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The effect of Big-data investment on the Market value of Firm (기업의 빅데이터 투자가 기업가치에 미치는 영향 연구)

  • Kwon, Young jin;Jung, Woo-Jin
    • Journal of Intelligence and Information Systems
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    • v.25 no.2
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    • pp.99-122
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    • 2019
  • According to the recent IDC (International Data Corporation) report, as from 2025, the total volume of data is estimated to reach ten times higher than that of 2016, corresponding to 163 zettabytes. then the main body of generating information is moving more toward corporations than consumers. So-called "the wave of Big-data" is arriving, and the following aftermath affects entire industries and firms, respectively and collectively. Therefore, effective management of vast amounts of data is more important than ever in terms of the firm. However, there have been no previous studies that measure the effects of big data investment, even though there are number of previous studies that quantitatively the effects of IT investment. Therefore, we quantitatively analyze the Big-data investment effects, which assists firm's investment decision making. This study applied the Event Study Methodology, which is based on the efficient market hypothesis as the theoretical basis, to measure the effect of the big data investment of firms on the response of market investors. In addition, five sub-variables were set to analyze this effect in more depth: the contents are firm size classification, industry classification (finance and ICT), investment completion classification, and vendor existence classification. To measure the impact of Big data investment announcements, Data from 91 announcements from 2010 to 2017 were used as data, and the effect of investment was more empirically observed by observing changes in corporate value immediately after the disclosure. This study collected data on Big Data Investment related to Naver 's' News' category, the largest portal site in Korea. In addition, when selecting the target companies, we extracted the disclosures of listed companies in the KOSPI and KOSDAQ market. During the collection process, the search keywords were searched through the keywords 'Big data construction', 'Big data introduction', 'Big data investment', 'Big data order', and 'Big data development'. The results of the empirically proved analysis are as follows. First, we found that the market value of 91 publicly listed firms, who announced Big-data investment, increased by 0.92%. In particular, we can see that the market value of finance firms, non-ICT firms, small-cap firms are significantly increased. This result can be interpreted as the market investors perceive positively the big data investment of the enterprise, allowing market investors to better understand the company's big data investment. Second, statistical demonstration that the market value of financial firms and non - ICT firms increases after Big data investment announcement is proved statistically. Third, this study measured the effect of big data investment by dividing by company size and classified it into the top 30% and the bottom 30% of company size standard (market capitalization) without measuring the median value. To maximize the difference. The analysis showed that the investment effect of small sample companies was greater, and the difference between the two groups was also clear. Fourth, one of the most significant features of this study is that the Big Data Investment announcements are classified and structured according to vendor status. We have shown that the investment effect of a group with vendor involvement (with or without a vendor) is very large, indicating that market investors are very positive about the involvement of big data specialist vendors. Lastly but not least, it is also interesting that market investors are evaluating investment more positively at the time of the Big data Investment announcement, which is scheduled to be built rather than completed. Applying this to the industry, it would be effective for a company to make a disclosure when it decided to invest in big data in terms of increasing the market value. Our study has an academic implication, as prior research looked for the impact of Big-data investment has been nonexistent. This study also has a practical implication in that it can be a practical reference material for business decision makers considering big data investment.

Spatio-temporal Distribution of Macrozoobenthos in the Three Estuaries of South Korea (우리나라 3개 하구역 대형저서동물 군집 시공간 분포)

  • LIM, HYUN-SIG;LEE, JIN-YOUNG;LEE, JUNG-HO;SHIN, HYUN-CHUL;RYU, JONGSEONG
    • The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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    • v.24 no.1
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    • pp.106-127
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    • 2019
  • This study aims to understand spatio-temporal variations of macrozoobenthos community in Han River (HRE), Geum River (GRE), and Nakdong River estuaries (NRE) of Korea, sampled by National Survey of Marine Ecosystem. The survey was seasonally performed at a total of 20 stations for three years (2015-2017). Sediment samples were taken three times with van Veen grab of $0.1m^2$) areal size and sieved through a 1 mm pore size mesh on site. A total of 1,008 species were identified with 602 species in HRE, 612 in GRE, and 619 in NRE, showing similar number of species between estuaries. Mean density was $1,357ind./m^2$, showing the high in NRE ($1,357ind./m^2$), mid in GRE ($1,357ind./m^2$), and low in HRE ($1,127ind./m^2$). Mean biomass was $116.8g/m^2$, showing similar variations to density ($174.2g/m^2$ in NRE, $129.0g/m^2$ in GRE, $49.0g/m^2$ in HRE). Polychaeta dominated in number of species and density in three estuaries. Biomass-dominated taxon was Mollusca in HRE and GRE, and Echinodermata in NRE. Polychaetous species dominated all three estuaries over 4% of density, such as Dispio oculata, Heteromastus filiformis and Aonides oxycephala in HRE, Heteromastus filiformis and Scoletoma longifolia in GRE, and Pseudopolydora sp. and Aphelochaeta sp. in NRE, showing various density between estuaries. Community structure was determined by various environmental variables among estuaries such as mean grain size and sorting (HRE), salinity and mean grain size (GRE), and salinity, dissolved oxygen, loss on ignition and mud content (NRE). Our study demonstrates the application of different measures to manage ecosystems in three estuaries. HRE needs to alleviate sedimentary stressors such as sand mining, land-filling, dike construction. Management of GRE should be focused on fresh water control and sedimentary stressors. In NRE, monitoring of dominant benthos and process study on hypoxia occurrence in inner Masan Bay are necessary.

Development and assessment of pre-release discharge technology for response to flood on deteriorated reservoirs dealing with abnormal weather events (이상기후대비 노후저수지 홍수 대응을 위한 사전방류 기술개발 및 평가)

  • Moon, Soojin;Jeong, Changsam;Choi, Byounghan;Kim, Seungwook;Jang, Daewon
    • Journal of Korea Water Resources Association
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    • v.56 no.11
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    • pp.775-784
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    • 2023
  • With the increasing trend of extreme rainfall that exceeds the design frequency of man-made structures due to extreme weather, it is necessary to review the safety of agricultural reservoirs designed in the past. However, there are no local government-managed reservoirs (13,685) that can be discharged in an emergency, except for reservoirs over a certain size under the jurisdiction of the Korea Rural Affairs Corporation. In this case, it is important to quickly deploy a mobile siphon to the site for preliminary discharge, and this study evaluated the applicability of a mobile siphon with a diameter of 200 mm, a minimum water level difference of 6 m, 420 (m2/h), and 10,000 (m2/day), which can perform both preliminary and emergency discharge functions, to the Yugum Reservoir in Gyeongju City. The test bed, Yugum Reservoir, is a facility that was completed in 1945 and has been in use for about 78 years. According to the hydrological stability analysis, the lowest height of the current dam crest section is 27.15 (EL.m), which is 0.29m lower than the reviewed flood level of 27.44 (EL.m), indicating that there is a possibility of lunar flow through the embankment, and the headroom is insufficient by 1.72 m, so it was reviewed as not securing hydrological safety. The water level-volume curve was arbitrarily derived because it was difficult to clearly establish the water level-flow relationship curve of the reservoir since the water level-flow measurement was not carried out regularly, and based on the derived curve, the algorithm for operating small and medium-sized old reservoirs was developed to consider the pre-discharge time, the amount of spillway discharge, and to predict the reservoir lunar flow time according to the flood volume by frequency, thereby securing evacuation time in advance and reducing the risk of collapse. Based on one row of 200 mm diameter mobile siphons, the optimal pre-discharge time to secure evacuation time (about 1 hour) while maintaining 80% of the upper limit water level (about 30,000 m2) during a 30-year flood was analyzed to be 12 hours earlier. If the pre-discharge technology utilizing siphons for small and medium-sized old reservoirs and the algorithm for reservoir operation are implemented in advance in case of abnormal weather and the decision-making of managers is supported, it is possible to secure the safety of residents in the risk area of reservoir collapse, resolve the anxiety of residents through the establishment of a support system for evacuating residents, and reduce risk factors by providing risk avoidance measures in the event of a reservoir risk situation.

Evaluation of Hydrogeological Characteristic of Natural Barrier in Korea for Establishing Safety Guidelines of Deep Geological High-Level Radioactive Waste Disposal Site (고준위방사성폐기물 심층처분 부지 수리 지질 안전 규제를 위한 국내 지질환경 수리 특성 평가)

  • Suwan So;Jiho Jeong;Jaesung Park;Hyeongmok Lee;Subi Lee;Sujin Kim;Sinda Mbarki;Jina Jeong
    • Economic and Environmental Geology
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    • v.57 no.4
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    • pp.397-416
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    • 2024
  • This study assessed the hydrogeological properties of the deep geological environment to develop safety criteria for the natural barriers used in the deep geological disposal of high-level radioactive waste in Korea. The assessment focused on the distribution and trends of hydraulic conductivity and permeability properties appropriate for the domestic geological environment, using various in-situ hydraulic test data collected for groundwater development and management. To develop a depth-hydrogeological property relationship model suitable for domestic conditions, the study reviewed various international research examples and applied a representative model that explains the trends of hydraulic conductivity and permeability with depth. The development of the model suitable for Korea involved applying ensemble regression analysis to account for the uncertainty of various factors in the collected data. The results confirmed that existing international depth-hydrogeological property relationship models adequately describe the characteristics of the domestic geological environment. Considering the preferred hydrogeological criteria suggested by countries like Sweden, Germany, and Canada, there is a high likelihood that a suitable geological environment exists in Korea. Additionally, the application of hydrogeological criteria indicative of low-permeability environments showed that suitable conditions for disposal construction increase at depths greater than 300 m, where the influence of fractures on groundwater flow might be minimal at depths exceeding 500 m. This research can serve as foundational information for establishing hydrogeological safety standards for natural barriers in Korea according to international regulatory guidelines.

Example of Legislation on the Space Relations of Every Countries in the World and Main Contents of the Space Exploration Promotion Act and Future Task in Korea (세계 각국의 우주관계 입법례와 우리나라 우주 개발진흥법의 주요내용 및 앞으로의 과제)

  • Kim, Doo-Hwan
    • The Korean Journal of Air & Space Law and Policy
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    • v.20 no.1
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    • pp.9-43
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    • 2005
  • The Korean government established her first "National Space Program" in 1996, and revised it in 2000 and 2005. As embedded in the National Space Program, Korea aims to become one of the world's top countries in space technology by 2010. All of 13 satellites are planned to be put into orbit as schematized, which include 7 multi-purpose satellites, 4 science satellites and 2 geostationary orbit satellites. The Space Center in Korea is to be built at Woinara-Do, Bongrae-Myon, Koheung-Goon, Junlanam Province on the southern coast of the Korean peninsular. The first phase of the construction of the space center will be finished by 2007 for launch of KSLV-l. This will make Korea be the 13th advanced country in space development having a launching site in the world. The "Space Center" will serve as the infrastructure for the development of space technology and related technology, and plan to launch a low earth orbit satellite in 2007. A second science satellite made in Korea will be launched from the space center by 2007. From 2010, the center will be operated on a commercial basis operating launch facilities for low-to mid-altitude orbit satellites. Since the 'Aircraft Industry Promotion Act' was replaced by the 'Aerospace Industry Development Promotion Acf of 1987, this Act had been amended seven times from 1991 year to 2004. Most of developed countries has been enacted the space law including the public or private items such as an (1)DSA, (2)Russia, (3)the United Kingdom, (4)Germany, (5)France, (6)Canada, (7)Japan, (8)Sweden, (9)Australia, (10)Brazil, (11)Norway, (12)South Africa, (13)Argentina, (14)Chile, (15)Ukrainian etc. As the new Space Exploration Promotion Act was passed by the resolution of the Korean Congress on May 3, 2005, so the Korean government has made the public proclamation the abovementioned Act on May 31, this year. This Act takes effect on December 1, 2005 after elapsing six months from the date of promulgation. The main contents of Space Exploration Promotion Act of 2005 is as the following (1)establishing a basic plan for promoting space exploration, (2)establishment and function of national space committee, (3)procedure and management of domestic and international registration of space objects, (4)licensing of launch by space launch vehicles, (5)lability for damages caused by space accidents and liability insurance, (6) organizing and composition of the space accident investigation committee, (7)Support of non-governmental space exploration project, (8)Requesting Support and Cooperation of Space Exploration, (9)Rescue of Astronauts and Restitution of Space Objects, etc.. In oder to carry out successfully the medium and long basic plan for promoting space exploration and to develope space industry in Korea, I think that it is necessary for us to enlarge and to reorganize the function and manpower of the Space Technology Development Division of the Ministry of Science & Technology and the Korea Aerospace Research Institute. Korea has been carrying out its space program step by step according to the National Space Program. Korea also will continually strengthen the exchange and cooperation with all the countries in the world under the principle of equality, friendship relations and mutual benefits. Together with all other peoples around the globe, Korea will make due contribution towards the peaceful utilization of space resources and promotion of human progress and prosperity.

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