• 국제학술발표논문집
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• The 1th International Conference on Construction Engineering and Project Management
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• pp.1231-1236
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• 2005

Global construction projects manifest more risks than do other industries. Often, firms doing business in construction markets find these risks intimidating. To secure corresponding profits, many global contractors attempt to forecast the effects of risks and establish risk management strategies. However, one key problem with present-day risk management methods is that they are basically analytical or mathematical-oriented approaches which are not easy to adopt in real business. Based on preliminary investigations and evaluations of current tools, this research elicits more practical algorithms for risk checklist by constructing risk scenarios over the whole period of project execution. For the application of the algorithms, a "SE/RF" (Source-Event/Regular-Floating) checklist is suggested, which sorts out risk sources and their subsequent events, as well as dividing various risk factors into either regular or floating categories. In addition, the "PIS" (Probability-Impact-Significance) method is introduced, in place of traditional "PI" (Probability-Impact) methods, by adding the additional criterion of "risk significance" to determine the degree of risk exposure in a more realistic way. As a result, we draw the significant finding that the "PIS" method presents a closer evaluation regarding degree of risk exposure as compared to the level of expert judgments than those from traditional methods. Finally, we provide an integrated procedure for international project risk management with all of the research achievements being incorporated.