Research from Mokpo National University Provides New Study Findings on Sustainability Research (Development of Model to Predict Natural Disaster-Induced Financial Losses for Construction Projects Using Deep Learning Techniques)

2021 JUN 23 (NewsRx) -- By a News Reporter-Staff News Editor at Economics Daily Report -- Research findings on sustainability research are discussed in a new report. According to news originating from Mokpo, South Korea, by NewsRx correspondents, research stated, “This study goals to develop a model for predicting financial loss at construction sites using a deep learning algorithm to reduce and prevent the risk of financial loss at construction sites.”

Funders for this research include National Research Foundation of Korea.

Our news journalists obtained a quote from the research from Mokpo National University: “Lately, as the construction of high-rise buildings and complex buildings increases and the scale of construction sites surges, the severity and frequency of accidents occurring at construction sites are swelling, and financial losses are also snowballing. Singularly, as natural disasters rise and construction projects in urban areas increase, the risk of financial loss for construction sites is mounting. Thus, a financial loss prediction model is desired to mitigate and manage the risk of such financial loss for maintainable and effective construction project management. This study reflects the financial loss incurred at the actual construction sites by collecting claim payout data from a major South Korean insurance company. A deep learning algorithm was presented in order to develop an objective and scientific prediction model.”

According to the news reporters, the research concluded: “The results and framework of this study provide critical guidance on financial loss management necessary for sustainable and successful construction project management and can be used as a reference for various other construction project management studies.”

For more information on this research see: Development of Model to Predict Natural Disaster-Induced Financial Losses for Construction Projects Using Deep Learning Techniques. Sustainability, 2021,13(5304):5304. (Sustainability - http://www.mdpi.com/journal/sustainability). The publisher for Sustainability is MDPI AG.

A free version of this journal article is available at https://doi.org/10.3390/su13095304.

Our news editors report that additional information may be obtained by contacting Ji-Myong Kim, Department of Architectural Engineering, Mokpo National University, Mokpo 58554, South Korea. Additional authors for this research include Junseo Bae, Seunghyun Son, Kiyoung Son, Sang-Guk Yum.

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