• Proceedings of the Safety Management and Science Conference
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• 2003.11a
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• pp.329-333
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• 2003

This paper reviews differences between the traditional investment evaluation methods and real option approaches. This study considers management flexibility, contingency and volatility from a strategic management perspective. The roles of various real option approaches are discussed.

• New & Renewable Energy
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• v.7 no.2
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• pp.18-27
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• 2011

Management flexibility to adapt its future actions in response to altered future market conditions can expand the value of an investment opportunity by improving its upside potential without the change in the downside losses. Module manufacturers in solar industry continuously have to decide how much and when its production capacity should be expanded with regards to the demand in the global markets. Either over- or under-investment can cause sunk and/or opportunity costs to the module manufacturers. Option of exercising the additional investments only on favorable opportunities can increase total value of the investment. This paper analyzes the case which shows that the expansion of production capacity with more expandibility can have more value than the rigid plan of capacity expansion. The expansion option value is equivalent to KRW 38.286 billion, thus switching the negative NPV of the initial investment opportunity into the positive value. High volatility and the high growth in the cashflows as the major business features of the renewable energy provide condition where real options can play the crucial role in increasing the investment value as well as in determining the size and timing of capacity expansion in the course of capital budgeting process.

• 한국IT서비스학회:학술대회논문집
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• 2009.05a
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• pp.270-276
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• 2009

This paper outlines opportunities and challenges in the Implementation of BPEL based WFMS(Work Flow Management System) for the MES(Manufacturing Execution Systems) level in semiconductor manufacturing. At present, the most MES that are composed of several hundreds of applications in semiconductor wafer fabrication shop have the same problems as others about flexibility and adaptability. When a plant has to produce new product mix, remodel the manufacturing execution process, or replace obsolete equipments, the principal road blocks for responding to new manufacturing environment are inflexible communication infrastructure among the manufacturing process components and the difficulty in porting existing application software to new configurations. In this paper, the issues about BPEL standard, used for the flexibility of Workflow Management System, are presented. We introduce the integrated development framework named nanoFlow which is optimized for developing the BPEL based WFMS application for automated manufacturing system. We describe a WFMS implemented with using nanoFlow framework, review and evaluate the system in terms of flexibility and adaptability.

• Journal of the Korean Home Economics Association
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• v.33 no.3
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• pp.85-99
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• 1995

The major purpose of this research was to investigate the causal relationships among working wives' work-family conflict, socialization of housework, and home management satisfaction. the double ABCX model of family stress and adaptation provided the theoretical framework for this study. the data were recruited from working wives who had more than one pre-school child. The respondents were asked to complete the self-administered questionnaires, and the responses of 536 working wives were used for the final analysis. basically Cronbach's α to the reliability of major variables, frequencies, percentages, means, standard deviation, pearson's correlation coefficients, and LISREL 7 program were performed to test the research model. The results of this study can be summarized as follows : 1. The frequency of work-family conflict was affected by the flexibility of work time and wives' income. 2. The severity of wok-family conflict was directly influenced by the frequency of the conflict, the flexibility of work-time, and wives' education level. 3. The variables influencing the degree of socialization of housework were found to be the frequency and the severity of work-family conflict, wives' education, and the degree of husband's participation in housework. 4. The higher degree of home management satisfaction was associated with the higher level of family member's health status, the greater degree of the flexibility of work-time, and the greater degree of husband's participation in household labor.

• The Journal of Korean Physical Therapy
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• v.35 no.2
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• pp.37-42
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• 2023

Purpose: Compared to cities, rural areas are in a medical blind spot and face difficulties in accessing medical services due to inconvenient transportation facilities, lack of medical facilities, and the heavy burden of medical expenses. This study was carried out to identify the problems relating to the musculoskeletal system of the elderly in rural and fishing villages, which are medically vulnerable areas, and sought to present a regionally differentiated healthcare model. Methods: The study was conducted in 80 elderly people in two rural villages and two fishing villages after seeking inputs regarding medically vulnerable groups in the Gyeongnam Province. Postural balance and muscle flexibility were assessed and postural evaluation was conducted to identify musculoskeletal problems and gait stability. Strength and range of motion for each body segment were assessed for evaluating functional motion. Results: The elderly in both rural areas showed forward head posture characteristics. The strength level of the elderly in both rural areas was higher than the average, but their flexibility and balance ability were lower than the average. Conclusion: The musculoskeletal problems of the elderly in rural and fishing villages in this study did not show regional characteristics according to the area of residence. However, overall flexibility and balance ability appeared to be reduced. Therefore, a new management model connecting the region and the university is necessary in preparation for the coming era of community care.

• Journal of the Korea Safety Management & Science
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• v.12 no.1
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• pp.71-81
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• 2010

Today's fierce competition and global economic recession make most of manufacturing companies in the world difficult to gain a profit. In order to survive such a environment and increase competitiveness, manufacturing companies have to continuously eliminate their wasteful factors through an efficient process analysis, improve quality of products, increase the flexibility of manufacturing processes. In this paper, we consider a case study for the Shanghai New Auto which is a subcontractor of MOBIS in China, to improve productivity by using therblig method, one of the motion analysis, to minimize the work-in-process inventories and to shorten the manufacturing cycle times. We also try to relocate the facility layout to increase the efficiency and flexibility of manufacturing processes.

• Health Policy and Management
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• v.28 no.3
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• pp.280-287
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• 2018

There has been much efforts to facilitate healthcare innovation and many desirable outcomes were produced in Korea. However, some structural deficiencies were found. They are misalignment of research and development (R&D) subjects with healthcare system, lack of flexibility of current healthcare system to accommodate the radically innovative products, and lack of cooperation among innovation agent. Some suggestions to correct these deficiencies are discussed. The suggestions are as follows: relating Korean healthcare R&D to healthcare system, enhancement of institutional flexibility to allow innovative application of new technology, improvement of the R&D process, and reexamination of the role of academic medical centers.

• Journal of Construction Engineering and Project Management
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• v.3 no.1
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• pp.10-13
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• 2013

Determining on a particular construction method is typically decided in the initial phases of a project. However, changing conditions during actual construction may require a different method or technology to be employed. Providing an option for project managers to change construction provides flexibility that can increase value to the overall project. This research provides the ability to modify construction methods as a real option, which allows its value to be modeled. The research also formalizes a way to integrate a binomial lattice model with the Earned Value Method's S-curve. The integrated model provides a decision support tool that planners can use to determine whether to exercise the option depending on the status metrics provided by EVM.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.43 no.3
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• pp.122-134
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• 2020

As globalization has been progressed, companies faced a situation in which it was difficult to secure global competitiveness only with their internal management systems. To overcome this, Supply Chain Management (SCM) emerged, which optimizes the whole supply chain process from suppliers to demand companies. In this study, it was analyzed that the effects of customer integration among the integration factors of SCM, and market orientation among the strategic orientations on management performances such as non-financial performance and financial performance through a mediating role of flexibility. At this time, it was analyzed whether CEO's support has a moderating effect on the influence of the market orientation. As a result of analysis, the customer integration was found to have an indirect effect on the non-financial performance and the financial performance through the flexibility. The market orientation was found to have a direct effect on the non-financial performance and at the same time, indirectly affected it through the flexibility. In addition, it was shown that more the level of CEO's support, higher the influence of the market orientation. This moderating effect had an indirect effect on the financial performance. Based on the above findings, various implications for improving management performance were proposed. This study suggests that investments in computerization such as ERP and smart factories can improve supply chain management performance and ultimately improve customer satisfaction and financial performance.

• Journal of Digital Convergence
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• v.11 no.6
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• pp.91-101
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• 2013

The purpose of this study is to empirically verify the relationship between supply chain flexibility(process flexibility and logistics flexibility) and competitive advantage strategy(cost, quality, lead time). To accomplish these purposes, the relationships among supply chain flexibility(process, logistics), competitive advantage strategy(cost, quality, lead time) were modeled based on the studies conducted in the various areas. In order to collect the related data the questionaries of 500 were distributed to the employees working at the manufacturing industry in the area of Gumi. The collected data were analyzed with SPSS 18.0 for Windows. This study used the statistical techniques such as descriptive analysis, reliability analysis, factor analysis, correlation analysis, multi regression analysis. The results of the study show that process flexibility had positively significant effect on low cost strategy and high quality strategy and logistic flexibility have positively significant effect on delivery speed strategy. However, it was found that process flexibility did not have the significant effect on delivery speed strategy, and the logistic flexibility did not have the significant effect on low cost and high quality strategy. Thus, it is expected that each enterprise can maximize corporate strategies by applying different flexibility strategy depending on the competitive advantage strategy.