• Title/Summary/Keyword: Opportunity Cost

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Cost of Treatment for Cancer: Experiences of Patients in Public Hospitals in India

  • Nair, Kesavan Sreekantan;Raj, Sherin;Tiwari, Vijay Kumar;Piang, Lam Khan
    • Asian Pacific Journal of Cancer Prevention
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    • v.14 no.9
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    • pp.5049-5054
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    • 2013
  • Background: To assess the treatment pattern and expenditure incurred by cancer patients undergoing treatment at government tertiary hospitals in India. Materials and Methods: A cross-sectional study of 508 cancer patients randomly selected from tertiary cancer hospitals funded by central/state governments located in major cities of five states in India, namely Kerala, Maharashtra, Rajasthan, West Bengal and Mizoram, during March - May 2011 was conducted. Information related to direct costs, indirect costs and opportunity costs incurred on investigations and treatment, major source of payment and difficulties faced by patients during the course of treatment was collected. Results: About 45% of the patients used private health facilities as the first point of contact for cancer related diseases as against 32% in public hospitals. About 47% sought private health facilities for cancer investigations, 21% at district/sub-district hospitals, and about 4% contacted primary health care facilities. A majority of the patients (76%) faced financial problems while undergoing treatment. Conclusions: The results highlight the importance of involving the primary health care system in the cancer prevention activities.

The Minimum-cost Network Selection Scheme to Guarantee the Periodic Transmission Opportunity in the Multi-band Maritime Communication System (멀티밴드 해양통신망에서 전송주기를 보장하는 최소 비용의 망 선택 기법)

  • Cho, Ku-Min;Yun, Chang-Ho;Kang, Chung-G
    • The Journal of Korean Institute of Communications and Information Sciences
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    • v.36 no.2A
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    • pp.139-148
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    • 2011
  • This paper presents the minimum-cost network selection scheme which determines the transmission instance in the multi-band maritime communication system, so that the shipment-related real-time information can be transmitted within the maximum allowed period. The transmission instances and the corresponding network selection process are modeled by a Markov Decision Process (MDP), for the channel model in the 2-state Markov chain, which can be solved by stochastic dynamic programming. It derives the minimum-cost network selection rule, which can reduce the network cost significantly as compared with the straight-forward scheme with a periodic transmission.

Lamb Production Costs: Analyses of Composition and Elasticities Analysis of Lamb Production Costs

  • Raineri, C.;Stivari, T.S.S.;Gameiro, A.H.
    • Asian-Australasian Journal of Animal Sciences
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    • v.28 no.8
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    • pp.1209-1215
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    • 2015
  • Since lamb is a commodity, producers cannot control the price of the product they sell. Therefore, managing production costs is a necessity. We explored the study of elasticities as a tool for basing decision-making in sheep production, and aimed at investigating the composition and elasticities of lamb production costs, and their influence on the performance of the activity. A representative sheep production farm, designed in a panel meeting, was the base for calculation of lamb production cost. We then performed studies of: i) costs composition, and ii) cost elasticities for prices of inputs and for zootechnical indicators. Variable costs represented 64.15% of total cost, while 21.66% were represented by operational fixed costs, and 14.19% by the income of the factors. As for elasticities to input prices, the opportunity cost of land was the item to which production cost was more sensitive: a 1% increase in its price would cause a 0.2666% increase in lamb cost. Meanwhile, the impact of increasing any technical indicator was significantly higher than the impact of rising input prices. A 1% increase in weight at slaughter, for example, would reduce total cost in 0.91%. The greatest obstacle to economic viability of sheep production under the observed conditions is low technical efficiency. Increased production costs are more related to deficient zootechnical indexes than to high expenses.

A Study on the Effects of the System Marginal Price Setting Mechanism of the Cost Function in Operating Modes of the Combined Cycle Power Plants in Korea Electricity Market (한국전력시장에서 복합발전기의 운전조합별 비용함수의 계통한계가격(SMP) 결정메커니즘 영향에 관한 연구)

  • Yoon, Hyeok Jun
    • Environmental and Resource Economics Review
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    • v.30 no.1
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    • pp.107-128
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    • 2021
  • It has been recognized that implementing the marginal price mechanism to CBP is not acceptable due to the lack of revenue of the marginal generators. This study shows that it is not the problem of marginal price mechanism but the structural problems originated by the suspension of restructuring, the technical limits of RSC program and inaccuracy of the generation cost estimation method. This study explains the method to calculate the cost function in operating modes of the CC generators and proposes the modeling for the CC generators in RSC program. To implementing the cost function in operating modes could give an opportunity to change the price setting mechanism from average to marginal cost. The price setting mechanism based on the marginal cost will be one of the main points to provide the right price signals and to introduce a real-time and A/S markets to prepare the energy transition era.

An Adaptive Vendor Managed Inventory Model Using Action-Reward Learning Method (행동-보상 학습 기법을 이용한 적응형 VMI 모형)

  • Kim Chang-Ouk;Baek Jun-Geol;Choi Jin-Sung;Kwon Ick-Hyun
    • Journal of the Korean Operations Research and Management Science Society
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    • v.31 no.3
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    • pp.27-40
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    • 2006
  • Today's customer demands in supply chains tend to change quickly, variously even in a short time Interval. The uncertainties of customer demands make it difficult for supply chains to achieve efficient inventory replenishment, resulting in loosing sales opportunity or keeping excessive chain wide inventories. Un this paper, we propose an adaptive vendor managed inventory (VMI) model for a two-echelon supply chain with non-stationary customer demands using the action-reward learning method. The Purpose of this model is to decrease the inventory cost adaptively. The control Parameter, a compensation factor, is designed to adaptively change as customer demand pattern changes. A simulation-based experiment was performed to compare the performance of the adaptive VMI model.

Cycle Simulations for Power Saving BIP(block ice plant) design (절전형 제빙시설 설계를 위한 사이클 모사)

  • Kang, Jong-Ho;Kim, Nam-Jin;Lee, Jae-Yong;Kim, Chong-Bo
    • Proceedings of the KSME Conference
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    • 2000.11b
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    • pp.216-221
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    • 2000
  • Most Ice making companies make simple efforts to make products and fail to introduce improvements into the system against huh cost of products. The work presented here is an implementation of ice making method to improve both energy efficiency and productivity. In this present investigation, several ice making cycles are designed and calculated to evaluate COP, ice making time and electric energy consumption. Results obtained shows that COP is improved with more efficient use of time for ice making and electric consumption. Therefore this can offer the opportunity for more efficient energy consumption and productivity in ice making.

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Theoretical Approach for Estimation of Value in Home Production (가정생산의 가치산정을 위한 이론적 접근)

  • 채경희;문숙재
    • Journal of Families and Better Life
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    • v.7 no.1
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    • pp.43-57
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    • 1989
  • In the materialistic societies, individuals get money return according to the importance of their roles. But unlike wage workers who are engaged in market production , housewives engaged in home production do not get that return. It is because the result of home production is not transacted in the market and the price is not given to it, so the value of home production is not estimated. Hence this study trcognizes again the value of home production, suggests the estimation methods of it in input and output based on home production systems and attempts to actualize those methods socially. This home production develops the human attributes of family members to act as a member of a society and potentially contributes to home income and Gross National Products, so it has social and economic value. In spite of that significance, the value of home production is not estimated, so its nor recognized and housewives engaged in home production are not acknowledged their ability. Hence based on home production systems form input to output, this study suggested opportunity cost method and market cost method in input, method by saving money expenditure, hybrid method and method by comparing with market in output.

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Analysis of the maintenance margin level in the KOSPI200 futures market (KOSPI200 선물 유지증거금률에 대한 실증연구)

  • Kim, Joon;Kim, Young-Sik
    • Journal of the Korean Society of Industry Convergence
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    • v.8 no.2
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    • pp.85-95
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    • 2005
  • The margin level in the futures market platys an important role in balancing the default probability with the investor's opportunity cost. In this paper, we investigate whether the movement of KOSPI200 futures daily prices can be modeled with the extreme value theory. Based on this investigation, we examine the validity of the margin level set by the extreme value theory. Moreover, we propose an expected profit-maximization model for securities companies. In this model, the extreme value theory is used for cost estimation, and a regression analysis is used for revenue calculation. Computational results are presented to compare the extreme value distribution with the empirical distribution of margin violation in KOSPI200 and to examine the suitability of the expected profit-maximization model.

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Analysis of Performance and Economical Efficiency through Cycle Simulation for Power Saving BIP(Block Ice Plant) (절전형 제빙시설 사이클 모사를 통한 성능 및 경제성 해석)

  • 강종호;김남진;이재용;김종보
    • Korean Journal of Air-Conditioning and Refrigeration Engineering
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    • v.13 no.6
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    • pp.455-461
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    • 2001
  • Domestic ice making companies make effort to obtain products and neglect to introduce low cost product improvements with energy savings. The work presented here is an implementation of ice making method to improve both energy efficiency and productivity. In this present investigation, several ice making cycles are proposed for higher efficiency in the system. COP(Coefficient of Performance), ice making time and electric energy consumption are evaluated and compared with the conventional system. Results shows that COP is improved with more efficient use of time for ice making and electric consumption. Therefore, this can offer an opportunity for more efficient use of energy and higher productivity in ice making.

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Optimal Man-machine Assignment for Sequential Dependent Multi Different Machines Under Deterministic Cycle Time (확정적 주기시간을 갖는 다기종 Line설비의 최적담당 기계대수 결정)

  • 이근희;김홍국
    • Journal of Korean Society of Industrial and Systems Engineering
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    • v.11 no.17
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    • pp.39-46
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    • 1988
  • This Paper is concerned with a man-multi machine assignment problem to minimize idle time. Assuming different types of semi-automatic machines with deterministic service-processing time, the problem approaches by sequential dependent one operator can handle several machines, where determine optimal range the cost of idle labor and machine time is to be minimized in preparing a work schedule. The Procedure, to establish man-machine assignment model, and it's results are: (1) Objective function to minimize opportunity loss cost, which is happened by idle time, is verified recursive process through heuristic method. (2) The algorithm, is programmed by BASIC language for personal computer, and a numerical example is given to illustrate the heuristic algorithm. This study will be helpful to enhance productivity of Shopflooras a result of increasing the efficiencies of both operator and machine.

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