• Industrial Engineering and Management Systems
• /
• v.9 no.2
• /
• pp.121-130
• /
• 2010

In today's uncertain economic environment, economic risk is inherent in making large investments on manufacturing facilities. It is, therefore, practically meaningful to divide investment over multiple periods, reducing the risk of investment. Then, the cash-flow over the entire planning horizon would comprise positive inflow and negative outflow. In this case, in general, evaluation by internal rate of return (IRR) is not feasible, because multiple IRRs are involved. This paper deals with a problem of evaluating profitability, as well as risk, of investment alternatives made in multiple times of investment over the entire horizon. Typically, an additional investment is required after the initial one, for expanding manufacturing capacity or other reasons. The paper pays attention to a unit cash-flow over two periods, decomposing the total cash-flow into a series of unit cash-flow patterns. It is easy to evaluate profitability of a unit cash-flow by using IRR. The total cash-flow can be decomposed into the series of two types of unit cash-flows: an investment type one (negative-positive) and the borrowing type one (positive-negative). This paper, therefore, proposes a method in which only the borrowing type unit cash-flow is eliminated in the series by converting total cash-flow using capital interest rate. Then, a unique IRR can be obtained and the profitability is evaluated. Thus, the paper extends the method of IRR so that it may help decision making in complicated cash-flow pattern observed in practice.

• Journal of Korean Society of Water and Wastewater
• /
• v.29 no.1
• /
• pp.97-106
• /
• 2015

A CCTV inspection method has been widely used to assess sewer condition and performance, but Korea lacks a proper decision support system for prioritizing sewer repair and rehabilitation (R&R). The objective of this paper is to introduce the results that we have developed in the Sewer Condition Assessment and Rehabilitation Decision-making (SCARD) Program using MS-EXCEL. The SCARD-Program is based on a standardized defect score for sewer structural and hydraulic assessment. Priorities are ranked based on risk scores, which are calculated by multiplying the sewer severity scores by the environmental impacts. This program is composed of three parts, which are decision-making for sewer condition and performance assessment, decision-making for sewer R&R priority assessment, and decision-making for optimal budget allocation. The SCARD-Program is useful for decision-makers, as it enables them to assess the sewer condition and to prioritize sewer R&R within the limited annual budget. In the future, this program logic will applied to the GIS-based sewer asset management system in local governments.

• Journal of the Korean Society of Marine Environment & Safety
• /
• v.19 no.3
• /
• pp.248-256
• /
• 2013

Part 2 of the Questionnaire Survey on Marine Safety and VTS in the Philippine Coastal Waters presents the alternatives to risk reduction, modifying the VTS, the qualification and competency of a VTS operator and effectiveness of the services and assistance rendered by VTS. This study finds that majority of respondents chose "Improved education and training of mariners" as the best alternative to risk reduction and the "Strict enforcement of ship safety regulations" as the best alternative based on the respondents' ranks last served onboard and areas of familiarity. In modifying the VTS, the areas with VTS chose to "Improve or upgrade" and for those without, is to "Implement" the system. The best VTS system is the "Port and Approaches" type and the PCG is selected to operate, maintain and supervise the system. As a VTS operator, the necessity of shipboard experience is considered "Essential" and the experiences include "Ship-handling and Communication", and "Management level" experiences. The effectiveness of the assistance and services rendered by VTS are considered "Very Important". Based on these findings, this study recommends improvement of education and training of mariners and users of the waterways including the training of VTS operators manning the VTS centers, strict enforcement of ship safety regulations along the busy and main ports of the country and installation of VTS system with the most appropriate type with the supervision of PCG.

• Journal of Korean Society for Quality Management
• /
• v.33 no.1
• /
• pp.64-72
• /
• 2005

The ever increasing demand for enhanced competitiveness of engineered products requires "designing-in-quality" strategies that can effectively and efficiently incorporate concepts of uncertainty and quality into design. Multi-attribute utility function is commonly used to represent the decision-maker's preference on multiple design attributes under conditions of uncertainty and risk. One of the major issues in implementing this approach concerns the generation of appropriate utility function, especially in a complex engineering design environment. Typically, the decision maker's preference is revealed through lottery questions rather than being structured on the deductive reasoning to reflect the nonlinear tradeoffs among the attributes. The use of such intuitive procedures can lead to inexact preference information that may result in inaccuracy and rank reversal problems. This paper presents an alternative procedure based on the pair-wise comparisons between design alternatives towards a consistent preference presentation in assessing multiplicative utility function. The effectiveness of the overall procedures is tested with the aid of an injection-molding process design for a capacitor can and the results are discussed.

• Korean journal of applied entomology
• /
• v.31 no.3
• /
• pp.304-313
• /
• 1992

The agricultural industry is beset by continuing demands to decrease the use of pest control agents which employ toxic modes of action. Although there are real problems of pesticide resistance, and sometimes overuse or redistribution in the environment, much criticism results from a lack of appreciation of how small is the risk involved. Whatever the background reasons, research and development for pesticide alternatives, particularly within Integrated Pest Management systems, is clearly of high priority. Currently available approaches, including use of natural products and molecular biology, are often regarded with naive optimism and require critical appraisal. For the future, methods of pest control based on chemicals with non-toxic modes of action (e.g. pheromones) continue to offer promise but, for widespread use, will require their integration with biological agents and development by means of plant molecular biology.

• Journal of Information Technology Applications and Management
• /
• v.14 no.1
• /
• pp.117-135
• /
• 2007

Globalization changes in market structures and consumer needs, as well as technology innovations force organizations to adopt new structures and collaborative networks to cope with rapidly changing environments. These Collaborative Networks are based on the Idea of virtual enterprise. A virtual enterprise(VE) is a temporary alliance of globally distributed independent enterprises that share core competencies and computer networks. This paper presents a proposal for a methodology to measure a key factor of success and risk First of all, we chose thirty experts' defines on virtual enterprise, fifteen are academic specialist and other fifteen are from industry. For this study we define twenty two factors determining VE's success and seventeen factors determining VE's risk using by Delphi method. And we built the influence model on virtual enterprise. A research model was established according to preceeding research and consensus on experts then the revised model of key factors on virtual enterprise. This survey was based on the Analytical Hierarchy Process (AHP). AHP is an approach to decision making that involves structuring multiple choice criteria into a hierarchy, the assessing the relative important of these criteria, comparing alternative for each criteria, and determining an overall ranking of the alternatives. A model was constructed as 3 level hierarchy. The hierarches are organizational, strategic, technical criteria. for success model on VE has 22 factors and 17 factors for risk model. They are selected by all 30 experts. 14 copies among 30 copies distributed to carry out on the Analytical Hierarchy Process (AHP). Consistency ratio confirm high validity and reliability of instrument and support theoretical model. The results of this study are summarized as follows. (1) This study presented success on VE influenced strategic criteria, and essential factor is Creating a value. Risk on VE influenced strategic criteria, and essential factor is Outcome/Distribution. (2) Its enable that ranking the criteria influence on VE. These are supported VE management and using guideline of VE.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.12
• /
• pp.819-829
• /
• 2020

This empirical research is aimed at testing the relationship of the big five personality traits namely openness to experience, extraversion, consciousness, agreeableness, neuroticism, and risk aversion with the investment intention of individual investors belonging to Balochistan, Pakistan. The primary data is collected through a self-administered questionnaire (a structured form that consists of a series of closed-ended and open-ended questions) from a sample of 397 active individual investors belonging to different districts of the province. The data is empirically analyzed by applying the Partial Least Square (PLS) path modeling technique by using the estimation package available in Smart-PLS. The findings of this study suggest that all the variables are statistically significant with investors' investment intention with risk aversion as the strongest predictor. Moreover, openness to experience, extraversion, consciousness, agreeableness, and risk are significantly and positively related to an investor's investment intention, whereas neuroticism is negatively related to an investor's investment intention. The results extended by this study can be used by financial planners and investment bankers to channelize the available financial resources in diversified portfolios. The results will help financial planners to make available diverse investment alternatives for investors in Balochistan, thus catering to their unique needs. Academia must offer courses on contemporary finance paradigm based on behavioral finance to enable future business graduates to make wise financial decisions.

• Journal of Korea Society of Digital Industry and Information Management
• /
• v.9 no.4
• /
• pp.81-94
• /
• 2013

Recently, the dramatical increasement of personal information infringement makes the government strongly enforce the laws. The Key-point of law enforcement is the DB encryption. Nevertheless, DB encryption is the one of the hardest thing in the organization's security measures. The purpose of this paper is suggesting alternative means of residence numbers and showing the possibility of indicator usage for safety measures. This research suggested the best ways to make a decision through a before and after comparison of the DB encryption cost of the inherent identification number elimination in "Social Welfare consolidation service system". When this research result was applied in "Happiness-e-Um system", we found that the alternative means are more efficient than the residence number for encryption cost, system revision time and so on.

• Korean Journal of Construction Engineering and Management
• /
• v.11 no.1
• /
• pp.113-121
• /
• 2010

Since the cut-down of the purchasing price of the feed in tariff(FIT) in 2008, the numbers of photovoltaic projects get decreased, contrary to investment expansion policy of government on renewable energy. The root cause of the decrease is the irrationality of the current purchasing price structure of FIT as well as the adversity of fund raising due to the global financial crisis. This study proposes the FIT calculating model (Cost & Benefit Risk Based Purchase Price Process : CBRP3) reflecting the fluctuation of cost and benefit risks. The first step is to establish the photovoltaic generation alternatives, and to calculate each distribution data of the investment and the power generation quantity. The FIT for each alternative is, then, assessed through simulations. Finally the proposed FIT scheme is compared to the present FIT scheme and future study subjects are derived.

• Korean Journal of Construction Engineering and Management
• /
• v.13 no.6
• /
• pp.94-106
• /
• 2012

In recent years, the risks and uncertainties associated with mixed used development in urban regeneration projects which have actively been implemented at home and abroad have been on the rise due to the uncertainties of the initial business plan, difficulty of financing, increase in total cost and schedule delay. To cope with rapid social and economic changes and optimize benefits, a risk-based configuration management process that considers life cycle is required, along with accurate planning in the early stage of the business. In addition, it is necessary to prepare measures that can respond to the evaluation and measurement of the configuration factors in relation to the business process. However, the focus of previous studies on configuration management in the field of construction was mainly on humanities and the sociological aspects such as organization, leadership, ideology and similar concepts. There has been limited research on the process and measurement and evaluation methods for configuration factors required in decision-making on the risks and changes that can occur in the actual project implementation phase. Accordingly, in this study, we defined risk-based configuration factors and developed a process and MECA/3DAM/CII methodology to measure and evaluate these factors so as to carry out systematic configuration management of mixed used development in urban regeneration projects.