• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.2
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• pp.81-86
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• 2014

In this paper, a jointly optimal group replacement and spare provisioning policy is presented. Most maintenance policies assume that the spare inventory is always available, but in practice the maintenance schedule is affected by the availability of spare inventory. We present a maintenance-inventory model which jointly optimizes the group replacement interval and spare ordering quantity. Group replacement policy is used when a group of units are put in operation simultaneously. The operating fleet is replaced altogether at a predetermined number of units are failed. A sufficient level of spare inventory is carried to perform a number of group replacement. A cost rate expression which considers the group maintenance cost and inventory holding cost is derived and a heuristic method for searching the optimum value of decision variables is suggested. Numerical examples demonstrate the analytical results and the performance of the presented model.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.37 no.1
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• pp.120-126
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• 2014

This paper deals with the economic value analysis of meteorological forecasts for a hypothetical inventory decision-making situation in the pharmaceutical industry. The value of Asian dust (AD) forecasts is assessed in terms of the expected value of profits by using a decision tree, which is transformed from the specific payoff structure. The forecast user is assumed to determine the inventory level by considering base profit, inventory cost, and lost sales cost. We estimate the information value of AD forecasts by comparing the two cases of decision-making with or without the AD forecast. The proposed method is verified for the real data of AD forecasts and events in Seoul during the period 2004~2008. The results indicate that AD forecasts can provide the forecast users with benefits, which have various ranges of values according to the relative rate of inventory and lost sales cost.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.23 no.60
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• pp.11-22
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• 2000

The main objective of this research is to analyze an order point and an order quantity of a distribution center and each branch to attain a target service level in multi-level inventory distribution system. In case of product item, we use the item with low volume of average monthly demand. Under the continuous review method, the distribution center places a particular order quantity to an outside supplier whenever the level of inventory reaches an order point, and receives the order quantity after elapsing a certain lead time. Also, each branch places an order quantity to the distribution center whenever the level of inventory reaches an order point, and receives the quantity after elapsing a particular lead time. When an out of stock condition occurs, we assume that the item is backordered. For considering more realistic situations, we use generic type of probability distribution of lead times. In the variable lead time model, the actually achieved service level is estimated as the expected service level. Therefore, this study focuses on the analysis of deciding the optimal order point and order quantity to achieve a target service level at each depot as a expected service level, while the system-wide inventory level is minimized. In addition, we analyze the order level as a maximum level of inventory to suggest more efficient way to develop the low demand item model.

• Korean Journal of Construction Engineering and Management
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• v.9 no.1
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• pp.187-198
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• 2008

There are usually plenty of material inventories in a construction site. More inventories can meet unexpected demands, and also they may have an economical advantage by avoiding a probable escalation of raw material costs. On the other hand, these inventories also cause negative aspects to increase costs for storing redundant inventory as well as decreasing construction productivity. Therefore, a proper method of deciding an optimal level of material inventories while considering dynamic variations of resources under uncertainty is very crucial for the economical efficiency of construction projects. This research presents a stochastic modelling method for construction operations, particularly targeting a work process involving on-site fabrication of raw materials like iron-rebar process (delivery, cut and assembly, and placement). To develop the model, we apply the concept of factory physics to depict the overall components of a system. Then, an optimal inventory management model is devised to support purchase decisions where users can make timely actions on how much to order and when to buy raw materials. Also, optimal time lag, which minimizes the storage time for pre-assembled materials, is obtained. To verify this method, a real case is applied to elicit an optimal amount of inventory and time lag. It is found that average values as well as variability of inventory level decreased significantly so as to minimize economic costs related to inventory management under uncertain project condition.

• Structural Engineering and Mechanics
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• v.48 no.2
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• pp.257-274
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• 2013

In this study, seismic performance of one story hinged precast buildings, which represents the majority of existing lightweight industrial building stock of Turkey, was assessed. A lot of precast buildings, constructed in one of the important seismic zones of western Turkey, were investigated and building inventories were prepared. By this method, structural properties of inventory buildings and damaged precast buildings in recent earthquakes were compared. Damage estimations based on nonlinear analysis methods have shown that estimated damage levels of inventory buildings and observed damage levels in recent earthquakes are similar. Accuracy of damage estimation study and the simplicity of the one story precast building models implied that rapid seismic performance assessment method for these buildings can be developed. In this assessment method, capacity curves and vibration periods of precast buildings were calculated by using structural properties of precast buildings. The proposed assessment method was applied to inventory buildings by using two different seismic demand scenarios which reflect moderate and soft soil conditions. Comparison of detailed analysis and rapid assessment methods have indicated that reliable seismic performance estimations can be performed by using proposed method. It is also observed that distribution of damage estimations is compatible in both scenarios.

• Journal of the military operations research society of Korea
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• v.11 no.1
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• pp.1-7
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• 1985

A computer-aided simulation model for inventory control was developed using Apple II Plus micro-computer. The model forecasts quarterly demands with Single Exponential Smoothing method and simulates Supply Demand Review and Inventory Level Settings for each items. The simulation is based on the assumption that the demand occurrences have their own probability distributions.

• Journal of Engineering Education Research
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• v.15 no.5
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• pp.54-59
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• 2012

It is reported that the constructivistic learning method (CLM) enhances the understanding of the students in the learning process, especially in engineering classes. In CLM-based classes, the students can take the initiative in the learning process, which is called the student-centered model of the learning process. This is different from the traditional learning method based on the teacher-centered model, where a teacher plays the central role in the learning process of students. The authors have applied the method of CLM to one of the Engineering classes, namely production planning and inventory control (PPIC) class for undergraduate students. The PPIC class provides multimedia-based study materials and factory visits as well as regular lecture sections to cover the whole subject of inventory control theory and practice. In the review sessions, students are divided into several groups, and question-and-answer discussions were actively carried out among these groups under the support of the teacher as a facilitator. It was observed that the student engagement in the class was very active compared to the conventional lecture-based classes. As for further support of students understanding on the subject, simulation-based materials are also under study for the class. This paper presents the review of case study of CLM-based PPIC class and discusses the feasibility of simulation-based study materials for further improvement of the class.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.38 no.3
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• pp.8-13
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• 2015

One of the most usual indicators to measure the performance of any inventory policy is the mean physical stock. In general, when estimating the mean physical stock in periodic review inventory systems, approximate approaches are often utilized by practitioners and researchers. The mean physical stock is generally calculated by a simple approximation. Still these simple methods are frequently used to analyze various single stockpoint and multi-echelon inventory systems. However, such a simple approximation can be very inaccurate. This is particularly true for low service levels. Even though exact methods to calculate the mean physical stock have been derived, they are available for specific cases only and computationally not very efficient, and therefore less useful in practice. In literature, approximate approaches, such as the simple, the linear, and Simpson approximations, were derived for the periodic review inventory systems that allow backorders. This paper modifies the approximate approaches for the lost sales case and evaluates the modified approximate approaches. Through computational experiments, average (and maximum) percentage deviations of mean physical stock between the exact method and the modified approximations are compared in the periodic review inventory system with lost sales. The same comparison between the modified and the original approximations are also conducted, in order to examine the performance of modified approximations. The results show that all modified approximations perform well for high service levels, but also that the performance may deteriorate fast with decreasing service level. The modified Simpson approximation is clearly better. In addition, the comparison between the modified and the original approximations in the periodic review inventory system with lost sales shows that the modified approximation outperforms the original approximation.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.38 no.4
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• pp.98-108
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• 2015

This paper introduces the existence of purchase dependence that was identified during the analysis of inventory operations practice at a sales agency of dealing with spare parts for ship engines and generators. Purchase dependence is an important factor in designing an inventory replenishment policy. However, it has remained mostly unaddressed. Purchase dependence is different from demand dependence. Purchase dependence deals with the purchase behavior of customers, whereas demand dependence deals with the relationship between item-demands. In order to deal with purchase dependence in inventory operations practice, this paper proposes (Q, r) models with the consideration of purchase dependence. Through a computer simulation experiment, this paper compares performance of the proposed (Q, r) models to that of a (Q, r) model ignoring purchase dependence. The simulation experiment is conducted for two cases : a case of using a lost sale cost and a case of using a service level. For a case of using a lost sale cost, this paper calculates an order quantity, Q and a reorder point, r using the iterative procedure. However, for a case of using a service level, it is not an easy task to find Q and r. The complexity stems from the interactions among inventory replenishment policies for items. Thus, this paper considers the genetic algorithm (GA) as an optimization method. The simulation results demonstrates that the proposed (Q, r) models incur less inventory operations cost (satisfies better service levels) than a (Q, r) model ignoring purchase dependence. As a result, the simulation results supports that it is important to consider purchase dependence in the inventory operations practice.

• Sim-seong Yeon-gu
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• v.28 no.2
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• pp.139-153
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• 2013

Psychological typology in analytic psychology is used not only for ascertaining the attitude or function of the conscious ego, but also as one blueprint for the individuation process. We all know the need to emphasize an awareness of the deployment and development of the superior function, the secondary function, the third function and the inferior function for the individuation process. This study has the goal of refining our awareness of this deployment and development of typological functions. The questionnaires of the Myers-Briggs Type Inventory and the Gray Wheelwrights Jungian Type Survey use the method of a forced-choice questionnaire, on the assumption of a bi-polarity hypothesis. But the questionnaire of the Singer-Loomis Type Deployment Inventory uses the Likert scale. It is able to show the deployment of the superior function, the secondary function, the third function and the inferior function visibly. It allows us to test the subject at stated periods for his/her development or change of psychological typology. The Singer-Loomis Type Deployment Inventory is a statistically superior method for showing Jung's psychological typology relative to both the Myers-Briggs Type Inventory and the Gray Wheelwrights Jungian Type Survey. I have studied how the original authors of The Singer-Loomis Type Deployment Inventory understood Jung's psychological typology. I produced the reliability and the item-discrimination power of the Korean Version of the Singer-Loomis Type Deployment Inventory. On the basis of this study, I produced the revised Korean version 1 of Singer-Loomis Type Deployment Inventory.