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A Study on the Factors of Satisfaction with Stock Investment : Focusing on the Moderating Effect of the Stock Message Framing (주식 투자 만족도 형성 요인에 관한 연구 : 주식 메시지 프레이밍에 대한 조절효과를 중심으로)

  • Kim, Hae-young
    • Journal of Venture Innovation
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    • v.1 no.2
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    • pp.47-59
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    • 2018
  • With the recent, rapid changes in the socio-economic environment, organizations of today are now required to present a framework of realistic consumer behaviors based on psychology, economy, and finance, in order to understand their investing customers. Stock investors show differences in terms of their decisions or evaluations in the process of investing. This is due to what is called the 'framing effect.' The decision frames of the investors are defined differently, and, as a result, this affects the decisions made by the investors. Preceding studies on stock investment rarely touched the topic of the effect of message framing on market participants in their stock investment, especially regarding the differences in terms of their risk management behaviors based on the message framing in stock investment. Therefore, the purpose of this study is to examine the influence of stock investment message framing on market participants in their investment decision making and empirically validate whether this message framing effect has a moderating effect on the factors of investment satisfaction. For this, 494 participants with stock investment experiences were interviewed from May 1 to 26, 2018, and the results were used as the data for the empirical analysis. The analysis of the data was conducted using SPSS 22.0 statistical analysis software. The results of this study were as follows; First, of the stock investment behavioral factors, the stock comprehension, recommendation by others for a stock, and the degree of risks of a stock affected stock investment satisfaction in a positive manner. And, of the behavioral factors of stock investment, stock comprehension, stock brand, recommendation on the stocks from others, past performances, and risk levels of stocks affected the intent of continued stock investment in a positive manner. Second, message framing turned out to affect stock investment satisfaction in a positive manner, and it also had a significant moderating effect to the relationship between the stock investment behavior and stock investment satisfaction. Third, message framing was found to affect continued stock investment intent significantly, with a significant moderating effect in the relationship between stock investment behavioral factor and continued stock investment intent.

Investigation of Factors on the Sensory Characteristics of Milk Bread with Tumeric Powder (Curcuma longa L.) Using Fractional Factorial Design Method (부분배치법을 활용한 울금 분말 첨가 우유식빵의 관능적 영향 인자 탐색)

  • Jung, Kyong Im;Park, Jae Ha;Kim, Mi Jeong
    • Journal of the Korean Society of Food Science and Nutrition
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    • v.43 no.4
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    • pp.592-603
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    • 2014
  • We developed various recipes of turmeric powder (Curcuma longa L.) added to milk bread and assessed the individual effects of seven ingredients [milk ($X_1$), turmeric powder ($X_2$), bread improver ($X_3$), fresh yeast ($X_4$), butter ($X_5$), sugar ($X_6$), and salt ($X_7$)] as well as the 2-way interaction effects of the ingredients on the sensory characteristics of breads using fractional factorial design method. The center and end points of each component were determined via literature review and multiple test baking. Seven trained sensory test panels evaluated the outside appearance (OA), inside appearance (IA), and flavor & texture (FT) of 38 breads using 46 items of sensory evaluation. Findings are as follows: for the OA, $X_1$ (P<0.05) and $X_4$ (P<0.0001) exhibited significant individual effects, whereas $X_1*X_7$, $X_2*X_5$, $X_3*X_6$, and $X_4*X_6$ indicated significant interaction effects (P<0.05). For the IA, $X_1$ (P<0.0001), $X_4$ (P<0.0001), $X_6$ (P<0.05), $X_2*X_4$ (P<0.05), and $X_3*X_6$ (P<0.01) showed individual and interaction effects, respectively. For the FT, $X_1$ and $X_2$ showed the most significant individual effect (P<0.0001), followed by $X_4$, $X_5$ and $X_6$ (P<0.05) in descending order. $X_4*X_7$ indicated the only significant interaction effect. We computed the magnitudes of the 2-way interaction effects of the ingredients with a distinct emphasis. Model equations predicting the levels of the ingredient effects on the breads were also provided via regression analyses. In summation, $X_4$ appeared to be the most significant component affecting the sensory characteristics based on its individual and 2-way interaction effects. Further, $X_6$, $X_1$, $X_2$, and $X_5$ indicated both individual and interaction effects. $X_3$ and X7 showed only interaction effects. The center point effect appeared to be unequivocal for whole sensory characteristics. Findings of the present study may provide insights into the selection of ingredients to derive an optimal model for turmeric powder-added bread using the response surface method hereafter.

An effect on the Job-satisfaction and Service quality of the effect factor on Job-satisfaction of Family Restaurant Service Staff (외식업체 종사원의 직무만족 영향요인이 직무만족과 서비스품질에 미치는 영향)

  • 이형백;노진옥
    • Journal of Applied Tourism Food and Beverage Management and Research
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    • v.16 no.2
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    • pp.175-199
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    • 2005
  • Family Restaurant is a service business of a kind. The role of service operator is to improve a sales of service goods through maximizing the service value with customer satisfaction at the moment of MOT(moment of truth). Family Restaurant come to the great growth on the face of it. In future, it will place emphasis more and more on not hardware but software including service quality. The purpose of this study, therefore, is to research the effect on service quality of the job satisfaction of Family Restaurant's service staff. Data was collected from the employee who are working at Family Restaurant located in Taegu. The empirical research has been done over 50days from 1April, 2004 to 20May, 2004. In conclusion of empirical analysis, 4 hypotheses were significant among 7 hypotheses suggested in this study. The research showed as follows : First, the organic trait among the effect factor of job satisfaction perceived by Family Restaurant service staff showed positive influence on job satisfaction. Second, the personal trait among the effect factor of job satisfaction perceived by Family Restaurant service staff showed positive influence on service quality. Third, the official trait among the effect factor of job satisfaction perceived by Family Restaurant service staff showed negative influence on job satisfaction. Fourth, the organic trait among the effect factor of job satisfaction perceived by Family Restaurant service staff showed positive influence on service quality. Fifth, the personal trait among the effect factor of job satisfaction perceived by Family Restaurant service staff showed negative influence on service quality. Sixth, the organic trait among the effect factor of job satisfaction perceived by Family Restaurant service staff showed negative influence on service quality. Seventh, the job satisfaction of Family Restaurant service staff showed positive influence on service quality. Besides, the critical points of this study are as follows; First, we designated the subject of research to the employee of Family Restaurant only. Second, multi-situations(time, holiday) which can happen as service was offered, wasn't concerned. Third, as service quality was estimated by general service quality, the research in future should subdivide service quality more. I, finally, applied the pervious researches on job satisfaction and service quality in the employee of Family Restaurant. To extend more this research model in future, the variables like customer satisfaction should be added.

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Recommending Core and Connecting Keywords of Research Area Using Social Network and Data Mining Techniques (소셜 네트워크와 데이터 마이닝 기법을 활용한 학문 분야 중심 및 융합 키워드 추천 서비스)

  • Cho, In-Dong;Kim, Nam-Gyu
    • Journal of Intelligence and Information Systems
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    • v.17 no.1
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    • pp.127-138
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    • 2011
  • The core service of most research portal sites is providing relevant research papers to various researchers that match their research interests. This kind of service may only be effective and easy to use when a user can provide correct and concrete information about a paper such as the title, authors, and keywords. However, unfortunately, most users of this service are not acquainted with concrete bibliographic information. It implies that most users inevitably experience repeated trial and error attempts of keyword-based search. Especially, retrieving a relevant research paper is more difficult when a user is novice in the research domain and does not know appropriate keywords. In this case, a user should perform iterative searches as follows : i) perform an initial search with an arbitrary keyword, ii) acquire related keywords from the retrieved papers, and iii) perform another search again with the acquired keywords. This usage pattern implies that the level of service quality and user satisfaction of a portal site are strongly affected by the level of keyword management and searching mechanism. To overcome this kind of inefficiency, some leading research portal sites adopt the association rule mining-based keyword recommendation service that is similar to the product recommendation of online shopping malls. However, keyword recommendation only based on association analysis has limitation that it can show only a simple and direct relationship between two keywords. In other words, the association analysis itself is unable to present the complex relationships among many keywords in some adjacent research areas. To overcome this limitation, we propose the hybrid approach for establishing association network among keywords used in research papers. The keyword association network can be established by the following phases : i) a set of keywords specified in a certain paper are regarded as co-purchased items, ii) perform association analysis for the keywords and extract frequent patterns of keywords that satisfy predefined thresholds of confidence, support, and lift, and iii) schematize the frequent keyword patterns as a network to show the core keywords of each research area and connecting keywords among two or more research areas. To estimate the practical application of our approach, we performed a simple experiment with 600 keywords. The keywords are extracted from 131 research papers published in five prominent Korean journals in 2009. In the experiment, we used the SAS Enterprise Miner for association analysis and the R software for social network analysis. As the final outcome, we presented a network diagram and a cluster dendrogram for the keyword association network. We summarized the results in Section 4 of this paper. The main contribution of our proposed approach can be found in the following aspects : i) the keyword network can provide an initial roadmap of a research area to researchers who are novice in the domain, ii) a researcher can grasp the distribution of many keywords neighboring to a certain keyword, and iii) researchers can get some idea for converging different research areas by observing connecting keywords in the keyword association network. Further studies should include the following. First, the current version of our approach does not implement a standard meta-dictionary. For practical use, homonyms, synonyms, and multilingual problems should be resolved with a standard meta-dictionary. Additionally, more clear guidelines for clustering research areas and defining core and connecting keywords should be provided. Finally, intensive experiments not only on Korean research papers but also on international papers should be performed in further studies.

Recommender Systems using Structural Hole and Collaborative Filtering (구조적 공백과 협업필터링을 이용한 추천시스템)

  • Kim, Mingun;Kim, Kyoung-Jae
    • Journal of Intelligence and Information Systems
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    • v.20 no.4
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    • pp.107-120
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    • 2014
  • This study proposes a novel recommender system using the structural hole analysis to reflect qualitative and emotional information in recommendation process. Although collaborative filtering (CF) is known as the most popular recommendation algorithm, it has some limitations including scalability and sparsity problems. The scalability problem arises when the volume of users and items become quite large. It means that CF cannot scale up due to large computation time for finding neighbors from the user-item matrix as the number of users and items increases in real-world e-commerce sites. Sparsity is a common problem of most recommender systems due to the fact that users generally evaluate only a small portion of the whole items. In addition, the cold-start problem is the special case of the sparsity problem when users or items newly added to the system with no ratings at all. When the user's preference evaluation data is sparse, two users or items are unlikely to have common ratings, and finally, CF will predict ratings using a very limited number of similar users. Moreover, it may produces biased recommendations because similarity weights may be estimated using only a small portion of rating data. In this study, we suggest a novel limitation of the conventional CF. The limitation is that CF does not consider qualitative and emotional information about users in the recommendation process because it only utilizes user's preference scores of the user-item matrix. To address this novel limitation, this study proposes cluster-indexing CF model with the structural hole analysis for recommendations. In general, the structural hole means a location which connects two separate actors without any redundant connections in the network. The actor who occupies the structural hole can easily access to non-redundant, various and fresh information. Therefore, the actor who occupies the structural hole may be a important person in the focal network and he or she may be the representative person in the focal subgroup in the network. Thus, his or her characteristics may represent the general characteristics of the users in the focal subgroup. In this sense, we can distinguish friends and strangers of the focal user utilizing the structural hole analysis. This study uses the structural hole analysis to select structural holes in subgroups as an initial seeds for a cluster analysis. First, we gather data about users' preference ratings for items and their social network information. For gathering research data, we develop a data collection system. Then, we perform structural hole analysis and find structural holes of social network. Next, we use these structural holes as cluster centroids for the clustering algorithm. Finally, this study makes recommendations using CF within user's cluster, and compare the recommendation performances of comparative models. For implementing experiments of the proposed model, we composite the experimental results from two experiments. The first experiment is the structural hole analysis. For the first one, this study employs a software package for the analysis of social network data - UCINET version 6. The second one is for performing modified clustering, and CF using the result of the cluster analysis. We develop an experimental system using VBA (Visual Basic for Application) of Microsoft Excel 2007 for the second one. This study designs to analyzing clustering based on a novel similarity measure - Pearson correlation between user preference rating vectors for the modified clustering experiment. In addition, this study uses 'all-but-one' approach for the CF experiment. In order to validate the effectiveness of our proposed model, we apply three comparative types of CF models to the same dataset. The experimental results show that the proposed model outperforms the other comparative models. In especial, the proposed model significantly performs better than two comparative modes with the cluster analysis from the statistical significance test. However, the difference between the proposed model and the naive model does not have statistical significance.

The Empirical Study on the Effects of the Team Empowerment caused by the Team-Based Organizational Structure in KBS (팀제가 팀 임파워먼트에 미치는 영향에 관한 연구;KBS 팀제를 중심으로)

  • Ahn, Dong-Su;Kim, Hong
    • 한국벤처창업학회:학술대회논문집
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    • 2006.04a
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    • pp.167-201
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    • 2006
  • Korean corporations are transforming their vertical operational structure to a team-based structure to compete in the rapidly changing environment and for improved performance. However, a high percentage of the respondents in KBS said that despite the appearance of the present team structure, the organization operates much like a vertically-structured organization. This result can be attributed to the lack of study and implementation toward the goal of empowerment, the key variable for the success of the team-based structure. This study aims to provide policy suggestions on how to implement the process of empowerment, by investigating the conditions that hinder the process and the attitude of the KBS employees. For the cross-sectional study, this thesis examined the domestic and international references, conducted a survey of KBS employees, personal interviews and made direct observations. Approximately 1,200 copies of the Questionnaire were distributed and 474 were completed and returned. The analysis used SPSS 12.0 software to process the data collected from 460 respondents. For the longitudinal-study, six categories that were common to this study and "The Report of the Findings of KBS Employees' View of the Team Structure" were selected. The comparative study analyzed the changes in a ten-month period. The survey findings showed a decrease of 24.2%p in the number of responses expressing negative views of the team structure and a decrease of 1.29%p in the number of positive responses. The findings indicated a positive transformation illustrating employees' improved understanding and approval of the team structure. However, KBS must address the issue on an ongoing basis. It has been proven that the employee empowerment increases the productivity of the individual and the group. In order to boost the level of empowerment, the management must exercise new, innovative leadership and build trust between the managers and the employees first. Additional workload as a result of shirking at work places was prevalent throughout all divisions and ranks, according to the survey data. This outcome leads to the conclusion that the workload is not evenly distributed or shared. And the data also showed the employees do not trust the assessment and rewards system. More attention and consideration must be paid to the team size and job allocation in order to address this matter; the present assessment and rewards system need to be complemented. The type of leadership varies depending on the characteristics of the organization's structure and employees' disposition. KBS must develop and reform its own management, leadership style to suit the characteristics of individual teams. Finally, for a soft-landing of KBS team structure, in-house training and education are necessary.

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Exploring Influence of Network Structure, Organizational Learning Culture, and Knowledge Management Participation on Individual Creativity and Performance: Comparison of SI Proposal Team and R&D Team (네트워크 구조와 조직학습문화, 지식경영참여가 개인창의성 및 성과에 미치는 영향에 관한 실증분석: SI제안팀과 R&D팀의 비교연구)

  • Lee, Kun-Chang;Seo, Young-Wook;Chae, Seong-Wook;Song, Seok-Woo
    • Asia pacific journal of information systems
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    • v.20 no.4
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    • pp.101-123
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    • 2010
  • Recently, firms are operating a number of teams to accomplish organizational performance. Especially, ad hoc teams like proposal preparation team are quite different from permanent teams like R&D team in the sense of how the team forms network structure and deals with organizational learning culture and knowledge management participation efforts. Moreover, depending on the team characteristics, individual creativity will differ from each other, which will lead to organizational performance eventually. Previous studies in the field of creativity are lacking in this issue. So main objectives of this study are organized as follows. First, the issue of how to improve individual creativity and organizational performance will be analyzed empirically. This issue will be performed depending on team characteristics such as ad hoc team and permanent team. Antecedents adopted for this research objective are cultural and knowledge factors such as organizational learning culture, and knowledge management participation. Second, the network structure such as degree centrality, and structural hole is used to analyze its influence on individual creativity and organizational performance. SI (System Integration) companies are facing severely tough requirements from clients to submit very creative proposals. Also, R&D teams are widely accepted as relatively creative teams because their responsibilities are focused on suggesting innovative techniques to make their companies remain competitive in the market. SI teams are usually ad hoc, while R&D teams are permanent on an average. By taking advantage of these characteristics of the two kinds of teams, we will prove the validity of the proposed research questions. To obtain the survey data, we accessed 7 SI teams (74 members), and 6 R&D teams (63 members), collecting 137 valid questionnaires. PLS technique was applied to analyze the survey data. Results are as follows. First, in case of SI teams, organizational learning culture affects individual creativity significantly. Meanwhile, knowledge management participation has a significant influence on Individual creativity for the permanent teams. Second, degree centrality Influences individual creativity significantly in case of SI teams. This is comparable with the fact that structural hole has a significant impact on individual creativity for the R&D teams. Practical implications can be summarized as follows: First, network structure of ad hoc team should be designed differently from one of permanent team. Ad hoc team is supposed to show a high creativity in a rather short period, implying that network density among team members should be improved, and those members with high degree centrality should be encouraged to show their Individual creativity and take a leading role by allowing them to get heavily engaged in knowledge sharing and diffusion. In contrast, permanent team should be designed to take advantage of structural hole instead of focusing on network density. Since structural hole can be utilized very effectively in the permanent team, strong arbitrators' merits in the permanent team will increase and therefore helps increase both network efficiency and effectiveness too. In this way, individual creativity in the permanent team is likely to lead to organizational creativity in a seamless way. Second, way of Increasing individual creativity should be sought from the perspective of organizational culture and knowledge management. Organization is supposed to provide a cultural atmosphere in which Innovative idea suggestions and active discussion among team members are encouraged. In this way, trust builds up among team members, facilitating the formation of organizational learning culture. Third, in the ad hoc team, organizational looming culture should be built such a way that individual creativity can grow up fast in a rather short period. Since time is tight, reasonable compensation policy, leader's Initiatives, and learning culture formation should be done In a short period so that mutual trust is built among members quickly, and necessary knowledge and information can be learnt rapidly. Fourth, in the permanent team, it should be kept in mind that the degree of participation in knowledge management determines level of Individual creativity. Therefore, the team ought to facilitate knowledge circulation process such as knowledge creation, storage, sharing, utilization, and learning among team members, which will lead to team performance. In this way, firms must control knowledge networks in permanent team and ad hoc team in a way mentioned above so that individual creativity as well as team performance can be maximized.

An Efficient Heuristic for Storage Location Assignment and Reallocation for Products of Different Brands at Internet Shopping Malls for Clothing (의류 인터넷 쇼핑몰에서 브랜드를 고려한 상품 입고 및 재배치 방법 연구)

  • Song, Yong-Uk;Ahn, Byung-Hyuk
    • Journal of Intelligence and Information Systems
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    • v.16 no.2
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    • pp.129-141
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    • 2010
  • An Internet shopping mall for clothing operates a warehouse for packing and shipping products to fulfill its orders. All the products in the warehouse are put into the boxes of same brands and the boxes are stored in a row on shelves equiped in the warehouse. To make picking and managing easy, boxes of the same brands are located side by side on the shelves. When new products arrive to the warehouse for storage, the products of a brand are put into boxes and those boxes are located adjacent to the boxes of the same brand. If there is not enough space for the new coming boxes, however, some boxes of other brands should be moved away and then the new coming boxes are located adjacent in the resultant vacant spaces. We want to minimize the movement of the existing boxes of other brands to another places on the shelves during the warehousing of new coming boxes, while all the boxes of the same brand are kept side by side on the shelves. Firstly, we define the adjacency of boxes by looking the shelves as an one dimensional series of spaces to store boxes, i.e. cells, tagging the series of cells by a series of numbers starting from one, and considering any two boxes stored in the cells to be adjacent to each other if their cell numbers are continuous from one number to the other number. After that, we tried to formulate the problem into an integer programming model to obtain an optimal solution. An integer programming formulation and Branch-and-Bound technique for this problem may not be tractable because it would take too long time to solve the problem considering the number of the cells or boxes in the warehouse and the computing power of the Internet shopping mall. As an alternative approach, we designed a fast heuristic method for this reallocation problem by focusing on just the unused spaces-empty cells-on the shelves, which results in an assignment problem model. In this approach, the new coming boxes are assigned to each empty cells and then those boxes are reorganized so that the boxes of a brand are adjacent to each other. The objective of this new approach is to minimize the movement of the boxes during the reorganization process while keeping the boxes of a brand adjacent to each other. The approach, however, does not ensure the optimality of the solution in terms of the original problem, that is, the problem to minimize the movement of existing boxes while keeping boxes of the same brands adjacent to each other. Even though this heuristic method may produce a suboptimal solution, we could obtain a satisfactory solution within a satisfactory time, which are acceptable by real world experts. In order to justify the quality of the solution by the heuristic approach, we generate 100 problems randomly, in which the number of cells spans from 2,000 to 4,000, solve the problems by both of our heuristic approach and the original integer programming approach using a commercial optimization software package, and then compare the heuristic solutions with their corresponding optimal solutions in terms of solution time and the number of movement of boxes. We also implement our heuristic approach into a storage location assignment system for the Internet shopping mall.

Applying Meta-model Formalization of Part-Whole Relationship to UML: Experiment on Classification of Aggregation and Composition (UML의 부분-전체 관계에 대한 메타모델 형식화 이론의 적용: 집합연관 및 복합연관 판별 실험)

  • Kim, Taekyung
    • Journal of Intelligence and Information Systems
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    • v.21 no.1
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    • pp.99-118
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    • 2015
  • Object-oriented programming languages have been widely selected for developing modern information systems. The use of concepts relating to object-oriented (OO, in short) programming has reduced efforts of reusing pre-existing codes, and the OO concepts have been proved to be a useful in interpreting system requirements. In line with this, we have witnessed that a modern conceptual modeling approach supports features of object-oriented programming. Unified Modeling Language or UML becomes one of de-facto standards for information system designers since the language provides a set of visual diagrams, comprehensive frameworks and flexible expressions. In a modeling process, UML users need to consider relationships between classes. Based on an explicit and clear representation of classes, the conceptual model from UML garners necessarily attributes and methods for guiding software engineers. Especially, identifying an association between a class of part and a class of whole is included in the standard grammar of UML. The representation of part-whole relationship is natural in a real world domain since many physical objects are perceived as part-whole relationship. In addition, even abstract concepts such as roles are easily identified by part-whole perception. It seems that a representation of part-whole in UML is reasonable and useful. However, it should be admitted that the use of UML is limited due to the lack of practical guidelines on how to identify a part-whole relationship and how to classify it into an aggregate- or a composite-association. Research efforts on developing the procedure knowledge is meaningful and timely in that misleading perception to part-whole relationship is hard to be filtered out in an initial conceptual modeling thus resulting in deterioration of system usability. The current method on identifying and classifying part-whole relationships is mainly counting on linguistic expression. This simple approach is rooted in the idea that a phrase of representing has-a constructs a par-whole perception between objects. If the relationship is strong, the association is classified as a composite association of part-whole relationship. In other cases, the relationship is an aggregate association. Admittedly, linguistic expressions contain clues for part-whole relationships; therefore, the approach is reasonable and cost-effective in general. Nevertheless, it does not cover concerns on accuracy and theoretical legitimacy. Research efforts on developing guidelines for part-whole identification and classification has not been accumulated sufficient achievements to solve this issue. The purpose of this study is to provide step-by-step guidelines for identifying and classifying part-whole relationships in the context of UML use. Based on the theoretical work on Meta-model Formalization, self-check forms that help conceptual modelers work on part-whole classes are developed. To evaluate the performance of suggested idea, an experiment approach was adopted. The findings show that UML users obtain better results with the guidelines based on Meta-model Formalization compared to a natural language classification scheme conventionally recommended by UML theorists. This study contributed to the stream of research effort about part-whole relationships by extending applicability of Meta-model Formalization. Compared to traditional approaches that target to establish criterion for evaluating a result of conceptual modeling, this study expands the scope to a process of modeling. Traditional theories on evaluation of part-whole relationship in the context of conceptual modeling aim to rule out incomplete or wrong representations. It is posed that qualification is still important; but, the lack of consideration on providing a practical alternative may reduce appropriateness of posterior inspection for modelers who want to reduce errors or misperceptions about part-whole identification and classification. The findings of this study can be further developed by introducing more comprehensive variables and real-world settings. In addition, it is highly recommended to replicate and extend the suggested idea of utilizing Meta-model formalization by creating different alternative forms of guidelines including plugins for integrated development environments.

Product Recommender Systems using Multi-Model Ensemble Techniques (다중모형조합기법을 이용한 상품추천시스템)

  • Lee, Yeonjeong;Kim, Kyoung-Jae
    • Journal of Intelligence and Information Systems
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    • v.19 no.2
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    • pp.39-54
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    • 2013
  • Recent explosive increase of electronic commerce provides many advantageous purchase opportunities to customers. In this situation, customers who do not have enough knowledge about their purchases, may accept product recommendations. Product recommender systems automatically reflect user's preference and provide recommendation list to the users. Thus, product recommender system in online shopping store has been known as one of the most popular tools for one-to-one marketing. However, recommender systems which do not properly reflect user's preference cause user's disappointment and waste of time. In this study, we propose a novel recommender system which uses data mining and multi-model ensemble techniques to enhance the recommendation performance through reflecting the precise user's preference. The research data is collected from the real-world online shopping store, which deals products from famous art galleries and museums in Korea. The data initially contain 5759 transaction data, but finally remain 3167 transaction data after deletion of null data. In this study, we transform the categorical variables into dummy variables and exclude outlier data. The proposed model consists of two steps. The first step predicts customers who have high likelihood to purchase products in the online shopping store. In this step, we first use logistic regression, decision trees, and artificial neural networks to predict customers who have high likelihood to purchase products in each product group. We perform above data mining techniques using SAS E-Miner software. In this study, we partition datasets into two sets as modeling and validation sets for the logistic regression and decision trees. We also partition datasets into three sets as training, test, and validation sets for the artificial neural network model. The validation dataset is equal for the all experiments. Then we composite the results of each predictor using the multi-model ensemble techniques such as bagging and bumping. Bagging is the abbreviation of "Bootstrap Aggregation" and it composite outputs from several machine learning techniques for raising the performance and stability of prediction or classification. This technique is special form of the averaging method. Bumping is the abbreviation of "Bootstrap Umbrella of Model Parameter," and it only considers the model which has the lowest error value. The results show that bumping outperforms bagging and the other predictors except for "Poster" product group. For the "Poster" product group, artificial neural network model performs better than the other models. In the second step, we use the market basket analysis to extract association rules for co-purchased products. We can extract thirty one association rules according to values of Lift, Support, and Confidence measure. We set the minimum transaction frequency to support associations as 5%, maximum number of items in an association as 4, and minimum confidence for rule generation as 10%. This study also excludes the extracted association rules below 1 of lift value. We finally get fifteen association rules by excluding duplicate rules. Among the fifteen association rules, eleven rules contain association between products in "Office Supplies" product group, one rules include the association between "Office Supplies" and "Fashion" product groups, and other three rules contain association between "Office Supplies" and "Home Decoration" product groups. Finally, the proposed product recommender systems provides list of recommendations to the proper customers. We test the usability of the proposed system by using prototype and real-world transaction and profile data. For this end, we construct the prototype system by using the ASP, Java Script and Microsoft Access. In addition, we survey about user satisfaction for the recommended product list from the proposed system and the randomly selected product lists. The participants for the survey are 173 persons who use MSN Messenger, Daum Caf$\acute{e}$, and P2P services. We evaluate the user satisfaction using five-scale Likert measure. This study also performs "Paired Sample T-test" for the results of the survey. The results show that the proposed model outperforms the random selection model with 1% statistical significance level. It means that the users satisfied the recommended product list significantly. The results also show that the proposed system may be useful in real-world online shopping store.