• Archives of design research
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• v.16 no.3
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• pp.291-298
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• 2003

In the rapidly advancing modern world, Fashion Illustrations are being utilized in various aspects of art and industrial works. Fashion illustrations are especially useful in fields like trend books thats show advanced trends where photographs are difficult to be utilized due to the fact the real object does not exist. Both the academic and industrial worlds have realized the importance of Fashion illustration and have started to study the field as a way of expressing the general image of a costume rather than a diagram for making clothes. The focus of this study is on Fashion illustrations using Photo Montages that express modern fashion using various and unique textures. The study is composed of a literature review on Fashion illustration and Photo Montages. and five work pieces are made focusing on expressing compounded images.

• Fire Science and Engineering
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• v.14 no.2
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• pp.21-32
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• 2000

In this study, reduced-scale experiments as the alternative to a real-scale fire test were conducted to understand fire properties in tunnel, and their results were compared with those of numerical simulation. The 1/20 scale experiments were conducted under the Froude scaling since smoke movement in tunnel is governed by buoyancy farce. A numerical simulations were on performed 3D unstructured meshes with PISO algorithm and buoyant plume models. Results showed that data was in reasonable agreement with the numerical data of smoke velocity, temperature distribution, and clear height.

• Journal of Korean Society of Transportation
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• v.20 no.2
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• pp.117-124
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• 2002

새로 개발한 철재 교량용 방호울타리는 기존 시설에 비해 충격흡수기능과 조망권 확보, 융설작업, 유지보수가 용이하도록 설계되었다. 본 연구는 새로 개발한 철재 교량용 방호울타리를 건설교통부의 $\ulcorner$도로안전시설 설치 및 관리지침 - 교량용 방호울타리 편. 1999$\lrcorner$ 의 설계기준에 따라 기존 고속도로에 사용하고 있는 F형 콘크리트 교량용 방호울타리와 성능비교를 통해 평가하고자 하였다. 비교평가는 S2급 교량용 방호울타리의 시험기준으로 실시하였으며 결과는 다음과 같이 나타났다. 첫째, 소형승용차를 대상으로 한 운전자의 안전도 평가에서는 두가지 시설 모두 강도성능, 충돌 후 차량 안전성능 구성 부재 비산 억제 성능 등 세 가지 기준을 만족하였으나, 가속도 기준에 있어서는 철재 교량용 방호울타리는 기준인 20g 이하인 18.2605g로 나타나 안전기준을 만족하였고, F형 콘크리트 교량용 방호울타리는 20.1791g로 나타나 기준을 약간 상회하는 것으로 나타났으나 안전기준의 범위에 있는 것으로 평가하였다. 둘째. 대형차량을 대상으로 한 방호울타리의 구조적 안정성 평가에 있어서는 F형과 철재 교량용 방호울타리 모두 평가기준에 적합한 것으로 나타났다. 새로 개발한 철재 교량용 방호울타리는 국내 최초로 모의충돌시험과 실물차량 충돌시험을 통해 개발하였다는 의의를 가지고 있으며 성능측면에서도 기존의 시설에 비해 충분히 안전하다는 것을 증명하였다. 그러나 측정시설의 미비로 충돌후의 차량의 이탈속도나 이탈각도에 대하여 만족할 만한 수준의 결과를 제시하지는 못하였다.

• Journal of The Korean Digital Architecture Interior Association
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• v.10 no.2
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• pp.5-12
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• 2010

Unlike housing development project that can ensure profit by selling built units, a hotel development depends on long-term business operation to be profitable due to characteristics of service industry. The expected cash flow has substantial uncertainty depending on room occupancy rate and room charge. Thus, even after construction is complete, business risk tends to rise. It is necessary to ensure strategic response to uncertainty in future value of a hotel. The objective of the study is to explore strategic measures to deal with risk and uncertain future value in hotel development project by adopting abandonment option, which is a type of real options. The case in analysis had sevenyears of project period: Two years for construction, and five years for operation; a plan was made to sell the hotel after five years' of operation. For the research purpose, option value ofrecoverable investment amount was estimated, and value of abandonment option was KRW 124.921 billion. When abandonment option is applied, the project value was deemed to be KRW 120.592 billion. Generally, the amount of loss is enormous when a real estate project like a hotel development fails, and therefore, application of option is expected to be an effective measure to leverage uncertainty of a project.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.4 no.3
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• pp.289-295
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• 2003

In this paper, the option valuation of venture business was calculated by utilizing growth option model, chosen from real option valuation method. The evaluation of venture business was estimated by adding option value to the terminal value discounted from cashflow method. As the result of the empirical analysis, ROV model applied in the Study is more reliable Han the DCF model concerning the pricing of venture business. Unlike the previous study of Schartz & Moon which only analyzed one venture business, this study estimated and analyzed the rational pricing of venture business with comparative methods using various parameters of sampling 99 domestic venture businesses.

• Journal of Advanced Marine Engineering and Technology
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• v.34 no.5
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• pp.743-749
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• 2010

The primary object of this study was to develop the control algorithm and program for automatic submersible buoy which is free to move vertically within the water column by adjusting weight and buoyancy forces by air control. The experiment was performed to validate the usefulness of the program in the indoor water tank. In the experiment, the automatic submerging and surfacing of the buoy were controlled by water-pressure gauge and air control system. The buoy is raised by injecting compressed air from a compressor and then is lowered by releasing the air. The submerging and surfacing characteristics of the buoy calculated with the numerical model were similar to measurements obtained with the experiment. It was concluded that the algorithm and program could be useful in analyzing various parameters and submerging mechanisms required to design new type of automatic submersible fish cage system.

• New & Renewable Energy
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• v.7 no.2
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• pp.18-27
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• 2011

Management flexibility to adapt its future actions in response to altered future market conditions can expand the value of an investment opportunity by improving its upside potential without the change in the downside losses. Module manufacturers in solar industry continuously have to decide how much and when its production capacity should be expanded with regards to the demand in the global markets. Either over- or under-investment can cause sunk and/or opportunity costs to the module manufacturers. Option of exercising the additional investments only on favorable opportunities can increase total value of the investment. This paper analyzes the case which shows that the expansion of production capacity with more expandibility can have more value than the rigid plan of capacity expansion. The expansion option value is equivalent to KRW 38.286 billion, thus switching the negative NPV of the initial investment opportunity into the positive value. High volatility and the high growth in the cashflows as the major business features of the renewable energy provide condition where real options can play the crucial role in increasing the investment value as well as in determining the size and timing of capacity expansion in the course of capital budgeting process.

• Proceedings of the Korean Society of Propulsion Engineers Conference
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• 2005.11a
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• pp.341-345
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• 2005

This paper is for the combustion characteristics of gas generator which drive 1.5MW-class turbo pump and runs in fuel-rich combustion regime with LOx/kerosene as propellant. The outline of development procedure of real scale high pressure gas generator is introduced and the relation between O/F ratio and outlet temperature and the molecular weight and specific heat ratio of combustion gas are described. The relation between O/F ratio and temperature is newly obtained at higher pressure and the molecular weight and specific heat ratio is modified and their validity is confirmed by the mass relation equation.

• Journal of the Korean Society for Railway
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• v.10 no.2 s.39
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• pp.137-145
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• 2007

In traditional financial theory, the discount cash flow model(DCF or NPV) operates as the basic framework for most analyses. In doing valuation analysis, the conventional view is that the net present value(NPV) of a project is the measure of the present value of expected net cash flows. Thus, investing in a positive(negative) NPV project will increase(decrease) firm value. Recently, this framework has come under some fire for failing to consider the options of the managerial flexibilities. Real option valuation(ROV) considers the managerial flexibility to make ongoing decisions regarding the implementation of investment projects and the deployment of real assets. The appeal of the framework is natural given the high degree of uncertainty that firms face in their technology investment decisions. This paper suggests an algorithm for estimating volatility of logarithmic cash flow returns of real assets based on the Black-Sholes option pricing model, the binomial option pricing model, and the Monte Carlo simulation. This paper uses those models to obtain point estimates of real option value with the G7- HSR350X(high-speed train).

• Proceedings of the Korean Society of Propulsion Engineers Conference
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• 2003.10a
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• pp.195-203
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• 2003

Spray and Mixing characteristics of the unlike impinging triplet injectors (F-O-F, O-F-O) were investigated with the variation of the momentum ratio of oxidizer to fuel. The spray pattern was measured using a backlit stroboscopic photography technique, and mixing efficiency was measured using a mechanical patternator. Kerosene/water were used as a propellant simulant. From the experimental results, it is found that a O-F-O type injector has a good atomization. And as the momentum ratio increases, the mixing efficiency decreases rapidly.