• Journal of the Korean Operations Research and Management Science Society
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• v.41 no.2
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• pp.101-127
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• 2016

Irrational ordering decisions of supply chain members have been gaining growing importance in the area of supply chain management. Irrational ordering behaviors that deviate from the profit maximizing decisions in the newsvendor settings have observed with human experiments in recent research. These behaviors can be modeled with several typical decision bias elements. This bias in ordering decisions affects the performance of supply chain contracts designed based on the assumption that the supply chain members make optimal decisions, making it necessary to design supply chain contracts by considering the irrationality. The purpose of this research is to derive a method to design the revenue sharing contract that considers human irrationality in ordering decisions. This research considers a simple two-echelon supply chain consisting of one supplier and one retailer, where the supplier is assumed to be perfectly rational while the retailer making newsvendor type ordering decisions displays irrational ordering behaviors. Under this environment, this research analytically models the revenue sharing contract to maximize the total supply chain profit or the supplier's own profits while considering the three decision bias patterns of the retailer, which include the pull-to-center effect, the prospect theory, and the increased subjective sensitivity to the revenue sharing ratio. Irrationality parameters are measured through human experiments based on which and through numerical simulations, we showed that significant improvements in the supply chain performance can be achieved.

• The Journal of Industrial Distribution & Business
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• v.10 no.8
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• pp.45-53
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• 2019

Purpose - The purpose of this study was to clarify the factors to make an exclusive importation contract between foreign fashion brands and local retailers for successful business in Korea. Even though imported fashion brand market shows stead increasing in terms of sales amount, the number of store related study was very rare in fact. Meanwhile, as long as this business is glowing a lot of brands are suffering from bad business performance or getting in ruins thus these problems result in foreign currency loss. The local marketers therefore, strongly expect to know the solution for this matter. Research design, data, and methodology - For the qualitative research, 10 experts who are operating foreign brands with an exclusive contract at a department store or at duty free shop now and who had at least over 10 years of related working experience were included. The factors for the exclusive importation contract with foreign brands were drawn up through the one-to-one in-depth interview method from September 3, 2017 to January 15, 2018. The expert group for the validity analysis includes 2 professors and 5 postgraduate students. Results - As a result of qualitative study on the factors for imported fashion brand's launching with the exclusive importation contract, it turned out that there were 5 factors - safety, profitability, reliability, speed and global retailing. Safety, profitability, and reliability have been mentioned in most related surveys but some details are added and speed and global retailing have been newly highlighted and many unknown legal issues that it was not easy to get form common academic research are included. Speed simply means quick lead time and global retailing means stores where located in other countries. Conclusions - The reason that qualitative research should be done before the quantitative research is due to the scant theoretical background for this matter. Because the market of an imported fashion brand is steadily increasing, determining the factors to make exclusive importation contract is very meaningful from the point of academic and business. After this study, many marketers may get basic conditions to apply for real business and I hope the following quantitative research will give more effective results. The next study also will have extended range concerning industry area, product and distribution channel.

• Journal of Korea Port Economic Association
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• v.28 no.2
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• pp.129-153
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• 2012

Even though logistics service outsourcing becomes widespread in manufacturing and service industries, logistics service providers encounter fierce competition and lower profit. Decreased profit has negative impact on service providers' competitiveness, which in turn threats successful relationship with shippers. In this paper, we investigate the factors which influence the performance of service providers. Factors related to service contract are examined and we test an effect of concreteness and fairness of service contract. PLS (Partial Least Square) modeling method is applied and validated using data from logistics service providing companies in Korea. In the model, service contract clauses are classified into two categories including cost and risk sharing terms. PLS analysis shows that partnership and performance of service relationship is improved when contract clauses are specified in detail. This study will contribute in providing an operational direction in effectively establishing a positive relationship between the logistics service provider and the shipper.

• The Journal of Bigdata
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• v.3 no.2
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• pp.87-99
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• 2018

This study analyze the factors affecting the number of bidders in public contracts by collecting contract data such as purchase of goods, service and facility construction through KONEPS among various forms of public contracts. The reason why the number of bidders is important in public contracts is that it can be a minimum criterion for judging whether to enter into a rational contract through fair competition and is closely related to the budget reduction of the ordering organization or the profitability of the bidders. The purpose of this study is to analyze the factors that determine the participation of bidders in public contracts and to present the problems and policy implications of bidders' participation in public contracts. This research distinguishes the existing sampling based research by analyzing and analyzing many contracts such as purchasing, service and facility construction of 4.35 million items in which 50,000 public institutions have been placed as national markets and 300,000 individual companies and corporations participated. As a research model, the number of announcement days, budget amount, contract method and winning bid is used as independent variables and the number of bidders is used as a dependent variable. Big data and multidimensional analysis techniques are used for survey analysis. The conclusions are as follows: First, the larger the budget amount of public works projects, the smaller the number of participants. Second, in the contract method, restricted competition has more participants than general competition. Third, the duration of bidding notice did not significantly affect the number of bidders. Fourth, in the winning bid method, the qualification examination bidding system has more bidders than the lowest bidding system.

• Proceedings of the KIEE Conference
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• 2003.07a
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• pp.609-611
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• 2003

This paper presents a method for a congestion management in the competitive market which is modeled as the multiple bilateral transaction. Traditionary, the congestion management for the multiple bilateral transaction is accomplished through the process of adjustment bids. It is necessary in for the market entity to submit their price information when the congestion is occured. Finally, the ISOs can be blown about the approximated contract price of participants from the price of adjustment bids. However, the entities can submit only the amount of their contract to ISOs and ISOs are required the method to manage the congestion only by the contracted quantity. Therefore, this paper presents a method for congestion management by curtailing the only contracted quantity of market entities. To evaluated the above problem, we suggest Bilateral Transaction Distribution Factors(BTDFs), which is the sensitivity of line flow with curtailment of transactions. Using this factor, we studied about congestion management when the objective function is to minimize total curtailment of transaction.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.359-364
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• 2003

The loss of potential opportunity profit which is consisting in the partial markups of the corporation would taking placed in related with the time-delay deeply, has customarily disregarded in contract adjustment under the principles of denial of cost accounting method, declined conjecture in the point of benefits and protection of the law in scope of compensation and the restricted conditions of constant contract. It is being resulted from that the policies of the general principles of accounting standards which is subjected to ask an objective data and evidence, and the denial system as a debt derived from imperfect legal theory applied by current law. Therefore, it is necessitated to find if any irrationality in the positive system is and further to draw an improved reasonable measures to adopt by review of constant system preparing tile reasonableness with the method of suitable quantification devices provided that any time-delay is induced by the party.

• Journal of Information Technology Services
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• v.21 no.4
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• pp.91-103
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• 2022

This study proposes a model for predicting contracted power using electric power data collected in real time from convenience stores nationwide. By optimizing the prediction model using machine learning, it will be possible to predict the contracted power required to renew the contract of the existing convenience store. Contracted power is predicted through the XGBoost regression model. For the learning of XGBoost model, the electric power data collected for 16 months through a real-time monitoring system for convenience stores nationwide were used. The hyperparameters of the XGBoost model were tuned using the GridesearchCV, and the main features of the prediction model were identified using the xgb.importance function. In addition, it was also confirmed whether the preprocessing method of missing values and outliers affects the prediction of reduced power. As a result of hyperparameter tuning, an optimal model with improved predictive performance was obtained. It was found that the features of power.2020.09, power.2021.02, area, and operating time had an effect on the prediction of contracted power. As a result of the analysis, it was found that the preprocessing policy of missing values and outliers did not affect the prediction result. The proposed XGBoost regression model showed high predictive performance for contract power. Even if the preprocessing method for missing values and outliers was changed, there was no significant difference in the prediction results through hyperparameters tuning.

• Korean Journal of Construction Engineering and Management
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• v.20 no.3
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• pp.3-11
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• 2019

The construction of a facility is an act whereby infrastructure such as roads and railways and other facilities such as housing and office spaces are constructed, and due to the characteristics of the relevant industry where such construction is carried out in a custom order method, it requires a long period of time mostly. While the construction is carried out over a long period of time, fluctuations in the price of raw materials required for the construction occur. Therefore, the cost of the construction also fluctuates inevitably. The fluctuation of the construction cost meshes closely with the profit of a constructor and the efficiency of government spending. Therefore, it is necessary to maintain the construction cost at a reasonable level by adjusting the construction cost rationally in order to secure the required construction quality and spend the budget efficiently. The buffer system for solving such problem is the contract amount adjustment system by fluctuations in prices (Escalation/De-Escalation). In this study, the method combining the escalation method based on the item adjustment method was suggested for an efficient contract amount adjustment method. In addition, it is proposed that there be an investigation and codification of matters not applied to government acts and regulations on contracts related to the adjustment of fluctuations in prices legally.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2012.11a
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• pp.233-235
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• 2012

Continually having growed up overseas construction market for new Nuclear Power Plant(NPP), the exports of Korean Reactor emerges as the key task of National Nuclear Business. The objective of this study is to strengthen the competitiveness of Korean Reactor through the improvement of Construction Project Contract & Delivery System for NPP. This study suggests the method for increasing Korean Reactor's competitiveness of exports by analyzing the business environment of foreign market and comparing Contract & Delivery System between domestic and foreign.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.25
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• pp.165-187
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• 2005

Arbitration is a creature of contract. The parties agree that selective dispute resolution clause provides them with a choice to litigate or arbitrate certain disputes. Under the agreements, the parties had the option in the action. In the event any dispute arises between the parties concerning our representation or payment of our fees and disbursements which cannot be promptly resolved to our mutual satisfaction, you agree that dispute will be submitted to arbitration. Arbitration is a matter of contract and a party cannot be required to submit to arbitration any dispute which he has not agreed so to submit. The selective arbitration agreement has become an accepted method of dispute resolution. However, the trend of dispute settlement has changed. The selective arbitrations clauses are to be construed as broadly as possible, and arbitration will be compelled unless it may be said with positive assurance that arbitration clause is not susceptible of an interpretation that covers the asserted dispute.