• 국제학술발표논문집
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• The 5th International Conference on Construction Engineering and Project Management
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• pp.602-607
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• 2013

Financial risks associated with capital investments are often measured with different feasibility indicators such as the net present value (NPV), the internal rate of return (IRR), the payback period (PBP), and the benefit-cost ratio (BCR). This paper aims at demonstrating practical applications of probabilistic feasibility analysis techniques for an integrated feasibility evaluation of the IRR and PBP. The IRR and PBP are concurrently analyzed in order to measure the profitability and liquidity, respectively, of a cash flow. The cash flow data of a real wind turbine project is used in the study. The presented approach consists of two phases. First, two newly reported analysis techniques are used to carry out a series of what-if analyses for the IRR and PBP. Second, the relationship between the IRR and PBP is identified using Monte Carlo simulation. The results demonstrate that the integrated feasibility evaluation of stochastic cash flows becomes a more viable option with the aide of newly developed probabilistic analysis techniques. It is also shown that the relationship between the IRR and PBP for the wind turbine project can be used as a predictive model for the actual IRR at the end of the service life based on the actual PBP of the project early in the service life.

• International Journal of Computer Science & Network Security
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• 제21권3호
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• pp.257-265
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• 2021

Modern methods of regulating migration processes in EU states include a wide variety of adapted, transformed under the sway of globalization tools in order to influence the movement of human capital within the European space. The main purpose of the regulatory policy on migration flows is the redistribution of professionally competent professionals between different spheres of life. Herewith, the determining factor in the effectiveness of such distribution is a rational combination of stimulating and disincentive levers of influence on the movement of citizens of different EU countries and taking into account the motives of such mobility. Modernization of migration management approaches can be a major economic, social, political and cultural progress of European countries. The purpose of the research is to conduct a detailed analysis of existing practices of migration flow management, in particular their stimulation or containment, and to outline key migration trends formed under the influence of multicomponent approaches to migration regulation, transformation of regulatory legislation and changing priorities of modern society. The research methods: statistical-analytical method; ARIS method; method of tabular, graphical and analytical modeling; comparative analysis; systematization, generalization. Results. Current pan-European methods of regulating migration processes are insufficiently adapted to the multinational socialeconomic space; consequently, there are some disparities in the distribution of migrants between EU countries, although the overall dynamics of migration is positive. Fluctuations in the population of European countries during 2000-2019 and trends in the transformation of social-economic space confirm the insufficient level of influence of current methods of regulating migration flows. Along with this, the presence of a characteristic asymmetry in the distribution of migrants requires a greater focus on the modernization of regulatory instruments, in particular, the regulatory mechanism for managing migration processes. As a result of the conducted study, further prospects for the implementation of alternative methods of regulating migration processes in EU states have been outlined; the current and projected limits for increasing the level of observance of migrants' rights at the European level have been clarified through the adoption of appropriate regulatory acts; effective solutions for intensifying the influx of high-quality labor resources from different countries to EU have been identified. The research results can be used to study methods of regulating migration processes in the countries in the global dimension.

• KSII Transactions on Internet and Information Systems (TIIS)
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• 제12권5호
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• pp.2044-2062
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• 2018

Information theory progression along with the advancements being made in the field of Vehicular Ad hoc NETworks (VANETs) supports the use of coding-aware opportunistic routing for efficient data forwarding. In this work, we propose and investigate an adaptive coding-aware routing scheme in a specific VANET scenario known as a vehicular platoon. Availability of coding opportunities may vary with time and therefore, the accurate identification of available coding opportunities at a specific time is a quite challenging task in the highly dynamic scenario of VANETs. In the proposed approach, while estimating the topology of the network at any time instance, a forwarding vehicle contemplates the composition of multiple unicast data flows to encode the correct data packets that can be decoded successfully at destinations. The results obtained by using OMNeT++ simulator reveal that higher throughput can be achieved with minimum possible packet transmissions through the proposed adaptive coding-aware routing approach. In addition, the proposed adaptive scheme outperforms static transmissions of the encoded packets in terms of coding gain, transmission percentage, and encoded packet transmission. To the best of our knowledge, the use of coding-aware opportunistic routing has not been exploited extensively in available literature with reference to its implications in VANETs.

• East Asian Economic Review
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• 제24권2호
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• pp.165-184
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• 2020

Applying Ismailov and Rossi (2018), I newly construct the Korea FX uncertainty based on the density distribution of historical forecast errors. This uncertainty index properly captures the rare but significant events in the Korean currency market and provides information distinct from other uncertainty measures in recent studies. I show that 1) FX uncertainty arising from unexpected depreciation has a stronger impact on Korea-U.S. exchange rates and that 2) macro variables, such as capital flows or interest rate differentials, have predictive ability regarding Korea FX uncertainty for short horizons. These findings enable us to predict the events of sudden currency crashes and understand the Korea-U.S. exchange rate dynamics.

• The Journal of Asian Finance, Economics and Business
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• 제2권4호
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• pp.5-11
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• 2015

This study is the first to analyze performance of Taiwanese domestic equity funds between January 2009 and October 2014, the period during which quantitative redirected capital flows toward developing economies and the Taiwanese Stock Exchange Weighted Index compounded at approximately 12.9% annually. Adopting methods endorsed by earlier research, we evaluated 15 Taiwanese equity funds' performance relative to market averages using the Sharpe (1966) and Treynor (1965) ratios and Jensen's alpha method (1968). To test market timing proficiency, we applied the Treynor and Mazuy (1966) and Henriksson and Merton (1981) regression analysis methods. Jensen's alpha method (1968) was used to measure fund managers' stock selection skills. Results revealed that funds significantly under-performed Taiwan's average annual market return and demonstrated no exceptional stock-selection skills and market timing proficiency during the era of quantitative easing.

• 산업경영시스템학회지
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• 제12권19호
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• pp.67-72
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• 1989

This paper concerns with the decision maker has the job of forecasting capital investments and operating expenses to aid the decision making in choosing and evaluating present annual and future alternatives. The cost estimating function eventually analysis, evaluates and choose the alternatives. And also, the marginal analysis performed originally from a preliminary design of some sort, and eventually plans are made to investigate investment possibilities. This paper provide the discounted net cash flows and the present, annual and future worth methods. In despite of any choice for an analytical methods, there remains the problems of predicting and assessments certain future events. Therefore, these models dealing with the optimal plant sizing, equipments replacement, and lease or buy will be discussed.

• 한국농공학회논문집
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• 제59권5호
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• pp.1-15
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• 2017

In this study, we visualized the regional migration in Korea from 2001 to 2015 using the Chord diagram which can represents amount of migration and flows at the same time. In addition, we constructed a migration network and analyzed the degree centrality of each region for identifying the main regions linking to various regions. In 2001~2005, most of population moved into Geonggi from various regions. However, the capital function was transferred to Sejong in 2011~2015, and population moving into Sejong and Chungnam was increased significantly. The main outflow of population in migration network were shown at the regions in Jeonbuk and Gyeongbuk province in 2001~2004, and recently the regions in Gyeongnam, Gyeonggi, and Seoul were identified as the main nodes in terms of outflow of population. We also focused on migration in rural area through degree centrality, and cord diagram in Chungnam, Jeonbuk, and Jeonnam where include the representative crop area. In 2015. there was the significant increase of migration from Gyeonggi to Chungnam, and internal migration within Jeonbuk increased rather than cross-border migration. In addition, migration from Jeonam to capital area decreased in 2015 but migration among cities within Jeonman increased. In particular, Yesan-gun showed the significant migration to other cities in Jeonnam. Population is necessary to develop community and sustain economic growth in rural regions. Therefore, migration is important for the transfer of manpower. The strength of this study is to approach the temporal change of migration from the viewpoint on quantitative and structural characteristics.

• 제어로봇시스템학회논문지
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• 제11권11호
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• pp.956-962
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• 2005

This paper presents an integrated analysis of production and financing decisions. We assume that a cash storage unit is installed to manage the cash flows related with production activities such as raw material procurement, process operating setup, Inventory holding cost and finished product sales. Temporarily financial investments are allowed for more profit. The production plant is modeled by the Batch-Storage Network with Recycle Streams in Yi and Reklaitis (2003). The objective function of the optimization is minimizing the opportunity costs of annualized capital investment and cash/material inventory while maximizing stockholder's benefit. No depletion of all the material and cash storage units is major constraints of the optimization. A novel production and inventory analysis formulation, the PSW(Periodic Square Wave) model, provides useful expressions for the upper/lower bounds and average level of the cash and material inventory holdups. The expressions for the Kuhn-Tucker conditions of the optimization problem can be reduced to two subproblems and analytical lot sizing equations under a mild assumption about the cash flow pattern of stockholder's dividend. The first subproblem is a separable concave minimization network flow problem whose solution yields the average material flow rates through the networks. The second subproblem determines the decisions about financial Investment. Finally, production and financial transaction lot sizes and startup times can be determined by analytical expressions as far as the average flow rates are calculated. The optimal production lot and storage sizes considering financial factors are smaller than those without such consideration. An illustrative example is presented to demonstrate the results obtainable using this approach.

• 제어로봇시스템학회논문지
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• 제16권3호
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• pp.305-312
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• 2010

The aim of this study is to find an analytic solution to the problem of determining the optimal capacity of a batch-storage network to meet demand for finished products in a system undergoing joint random variations of operating time and batch material loss. The superstructure of the plant considered here consists of a network of serially and/or parallel interlinked batch processes and storage units. The production processes transform a set of feedstock materials into another set of products with constant conversion factors. The final product demand flow is susceptible to joint random variations in the cycle time and batch size. The production processes have also joint random variations in cycle time and product quantity. The spoiled materials are treated through regeneration or waste disposal processes. The objective function of the optimization is minimizing the total cost, which is composed of setup and inventory holding costs as well as the capital costs of constructing processes and storage units. A novel production and inventory analysis the PSW (Periodic Square Wave) model, provides a judicious graphical method to find the upper and lower bounds of random flows. The advantage of this model is that it provides a set of simple analytic solutions while also maintaining a realistic description of the random material flows between processes and storage units; as a consequence of these analytic solutions, the computation burden is significantly reduced. The proposed method has the potential to rapidly provide very useful data on which to base investment decisions during the early plant design stage. It should be of particular use when these decisions must be made in a highly uncertain business environment.

• 환경영향평가
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• 제32권6호
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• pp.488-502
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• 2023

생태계서비스 계정은 생태계 공급 기능과 수요, 그리고 그 사이에서 발생하는 실제 서비스 흐름을 측정해야 한다. 흐름을 측정하기 위해서는 공급과 수요 관계를 정의해야 하며, 복잡한 연결 관계를 객관화 할 수 있는 방법론이 필요하다. 국내에서는 생태계서비스에 대한 연구가 다양하게 진행되어 왔으나, 생태계서비스 계정화에 관한 연구는 부족하다. 본 연구의 목적은 환경경제통합계정(SEEA)의 실험적 생태계계정(EEA)에서 연구된 EU 방법론을 적용하여 홍수조절 생태계서비스를 평가하고 이를 토대로 생태계 계정 도입 방안을 모색하는데 있다. 연구수행을 위해 생태계의 유출량 보유 잠재력, 홍수조절에 대한 사회·경제적 수요, 그리고 그 사이의 관계로부터 형성되는 실제 서비스 혜택 흐름을 공간 기반으로 모델링하고 정량화하였다. 홍수조절 생태계서비스 실제 흐름을 산정한 결과, 국내 전체 서비스량은 165,595ha로 산출되었으며 많은 부분이 농경지에 집중되고 있음을 확인할 수 있었다. 향후 국내 홍수조절 서비스 계정 정밀화 도입을 위해서는 토지피복도와 같은 핵심 공간자료가 지속해서 구축 관리되어야 하며, 국가, 지역, 유역 등 다양한 공간 범위에서 적용 가능한 입력자료 및 방법론에 대한 연구가 필요할 것으로 보인다.