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Valuation of Mining Investment Projects by the Real Option Approach - A Case Study of Uzbekistan's Copper Mining Industry - (실물옵션평가방법에 의한 광산투자의 가치평가 -우즈베키스탄 구리광산업의 사례연구를 중심으로-)

  • Makhkamov, Mumm Sh.;Kim, Dong-Hwan
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.8 no.6
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    • pp.1634-1647
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    • 2007
  • "To invest or not to invest?" Most business leaders are frequently faced with this question on new and ongoing projects. The challenge lies in deciding what projects to choose, expand, contract, defer, or abandon. The project valuation tools used in this process are vital to making the right decisions. Traditional tools such as discounted cash flow (DCF)/net present value (NPV) assume a "fixed" path ahead, but real world projects face uncertainties, forcing us to change the path often. Comparing to other traditional valuation methods, the real options approach captures the flexibility inherent to investment decisions. The use of real options has gained wide acceptance among practitioners in a number of several industries during the last few decades. Even though the options are present in all types of business decisions, it is still not considered as a proper method of valuation in some industries. Mining has been comparably slow to adopt new valuation techniques over the years. The reason fur this is not entirely clear. One possible reason is the level and types of risks in mining. Not only are these risks high, but they are also more numerous and involve natural risks compared with other industries. That is why the purpose of this study is to deal with a more practical approach to project valuation, known as real options analysis in mining industry. This paper provides a case study approach to the copper mining industry using a real options analysis. It shows how companies can minimize investment risks, exercise flexibility in decision making and maximize returns.

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A New Approach to Mobile Device Design - focused on the Communication Tool & it's GUI for Office Workers in the Near Future - (모바일 기기 디자인의 새로운 접근 - 근 미래 작업환경에서의 커뮤니케이션 도구 디자인과 GUI 연구를 중심으로 -)

  • Yang, Sung-Ho
    • Archives of design research
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    • v.19 no.2 s.64
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    • pp.31-42
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    • 2006
  • This study originates from the following critical mind; what will the office of the future be like? and what technology will we rely upon most to communicate with colleagues or to access business information. In the office environment today, new technology has compelled new work paradigm and has greatly affected the capabilities of the individual to work in a more productive and efficient manner. However, even though new computer technology has changed the business world so rapidly, it is very difficult to see the changes that have been taken place. As an aim of the study, creating a mobile tool for office workers that successfully supports their work and communication was explored, and this study explored future work environment with a 5 years technological and social perspective. As a result of this study, the bON brings new visions to the mobile professionals via various interfaces. The bON, a mobile device, is both a system of work and of communication for office workers. The bON, as an integrated tool for working and communicating, forms the basis for a mobile information gateway that is equally capable of functioning as a mobile desk. The basic underlying idea is that all formal meeting places and hallways in the office are equipped with large wall-mounted screens. The bON collaborates with these media in various ways to enhance productivity and efficiency. The main challenge for the bON to enhance both mobility and quality of information is using new technology including bendable and flexible display and soft material display and sensors. To answer for the strong needs for mobility, the whole size of the device is fairly small while the screen is rolled inside the device. For Graphical User Interface, moreover, a new technique called Multi-layering Interface was adopted to stretch user's visual limits and suggests new direction in designing mobile device, equipped with small size display.

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Improving Performance of Recommendation Systems Using Topic Modeling (사용자 관심 이슈 분석을 통한 추천시스템 성능 향상 방안)

  • Choi, Seongi;Hyun, Yoonjin;Kim, Namgyu
    • Journal of Intelligence and Information Systems
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    • v.21 no.3
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    • pp.101-116
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    • 2015
  • Recently, due to the development of smart devices and social media, vast amounts of information with the various forms were accumulated. Particularly, considerable research efforts are being directed towards analyzing unstructured big data to resolve various social problems. Accordingly, focus of data-driven decision-making is being moved from structured data analysis to unstructured one. Also, in the field of recommendation system, which is the typical area of data-driven decision-making, the need of using unstructured data has been steadily increased to improve system performance. Approaches to improve the performance of recommendation systems can be found in two aspects- improving algorithms and acquiring useful data with high quality. Traditionally, most efforts to improve the performance of recommendation system were made by the former approach, while the latter approach has not attracted much attention relatively. In this sense, efforts to utilize unstructured data from variable sources are very timely and necessary. Particularly, as the interests of users are directly connected with their needs, identifying the interests of the user through unstructured big data analysis can be a crew for improving performance of recommendation systems. In this sense, this study proposes the methodology of improving recommendation system by measuring interests of the user. Specially, this study proposes the method to quantify interests of the user by analyzing user's internet usage patterns, and to predict user's repurchase based upon the discovered preferences. There are two important modules in this study. The first module predicts repurchase probability of each category through analyzing users' purchase history. We include the first module to our research scope for comparing the accuracy of traditional purchase-based prediction model to our new model presented in the second module. This procedure extracts purchase history of users. The core part of our methodology is in the second module. This module extracts users' interests by analyzing news articles the users have read. The second module constructs a correspondence matrix between topics and news articles by performing topic modeling on real world news articles. And then, the module analyzes users' news access patterns and then constructs a correspondence matrix between articles and users. After that, by merging the results of the previous processes in the second module, we can obtain a correspondence matrix between users and topics. This matrix describes users' interests in a structured manner. Finally, by using the matrix, the second module builds a model for predicting repurchase probability of each category. In this paper, we also provide experimental results of our performance evaluation. The outline of data used our experiments is as follows. We acquired web transaction data of 5,000 panels from a company that is specialized to analyzing ranks of internet sites. At first we extracted 15,000 URLs of news articles published from July 2012 to June 2013 from the original data and we crawled main contents of the news articles. After that we selected 2,615 users who have read at least one of the extracted news articles. Among the 2,615 users, we discovered that the number of target users who purchase at least one items from our target shopping mall 'G' is 359. In the experiments, we analyzed purchase history and news access records of the 359 internet users. From the performance evaluation, we found that our prediction model using both users' interests and purchase history outperforms a prediction model using only users' purchase history from a view point of misclassification ratio. In detail, our model outperformed the traditional one in appliance, beauty, computer, culture, digital, fashion, and sports categories when artificial neural network based models were used. Similarly, our model outperformed the traditional one in beauty, computer, digital, fashion, food, and furniture categories when decision tree based models were used although the improvement is very small.

An Analysis of Terrorism against Korea to Overseas and its Implications - Focusing on the companies advancing to overseas - (한국을 대상으로 한 국제테러리즘의 분석과 시사점 - 해외진출기업을 중심으로 -)

  • Chang, Suk-Heon;Lee, Dae-Sung
    • Korean Security Journal
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    • no.28
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    • pp.153-179
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    • 2011
  • Korea has been a victim of State supporting terrorism by North Korea even before international society realize the terrorism threats because of 9.11 in US. However, state supporting terrorism against South Korea by North Korea went along with East/West Cold War System by US and the Soviet Union. It is because socialism that Kim Il-sung who established a separate government in North Korea with the political, economic, social and military support of the Soviet Union selected as his political ideology justifies terrorism as the tool to complete the proletariat revolution. North Korea's state supporting terrorism is being operated systematically and efficiently by military of North Korea. It gives big worries to international society not only by performing terrorism against Korea but also by dispatching terrorists and exporting terrorism strategies to the third world countries. In this situation, terrorism against Korea has met a new transition point at 9${\cdot}$11 in US. As South Korea is confronting North Korea and the war has not ended but suspended, the alliance between US and Korea is more important than anything else. Because of this Korea decided to support the anti-terrorism wars against Afghanistan and Iraq of US and other western countries and send military force there. The preface of the anti-terrorism war has begun as such. On October 7, 2001, US and UK started to attack Afghanistan and Taleban government in Afghanistan was dethroned on December 7, 2001. US and western countries started a war against Iraq on March 20, 2003. On April 9, 2003 Baghdad, the capital of Iraq fell, and Saddam Hussein al-Majid al-Awja government was expelled. During the process, the terrorism threat against South Korea has expanded to Arab terrorists and terrorism organizations as well as North Korea. Consequently, although Korean government, scholars and working level public servants made discussions and tried to seek countermeasures, the damages are extending. Accordingly, terrorism against Korean companies in overseas after 9${\cdot}$11 were analyzed focusing on Nation, Region, Victimology, and Weapons used for the attacks. Especially, the trend of terrorism against the Korean companies in overseas was discussed by classifying them chronologically such as initiation and termination of anti-terrorism wars against Afghanistan and Iraq, and from the execution of Iraqi President, Saddam Hussein al-Majid al-Awja to December 2010. Through this, possible terrorism incidents after the execution of Osama bin Laden, the leader of Al-Qaeda, on May 2, 2011 were projected and proposals were made for the countermeasures.

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Characterization of Streptomyces netropsis Showing a Nematicidal Activity against Meloidogyne incognita (Meloidogyne incognita에 살선충활성을 보이는 신규 Streptomyces netropsis의 살선충 특성 규명)

  • Jang, Ja Yeong;Choi, Yong Ho;Joo, Yoon-Jung;Kim, Hun;Choi, Gyung Ja;Jang, Kyoung Soo;Kim, Chang-Jin;Cha, Byeongjin;Park, Hae Woong;Kim, Jin-Cheol
    • Research in Plant Disease
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    • v.21 no.2
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    • pp.50-57
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    • 2015
  • Control of nematode has become difficult owing to the restricted use of effective soil fumigant, methyl bromide, and other non-fumigant nematicides. Therefore, it is urgently necessary to develop microbial nematicide to replace chemical nematicides. In this study, the 50% aqueous methanol extraction solution of fermentation broths of 2,700 actinomycete strains were tested for their nematicidal activity against second stage of juveniles (J2s) of Meloidogyne incognita. As the results, only the 50% aqueous methanol extraction solution of AN110065, at 20% equivalent to 10% fermentation broth, showed strong nematicidal activity with 78.9% of mortality 24 h after treatment and 94.1% of mortality at 72 h. The 16S rRNA gene sequencing showed that the strain sequence was 99.78% identical to Streptomyces netropsis. The extract of S. netropsis AN110065 fermentation broth was successively partitioned with ethyl acetate and butanol and then the ethyl acetate, butanol and water layers were investigated for their nematicidal activity against the M. incognita. At $1000{\mu}g/ml$, ethyl acetate layer showed the strongest activity of 83.5% of juvenile mortality 72 h after treatment. The pot experiment using the fermentation broth of AN110065 on tomato plant against M. incognita displayed that it evidently suppressed gall formation at a 10-fold diluent treatment. The tomato plants treated with the fermentation broth of S. netropsis AN110065 did not show any phytotoxicity. The results suggest that S. netropsis AN110065 has a potential to serve as microbial nematicide in organic agriculture.

Genesis and Classification of the Red-Yellow Soils derived from Residuum on Acidic and Intermediate Rocks -II. Songjeong series (산성암(酸性岩) 및 중성암(中性岩)의 잔적층(殘積層)에 발달(發達)한 적황색토(赤黃色土)의 생성(生成) 및 분류(分類) -제(第)II보(報) 송정통(松汀統)에 관(關)하여)

  • Um, Ki Tae
    • Korean Journal of Soil Science and Fertilizer
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    • v.6 no.2
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    • pp.75-81
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    • 1973
  • The morphological, physical, and chemical properties of Sonjeong series derived from acidic crystalline rocks are presented. Also it deals with the genesis and classification of the Songjeong series. Morphologically these soils have brown to dark brown loam A horizons and yellowish red to red clay loam Bt horizons with moderate, medium subangular blocky structure and thin patchy clay cutans on the ped faces. C horizons are very deep, yellowish red to yellowish brown fine sandy loam or sandy loam with original rock structure. Physically distribution of particle size indicates that clay increases with depth up to argillic horizons but below the argillic horizons clay content decrease. The moisture holding capacity is fairly good in Songjeong soils. Chemically soil reaction is strongly to very strongly acid throughout the profile and content of organic matter is less than 1 per cent except A horizons. Cation exchange capacity ranges from 5 to 9 me/100g of soils and base saturation is less than 35 per cent throughout the profile. The natural fertility of Songjeong soils are usually low. It needs lime, organic matter, and heavy application of fertilizer for the crop land. These soils occur temperate and humid climate under coniferous, deciduous, and mixed forest vegetation. Songjeong soils are classified as Red-Yellow Soils. Characteristically Songjeong soils are similar to Red-Yellow Podzolic soils in the United States but lack of A2 horizons and are quite liket Red-Yellow Soils of the Japan. According to new classification system which is 7th approximation of USDA Songjeong soils can be classified as fine loamy, mesic family of Typic Hapludults and in the FAO/UNESCO project World Soil Map as Orthic Acrisols.

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Comparison of early tertiary mathematics in USA and Korea (미국과 한국의 초기 고등수학 발전과정 비교연구)

  • Lee, Sang-Gu;Seol, Han-Guk;Ham, Yoon-Mee
    • Communications of Mathematical Education
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    • v.23 no.4
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    • pp.977-998
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    • 2009
  • In this article, we give a comparative study on the last 300 years of USA and Korean tertiary mathematics. The first mathematics classes in United States were offered before July, 1638, but the real founding of tertiary mathematics courses was in 1640 when Henry Dunster assumed the duties of the presidency at Harvard. President Dunster read arithmetics and geometry on Mondays and Tuesdays to the third year students during the first three quarters, and astronomy in the last quarter. So tertiary mathematics education in United States began at Harvard which is the oldest college in USA. After 230 years since then, Benjamin Peirce in 1870 made a major and first American contribution to mathematics and got an attention from European mathematicians. Major change on the role of Harvard mathematics from teaching to research made by G.D. Birkhoff when he joined as an assistant professor in 1912. Tertiary mathematics education in Korea started long before Chosun Dynasty. But it was given to only small number of government actuarial officers. Modern mathematics education of tertiary level in Korea was given at Sungkyunkwan, Ewha, Paichai, and Soongsil. But all college level education opportunity, particularly in mathematics, was taken over by colonial government after 1920. And some technical and normal schools offered some tertiary mathematics courses. There was no college mathematics department in Korea until 1945. After the World War II, the first college mathematics department was established, and Rimhak Ree in 1949 made a major and first Korean contribution to modern mathematics, and later found Ree group. He got an attention from western mathematicians for the first time as a Korean. It can be compared with Benjamin Peirce's contribution for USA.

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A Strategy for Environmental Improvement and Internationalization of the IEODO Ocean Research Station's Radiation Observatory (이어도 종합해양과학기지의 복사관측소 환경 개선 및 국제화 추진 전략)

  • LEE, SANG-HO;Zo, Il-SUNG;LEE, KYU-TAE;KIM, BU-YO;JUNG, HYUN-SEOK;RIM, SE-HUN;BYUN, DO-SEONG;LEE, JU-YEONG
    • The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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    • v.22 no.3
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    • pp.118-134
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    • 2017
  • The radiation observation data will be used importantly in research field such as climatology, weather, architecture, agro-livestock and marine science. The Ieodo Ocean Research Station (IORS) is regarded as an ideal observatory because its location can minimize the solar radiation reflection from the surrounding background and also the data produced here can serve as a reference data for radiation observation. This station has the potential to emerge as a significant observatory and join a global radiation observation group such as the Baseline Surface Radiation Network (BSRN), if the surrounding of observatory is improved and be equipped with the essential radiation measuring instruments (pyaranometer and pyrheliometer). IORS has observed the solar radiation using a pyranometer since November 2004 and the data from January 1, 2005 to December 31, 2015 were analyzed in this study. During the period of this study, the daily mean solar radiation observed from IORS decreased to $-3.80W/m^2/year$ due to the variation of the sensor response in addition to the natural environment. Since the yellow sand and fine dust from China are of great interest to scientists around the world, it is necessary to establish a basis of global joint response through the radiation data obtained at the Ieodo as well as at Sinan Gageocho and Ongjin Socheongcho Ocean Research Station. So it is an urgent need to improve the observatory surrounding and the accuracy of the observed data.

아동의 잠재된 영재성 개발 프로그램

  • Lee, Sun-Ju
    • Journal of Gifted/Talented Education
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    • v.10 no.2
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    • pp.71-86
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    • 2000
  • According to Torrance, it is said that about 30% of feeble-headed children are bearing potential brilliant quality. Such potential gifted children exist really much more than children who appear to show their own brilliant quality. Nevertheless, research activity to reveal children's potential giftedness has not been relatively actively progressed. Renzulli, Smith and so on progresses research activity to reveal children's potential giftedness and strategies developed by them are being used widely all over the world, but these strategies show the defect that children can not overcome by themselves the interfered factors influenced negatively on their gift revelation. Russian scholar Babaeva made the effective education program to develop children's potential giftedness. Her program includes various activity methods or mental correct activity and psychological training activity and such training activity is realized through some steps and each step has it's own purpose and realization method. With the result that children discriminated as common children by the experimental study which is progressed by the present program participate, their standard of intelligence and originality showed the improved effect of the similar standard to children factors not a little influencing on children's giftedness development process but she also developed the leading concrete study method for the children to overcome this by themselves. In this paper, the present writer will examine potential giftedness development program researched in Russia and discuss their theoretic background and concrete activity course, activity result. Through this, children's have the excellent abilities in various spheres, this writer will obtain significant suggestions to educate the potential gifted children who do not display their own potentialities and do not receive a favor from gifted children program.

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A Study on the Appearance Characteristic of Landscape Elements and Symbolic Elements Implied in Tablets - Focus on Korean Damyang Garden and Chinese Suzhou Garden - (편액에 함의된 경관 및 상징요소의 출현특성 - 한국의 담양원림과 중국의 소주원림을 중심으로 -)

  • Ham, Kwang-Min;Li, Shu-Hua;Zhang, Ya-Ping;Mitani, Toru;Zhang, Jun-Hua
    • Journal of the Korean Institute of Traditional Landscape Architecture
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    • v.34 no.4
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    • pp.78-88
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    • 2016
  • The comparative analysis result of appearance characteristic of landscape elements and symbolic elements implied by the tablets on the 16th century's Korean Damyang garden and Chinese Suzhou garden is as follows. First, among the landscape elements implied in the tablets, appearance rate of botanical factors appeared high in the gardens of both areas. Damyang garden displayed bamboo grove and natural forest around the garden, while Suzhou garden displayed artificial mountain(假山) created artificially and a variety of plants including lotus, bamboo, and pine surrounding it were associated with the significance of the tablets. On the other hand, climatic/celestial elements including the rain, wind, and the moon were associated with the tablets of Damyang garden, while the artificial factors such as the building, bridge, and book, etc. were mostly were associated with the tablets of Suzhou garden. Second, among the symbolic elements included in the tablets, ethical personality which is the basic virtue of a noble man(聖人), was the universal characteristic of the meditation world of the garden in both areas. However, a will for political stability was mostly associated with the tablets of Damyang garden, while the retrospect heart for the immortal was mostly associated with the signboard in Suzhou garden. It was concerned with political ideal and the thought of Confucianism respectively. Third, the symbolic elements that appeared frequently in the tablets of Damyang garden, "Ethics" and "Political stability", were associated with the scene atmosphere created by the climatic elements and celestial elements. On the contrary, the symbolic elements which most frequently appeared in the tablets of Suzhou garden, "Ethics", was associated with the symbolic significance of the plant. The invisible space of gardens was expanded by tablets in both areas.