• Architectural research
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• v.3 no.1
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• pp.21-27
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• 2001

This study addressing the underlying strategies for Andong municipal museum complex development is in timely view that Andong has obtained a worldwide reputation as a treasury of traditional Korean Confucian culture. Thus far, there has been a tendency that various local museums are proposed to meet architectural aspirations architects and users commonly hold. Overall, though, the major role they play in making overall city image has not been considered in a systematic manner. Based on Lee's (2001) two previous studies, this study summarized the utility of cognitive distance and cognitive map concepts, which are proposed by Kevin Lunch (1976) to evaluate city image, in planning Andong municipal museum complex (AMMC). Sample is stratified into city residents and outsiders, and also into the general public and design-related professionals to see if there is any group difference in constructing their mental image. Three major findings are obtained. First, familiarity, so-called the degree of knowing, is the function of the length of stay in a designated area. That is, the longer people stay in Andong, the more likely they are familiar with its overall environmental aspects. Second, mental proximity of Andong municipal museum complex relative to existing cultural landmarks is closely related to the degree of how people value those landmarks in terms of their significance. Dosan Seowon and Hahoe folk village are most highly valued, which means higher proximity. Third, functional diversity turned out to be the most important design dimension, while display mechanism are least valued. Cognitive simulations of this sort are meaningful in that projected composite image might be a rough first approximation of true public image.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.8 no.6
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• pp.1634-1647
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• 2007

"To invest or not to invest?" Most business leaders are frequently faced with this question on new and ongoing projects. The challenge lies in deciding what projects to choose, expand, contract, defer, or abandon. The project valuation tools used in this process are vital to making the right decisions. Traditional tools such as discounted cash flow (DCF)/net present value (NPV) assume a "fixed" path ahead, but real world projects face uncertainties, forcing us to change the path often. Comparing to other traditional valuation methods, the real options approach captures the flexibility inherent to investment decisions. The use of real options has gained wide acceptance among practitioners in a number of several industries during the last few decades. Even though the options are present in all types of business decisions, it is still not considered as a proper method of valuation in some industries. Mining has been comparably slow to adopt new valuation techniques over the years. The reason fur this is not entirely clear. One possible reason is the level and types of risks in mining. Not only are these risks high, but they are also more numerous and involve natural risks compared with other industries. That is why the purpose of this study is to deal with a more practical approach to project valuation, known as real options analysis in mining industry. This paper provides a case study approach to the copper mining industry using a real options analysis. It shows how companies can minimize investment risks, exercise flexibility in decision making and maximize returns.