• 산업경영시스템학회지
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• 제40권1호
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• pp.50-56
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• 2017

The IRR (internal rate of return) is often used by investors for the evaluation of engineering projects. Unfortunately, it is widely known that it has serial flaws. Also, External rate of returns (ERRs) such as ARR (Average Rate of Return) or MIRR (MIRR, Modified Internal Rate of Return) do not differentiate between the real investment and the expenditure. The PRR (Productive rate of return) is faithful to the conception of the return on investment. The PRR uses the effective investment instead of the initial investment. In this paper, we examined two cases of the engineering project. the one is a traditional engineering project with financing activity, another is the project with R&D. Although the IRR has only one value, it overestimates or underestimate profitabilities of Engineering Projects. The ARR and the MARR assume that a returned cash reinvest other projects or assets instead of the project currently executing. Thus they are only one value of a project's profitability, unlike the IRR. But the ARR does not classify into the effective investment and non-investment expenditure. It only accepts an initial expenditure as for an investment. The MIRR also fails to classify into the investment and the expenditure. It has an error of making a loss down as the investment. The IRR works as efficiently as a NPW (Net Present Worth). It clearly expresses a rate of return in respect of an investment in an engineering project with a loan. And it shows its ability in an engineering project with a R&D investment.

• 한국농공학회논문집
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• 제52권1호
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• pp.41-49
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• 2010

Return flow rate of irrigation water was estimated by water balance method. Daepyeong pumping district to irrigate 75.8 ha of rice paddy in the Geum river basin was selected to install gauging instruments to collect data such as weather, water levels, infiltration rate and evapotranspiration during irrigation season (May 27 to Sept. 20) in 2003 and 2004. Irrigation and drainage discharge were calculated from the rating curve and evapotranspiration was estimated both by the modified Penman formula and by the lysimeter. The results were as followed : 1. Total amounts of pumping water during irrigation season were $1,076,000\;m^3$ in 2003 and $1,848,000\;m^3$ in 2004. Total amounts of rainfall were 1336.0mm and 1003.0mm respectively during the irrigation season in 2003 and 2004. 2. It was surveyed that the amount of infiltration was 196.5 mm (2.2 mm/day). The gauged evapotranspiration was 311.0 mm (3.5 mm/day) and the calculated evapotranspiration was 346.0 mm (3.9 mm/day) during irrigation period in 2003. It was surveyed that the amount of infiltration was 169.9 mm (2.4 mm/day). The amount of gauged evapotranspiration was 377.3 mm (5.3 mm/day) and the calculated evapotranspiration was 454.5 mm (6.6 mm/day) during irrigation period in 2004. 3. The rates of quick and delayed return flow were 52.4 % and 17.7 % respectively, and so return flow rate was 70.1 % in 2003. The rates of quick and delayed return flow were 45.4 % and 16.1 % respectively, and so return flow rate was 61.5 % in 2004. It means that average return flow rate in the Daepyeong pumping district was assumed to be 65 %.

• 산업경영시스템학회지
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• 제38권3호
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• pp.95-99
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• 2015

The IRR(internal rate of return) is often used by investors for the evaluation of engineering projects. Unfortunately, it has serial flaws: (1) multiple real-valued IRRs may arise; (2) complex-valued IRRs may arise; (3) the IRR is, in special cases, incompatible with the net present value (NPV) in accept/reject decisions. The efforts of management scientists and economists in providing a reliable project rate of return have generated over the decades an immense amount of contributions aiming to solve these shortcomings. Especially, multiple internal rate of returns (IRRs) have a fatal flaw when we decide to accep it or not. To solve it, some researchers came up with external rate of returns (ERRs) such as ARR (Average Rate of Return) or MIRR (MIRR, Modified Internal Rate of Return). ARR or MIRR. will also always yield the same decision for a engineering project consistent with the NPV criterion. The ERRs are to modify the procedure for computing the rate of return by making explicit and consistent assumptions about the interest rate at which intermediate receipts from projects may be invested. This reinvestment could be either in other projects or in the outside market. However, when we use traditional ERRs, a volume of capital investment is still unclear. Alternatively, the productive rate of return (PRR) can settle these problems. Generally, a rate of return is a profit on an investment over a period of time, expressed as a proportion of the original investment. The time period is typically the life of a project. The PRR is based on the full life of the engineering project. but has been annualised to project one year. And the PRR uses the effective investment instead of the original investment. This method requires that the cash flow of an engineering project must be separated into 'investment' and 'loss' to calculate the PRR value. In this paper, we proposed a tabulated form for easy calculation of the PRR by modifing the profit and loss statement, and the cash flow statement.

• 한국농공학회논문집
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• 제63권2호
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• pp.85-96
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• 2021

Irrigation return flow is defined as the excess of irrigation water that is not evapotranspirated by direct surface drainage, and which returns to an aquifer. It is important to quantitatively estimate the irrigation return flow of the water cycle in an agricultural watershed. However, the previous studies on irrigation return flow rates are limitations in quantifying the return flow rate by region. Therefore, simulating irrigation return flow by accounting for various water loss rates derived from agricultural practices is necessary while the hydrologic and hydraulic modeling of cultivated canal-irrigated watersheds. In this study, the irrigation return flow rate of agricultural water, especially for the entire agricultural watershed, was estimated using the SWMM (Storm Water Management Model) module from 2010 to 2019 for the Madun reservoir located in Anseong, Gyeonggi-do. The results of SWMM simulation and water balance analysis estimated irrigation return flow rate. The estimated average annual irrigation return flow ratio during the period from 2010 to 2019 was approximately 55.3% of the annual irrigation amounts of which 35.9% was rapid return flow and 19.4% was delayed return flow. Based on these results, the hydrologic and hydraulic modeling approach can provide a valuable approach for estimating the irrigation return flow under different hydrological and water management conditions.

• 한국사회복지학
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• 제41권
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• pp.43-67
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• 2000

The main source in financing the National Pension benefits is the contribution raised from the insured's earnings. So, Most of the insured take a great interest in the questions of what return on the payment of contribution National Pension benefits provide and whether there be the difference in return according to earnings level. The Purpose of this study is to assess money's worth of National Pension and to answer the above questions. There are two basic types of money worth analysis, empirical and hopothetical. This study basically belongs to the former in terms that it is based on actual earnings and insured term. For performing money's worth analysis, four different measures which are referred as the "break-even period", the "benefit/tax ratio", the "net lifetime transfer", the "internal rate of return" are used and they all involve the way in which the relationship between the present value of contributions and the present values of benefit is present. The results which evaluate average money's worth of accrued rights before 1999 are le as follows. Break-even period is about 43 months, benefit/tax ratio being 4.9, net lifetime transfers being about 37 mil1ion won, internal rate of return being 33.2%. This verifies that money' worth of National Pension is much higher than actuarially fair. In the mean while, money' worth is proved to be very different according to earnings level. The progressivity relationship between earnings level and rate of return is found in all measures but net lifetime transfer.

• 한국물환경학회지
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• 제22권5호
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• pp.905-912
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• 2006

In this paper, simulation methods of the system dynamics model developed by Das et al. (1997) for activated-sludge wastewater treatment plants are illustrated in an attempt to determine the operating rules and the policies related to capacity expansion of an activated-sludge wastewater treatment plant. For existing conditions, the analyses were performed by varying activated-sludge return rate to observe changes in effluent water quality and treatment efficiency. The effluent water quality is also analyzed for various average daily inflow conditions and activated-sludge return rates. As a result, without expanding the aeration tank, maximum average daily inflow that can satisfy the effluent water quality standard of BOD $0.02kg/m^3$ was determined as $2,840m^3/hr$, subject to 100% of activated-sludge return rate while other factors remain constant. When the activated-sludge return rate is less than 100%, expansion of the aeration tank is necessary and minimum sizes of the aeration tank to satisfy the effluent water quality standard were determined for various activated-sludge return rates. In addition, the total operating and maintenance as well as unit treatment cost regression equations for activated-sludge wastewater treatment plants are suggested by using the cost data that are obtained from Water and Wastewater Division, Ministry of Environment. The regression analyses showed that the economies of scale phenomena exist in the operating and maintenance costs of activated-sludge wastewater treatment plants.

• 전기전자학회논문지
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• 제23권4호
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• pp.1195-1202
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• 2019

안심귀가 시스템은 서비스 의뢰인이 소지한 스마트 기기로부터 수신된 GPS 위치정보를 이용하여 의뢰인 근처의 CCTV 카메라들을 선택하고 제어함으로써, 의뢰인을 자동으로 추적하고 영상을 촬영한다. 이 서비스는 심야에 귀가하는 경로 상에 우범지역이 존재할 때 의뢰인의 안심귀가에 도움을 제공한다. 의뢰인을 촬영할 수 있는 CCTV 카메라들이 다른 의뢰인에 의하여 이미 점유되어 사용되는 경우, 새로운 의뢰인의 촬영을 위하여 점유된 CCTV 카메라의 양보가 필요하다. 본 논문에서는 의뢰인과 CCTV 카메라 사이의 평균 거리와 서비스율을 모두 고려한 개선된 방법을 제안한다. 그 결과, CCTV 카메라와 의뢰인간의 평균거리가 가깝게 유지되며, 서비스율도 개선된다.

• 산업경영시스템학회지
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• 제42권1호
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• pp.137-142
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• 2019

There are two methods for evaluating two or more mutually exclusive projects. One is a total investment approach and the other is an incremental investment approach. The former can rank projects by the criterion of the net present value, but the latter can't do it. An incremental investment approach is only possible when all pairwise alternatives are compared. Thus an incremental investment approach is superior in ranking them over an incremental investment approach. To do so, a principle of comparison must be established. Comparisons of profitability are reasonable when operating the same amount of investment over the same period of time. One principle is that all projects are invested in the largest of the projects. Another principle is that all projects are invested during the longest project life of the projects. In this paper, even if the principle is followed, it will be shown that the external rate of return fails to rank them. However, the productive rate of return criterion would prove to be able to rank them like the net present value standard, provided that the principle of comparison is kept. In addition, rate of returns can be assessed so that all mutually exclusive projects can be compared at once, such as on the criterion of the net present value. That is, it can be also compared with many other returns, such as the profit rates on financial investments or real investments.

• KDI Journal of Economic Policy
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• 제27권1호
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• pp.81-122
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• 2005

본고의 목적은 우리나라 기업의 연구개발투자의 특성을 파악하고 연구개발투자의 경제적 효과로 연구개발투자 수익률을 추정하는 것이다. 이를 위하여 695개 기업에 대한 8년간의 관측치가 존재하는 5,560개 표본으로 구성된 패널 데이터를 구축하였다. 패널 데이터를 이용하여 먼저 기업 연구개발투자의 특성을 파악하고자 하였다. 우리나라 기업의 연구개발투자의 특성은 선행 연구결과에서 정립된 이른바 정형화된 사실에서 벗어나지 않음을 확인할 수 있었다. 특히 강조할 점은 연구개발투자의 생산성 효과와 연구개발투자 자체의 생산성을 구별하여야 한다는 것이다. 즉, 연구개발투자를 많이 하는 기업이 생산성이 높은 것은 사실이지만 연구개발투자와 생산성 증가의 관련성은 높지 않으며, 연구개발투자에 있어서도 다른 실물투자와 마찬가지로 수익체증보다는 오히려 수익체감의 법칙이 작용한다는 점이다. Klette 모형을 이용하여 연구개발투자 수익률 및 지식스톡의 진부화율을 추정하였다. 실증분석결과에 의하면 이들 기업의 연구개발투자의 사적 수익률은 산업 전체로는 평균값 기준 7.7% 또는 중간값 기준 16.4% 수준으로, 제조업에 한정하면 평균값 기준 10.4% 또는 중간값 기준 16.4% 수준으로 추정되었다. 한편, 지식스톡의 진부화율은 산업 전체로는 32.9%로, 산업별로는 최하 11.6%(금속)에서 최대 49.5%(서비스) 범위로 추정되었다. 제조업 기업의 연구개발투자 수익률은 실질이자율의 두 배 정도로 추정할 수 있다. 자본시장이 효율적으로 작동한다면, 연구개발투자의 수익률은 자본의 기회비용에 추가하여 연구개발의 지대(rent)로 구성된다고 할 수 있다. 연구개발투자를 지속적으로 수행하는 우리나라 기업은 대체로 자본의 기회비용 이상의 초과 수익을 향유하고 있다는 결론이 가능하다.

• 한국경영과학회:학술대회논문집
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• 한국경영과학회 2000년도 추계학술대회 및 정기총회
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• pp.77-80
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• 2000

Feedback herding strategy in stock market means considering other investor's strategy as a basis of market forecasting of next term. Generally, individual investors use that strategy which mimics the strategy of institutional investors. When it is used in stock market, both kind of investors, preceders and followers, can take the higher average of rate of return to normal market in which no feedback herding strategy is not use, the more investors take part in. And variance of return, the risk of investment, are same to both group.