagged General Cargo Ships(1)", the concepts of the FSA methodology and its five steps were described and the results of Hazard Identification(Step 1) and Risk Analysis(Step 2) from the FSA study for the Korean-flagged general cargo ships were discussed. Subsequent to the Steps 1 & 2, the identification of Risk Control Options(RCOs-Step 3) for eliminating or reducing either the frequency or the severity of the risks identified and their Cost-Benefit Assessment(CBA-Step 4) were undertaken. In this paper, the results of the Steps 3 & 4 are discussed, and some recommendations are made.

• Journal of Korean Institute of Industrial Engineers
• /
• v.39 no.5
• /
• pp.429-439
• /
• 2013

The Korean Veterans' Pension Fund has previously pre-purchased Gibril Tower on Business Complex in Dubai, UAE, via a project-financed construction investment. Although the property is near completion, the investor syndicate's attempt to debt-finance due arrears was foiled in Dubai central bank's credit control of real estaterelated loans. Accordingly, the investment coordinator offered an additional capital injection, a collateralized leverage, and a maturity extension to the syndicate. If the syndicate rejects the offer, they may risk a nearcomplete capital loss and a possible default of the main contractor. Otherwise, the syndicate may still face uncertainties regarding interest receivables, principal re-payment, foreclosure, economic recession in Dubai, and the Islamic bond bill in the Korean Parliament. A possible exercise of the latter option may be due to the agency-prone nature of pension fund managers. Given these qualitative risk factors as at April 1, 2011, a real options approach-implied optimal decision suggests an extended and complete cash augmentation into the project finance deal.

• Proceedings of the Korea Society for Industrial Systems Conference
• /
• 2008.10b
• /
• pp.365-384
• /
• 2008

Many studies on ASP outsourcing area have focused on the Critical Success Factors(CSFs) of ASP outsourcing projects or on the service quality of ASP Service. But these studies have limitations to explain how to succeed in doing ASP outsourcing project. The objective of this research is to overcome this limitation by using the concept of "IT Risk" in Outsourcing. The effective control of the risks-caused during the IS outsourcing process-gives (ASP service using) users a powerful tool to minimize the risks and thus maximizes the possibility of ASP outsourcing project success. In order to perform this objective, this research set up the research model which is composed of three concepts. The three concepts are 1. Undesirable Outcomes(:UO) as IT outsourcing Risks, 2. The Source of Risks(:SOR) influencing the UO, and 3. the intention to get/execute Real Option Portfolio to control the risk level of SORs and UOs. This research has some important and interesting implications on the ASP outsourcing area. First, this research classifies the risk factors as three concepts and finds the interactions among them. Second, Using Real Option portfolio can control the risks effectively occurred during outsourcing projects. Third, Vendors(ASP service providers) can offer users IN TIME the options which can minimize the occurrence of risks.

• Journal of Navigation and Port Research
• /
• v.41 no.5
• /
• pp.259-268
• /
• 2017

Formal Safety Assessment (FSA) has been mostly implemented on the hardware aspects of vessels. Although there are guidelines regarding human error FSAs, there have not been many assessments in such areas. To this end, this study seeks to use precedent studies for the safe operation of DP vessels, conducting an FSA regarding human error of DP LOP (Loss of Position) incidents. For this, the study referred to precedent studies for the frequency of DP LOP incidents caused by human errors, adding the severity of LOP incidents, and then applying them to the Bayesian network. As a result, the study was able to confirm that among DP LOP incidents caused by human errors, the drive-off from skill-based errors was 74.3% and the drive-off from unsafe supervision was 50.5%. Based on such results, RCOs (Risk Control Options) were devised through a brainstorming session with experts coming up with proposals including providing mandatory DPO training, installing DP simulator on the vessels, drawing up measures to understanding the procedures for safe operation of DP vessels. Moreover, it was found that mandatory DPO training is reasonable in terms of cost benefits and that while installing a DP simulator is not suitable in terms of cost benefits, it can significantly reduce risks when operating DP vessels.

• Journal of Ocean Engineering and Technology
• /
• v.27 no.2
• /
• pp.47-52
• /
• 2013

A subsea chemical injection system treats blockage problems in a subsea production system. It is important to treat problems quickly, because production delays cause fatal profit losses in a subsea production system. Therefore, the subsea industry requires a relatively higher reliability level for a production system compared to other industries. In this study, a subsea chemical injection system (linked to a control system) to inject chemicals into a subsea X-mas tree was analyzed. By using FSA (Formal Safety Assessment), the risk factors were defined and a quantitative risk analysis utilizing FTA (Fault Tree Analysis) and ETA (Event Tree Analysis) was performed. As a result, the effectiveness of a risk reduction option was evaluated.