• International conference on construction engineering and project management
• /
• 2009.05a
• /
• pp.1414-1418
• /
• 2009

International construction projects typically manifest difficult, complex, and varied types of risk exposures; because of this, there is a need for accurate evaluation of risk-integrated performances during the timeframe of project execution. Given the financial crisis currently affecting the world economy recession, risk management has become a more crucial part for the success of international project management. However, the majority of risk management approaches, particularly for overseas projects, are focused primarily on simple forms of checklists, formalization of risk variables affecting project performance for a specific phase, or more complicated computational methods that restricting practical utilization in real-world projects; moreover, these methods lack the conceptual basis to broadly visualize the level of risk over all phases of a project. This study suggests an efficient, yet simple risk-integrated total index to successfully assess the risk levels of overseas construction projects. To this end, this paper first investigates the life cycles and key processes of decision-making for a given project and then derives formulas to represent the total risk index (TRI) along the key decision-making processes. In addition, the study examines the relationships between TRI and performance levels based on the analysis of 126 real-world project samples. Validations using the proposed TRI showed a high correlation to project performance, signifying the usefulness of the proposed approach for construction firms when investigating the level of risks and key areas for management focus.

• Journal of Korean Society for Quality Management
• /
• v.41 no.2
• /
• pp.221-232
• /
• 2013

Purpose: This paper examines risk factors which affect project success, and proposes a method utilizing the average potential satisfaction index(API) to evaluate how much the satisfaction level of the personnel involved in the project can change by reducing the risk. Methods: The current study derives 11 risk factors affecting project success from literature review and conducts survey of 253 subjects who have project work experience. A modified Kano's questionnaire using 5-point Likert-scale is applied to investigate the amount of satisfaction or dissatisfaction when the risk factors are reducted or not, respectively. Results: The respondents consider that the risk factors which include the three elements of project management(schedule, quality, cost) is more important than other risk factors related to the project environment, and technology and profitability. Conclusion: The average potential satisfaction index proposed in this study can measure the perception on the risk factors of the personnel involved in the project, since it has a strong correlation with the perceived importance by the respondents in this study.

• Journal of the Korean Society of Fisheries and Ocean Technology
• /
• v.47 no.4
• /
• pp.369-389
• /
• 2011

Changes in ecosystem risks were evaluated using the ecosystem-based fisheries assessment (EBFA) approach of Zhang et al. (2009, 2010) and the comprehensive ecosystem-based fisheries management (EBFM) plan was made for the southern sea of Korea in this study. The risk assessment of the southern sea ecosystem was conducted by establishing ecosystem management objectives and by estimating risk scores (RS) for indicators. To conduct this analysis a number of indicators and their reference points for assessing these risk scores were developed in this study. The number of indicators in the risk analysis was 28 for the quantitative tier 1 analysis and 30 for the qualitative tier 2 analysis. The objective risk index (ORI), species risk index (SRI) and fisheries risk index (FRI) were calculated from the risk scores. Comparing the past (1988) and the current (2008) status of fisheries resources, management implications were discussed. The fishery risk index (FRI) of large purse seine fishery in the southern sea of Korea decreased substantially from 0.972 in 1988 to 0.883 in 2008, and improvement in the management of fisheries operated in the southern sea of Korea.

• 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.

• Journal of the Korean Society of Safety
• /
• v.35 no.3
• /
• pp.16-23
• /
• 2020

The use of construction machinery has been increasing every year due to the large scale, high-rise and lack of workers in construction work. On the other hand, deaths are on the rise every year due to inadequate risk management for construction machinery work. In addition, the number of deaths caused by the lack of signals or insufficient signals during construction machinery work is increasing rapidly, and it is deemed necessary to analyze the actual conditions and take countermeasures. Therefore this study has developed the Strength Risk Index (SRI) based on the Frequency Risk Index (FRI) and the 5W1H by analyzing in-depth deaths caused by construction machinery over the past five years. The risk index (RI) was assessed using the frequency and strength risk index derived to determine whether it is acceptable (acceptable risk < 0.25 ≦ unacceptable risk) and the risk assessment method for reducing risk was proposed by applying 3E (Engineering, Education, Enforcement) measures for each level of risk for unacceptable risk. It also proposed measures to improve the system, such as requirements for signal numbers, mandatory placement standards, and mandatory installation of side and rear monitoring cameras, as measures for accidents caused by failure to deploy signals or insufficient signals, which account for the highest proportion of deaths among construction machinery operators and workers.

• Korean Management Science Review
• /
• v.30 no.1
• /
• pp.167-181
• /
• 2013

We investigate the dynamic asset allocation problem under inflation risk when the wealth of an investor is constrained with minimum requirements. To capture the investor's risk preference, the CRRA utility function is considered and he maximizes his expected utility at predetermined date of the refund by participation in the financial market. The financial market is supposed to consist of three kinds of financial instruments which are a risk free asset, a risky asset, and an index bond. The role of an index bond is managing inflation risk represented by price process. The optimal wealth and the optimal asset allocation are derived explicitly by using the method to get the European call option pricing formula. From the numerical results, it is confirmed that the investments on index bond is high when the investor's wealth level is low. However, as his wealth increases, the investments on index bond decreases and he invests on risky asset more. Furthermore, the minimum wealth constraint induces lower investment on risky asset but the effect of the constraints is reduced as the wealth level increases.

• Proceedings of the Korean Institute of Building Construction Conference
• /
• 2016.05a
• /
• pp.168-169
• /
• 2016

Risk management at an early stage of projects is known as an effective method expected various benefits. The PDRI(Project Definition Rating Index) by the CII(Construction Industry Institute) is defined project scope for reducing risks. In addition, the PDRI is one of the verified methods for achieving benefits by a risk management. The literature review in Korea about risk management is all about focusing on construction works and the construction phase. Thus, we need to extend the perspective of a project management such as the PDRI. To develop the Korean PDRI, However, we have to consider Korean situations. Therefore, in this study, we analyze some previous studies of PDRI' indexes and its using methods, and suggest the new direction for using PDRI in Korea. This method will enable to improve the scoring method of a project management with PDRI in Korea.

• Journal of the Korean Society of Fisheries and Ocean Technology
• /
• v.49 no.4
• /
• pp.469-482
• /
• 2013

This study identified problems of the existing ecosystem-based fisheries assessment approach, and suggested new methods for scoring risk and for the estimation of fishery risk index. First, risk scores of zero to two for target and limit reference points for each indicator were replaced by those of zero to three, and the risk scores were calculated from new formulae which were developed in this study. Second, a new method for estimating fishery risk index (FRI) was developed in this study, considering the level of indicators. New method was applied to the Korean large purse seine fishery, large pair trawl fishery and drag net fishery. More precise and detailed risk scores were obtained from the new method, which can explain the risks by the wider range of both risk levels for 'better than target' and 'beyond limit'. The new method for estimating FRI could avoid the basic problem related with duplicated computations of fishery-level indicators, which improved the estimated FRI to be more accurate. Also, a method for estimating variance of FRI using the bootstrap was proposed in this study.

• Safety and Health at Work
• /
• v.6 no.4
• /
• pp.345-352
• /
• 2015

Background: Goal-oriented communication of risk of hazards is necessary in order to reduce risk of workers' exposure to chemicals. Adequate training of workers and enterprise priority setting are essential elements. Cleaning enterprises have many challenges and the existing paradigms influence the risk levels of these enterprises. Methods: Information on organization and enterprises' prioritization in training programs was gathered from cleaning enterprises. A measure of enterprises' conceptual level of importance of chemical health hazards and a model for working out the risk index (RI) indicating enterprises' conceptual risk level was established and used to categorize the enterprises. Results: In 72.3% of cases, training takes place concurrently with task performances and in 67.4% experienced workers conduct the trainings. There is disparity between employers' opinion on competence level of the workers and reality. Lower conceptual level of importance was observed for cleaning enterprises of different sizes compared with regional safety delegates and occupational hygienists. Risk index values show no difference in risk level between small and large enterprises. Conclusion: Training of cleaning workers lacks the prerequisite for suitability and effectiveness to counter risks of chemical health hazards. There is dereliction of duty by management in the sector resulting in a lack of competence among the cleaning workers. Instituting acceptable easily attainable safety competence level for cleaners will conduce to risk reduction, and enforcement of attainment of the competence level would be a positive step.

• Journal of Information Technology Applications and Management
• /
• v.25 no.1
• /
• pp.67-85
• /
• 2018

We propose a noise reduced risk aversion index for measuring risk aversion through a laboratory experiment to overcome disadvantages of the multiple pricing list format developed by Holt and Laury (2002). We use randomized multiple list choices with coarser classification and reward weighting, supplement the rank of risk aversion with extra individual characteristics of risk attitude, and construct an index of risk aversion by standardizing the risk aversion ranking with quantile normalization. Our method reduces multiple switching problems that noisy decision makers mistakenly commit in experimental approaches, so that it is free of the framing effect which severely occurred in the HL. Furthermore, the index doesn't utilize any specific utility function or probability weighting, which allows researcher to hold the independence axiom. Since our noise reduced index of risk aversion has many good traits, it is widely used and applied to reveal fundamental characteristics of risk-related behaviors in economics and finance regardless of experimental environment.