• IE interfaces
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• v.20 no.3
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• pp.267-276
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• 2007

When a company makes a decision on an investment for a new product as a source for a new program, it is not easy for them to take a proper decision-making process in this highly volatile market. There could be several ways to make an investment decision on a new program. A company needs to choose the most suitable way of investment which is reflected current corporate circumstances and potential risks. We check up the process of the engineering economic decision in a automotive part manufacturing company. We define the gap between the theory and practice on engineering economic decisions. We present advices to make a decision desirably.

• Journal of Advanced Marine Engineering and Technology
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• v.22 no.3
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• pp.381-395
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• 1998

The purpose of this study is to determine the optimal gas turbine system for special purpose ships. First we generate critical evaluation criteria an construct their hierarchical structure. The criteria consist of qualitative ones as well as the economic factor. Then AHP is applied to solve the decision making problem AHP gibes good results different from those only by the economic evaluation methods. And during the analysis, the procedure produces many useful informations to the decision making. The results shows that AHP is an appropriate method for these kinds of problems such as the system selection.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.41 no.4
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• pp.171-178
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• 2018

Recently, the continuing operation of nuclear power plants has become a major controversial issue in Korea. Whether to continue to operate nuclear power plants is a matter to be determined considering many factors including social and political factors as well as economic factors. But in this paper we concentrate only on the economic factors to make an optimum decision on operating nuclear power plants. Decisions should be based on forecasts of plant accident risks and large and small accident data from power plants. We outline the structure of a decision model that incorporate accident risks. We formulate to decide whether to shutdown permanently, shutdown temporarily for maintenance, or to operate one period of time and then periodically repeat the analysis and decision process with additional information about new costs and risks. The forecasting model to predict nuclear power plant accidents is incorporated for an improved decision making. First, we build a one-period decision model and extend this theory to a multi-period model. In this paper we utilize influence diagrams as well as decision trees for modeling. And bayesian statistical approach is utilized. Many of the parameter values in this model may be set fairly subjective by decision makers. Once the parameter values have been determined, the model will be able to present the optimal decision according to that value.

• Industrial Engineering and Management Systems
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• v.11 no.1
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• pp.123-132
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• 2012

Recently, global environmental problems have become serious due to human economic activities. Therefore, in order to build a sustainable society in which human economic activities coexist with nature, it is important to promote and enhance environmental education. As a preceding study, a board and computer game of "Ecopoly," which is the game for education on global environmental problems, were developed. This study further aims to develop algorithms which make decisions in Ecopoly, to automate decision-makings of opponents using the algorithms, and to develop the environmental educational game "Ecopoly V" which enables self-learning. In order to develop the algorithms, the board game of Ecopoly was played, and each player's decision-makings at the all points at which players make a decision were observed and analyzed. From the analyses, it became clear that the decision-makings were distinguished by 3 characteristics; Ecology type, Economy type, and Balance type. Based on the characteristics, the factors and standard values of each decision-making were made clear. Algorithms were developed based on the factors and standard values. Ecopoly V was developed by incorporating the algorithms into the computer game of Ecopoly. Experimental testing of the game was conducted and the validity of the game was verified.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.37 no.4
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• pp.193-201
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• 2014

This study attempts to utilize the economic efficiency analysis results focused on the break-even point as an indicator for the decision making of commanders and staff. We suggested a method of determining economic life by utilizing logistics information system and commercial program Minitab with a focus on the equipment's operational environment and performance data, whereas previously the equipment's retirement period was simply determined by the current equipment prices and sustainable period.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.14 no.24
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• pp.7-13
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• 1991

Recently, in FMS composing of various automatic equipments, the machines with lower operating costs, and with higher operating costs and replacement costs resulting from deterioration have been appearing successively as a result of rapidly advances in technology. "Control Limit Policy" [1] by using Markov decision policy, a kind of optimal economic replacement decision, well reflects and represents this environment. In this paper, it is reviewed that the decision method of the forecasted replacement alternatives in planning horizon under technological advances is derived. The proposed method is applied to a numerical example and some characteristics are examined by sensitivity. It is clarified that the method is relatively insensitive to changes of parameters at the present decision. decision.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.17 no.32
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• pp.177-186
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• 1994

Economic Lot size decision is studied on this thesis foe the muti-product small batch production system. Even though economic lot size decision has been studied for the MRP system. this could be applied at the industry under the multi-product small batch production system because of very complicate and manager's lack of understand. Therefore, this technique is applied at the industry in order to minimize ordering cosy based on optimal quantity and period, and holding cost according to optimize inventory level under the muti-product small batch production system. After that, lot size decision technique is compared with lot size decision technique which has been used for analyzing and emphasizing productivity

• Journal of Korean Society of Industrial and Systems Engineering
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• v.30 no.2
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• pp.89-98
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• 2007

In this paper the economic value of weather forecasts is valuated for profit-oriented enterprise decision-making situations. Value is estimated in terms of monetary profits (or benefits) resulted from the forecast user's decision under the specific payoff structure, which is represented by a profit/loss ratio model combined with a decision function and a value score (VS). The forecast user determines a business-related decision based on the probabilistic forecast, the user's subjective reliability of the forecasts, and the payoff structure specific to the user's business environment. The VS curve for a meteorological forecast is specified by a function of the various profit/loss ratios, providing the scaled economic value relative to the value of a perfect forecast. The proposed valuation method based on the profit/loss ratio model and the VS is adapted for hypothetical sets of forecasts and verified for site-specific probability of precipitation forecast of 12 hour and 24 hour-lead time, which is generated from Korea meteorological administration (KMA). The application results show that forecast information with shorter lead time can provide the decision-makers with great benefits and there are ranges of profit/loss ratios in which high subjective reliability of the given forecast is preferred.

• Journal of Engineering Education Research
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• v.26 no.3
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• pp.20-34
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• 2023

This research aims to explore the factors affecting engineering students' major persistence and career decision. To achieve this goal, the experiences and perceptions of engineering students and other stakeholders regarding the factors influencing engineering students' major persistence and career decision were analyzed through online focus group interviews (FGI). The analysis of the interviews resulted in the identification of seven categories, which include meeting with older alumni, team project experiences, and internship experiences as factors influencing major persistence. Additionally, engineering interest, engineering self-efficacy, employment rates, economic factors, and limitations in women engineers' career development were identified as factors affecting career decision. Based on these findings, it is expected that engineering education will develop plans that focus on supporting the major persistence and career development of engineering students, thereby contributing to the future direction of engineering education.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.37 no.1
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• pp.120-126
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• 2014

This paper deals with the economic value analysis of meteorological forecasts for a hypothetical inventory decision-making situation in the pharmaceutical industry. The value of Asian dust (AD) forecasts is assessed in terms of the expected value of profits by using a decision tree, which is transformed from the specific payoff structure. The forecast user is assumed to determine the inventory level by considering base profit, inventory cost, and lost sales cost. We estimate the information value of AD forecasts by comparing the two cases of decision-making with or without the AD forecast. The proposed method is verified for the real data of AD forecasts and events in Seoul during the period 2004~2008. The results indicate that AD forecasts can provide the forecast users with benefits, which have various ranges of values according to the relative rate of inventory and lost sales cost.