• 재무관리논총
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• 제7권1호
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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.

• 기술혁신학회지
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• 제7권3호
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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.

• 국제학술발표논문집
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• The 2th International Conference on Construction Engineering and Project Management
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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.

• 국제학술발표논문집
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• The 2th International Conference on Construction Engineering and Project Management
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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.

• 한국건설관리학회:학술대회논문집
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• 한국건설관리학회 2003년도 학술대회지
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• pp.504-508
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• 2003

최근 공정관리와 원가관리의 중요도 인식에 기인하여 공정/원가 통합관리 및 공정정보와 3차원 설계정보를 연계할 4차원 설계 정보 연구가 활성화되고 있다. 공정과 원가를 통합할 수 있는 EVMS의 관리적 효과와 도형정보와 공정관리를 통합을 통하여 일정관리의 편의 및 효율을 극대화 하는 4차원 CAD(4D CAD)의 시각적 효과를 통합하는 4D-EVMS는 프로젝트 관리의 중요한 도구가 될 수 있다. 이러한 맥락에서, 본 연구의 목적은 발주자 공정/원가 총합관리를 위한 기본요건 도출 및 구현방안 제시에 있다. 이러한 연구의 결과물은 발주자 공정/원가관리의 업무효율 증대뿐만 아니라 실적자료 축적 및 홍보 관점에서도 기대효과를 가진 수 있을 것으로 판단된다.

• 한국경영과학회지
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• 제40권3호
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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.

• 간호행정학회지
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• 제14권4호
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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.

• 자원ㆍ환경경제연구
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• 제21권2호
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• pp.301-319
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• 2012

2012년부터 RPS 제도가 시행됨에 따라 신재생에너지 분야에서의 투자가 활발히 이루어질 것으로 예상된다. 신재생에너지를 통한 기업의 온실가스 감축투자는 장기적으로 기술진보와 국내 전력가격에도 영향을 미치는 중요한 요소이다. 한편, 국내에 온실가스 감축정책 수단으로 배출권거래제가 논의 중인 바, 유사한 성격의 두 제도가 기업의 환경투자 의사결정에 미치는 영향을 분석하도록 한다. 투자의 비가역성과 배출권 및 REC 가격의 불확실성을 고려하는 실물옵션 모형을 이용하여, 게이트웨이의 설정을 통한 배출권과 REC의 호환성이 보장될 때에 투자 인센티브를 분석하였다. 환경투자를 통해 온실가스 감축이 충분히 클 경우에는 투자에 대한 게이트웨이의 긍정적인 효과가 확인되는 것으로 나타났다. 신재생에너지 투자효과에 대한 보다 엄밀한 분석을 위하여 향후 발전사 데이터의 구축을 통해 실증분석이 추가로 이루어져야 할 것이다.

• 한국컴퓨터정보학회논문지
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• 제4권4호
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• pp.251-259
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• 1999

서비스과업요인 변수가 고객만족과 어떠한 관계가 있는지를 서울, 인천 경기도의 병원(대학. 종합, 개인, 한의)을 대상으로 하여 의료서비스 과업의 요인(유형적품질, 유연성. 비용. 시간 및 관리기술) 그리고 기대요인, 고객만족의 각 요인 항목을 토대로 통계분석을 통해서 연구가설의 현실적 적합성을 연구하였다.

• 가족자원경영과 정책
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• 제18권2호
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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).