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Expert Column
The Economics Behind Projects that Fail
Author
Byung Man Kwak
Date
2022-03-17 12:31:58
"I propose that we create a separate category titled “big impact projects” that includes a select group of important projects (involving security, environment, energy, welfare, etc.) with the potential to significantly impact the daily lives of citizens as well as the national economy. These projects could result in major successes like public or corporate projects. From the perspective of “the economics behind projects that fail,” which considers the potential for even greater benefits resulting from projects that appear to be heading toward failure, I propose the following regarding big impact projects."
Byung Man Kwak ￜ Emeritus Professor, Department of Mechanical Engineering Professor
Byung Man Kwak has served as an emeritus professor in the Department of Mechanical Engineering since 2015. He held several leadership positions during his tenure, including the Dean of Engineering, the Director of the Mobile Harbor Project and the Samsung Chair Professor. Professor Kwak also served as the President of the Korean Society of Mechanical Engineers (KSME) and Secretary General of the International Society for Structural and Multidisciplinary Optimization (ISSMO), and he was the first Korean Fellow of the American Society of Mechanical Engineers. Additionally, Professor Kwak is a Fellow Emeritus of the Korean Academy of Science and Technology and an Emeritus Member of the National Academy of Engineering of Korea. He has won numerous awards throughout his career, including the Korea Engineering Award, and was the winner of Aviation Assemblies Innovation Challenge sponsored by GE Aviation. Within KAIST, Professor Kwak has several achievements to his name, including a Grand R&D Award, a Special Achievement in R&D Award, and two Outstanding R&D Awards. In terms of his education, Professor Kwak earned a bachelor’s degree in Mechanical Engineering at Seoul National University (1967) and a Ph.D. in Engineering at the University of Iowa (1
Byung Man Kwak ￜ Emeritus Professor, Department of Mechanical Engineering Professor
Byung Man Kwak has served as an emeritus professor in the Department of Mechanical Engineering since 2015. He held several leadership positions during his tenure, including the Dean of Engineering, the Director of the Mobile Harbor Project and the Samsung Chair Professor. Professor Kwak also served as the President of the Korean Society of Mechanical Engineers (KSME) and Secretary General of the International Society for Structural and Multidisciplinary Optimization (ISSMO), and he was the first Korean Fellow of the American Society of Mechanical Engineers. Additionally, Professor Kwak is a Fellow Emeritus of the Korean Academy of Science and Technology and an Emeritus Member of the National Academy of Engineering of Korea. He has won numerous awards throughout his career, including the Korea Engineering Award, and was the winner of Aviation Assemblies Innovation Challenge sponsored by GE Aviation. Within KAIST, Professor Kwak has several achievements to his name, including a Grand R&D Award, a Special Achievement in R&D Award, and two Outstanding R&D Awards. In terms of his education, Professor Kwak earned a bachelor’s degree in Mechanical Engineering at Seoul National University (1967) and a Ph.D. in Engineering at the University of Iowa (1
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