• International conference on construction engineering and project management
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• 2013.01a
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• pp.129-132
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• 2013

Determining on a particular construction method is typically decided in the initial phases of a project. However, changing conditions during actual construction may require a different method or technology to be employed. Providing an option for project managers to change construction provides flexibility that can increase value to the overall project. This research provides the ability to modify construction methods as a real option, which allows its value to be modeled. The research also formalizes a way to integrate a binomial lattice model with the Earned Value Method's S-curve. The integrated model provides a decision support tool that planners can use to determine whether to exercise the option depending on the status metrics provided by EVM.

• Korean Journal of Construction Engineering and Management
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• v.16 no.5
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• pp.114-122
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• 2015

Real estate development requires significant amount of capital investment. The project duration has been increased according to its enlarged size. For this reason, cost overrun and time delay are important risk factors that should be managed properly. As a method to hedge the risk, varoius real option methods have been presented. However, conventional project value assesment methods such as NPV(Net Present Value) have weakness to support decision making by reflecting dynamic situations in terms of variation of cost and time. Furthermore, the decision making process is serious of actions rather than discrete event. The purpose of this paper is to present a multiple real option valuation method to overcome the deterministic aspect of real option presented in previous research and practice. The method is developed as following: firstly, to select the model that can be applied in the real estate development project through a survey from previous literature on real options analysis; secondly, to apply data from office development case in order to verify the model by applying conventional real option and multiple real option valuation. According to analysis result, multiple real option provides enhanced values comparing to NPV and single real option.

• Journal of the Korean Magnetics Society
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• v.9 no.3
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• pp.136-142
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• 1999

$Ni_{0.65}Zn_{0.35}Cu_{0.3}Fe_{1.7}O_4$ has been studied with x-ray diffraction, Mossbauer spectroscopy, and vibrating sample magnetometer. The crystal structure is found to be a cubic spinel with the lattice constant $a_0=8.403{\AA}$. Mossbauer spectra of have been taken at various temperatures ranging from 12 K to 665 K. as the temperature increases toward $T_N$ a systematic line broadening effect in the Mossbauer spectrum is observed and interpreted to originate from different temperature dependencies of the magenetic hyperfine fields at various iron sites. Also, by using binomial distribution equation we obtained the hyperfine fields of tetrahedral[A] and octahedral sites[B], $H_{hf}(A)=470\;kOe,\; H_{hf}(B0)=495 \;kOe,\; H_{hf}(B1)=485\;kOe, \;H_{hf}(B2)=453\;kOe,\; H_{hf}(B3)=424\;kOe,\; H_{hf}(B4)=390\;kOe,\; H_{hf}(Bavr)=451\;kOe$ respectively at room temperature. The isomer shift indicates that the iron ions are ferric at tetrahedral[A] and octahedral sites[B], respectively. The Neel temperature is determined to be $T_N=665\;K$. The results of the VSM data gave the magnetic moment and coercivity values of $M_S=66\; emu/g\;and\;H_C=36\;Oe$.