• Journal of Technology Innovation
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• v.12 no.3
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• pp.135-157
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• 2004

As the speed of technological changes increase with the investment requirements steadily expanding, private firms and government-funded research institutes experience similar pressures with respect to the necessity of risk reduction and technological alliances in R&D activities. This paper first attempts to review previous research in managing R&D projects with large, risky, and long-term investment requirements. Our primary focus is placed on the "fuzzy front-end" (FFE) projects with uncertainties at the investigation and planning stages. We analyze various elements that create FFE conditions, classify them into basic constructs, and suggest tools and methods to deal with FFE conditions. The findings suggest that both initial FFE conditions and the effectiveness of FFE management affect the performance of the project later on, and thus, especially for large projects, we must deal with FFE seriously in a comprehensive manner. We utilize in-depth panel interviews and case studies to approach the research questions.

• Bulletin of the Korean Mathematical Society
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• v.56 no.6
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• pp.1467-1483
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• 2019

This paper analyzes a robust optimal reinsurance and investment strategy for an Ambiguity-Averse Insurer (AAI), who worries about model misspecification and insists on seeking robust optimal strategies. The AAI's surplus process is assumed to follow a jump-diffusion model, and he is allowed to purchase proportional reinsurance or acquire new business, meanwhile invest his surplus in a risk-free asset and a risky-asset, whose price is described by an Ornstein-Uhlenbeck process. Under the criterion for maximizing the expected exponential utility of terminal wealth, robust optimal strategy and value function are derived by applying the stochastic dynamic programming approach. Serval numerical examples are given to illustrate the impact of model parameters on the robust optimal strategies and the loss utility function from ignoring the model uncertainty.

• Nuclear Engineering and Technology
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• v.51 no.3
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• pp.769-775
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• 2019

The tensile strength of irradiated 3C-SiC, SiC with artificial point defects, SiC with symmetric tilt grain boundaries (GBs), irradiated SiC with GBs are investigated using molecular dynamics simulations at 300 K. For an irradiated SiC sample, the tensile strength decreases with the increase of irradiation dose. The Young's modulus decreases with the increase of irradiation dose which agrees well with experiment and simulation data. For artificial point defects, the designed point defects dramatically decrease the tensile strength of SiC at low concentration. Among the point defects studied in this work, the vacancies drop the strength the most seriously. SiC symmetric tilt GBs decrease the tensile strength of pure SiC. Under irradiated condition, the tensile strengths of all SiC samples with grain boundaries decrease and converge to certain value because the structures become amorphous and the grain boundaries disappear after high dose irradiation.

• Journal of the Korean Mathematical Society
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• v.59 no.2
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• pp.311-335
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• 2022

This paper treats Merton's classical portfolio optimization problem for a market participant who invests in safe assets and risky assets to maximize the expected utility. When the state process is a d-dimensional Markov diffusion, this problem is transformed into a problem of solving a Hamilton-Jacobi-Bellman (HJB) equation. The main purpose of this paper is to solve this HJB equation by a deep learning algorithm: the deep Galerkin method, first suggested by J. Sirignano and K. Spiliopoulos. We then apply the algorithm to get the solution to the HJB equation and compare with the result from the finite difference method.

• International conference on construction engineering and project management
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• 2005.10a
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• pp.824-829
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• 2005

This paper focuses on construction cost volatility for the purpose of private sector investment by use of a financial model with key indices of IRR and DSCR (Debt Service Coverage Ratio). A case project, 1,000 MW pumped storage hydropower plant, has shown that its financial impacts by cost volatility of underground works are less measured than interest rates impacts by interest rate of loans. Probabilistic analysis of costs under geotechnical conditions has been made by Indicator Kriging method. And, in the modeling of interest rates, geometric Brownian motion has been applied. Both of these impacts are measured on the same financial model.

• The Journal of Korean Academy of Prosthodontics
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• v.37 no.3
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• pp.358-374
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• 1999

This study measured the relative displacements of the five-unit fixed partial dentures as cast with the same fixed partial dentures sectioned and assembled by investment-soldering, solder-ing stand-soldering, and cast-joining techniques A total of fifteen specimens using a type IV gold alloy were one-piece cast as control and then sectioned and assembled five test specimens for each method were prepared. A computerized three dimensional coordinate measuring machine and specially designed cylinder for this study were used. Displacement was defined by six displacement variables for the each of cylinders incorporated in each casting: three component displacements(${\Delta}Lx,\;{\Delta}Ly,\;and\;{\Delta}Lz$) and rotational displacements(${\Delta}{\theta}x,\;{\Delta}{\theta}y,\;{\Delta}{\theta}z$). The global displacement was computed using the mathematical formula ${\Delta}R$ = Global displacement =$\sqrt{{(x'-x)}^2+{(y'-y)}^2+{(z'-z)}^2}$ Under the conditions of this study, the following conclusions were drawn: 1. The investment-soldering group showed the largest mean value of final global displacements, followed by stand-soldering group, cast-joining group and one-piece cast group. However, between the mean values of final global displacement for the cast-joining group and one-piece cast group, there was no significant difference. 2. For investment-soldering and stand-soldering groups, the greater global displacements were recorded in soldering phase than in indexing or investing phase. 3. For one-piece cast group, the displacements occured mostly in the casting phase. And for cast-joining group, there was no significant difference in global displacements among the fabricating procedures. 4. Intercentroidal distance decreased in framework-patterning, solder-indexing, solder-standing, and soldering phases, but increased in investment block-investing and casting phases. 5 Specially designed cylinder for touch-trigger type coordinate measuring machine was validated.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2008.11a
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• pp.891-896
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• 2008

Recently our country need to change about hospital building operation and business change. The recent real estate development projects are made in very complex due to the diversity of development method or its legal aspects. Under such a real estate investment, the review of investment yield rate is fundamentally important for the one that invests and the one that finances it. Previously, the focus was in the review of the time to turn the surplus or the plan for making repayment of the borrowings, and without the analysis of sufficient investment yield rate. For a simple issue of finding the most advantageous project method, there is a need for reviewing the taxation issues, fund procurement method, legal aspects, policy analysis aspects and others. Therefore, the real estate investment is now likely to encounter the form of having the time of venture as well. In conclusion, the scientific and reasonable decision making in investing on the real estate does not suggest the absolute evaluation standard but the need and the use are more and more demanded.

• Korean Journal of Construction Engineering and Management
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• v.11 no.1
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• pp.70-78
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• 2010

Recently our country need to change about hospital building operation and business change.The recent real estate development projects are made in very complex due to the diversity of development method or its legal aspects. Under such a real estate investment, the review of investment yield rate is fundamentally important for the one that invests and the one that finances it. Previously, the focus was in the review of the time to turn the surplus or the plan for making repayment of the borrowings, and without the analysis of sufficient investment yield rate. For a simple issue of finding the most advantageous project method, there is a need for reviewing the taxation issues, fund procurement method, legal aspects, policy analysis aspects and others. Therefore, the real estate investment is now likely to encounter the form of having the time of venture as well. In conclusion, the scientific and reasonable decision making in investing on the real estate does not suggest the absolute evaluation standard but the need and the use are more and more demanded.

• Management & Information Systems Review
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• v.32 no.1
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• pp.135-151
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• 2013

The study has been carried out to understand productivity-related factors that have been connected to improve financial independence rate of national university hospital. In order to achieve such research purpose as working out implications of efficient resource management, data from the four years between 2007 to 2010 of 12 national university hospitals were reviewed. According to the results, the hospitals came up with significant differences in Value Added to Total Asset, Value Added to Tangible Fixed Assets, Value Added to Personnel Expenses and Value Added Ratio to Patient Revenues. In addition, after the relation between the investment efficiency and profitability of the national university hospitals was investigated, it was learned that application of basic environmental factors would have an influence on a profitability index Operating Margin. As long as the basic environmental factors are adopted, Operating Margin of the national university hospitals is improved under the condition that the Value Added to Tangible Fixed Assets for Production and the Value Added to Personnel Expenses gets higher but the Value Added Ratio to Patient Revenues gets lowered.

• Journal of Convergence for Information Technology
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• v.8 no.4
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• pp.213-217
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• 2018

The relationship between R&D investment and subsequent change has been mostly confirmed under additional influencing factors, with the form of innovation investments. The research assumes that a firm adjusts its R&D spending in accordance to performance feedback. It is argued that an increased fluctuation of a firm's R&D expense is related to a reduced performance. This hypothesis is tested on SME in World class 300 Projet by SMBA. Using panel data models, instability measured by SD is related to performance levels measured by ROA, ROE & PM. Results support the proposed relationship between R&D expense instability and the subsequent performance. Although a causal link cannot be clearly established, the results indicate that firms with a lower performance have higher R&D investment fluctuations, possibly being more responsive to performance feedback.