• Title/Summary/Keyword: Investment evaluation system

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LCCA and LCA to Evaluate Feasibility for Introducing High-Efficiency Motors into Air Ventilation Systems of Public Facilities (고효율 전동기를 다중이용시설 환기설비에 도입하기 위한 LCCA 및 LCA 분석)

  • Quan, Junlong;Choi, Sooho;Kwon, Taehwan;Choi, Hyemi;Kim, Juhyung;Kim, Jaejun
    • Korean Journal of Construction Engineering and Management
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    • v.16 no.4
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    • pp.41-49
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    • 2015
  • The amount of energy consumed in air ventilation systems of public facilities accounts for 40% of their total energy consumption. To reduce their energy consumption, applying variable speed operation controlled by an inverter with a high-efficiency motor is suggested. Since these methods require higher initial investment costs compared to the existing systems, economic evaluation should be conducted from a long-term perspective. While LCCA(Life Cycle Cost Analysis) model is useful to estimate net savings of alternatives that differs with respect to initial costs and operating costs, the environmental burdens are not considered. On the contrary LCA(Life Cycle Assesment) model is suitable to assess environmental impacts associated with the stages of a product's life but it does not consider costs. In this study, the high-efficient motors are introduced into the air ventilation system of a subway station and a comprehensive analysis on the economic and environmental impacts of the proposed method is conducted by using LCCA and LCA model.

The Evaluation of Youth Overeducation and its Impact on the Wage System in Korea (청년층 학력과잉이 임금에 미치는 영향에 대한 분석 - 경제위기 전·후를 중심으로 -)

  • Park, Sung-Joon;Hwang, Sang-In
    • Journal of Labour Economics
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    • v.28 no.3
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    • pp.141-166
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    • 2005
  • The purpose of this study is to evaluate the status of youth overeducation and to analyze the impact on the wage system, before and after the financial crisis. In this study, we adapt the following method; first, we investigate the year 1996 (before financial crisis) and year 2000 (after financial crisis) data from "the Survey Report on the Wage structure", based on the data from "the Occupational Dictionary" by occupation group. So we could evaluate the difference between the youth over-educational status, before and after financial crisis. Second, we analyze the reason why the difference occurs, with financial crisis dummy variable and other variables such as sex, occupation, industry. Third, we try to find the difference between the impact of the overeducation on the wage rate, before and after financial crisis. The main findings are as follows; first, the degree of overeducation in year 2000 is more than in year 1996. So the financial crisis plays the important role in deepening the degree of overeducation. Second, the wage rate of the overeducated worker is higher than that of the required-educated worker. Also, the both wage rates are increased after financial crisis. However, the difference of both wage rates' has declined over the financial crisis. Such a finding means that even though the both wage rates of the overeducated and the required-educated worker are increased, the wage rate of the required-educated worker has increased much more than that of overeducated worker, after the financial crisis.

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A Study on a Development Plan for the Bio-technology lndustry in Korea: A Perspective on AHP Analysis (한국 바이오산업의 발전방안 도출에 관한 연구: AHP를 활용한 발전요인 분석을 중심으로)

  • Ku, Bon-Chul;Yoo, Wang-Jin;Lee, Dong-Myung
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.4 no.1
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    • pp.1-27
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    • 2009
  • The bio-technology industry is a technology-intensive high value added area where R&D and securing core technology are important. Many countries across the world are nationally supporting and nurturing this industry as a next generation growth engine. This study aims to introduce development plan for the bio-tech industry in Korea through analyzing factors for the development of bio-tech industry by using Analytic Hierarchy Process (AHP) and to set the priorities among such factors. The analysis shows that key element for the development of bio-tech industry is technological capacity in the present and in the year of 2015. It also shows that it is essential to have government support and investment in strengthening R&D and cooperative system of industry, academia and research institute for the development of basic original technology. In addition, it suggested 5 plans for the development of bio-tech industry in Korea including securing new technologies in bio-tech industry, improving efficiency of R&D management system, protecting and culturing traditional bio-tech industry, creating emerging markets and efficiently providing support to nurture bio-venture companies.

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A Study on Cost-Benefit analysis for Geographic Information Systems in Local Governments (지자체 GIS사업을 위한 비용효과분석 연구)

  • Kim, Eun-Hyung;Lee, Hyun-Soon
    • Journal of Korea Spatial Information System Society
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    • v.2 no.2 s.4
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    • pp.59-74
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    • 2000
  • Because efficiency of the 1st-phase NGIS investment(1995-2000) has not been clearly measured, the action taken in the 2nd-phase NGIS project requires NGIS budgets to be evaluated in terms of effectiveness. Especially, the effective investments in local governments are critical for the NGIS projects, because they execute the much larger amount of budgets in total than other GIS projects. As indicated, for the successful NGIS implementation, it is important to obtain continuous political and financial supports from decision makers. As a persuasion measure for the budget appropriation, CBA(Cost-Benefit Analysis) and CEA(Cost-Efficiency Analysis) can play an important role for the decision makers. The major concern of this paper is how to measure the costs and benefits of the GIS implementation by considering important characteristics of the GIS projects in local governments, and existing theories are reviewed for this concern. The GISs in local governments can have different stages in terms of its evolution and the effectiveness of the applications can be represented variously. To identify categories for measuring costs and benefits of the various GISs, case studies and success stories are reviewed from both the foreign and domestic research. The categories of costs and benefits are determined from the tangible and intangible aspects. The categories for the quantitative and qualitative measure are proposed to evaluate the GISs in local governments. After measuring costs and benefits, three key evaluation methods in cost-benefit analysis are suggested as follows: 1) the benefit: cost ratio (B/C), 2) Internal Rate of Return (IRR), and 3) the net present values (NPV) of the costs and benefits. The sensitivity and uncertainty analysis are also helpful to make a decision for the GIS budget appropriation in local governments. In conclusion, although cost-benefit analysis is not an easy undertaking, it is certain that it can play an important role in the future for the GIS funding decisions in local governments.

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Technology Valuation Evaluation Model of Decision Making System using Income Approach for Commercialization in LNG Plant Construction (수익접근법을 활용한 LNG 플랜트공사의 의사결정지원시스템 기술가치 평가)

  • Park, Hwan Pyo;Han, Jae Goo;Chin, Kyung Ho
    • Korean Journal of Construction Engineering and Management
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    • v.15 no.4
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    • pp.58-67
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    • 2014
  • The proportion of investment in national R&D projects in construction and transportation has been increasing continuously; in terms of the size of R&D projects, there are many medium- to large-sized projects of over KRW 10 billion. However, in spite of such continuous increase in R&D investments, there are many technologies developed but not commercialized, i.e., the quiescence of technology. Accordingly, it is necessary to link the R&D results to commercialization by expanding the scope of R&D projects. In this context, this study presented objective reference prices to be used in contracting/transacting technology and implementing commercialization strategy by conducting technology valuations against on-going research projects with earnings approach, and by estimating value of patented technology. Sum of free cash flow (business value) that can be generated during the life of the technology was estimated as KRW 512 million by reflecting a discount rate of 16.34% to convert it into the present value. In addition, the technology value was computed as KRW 227million by applying a technology factor of 44.39% to the above value. Based on the technology value estimated in this way, it is necessary to establish industrialization and commercialization strategy of the technology.

A Study on Web-based Technology Valuation System (웹기반 지능형 기술가치평가 시스템에 관한 연구)

  • Sung, Tae-Eung;Jun, Seung-Pyo;Kim, Sang-Gook;Park, Hyun-Woo
    • Journal of Intelligence and Information Systems
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    • v.23 no.1
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    • pp.23-46
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    • 2017
  • Although there have been cases of evaluating the value of specific companies or projects which have centralized on developed countries in North America and Europe from the early 2000s, the system and methodology for estimating the economic value of individual technologies or patents has been activated on and on. Of course, there exist several online systems that qualitatively evaluate the technology's grade or the patent rating of the technology to be evaluated, as in 'KTRS' of the KIBO and 'SMART 3.1' of the Korea Invention Promotion Association. However, a web-based technology valuation system, referred to as 'STAR-Value system' that calculates the quantitative values of the subject technology for various purposes such as business feasibility analysis, investment attraction, tax/litigation, etc., has been officially opened and recently spreading. In this study, we introduce the type of methodology and evaluation model, reference information supporting these theories, and how database associated are utilized, focusing various modules and frameworks embedded in STAR-Value system. In particular, there are six valuation methods, including the discounted cash flow method (DCF), which is a representative one based on the income approach that anticipates future economic income to be valued at present, and the relief-from-royalty method, which calculates the present value of royalties' where we consider the contribution of the subject technology towards the business value created as the royalty rate. We look at how models and related support information (technology life, corporate (business) financial information, discount rate, industrial technology factors, etc.) can be used and linked in a intelligent manner. Based on the classification of information such as International Patent Classification (IPC) or Korea Standard Industry Classification (KSIC) for technology to be evaluated, the STAR-Value system automatically returns meta data such as technology cycle time (TCT), sales growth rate and profitability data of similar company or industry sector, weighted average cost of capital (WACC), indices of industrial technology factors, etc., and apply adjustment factors to them, so that the result of technology value calculation has high reliability and objectivity. Furthermore, if the information on the potential market size of the target technology and the market share of the commercialization subject refers to data-driven information, or if the estimated value range of similar technologies by industry sector is provided from the evaluation cases which are already completed and accumulated in database, the STAR-Value is anticipated that it will enable to present highly accurate value range in real time by intelligently linking various support modules. Including the explanation of the various valuation models and relevant primary variables as presented in this paper, the STAR-Value system intends to utilize more systematically and in a data-driven way by supporting the optimal model selection guideline module, intelligent technology value range reasoning module, and similar company selection based market share prediction module, etc. In addition, the research on the development and intelligence of the web-based STAR-Value system is significant in that it widely spread the web-based system that can be used in the validation and application to practices of the theoretical feasibility of the technology valuation field, and it is expected that it could be utilized in various fields of technology commercialization.

A Study on Knowledge Entity Extraction Method for Individual Stocks Based on Neural Tensor Network (뉴럴 텐서 네트워크 기반 주식 개별종목 지식개체명 추출 방법에 관한 연구)

  • Yang, Yunseok;Lee, Hyun Jun;Oh, Kyong Joo
    • Journal of Intelligence and Information Systems
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    • v.25 no.2
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    • pp.25-38
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    • 2019
  • Selecting high-quality information that meets the interests and needs of users among the overflowing contents is becoming more important as the generation continues. In the flood of information, efforts to reflect the intention of the user in the search result better are being tried, rather than recognizing the information request as a simple string. Also, large IT companies such as Google and Microsoft focus on developing knowledge-based technologies including search engines which provide users with satisfaction and convenience. Especially, the finance is one of the fields expected to have the usefulness and potential of text data analysis because it's constantly generating new information, and the earlier the information is, the more valuable it is. Automatic knowledge extraction can be effective in areas where information flow is vast, such as financial sector, and new information continues to emerge. However, there are several practical difficulties faced by automatic knowledge extraction. First, there are difficulties in making corpus from different fields with same algorithm, and it is difficult to extract good quality triple. Second, it becomes more difficult to produce labeled text data by people if the extent and scope of knowledge increases and patterns are constantly updated. Third, performance evaluation is difficult due to the characteristics of unsupervised learning. Finally, problem definition for automatic knowledge extraction is not easy because of ambiguous conceptual characteristics of knowledge. So, in order to overcome limits described above and improve the semantic performance of stock-related information searching, this study attempts to extract the knowledge entity by using neural tensor network and evaluate the performance of them. Different from other references, the purpose of this study is to extract knowledge entity which is related to individual stock items. Various but relatively simple data processing methods are applied in the presented model to solve the problems of previous researches and to enhance the effectiveness of the model. From these processes, this study has the following three significances. First, A practical and simple automatic knowledge extraction method that can be applied. Second, the possibility of performance evaluation is presented through simple problem definition. Finally, the expressiveness of the knowledge increased by generating input data on a sentence basis without complex morphological analysis. The results of the empirical analysis and objective performance evaluation method are also presented. The empirical study to confirm the usefulness of the presented model, experts' reports about individual 30 stocks which are top 30 items based on frequency of publication from May 30, 2017 to May 21, 2018 are used. the total number of reports are 5,600, and 3,074 reports, which accounts about 55% of the total, is designated as a training set, and other 45% of reports are designated as a testing set. Before constructing the model, all reports of a training set are classified by stocks, and their entities are extracted using named entity recognition tool which is the KKMA. for each stocks, top 100 entities based on appearance frequency are selected, and become vectorized using one-hot encoding. After that, by using neural tensor network, the same number of score functions as stocks are trained. Thus, if a new entity from a testing set appears, we can try to calculate the score by putting it into every single score function, and the stock of the function with the highest score is predicted as the related item with the entity. To evaluate presented models, we confirm prediction power and determining whether the score functions are well constructed by calculating hit ratio for all reports of testing set. As a result of the empirical study, the presented model shows 69.3% hit accuracy for testing set which consists of 2,526 reports. this hit ratio is meaningfully high despite of some constraints for conducting research. Looking at the prediction performance of the model for each stocks, only 3 stocks, which are LG ELECTRONICS, KiaMtr, and Mando, show extremely low performance than average. this result maybe due to the interference effect with other similar items and generation of new knowledge. In this paper, we propose a methodology to find out key entities or their combinations which are necessary to search related information in accordance with the user's investment intention. Graph data is generated by using only the named entity recognition tool and applied to the neural tensor network without learning corpus or word vectors for the field. From the empirical test, we confirm the effectiveness of the presented model as described above. However, there also exist some limits and things to complement. Representatively, the phenomenon that the model performance is especially bad for only some stocks shows the need for further researches. Finally, through the empirical study, we confirmed that the learning method presented in this study can be used for the purpose of matching the new text information semantically with the related stocks.

Sensitivity Analysis for Railway Development Areas Using Land Cover Map (토지피복지도를 활용한 철도개발지의 민감도 분석)

  • Kim, Min-Kyeong;Kim, Dong-Yoeb
    • Journal of the Korean Society for Railway
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    • v.20 no.1
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    • pp.76-84
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    • 2017
  • Recently, the 'Ecological Network Restoration Project at Chupungnyeong' has been placed; this project is located at the center of the Baekdu mountain spine, the core of the ecological network of the Korean Peninsula. In the process of industrialization since the early 1900s, this area has been under railroad and road construction; as such, wildlife movements have been interrupted and many cases of road-kill have been found. The investment in railroads has increased because railroads are an environmentally sound means of transportation. Single track railways have been converted to double track electric railways and track reforming projects are underway in order to speed up the current railway system. This study suggests to take land use as a standard for assessing the ecological weaknesses of the domestic geo-spaces that are to be affected by rapid extension of railway lines. The land cover map issued by the Ministry of Environment was overlapped with the Korean Railway Line Map for analysis. The results showed that five items were high in sensitivity: paddy fields, fields, deciduous forests, bare land, and inland waters. It seems to be necessary to set weights for highly sensitive land use types; also, specific evaluation criteria need to be reestablished.

Reuse Technology Development and Economic Evaluation of Dyeing Wastewater Treatment Sludge (폐수처리슬러지의 재활용기술개발 및 경제성 평가 -B염색조합을 중심으로-)

  • 임재호;이정연
    • Resources Recycling
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    • v.9 no.1
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    • pp.36-43
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    • 2000
  • This study was carried out for treatment and reuse of inorganic sludge from Fenton process at B dyeing wastewater treatment plant. The parameters for pilot-scale treatment system were derived from the results of this study. It was found that $COD_{cl}$ of the treated effluent became lower than 100 mg/l approximately on the optimal reaction condition. 2nd sludge which was generated after redissolving sludge was analyzed, and it showed that reduction ratio of ash in 2nd sludge and total dry sludge weight in comparison with current sludge were 85% and 65%. Also Fe salt in sludge was redissolved about 90~95% of initial Fe by weight. It was estimated almost ₩350,000,000 for sludge reuse process. It was estimated saving of about ₩1,300,000 per day (₩420,000,000 per year) in operating cost based on 30,000 $m^3$/d treatment, which these were about ₩430,000 per day in chemical, ₩1,100,000 per day in sludge transportation and ₩200,000 per day in equipment maintenance. Payback period with interest charge for investment cost was estimated about 10.5 months. Also, net present value (NPV) was ₩792,000,000 and internal rat of return (IRR) was about 110%.

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A Study on Color Difference Discrimination for PVC Deco-Film using Entry-Level Digital Device (보급형 디지털 장비를 이용한 Deco-Film용 PVC의 색차판별에 대한 연구)

  • Im, Hoyoun;Kim, Minsoo
    • The Journal of Society for e-Business Studies
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    • v.22 no.1
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    • pp.1-13
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    • 2017
  • Though digital imaging devices such as smart phones, digital cameras and office scanners have improved significantly over the past years, they are seldom used for industrial application. This may be attributable to high level of quality and performance requirement for industrial application, but there lacks a test or an objective evaluation whether the upgraded performance of entry-level device is sufficiently enough to replace existing industrial equipments or not. If there exists an industrial application area where the applicability of entry-level equipment is proved by some objective tests, then companies will be able to reduce investment on expensive industrial equipment. In this study, applicability of entry-level digital devices for color difference discrimination of PVC (Polyvinyl chloride) color sheet is tested. By testing smart phone, digital camera, and office scanner for color difference discrimination, authors have found that office scanner shows consistent result with less measurement error. Additional experiment on comparing office scanner with industrial spectrophotometer has confirmed that there exists high correlation between the two devices' results. Based on this result, office scanner may be applicable to discriminate the color difference of PVC sheet instead of expensive industrial spectrophotometer if proper management criteria are established.