• Korean Journal of Construction Engineering and Management
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• v.19 no.1
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• pp.54-64
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• 2018

Currently, as construction businesses develop and diversity, risk became one of the most crucial considerations. Risks are potential and difficult to predict by nature. Also, they are important as they influence delay in construction period and increase of project costs. In construction projects in South Korea and elsewhere, the importance of risk management widely recognized and relevant research is being conducted continuously. The companies use PRM checklist but apply different criteria and items. For efficient risk management in plants, plant PRM checklist is necessary. This study analyzed risk factors that are taken into account in construction projects and proposed a plant PRM checklist based on case analysis and opinions of experts. Also, it rated the frequency and importance of each risk.

• International conference on construction engineering and project management
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• 2015.10a
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• pp.49-50
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• 2015

Since the mid-2000s, Korean large-sized construction companies have pursued in earnest to expand their business to global construction market in surroundings that domestic market have a continuous and long-term stagnation. However, during last a few years, they have experienced the serious financial loss from international projects. In the meantime, for the sound improvement of Korean construction industry, many stakeholders long for efficient early warning signals to generally monitor and track the potential risks of international projects. In this study, we introduce an International Project Risk Index (IPRI), which is derived from massive data provided by large-sized companies, and expect to provide the practitioners and decision makers as an aid to proactively cope with the change of the potential risks. The outcomes from the IPRI can be utilized to prepare a timely management strategy and to establish an appropriate government support regulation.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2023.11a
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• pp.251-252
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• 2023

Compared to other industries the construction industry experiences more casualties and property damage due to safety accidents. One of the reasons is the increasing number of foreign workers. For this reason, past studies have found that foreign workers at construction sites are more exposed to safety accidents than non-foreign workers. Nevertheless the proportion of foreign workers involved in safety accidents at construction sites is increasing, and there has been a lack of research to predict the risk of safety accidents at construction sites. Additionally, realistic safety management is lacking due to a lack of safety accident risk prediction research. Therefore, in this study, we would like to propose basic research that proposes an AI-based safety accident prediction model framework for predicting safety accidents of foreign workers at construction sites. The framework and results of this study will contribute to reducing and preventing the risk of safety accidents for foreign workers through risk prediction for safety management of foreign workers at construction sites.

• Korean Journal of Construction Engineering and Management
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• v.2 no.2 s.6
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• pp.68-80
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• 2001

While opportunities for international construction firms have been growing with globalization, the risk of international construction projects is significantly increasing in severity and complexity. However, the traditional risk management approach in the construction industry has maintained a profit focus. In addition, this approach has not considered the overall risk at the corporate level, but rather has focused only on the risk of individuals at the project level. Corporate risk management should be implemented from the initial stages of new project selection. This paper suggests the Multi-criteria Integrated Systematic Analysis as a strategic decision-making tool for international construction contractors. The model integrates the multi-criteria of risk, return, and efficiency to choose the optimal set of new portfolios at the corporate level. This model also introduces the Value at Risk (VaR) concept to the international construction industry to present the total risk at the corporate level. To validate this model, this paper tested an experimental case study using the historical data of a global general contractor.

• Korean Journal of Construction Engineering and Management
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• v.17 no.3
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• pp.90-97
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• 2016

Since Korean construction firms have steadily advanced into the international market, small and medium construction companies (SMCCs) have also advanced in such market. SMCCs's recent trend have clearly shown the changes of contract types from single subcontractor projects to multiple general contracting projects. However, among those multiple projects performed by SMCCs, 1 out of 3 projects were deficit projects that impact the overall pe rformance of the firm. To increase such performance, risk management for in international construction must be managed at the enterprise level for SMCCs. This research aims to create a multiple project management model for SMCCS that employs the concept of acceptable risk to assess the limit risk level for corporation to acceptable. Using the accumulated data from previous survey and International Construction Association of Korea (ICAK), integrated risk of each firm and their profitability of each project are analyzed. Through the analysis, each firm's acceptable risk level is derived. Through the two research steps, acceptable risk algorithm was developed based on corporate integrated risk and profit correlation. To prove the acceptable algorithm relevance, financial statement analysis of 3 corporation was derived that level of acceptable risk and financial statement were available. Through the approach, this research allows the firms to analyze the firm's capability and find projects that suits the firm's situation and capability.

• Geomechanics and Engineering
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• v.9 no.1
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• pp.57-81
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• 2015

Water inrush and mud outburst always restricts the tunnel constructions in mountain area, which becomes a major geological barrier against the development of underground engineering. In view of the complex disaster-causing mechanism and difficult quantitative predictions of water inrush and mud outburst, several theoretical methods are adopted to realize dynamic assessment of water inrush in the progressive process of tunnel construction. Concerning both the geological condition and construction situation, eleven risk factors are quantitatively described and an assessment system is developed to evaluate the water inrush risk. In the static assessment, the weights of eight risk factors about the geological condition are determined using Analytic Hierarchy Process (AHP). Each factor is scored by experts and the synthesis scores are weighted. The risk level is ultimately determined based on the scoring outcome which is derived from the sum of products of weights and comprehensive scores. In the secondary assessment, the eight risk factors in static assessment and three factors about construction situation are quantitatively analyzed using fuzzy evaluation method. Subordinate levels and weight of factors are prepared and then used to calculate the comprehensive subordinate degree and risk level. In the dynamic assessment, the classical field of the eleven risk factors is normalized by using the extension evaluation method. From the input of the matter-element, weights of risk factors are determined and correlation analysis is carried out to determine the risk level. This system has been applied to the dynamic assessment of water inrush during construction of the Yuanliangshan tunnel of Yuhuai Railway. The assessment results are consistent with the actual excavation, which verifies the rationality and feasibility of the software. The developed system is believed capable to be back-up and applied for risk assessment of water inrush in the underground engineering construction.

• Journal of the Society of Disaster Information
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• v.19 no.3
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• pp.673-688
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• 2023

Purpose: Fires that occur during construction are infrequent, but cause great damage. Recently, with the growth of the logistics and distribution industry, the number of construction sites for new logistics warehouses is increasing, so it was selected as a research subject and research was conducted to reduce accidents at construction sites through the development of a fire risk assessment tool to quantitatively approach fire prevention. Method: A comprehensive fire risk assessment tool was accumulated by classifying the work in progress, classifying combustibles and ignition sources by grade, excluding air (oxygen), which is difficult to control, and additionally substituting evacuation safety. Result: Using the developed and proposed fire risk evaluation tool, excavation work with low fire risk, facility construction with medium fire risk, and finishing work with high fire risk were sampled to derive the result (CGI). Conclusion: In this study, it was possible to establish specific preventive measures and evaluate evacuation safety by controlling physical conditions (combustibles) and energy conditions (ignition sources) according to the risk assessment by developing a tool that can evaluate the risk of 14fire occurrence at construction sites. It is expected that in the future, through the application of the fire risk evaluation tool at construction sites, it will be provided as a criterion for establishing a process plan that can reduce risk and evaluating the adaptability of firefighting equipment.14

• Journal of the Korea Safety Management & Science
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• v.12 no.3
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• pp.13-19
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• 2010

Risk level for each construction work can be very important factors to establish advanced prevention measures. But it is important how to produce it. There are three different methods to set it up for construction situation. They are as follows; 1) occurrence frequency = the number of accident workers of each work kind / yearly accident workers 2) occurrence frequency = the number of accident workers of each work kind / yearly workers 3) occurrence frequency = the number of accident workers of each work kind / the total workers All these three concepts(=averaged concept)are analyzed. Additionally frequency based on discrete curve, and severity based on continuous curve are also combined for producing risk level with more scientific approach. This risk level can be very useful to make prevention plan or take measures at construction sites. This is study result can change existing risk level concept to new concept of it, namely rail way work and in-water work showed be high risk level and RC work be low risk level, different from the situation which we have thought commonly, so far.

• International conference on construction engineering and project management
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• 2015.10a
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• pp.435-439
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• 2015

It is important for Singaporean companies to manage the multifaceted risks when forming international construction joint ventures (ICJVs) with developing countries. The objectives of this study are to assess the risks associated with Singaporean ICJVs with developing countries, and investigate the risk allocation preferences in these ICJVs. To fulfill these objectives, a literature review was carried out and a questionnaire survey was performed with 38 professionals. The survey results reported "political instability" as the most critical risk, and market level risks were less critical than country and project level risks. Additionally, the results showed agreement on the risk ranking between building and infrastructure ICJVs, despite significant differences in the criticalities of five risks. Furthermore, five risks were preferably allocated to host and foreign partners, respectively, while 13 risks could be shared among partners. As few studies have explored the risk allocation preferences in ICJVs, this study expands the literature. Also, the identification of the risks allows other companies to customize their own lists of critical risks, while the preferred risk allocation provides valuable information for companies from various countries that intend to form ICJVs with developing countries. Thus, this study contributes to the global body of knowledge relating to ICJVs.

• Korean Journal of Construction Engineering and Management
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• v.13 no.2
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• pp.147-155
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• 2012

Recently, various construction projects are invested with plenty capital, manpower and resources. The advanced methods of the construction management is introduced to Korea. However, the cases which get involved in excessive cost frequently occur. We can explain it means that the cost management in the entire phases and the risk factors in its works has not been done yet as expected. Thus, it is necessary to unearth risk factors relative to cost management and analyse them for preventing cost-increasing and the success of projects. In this point of view, this study aims to identify the risk factors of the cost management focused on pre-construction stages from the perspective of construction management which is possible to take part in the whole phases and works in cost management. Also, the impact priority and grade of risk factors to cost-increasing are evaluated by using FMEA.