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Analyzing Spatial Differences in Construction Risk Management: A Comparative Study of Regional Perception

Year: 2024
Type: article
Study design: Observational Study
Abstract: The Arctic region is often assessed as having high uncertainty and risk in construction projects owing to its extreme environmental conditions.However, it is emerging as a new frontier for future energy development, given its abundant resources.We aim to establish a risk management framework by identifying country risk factors that arise from spatial differences when Korean construction companies, with extensive experience in Middle Eastern and Asian construction projects, enter the less familiar Arctic market.Through a comprehensive literature review, 21 country risk factors were identified.Subsequently, a survey was conducted among Korean experts involved in overseas construction projects to assess these risks.The results indicate that in the Middle East, "political" and "legal" risks are perceived as relatively severe, attributed to the instability of political institutions and legal frameworks.In contrast, in the Arctic, "environmental" and "cultural" risks are identified as the most critical, primarily owing to the extreme climate and stringent environmental protection regulations.In this study, we utilized human sensing methodologies through expert surveys to capture spatially informed risk data.This study contributes to understanding the regional characteristics of country risks driven by spatial differences and provides foundational data for Korean construction companies in formulating strategies for international project entry.However, the study is limited by a lack of comprehensive data on the Arctic region, necessitating future research to develop adaptive strategies through long-term data collection on environmental changes.
DOI: 10.18494/sam5349
Language: English
Open Access status: gold
Estimated APC paid: $748
OpenAlex ID: W4402946733
FWCI: 0.309
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Cited by: 1
Related to: 10