• International conference on construction engineering and project management
• /
• 2020.12a
• /
• pp.323-330
• /
• 2020

Project delays, cost overruns, and disputes are becoming a norm for the construction industry in Hong Kong. Researchers argue that the inability of traditional contracts to manage risk and associated changes are perhaps the main points of contention. The Institution of Civil Engineers published a new engineering contract (NEC), NEC4 Suite of Contracts in this to facilitate better risk management through collaborative culture in construction projects. NEC aims to increase the chances of project success thought its flexible nature of contracts, 'simple' and 'clearly written' documents and provision for the incentive by adopting a better management approach. This paper focuses on traditional and NEC contracts to compare risk management and change management aspects. Through literature review and preliminary interviews with three industry professionals, the paper is exploring how a change in traditional contracts can recuperate from disaster. Our interviewees in this work have extensive experience in traditional as well as in NEC contracts. The results suggest a proactive risk management provisions in NEC contracts does make a difference to avoid later escalation of issues. Whereas, management of change helps streamline all identified issues through a structured process without going in mediation or litigation. NEC, with its new approach to collaborative working, allows partners to be vigilant, yet gratifying in the project process.

• Journal of Construction Engineering and Project Management
• /
• v.1 no.2
• /
• pp.28-36
• /
• 2011

Risk management is popularly and widely used in various industries to handle uncertainty that can negatively affect their businesses. While in the current Information-Technology oriented age, software packages are designed to assist in carrying out risk management processes, the construction industry does not seem to have software that is tuned to its specific characteristics and processes. Therefore, this study first explores the types of software that are commonly used for risk management in the Singapore construction industry. Also, using one-sample t-test, it is tested if the software programs used in the construction industry have effectively catered the needs of the users. For the analysis, a survey questionnaire was developed and the representatives from 34 companies participated in the survey. Furthermore, this study also makes use of the current risk management framework defined in ISO31000 to design a risk management software algorithm that can suit the needs for the Singapore construction industry. The results from this study will contribute to identifying strategic areas, in terms of use of risk management software, on which the industry needs to focus, ultimately enhancing their performance of risk management.

• Journal of Korean Society of Industrial and Systems Engineering
• /
• v.44 no.4
• /
• pp.76-84
• /
• 2021

Military aircraft R&D projects require large-scale investment in cost and time, and involve a complex coordination process in decision-making. The R&D project manager should determine the development management priorities as accurately as possible and focus on R&D capabilities, thereby reducing the risks of the aircraft R&D project. To this end, this study aims to reduce R&D risk by prioritizing cost, schedule, and performance, which are basic management factors used in R&D project management in defense project management regulations. Analytic Hierarchy Process (AHP) is applied using a questionnaire for managers in charge of aviation R&D under the Defense Acquisition Program Administration. As a primary result, the importance of the factors that the aircraft R&D project manager should consider was derived in the order of performance, cost, and schedule, and the priorities of performance and cost in the lower layer were also identified. In addition, in order to provide practical risk management measures to aircraft R&D project managers, the results of analyzing 28 cases of US National Transportation Safety Board accidents were compared and analyzed with the AHP analysis results, and management measures suitable for the situation were specified.

• Proceedings of the Korean Institute of Building Construction Conference
• /
• 2010.05b
• /
• pp.85-89
• /
• 2010

The propose of this research is derive project management factors and evaluate its decision weight in LNG plant EPC phases. In order to research, we studied the demestic and international research trend and analysed expert opinions. Initially we derived nine project management factors in each phase of EPC. Elicited factors in research are project management, design management, cost management, time management, contract and craim management, safety management, environment management, and risk management. Then, we evaluated the weight of project management factors with expert survey method and elicitated. Finally, The remarkable points in the result are that key management factors of EPC project are project management and risk management.

• Korean Journal of Construction Engineering and Management
• /
• v.17 no.3
• /
• pp.125-133
• /
• 2016

The Project Risk Management is intended to result in the effective management by identifying in advance and mitigating all significant risks including project risks and opportunities during the entire project life cycle - from project inception to completion of construction. It is impossible to predict an exact budget and construction duration before finishing a project. So, Washington Department of Transportation mandates that workshop-based risk management is conducted for projects over specific cost. However, the domestic construction sites have depended on numerical risk analysis without any workshop and efficient risk management have not made. Therefore, in this study, we propose the effective risk management using the RBES program which is very useful for workshop-based risk management and pre & post mitigation, by workshop-based risk management techniques. This proposed risk management approach is applied to a domestic 'A' river recovery project. It is concluded that we may expect the effect to mitigate the total cost overrun problem and the construction duration delay effect in the project by identifying significant risks and by preparing effective risk mitigation strategies.

• International conference on construction engineering and project management
• /
• 2009.05a
• /
• pp.1591-1598
• /
• 2009

Recently, the researches on the urban regeneration projects have been performed very actively. It is a part of the effort that solves some social and economical problems occurred by deteriorated buildings and degraded infrastructures through new urban regeneration projects or redevelopment projects. However, the urban regeneration projects show the characteristics that can not guarantee in the project performance because the projects have various and complex stakeholders related to these projects and are exposed to lots of risks due to its huge scale. This study proposed the risk performance index method to improve the efficiency of the overall performance measurement for a mega-project by extending from the traditional cost/schedule based performance measurement system. The risk performance index method proposed in this study has a similar system to the EVMS, and makes possible to perform a three dimensional integrated performance measurement in cost/schedule/risk through 18 different indexes that compose the risk performance index.

• Proceedings of the Korean Operations and Management Science Society Conference
• /
• 1999.04a
• /
• pp.414-414
• /
• 1999

• Proceedings of the Korean Institute of Building Construction Conference
• /
• 2017.05a
• /
• pp.99-100
• /
• 2017

In today's builders PRM(Project Risk Management) for Risk Management to fill out the competitive advantage, by and return it safe and take. But PRM has different standards for each construction company and can also see that even the list. In this study, consideration existing research through PRM by developing a list of check list to proceed to the basic research to help. In this study, PRM by creating a basis of the check list disclosed to the frame of reference. The results of this study by PRM of the check list for field application management system to provide a basis to build.

• Korean Journal of Construction Engineering and Management
• /
• v.21 no.3
• /
• pp.3-10
• /
• 2020

The endowment and concession has been put to practical use for the relocation projects of military Facilities. Yet, in terms of the project implementation, delay of a great deal of the projects is occurring due to related regulations and standards, as well as a lack of mutual understanding between project implementers and military units. This study analyzes the risk factors by identifying and prioritizing the potential risk factors at each stage of project implementation such as the issues that limit project characteristics and implementation. Among the derived risk factors, request exceeding facility standards in the licensing and design phases, opposition to troop relocation in the project approval phase, design change during construction phase in the construction and completion phases, dissenting opinions on endowed/conceded property in the property disposal phase and absence of facility standards in the MOA conclusion phase were found to be the main object of consideration in risk management. This study is expected to provide project managers with a guideline for effectively pursuing the projects, as it provides prioritization and optimization of risk management.

• Plant Journal
• /
• v.6 no.1
• /
• pp.64-70
• /
• 2010

From 2000, the world plant market, especially plant developing business related to oil and gas, has been increasing. Domestic construction companies advance to overseas plant construction market actively, and proportioning to this, an importance of utility construction is increasing. However, the project becomes large and high-tech, and many companies experience difficulty of project management due to relatively high risk of overseas construction. In this study, we built the standard process with which domestic company can evaluate the risk of overseas plant utility construction. Primary factors for risk evaluation is derived, classification system is made out, primary factor is analyzed, and counter plan is suggested. And thorough management of risk is performed by risk management organization that manages the risks, risk control methods, reports and monitors through risk sheet and risk action log from the start of project to the end.