Lessons Learned Program이 EPC 프로젝트성과에 미치는 영향에 관한 사례연구
- Lessons Learned Program이 EPC 프로젝트성과에 미치는 영향에 관한 사례연구
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- As construction projects are scaled up, Korean construction companies engaging in overseas plant projects are faced with challenges of corporate growth under EPC contracts with fixed construction periods and contract prices. The lender’s preference of the fixed completion date and fixed lump-sum price without or limited variation orders, so-called “Bankability”, places extra burden on EPC contractors.
To gain competitiveness on overseas EPC plant construction market and to overcome such challenges, Korean contractors need bring innovation to their corporate capability for surmounting challenges, which erode their profitability in carrying out EPC projects. In this respect, Lessons Learned Program(LLP) based projects is a good example of such innovation.
This study summarized in this report investigated the effects of LLP fulfillment on project performance in Korean construction companies by deriving six success factors and three performance aspects via literature reviews. To verify the correlational effects between LLP success factors and LLP performance, this study performed surveys the employees working for corporations engaging currently in LLP. The survey response data were analyzed using a statistical program, i. e. correlation analysis, factor analysis, reliability analysis, T-test and regression analysis.
As a result, some of the six LLP success factors were found to be correlated with LLP performance to a significant extent. Also, a significant difference was found in LLP performance in line with timing of LLP fulfillment. In addition, LLP success factors were found to exert significant effects only on non-project individual and organizational LLP performance. Present study results more or less differed with previous studies and literature reviews, the present findings suggest that the lower the LLP maturity, the harder it is for a company to gain LLP performance as expected.
Accordingly, for a company engaging in LLP to maximize the LLP effects, it is recommended to appreciate the current status of LLP at hand and to improve organizational LLP maturity. Besides, it is necessary to inform organizational members of projects with proved LLP performance so as to strongly motivate them. Furthermore, corporate executives should have a strong will to sustain all relevant parts of LLP.
This study is limited to include assuming the survey response of each individual from each company as general corporate conditions and the case study focusing on one company only. These limitations should be considered prior to translating the present findings as the general conditions across Korean construction industry. For this reason, the abovementioned limitations warrant future studies using multiple respondents to examine a more general status of corporate LLP. Also, further studies should rely on not questionnaire surveys reflecting individuals’ subjective opinions but verified data including project completion reports and multiple corporate cases to derive more significant results.
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