• Journal of The Korean Association For Science Education
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• v.35 no.1
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• pp.121-130
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• 2015

Identifying students' achievement level and reflecting it on educational policy making or instructional improvement by analyzing the results of nationwide standardized assessment is an integral part of accountability in education. On the basis of this premise, we analyzed the characteristics of National Assessment of Educational Achievement (NAEA) items for middle school science subject conducted from 2010 to 2013 by using the option response rate distribution curve, the fittest graph estimated from the response rate of correct/incorrect options by achievement score. Furthermore, we classified the type of option response rate curve in terms of correct and incorrect options. Results of the analysis of option response curve showed that five types of correct option response curve (S-shaped, J-shaped, straight-shaped, F-shaped, and step-shaped) and 4 types of incorrect option response curve (down-slope, flat, mound, and up-slope) were identified. The most common type of items was the combination of S-shaped correct option response curve and down-slope incorrect option response curve, which are considered as appropriate items to discriminate the students according to achievement level. Moreover, correct option response was found to be correlated with incorrect option response. Based on the results, we also discussed some implications on teaching-learning method and classroom assessment in science education.

• Journal of The Korean Digital Architecture Interior Association
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• v.10 no.2
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• pp.5-12
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• 2010

Unlike housing development project that can ensure profit by selling built units, a hotel development depends on long-term business operation to be profitable due to characteristics of service industry. The expected cash flow has substantial uncertainty depending on room occupancy rate and room charge. Thus, even after construction is complete, business risk tends to rise. It is necessary to ensure strategic response to uncertainty in future value of a hotel. The objective of the study is to explore strategic measures to deal with risk and uncertain future value in hotel development project by adopting abandonment option, which is a type of real options. The case in analysis had sevenyears of project period: Two years for construction, and five years for operation; a plan was made to sell the hotel after five years' of operation. For the research purpose, option value ofrecoverable investment amount was estimated, and value of abandonment option was KRW 124.921 billion. When abandonment option is applied, the project value was deemed to be KRW 120.592 billion. Generally, the amount of loss is enormous when a real estate project like a hotel development fails, and therefore, application of option is expected to be an effective measure to leverage uncertainty of a project.

• Nuclear Engineering and Technology
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• v.48 no.6
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• pp.1349-1359
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• 2016

Alternative control schemes for an Advanced High Temperature Reactor system consisting of a reactor, an intermediate heat exchanger, and a secondary heat exchanger (SHX) are presented in this paper. One scheme is designed to control the cold outlet temperature of the SHX ($T_{co}$) and the hot outlet temperature of the intermediate heat exchanger ($T_{ho2}$) by manipulating the hot-side flow rates of the heat exchangers ($F_h/F_{h2}$) responding to the flow rate and temperature disturbances. The flow rate disturbances typically require a larger manipulation of the flow rates than temperature disturbances. An alternate strategy examines the control of the cold outlet temperature of the SHX ($T_{co}$) only, since this temperature provides the driving force for energy production in the power conversion unit or the process application. The control can be achieved by three options: (1) flow rate manipulation; (2) reactor power manipulation; or (3) a combination of the two. The first option has a quicker response but requires a large flow rate change. The second option is the slowest but does not involve any change in the flow rates of streams. The third option appears preferable as it has an intermediate response time and requires only a minimal flow rate change.

• Proceedings of KOSOMES biannual meeting
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• 2004.05b
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• pp.65-72
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• 2004

With data of historical spill from vessels occurred in korean coastal waters, the author analyze the causes of spill and evaluate response technique adopted during spill. It is found that the majority of spill caused by operational failure, bad weather, violation of navigation rule and hull defect. As a result of evaluation of response measures, it is suggested that responsible agency establishes criteria for various response options and standards of tier response time and capability according to the size of spill.

• Journal of Pharmacopuncture
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• v.21 no.3
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• pp.203-206
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• 2018

Objectives: There is an increasing number of complex diseases that are progressively more difficult to be controlled using the conventional "single compound, single target" approach as demonstrated in our current modern drug development. TCM might be the new cornerstone of treatment alternative when the current treatment option is no longer as effective or that we have exhausted it as an option. Orthogonal stimulus-response compatibility group study is one of the most frequently employed formulas to produce optimal herbal combination for treatment of multi-syndromic diseases. This approach could solve the relatively low efficacy single drug therapy usage and chronic adverse effects caused by long terms administration of drugs that has been reported in the field of pharmacology and medicine Methods: The present review was based on the Science Direct database search for those related to the TCM and the development of antihypertensive TCM herbal combination using orthogonal stimulus-response compatibility group studies approach. Results: Recent studies have demonstrated that the orthogonal stimulus-response compatibility group study approach was most frequently used to formulate TCM herbal combination based on the TCM principles upon the selection of herbs, and the resulting formulated TCM formula exhibited desired outcomes in treating one of global concerned complex multi-syndromic diseases, the hypertension. These promising therapeutic effects were claimed to have been attributed by the holistic signaling mechanism pathways employed by the crude combination of herbs. Conclusion: The present review could serve as a guide and prove the feasibility of TCM principles to be used for future pharmacological drug research development.

• The Korean Journal of Financial Management
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• v.20 no.1
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• pp.61-92
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• 2003

As an extension of previous researches with the conclusion that the announcement of adopting stock options generates positive abnormal returns, this paper examined whether the abnormal return changes over time or varies depending on the number of stock options granted. Empirical analysis was made to find whether the announcement of stock option awards has the same response in the stock market from the early days when stock option plans had been introduced in the Korean stock market till today when it was widespread. Results indicate that the announcement effect had been on a gradual decline since 2000. In addition, it is found that if a company announces stock option awards several times, the abnormal return gradually declines in proportion of the number of stock options granted. This implies that as the stock option awards become widespread, the positive effect that the announcement of adopting stock options generates as news has been on a relatively steady decrease. In short, it leads to a conclusion that the more companies grant stock options, and the more stock options a company announces, the less impact it has on the increase in the firm's value.

• Communications for Statistical Applications and Methods
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• v.30 no.1
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• pp.49-63
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• 2023

A lot of studies on the summary measures of predictive strength of categorical response models consider the likelihood ratio index (LRI), also known as the McFadden-R², a better option than many other measures. We propose a simple modification of the LRI that adjusts for the effect of the number of response categories on the measure and that also rescales its values, mimicking an underlying latent measure. The modified measure is applicable to both binary and ordinal response models fitted by maximum likelihood. Results from simulation studies and a real data example on the olfactory perception of boar taint show that the proposed measure outperforms most of the widely used goodness-of-fit measures for binary and ordinal models. The proposed R² interestingly proves quite invariant to an increasing number of response categories of an ordinal model.

• Korean Journal of Clinical Pharmacy
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• v.26 no.1
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• pp.59-69
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• 2016

Background: The subcutaneous formulation of biologic disease-modifying antirheumatic drugs (DMARDs) was preferred due to favored self-administration and would be an economical treatment option for patients with rheumatoid arthritis. This study was to compare the economic impact of biologic DMARDs administered by subcutaneous injection in patients with rheumatoid arthritis who had inadequate response to conventional DMARDs. Methods: The cost-minimization analysis was conducted to estimate the lifetime health care costs of treatment sequences with subcutaneous biologic DMARDs as first-line therapy from a health care system perspective. The Markov model was developed to represent the transitions through treatment sequences based on American College of Rheumatology response rate and discontinuation rate. The health care costs comprised the cost of medications, administration, dispensing, outpatient visits, test/diagnostic examination, palliative therapy and treatment of serious infection. All costs were expressed in 2016 Korean Won (KRW) and discounted at 5%. Results: The mean lifetime health care cost per patient was lowest in the etanercept sequence, which was estimated at KRW 63,441,679. The incremental costs of the treatment sequence started with adalimumab, golimumab, abatacept, and tocilizumab were KRW 7,985,730, KRW 4,064,669, KRW 2,869,947, and KRW 4,282,833, respectively, relative to etanercept sequence. These differences in costs mainly were attributable to medication costs. One-way and probabilistic sensitivity analyses confirmed that etanercept represented the option with the lowest cost compared with comparators. Conclusion: This study found that etanercept is likely a cost-saving treatment option among subcutaneous biologic DMARDs in patients with rheumatoid arthritis.

• Environmental and Resource Economics Review
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• v.16 no.4
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• pp.763-779
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• 2007

The combined heat-and-power (CHP) plant is recently suggested as an effective resolution in response to recent rising oil prices and the Kyoto Protocol. This research provides a model for economic appraisal to evaluate CHP investment. Real option model is developed to incorporate a case where the investment is irreversible and underlying revenue is stochastic. The analysis shows that power plant capacity more than 40 Gcal makes CHP investment profitable while the results may vary 10 modest level with respect to investment cost, heat sales price and discount rate.

• Proceedings of the Technology Innovation Conference
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• 2001.06a
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• pp.117-130
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• 2001

R&D is the core competence of an enterprise. Furthermore, R&D requires huge capital investment and has very risky characteristics. Therefore, to be successful in R&D process, several approaches of engineering economics are used prior to decision-making. Until now, typical approaches of engineering economics such as NPV(net present value) or DCF(Discounted cash flow) have been used. But, they cannot properly capture managerial flexibility to adapt and revise later decisions in response to unexpected market development. In a constantly changing and always uncertain marketplace, managerial operation flexibility and strategic adaptability have become vital in order to successfully capitalize on favorable future investment opportunities and limit losses from adverse market development. For the alternatives of conventional static decision-making approaches, new concept of using real options is introduced. Real option theory is based on financial option's characteristics and checks every revision interval whether situation have changed favorable to decision maker or not. In advantageous situation, the decision maker has only to go on. In contrast, with unfavorable situation, he abandons the investment immediately. In this aspect, real option model is more suitable in very uncertain and dynamic business environment in that it can provide the opportunity to cope with flexibility. This paper suggests efficient and effective R&D investment strategy by using real options model. In addition, this paper compares financial options and real options.