• Title/Summary/Keyword: Opportunity Cost

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A Seach for Methods of Development of Marine Leisure Sport through the SWOT Analysis (SWOT분석을 통한 해양레저스포츠 발전 방안 모색)

  • Suh, Dong-Hwan;Kang, Myung-Goo;Lee, Sheng-Yen
    • Journal of Digital Convergence
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    • v.15 no.1
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    • pp.537-546
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    • 2017
  • This study is for a search for methods of development of marine leisure sports. As worldwide trend of marine leisure sports is developing rapidly and people more concern about their quality of life and leisure in Korea, the ear of marine leisure sports should be coming in Korea soon. This study is for a search for methods of development though the SWOT analysis. The results of the study are as below. First, the Strength of enlargement of the base in Korea are elation of concern of government and local governments, expanding local event of marine leisure sports with existing facilities and various programs. Second, the weakness of enlargement of the base in Korea are lack of awareness of marine leisure sports, frequent accident occurrence and lack of experts of marine leisure sports. Third, the Opportunity of enlargement of the base in Korea are more budget due to elation of concern of government and local governments and more preference of people in Korea. Fourth, the Threaten of enlargement of the base in Korea are low efficiency of high cost investment construction from government and local governments, huge fee of using facilities due to high cost investment construction and requiring treatment improvement of instructors of leisure sports facilities.

The Impacts of External and Internal Environmental Factors on External Collaboration-From the Perspective of Foreign Direct Investment (기업환경요인이 협력활동에 미치는 영향에 관한 실증연구 -해외직접투자 여부에 따른 비교-)

  • Lee, Seung A
    • The Journal of the Korea Contents Association
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    • v.18 no.1
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    • pp.132-142
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    • 2018
  • This study attempts to identify the external and internal factors which affect collaboration motives and investigates their respective impacts from the perspective of foreign direct investment(FDI). Although there has been much research on collaboration motives, so far, few studies have associated collaboration motives with FDI. The findings suggest that while price competitiveness and cost structure uncertainty have a positive and significant impact on collaboration motives, the gross added value to property as well as plant and equipment have a significant negative impact. Furthermore, in the case of gross added value to both property and plant and equipment, managers tend to collaborate with others to enhance the value of these factors. For both FDI and non-FDI firms, internal factors such as price competitiveness and investment within three years are significant determinants for the decision to collaborate. The difference between FDI and non-FDI firms is that for the former, the gross added value to property, an internal factor, is a critical factor, while for the latter, the cost structure uncertainty, an external factor, is critical for collaboration. To summarize, this study suggests the following managerial implication: the enhancement of the internal competency of a firm broadens the window of opportunity for collaboration with others, and consequently provides a chance to boost management efficiency.

On Slimming down the Functions Room of Light Rail Transit Stations by Utilizing an Enhanced DSM Method (개선된 DSM 기법을 통한 경전철 정거장 기능실의 슬림화에 관한 연구)

  • Kim, Joo-Uk;Park, Kee-Jun;Kim, Young-Min;Lee, Jae-Chon
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.16 no.2
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    • pp.927-939
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    • 2015
  • It appears that the rapid advance in technology has allowed to broaden the variety of rail systems technology, thereby fostering new business opportunity in rail industry. The direction of rail systems operations is mainly two fold. In one direction, long distance operations between mega cities are pursued with help of high speed trains under development. In the other case, relatively short distance operations for covering intra-city or suburban area are becoming popular. A good example of the latter case is light rail transit (LRT) systems. Due to the short distance operation, it is thus expected that both the development and operation cost for LRT systems be reduced to some extent. The cost reduction desired in there can be gained by scaling down the sizes of both the trains and stations as compared to those of normal rail systems. However, it is not well known how the LRT stations can be scaled down. The objective of this paper is to study on how to slim down the stations (particularly, the functions room) of LRT systems. To achieve the objective, an approach is studied based on a modified method of design structure matrix (DSM). Specifically, using the enhanced DSM method, an integrated architecture is developed for the functions room, in which equipments are housed to perform the functions of electricity, signaling, and communication for LRT stations. The use of the result indicates that the desired reduction can be obtained with the approach taken in the paper.

Development of Risk Evaluation Checklist for In-Situ Production of Precast Concrete Members (기성콘크리트 부재의 현장생산 리스크 평가를 위한 체크리스트 개발)

  • Lim, Jeeyoung;Jeong, Hee Woong;Kim, Dae Young
    • Journal of the Korea Institute of Building Construction
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    • v.21 no.5
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    • pp.445-457
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    • 2021
  • In previous studies, it was confirmed that through the in-situ production of precast concrete members, costs could be reduced by 14.5-39.4% compared to in-plant production. In particular, it was confirmed that the factory owner did not make a contract if it did not earn more than 20% of the production cost. If precast concrete members are produced in-situ under the same conditions, the quality equivalent to that of factory production can be secured. As it is advantageous in terms of cost and quality, precast concrete members must be produced in-situ. However, it is difficult to produce all quantities in-situ due to time and various other constraints. This is because in-situ production is avoided due to anticipated risks during the project management process. However, if the risk factors are analyzed before performing in-situ production of precast concrete members, it will increase the opportunity for in-situ production. Therefore, this study develops a checklist for evaluating the risk of in-situ production of precast concrete members. By applying the checklist to one case site, it was verified that risk factors can be evaluated easily and quickly. As a result, it was analyzed that sites with a high building coverage ratio are classified as high-risk sites because it is difficult to secure usable area for production and storage. The developed checklist efficiently evaluates the risk factors of in-site production, and makes it possible for the operator to determine the risk factors, which can change frequently during project execution, and respond according to the situation.

Agricultural application of natural polymers chitin and chitosan (천연고분자 키틴·키토산의 농업적 활용)

  • Jung, Woo-Jin
    • Food Science and Industry
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    • v.53 no.1
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    • pp.33-42
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    • 2020
  • In accordance with the recent trend of environmentally friendly agricultural policy, product registration of agricultural chitosan among the organic materials has been displayed in various forms such as soil improving agent, crop growth, and pest control. Chitin production industry is expected to bring competitiveness by producing low-quality and low-cost chitin for agriculture, rather than high-quality and high-cost for food, medical products. Since there are various soil microorganisms that can decompose chitin and chitosan in farm soil where crops are produced, it can be applied usefully to agricultural sites suitably for crop growth and pest control using chitin and chitosan as substrates. The purpose of this study is to compare and analyze the registration status of organic materials companies using chitin and chitosan raw materials in the organic materials information system of the NAQS, and to provide an opportunity to further expand the agricultural use of domestic chitin and chitosan.

Sensitivity analysis of RPLS inventory model with price dependent demand linearly under order-size-dependent delay in payments in a two-stage supply chain (주문량에 따라 종속적으로 외상거래기간이 허용되는 상황 하에 선형수요함수를 고려한 RPLS 재고모형의 퇴화율에 따른 민감도분석)

  • Shinn, Seong-Whan
    • The Journal of the Convergence on Culture Technology
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    • v.8 no.5
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    • pp.577-582
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    • 2022
  • Credit transactions are used as a means of price discrimination from competitors in order for suppliers to increase customer demand. In particular, in the case of a two-stage supply chain consisting of a supplier, a retailer, and a customer, the deferral of payment for goods allowed by the supplier is a means of reducing the inventory investment cost of the retailer. Retailers have the opportunity to discount the selling price while anticipating an increase in end-customer demand through the reduction of the inventory investment cost. In view of the fact that such trade credit is provided for the purpose of increasing demand as a means of discrimination from competitors, it may be more general that the credit transaction period is allowed flexibly according to the transaction volume. In particular, in the case of deteriorating products, the credit transaction period given according to the order volume is a factor that increases the order volume of the retailer, but product deterioration can be a limiting factor in the increase in the order volume. The deterioration rate actually plays an important role in determining the inventory policy of the retailer. Therefore, in this paper, the effect of such deterioration rate on the inventory policy of retailer is analyzed.

Development of a Single Allocation Hub Network Design Model with Transportation Economies of Scale (수송 규모의 경제 효과를 고려한 단일 할당 허브 네트워크 설계 모형의 개발)

  • Kim, Dong Kyu;Park, Chang Ho;Lee, Jin Su
    • KSCE Journal of Civil and Environmental Engineering Research
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    • v.26 no.6D
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    • pp.917-926
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    • 2006
  • Transportation Economies of scale are the essential properties of hub networks. One critical property of the hub network design problem is to quantify cost savings which stem from economies of scale, the costs of operating hub facilities and opportunity costs associated with delays stemming from consolidation of traffic flows. Due to the NP-complete property of the hub location problem, however, most previous researchers have focused on the development of heuristic algorithms for approximate solutions. The purpose of this paper is to develop a hub network design model considering transportation economies of scale from the consolidation of traffic flows. The model is designed to consider the uniqueness of hub networks and to determine several cost components. The heuristic algorithms for the developed model are suggested and the results of the model are compared with recently published studies using real data. Results of the analysis show that the proposed model reflects transportation economies of scale due to consolidation of flows. This study can form not only the theoretical basis of an effective and rational hub network design but contribute to the assessment of existing and planned logistics systems.

Demand Shifting or Ancillary Service?: Optimal Allocation of Storage Resource to Maximize the Efficiency of Power Supply (Demand Shifting or Ancillary Service?: 효율적 재생발전 수용을 위한 에너지저장장치 최적 자원 분배 연구)

  • Wooyoung Jeon
    • Environmental and Resource Economics Review
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    • v.33 no.2
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    • pp.113-133
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    • 2024
  • Variable renewable energy (VRE) such as solar and wind power is the main sources of achieving carbon net zero, but it undermines the stability of power supply due to high variability and uncertainty. Energy storage system (ESS) can not only reduce the curtailment of VRE by load shifting but also contribute to stable power system operation by providing ancillary services. This study analyzes how the allocation of ESS resources between load shifting and ancillary service can contribute to maximizing the efficiency of power supply in a situation where the problems caused by VRE are becoming more and more serious. A stochastic power system optimization model that can realistically simulate the variability and uncertainty of VRE was applied. The analysis time point was set to 2023 and 2036, and the optimal resource allocation strategy and benefits of ESS by varying VRE penetration levels were analyzed. The analysis results can be largely summarized into the following three. First, ESS provides excellent functions for both load shifting and ancillary service, and it was confirmed that the higher the reserve price, the more limited the load shifting and focused on providing reserve. Second, the curtailment of VRE can be a effective substitute for the required reserve, and the higher the reserve price level, the higher the curtailment of VRE and the lower the required amount of reserve. Third, if a reasonable reserve offer price reflecting the opportunity cost is applied, ESS can secure economic feasibility in the near future, and the higher the proportion of VRE, the greater the economic feasibility of ESS. This study suggests that cost-effective low-carbon transition in the power system is possible when the price signal is correctly designed so that power supply resources can be efficiently utilized.

Cost-benefit Analysis of Installing Crime Preventive CCTV: Focused on Theft and Assault (범죄예방용 CCTV설치의 비용편익분석: 절도와 폭력범죄를 중심으로)

  • Yun, Woo-Suk;Lee, Chang-Hun;Shim, Hee-Sub
    • Korean Security Journal
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    • no.50
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    • pp.209-237
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    • 2017
  • Theories on 'opportunity for crime' have utilized CCTV in crime prevention approach, and empirical studies showing crime prevention effects of CCTV have supported expansion of CCTV installation. Particularly, in Korea, the number of CCTV installation had tripled from 2011 to 2015, and governmental policies regarding CCTV have become one of the mainstream social control strategies. Although a couple of empirical studies showed decrease in crime rate due to CCTV installation, there is no study investigating B/C analysis(Benefit vs. cost analysis) of CCTV installation. B/C analysis results will be beneficial for official decision-making of criminal justice policy, and this study is purported to produce such fundamental evidence for policy making procedure. To fulfill this goal, this study collected data on financial information, crime data between 2011 and 2015 across the nation from 232 governmental district offices and the Korean National Police. This study then conducted two different B/C analyses(simple B/C analysis, regression-based B/C analysis). The simple B/C analysis results showed that 1) total costs for CCTV installation in 2014 was 68,626,000,000 won(approximately, US$57,188,333.00, money exchange rate 1200won=US$1), 2) benefits of crime reduction was 90,888,000,000 won(appx. US$75,740,000), and 3) B/C rate was 1.32. The regression-based B/C analysis results showed that 1) B/C rate was 1.52 when only reduced costs of criminal justice processes for crime employed, and 2) B/C rate was 3.62 when overall social costs including reduced costs of criminal justice processes and social benefits, e.g., reduction in costs for managing fear of crime, due to the crime reduction. Based on the results, this study provided policy implications.

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An Efficient Estimation of Place Brand Image Power Based on Text Mining Technology (텍스트마이닝 기반의 효율적인 장소 브랜드 이미지 강도 측정 방법)

  • Choi, Sukjae;Jeon, Jongshik;Subrata, Biswas;Kwon, Ohbyung
    • Journal of Intelligence and Information Systems
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    • v.21 no.2
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    • pp.113-129
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    • 2015
  • Location branding is a very important income making activity, by giving special meanings to a specific location while producing identity and communal value which are based around the understanding of a place's location branding concept methodology. Many other areas, such as marketing, architecture, and city construction, exert an influence creating an impressive brand image. A place brand which shows great recognition to both native people of S. Korea and foreigners creates significant economic effects. There has been research on creating a strategically and detailed place brand image, and the representative research has been carried out by Anholt who surveyed two million people from 50 different countries. However, the investigation, including survey research, required a great deal of effort from the workforce and required significant expense. As a result, there is a need to make more affordable, objective and effective research methods. The purpose of this paper is to find a way to measure the intensity of the image of the brand objective and at a low cost through text mining purposes. The proposed method extracts the keyword and the factors constructing the location brand image from the related web documents. In this way, we can measure the brand image intensity of the specific location. The performance of the proposed methodology was verified through comparison with Anholt's 50 city image consistency index ranking around the world. Four methods are applied to the test. First, RNADOM method artificially ranks the cities included in the experiment. HUMAN method firstly makes a questionnaire and selects 9 volunteers who are well acquainted with brand management and at the same time cities to evaluate. Then they are requested to rank the cities and compared with the Anholt's evaluation results. TM method applies the proposed method to evaluate the cities with all evaluation criteria. TM-LEARN, which is the extended method of TM, selects significant evaluation items from the items in every criterion. Then the method evaluates the cities with all selected evaluation criteria. RMSE is used to as a metric to compare the evaluation results. Experimental results suggested by this paper's methodology are as follows: Firstly, compared to the evaluation method that targets ordinary people, this method appeared to be more accurate. Secondly, compared to the traditional survey method, the time and the cost are much less because in this research we used automated means. Thirdly, this proposed methodology is very timely because it can be evaluated from time to time. Fourthly, compared to Anholt's method which evaluated only for an already specified city, this proposed methodology is applicable to any location. Finally, this proposed methodology has a relatively high objectivity because our research was conducted based on open source data. As a result, our city image evaluation text mining approach has found validity in terms of accuracy, cost-effectiveness, timeliness, scalability, and reliability. The proposed method provides managers with clear guidelines regarding brand management in public and private sectors. As public sectors such as local officers, the proposed method could be used to formulate strategies and enhance the image of their places in an efficient manner. Rather than conducting heavy questionnaires, the local officers could monitor the current place image very shortly a priori, than may make decisions to go over the formal place image test only if the evaluation results from the proposed method are not ordinary no matter what the results indicate opportunity or threat to the place. Moreover, with co-using the morphological analysis, extracting meaningful facets of place brand from text, sentiment analysis and more with the proposed method, marketing strategy planners or civil engineering professionals may obtain deeper and more abundant insights for better place rand images. In the future, a prototype system will be implemented to show the feasibility of the idea proposed in this paper.