• The Journal of Asian Finance, Economics and Business
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• 제9권5호
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• pp.465-474
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• 2022

Using structural equation modeling, the study aims to investigate the causal relationship between working capital policies and working capital indicators on firm performance, including profitability and market value (SEM). The samples of 381 firms were selected from various industries listed on the Stock Exchange of Thailand (SET) from 2016 to 2020. The results showed that 1) there is an effect of working capital policies on profitability and market value; 2) there is an effect of working capital indicators on profitability and market value and 3) there is the effect of profitability on market value. From the results, it is suggested that conservative working capital investment policy (CIP) and conservative working capital financing policy (CFP) affect a company's performance in the Thailand context. In addition, shortening the cash conversion cycle (CCC) should be applied in management to increase profitability by reducing the receivables collection period (RCP) and inventory conversion period (ICP) while increasing the payables deferral period (PDP). The practical implications of the study provide the evidence that meeting the dues according to short CCC management can represent healthy liquidity in cash flow that helps gain investor confidence and the investment interest that further increases the market value.

• 대한산업공학회지
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• 제33권1호
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• pp.26-32
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• 2007

This study deals with waiting-time dependent backordering rate during stock-out period in the EconomicProduction Quantity (EPQ) model. Assuming that the backordering rate follows an exponentially decreasingfunction of the waiting time, the backorder rate is developed under First-Come-First-Served (FCFS) andLast-Come-First-Served (LCFS) Policy. The mathematical models are developed based on differential equations.Through numerical examples, the validity of the developed models is illustrated.

• 대한산업공학회지
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• 제34권1호
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• pp.32-41
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• 2008

This paper studies a joint EOQ and EPQ model in which a stationary demand can be satisfied by recycled products as well as newly purchased products. The model assumes that a fixed quantity of the used products are collected from customers and later recovered for reuse. The recovered products are regarded as perfectly new ones. We also assume that the number of orders for newly purchasing items and the number of recovery setups in a cycle can be mutually independent integers. Under these assumptions, we develop an optimization model obtaining the economic order quantity for newly procured products, the optimal lot size for the recovery process, and the sequence of the orders and the setups, simultaneously. And then a simple solution procedure to find a local optimal control parameter set is proposed. To validate the model and the solution procedure, finally, some computational experiments are presented.

• 한국조경학회지
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• 제24권1호
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• pp.42-54
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• 1996

Many of urban parks which have been designated for urban planning regulation are not well developed because the priority of investment is inferior to that of other public facilities. Park development is an urgent urban policy and it is hard to decide priority among parks. Therefore, it is necessary to evaluate the priority of park development. Thus the Analytic Hierarchy Process has been introduced because it is suitable for achieving objectivity by collecting the professional opinions. The goals of park development are evaluated by AHP method and the priorities among goals are conservation of natural environment, satisfying the residents' residents' needs, population density, regional pollution, land acquisition cost, ratio of greeneries and facilities within park areas. Priority of park development is decided by the standardization of each individual inventory data and considering of the professional opinions. Among the multi-attribute judgement methods, AHP method may be the most widely used. Despite the critical evaluations of the AHP, such as limitation of the nine-point scale and the rank reversal problem, application of AHP to decide the priority of park development is suitable for actual circumstances.

• 경영과학
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• 제23권3호
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• pp.209-224
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• 2006

The mobile communication technology would be one of the most appropriate means for achieving process innovation in the actual business area. This article performs a simulation study to examine the effect of introducing a mobile technology to the after-sales service and its logistics process. The performances of the two different systems, before and after introducing a mobile technology, are examined based on operational cost, operational efficiency, and customer service level using a discrete event simulation. The real-world data, extracted from a leading Korean electronics firm, was collected for this study. The results show that the TO-BE(after) model outperforms the AS-IS(before) model over all the performance indices. And the effects of introducing the mobile technology are more significant on the more tightly controlled inventory policy.

• 대한산업공학회지
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• 제27권4호
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• pp.328-336
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• 2001

In this paper, an approach is presented for determining the required storage capacity of a warehouse with leased public space. Storage assignment policies considered are randomized and class-based storage assignment policies. An analytic model for each of the storage policies is formulated with the objective of minimizing the cost of owned storage space and leased space while satisfying a desired service level of protection against space shortages. Cost functions used in the models are piecewise liear with fixed costs. For the models, algorithms are developed to generate optimal solutions. The approach is applied to the systems where the standard economic-order-quantity inventory model is used for all items being stored in the warehouse.

• 대한산업공학회지
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• 제39권5호
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• pp.440-449
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• 2013

We consider a reverse supply chain with a production facility and a recovery facility, and address the joint control of production and disposal decisions for sustainable operations. Demands are satisfied from on-hand inventory of serviceable products, replenished via manufacturing or remanufacturing. Sold products may be returned after usage and each returned product is disposed of or accepted for recovery. Accepted returned products are converted into serviceable products after remanufacturing process. Formulating the model as a Markov decision process, we characterized the structure of the optimal production and disposal policy as two monotone switching curves under a special condition. Three types of heuristic policies are presented and their performance is numerically compared.

• Industrial Engineering and Management Systems
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• 제6권2호
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• pp.106-118
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• 2007

This paper present a new optimization model to generate aggregate production planning by considering electric cost. The new Time Of Switching (TOS) electric type is introduced by switching over Time Of Day (TOD) and Time Of Use (TOU) electric types to minimize the electric cost. The fuzzy demand and Dynamic inventory tracking with multiple plant capacity are modeled to cover the uncertain demand of customer. The constraint for minimum hour limitation of plant running per one start up event is introduced to minimize plants idle time. Furthermore; the Optimal Weight Moving Average Factor for customer demand forecasting is introduced by monthly factors to reduce forecasting error. Application is illustrated for multiple cement mill plants. The mathematical model was formulated in spreadsheet format. Then the spreadsheet-solver technique was used as a tool to solve the model. A simulation running on part of the system in a test for six months shows the optimal solution could save 60% of the actual cost.

• Management Science and Financial Engineering
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• 제3권1호
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• pp.57-74
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• 1997

An EOQ-like inventory model for a manufacturing process is studied. The system is assumed to deteriorate during the production process. The results are either the production of a number of defective items, or the breakdown of the production machine. The optimal production lot size is derived. The model is extended to the case in which the probabilities of making defective items and machine breakdowns are a function of both the quantity (amount) and quality (performance) of the consumed setup cost (including the preventive maintenance cost). We further assume that the setup performance can be improved by investing in the performance improvement program. Hence, the same or a better setup outcome can be achieved with a lower setup cost. We then investigate the optimal setup cost and investment policy simultaneously, thereby achieving a better process quality and setup cost reduction concurrently.

• 대한안전경영과학회지
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• 제3권3호
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• pp.65-75
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• 2001

This research fundamentally deals with an analysis of service level for a multi-level inventory distribution system which is consisted of a central distribution center and several branches being supplied stocks from the distribution center, Under continuous review policy, the distribution center places an order for planned order quantity to an outside supplier, and the order quantity is received after a certain lead time. Also, each branch places an order for particular quantity to its distribution center, and receives the order quantity after a lead time. In most practical distribution environment, demands and lead times are generally not fixed or constant, but variable. And these variabilities make the analysis more complicated. Thus, the main objective of this research is to suggest a method to compute the service level at each depot, that is, the distribution center and each branch with variable demands and variable lead times. Further, the model will give an idea to keep the proper level of safety stocks that can attain effective or expected service level for each depot.