• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2006.11a
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• pp.105-110
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• 2006

It is more effective and more efficient to manage schedule and risk at a same time because many risks occur in construction phase in building construction projects. The objective of this paper is to propose a tool that manages risks in a project management software. The tool is implemented by VBA in Microsoft Project, and enables field managers of a construction project to make schedules and to help to predict risks.

• International conference on construction engineering and project management
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• 2022.06a
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• pp.204-212
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• 2022

Recently, the Korean government has been actively promoting the smart city as their strategic agenda. However, to build smart cities that are greener, the authors believe it is essential to rapidly transit conventional energy sources such as fossil fuels to renewable energy. Although there is a big potential for Offshore wind in Korea, there has not been a full-scale commercial offshore wind farm until today. Since Korea is relatively a new market compared to the EU, it can be risky for developers. The authors will introduce risk management best practices in the offshore wind industry applicable to the Korean environment. This paper will mainly introduce an offshore wind project size of 99 MW. The project is expecting a Finance Close (FC) in Q3 2022, so the project team has prepared a risk register with over 150 risks and levers throughout the project lifecycle. Overall risks include risks with Development Expenditure (DEVEX) impact, a Capital Expenditure (CAPEX) impact, and an Operating Expenditure (OPEX) impact. Based on the identified risks, a more qualitative assessment of Cost and Schedule Impact was conducted. In conclusion, a Monte Carlo simulation was performed to propose a quantitative risk assessment to evaluate a benchmark contingency of the project cost.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.46 no.3
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• pp.221-230
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• 2023

Under increased complexity and uncertainty of overseas construction projects, it is important for construction companies to improve their own project risk management capabilities instead of risk-taking strategies to secure competitiveness in the overseas construction market. Although most of the risks occur in project execution stage, many previous studies focused on planning stage including risk identification and analysis among PRM process. Therefore, this study aims to verify the effectiveness of whole PRM process during project execution stage through empirical study on participants of overseas construction projects. As the result it was found that first, the factor directly affects the project success is the execution process of PRM. It implies that appropriate actions such as appointing charged manager for risks, timely implementation of responding plan, continuous risk monitoring and updating established plan are the key for contribution to the project success. Second, the importance of communication in PRM is also found, which is not conducted at a specific but throughout the entire PRM process and need to be managed as essential factor for successful PRM..

• Journal of Information Technology Applications and Management
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• v.11 no.2
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• pp.15-27
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• 2004

Most software projects inevitably involve various types and degrees of uncertainty. Without proper risk assessment and coordination, software projects can easily run out of control and consume significant additional resource. Thus, risk management techniques are critical issues to information system researchers. Previous empirical studies of U.S. software firms support the adoption of development standardization and user requirement analysis techniques in risk-based software project management. Using data collected from software projects developed in Korea during 1999-2000, we conduct a comparative study to determine how risk management strategies impact software product and process performance in countries with dissimilar IT capabilities. In addition, we offer an alternative conceptualization of residual performance risk. We show that the use of residual performance risk as an intervening variable is inappropriate in IT developing countries like Korea where the role of late stage risk control remedies are critical. A revised model is proposed that generates more reliable empirical implications for Korean software projects.

• Nuclear Engineering and Technology
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• v.54 no.12
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• pp.4809-4818
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• 2022

The decommissioning project of a nuclear facility is a large-scale process that is expected to take about 15 years or longer. The range of risks to be considered is large and complex, then, it is expected that various risks will arise in decision-making by area during the project. Therefore, in this study, the risk family derived from the Decommissioning Risk Management (DRiMa) project was reconstructed into a decommissioning project risk profile suitable for the Kori Unit 1. Two criteria of uncertainty and importance are considered in order to prioritize the selected 26 risks of decommissioning project. The uncertainty is scored according to the relevant laws and decommissioning plan preparation guidelines, and the project importance is scored according to the degree to which it primarily affects the triple constraints of the project. The results of risks are divided into high, medium, and low. Among them, 10 risks are identified as medium level and 16 risks are identified as low level. 10 risks, which are medium levels, are classified in five categories: End state of decommissioning project, Management of waste and materials, Decommissioning strategy and technology, Legal and regulatory framework, and Safety. This study is a preliminary assessment of the risk of the decommissioning project that could be considered in the preparation stage. Therefore, we expect that the project risks considered in this study can be used as an initial data for reevaluation by reflecting the detail project progress in future studies.

• Proceedings of the Korea Water Resources Association Conference
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• 2022.05a
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• pp.210-210
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• 2022

This study evaluates Japan's Official Development Assistance (ODA) projects in Thailand from 2011 to 2013 by deploying the Sendai Framework for Disaster Risk Reduction (SFDRR) and the Organization for Economic Cooperation Development (OECD) evaluation criteria. Special attention is placed on disaster-related development assistance activities of Japan through reviewing long-term impacts of the projects. The Japan International Cooperation Agency (JICA) has played a crucial role in transferring Japan's experiences on disaster risk management to developing countries, including Thailand. The study highlights two flood risk management projects in Thailand with the support of JICA after the 2011 floods, namely the Project for the Comprehensive Flood Management Plan for the Chao Phraya River Basin and the Project for Flood Countermeasures for Thailand Agriculture Sector. The case studies demonstrate that the projects were efficiently and effectively conducted for meeting Thailand's needs and requirements. JICA provided multi-hazards risk analysis through scientific data as well as local knowledge. However, achievements of the project did not last for long because of a lack of Thai stakeholders' commitment and JICA's post-project management. It is concluded that a development agency should consider impacts and sustainability of flood risk management projects more carefully from the stage of planning, and the practical application of the knowledge, and technologies should also be monitored progressively after the completion of the project.

• The Journal of Economics, Marketing and Management
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• v.10 no.5
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• pp.1-6
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• 2022

Purpose: To overcome the question that depends too much on expert's subjective judgment in traditional risk identification, this paper structure the multilevel generalized fuzzy comprehensive evaluation mathematics model of the risk identification of project, to research the risk identification of the project. Research design, data and methodology: This paper constructs the multilevel generalized fuzzy comprehensive evaluation mathematics model. Through iterative algorithm of AHP analysis, make sure the important degree of the sub project in risk analysis, then combine expert's subjective judgment with objective quantitative analysis, and distinguish the risk through identification models. Meanwhile, the concrete method of multilevel generalized fuzzy comprehensive evaluation is probed. Using the index weights to analyse project risks is discussed in detail. Results: The improved fuzzy comprehensive evaluation algorithm is proposed in the paper, at first the method of fuzzy sets core is used to optimize the fuzzy relation matrix. It improves the capability of the algorithm. Then, the method of entropy weight is used to establish weight vectors. This makes the computation process fair and open. And thereby, the uncertainty of the evaluation result brought by the subjectivity can be avoided effectively and the evaluation result becomes more objective and more reasonable. Conclusions: In this paper, we use an improved fuzzy comprehensive evaluation method to evaluate a railroad engineering project risk. It can give a more reliable result for a reference of decision making.

• International conference on construction engineering and project management
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• 2009.05a
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• pp.642-648
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• 2009

Determining the total duration for a construction project is an integral part of project management in the construction industry. This is to ensure the project and all its associated activities can be carried out and completed within the time frame stipulated. There are several commonly used scheduling methods and techniques in project management, some of which involves manual calculation while others involve computer software. This paper looks into the various time determination methods, extracting out their differences and similarities. It also seeks to draw out the problems when determining time for projects, especially those encountered of case studies. Based on the results from the case studies, there were delays on certain projects even though time determination had been carried out rigorously prior to the commencement of the projects. This paper seeks to develop a time determination model, which incorporates risk management techniques into the calculations in order to improve the method for time estimation to minimize the chances of project delay.

• Journal of the Korea Institute of Military Science and Technology
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• v.27 no.3
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• pp.364-374
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• 2024

Today, risks created by uncertainty must be managed for successful project execution. From this perspective, applying a risk management process is very important for successful defense systems test works. This paper describes 'the implentation of risk management process for test work' carried out by DTERI's process improvement activities. In this study, the concept of risk management process, and details of the risk management process are examined through PMBOK and ISO/IEC/IEEE 15288, CMMI. After that, we defined 'Standard Process for Risk Management' of defence systems test works. And, we describe 'Risk Management Function' of DTERI's Project Management System(PMS) and the risk management process of DTERI. Finally, the effectiveness of the risk management standard process is verified through quantitative analysis.

• Information Systems Review
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• v.19 no.4
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• pp.87-110
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• 2017

Analyzing and finding the risk factors in information technology (IT) projects have been discussed because risk management is an important issue in IT project management. This study obtained the risk factor checklists with priorities, analyzed the causal relationship of risk factors, and determined their influences on IT project management. However, only few studies systematically classified IT project risk factors in terms of risk exposure. These studies considered both the probability of occurrence and the degree of risk simultaneously. The present study determined 53 IT project risk factors on the basis of literature and expert group discussions. Additionally, this study presented clustering analysis based on the data of 140 project managers. The IT project risk factor classification framework was divided into four areas (HIHF, HILF, LIHF, and LILF). The present results can be used to help IT project managers establish effective risk management strategies and reduce IT project failures. This study also provides academic implication because it considers both the probability of occurrence and the degree of influence of risk factors.