• Title/Summary/Keyword: Optimal investment

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Development of Forest Road Network Model Using Digital Terrain Model (수치지형(數値地形)모델을 이용(利用)한 임도망(林道網) 배치(配置)모델의 개발(開發))

  • Lee, Jun Woo
    • Journal of Korean Society of Forest Science
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    • v.81 no.4
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    • pp.363-371
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    • 1992
  • This study was aimed at developing a computer model to determine rational road networks in mountainous forests. The computer model is composed of two major subroutines for digital terrain analyses and route selection. The digital terrain model(DTM) provides various information on topographic and vegetative characteristics of forest stands. The DTM also evaluates the effectiveness of road construction based on slope gradients. Using the results of digital terrain analyses, the route selection subroutine, heuristically, determines the optimal road layout satisfying the predefined road densities. The route selection subroutine uses the area-partitioning method in order to fully of roads. This method leads to unbiased road layouts in forest areas. The size of the unit partitiones area can be calculated as a function of the predefined road density. In addition, the user-defined road density of the area-partitioning method provides flexibility in applying the model to real situations. The rational road network can be easily achived for varying road densities, which would be an essential element for network design of forest roads. The optimality conditions are evaluated in conjuction with longitudinal gradients, investment efficiency earthwork quantity or the mixed criteria of these three. The performance of the model was measured and, then, compared with those of conventional ones in terns of average skidding distance, accessibility of stands, development index and circulated road network index. The results of the performance analysis indicate that selection of roading routes for network design using the digital terrain analysis and the area-partitioning method improves performance of the network design medel.

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The Application of Operations Research to Librarianship : Some Research Directions (운영연구(OR)의 도서관응용 -그 몇가지 잠재적응용분야에 대하여-)

  • Choi Sung Jin
    • Journal of the Korean Society for Library and Information Science
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    • v.4
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    • pp.43-71
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    • 1975
  • Operations research has developed rapidly since its origins in World War II. Practitioners of O. R. have contributed to almost every aspect of government and business. More recently, a number of operations researchers have turned their attention to library and information systems, and the author believes that significant research has resulted. It is the purpose of this essay to introduce the library audience to some of these accomplishments, to present some of the author's hypotheses on the subject of library management to which he belives O. R. has great potential, and to suggest some future research directions. Some problem areas in librianship where O. R. may play a part have been discussed and are summarized below. (1) Library location. It is usually necessary to make balance between accessibility and cost In location problems. Many mathematical methods are available for identifying the optimal locations once the balance between these two criteria has been decided. The major difficulties lie in relating cost to size and in taking future change into account when discriminating possible solutions. (2) Planning new facilities. Standard approaches to using mathematical models for simple investment decisions are well established. If the problem is one of choosing the most economical way of achieving a certain objective, one may compare th althenatives by using one of the discounted cash flow techniques. In other situations it may be necessary to use of cost-benefit approach. (3) Allocating library resources. In order to allocate the resources to best advantage the librarian needs to know how the effectiveness of the services he offers depends on the way he puts his resources. The O. R. approach to the problems is to construct a model representing effectiveness as a mathematical function of levels of different inputs(e.g., numbers of people in different jobs, acquisitions of different types, physical resources). (4) Long term planning. Resource allocation problems are generally concerned with up to one and a half years ahead. The longer term certainly offers both greater freedom of action and greater uncertainty. Thus it is difficult to generalize about long term planning problems. In other fields, however, O. R. has made a significant contribution to long range planning and it is likely to have one to make in librarianship as well. (5) Public relations. It is generally accepted that actual and potential users are too ignorant both of the range of library services provided and of how to make use of them. How should services be brought to the attention of potential users? The answer seems to lie in obtaining empirical evidence by controlled experiments in which a group of libraries participated. (6) Acquisition policy. In comparing alternative policies for acquisition of materials one needs to know the implications of each service which depends on the stock. Second is the relative importance to be ascribed to each service for each class of user. By reducing the level of the first, formal models will allow the librarian to concentrate his attention upon the value judgements which will be necessary for the second. (7) Loan policy. The approach to choosing between loan policies is much the same as the previous approach. (8) Manpower planning. For large library systems one should consider constructing models which will permit the skills necessary in the future with predictions of the skills that will be available, so as to allow informed decisions. (9) Management information system for libraries. A great deal of data can be available in libraries as a by-product of all recording activities. It is particularly tempting when procedures are computerized to make summary statistics available as a management information system. The values of information to particular decisions that may have to be taken future is best assessed in terms of a model of the relevant problem. (10) Management gaming. One of the most common uses of a management game is as a means of developing staff's to take decisions. The value of such exercises depends upon the validity of the computerized model. If the model were sufficiently simple to take the form of a mathematical equation, decision-makers would probably able to learn adequately from a graph. More complex situations require simulation models. (11) Diagnostics tools. Libraries are sufficiently complex systems that it would be useful to have available simple means of telling whether performance could be regarded as satisfactory which, if it could not, would also provide pointers to what was wrong. (12) Data banks. It would appear to be worth considering establishing a bank for certain types of data. It certain items on questionnaires were to take a standard form, a greater pool of data would de available for various analysis. (13) Effectiveness measures. The meaning of a library performance measure is not readily interpreted. Each measure must itself be assessed in relation to the corresponding measures for earlier periods of time and a standard measure that may be a corresponding measure in another library, the 'norm', the 'best practice', or user expectations.

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Optimization of PS-7 Production Process by Azotobacter indicus var. myxogenes L3 Using the Control of Carbon Source Composition (탄소원 조성 조절을 이용한 Azotobacter indicus var. myxogenes L3로부터 PS-7 생산 최적화)

  • Ra, Chae-Hun;Kim, Ki-Myong;Hoe, Pil-Woo;Lee, Sung-Jae;Kim, Sung-Koo
    • Microbiology and Biotechnology Letters
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    • v.36 no.1
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    • pp.61-66
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    • 2008
  • The proteins in whey are separated and used as food additives. The remains (mainly lactose) are spray-dried to produce sweet whey powder, which is widely used as an additive for animal feed. Sweet whey powder is also used as a carbon source for the production of valuable products such as polysaccharides. Glucose, fructose, galactose, and sucrose as asupplemental carbon source were evaluated for the production of PS-7 from Azotobacter indicus var. myxogenes L3 grown on whey based MSM media. Productions of PS-7 with 2% (w/v) fructose and sucrose were 2.05 and 2.31g/L, respectively. The highest production of PS-7 was 2.82g/L when 2% (w/v) glucose was used as the carbon source. Galactose showed low production of PS-7 among the carbon sources tested. The effects of various carbon sources addition to whey based MSM medium showed that glucose could be the best candidate for the enhancement of PS-7 production using whey based MSM medium. To evaluate the effect of glucose addition to whey based media on PS-7 production, fermentations with whey and glucose mixture (whey 1, 2, 3%; whey 1% + glucose 1%, whey 1% + glucose 2% and glucose 2%, w/v) were carried out. Significant enhancement of PS-7 production with addition of 1% (w/v) and 2% (w/v) glucose in 1% (w/v) whey media was observed. The PS-7 concentration of 2% glucose added whey lactose based medium was higher than that of 1% glucose addition, however, the product yield $Y_{p/s}$ was higher in 1% glucose added whey lactose based MSM medium. Therefore, the optimal condition for the PS-7 production from the Azotobacter indicus var.myxogenes L3, was 1% glucose addition to 1% whey lactose MSM medium.

A study on the CRM strategy for medium and small industry of distribution (중소유통업체의 CRM 도입방안에 관한 연구)

  • Kim, Gi-Pyoung
    • Journal of Distribution Science
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    • v.8 no.3
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    • pp.37-47
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    • 2010
  • CRM refers to the operating activities that always maintain and promote good relationship with customers to ultimately maximize the company's profits by understanding the value of customers to meet their demands, establishing a strategy which may maximize the Life Time Value and successfully operating the business by integrating the customer management processes. In our country, many big businesses are introducing CRM initiatively to use it in marketing strategy however, most medium and small sized companies do not understand CRM clearly or they feel difficult to introduce it due to huge investment needed. This study is intended to present CRM promotion strategy and activities plan fit for the medium and small sized companies by analyzing the success factors of the leading companies those have already executed CRM by surveying the precedents to make the distributors out of the industries have close relation with consumers to overcome their weakness in scale and strengthen their competitiveness in such a rapidly changing and fiercely competing market. There are 5 stages to build CRM such as the recognition of the needs of CRM establishment, the establishment of CRM integrated database, the establishment of customer analysis and marketing strategy through data mining, the practical use of customer analysis through data mining and the implementation of response analysis and close loop process. Through the case study of leading companies, CRM is needed in types of businesses where the companies constantly contact their customers. To meet their needs, they assertively analyze their customer information. Through this, they develop their own CRM programs personalized for their customers to provide high quality service products. For customers helping them make profits, the VIP marketing strategy is conducted to keep the customers from breaking their relationships with the companies. Through continuous management, CRM should be executed. In other words, through customer segmentation, the profitability for the customers should be maximized. The maximization of the profitability for the customers is the key to CRM. These are the success factors of the CRM of the distributors in Korea. Firstly, the top management's will power for CS management is needed. Secondly, the culture across the company should be made to respect the customers. Thirdly, specialized customer management and CRM workers should be trained. Fourthly, CRM behaviors should be developed for the whole staff members. Fifthly, CRM should be carried out through systematic cooperation between related departments. To make use of the case study for CRM, the company should understand the customer and establish customer management programs to set the optimal CRM strategy and continuously pursue it according to a long-term plan. For this, according to collected information and customer data, customers should be segmented and the responsive customer system should be designed according to the differentiated strategy according to the class of the customers. In terms of the future CRM, integrated CRM is essential where the customer information gathers together in one place. As the degree of customers' expectation increases a lot, the effective way to meet the customers' expectation should be pursued. As the IT technology improved rapidly, RFID (Radio Frequency Identification) appears. On a real-time basis, information about products and customers is obtained massively in a very short time. A strategy for successful CRM promotion should be improving the organizations in charge of contacting customers, re-planning the customer management processes and establishing the integrated system with the marketing strategy to keep good relation with the customers according to a long-term plan and a proper method suitable to the market conditions and run a company-wide program. In addition, a CRM program should be continuously improved and complemented to meet the company's characteristics. Especially, a strategy for successful CRM for the medium and small sized distributors should be as follows. First, they should change their existing recognition in CRM and keep in-depth care for the customers. Second, they should benchmark the techniques of CRM from the leading companies and find out success points to use. Third, they should seek some methods best suited for their particular conditions by achieving the ideas combining their own strong points with marketing. Fourth, a CRM model should be developed that will promote relationship with individual customers just like the precedents of small sized businesses in Switzerland through small but noticeable events.

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Economic Analysis of the Livestock Manure Treatment System Using Life-Cycle Cost Technique (LCC 기법을 통한 가축분뇨처리시설의 경제성 분석)

  • Kim, J.H.;Cho, S.H.;Kwag, J.H.;Choi, D.Y.;Jeong, K.H.;Chung, U.S.;Chung, M.S.;Park, S.K.
    • Journal of Animal Environmental Science
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    • v.17 no.sup
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    • pp.61-68
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    • 2011
  • To assess the total cost with all stages of facilities, the feasibility of Life Cycle Cost (LCC) analysis was examined in this study to estimate the livestock manure treatment system and optimal decision making process. For the economic evaluation, the plant/equipment investment and annual operation cost of four Public Livestock Recycling Facilities, whose treatment capacity is 100 ton piggery manure per day, was compared. The initial cost was in the range of 2,699 million won to 3,202 million won, where T and E methods were highest and lowest, respectively. The annual operation cost was in the level of 378 million to 498 million won, which decreased in the following order : T method > J method > E method > B method. For the LCC analysis, 4.7% of interest rate, 3.13% of inflation rate, and 1.52% of net discount rate was considered by the data received from Bank of Korea and Statics Korea in the period of 2000 to 2009. Also, for the calculation of present value factor, the durable years of civil engineering & construction, machinery and electric instrument was 30 years, 10 years and 15 years, respectively. Based on these consideration, operation cost was in the range of 17,570 won/ton to 20,661 won/ton, and E method (17,570 won/ton) was economical and B method (20,661 won/ton) was non-economical. Though initial cost of T method was higher than that of B method, LCC analysis of T method was lower than that of T method due to the lower operation cost. Therefore, LCC analysis, which considers both initial cost and operation cost, is more reasonable evaluation method than either initial cost or annual operation cost. For the change of LCC analysis according to the uncertainty, the sensitivity analysis was carried out using fluctuation magnitude of discount rate in the period of 2000 to 2009. As a result, LCC analysis evaluated by discount rate was stable for the uncertain factors since the cost leadership did not change even though the sensitivity analysis varied. In summary, the economic evaluation using LCC analysis could be an efficient reference to choose the suitable livestock manure treatment plants. Furthermore, standardization of statement calculation for the actual cost analysis should be conducted and more detailed study is necessary to validate this summary. Therefore, the application of comprehensive technology evaluation, which considers LCC analysis, should contribute in obtaining objectivity and enhancing reliability for the 'Evaluation of Livestock Manure Treatment System and its Technology'.

A Comparative Study about Industrial Structure Feature between TL Carriers and LTL Carriers (구역화물운송업과 노선화물운송업의 산업구조 특성 비교)

  • 민승기
    • Journal of Korean Society of Transportation
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    • v.19 no.1
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    • pp.101-114
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    • 2001
  • Transportation enterprises should maintain constant and qualitative operation. Thus, in short period, transportation enterprises don't change supply in accordance with demand. In the result, transportation enterprises don't reduce operation in spite of management deficit at will. In freight transportation type, less-than-truckload(LTL) has more relation with above transportation feature than truckload(TL) does. Because freight transportation supply of TL is more flexible than that of LTL in correspondence of freight transportation demand. Relating to above mention, it appears that shortage of road and freight terminal of LTL is larger than that of TL. Especially in road and freight terminal comparison, shortage of freight terminal is larger than that of road. Shortage of road is the largest in 1990, and improved after-ward. But shortage of freight terminal is serious lately. So freight terminal needs more expansion than road, and shows better investment condition than road. Freight terminal expansion brings road expansion in LTL, on the contrary, freight terminal expansion substitutes freight terminal for road in TL. In transportation revenue, freight terminal's contribution to LTL is larger than that to TL. However, when we adjust quasi-fixed factor - road and freight terminal - to optimal level in the long run, in TL, diseconomies of scale becomes large, but in LTL, economies of scale becomes large. Consequently, it is necessary for TL to make counterplans to activate management of small size enterprises and owner drivers. And LTL should make use of economies of scale by solving the problem, such as nonprofit route, excess of rental freight handling of office, insufficiency of freight terminal, shortage of driver, and unpreparedness of freight insurance.

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A Study on Web-based Technology Valuation System (웹기반 지능형 기술가치평가 시스템에 관한 연구)

  • Sung, Tae-Eung;Jun, Seung-Pyo;Kim, Sang-Gook;Park, Hyun-Woo
    • Journal of Intelligence and Information Systems
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    • v.23 no.1
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    • pp.23-46
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    • 2017
  • Although there have been cases of evaluating the value of specific companies or projects which have centralized on developed countries in North America and Europe from the early 2000s, the system and methodology for estimating the economic value of individual technologies or patents has been activated on and on. Of course, there exist several online systems that qualitatively evaluate the technology's grade or the patent rating of the technology to be evaluated, as in 'KTRS' of the KIBO and 'SMART 3.1' of the Korea Invention Promotion Association. However, a web-based technology valuation system, referred to as 'STAR-Value system' that calculates the quantitative values of the subject technology for various purposes such as business feasibility analysis, investment attraction, tax/litigation, etc., has been officially opened and recently spreading. In this study, we introduce the type of methodology and evaluation model, reference information supporting these theories, and how database associated are utilized, focusing various modules and frameworks embedded in STAR-Value system. In particular, there are six valuation methods, including the discounted cash flow method (DCF), which is a representative one based on the income approach that anticipates future economic income to be valued at present, and the relief-from-royalty method, which calculates the present value of royalties' where we consider the contribution of the subject technology towards the business value created as the royalty rate. We look at how models and related support information (technology life, corporate (business) financial information, discount rate, industrial technology factors, etc.) can be used and linked in a intelligent manner. Based on the classification of information such as International Patent Classification (IPC) or Korea Standard Industry Classification (KSIC) for technology to be evaluated, the STAR-Value system automatically returns meta data such as technology cycle time (TCT), sales growth rate and profitability data of similar company or industry sector, weighted average cost of capital (WACC), indices of industrial technology factors, etc., and apply adjustment factors to them, so that the result of technology value calculation has high reliability and objectivity. Furthermore, if the information on the potential market size of the target technology and the market share of the commercialization subject refers to data-driven information, or if the estimated value range of similar technologies by industry sector is provided from the evaluation cases which are already completed and accumulated in database, the STAR-Value is anticipated that it will enable to present highly accurate value range in real time by intelligently linking various support modules. Including the explanation of the various valuation models and relevant primary variables as presented in this paper, the STAR-Value system intends to utilize more systematically and in a data-driven way by supporting the optimal model selection guideline module, intelligent technology value range reasoning module, and similar company selection based market share prediction module, etc. In addition, the research on the development and intelligence of the web-based STAR-Value system is significant in that it widely spread the web-based system that can be used in the validation and application to practices of the theoretical feasibility of the technology valuation field, and it is expected that it could be utilized in various fields of technology commercialization.

A Study on the Prediction Model of Stock Price Index Trend based on GA-MSVM that Simultaneously Optimizes Feature and Instance Selection (입력변수 및 학습사례 선정을 동시에 최적화하는 GA-MSVM 기반 주가지수 추세 예측 모형에 관한 연구)

  • Lee, Jong-sik;Ahn, Hyunchul
    • Journal of Intelligence and Information Systems
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    • v.23 no.4
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    • pp.147-168
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    • 2017
  • There have been many studies on accurate stock market forecasting in academia for a long time, and now there are also various forecasting models using various techniques. Recently, many attempts have been made to predict the stock index using various machine learning methods including Deep Learning. Although the fundamental analysis and the technical analysis method are used for the analysis of the traditional stock investment transaction, the technical analysis method is more useful for the application of the short-term transaction prediction or statistical and mathematical techniques. Most of the studies that have been conducted using these technical indicators have studied the model of predicting stock prices by binary classification - rising or falling - of stock market fluctuations in the future market (usually next trading day). However, it is also true that this binary classification has many unfavorable aspects in predicting trends, identifying trading signals, or signaling portfolio rebalancing. In this study, we try to predict the stock index by expanding the stock index trend (upward trend, boxed, downward trend) to the multiple classification system in the existing binary index method. In order to solve this multi-classification problem, a technique such as Multinomial Logistic Regression Analysis (MLOGIT), Multiple Discriminant Analysis (MDA) or Artificial Neural Networks (ANN) we propose an optimization model using Genetic Algorithm as a wrapper for improving the performance of this model using Multi-classification Support Vector Machines (MSVM), which has proved to be superior in prediction performance. In particular, the proposed model named GA-MSVM is designed to maximize model performance by optimizing not only the kernel function parameters of MSVM, but also the optimal selection of input variables (feature selection) as well as instance selection. In order to verify the performance of the proposed model, we applied the proposed method to the real data. The results show that the proposed method is more effective than the conventional multivariate SVM, which has been known to show the best prediction performance up to now, as well as existing artificial intelligence / data mining techniques such as MDA, MLOGIT, CBR, and it is confirmed that the prediction performance is better than this. Especially, it has been confirmed that the 'instance selection' plays a very important role in predicting the stock index trend, and it is confirmed that the improvement effect of the model is more important than other factors. To verify the usefulness of GA-MSVM, we applied it to Korea's real KOSPI200 stock index trend forecast. Our research is primarily aimed at predicting trend segments to capture signal acquisition or short-term trend transition points. The experimental data set includes technical indicators such as the price and volatility index (2004 ~ 2017) and macroeconomic data (interest rate, exchange rate, S&P 500, etc.) of KOSPI200 stock index in Korea. Using a variety of statistical methods including one-way ANOVA and stepwise MDA, 15 indicators were selected as candidate independent variables. The dependent variable, trend classification, was classified into three states: 1 (upward trend), 0 (boxed), and -1 (downward trend). 70% of the total data for each class was used for training and the remaining 30% was used for verifying. To verify the performance of the proposed model, several comparative model experiments such as MDA, MLOGIT, CBR, ANN and MSVM were conducted. MSVM has adopted the One-Against-One (OAO) approach, which is known as the most accurate approach among the various MSVM approaches. Although there are some limitations, the final experimental results demonstrate that the proposed model, GA-MSVM, performs at a significantly higher level than all comparative models.