• The Korean Journal of Financial Studies
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• v.7 no.1
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• pp.171-195
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• 2001

본 연구의 목적은 실물옵션이론을 바탕으로 정유회사의 가치평가기법을 제공하는 것이다. 정유회사는 가치평가를 위해서 회계적 가치외에 관리적 유연성(managerial flexibility)을 고려해야 하기 때문에 기존의 DCF방법을 적용하기 보다는 실물옵션방법을 이용하여야 한다. 관리적 유연성은 회사관리자가 적용가능한 생산관리적 기법으로서 회사의 미래현금흐름에 영향을 주고 따라서 회사의 가치에 영향을 미친다. DCF방법은 이러한 관리적 유연성을 적절히 고려하지 못하여 회사의 가치를 저평가하는 오류를 발생시킨다. 반면 실물옵션방법은 관리적 유연성을 가치평가에 있어서 주요 변수를 인식하기 때문에 정확한 가치평가의 수단이 된다. 옵션가격결정을 위한 기초자산은 크랙스프레드(crack Spread)이다. 크랙스프레드는 경유(heating oil)와 무연휘발유(unleaded gasoline)의 가격과 원유(crude oil) 가격의 차이를 나타내며 정유회사의 정유순익(gross refining margin)을 대표한다. 실물옵션방법에 의한 정유회사의 가치는 DCF방법에 의한 가치보다 두 배가 크다는 결론을 제시한다. 즉 관리적 유연성이 존재하는 회사의 경우는 가치평가에 있어서 실물옵션방법을 이용하여 가치를 저평가하는 오류를 범하지 않아야 한다.

• Journal of Korea Technology Innovation Society
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• v.7 no.3
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• pp.533-554
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• 2004

Real option valuation considers the managerial flexibility to make ongoing decisions regarding implementation of investment projects and 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 asset based on Monte Carlo simulation. This research uses a binomial model to obtain point estimate of real option value with embedded expansion option case and provides also an array of numerical results to show the interval estimation of option value using Monte Carlo simulation.

• International conference on construction engineering and project management
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• 2007.03a
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• pp.729-738
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• 2007

The Public Private Partnership/Private Finance Initiative (PPP/PFI) schemes have made the private sector become a major participant involved in the development of infrastructure systems along with the government. Due to more integrated efforts among project participants and longer concession period, PPP/PFI projects are inherently more complex and risky. It is therefore very important to proactively manage the risks involved throughout the project life cycle. Conventional risk management strategies sometimes ignore managerial flexibility in the planning and execution process. This paper starts with a revised risk management framework which incorporates the real option concept. Following the presentation of the framework, a new risk classification is proposed which leads to different ways of structuring options in a project according to the stage of the project life cycle. Finally, the paper closes by discussing other issues concerning option modeling and negotiation.

• International conference on construction engineering and project management
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• 2007.03a
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• pp.563-572
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• 2007

Transportation infrastructure is critical to economic growth of a country such as China. Careful evaluation of investments in traffic infrastructure projects is therefore pertinent. As traditional evaluation methods do not consider the uncertainty of future cash flows and mobility during project execution, the real option approach is gradually gaining recognition in the context of valuing construction and infrastructure projects. However, many of the cases only evaluate individual options separately although multiple options often exist in a typical large infrastructure project. Using a highway project in China as a case study, this paper first evaluates a deferment option and a growth option embedded in the project. Subsequently, the values are combined using the fuzzy analytical hierarchy process. It is found that the combined value is less than the sum of the two option values. This finding is consistent with the theoretical observations given in past real option literature despite the use of a different approach.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.504-508
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• 2003

Cost and schedule are the major concerns for the successful construction project management. The four dimensional CAD (4D CAD) integrating graphical data and scheduling data has also been an area of research interests for improving construction controls. In order to achieve the benefits from these areas in an integrated way, this study proposes a 4D-EVMS system for the owners. Managerial requirements for cost and schedule control for the owners are identified first. A 4D-EVMS model is then proposed which provides functional flexibility in order to enhance the efficiency of the system. Lessons learned and practical implications are briefly summarize.

• Journal of the Korean Operations Research and Management Science Society
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• v.40 no.3
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• pp.1-21
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• 2015

Customer firms exercise various sources of power to influence their suppliers' behaviors or decisions. In this study we aim to examine the effects of customers' sources of power on their supplier's performance improvement. This study posits that a customer's expert, referent, and reward power positively influence a supplier's performance directly as well as indirectly through increased supplier-customer integration. On the contrary, the customer's coercive power is expected to worsen the supplier's operational performance because of increasing distrust, dissatisfaction, and conflict with the customer. Data collected from 1,229 firms from Korea, China, Hong Kong, Taiwan, and the U.S. are used to test the hypotheses. Expert power proves to be the most effective source of customer power in improving a supplier's inventory cost, delivery, and flexibility performance. In contrast, coercive power deteriorates significantly all supplier performance variables. Academic and managerial implications are presented and future research directions are also discussed.

• Journal of Korean Academy of Nursing Administration
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• v.14 no.4
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• pp.477-487
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• 2008

Purpose: The purpose of this study is to develop the competencies of the administrator and the behavioral indicators, and with those as the foundation it is to measure the importance and the performance. Method: On the basis of literature review, the researcher made a preliminary competency and the behavioral indicator for the administrator. Developed competency and behavioral indicator went through the content validity using CVI. Finally, 20 different competencies and 87 behavioral indicators of the administrators in long-term care facility helped measuring the importance of the present administrator's competency and the performance. Results: The competencies are Achievement Orientation, Initiative, Information Seeking, Interpersonal Understanding, Customer Service Orientation, Marketing, Influence, Organizational Awareness, Relationship Building, Staff Development, Assertiveness, Teamwork and Cooperation, Leadership, Analytical Thinking, Conceptual Thinking, Managerial Expertise, Self Control, Self Confidence, Flexibility and Organizational Commitment. For the contents, 87 behavioral indicators are included. The importance and the performance were confirmed by Importance Performance Analysis. The importance of each behavioral indicator in each field and the performance were confirmed with the mean and the standard deviation. Conclusion: The competencies and behavioral indicators of an administrator which were developed by this study are considered that they can be used as the effective guides in the practical field and can also be used as basic materials for developing educational program.

• Environmental and Resource Economics Review
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• v.21 no.2
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• pp.301-319
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• 2012

The primary purpose of Renewable Portfolio Standard (RPS) is to facilitate investment in renewable energy technology. Since emission trading program has similar purpose, it is conceivable to attempt to link RPS and emission trading program through interlinked markets. RPS in Korea with single REC and emission allowance markets has particular advantages for constructing linkages between two markets. This paper provides a real option model to examine investment effects of linkage of RPS to the trading program. Emission permit price and REC price are assumed to follow stochastic processes and renewable investment is irreversible. The result shows that linked market provides further incentive for renewable investment by raising managerial flexibility for power companies.

• Journal of the Korea Society of Computer and Information
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• v.4 no.4
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• pp.251-259
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• 1999

In this paper, university hospitals, general hospitals/hospitals, private clinics, Chinese medicine hospitals and clinics in Seoul. Metropolitan Inchon, Kyunggi-do were probed to find out how the variables of service task factor are related to customer satisfaction, and to find out the determinants of medical service task(tangible quality, flexibility, cost, time and managerial skills), and anticipation factors, and respective items of customer satisfaction through statistical analysis. The meaning of the above mentioned findings should be carefully understood and construed due to the following problems. Because the factors why patients select hospitals were measured limitedly. it cannot show everything I intended to suggest. Especially due to the insufficient number if items. customer satisfaction variables are too limited. Reflecting the developing changes in various medical environments, hospitals could meet the objective of maintenance and prosperity only by facing the competition effectively and satisfying patients. Also hospitals should pursue patient-oriented service management. In other words, a strategic management of service task factors is needed. Based on this paper's research. a further study should be conducted continuously in order to give customers more satisfaction.

• Journal of Family Resource Management and Policy Review
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• v.18 no.2
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• pp.37-54
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• 2014

This study investigates fathers' demands for fathering education. Data from eight married, working men was collected through in-depth interviews. The interviews were intended to examine their father-role, working life, balance between work and family, and demand for the educational programs for fathers with particular regard to the themes, contents, and arrangement strategies they desire of the programs. The results show that fathers have a high demand for learning detailed methods of childrearing such as how to effectively sooth and play with their child(ren). Further, it was discovered that job flexibility is the major variable that determines a man's satisfaction with his parental role. Various information about possible arrangements of fathering education was collected from the interview data, such as desired themes, number of sessions, size of the educational program, volunteer role of participants, and focus of the course (e.g., many indicated interest in focusing on gender equality). This study reveals that greater detail, more effective contents, and efficient managerial strategies are required in fathering education in order to impart broader perspectives and knowledge about how to enhance the relationship between father and child(ren).