• Korean Journal of Construction Engineering and Management
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• v.17 no.1
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• pp.76-82
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• 2016

Decision-making in construction projects often include options features. Such embedded options are difficult to value properly and many decision makers do not have experience in option analysis. The purpose of this paper is to demonstrate how real option analysis can be used to value capital expenditures on construction materials. We propose a real option framework to evaluate decision-making processes involving the purchase of construction materials. A case study was conducted by evaluating the purchase decision-making of solar cells, a good with high price volatility. Using real option analysis two strategies to improve the financial feasibility of installing a solar panel system were derived. The first strategy involves using a price cap that gives the project manager the right, but not obligation, to buy the modules for a predefined price during the next year. The second strategy is to defer the purchase of the solar cells until future price information becomes clearer. Both of the strategies in the case study were valued using the binominal model. This study will help to improve the financial feasibility of purchasing construction materials with high price volatility by including the value of managerial flexibility.

• Journal of Distribution Science
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• v.22 no.3
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• pp.33-47
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• 2024

Purpose: Most emerging-market countries are concerned about the technology boom, which is accompanied by an increase in revenue from online sales and services. This finding has been demonstrated during the COVID-19 pandemic; however, is this tendency continuing in the new normal, and what factors are driving the increase in consumer decisions? The purpose of this research is to investigate how the decision to utilize online services will be affected in the new normal as well as propose a new research approach in this field. Research Design, Methodology and Approach: By following a deductive research method associated with positivist philosophy, a survey in South Vietnam with 426 respondents using a convenience sampling method was conducted. The reliability of the measurement scales was examined by using the SPSS program. The SmartPLS programme was utilised to assess the measurement and structural models as well as test hypotheses by using partial least squares structural equation modelling. Results: According to the research findings, decision-making has been impacted by social influences, perceived usefulness, perceived ease of use, perceived trust, perceived price, and perceived convenience. Conclusions: The research results also bring significant contributions not only in practice in providing management implications but also in theory. The research model has also demonstrated the feasibility of employing the stimuli-organism-response framework and combining the theory of perceived risk with the technology acceptance model via the explanation of decision-making.

• Journal of Information Technology Applications and Management
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• v.23 no.2
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• pp.263-277
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• 2016

Recently, 3D printing technology has been considered as a core applicable technology because it brings many improvements such as the development of medical technology, medical customization, and reducing production cost and shortening treatment period. This research suggests a market prediction framework for medical 3D printing business. As an immature market situation, it is important to control some uncertainty for market prediction such as a customers' conversion rate. So we adopt decision making tree (DMT) model which used to choose an optimal decision making among diverse pathway. Among medical industries this paper just focuses on dentistry business. For predicting a 5 year period trend expected market size, we identified some replaceable denture procedure by 3D printing, collected related data, controlled uncertain variables. The result shows that medical 3D printing business could be a market of 28.2 billion won at 1st year and in the end of fifth year it could become on a scale of 61.1 billion won market.

• Journal of Families and Better Life
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• v.31 no.6
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• pp.11-21
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• 2013

The main purpose of this study is to explore the relationship between perceived the authoritarian parenting style and academic achievement among college students. Specifically, it is hypothesized that authoritarian parenting would indirectly affect the academic achievement of college students through self-differentiation level and career decision-making self-efficacy. 283 college students, after the consideration of their grade and gender, were selected for this study as participants. Methods describing the primary analytical technique of Structural Equation Modeling were used for the study. The results demonstrate that an authoritarian parenting style negatively affected the academic achievement of college students. There are mediation effects of self-differentiation and career decision-making self-efficacy between the perceived authoritarian parenting style and academic achievement among college students. The findings imply that the positive development of adult children requires more egalitarian parenting styles than those used on early adolescents. Next, for female students, specialized career counseling programs focusing on reducing psychological career barriers and career stress are needed. Lastly, it is implied that parenting styles used on adult children in Korea may differ from Western styles. Therefore, it may be difficult to explain the relationship between parents and adult children with a traditional theoretical framework.

• Proceedings of the Korea Contents Association Conference
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• 2007.11a
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• pp.490-494
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• 2007

The chemical process plant information is used and updated during design, construction, operation, and maintenance of plant. This special type of information should be utilized as the DW(datawarehouse) which conforms to the standard format. The DW should be design in consideration of connectivity to application softwares. The application softwares are different from each other in the context of their objects such as design, management, decision-making, and so on. In this paper, some considerable facts in dealing with chemical process plant information on the framework of developing application software including datawarehousing, model building, interfacing. As a case study, the development of decision-making support system for environmental policy is illustrated for the related discussion.

• Nuclear Engineering and Technology
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• v.40 no.5
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• pp.327-348
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• 2008

A risk-informed regulatory approach implies that risk insights be used as supplement of deterministic information for safety decision-making purposes. In this view, the use of risk assessment techniques is expected to lead to improved safety and a more rational allocation of the limited resources available. On the other hand, it is recognized that uncertainties affect both the deterministic safety analyses and the risk assessments. In order for the risk-informed decision making process to be effective, the adequate representation and treatment of such uncertainties is mandatory. In this paper, the risk-informed regulatory framework is considered under the focus of the uncertainty issue. Traditionally, probability theory has provided the language and mathematics for the representation and treatment of uncertainty. More recently, other mathematical structures have been introduced. In particular, the Dempster-Shafer theory of evidence is here illustrated as a generalized framework encompassing probability theory and possibility theory. The special case of probability theory is only addressed as term of comparison, given that it is a well known subject. On the other hand, the special case of possibility theory is amply illustrated. An example of the combination of probability and possibility for treating the uncertainty in the parameters of an event tree is illustrated.

• Proceedings of the Korea Water Resources Association Conference
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• 2020.06a
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• pp.171-171
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• 2020

Decision making strategies should consider both adaptiveness and robustness in order to deal with two main characteristics of climate change: non-stationarity and deep uncertainty. Especially, robust strategies are different from traditional optimal strategies in the sense that they are satisfactory over a wider range of uncertainty and may act as a key when confronting climate change. In this study, a new framework named Robust Stochastic Dynamic Programming (R-SDP) is proposed, which couples previously developed robust optimization (RO) into the objective function and constraint of SDP. Two main approaches of RO, feasibility robustness and solution robustness, are considered in the optimization algorithm and consequently, three models to be tested are developed: conventional-SDP (CSDP), R-SDP-Feasibility (RSDP-F), and R-SDP-Solution (RSDP-S). The developed models were used to derive optimal monthly release rules in a single reservoir, and multiple simulations of the derived monthly policy under inflow scenarios with varying mean and standard deviations are undergone. Simulation results were then evaluated with a wide range of evaluation metrics from reliability, resiliency, vulnerability to additional robustness measures. Evaluation results were finally visualized with advanced visualization tools that are used in multi-objective robust decision making (MORDM) framework. As a result, RSDP-F and RSDP-S models yielded more risk averse, or conservative, results than the CSDP model, and a trade-off relationship between traditional and robustness metrics was discovered.

• The Journal of Industrial Distribution & Business
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• v.9 no.3
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• pp.7-17
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• 2018

Purpose - The purpose of this paper is to improve last mile delivery capability and ensure customers' satisfaction by approaching an analytic hierarchy process(AHP) and identifying criteria framework to determine locations of last mile delivery centre(LMDC). Research design, data, and methodology - Traffic congestion and emission policy in cities are barriers of last mile delivery in dense areas. The urban consolidation centre(UCC) cannot increase last mile delivery efficiency in dense cities because of their space and traffic limitation. In this paper, we develop a case to improve last mile delivery efficiency and to ensure customers' satisfaction by concentrating on LMDC. In addition, AHP has been applied to identify criteria framework and determine LMDC locations. The weighted priorities are derived from parcel delivery industry experts and have been calculated using Expert Choice software. Results - The framework criteria have assisted decision makers to place LMDC in a dense area to enhance customer's satisfaction with last mile delivery service. Conclusions - AHP has provided ranking framework criteria of LMDC potential for parcel delivery industry. The LMDC helps by improving last mile delivery efficiency to final destination amids conditions of CO₂ emissions, traffic congestion, and pollution problems. It especially concerns delivery service activities when delivering parcels to customers rather than UCC.

• Journal of The Korean Society of Agricultural Engineers
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• v.63 no.4
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• pp.65-86
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• 2021

This study aims at testing a hypothesis that the resilience of agricultural water systems is characterized by trade-offs and synergies of effects from climate and socioeconomic change. To achieve this, an Agricultural Water System Climate Resilience Assessment (ACRA) framework is established to evaluate comprehensive resilience of an agricultural water system to the combined impacts of the climate and socioeconomic changes with a case study in South Korea. Understanding dynamic behaviors of the agricultural water systems under climate and socioeconomic drivers is not straightforward because the system structure includes complex interactions with multiple feedbacks across components in water and agriculture sectors and climate and socioeconomic factors, which has not been well addressed in the existing decision support models. No consideration of the complex interactions with feedbacks in a decision making process may lead to counterintuitive and untoward evaluation of the coupled impacts of the climate and socioeconomic changes on the system performance. In this regard, the ACRA framework employs a System Dynamics (SD) approach that has been widely used to understand dynamics of the complex systems with the feedback interactions. In the ACRA framework applied to the case study in South Korea, the SD model works along with HOMWRS simulation. The ACRA framework will help to explore resilience-based strategies with infrastructure investment and management options for agricultural water systems.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.12 no.1
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• pp.340-367
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• 2018

Storage services integration can be done for achieving high availability, improving data access performance and scalability while preventing vendor lock-in. However, multiple services environment management and interoperability have become a critical issue as a result of service architectures and communication interfaces heterogeneity. Storage federation model provides the integration of multiple heterogeneous and self-sufficient storage systems with a single control point and automated decision making about data distribution. In order to integrate diverse heterogeneous storage services into a single storage pool, we are proposing a storage service federation framework named BoxBroker. Moreover, an automated decision model based on a policy-driven data distribution algorithm and a service evaluation method is proposed enabling BoxBroker to make optimal decisions. Finally, a demonstration of our proposal capabilities is presented and discussed.