• The Journal of Information Systems
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• v.16 no.4
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• pp.243-268
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• 2007

It is critical to manage risks to complete IS(Information Systems) projects successfully. Identifying risk factors would be the first step for the project risk management. Previous research has discussed the issue with various points of view, such as different risk factors based on project types and roles involved in their projects. This paper empirically explored how people perceive different risk factors by project development methodology, between self-developing IS using programming language like C, Visual Basic and adapting software package already developed by software venders like ERP, CRM packages. There are researches regarding project risk factors for project management in the several point of views. And there are also researches regarding comparison between self-developing and adapting software packages methodology in IS project. However, there are no study on project risk factors comparison between self-developing IS using programming language and adapting software packages already developed by software venders in IS project. This research can be differentiated from previous ones, because it was considered both point of project risk management and development methodology in IS project. This research results implied meaningful messages to enterprise company to be planned IS projects and people who involved in IS projects. They should consider and need to prepare differently according to each development methodology for preventing project risks. It makes them reduce project risks in each case and complete successfully IS projects. Especially, if they have no experiences for implementing software packages, they can forecast the project risks and prepare them in advance.

• International conference on construction engineering and project management
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• 2015.10a
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• pp.614-615
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• 2015

In these days, global construction market is speedily increasing and domestic construction companies have a chance of new contracts. In the meantime, international projects have been increasingly forced to cope with potential risks, which seriously impacted achieving the targeted time and cost. In this study, we introduce a computerized risk management system for international EPCS projects, which is constructed on the needs of practitioners and decision makers as an aid to proactively control the potential risks and to monitor continuously their status and variation. The system is called the Project Risk Management System (PRiMS) is useful for furnishing project managers with warning signals as a project is progressing and helpful for producing the total risk score and tracking risk variation.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.39 no.1
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• pp.9-16
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• 2016

The project schedule risk in the engineering and facility construction industry is increasingly considered as important management factor because the risks in terms of schedule or deadline may significantly affect the project cost. Especially, the project-based operating companies attempt to find the best estimate of the project completion time for use at their proposals, and therefore, usually have much interest in accurate estimation of the duration of the projects. In general, the management of projects schedule risk is achieved by modeling project schedule with PERT/CPM techniques, and then performing risk assessment with simulation such as Monte-Carlo simulation method. However, since these approaches require the accumulated executional data, which are not usually available in project-based operating company, and, further, they cannot reflect various schedule constraints, which usually are met during the project execution, the project managers have difficulty in preparing for the project risks in advance of their occurrence in the project execution. As these constraints may affect time and cost which role as the crucial evaluation factors to the quality of the project result, they must be identified and described in advance of their occurrence in the project management. This paper proposes a Bayesian Net based methodology for estimating project schedule risk by identifying and enforcing the project risks and its response plan which may occur in storage tank engineering and construction project environment. First, we translated the schedule network with the project risks and its response plan into Bayesian Net. Second, we analyzed the integrated Bayesian Net and suggested an estimate of project schedule risk with simulation approach. Finally, we applied our approach to a storage tank construction project to validate its feasibility.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2008.11a
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• pp.497-500
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• 2008

Recently, the urban regeneration project has been performed actively at home and abroad. The stake-holders in urban regeneration project are various and complicated, and has large scale during a long life period. Also they show the characteristics of a mega-project and most mixed-use form. Therefore, the urban regeneration has a lot of potential risk factors from project beginning to completion. It means they need efficient and continuous risk management in terms of performance measurement. But the current domestic construction project does not reflect risk management in view of performance measurement. This study proposes the risk management methodology by mapping risk factors with major performance indexes of the urban regeneration project.

• Journal of Information Technology Applications and Management
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• v.14 no.3
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• pp.79-94
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• 2007

Cases of botched information systems implementation have been surfaced due to poor IS project management and control. One major source of such failures is the perceptual difference between the participants of IS projects who should define potential risk factors well before considered IS projects are launched. Based on risk factors cited from prior works, this paper empirically examines the risk factors associated with IS service project management to analyze perceptual differences between the IS service providers and customers in Korea. Data analyses found significant differences in the area of scheduling/resource, technological newness, communications, and sponsorship/ownership while statistically significant differences were observed in eleven individual factors out of forty six risk factors. Risk factors are also ordered in terms of perceived importance to highlight the critical differences.

• Journal of the Korea Institute of Building Construction
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• v.6 no.4 s.22
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• pp.53-60
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• 2006

Quality control and safety represent increasingly important concerns for project managers. In the worst case, failures may cause personal injuries or fatalities. Accidents during the construction process can similarly result in personal injuries and large costs. We present the results of a study designed to identify the tools that are most widely used and those that are associated with successful project management in general, and with effective project risk management in particular. The study is based on a questionnaire administered to a sample of project managers from construction enterprises. The response data was analyzed in order to find which tools are more likely to be used in the those organizations that report better project management performance and in those that value the contribution of risk management processes.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2012.05a
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• pp.143-144
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• 2012

A number of construction projects tied to the concerns and decision-making is also very complicated. In addition, more than any other industry, is inherent in many risk factors. In the course of the construction project on risk factors that exist in the early stages of project risk factors to predict in advance and prepare a project by shortening the construction period and project cost as you can to maximize performance. In this study, I proposed risk management processes and how they are used in web-based schedule risk in the process of change management system, and between 3D CAD, 4D CAD taking into account the linkages, risk management strategy process in the BIM environment.

• Korean Journal of Construction Engineering and Management
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• v.7 no.4 s.32
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• pp.177-183
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• 2006

Risk-based estimation has been successfully introduced into the construction industry. By incorporating historical data associated with probability analysis, risk-based estimate is an effective decision support aid in considering whether to launch a particular project. The industry challenges, however, especially related with management issues, such as labor shortage, wage growth, and supply chain complexity, have often resulted in poor cost performance. The insufficient assessing the project characteristics (i.e., resource availability, project complexity, and project delivery method) can be the main reasons in the poor cost performance. Because the accuracy level of cost performance prediction can be enhanced by extensive evaluation of the subject project characteristics, a new approach for predicting cost performance in an earlier stage of a project can improve the Industry substantiality, in other words, value maximization. The purpose of this paper is to develop a new methodology in developing a risk-based estimate tool by incorporating extensive project characteristics. To do this, an extensive industry survey was conducted from both private and public sectors in building industry in Korea. In addition, significant project characteristics were identified in terms of cost performance indicator. Although the data collection is limited to Korean industry the suggested approach provides the industry with a straightforward methodology in risk management. As many researchers maintained that front-end planning efforts are crucial in achieving the successful outcome in building projects, the new method for risk-based estimation can Improve the cost performance as well as enhance the fulfillment in terms of business sustainability.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.309-315
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• 2021

Risks and uncertainty are unavoidable problems in management of projects. Therefore, project managers should not only prevent risks, but also have to respond and manage them. Risk management has become a critical interest subject in the construction industry for both practitioners and researchers. This paper presents critical risk factors of office building projects in the construction phase in Ho Chi Minh City, Vietnam. Data was collected through a questionnaire survey based on the likelihood and consequence level of risk factors. These factors fell into five groups: (i) financial risk factors; (ii) management risk factors; (iii) schedule risk factors; (iv) construction risk factors; and (v) environment risk factors. The research results showed that critical factors affecting office building projects are natural (i.e., prolonged rain, storms, climate effects) and human-made issues (i.e., soil instability, safety behaviors, owner's design change) and the schedule-related risk factors contributed to the most significant risks for office buildings projects in the construction phase in Ho Chi Minh City. They give construction management and project management practitioners a new perspective on risks and risk management of office buildings projects in Ho Chi Minh City and are proactive in the awareness, response, and management of risk factors comprehensively.

• IE interfaces
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• v.24 no.2
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• pp.119-127
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• 2011

Most companies have been increasing temporary work projects to maximize the usage of their resources. They also have been developing the effective techniques for analyzing and managing the state of the projects. In order to monitor the state of a project in real-time and predict the project's future state more accurately, this paper suggests the Bayesian Network (BN) as a tool for discovering the causes of project risk and presenting the failure probability of the project. The proposed BN modeling method with consideration of the Earned Value Management (EVM) method shows how to induce the predictive and conditional probability of the risk occurrence in the future. The advantages of the suggested model are (1) that the cause of a project risk can be easily figured out via the BN, (2) that the future value of the project can be sufficiently increased by updating relevant components of the project, and (3) that more credible prediction can be made in the similar and future situation by using the data obtained in current analysis. A numerical example is also given.