Title Analysis of Loss Costs and Risk Reserve due to Risk Events for Aircraft Runway Construction
Authors Kang, Hyun Wook
DOI https://dx.doi.org/10.6106/KJCEM.2022.23.3.025
Page pp.25-35
ISSN 2005-6095
Keywords Aircraft Runway; Risk Events; Variation Costs; Loss Costs; Estimation Reserve
Abstract The purpose of this study is to derive risk events that occurred during aircraft runway construction and analyze loss costs for project participants. For this purpose, design change data, contracted statement and completed statement were investigated. The results of this study are as follows: There were 12 risk events in the process of construction, 5 design errors and 7 construction errors. The increased construction costs due to such risk events were calculated as KRW 726 million. Of the KRW 726 million that was increased due to risk events, about 52.57% was spent by the ordering agency, and about 47.43% contractors. The increased construction costs due to such risk events are about 4.86% of the direct construction costs of KRW 14.9 billion. Based on the results derived from these case studies, a method for estimating reserve costs and construction costs considering risk events is presented.