A Study on Composition and Application of Risk Management Planning and Procedure for Successful Overseas Construction Projects - Based on the PRINCE2 Methodology in the UK -

Risk management is an important element for successful management of overseas construction projects. This study reports a case study in which we proposed a risk management planning and procedure for plant construction which can be applied throughout the project life cycle. We analyzed the risk management practices of Korean construction companies by applying the concept of the PRINCE2 method developed in the UK, and proposed a risk management planning and procedure with organizational structure and working process. The suggested risk management planning and procedure was applied to an overseas plant construction project, and produced good results. It is believed that the procedure suggested here can also be aplied to other companies to enhance the competency in the global construction market.