• The Transactions of the Korean Institute of Electrical Engineers P
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• v.66 no.3
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• pp.123-128
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• 2017

Electric utilities has been considered the necessity to introduce AM(asset management) of electric power facilities in order to reduce maintenance cost of existing facilities and to maximize profit. In order to make decisions in terms of repairs and replacements for power transformers, not only measuring by counting parts and labor costs, but comprehensive comparison including reliability and cost is needed. Therefore, this study is modeling input cost for power transformer during its entire life and also the life cycle cost (LCC) technique is applied. In particular, this paper presents an application of heuristic harmony search(HS) optimization algorithm to the convergence and the validity of economic life assessment of power transformer from LCC technique. This recently developed HS algorithm is conceptualized using the musical process of searching for a perfect state of harmony. It uses a stochastic random search instead of a gradient search so that derivative information is unnecessary. The effectiveness of the proposed identification method has been demonstrated through an economic life assessment simulation of power transformer using HS optimization algorithm.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.33 no.4
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• pp.1639-1650
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• 2013

Road pavement management is an important activity that affects to national economy, movement and safety of people, and also demands huge amount of budget. Therefore, its management strategy must be established under objective information. In addition, decision support system that produces the management strategy needs to consider practical benefits from various aspects. Considering these aspects, this paper aimed to develop a customized Korean life cycle cost analysis model estimating various effects on road users and socio-environmental costs based on pavement condition. The suggested LCCA model focused on Korean national highway, and tried to adopt a national guideline recommended by Korean government for securing credibility of estimation results. In the development processes, some of the suggestions that do not fit well in the situations of pavement management field were added, altered, or partially modified. These attempts to develop customized asset management system would be an important step to break away from passive attitudes relying on ready-made software, but also to improve awareness about the social benefits from the better maintenance strategy.

• International Area Studies Review
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• v.13 no.2
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• pp.505-523
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• 2009

We study the cost of capital of Islamic enterprise using the Capital Asset Pricing Model(CAPM). When there exists no risk-free interest rate, the security market line(SML) of Islamic enterprise shows an upward slope starting from the origin. The slope is bigger than that of SML with risk-free interest rate. This is because the cost of capital of Islamic enterprise is higher than that of western firms for the same level of systematic risk. When the effect of zakat is considered, the risk-free interest rate is replaced by minimum required rate of return. The SML of Islamic enterprise reveals an upward slope but it does not pass through the origin. This is because Islamic enterprise cannot invest on risk-free asset. In order to overcome the theoretic limits of CAPM, we propose to use multi-factor approach such as arbitrage pricing model instead of single-factor model for future study.

• The KIPS Transactions:PartD
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• v.13D no.7 s.110
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• pp.931-938
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• 2006

It is important to operate an education resources which could be integrated to an system. But most of existing education information system was not developed with standardization. It is need the core education asset and reusable education service to make a good education system. Consequently, it is needed to use Sharable Content Object Reference Model(SCORM) based contents managing in order to reuse the contents of education. And it needs assembling and producing method with reusable core asset of education system to develop the application program for education. In this thesis, we study the Teaching-Learning supporting system to support systematic education resources. Teaching-Learning support system is developed of educational domain assess through development process based on Model Driven Architecture(MDA) and core asset on each stage. Application program of education is developed using MDA automatic tool through analyzing and designing for contents storage which is based on contents meta model. We finally can develop the application software of education with low cost and high productivity by raising the reusability of education contents and by using the core asset to the whole development process.

• Journal of Technology Innovation
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• v.5 no.2
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• pp.155-177
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• 1997

Since 1995 the Korean Ministry of Science and Technology has introduced and implemented a project based system (PBS) for awarding R&D funds. While capital investments for national laboratories such as buildings and research facilities are supported by the government, normal operating expenses including personnel expenses should be earned by national laboratories through open competition under PBS. The project budget includes both direct research costs and indirect costs. The purpose of this paper is to examine the components of indirect costs and to examine determinants of indirect costs of national laboratories in Korea. The indirect costs of nineteen national laboratories are examined. The direct personnel costs and indirect personnel costs out of total personnel costs are 72% and 28%, respectively. The average indirect cost rate is 74.1% of direct personnel costs. Major components of indirect costs are general operating costs, indirect personnel costs, taxes and dues, and expenses related to the usage of equipment. The significant determinants of indirect cost are indirect personnel ratio. the ratio of unique projects, the type of national laboratories (pure research laboratories or other), and asset activity ratio measured as research divided by total assets. The high indirect personnel ratio, the high ratio of unique projects, the laboratories classified as other, the low asset activity ratio are related to high indirect cost rates.

• Journal of Information Technology Services
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• v.15 no.3
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• pp.1-14
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• 2016

According to the growing importance of science and technology policy, investment in research and development (R&D) has been increased. In this context, a patent as one of outcome of firm's systematic R&D investment is the way to hold a dominant position in companies' technology competitiveness and also to protect technology right. This study attempts to find the effects of input resources and intellectual property production activity on company value. It conducted empirical analysis based on 238 KOSDAQ-listed and medium-sized firms. Using the previous research, this study configurated research variables about activity of patent production, company value, and input of resources. Through these variables, it aims to know the effect of input of resources and activity of patent production on company value. First, the result of regression analysis shows that R&D cost has the positive effect on a patent production and sales promotion cost positively affects on the registration of the trademark. Second, the output of regression analysis indicates that a patent has the positive effect on company value but a trademark has not. With regard to the input of resources, R&D cost has the influence on company value but sales promotion cost has not. This study attempts to find the effectiveness of company's intellectual property registration on its value and suggests a way that the systematic R&D investment contributes the growth of company value.

• Journal of Cadastre & Land InformatiX
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• v.45 no.1
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• pp.207-224
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• 2015

The purpose of this study is to review the various valuation techniques of intangible assets. The value of intangible asset by the income approach can be measured as the present value of the economic benefit over the intangible asset's remaining useful life. The typical methods used in intangible asset economic income projections include extrapolation method, life cycle analyses, sensitivity analyses, simulation analyses, judgment method, and tabula rasa method. There are several methods available for estimating capitalization rates and discount rates for intangible asset, in which we have discussed market extraction method, capital asset pricing model, built-up method, discounted cash flow model, and weighted average cost of capital method. As the capitalization methods for intangible asset, relief-from-royalty method, excess earnings capitalization method, profit split method, residual from business enterprise method, postulated loss of income method and so on have been reviewed.

• International Commerce and Information Review
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• v.19 no.1
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• pp.235-256
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• 2017

This study is to analyse how trust and asset specificity among partner firms affect on performance of international joint venture(IJV). Especially, the analysis was mainly based on a quadratic model. While it assumes that the previous studies was based on linear model in the relationship between trust, asset specificity and the performance, this study proceeds a empirical analysis by setting up a hypothesis; it would be quadratic relationship between trust, asset specificity and performance which are based on social capital theory and transaction cost theory. The survey was held with 74 manufactures who were established as an IJV by Korean and foreign firms together. In the result of the empirical analysis, trust shows an inverted U-shaped relationship with IJV performance. Also, asset specificity shows the U-shaped relationship with IJV performance. The results suggest that it needs to control and maintain the trust level among the partners in order not to lose an appropriate control caused by too much trust. In order to minimize the cost generated by asset specificity and to transform it into positive impact, it needs a control and the operation of monitoring system on the opportunistic action of the partners. Furthermore, it needs to keep organizational flexibility and innovativeness to continuously develop new capabilities.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.29 no.1D
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• pp.63-72
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• 2009

This study aims at establishing the decision-making support system for the highway assets, long-term performance presumption and evaluation of asset value, which are appropriate for Korea, and proposing the methods of the optimal engineering method and the timing decision for the preventive maintenance through the project evaluation, the optimization method and life-cycle analysis related to the highways. In order to supplement the current problem of the near-sighted budget management system, which chooses the maintenance place of the highway, depending on the level of the budget with fixed amount, the long-term required budget prediction system and the economy principle were introduced, so that the pavement agency can predict the level of the required budget, and it was aimed to develop the pavement asset evaluation system to maintain the performance of the highway with the minimum of the cost. In the use of the highway pavement asset evaluation system, to maintain the appropriate level of the pavement evaluation index, when the budget was efficiently established in the reference of the required maintenance budget for the chosen section of the highway in the year concerned, it was possible to analyze the most rational pavement maintenance budget. With this result, it is estimated to prevent the unnecessary waste of budget in advance, and through the development of the decision-making system for the long-term performance presumption and the asset value estimation of the pavement, it is expected to able to analyze the previous evaluation of the project related to the highway and the feasibility of introduction.

• Journal of the Korea Convergence Society
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• v.11 no.1
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• pp.259-266
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• 2020

This study analyzes the effects of the obsolescence assets on the asymmetry of costs. Cost asymmetry refers to a lower percentage of costs when sales fall than increases in costs when sales increase. the obsolescence asset induces various decisions, including high maintenance costs and management improvements and replacement of facilities. This study is to analyze the cost behavior according to those decisions. The analysis showed that the higher the obsolescence of assets rate, we found cost elasticity, with a greater reduction in costs when sales decrease than the increase in costs when sales increase. Second, the lower the cost will not appear as the obsolescence of assets rate increases in case that the concentration of an item of property, plant and equipment is high, and when sales decrease. The above result means that the obsolescence of assets rate acts as operating risk and thus operates resources flexibly according to changes in sales, but when the concentration of property, plant and equipment is high, the decision-making constraint make it difficult for the flexible operation.