• International conference on construction engineering and project management
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• 2009.05a
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• pp.1288-1293
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• 2009

Performing 'Mega Project' in which various stakeholders are involved is difficult to control due to the respective conflicting objectives. Urban regeneration which is being challenged issue in various ways can be defined as the mega project. Since the mega project like urban regeneration a long-continued project and includes a lot of participants whose benefits conflict, cooperation among stakeholders is essential. Moreover, as the project goes, diverse decision making situations which require collaboration happen, and if proper decision making cannot be given at that time, the whole project would have critical effects. Also, since each activity concerns numerous stakeholders, prompt decision making is difficult in the mega project. Therefore, the objective of this study is to support stakeholder's cooperative decision making in order for conducting successful project. For the purpose of the paper, the concept of cooperation in mega project is redefined and a cooperative decision making framework is suggested. Also, the term of governance, which means cooperative mechanism based on the mutual trust, information sharing and partnership, is applied to the newly defined cooperation. The suggested cooperative decision making framework contains the structure of stakeholders in urban regeneration project which enables participants to understand the relationship among bodies and checklists for supporting decision making appropriately. The application of the framework proposed in this research is expected to contribute subjects' suitable decision making by providing proper information in a timely manner.

• International conference on construction engineering and project management
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• 2022.06a
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• pp.992-1000
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• 2022

Heritage buildings (HBs) as structures with historical and architectural relevance that form an integral part of contemporary society. HBs deserve to be protected for as long as possible to retain their significance. Therefore, prioritizing HB maintenance management (HBMM) is pertinent. However, the decision-making process of HBMM can be relatively daunting. The decision-making challenge may be attributed to the multiple 'stakeholders' expectation and requirement which needs to be met. To this end, professionals in the built environment have identified the need to apply the strategic concept of facilities management (FM) in decision making. However, studies exploring the application of FM in decision-making seem lacking. To bridge this gap, this study focuses on developing a framework for strategic decision-making HBMM, which helps achieve HBMM sustainability. At the study's inception, relevant works of literature in the domains of HBMM and FM were conducted. This review helped identify contemporary maintenance practices and their applicability to HBMM. Afterward, a conceptual framework to aid decision-making in HBMM was developed. This framework integrated the concept of FM scope (people, place, process, and technology) while ensuring that decisions and plans were made at strategic, tactical, and operational levels. The conceptual framework presents a holistic guide for professionals in HBMM to ensure that decision processes and outcomes are practical and efficient. It also contributes to the existing body of knowledge on the integration of FM in HBMM. Furthermore, it will help achieve HB sustainability through an effective decision-making process.

• Asia pacific journal of information systems
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• v.14 no.2
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• pp.37-59
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• 2004

Team decision making is a collective behavior that needs to be understood by considering properties belonging to team and individual member domains together. This paper introduces a conceptual model called "Dual-Level(DL)" model that describes a team decision-making process in terms of team level, member level, and the relationship between them. The team-level view explains the decision-making process by considering the team as a wholeand divides the process into three stages: Problem Conceptualization, Alternative Generation, and Selection. The member-level view describes what happens to individual members when they go through the group process and splits it into the five phases: Individual Cognitive Mapping, Problem Decomposition, Subproblem Session, Subproblem Integration, and Team Decision. The DL model works as a theoretical framework to explore team decision making by using a set of computational models of team design and team members. In practice, the conceptual framework is used to build a computational model of decision making team, called "Team-Soar."

• Journal of the Korean Operations Research and Management Science Society
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• v.38 no.2
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• pp.75-93
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• 2013

In applying Markowitz's portfolio selection model to the stock market, we developed a comprehensive investment decision-making framework including key inputs for portfolio theory (i.e., individual stocks' expected rate of return and covariance) and minimum required expected return. For estimating the key inputs of our decision-making framework, we utilized an exponentially weighted moving average (EWMA) which places more emphasis on recent data than the conventional simple moving average (SMA). We empirically analyzed the investment results of the decision-making framework with the same 15 stocks in Samsung Group Funds found in the Korean stock market between 2007 and 2011. This five-year investment horizon is marked by global financial crises including the U.S. subprime mortgage crisis, the collapse of Lehman Brothers, and the European sovereign-debt crisis. We measure portfolio performance in terms of rate of return, standard deviation of returns, and Sharpe ratio. Results are compared with the following benchmarks : 1) KOSPI, 2) Samsung Group Funds, 3) Talmudic portfolio based on the na$\ddot{i}$ve 1/N rule, and 4) Markowitz's model with SMA. We performed sensitivity analyses on all the input parameters that are necessary for designing an investment decision-making framework : smoothing constant for EWMA, minimum required expected return for the portfolio, and portfolio rebalancing period. In conclusion, appropriate use of the comprehensive investment decision-making framework based on the Markowitz's model integrated with EWMA proves to achieve outstanding performance compared to the benchmarks.

• Proceedings of the Korea Committee for Ocean Resources and Engineering Conference
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• 2006.11a
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• pp.277-280
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• 2006

Most real world design evaluation and risk-based decision support combine quantitative and qualitative (linguistic) variables. Decision-making based on conventional mathematics that combines qualitative and quantitative concepts always exhibit difficulty in modelling actual problems. The successful selection process for choosing a design/procurement proposal is based on a high degree of technical integrity, safety levels and low costs in construction, corrective measures, maintenance, operation, inspection and preventive measures. However, the objectives of maximising the degree of technical performance, maximising the safety levels and minimising the costs incurred are usually in conflict, and the evaluation of the technical performance, safety and costs is always associated with uncertainties, especially for a novel system at the initial concept design stage. In this paper, a design-decision support framework using a composite structure methodology grounded in approximate reasoning approach and evidential reasoning method is suggested for design evaluation of machinery space of a ship engine room at the initial stages. It is a Multiple Attribute Decision-Making (MADM) or Multiple Criteria Decision Making (MCDM) framework, which provides a juxtaposition of cost, safety and technical performance of a system during evaluation to assist decision makers in selecting the winning design/procurement proposal that best satisfies the requirement in hand. An illustrative example is used to demonstrate the application of the proposed framework.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.3
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• pp.185-193
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• 2018

This paper aims to explore the risk governance framework and socially viable solutions, attempting to provide guidance for the decision making process. The key idea of this study start with overcoming the limitations of IRGC risk governance framework, which mainly focuses on a comprehensive framework for risk governance. This article has employed SWOT analysis as a methodology, which is a strategic planning technique used to help identifying the strengths, weaknesses, opportunities, and threats related to business competition or risk management. In this paper, socially viable solutions as an alternative plan place emphasis on the adoption of concern assessment through a concerns table. It is also proposed that scoping has to get introduced, with SWOT analysis in the process. The results of this paper support that multiple stakeholders have to participate in the process of identifying and framing risk and communicating with each other, considering the context. It should be noted that communities can become involved and take important parts in decision making process in various ways. It is recommended that engaging stakeholders to both risk assessment and risk management is material to dealing with risk in a socially viable way. It also implies that the community-based disaster management should be better prepared for the decision making process in socially viable solutions.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2003.11a
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• pp.148-151
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• 2003

Recently school food service operations are confronted with the wide spread pressures for accountability and the need to increase productivity. This paper is concerned with the make-or-buy decision framework for school food service systems considering the multi-attributes in the decision making. For the purpose of considering the multi-attributes analysis method in decision making for the school foodservice, we developed a make-or-buy decision framework using the multi-attribute analysis method, analytic hierarchy process, AHP method for school food service system. Finally, we developed a systematic and practical solution builder for a three-step decision support system in the view of 1) brainstorming for the idea generation, 2) analytic hierarchy process, AHP as a multi-attribute structure ed analysis method, and 3) aggregation logic model to integrate the results of reviewers. We developed web based program and applied it to a school foodservice problem.

• Journal of the Korean Operations Research and Management Science Society
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• v.30 no.1
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• pp.75-94
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• 2005

Research in the decision sciences has continued to develop a variety of mathematical models as well as software tools supporting corporate decision-making. Yet. in spite of their potential usefulness, the models are little used in real-world decision making since the model solution processes are too complex for ordinary users to get accustomed. This paper proposes an intelligent and flexible model-solver integration framework that enables the user to solve decision problems using multiple models and solvers without having precise knowledge of the model-solution processes. Specifically, for intuitive model-solution, the framework enables a decision support system to suggest the compatible solvers of a model autonomously without direct user intervention and to solve the model by matching the model and solver parameters intelligently without any serious conflicts. Thus, the framework would improve the productivity of institutional model solving tasks by relieving the user from the burden of leaning model and solver semantics requiring considerable time and efforts.

• Journal of the Korean Operations Research and Management Science Society
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• v.27 no.1
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• pp.53-73
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• 2002

The launch of a new business is crucial to the future growth and profitability of a company. A new business project typically requires a large amount of resources while it has a high possibility of failure. The evaluation of new business opportunities is therefore quite a critical decision-making to companies. This evaluation includes screening of a large number of criteria at a time which often makes desision-making very complicated. Management should evaluate the business alternatives in a sound and consistent manner that is hard to achieve because the new business evaluation is a typical semi/unstructured decision-making problem. The difficulty in such an evaluation will increase if it is required for management to consider both quantitative and qualitative criteria simultaneously. Under these circumstances, this study has proposed a decision-making framework that utilizes analytical hierarchy process(AHP). This study has identified a set of criteria essential to the new business evaluation and suggested a systematic framework for it. Both qualitative and quantitative evaluations are incorporated into the single framework in this study.

• International Journal of Contents
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• v.6 no.4
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• pp.69-78
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• 2010

In recent years, many leading corporations are actively adopting IT as competitive resources to improve productivity and processes efficiency with strategic alignments. In effect, IT investment also continues to increase. As a vast growth of IT investment, questions and criticism on recent IT investment results are also rapidly being raised. Especially, improper decision making and management on IT investment may cause negative impact on the company's reputation and finances, therefore companies need reasonable and wise investment decision making on new IT projects. This study applies the conceptual framework of IT governance to IT investment decision making cases to examine how IT investment governance influences the quality of IT investment decision making and how business-IT strategic alignment affects the quality of IT investment decision making. This paper contributes to identify the main factors for reasonable and effective IT investment decision making and expected to provide proper guidelines for IT investment decision making.