• International conference on construction engineering and project management
• /
• 2009.05a
• /
• pp.1364-1369
• /
• 2009

The building construction projects include a variety of risk factors due to uncertainties. To succeed in the projects, it is important how risks are managed. Risk management is composed of identification, analysis and response. Especially, the risk analysis is important to objectively calculate significance of risk factors. This paper evaluates a method to find priorities of risks using the AHP(Analytic Hierarchy Process). The method has some defects; (1) the consistency becomes weak as the number of pair-wise compared risks is large, and (2) the input and output procedures are complex when risks are added to or removed from a risk database. Thus the paper adopt the PROMETHEE(Preference Ranking Organization METHod Enrichment Evaluations) analysis process which is able to overcome the limitation of the AHP restricted to 9 risk factors. The PROMETHEE method makes the procedure of risk analysis simple, when the risk factors pull out and put in the risk database. The purpose of this study is to prove the possibility of the PROMETHEE analysis process by being compared with AHP.

• Journal of Korea Society of Digital Industry and Information Management
• /
• v.5 no.2
• /
• pp.133-140
• /
• 2009

In the paper, we proposed the systematical and quantitative software risk management methodology based on risk analysis model. A software risk management consists of the basic risk management method(BRIMM) and the detailed risk management method(DRIMM). BRIMM is applied to unimportant phases or the phase which also the risk factor does not heavily influence to project. DRIMM is used from the phase which influences highly in project success or the phase where the risk factor is many. Fulfilling risk management combined two methods, we can reduce project's budget, term and resource's usage, and prevent risk with the optimum measures obtained by the exact risk analysis.

• Proceedings of the Korean Geotechical Society Conference
• /
• 2006.10a
• /
• pp.509-514
• /
• 2006

Considering the risk management, there are many examples and various studies for the corporation risk. However, I have never seen the project risk management that applied a construction site for practical approach. Therefore, I have developed a chart (I-Chart) for the project risk management, and also built a model (I-Chart scenario analysis) that I could use. I applied this model to container yard reclaimed land in harbor construction with approaching of geotechnical engineering.

• Journal of Korean Society of Industrial and Systems Engineering
• /
• v.34 no.2
• /
• pp.19-29
• /
• 2011

The uncertainty of a project generates risks hindering the goal achievement of the project, and the risks affect the success or failure of the project significantly. Risk management, a part of the project management, includes various processes, and there are also various tools or techniques applicable to that. In an organization, the application of project management develops gradually from low to high maturity, and the organization should choose and implement a method of application proper for the level of its maturity. This article suggests a method to reduce inefficiency of the management and how to apply risk management by levels of maturity for easier application. For this, the stages of project management maturity levels were divided into the introduction, development, and maturity step, and methods of risk management suitable for each stage were applied. And methods of risk management that need to be applied by the levels of project maturity are divided into three factors : risk management processes, risk management tools and techniques, and risk management standards and templates. It is expected to be favorable approaches for the application of risk management in an organization to divide those factors into more concrete processes, tools, techniques, and standards and apply them by the levels of management maturity.

• Korean Journal of Construction Engineering and Management
• /
• v.14 no.3
• /
• pp.22-32
• /
• 2013

Generally, asset management procedure consists of exact information collection, decision of service level, analysis of aspiration level, analysis of financial condition and available budget, preparation of asset management plan, and value of modified asset. In this study, for the risk-based asset management, condition assessment and performance measuring, assessment of failure modes and risks, evaluation/selection of treatment options, and implementation of optimum solution are additionally included. For this, bridge inventory and performance measure considering risks are classified and method of quantitative/qualitative performance measure is suggested. Also, evaluation method of risk analysis for bridge asset management is suggested and basic research is carried out for applicable method of risk-based asset management. Using suggested risk procedure and method of risk-based bridge service level evaluation, it is possible to perform resonable asset management. Moreover, it is concluded that the proposed applicable method of risk-based asset management will provide a solution to contribute the development of systematical asset management for optimal decision making and prototype asset management system.

• Proceedings of the Korean Institute Of Construction Engineering and Management
• /
• 2006.11a
• /
• pp.571-573
• /
• 2006

This study suggests a reasonable method for visualizing risk management level by risk weight linked with 4D model. This study defines risk management procedures as preparation, identification, analysis, response and management to manage potential risks in the construction project. The modules for computerizing in this system consist of planning, construction, application of WBS (Work Breakdown Structure) and RBS (Risk Breakdown Structure), and risk analysis. The final results include a method for visualizing risk level by each element of the project by using 4D simulation technique. It can be used as a visualized risk management tool instead of current system using numerical data.

• Journal of Korea Trade
• /
• v.23 no.5
• /
• pp.45-65
• /
• 2019

Purpose - As the well-known Structure-Conduct-Performance paradigm implies, risk structure of a corporation may affect its risk management activity and the activity may in turn determine its performance. Depending on its goal, Foreign Direct Investment (FDI) can shape its risk structure, risk management and its performance. Under this assumption, we investigate the relationship between the goals of FDI and risk management for the first time in academics. Design/methodology - This empirical research uses a survey of 279 current Korean enterprises' FDIs in China with the recently developed business risk quadrant model. Companies are classified into either a market- or an efficiency-seeking group, to identify how each group perceives and manages risks, and values the performance of risk management. Also, we apply integrated risk management method that multinational corporations have introduced in China, then verify the mediating effect between risk factors and performance. Findings - Our research shows the FDIs can expose themselves to differing risk structure although risk management activities simply represent the level of empowerment given to local management by headquarter due to limit of sample size despite diversity of risk and risk management tools. To sum, market seekers are found to have more strategic risk (revenue related risk) than efficiency seekers with financial risk (cost related risk). The market seekers can manage their risk by empowering their local organisation while the efficiency does the opposite ways. The risk management appears to be successful in general. Originality/value - Previous studies on small and medium enterprises' FDIs to China have concentrated on the analysis of entry determinants, withdrawal factors and individual risk management. Meanwhile, this research establishes enterprise-wide risk factors faced by the companies that advance into China, according to the method of the classification by ERM and verifies if they could synthetically improve performance through risk corresponding measures.

• International conference on construction engineering and project management
• /
• 2005.10a
• /
• pp.1231-1236
• /
• 2005

Global construction projects manifest more risks than do other industries. Often, firms doing business in construction markets find these risks intimidating. To secure corresponding profits, many global contractors attempt to forecast the effects of risks and establish risk management strategies. However, one key problem with present-day risk management methods is that they are basically analytical or mathematical-oriented approaches which are not easy to adopt in real business. Based on preliminary investigations and evaluations of current tools, this research elicits more practical algorithms for risk checklist by constructing risk scenarios over the whole period of project execution. For the application of the algorithms, a "SE/RF" (Source-Event/Regular-Floating) checklist is suggested, which sorts out risk sources and their subsequent events, as well as dividing various risk factors into either regular or floating categories. In addition, the "PIS" (Probability-Impact-Significance) method is introduced, in place of traditional "PI" (Probability-Impact) methods, by adding the additional criterion of "risk significance" to determine the degree of risk exposure in a more realistic way. As a result, we draw the significant finding that the "PIS" method presents a closer evaluation regarding degree of risk exposure as compared to the level of expert judgments than those from traditional methods. Finally, we provide an integrated procedure for international project risk management with all of the research achievements being incorporated.

• Korean Journal of Construction Engineering and Management
• /
• v.16 no.2
• /
• pp.38-45
• /
• 2015

The risk analysis phase of construction risk management process is subdivided into the qualitative risk analysis that plays a major role, and the quantitative risk analysis acting as a supportive role. The traditional calculation method for quantifying a risk value that has been applied so far is an equation to multiply a probability by an impact simply, but its result shows the low risk value biased distribution. Although another equation that shows the high risk biased distribution as an alternative of traditional method was proposed, both of the low or high risk biased equations do not match with the statistical general knowledge that most natural phenomenons are close to the normal distribution. This study proposes a new risk value calculation method that is concentrated to the moderate risk value. Because the risk value distribution by a new method shows a normal shape similar to natural phenomenon, it helps to choose a middle level not biased to the low or high levels when choosing the level of risk response. Furthermore, it could contribute to improve the flexibility and rationality of risk analysis method by providing additional options for the risk value calculation.

• Journal of the Korea Safety Management & Science
• /
• v.10 no.4
• /
• pp.93-104
• /
• 2008

A successful fire risk assessment is depends on identification of risk, the analytical process of potential risk, on estimation of likelihood and the width and depth of consequence. Take the influence on enterprise into consideration, Fire risk assessment could carry out along the evaluation of the risk importance, the risk level and the risk acceptance. A large part of the limitation of choosing the risk assessment techniques impose restrictions on expense and time. If it is unnecessary high level risk assessment or Probabilistic Risk Assessment of buildings, in compliance with the Relative Ranking Method, Fire risk indexing and assessing is possible. As working-level technique, AHP method is useful with practical technique.