• Journal of the Korea Institute of Building Construction
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• v.21 no.3
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• pp.221-229
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• 2021

Public rental apartment is increasing due to the needs and changes of the times, but there is a lack of advancement in terms of management. As asset management in domestic buildings still remains unchanged from the concept of repair after failure or breakdown, social cost reduction is needed through the introduction of the concept of asset management. Therefore, the purpose of this study is to present the management indicators for public rental housing asset management by identifying the concepts of domestic public rental housing asset management and the existing evaluation indicators through the consideration of domestic and foreign literature. To this end, this study identified the management factors presented overseas and analyzed the repair cases and history of domestic public rental housing to present sustainable management indicators suitable for domestic conditions. Through this, this study presented the basic direction for the management of rental housing as a public good in the future.

• Journal of the Korea institute for structural maintenance and inspection
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• v.27 no.5
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• pp.57-66
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• 2023

Asset valuation of social infrastructure is essential for rational decision-making for efficient management of assets. In addition, it can be an indicator for correctly recognizing assets. In general, Korea applies depreciated replacement cost based on the straight-line method to evaluate asset value, yet this is unsuitable for evaluating actual value because it is depreciated at a constant rate over the useful life period. In order to evaluate the asset value considering the performance of the bridge, the performance index of the bridge is estimated using the Weibull distribution. Using the estimated performance indicators and defect index, a new asset value evaluation method is proposed and compared and analyzed with the existing method. The proposed valuation method can take into account the performance of the bridge, so it is judged to be more objective and reasonable than existing method.

• Korean Journal of Construction Engineering and Management
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• v.13 no.4
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• pp.141-151
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• 2012

Infrastructure are the essential element in the country for they are the basic facilities forming the basis of economic activity. In Korea Infrastructure which are subject to the management of government are increasing annually, and subsequently the budget of maintenance costs is expected to rise significantly. For the effective management of the constructed and accumulated infrastructure, the integrated management of the future assets will be needed which includes the determination of the asset status, management subjects, and the location, the maintenance of their performance and state, and the prediction of the cost required to increase their useful lifetime. However, in the domestic cases the road facilities valuation has not been done systematically, and the preparation and research on this is scarce. Thus, the systematic procedure for the road facilities valuation is required. In this paper the following study was conducted to derive the reasonable asset valuation methods. First, the valuation methods was investigated and summarized throughout the domestic and international research literature. Second, to apply the investigated valuation methods to the road facilities the valuation process that reflects domestic conditions and characteristics has been developed. Third, a working Bridge, Highways, and General national ways were applied to the general valuation process, and the results were analyzed. As a final step a schematic diagram of the asset management support by WDRC valuation method was presented.

• Journal of Korean Society of Water and Wastewater
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• v.31 no.1
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• pp.51-62
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• 2017

For the asset management of a water pipe network, it would be necessary to understand the extent of the maintenance cost required for the water pipe network for the future. This study would develop a method to draw the optimum cost required for the maintenance of the water pipe network in waterworks facilities to maintain the aim revenue water ratio and to achieve the target revenue water ratio, considering the water service providers' waterworks condition and revenue water ratio comprehensively. This study conducted a survey with 96 water service providers as of the early 2015 and developed models to estimate the optimum maintenance cost of the water pipe network, considering the characteristics of the water service providers. Since the correlation coefficient of all the developed models was higher than 0.95, it turned out that it had significant reliability, which was statistically significant. As a result of applying the developed models to the actual water service providers, it was drawn that increasing revenue water ratio to more than a certain level can reduce the maintenance cost of the water pipe network by a great deal. In other words, it is judged that it would be the most efficient to secure the reliability of waterworks management by increasing the short-term revenue water ratio to more than a certain level and gradually increase the revenue water ratio from the long-term perspective. It is expected that the proposed methodology proposed in this study and the results of the study will be used as a basic research for planning the maintenance of water pipe network or establishing a plan for waterworks facilities asset management.

• The Korean Journal of Financial Management
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• v.25 no.4
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• pp.25-51
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• 2008

In this paper, we analyse empirically the fixed asset investment smoothing of working capital of firms listed on Korea Securities Market. The main results of this study can be summarized as follows. Firms will seek to lower long-term cost by smoothing fixed asset investment and maintaining stationary investment with working capital. Working capital is not only an important use of fund, but also a source of liquidity that should be used to smooth fixed asset investment relative to cash flow shocks if firms face financial constraints. Working capital investment is more sensitive than fixed asset investment to cash flow fluctuations. If firms face financial constraints, working capital investment will compete with fixed asset investment for the limited pool of available cash flows. So, fixed asset investment will have negative relationship with working capital investment. However, criticism that the positive correlation between cash flows and fixed asset investment could arise simply because cash flows is proxy variable for investment demand. Finally, controlling for the fixed asset investment smoothing effects of working capital results in a much larger estimate of the long run impact of financial constraints. Financial constraints is measured by dividend payout ratio and market access level. Fazzari et al. (1988), Fazzari and Petersen (1993), and Faulkender et al. (2008) emphasize that low dividend firms or market unaccessible firms are more likely to face financial constraints, and rarely make use of new equity issuing. The results from empirical analysis show that financial constraints can be better explained using 'adjustment cost' concept. Specifically, the results show that financial constraints exist and that in order to measure financial constraint effects more succinctly, fixed asset investment smoothing effects with working capital should be considered.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.29 no.6D
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• pp.745-752
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• 2009

Management of social infrastructure has been advanced from facility management (FM) to asset management (AM), which adopts the aggressive and proactive methods in predicting the deterioration of infrastructure, prevents failures, and eventually saves maintenance cost. Infrastructure asset management is not a simple engineering technique, but it is a new paradigm evolved from facility management practices. To implement the infrastructure asset management successfully, organizational reform is very important. This paper suggests critical success factors and key performance indicators to implement the infrastructure asset management for facility managers of government owned social infrastructures such as roads and bridges. Reorganizing the facility management group requires new vision, objectives, strategies for the paradigm-changing asset management. This paper uses Balanced Score Card (BSC) which is a proven method in measuring and setting new objectives for an organization. Once the performance indicators are reviewed repeatedly by facility managers through experts workshops, developed BSC can be used in practice. This paper discusses the development of robust BSC scoring method through in depth literature reviews and investigation of asset management practices of domestic and international cases.

• Journal of the Korea institute for structural maintenance and inspection
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• v.28 no.3
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• pp.100-107
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• 2024

Currently, in Korea, due to the rapid aging and deterioration of facilities, the minimum Maintenance Level and Performance Level' of facilities are required by the 'Facility Safety Act' or 'Infrastructure Management Act'. Since infrastructure assets have a long lifespan and the pattern of deterioration over time is complex, it is very difficult to maintain infrastructure as 'minimum maintenance state' or 'minimum performance state' by the current way of management. 'Asset Management' shall be performed not only by a technical perspective, but also by an accounting perspective such as cost and asset value. However, due to lack of awareness of 'asset management' among stakeholder, only technical perspective management is being carried out in practice. In order to effectively manage infrastructure assets, complex consideration of various asset value factors such as budget and service as well as safety and durability are required. In this paper, we presented a theory to evaluate and quantify the road network value for efficient asset management of the road network. We also presented a method of simulation to apply the theory presented in this paper. Through simulation and the results derived from this study, it is possible to specify the budget for the future national asset management, and to optimize the strategy for the management of old road facilities.

• Journal of the Korean Society for Industrial and Applied Mathematics
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• v.4 no.2
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• pp.77-84
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• 2000

Black-Scholes equation arising from option pricing in the presence of cost in trading the underlying asset is derived. The transaction cost is chosen precisely and generalized to reflect the trade in the real world. Furthermore the concept of the bandwidth is introduced to obtain the better rehedging. The model with bandwidth derived in this paper can be used to calculate the more accurate option price numerically even if it is nonlinear and more complicated than the models shown before.

• Journal of Korean Society of Disaster and Security
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• v.5 no.1
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• pp.43-47
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• 2012

The asset management of infra facilities is a total framework for finally supporting a safe and comfortable service, which includes functions of supporting evaluation of condition and performance of infrastructures, making the decision method of repair or rehabilitation of deteriorated facilities, and lengthening the life cycle of structure through the decision of adequate cost and time of repair or reinforcement. In the range of the asset management, organization, human, the target, and information & data of company are included. Therefore, in this paper, appling the method of asset management analysis to the infra structures, the process of the risk assesment using BRE (Business Risk Exposure) and the basis of consisting ORDM (Optimized Renewal Decision-Making) are expressed.

• Journal of Korean Society for Quality Management
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• v.51 no.3
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• pp.461-479
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• 2023

Purpose: It emphasizes the importance of cost analysis for weapons systems that require enormous develop- ment costs, analyzes the problems of cost analysis steps from a practical point of view, and presents the direction of business development in terms of cost analysis reliability, timeliness, and efficiency. Methods: It analyzes the R&D cost of Micro satellites with a complex cost structure and large scale according to engineering estimation procedures, derives major analysis step-by-step problems, and presents business development directions. Results: Problems with standards and assumptions, data collection, cost division structure, and cost estimation methods were derived through the micro satellite cost analysis process, and business development directions such as expanding common standards, standardizing basic data, standardizing cost division structures and cost items, and data asset were presented. Conclusion: In order to develop work in terms of cost analysis reliability, timeliness, and efficiency, it is important to prepare and standardize standards and rules for detailed tasks at each analysis stage, and through this, it is expected that high utilization value and systematic cost data will be assetized in the future.