| Title |
Risk Identification and Priority method for Overseas LNG Plant Projects - Focusing on Design Phase - |
| Authors |
Jang, Woo-Sik ; Hong, Hwa-Uk ; Han, Seung-Heon |
| Keywords |
Overseas LNG plant ; Design phase ; Risk ; Priority method ; Three-dimensional evaluation ; Coordination index |
| Abstract |
Korean contractors have been maintained sustainable growth since entering into overseas construction market for the first time in 1960’s. In 2010, Korean contractors ordered 761 billion (USD) from overseas markets. Especially, 574 billion (USD) were earned by Korean contractors in overseas plant construction market which account for more than 80% of the total amount by Korean contractors. Nevertheless, many Korean contractors are suffering from lack of technological competitiveness and construction management skills in the design phase compared with global leading contractors. These conditions have directly effect on the success of projects in terms of cost, duration, and quality. So, this study focused on identifying the risk factors and developing risk priority method for the design phase of LNG plant projects whose market is expanding. Research procedures were conducted by the following three steps. First, total 57 risk factors were identified in design phase through extensive literature reviews and experts survey. Second, the authors developed risk priority method which are more suitable for design phase of LNG plant projects by using three criteria, Probability(P), Impact(I), and Coordination Index(CI). Finally, the suitability of risk priority method and practical applicability were verified through expert survey and interview. Consequently, if korean contractors use the suggested risk factors and priority method based on their own know-how and experiences, then more reasonable and rational risk management will be conducted in the design phase of LNG plant projects. |