• Journal of the Korean earth science society
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• v.31 no.5
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• pp.437-447
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• 2010

Spatial estimation of environmental variables has been regarded as an important preliminary procedure for decision-making. A minimum variance criterion, which has often been adopted in traditional kriging algorithms, does not always guarantee the optimal estimates for subsequent decision-making processes. In this paper, a geostatistical framework is illustrated that consists of uncertainty modeling via stochastic simulation and risk modeling based on loss functions for the selection of optimal estimates. Loss functions that quantify the impact of choosing any estimate different from the unknown true value are linked to geostatistical simulation. A hybrid loss function is especially presented to account for the different impact of over- and underestimation of different land-use types. The loss function-specific estimates that minimize the expected loss are chosen as optimal estimates. The applicability of the geostatistical framework is demonstrated and discussed through a case study of copper mapping.

• The Korean Journal of Financial Studies
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• v.6 no.1
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• pp.289-312
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• 2000

This paper proposes a pricing model for IPOs which can reconcile the average underpricing phenomenon with the expected wealth maximizing behaviors of market participants. Under the usual informational asymmetry, the optimal offer price for best efforts IPOs is derived as a function of the uncertainty about market's valuation, the expected return on proposed projects and the size of offerings relative to the firm's market value. Depending on these firm-specific characteristics, best efforts IPOs can be underpriced, fairly priced, or overpriced. Introducing the investment banker as an outside information producer, the model is extended to provide empirical implications for pricing and underwriting contract choice decisions which are consistent with the existing empirical evidences. The model predicts that the issuers with greater uncertainty about market's valuation choose best efforts contract over firm commitment contract and the dispersion of initial returns would be greater for best efforts IPOs than for firm commitment IPOs.

• Korean Management Science Review
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• v.28 no.1
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• pp.117-127
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• 2011

In the Multi-Echelon maintenance environment, METRIC(Multi-Echelon Technique for Repairable Item Control) has been used in several different inventory level selection models, such as MOD-METRIC, Vari-METRIC, and Dyna- ETRIC. While this model's logic is easy to be implemented, a critical assumption of infinite maintenance capacity would deteriorate actual values, especially Expected Back Order(EBO)s for each item. To improve the accuracy of EBO, we develop two models using simulation and queueing theory that calculates EBO considering finite capacity. The result of our numerical example shows that the expected backorder from our model is much closer to the true value than the one from Vari-METRIC. The queueing model is preferable to the simulation model regarding the computational time.

• Korean Management Science Review
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• v.29 no.1
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• pp.1-14
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• 2012

The goal of the multi-reservoir operation planning is to provide an optimal release plan that maximize the reservoir storage and hydropower generation while minimizing the spillages. However, the reservoir operation is difficult due to the uncertainty associated with inflows. In order to consider the uncertain inflows in the reservoir operating problem, we present a Stochastic Dynamic Programming (SDP) model based on the markov decision process (MDP). The objective of the model is to maximize the expected value of the system performance that is the weighted sum of all expected objective values. With the SDP model, multi-reservoir operating rule can be derived, and it also generates the steady state probabilities of reservoir storage and inflow as output. We applied the model to the Geum-river basin in Korea and could generate a multi-reservoir monthly operating plan that can consider the uncertainty of inflow.

• The Korean Journal of Applied Statistics
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• v.13 no.2
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• pp.477-488
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• 2000

A distance measure between two Latin-hypercube designs is defined and its expected value is computed. It was computed by using mathematical statistics, numerical analysis (multidimensional numerical integration), Monte-carlo method, and the theory of asymptotic normal distribution. For the comparison of two Latin-hypercube designs with same structure but different randomness, the difference of expected values of response function and information mass of experimental designs are considered. These methods may be useful in comparison between two general experimental designs.

• Journal of Korean Society for Quality Management
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• v.39 no.4
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• pp.480-485
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• 2011

This paper presents a spare ordering policy for preventive replacement with minimal repair. To analyze the ordering policy, the failure process is modeled by a non-homogeneous Poisson process. Introducing the ordering, repair, downtime, replacement costs and salvage value, we derive the expected cost effectiveness as a criterion of optimality when the lifetime and lead times for the regular and expedited orders are generally distributed random variables. It is shown that, under certain conditions, there exists a finite and unique optimum ordering time which maximizes the expected cost effectiveness. A numerical example is also included to explain the proposed model.

• Journal of the military operations research society of Korea
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• v.24 no.1
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• pp.98-109
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• 1998

This study develops a maintenance strategy for a reparable 2-unit standby system. The maintenance strategy implies the waiting time to call the repair facility when the unit-1 fails. Almeida and Souza set up the multi-attribute utility function consisting of system availability and repair cost for several maintenance strategies and decide the optimal maintenance strategy that maximize the expected value of the utility function. We decide the optimal maintenance strategy satisfying the following two criteria about the utility function : maximum variance using Almeida and Souza's utility function. It both criteria are not satisfied at the same time for every strategies, the strategy maximizing the lower confidence limit for expected utility function is regarded as an optimal one.

• Proceedings of the Korea Society of Environmental Toocicology Conference
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• 2003.10a
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• pp.152-152
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• 2003

The majority of the SKYBIO will be used in the treatment of water in food processing plants, swimming pools and cooling towers, in the manufacture fabric softeners in Australia. Most will eventually be released into domestic sewage system as a consequence of product use. The SKYBIO is not readily biodegradable (0% over 28 days), and is expected to have a low partition coefficient and high water solubility (285 g/L), all indicating that the material would be mobile in both aquatic and terrestrial compartment. The PEC/PNEC ratio for the aquatic environment is 56. This value is significantly greater than 1, indicating an immediate concern to the aquatic compartment. However as a consequence of it's cationic character, the SKYBIO will be expected to associate to negatively charged organic matter in soil and sediment.

• Journal of the Korean Statistical Society
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• v.31 no.4
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• pp.433-445
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• 2002

Using some available information about the unknown variance $\sigma$$^2$ of a normal distribution with mean $\mu$, a sequential approach is used to estimate $\sigma$$^2$. Two cases have been considered regarding the mean $\mu$ being known or unknown. The mean square error (MSE) of the new estimators are compared to that of the usual estimator of $\sigma$$^2$, namely, the sample variance based on a sample of size equal to the expected sample size. Simulation results indicates that, the new estimator is more efficient than the usual estimator of $\sigma$$^2$whenever the actual value of $\sigma$$^2$ is not too far from the prior information.

• Journal of the Korean Professional Engineers Association
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• v.45 no.5
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• pp.36-38
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• 2012

Insect/worm is a source of protein food, more calcium than you think, made up of low-fat and high protein in the worms, 20% of the entire protein, nutrients, and so. because of this, the value of any insect food will rise. Is not argued that enough, livestock methane from gaseous material of the earth temperature no phi but not small role, and indeed. If a non-carbone missions from livestock are less and consequently the production of biofuels using worms because it is also expected to be available to the worms in cattle, such as no benefit is expected that you will be spotlighted.