• The Journal of Asian Finance, Economics and Business
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• v.7 no.8
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• pp.281-287
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• 2020

In capital budgeting practices, investment project evaluations based on the net present value (NPV) and the internal rate of return (IRR) represent the traditional evaluation techniques. Compared with the traditional methods, the modified internal rate of return (MIRR) gives the opportunity to evaluate an investment in certain projet, while taking the changes in cash flows over time and issuing shares such as dividing shares, bonuses, and dividend for each end of the investment year into account. Therefore, this study aims to evaluate an investment in the Malaysian construction sector utilizing financial data for 39 public listed companies operating in the Malaysian construction sector over the period from Jan 1, 2007, to December 30, 2018, based on the MIRR method. Stochastic was studied in this study to estimate the estimated probability by applying the Markov chain model to the MIRR method where the transition matrix has two possible movements of either Good (G) or Bad (B). it is found that the long-run probability of getting a good investment is higher than the probability of getting a bad investment in the long-run, where were the probabilities of good and bad are 0.5119, 0.4881, respectively. Hence, investment in the Malaysian construction sector is recommended.

• International conference on construction engineering and project management
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• 2013.01a
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• pp.475-478
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• 2013

To carry out a one-off construction project successfully, effective and accurate early cost estimation is crucial, especially during the conceptual stage where very limited minimum information of construction project is given. As the level of accuracy of the early cost estimation has huge impacts on precise budgeting and cost management of a project, in other words, reducing the risk of a project, cost must be managed with special awareness. In an effort to improve the estimate accuracy of cost during the conceptual stage, this research introduces a Parameter Impact (PI) which can quantify weights of parameters and rank them; and PI development derived from the principle of impulse in physics is explicated. For a case study, 76 public apartment building cases in Korea are analyzed. To examine the validity of the proposed PI, a validation in terms of CBR applicability test and estimate accuracy comparisons using 10-nearest neighbor cases are carried out. The validation results support that the suggested PI can be applied in quantifying the weights of the parameters and CBR method for early cost estimation.

• International conference on construction engineering and project management
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• 2011.02a
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• pp.426-431
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• 2011

The quality of performance evaluation on engineering consultants that provide design-related technical services is difficult to be measured, and only a handful of papers discussed the quality during the design stage. Although design cost is relatively far less than construction cost for a project, the decisions made in the design phase have a significant impact on the final products of the project, especially for large public construction projects. Therefore, this research focuses on reviewing and then establishing a performance evaluation framework for the consulting firms that execute detailed design and provide technical services for the Taipei Rapid Transit Systems (TRTS). By interviewing experts, this study first established a set of indicators to evaluate these firms' performance. Then, those indicators were incorporated into the four aspects of balanced scorecard (BSC) to establish the architecture of the evaluation mechanism. The weight of each indicator was calculated by analytic hierarchy process (AHP) from a survey conducted among experts. The results showed that the top-three indicators were quantity take-off, functions conformity, and budgeting. The framework of performance evaluation established by this study can be applied to measure service performance during the design stage. It not only facilitates the monitoring of consulting firms, but also helps to reduce unnecessary change orders and disputes during the construction stage.

• The Transactions of the Korean Institute of Electrical Engineers P
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• v.65 no.1
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• pp.31-40
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• 2016

The purpose of this study is to dimensionally examine the factors of policy changes by applying the ACMS model to KEPCO's structural reorganization privatization policies and study its implications. As a result of the analysis, among the external variables that affect as a financial source or restriction to advocates, all areas except for the difference in opinion of the people as well as policy decision and effects of other subordinate systems were shown to be in an advantageous condition acting as a financial source to advocates of structural reorganization privatization. On the other hand, advocates affected by the external variables share a certain belief system in which the advocates of privatization share the justification of profitability while the advocates of collectivization share the justification of publicness. In these flows, the announcement of the privatization plan of public enterprises of the committee of planning and budgeting acts as a matter of contact which opens the windows for policy changes, and this window goes through ignition, explosion, and fixation which causes fierce interactions among advocates of both sides. Eventually, in accordance with the contents of excluding electricity(KEPCO) from the list for privatization the window for policy changes has closed and things have changed to a transitional KEPCO privatization policy. Based on this, the first implication is that non-official participants such as the people, social organizations, labor unions, etc. influence policy changes more than they did before. Secondly, in the process of policy changes, there is an order of boundary even in the fierce interactions between each advocate. Thirdly, specific variables can play various roles in complex policy phenomenon. Fourthly, a logical analysis using the ACMS model is possible in Korea as well. Fifthly, as a result of analyzing the change process of the KEPCO structural reorganization privatization policy through the ACMS model, not all matched with the main research results implied by the ACMS model.

• Journal of Technology Innovation
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• v.22 no.4
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• pp.165-198
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• 2014

The national R&D performance evaluation system in Korea has been influenced by 'New Public Management' since the 1980s. The 1997 IMF crisis in Korea has necessitated the overhaul of S&T policy strategies in Korea. Reflecting this, effective distribution and utilization of S&T investment and resources has emerged as a crucial policy agenda, while expansionary investment in S&T maintained. During the period of 1999-2005, the R&D evaluation has been more focused on the input side and execution processes than on the results of R&D. Evaluation results were to be reflected in the budgeting of national R&D, but there were some disputes over how to make use of evaluation results between the budgeting ministry and the evaluation agency partly because they were two separate entities. After the advent of the new government(1998-2003) which advocated 'science and technology-oriented society', the national R&D evaluation system has evolved through a new legislation, the Performance Assessment Act, and the establishment of Science & Technology Innovation Agency to build up the unique framework for national R&D evaluation differentiated from the assessment system for general government investment programs. Most recently, due to 'Comprehensive Improvement Plan' in 2013, various components of national R&D evaluation seem to move on a new evolutionary track. For example, different types of evaluation are being developed and tried in accordance with differing evaluation goals, and the individual ministries and the research councils has got more enhanced autonomy and responsibility regarding R&D evaluation. So-called 'tailored' evaluation methods, taking into consideration the characteristics of programs and institutes / organizations to be evaluated, are now being tried. Competences of evaluation experts and agencies has also to be improved and strengthened.

• Journal of the Korean Institute of Landscape Architecture
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• v.18 no.3 s.39
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• pp.171-190
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• 1990

It is the purpose of this study to address how to manage the urban vegitation using the concept of Urban Forestry which is relatively new to Korea. When we consider the Urban Forestry as a science, We should understand it interdisciplinary subject which includes Forestry, Horticulture, Urban Planning, Landscape Design, Landuse Planning, Business and Humanities. It may say that people and tree are the fundermental components of Urban Forestry. So there are two ways of Urban Forestry Applications-How people care for trees and How trees care for People-. For the application, this study places the focus on the monetary valuation, tree inventory system and traditional forestry application to urban forest management. Pubic Relation, Communication, Ordinances and Budget are also mentioned as a part of Urban Forestry Policy. Monetary valuation of trees and forests is very important for the proper cognition of their real value. So that, they may be equated and weighed against conflicting uses which would cause to be removed or severely mutilated. A tree inventory system which is the essential part of urban tree management can provide the pertinent information about the present condition of urban tree resource. It may aid in reducing the subjectivity of tree management decisions and stimulate them to be made rapidly and can help reduce potential municipal liability by identifying serious problems in time for corrective maintenance practices to be applied for the maximize community benefits and minimimize public nuisances or hazards. Managers can derive the information from the inventory and use it for the various management plan. When we see the structure of tree inventory system as one of the data base management system, Computer is the best equipment for the efficient management plan. Public relation and communication is also important factors to care the people for urban vegetation management. Volunteer management system is a good example for the public relation and communication. Those skills are need to develop for using the priceless, valuable human resources. Budget holds the key to the execution of Urban Forestry. Good inventory can provide for efficient budgeting stratiges through it's scientific analysis for the way of maximum benefits and minimum costs. Forest can be play a vital role for the aesthetic improvement and recreation in the city. This study suggests that the traditional sivicultural application not only improve the quality of scenic beauty and recreation but also the products of timber. So it is more needed to study for strong and scientific application to urban forest management.

• 한국노년학
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• v.28 no.4
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• pp.907-923
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• 2008

The main purpose of this paper is to analyse the determinant factors affecting the budget for welfare of the aged. This study employs the statistical data of fourteen different cities and counties of local government in Jeollabukdo. According to the analysis, in the county, the rate of the aged and populations of social-economic factors and the number of public officials of political-administrative factors turned out to be important influencing of budget for the aged welfare. However, incrementalism has no validity of statistics. Also, In the fiscal factors, estimated expenditures in per capita influenced a negative effect on the budget of the aged welfare. As the results of this research, the policy implications are suggested as follows. First, in order to reduce the gap of the aged welfare service between regions, the greater subsidy is provided by government and the budget of the aged welfare is enlarged positively. Second, as the considering regional characteristic, the higher ratio of the aged, the greater budget of the aged welfare is enlarged, especially in the county. Third, the budget of the aged welfare has to be regarded by the number of public officials.

• The Journal of Sustainable Design and Educational Environment Research
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• v.14 no.1
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• pp.1-9
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• 2015

The accurate estimation of construction cost is critical for effective budgeting and financing of the project. Accurate estimates also allow for informed decisions when considering the responsiveness of bids or proposals and for a contractor to better monitor construction progress. However, current method for construction cost of the public educational facility uses a basic criteria in Korea, e.g, construction cost per unit floor area. Therefore, the purpose of this study is to examine present architectural work cost rate of elementary, middle, and high school delivered by BTL(Build-Transfer-Lease). We examined real construction cost of educational facility according to level of school, such as elementary, middle, and high school. The examination revealed that unit price of BTL educational construction cost are different to the level of school, but the composing rate of architectural work cost of the educational facility are very similar. As a result, it is recommended that future researches are initiated to create specific methods to support the accurate cost estimation of educational facility.

• Journal of agricultural medicine and community health
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• v.26 no.2
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• pp.15-41
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• 2001

Since medical clients and the community they live in are expected to be center of future public health and medical care system, new service programs must be developed with patients focused on in line with widening public access of information and social participation. Patients- focused service shall mean the area- oriented provision of public health service. In this study, health officers working at public health centers, public health sub- centers and medical offices in Jeonbuk- do area were taken for population in order to investigate their attitudes toward and knowledge about the service area assigning system under the public health programs. Findings from the survey to 260 health officers, divided by general category, are as follows : Government officers at public health organizations appeared to have high grade of understanding to the service area assigning system and also great appreciation for the necessity of it. Regarding the timing for the system to be introduced, they support the gradual implementation and, as for the type of service to be provided, they preferred home nursing and treatment of chronic diseases. Highly positive responses were centered on the health classes under the health promotion projects, and as far as health projects for the old are concerned, services for home nursing, for the disabled and for home- alone people are favored most. On the other hand, budgeting, manpower and reorganization are rated as prerequisite to establishment of the service area assigning system. From the viewpoint of system side, the improvement of working conditions is rendered as most urgent, while the information system for establishing the service area assigning system is conceived far from satisfactory. Proper assignment of specialists was noted as mostly important to establish the delivery system for medical service through the service area assigning system by team. As merits of the service area assigning system, it is pointed out that, through the system, health clients can better be managed and the nursing quality will be improved thank to the enhanced specialization. It is also perceived that the district health service is not well prepared to respond to the increased and diversified needs of community people and, furthermore, service programs of health centers have not been fully developed. The most serious problem standing in the way to expansion of health projects is, it is noted, uniformity (formality) of the project. Based on the results of the survey which suggest time has ripen to introduce the service area assigning system, following strategies are proposed to anchor down the system as soon as possible: First, we should introduce the system gradually, starting from the area selected, and in consideration of area specialities, refraining from the hitherto stereotyped way of providing health service. Second, we should seek to properly assign the specialists and improve the working conditions of the assigned officers by securing sufficient budget, since it is a most urgent step to lay foundation for the service area assigning system. Third, best service program should be developed to meet the satisfaction of community people by responding to their needs and solidifying the management of medical clients. Fourth, wide scope of study should further be conducted in order to help this system take roots in the central living of community residents since pilot project on the experimental base attended by specialists only can not win popularity among the masses.

• Journal of Global Scholars of Marketing Science
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• v.18 no.2
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• pp.113-145
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• 2008

Marketing for the distribution industry is making an ongoing progress in the changes of customers, the competitive environment, and the internal marketing environment. Integrated marketing communication activities are required for the enhancement of efficiency in the market.oriented activities. In this study, IMC is defined as "a notion that a market oriented business integrated marketing communication means, conducting and evaluating marketing activities with consistent messages in order to communicate with customers based on databases." In this study, an IMC planning model for the improvement of marketing efficiency in the distribution industry was derived from a pilot study. This model may be broken down into the following phases: IMC goals setting, situational analysis (customer analysis, competition analysis and company analysis), customer data analysis, contact management, budgeting, the establishment of an IMC strategy, the IMC mix and execution, an evaluation system, and feedback. In consideration of the characteristics of the distribution industry, this study was accompanied by a vocational study on IMC means employed by, in particular, department stores and other distributors such as: advertising, sales promotion, sales promotion advertising, direct marketing, public relations, personal selling, the Internet, mobile, visual merchandising, words of mouth. In addition, this study also covered the correlation among variables such as IMC activities of distributors, the process of forming customer's brand attitudes, brand loyalty and repurchase intention. This research would enhance the utilization of IMC. The analysis on customer's brand attitudes toward the IMC activities of distributors requires the simultaneous consideration of how they are linked to purchase as well as their attitudes toward both distributors and stores. The formation of brand loyalty and repurchase intention is related to the integration of marketing communication and the maintenance of consistency in contents, which requires integrated brand communication (IBC) strategies. IBC is a concept of using IMC means to manage the brand in a continuing and consistent manner and measuring their effect, which is a process to establish enterprise.level brand identity and maximize brand loyalty and repurchase intention by integrating IMC means. For an empirical analysis in this study, an online questionnaire survey was conducted among those department store customers from 20's to 50's who reside either in the Seoul and Gyeonggi areas and have made purchase at department stores. In this study, the research model consisted of four theoretical variables: IMC activities, IMC attitudes, brand loyalty, and repurchase intention, on which variables a pilot study was conducted. A number of hypotheses were constructed on the relations between IMC activities and IMC attitudes, between IMC attitudes and repurchase intention, and between brand loyalty and repurchase intention. The test of the hypotheses may be summarized as follows: Firstly, the test of the hypothesis concerning the relation between IMC attitudes and IMC activities - advertising, sales promotion, direct marketing, public relations, personal selling, the Web, mobile, visual merchandising, and word of mouth - indicates that advertising, sales promotion, direct marketing, public relations, personal selling, mobile, visual merchandising, and word of mouth have significant impact on IMC activities. In addition to the result similar to those of previous studies that such marketing communication means as word of mouth, advertising, personal selling and sales promotion, in particular, play very important roles, a notable finding of this study is that visual merchandising performed by department stores is shown to have very significant impact on IMC activities. On a separate note, it is also noteworthy that Internet marketing activities engaged by department stores are not shown to have significant impact on IMC attitudes. Secondly, the test of the hypothesis on the relation between IMC attitudes and brand loyalty attests that IMC attitudes for the distribution industry significantly affect brand loyalty. Thirdly, the test of the hypothesis concerning the relation between IMC attitudes and repurchase intention confirms that IMC attitudes for the distribution industry significantly affect repurchase intention. Fourthly, the test of the hypothesis concerning the relation between brand loyalty and repurchase intention indicates that brand loyalty significantly affect repurchase intention. A comprehensive view of these findings points to the conclusion that the IMC activities for the distribution industry do affect IMC attitudes, brand loyalty, and repurchase intention.