A quantitative risk assessment development using risk indicators for predicting economic damages in construction sites of South Korea

Ji-Myong Kim, Taehui Kim, Kiyoung Son, Junseo Bae, Seunghyun Son*

*Corresponding author for this work

Research output: Contribution to journalArticle

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Abstract

The purpose of this study is to suggest a quantitative risk assessment approach for construction sites using risk indicators to predict economic damages. The frequency of damage in building construction has recently increased, and the associated costs have been increased as well. Although a request for a damage estimation model has been extended, the industry still lacks quantitative and comprehensive research that reveals the physical relationship between damage and risk indicators. To address that issue, we use an insurance company’s payouts from construction site claims in South Korea to reflect the real financial damage. We adopted a multiple regression method to define the risk indicators: geographic vulnerability, natural hazards, capability, and general project information. The results and findings of this research will be accepted as an essential guideline for developing a construction risk estimation model.
Original languageEnglish
Pages (from-to)472-478
Number of pages7
JournalJournal of Asian Architecture and Building Engineering
Volume18
Issue number5
Early online date30 Oct 2019
DOIs
Publication statusPublished - 30 Oct 2019

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Risk assessment
Economics
Insurance
Hazards
Costs
Industry

Keywords

  • Risk assessment
  • Construction project
  • Insurance
  • Natural hazards
  • Regression analysis

Cite this

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abstract = "The purpose of this study is to suggest a quantitative risk assessment approach for construction sites using risk indicators to predict economic damages. The frequency of damage in building construction has recently increased, and the associated costs have been increased as well. Although a request for a damage estimation model has been extended, the industry still lacks quantitative and comprehensive research that reveals the physical relationship between damage and risk indicators. To address that issue, we use an insurance company’s payouts from construction site claims in South Korea to reflect the real financial damage. We adopted a multiple regression method to define the risk indicators: geographic vulnerability, natural hazards, capability, and general project information. The results and findings of this research will be accepted as an essential guideline for developing a construction risk estimation model.",
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A quantitative risk assessment development using risk indicators for predicting economic damages in construction sites of South Korea. / Kim, Ji-Myong; Kim, Taehui; Son, Kiyoung; Bae, Junseo; Son, Seunghyun.

In: Journal of Asian Architecture and Building Engineering, Vol. 18, No. 5, 30.10.2019, p. 472-478.

Research output: Contribution to journalArticle

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