• 대한산업공학회지
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• 제4권1호
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• pp.49-55
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• 1978

This paper presents a new method, called a modified economic order quantity method, for determining the optimal inventory policy, which uses the rate of return as its decision criterion. Especially for the simplest possible inventory system with constant demand rate, no backlogging, no lead time, etc., the formula for the optimal order policy is derived. Also mentioned are the relative merits and shortcomings of this method compared to the conventional EOQ model.

• 산업경영시스템학회지
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• 제40권1호
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• pp.50-56
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• 2017

The IRR (internal rate of return) is often used by investors for the evaluation of engineering projects. Unfortunately, it is widely known that it has serial flaws. Also, External rate of returns (ERRs) such as ARR (Average Rate of Return) or MIRR (MIRR, Modified Internal Rate of Return) do not differentiate between the real investment and the expenditure. The PRR (Productive rate of return) is faithful to the conception of the return on investment. The PRR uses the effective investment instead of the initial investment. In this paper, we examined two cases of the engineering project. the one is a traditional engineering project with financing activity, another is the project with R&D. Although the IRR has only one value, it overestimates or underestimate profitabilities of Engineering Projects. The ARR and the MARR assume that a returned cash reinvest other projects or assets instead of the project currently executing. Thus they are only one value of a project's profitability, unlike the IRR. But the ARR does not classify into the effective investment and non-investment expenditure. It only accepts an initial expenditure as for an investment. The MIRR also fails to classify into the investment and the expenditure. It has an error of making a loss down as the investment. The IRR works as efficiently as a NPW (Net Present Worth). It clearly expresses a rate of return in respect of an investment in an engineering project with a loan. And it shows its ability in an engineering project with a R&D investment.

• 한국농공학회논문집
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• 제52권1호
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• pp.41-49
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• 2010

Return flow rate of irrigation water was estimated by water balance method. Daepyeong pumping district to irrigate 75.8 ha of rice paddy in the Geum river basin was selected to install gauging instruments to collect data such as weather, water levels, infiltration rate and evapotranspiration during irrigation season (May 27 to Sept. 20) in 2003 and 2004. Irrigation and drainage discharge were calculated from the rating curve and evapotranspiration was estimated both by the modified Penman formula and by the lysimeter. The results were as followed : 1. Total amounts of pumping water during irrigation season were $1,076,000\;m^3$ in 2003 and $1,848,000\;m^3$ in 2004. Total amounts of rainfall were 1336.0mm and 1003.0mm respectively during the irrigation season in 2003 and 2004. 2. It was surveyed that the amount of infiltration was 196.5 mm (2.2 mm/day). The gauged evapotranspiration was 311.0 mm (3.5 mm/day) and the calculated evapotranspiration was 346.0 mm (3.9 mm/day) during irrigation period in 2003. It was surveyed that the amount of infiltration was 169.9 mm (2.4 mm/day). The amount of gauged evapotranspiration was 377.3 mm (5.3 mm/day) and the calculated evapotranspiration was 454.5 mm (6.6 mm/day) during irrigation period in 2004. 3. The rates of quick and delayed return flow were 52.4 % and 17.7 % respectively, and so return flow rate was 70.1 % in 2003. The rates of quick and delayed return flow were 45.4 % and 16.1 % respectively, and so return flow rate was 61.5 % in 2004. It means that average return flow rate in the Daepyeong pumping district was assumed to be 65 %.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.281-287
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• 2020

In capital budgeting practices, investment project evaluations based on the net present value (NPV) and the internal rate of return (IRR) represent the traditional evaluation techniques. Compared with the traditional methods, the modified internal rate of return (MIRR) gives the opportunity to evaluate an investment in certain projet, while taking the changes in cash flows over time and issuing shares such as dividing shares, bonuses, and dividend for each end of the investment year into account. Therefore, this study aims to evaluate an investment in the Malaysian construction sector utilizing financial data for 39 public listed companies operating in the Malaysian construction sector over the period from Jan 1, 2007, to December 30, 2018, based on the MIRR method. Stochastic was studied in this study to estimate the estimated probability by applying the Markov chain model to the MIRR method where the transition matrix has two possible movements of either Good (G) or Bad (B). it is found that the long-run probability of getting a good investment is higher than the probability of getting a bad investment in the long-run, where were the probabilities of good and bad are 0.5119, 0.4881, respectively. Hence, investment in the Malaysian construction sector is recommended.

• 산업경영시스템학회지
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• 제38권3호
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• pp.95-99
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• 2015

The IRR(internal rate of return) is often used by investors for the evaluation of engineering projects. Unfortunately, it has serial flaws: (1) multiple real-valued IRRs may arise; (2) complex-valued IRRs may arise; (3) the IRR is, in special cases, incompatible with the net present value (NPV) in accept/reject decisions. The efforts of management scientists and economists in providing a reliable project rate of return have generated over the decades an immense amount of contributions aiming to solve these shortcomings. Especially, multiple internal rate of returns (IRRs) have a fatal flaw when we decide to accep it or not. To solve it, some researchers came up with external rate of returns (ERRs) such as ARR (Average Rate of Return) or MIRR (MIRR, Modified Internal Rate of Return). ARR or MIRR. will also always yield the same decision for a engineering project consistent with the NPV criterion. The ERRs are to modify the procedure for computing the rate of return by making explicit and consistent assumptions about the interest rate at which intermediate receipts from projects may be invested. This reinvestment could be either in other projects or in the outside market. However, when we use traditional ERRs, a volume of capital investment is still unclear. Alternatively, the productive rate of return (PRR) can settle these problems. Generally, a rate of return is a profit on an investment over a period of time, expressed as a proportion of the original investment. The time period is typically the life of a project. The PRR is based on the full life of the engineering project. but has been annualised to project one year. And the PRR uses the effective investment instead of the original investment. This method requires that the cash flow of an engineering project must be separated into 'investment' and 'loss' to calculate the PRR value. In this paper, we proposed a tabulated form for easy calculation of the PRR by modifing the profit and loss statement, and the cash flow statement.

• 산업경영시스템학회지
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• 제42권1호
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• pp.137-142
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• 2019

There are two methods for evaluating two or more mutually exclusive projects. One is a total investment approach and the other is an incremental investment approach. The former can rank projects by the criterion of the net present value, but the latter can't do it. An incremental investment approach is only possible when all pairwise alternatives are compared. Thus an incremental investment approach is superior in ranking them over an incremental investment approach. To do so, a principle of comparison must be established. Comparisons of profitability are reasonable when operating the same amount of investment over the same period of time. One principle is that all projects are invested in the largest of the projects. Another principle is that all projects are invested during the longest project life of the projects. In this paper, even if the principle is followed, it will be shown that the external rate of return fails to rank them. However, the productive rate of return criterion would prove to be able to rank them like the net present value standard, provided that the principle of comparison is kept. In addition, rate of returns can be assessed so that all mutually exclusive projects can be compared at once, such as on the criterion of the net present value. That is, it can be also compared with many other returns, such as the profit rates on financial investments or real investments.

• 한국소성가공학회:학술대회논문집
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• 한국소성가공학회 2007년도 춘계학술대회 논문집
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• pp.272-275
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• 2007

This paper is concerned with modified integration algorithm on the strain-space for rate and temperature dependent elasto-plastic constitutive relations in order to obtain more accurate results in numerical implementation. The proposed algorithm is integrated analytically using integration by part and chain rule and then is applied to the 2-stage Lobatto IIIA with second-order accuracy. It has advantage that is able to consider the convective stress rates on the yield surface of the strain-space. Also this paper is carried out the iteration procedure using the Newton-Raphson method to enforce consistency at the end of the step. And the performance of the proposed algorithm for rate and temperature dependent constitutive relation is illustrated by means of analysis of adiabatic shear bands.

• East Asian Economic Review
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• 제25권4호
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• pp.403-424
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• 2021

AdaBoost tweaks the sample weight for each training set used in the iterative process, however, it is demonstrated that it provides more correlated errors as the boosting iteration proceeds if models' accuracy is high enough. Therefore, in this study, we propose a novel way to improve the performance of the existing AdaBoost algorithm by employing heterogeneous models and a stochastic twist. By employing the heterogeneous ensemble, it ensures different models that have a different initial assumption about the data are used to improve on diversity. Also, by using a stochastic algorithm with a decaying convergence rate, the model is designed to balance out the trade-off between model prediction performance and model convergence. The result showed that the stochastic algorithm with decaying convergence rate's did have a improving effect and outperformed other existing boosting techniques.

• 한국항공우주학회지
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• 제31권1호
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• pp.73-84
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• 2003

항공기내 연료온도의 변화가 유한차분식에 의하여 해석되었다. 항공기의 여러 임무 가운데 근접항공지원 임무가 20% hot day 외부대기 조건과 함께 이음속 영역에서 고려되었다. 수정 Dufort-Frankel기법의 explicit방법에 의해 수치계산이 수행되었다. 항공기는 난류유동장내에 있는 것으로 가정되었다. 추가 연료공급-회송 개념을 갖는 항공기 연료시스템 모델이 고려되었다. 본 해석의 결과로써, 추가연료 공급이 증가함에 따라 연료탱크의 온도는 상승함을 보인 반면, 엔진 입구에서의 연료온도는 몇몇 비행단계 및 엔진 연료요구량이 많은 구간을 제외하고는 감소함을 보였다. 본 해석으로부터, 추가 연료공급-회송개념을 사용한 연료시스템이 엔진입구 연료온도를 낮추기 위한 효과적인 방법임을 나타났다. 또한, 연료/오일 열교환기로 흐르는 연료유동량이 연료온도 변화에 중요한 인자임이 밝혀졌다.

• 한국산학기술학회논문지
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• 제13권12호
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• pp.6128-6134
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• 2012

부동산투자 패러다임의 변화 속에서 정교하고 투명하게 투자가치와 성과를 분석할 수 있는 기법의 도입이 절실히 필요하게 됐다. 본 연구에서는 합리적이고 타당한 투자의사결정을 하기 위하여 신뢰도 높은 투자가치분석의 핵심이 되는 재무적 타당성 분석방안을 찾고자 한다. 이를 위해 부동산 개발사업 사례와 자산관리사업 사례를 선정했다. 각 사례를 통해 손익이나 투자가치를 어떻게 분석했으며 변수에 따라 수익률과 현재가치가 어떻게 변화하는지 과정을 추적했다. 분석 결과, 기존에 발달해 온 여러 기법들을 실제 개발프로젝트에 직접 적용하기 위해서는 우선 해당 프로젝트에서 의사결정을 위해 가장 중요시되는 부분이 무엇인지 파악한 다음 여러 투자분석 기법들 가운데 가장 적절한 기법들을 복수로 선정한 뒤 각 투자분석기법의 단점을 보완할 수 있도록 대체적 및 보완적 기법들을 동원해 실제 투자가치분석에서 활용한다면 투자가치분석의 효율성과 신뢰성을 높일 것이라는 점을 발견했다.