• Journal of Construction Engineering and Project Management
• /
• v.7 no.3
• /
• pp.15-25
• /
• 2017

The existence of material price volatility in construction projects puts forward substantial risks for all parties involved. Depending on the parties involved in the project, type of contracts, and state of the market various risk management strategies are practiced by contracting parties to manage project risks related to price volatility. Unfortunately, in many cases companies fail to select an adequate approach to better manage volatilities of material prices due to the lack of a decision support system to aid in the selection of an appropriate strategy based on the project characteristics. The aim of this study is to identify critical project factors and align them to documented strategies to manage price volatility based on an extensive literature review and industry interviews. This study found Integrated Project Delivery (IPD) as the ideal strategy with respect to project duration; quantitative risk management methods with respect to the cost; and Price Adjustment Clauses (PAC) with respect to the risk allocation, as the top price volatility management strategies.

• Structural Monitoring and Maintenance
• /
• v.2 no.2
• /
• pp.133-143
• /
• 2015

Civil engineering infrastructure is aging and requires cost-effective maintenance strategies to enable infrastructure systems operate reliably and sustainably. This paper presents an approach for determining risk-cost balanced repair strategy of corrosion damaged reinforced concrete structures with consideration of uncertainty in structural resistance deterioration. On the basis of analytical models of cover concrete cracking evolution and bond strength degradation due to reinforcement corrosion, the effect of reinforcement corrosion on residual load carrying capacity of corroded reinforced concrete structures is investigated. A stochastic deterioration model based on gamma process is adopted to evaluate the probability of failure of structural bearing capacity over the lifetime. Optimal repair planning and maintenance strategies during the service life are determined by balancing the cost for maintenance and the risk of structural failure. The method proposed in this study is then demonstrated by numerical investigations for a concrete structure subjected to reinforcement corrosion. The obtained results show that the proposed method can provide a risk cost optimised repair schedule during the service life of corroded concrete structures.

• Journal of the Korea Safety Management & Science
• /
• v.6 no.2
• /
• pp.91-101
• /
• 2004

Consumers require various quality characteristics including safety. The reduction of risk concerned on product safety becomes an urgent issue in leading companies. The strategy for customer satisfaction by choosing attractive quality characteristic is not enough for risk reduction in view of producer. This paper presents a method for choosing quality characteristics and risk characteristics by integrating QFD based on quality requirements and AHP based on safety requirements, also shows its application for complex equipment.

• Journal of the Korea Society of Computer and Information
• /
• v.12 no.2 s.46
• /
• pp.251-263
• /
• 2007

A This study was conducted to identify the advancement of Chinese industry and the strategy of advancing Korean companies into China. According to the results of the study, it is very important for Korean companies to adapt themselves to Chinese circumstances. The development of Chinese industry can be a threat to Korean companies, but it can also be an opportunity to Korean companies. It's up to Korean companies' correspondence strategy. The best strategy of Korean companies on the advancement of Chinese industry is development a blue ocean strategy.

• The Korean Journal of Financial Management
• /
• v.26 no.1
• /
• pp.189-220
• /
• 2009

This study tests the significance of momentum and contrarian strategy which challenge the weak efficient market hypothesis (EMH). If momentum and contrarian strategy can make extra return above the market, this can be a significant critics to the weak EMH. By using Monte Carlo simulation we have found that many existing returature, which test the significance of momentum and contrarian strategy, have a significance distortion problem. We test the significance of momentum and contrarian strategy by using reality check test of White(2000) which solve the problem of data snooping bias. The results are following. When we use the KOSPI index as the benchmark portfolio, we can get the best strategy of momentum strategy in the case of mean return. But in the case of Sharp ratio which is the performance measure adjusting risk, we find that the best strategy in the momentum and contrarian strategy can not dominate the performance of benchmark portfolio. Therefore we argue that weak EMH can not be rejected because of superior performance of momentum and contrarian strategy when we consider risk.

• Journal of the Korea Convergence Society
• /
• v.11 no.1
• /
• pp.211-219
• /
• 2020

This paper examines in depth the UN's disaster risk reduction system and framework that affect a country's disaster safety strategy and focuse on identifying the global trends in disaster risk reduction that have emerged in the Hyogo and the Sendai Framework, a disaster risk reduction strategy proposed by the UN since 2000. For this aim it attempts a theoretical review based on collecting a variety of domestic and international literatures, draws meaningful implications and suggests alternatives to a national disaster risk reduction policy. According to the analysis, the UN disaster risk reduction mechanism is UNISDR, the Secretariat is UNDRR, and the SRSG represents it, and the Sendai Framework, developed from the Hyogo Code of Conduct, a global strategy which has been for disaster safety for the past decade, will lead global disaster safety for the next decade. The policy implications drawn from the analysis of both strategies are the emphasis on consistent international coordination, strengthening resilience and an integrated and comprehensive approach. In conclusion, this paper proposes the need for a disaster risk reduction strategy to establish a resilience reinforcement system to proactively identify and cope with risk factors and to minimize impacts, to promote the coordination of international coordination and cooperation at the government level.

• Proceedings of the Korean Operations and Management Science Society Conference
• /
• 2000.10a
• /
• pp.77-80
• /
• 2000

Feedback herding strategy in stock market means considering other investor's strategy as a basis of market forecasting of next term. Generally, individual investors use that strategy which mimics the strategy of institutional investors. When it is used in stock market, both kind of investors, preceders and followers, can take the higher average of rate of return to normal market in which no feedback herding strategy is not use, the more investors take part in. And variance of return, the risk of investment, are same to both group.

• Safety and Health at Work
• /
• v.2 no.4
• /
• pp.375-379
• /
• 2011

Control Banding (CB) strategies to prevent work-related illness and injury for 2.5 billion workers without access to health and safety professionals has grown exponentially this last decade. CB originates from the pharmaceutical industry to control active pharmaceutical ingredients without a complete toxicological basis and therefore no occupational exposure limits. CB applications have broadened into chemicals in general - including new emerging risks like nanomaterials and recently into ergonomics and injury prevention. CB is an action-oriented qualitative risk assessment strategy offering solutions and control measures to users through "toolkits". Chemical CB toolkits are user-friendly approaches used to achieve workplace controls in the absence of firm toxicological and quantitative exposure information. The model (technical) validation of these toolkits is well described, however firm operational analyses (implementation aspects) are lacking. Consequentially, it is often not known if toolkit use leads to successful interventions at individual workplaces. This might lead to virtual safe workplaces without knowing if workers are truly protected. Upcoming international strategies from the World Health Organization Collaborating Centers request assistance in developing and evaluating action-oriented procedures for workplace risk assessment and control. It is expected that to fulfill this strategy's goals, CB approaches will continue its important growth in protecting workers.

• Korean Journal of Community Nutrition
• /
• v.15 no.2
• /
• pp.240-252
• /
• 2010

The purpose of this research was to develop risk communication (RC) strategy and educational web-site on food additives for elementary students and their parents to improve their perception on food additives and dietary life. First of all, a survey was conducted from 1,200 elementary children and their parents to diagnose the perception and information needs on food additives. The survey revealed that most children and their parents did not have enough knowledge on food additives and demanded the safety information on food additives. Second, previous researches on food communication were analyzed to develop a risk communication model, and it was directly applied in this study. Third, a web site (www.foodnara.go.kr/foodaddy) was developed to upload the education materials along with up-to-date information and classroom activities for teachers on food additives. Fourth, the developed homepage was evaluated by applying to about 100 children and parents each, and majority of them showed high levels of understanding (children 85.7%, parents 79%) and satisfaction (children 77.2%, parents 64%), and the effect of getting over the prejudice against food additives was observed. The RC model developed in this study could be applied to any food risk communication, and the content and materials in this web site including booklets, animations, and quiz could be used effectively to promote the communication on food additives. In the future, it will be necessary to advertise the web site to be utilized by various consumer levels and to update the contents continuously by developing consumer-friendly communication materials.

• Proceedings of the Safety Management and Science Conference
• /
• 2004.05a
• /
• pp.137-144
• /
• 2004

Consumers require various quality characteristics including safety. The reduction of risk concerned on product safety becomes urgent issue in leading companies. The strategy for customer satisfaction by choosing attractive quality characteristic is not enough for risk reduction in view of producer. This paper presents a method for choosing quality characteristics and risk characteristics by integrating QFD based on quality requirements and AHP based on safety requirements, also shows its application for complex equipment.