• The Korean Journal of Financial Management
• /
• v.2 no.1
• /
• pp.21-34
• /
• 1986

The purpose of this study is to analyse the risk and uncertainty involved in the capital budgeting which is executed in long periods and requires massive capital expenditure. Under risk and uncertainty conditions, the estimates in the capital budgeting are random variables rather than known constants. Two approaches have emerged in performing economic analysis that explicitly incorporate risk and uncertainty conditions in the analysis. One approach is to develop a descriptive model which describes the economic performance of an individual investment alternative. But no recomendation would be forthcoming from the model. Rather, the decision-maker would be furnished descriptive information concerning each alternative; the final choice among the alternatives would required a separate action. The second approach is to develop a normative model which includes an objective function to be maximized or minimized. The output from the model prescribes the course of action to be taken. Owing to the fact that the normative approach considers the fitness of criteria for decision-making its reasonableness looks better. But it is almost imposible that we correctly and easily derive the individuals' utility function. So within we recognize the limits of the descriptive methods, it is more practicle to analyse the investment alternatives by sensitivity analysis.

• Structural Engineering and Mechanics
• /
• v.32 no.1
• /
• pp.179-191
• /
• 2009

A stochastic response spectrum method is proposed for simple evaluation of the structural response of an actively controlled aseismic structure. The response spectrum is constructed assuming a linear structure with an active mass damper (AMD) system, and an earthquake wave model given by the product of a non-stationary envelope function and a stationary Gaussian random process with Kanai-Tajimi power spectral density. The control design is executed using a linear quadratic Gaussian control strategy for an enlarged state space system, and the response amplification factor is given by the combination of the obtained statistical response values and extreme value theory. The response spectrum thus produced can be used for simple dynamical analyses. The response factors obtained by this method for a multi-degree-of-freedom structure are shown to be comparable with those determined by numerical simulations, demonstrating the validity and utility of the proposed technique as a simple design tool. This method is expected to be useful for engineers in the initial design stage for structures with active aseismic control.

• ETRI Journal
• /
• v.45 no.5
• /
• pp.746-757
• /
• 2023

This study presents a novel safe landing algorithm for urban drone deliveries. The rapid advancement of drone technology has given rise to various delivery services for everyday necessities and emergency relief efforts. However, the reliability of drone delivery technology is still insufficient for application in urban environments. The proposed approach uses the "landing angle control" method to allow the drone to land vertically and a rapidly exploring random tree-based collision avoidance algorithm to generate safe and efficient vertical landing paths for drones while avoiding common urban obstacles like trees, street lights, utility poles, and wires; these methods allow for precise and reliable urban drone delivery. We verified the approach within a Gazebo simulation operated through ROS using a six-degree-of-freedom drone model and sensors with similar specifications to actual models. The performance of the algorithms was tested in various scenarios by comparing it with that of stateof-the-art 3D path planning algorithms.

• Environmental and Resource Economics Review
• /
• v.16 no.3
• /
• pp.701-721
• /
• 2007

A key issue in the development and application of stated preference nonmarket valuation is the incorporation of unobserved heterogeneity in utility models. Two approaches to this task have dominated. The first is to include individual-specific characteristics into the estimated indirect utility functions. These characteristics are usually socioeconomic or demographic variables. The second employs generalized models such as random parameter logit or probit models to allow model parameters to vary across individuals. This paper examines a third approach: the inclusion of psychological or 'latent' variables such as general attitudes and behaviour-specific attitudes to account for heterogeneity in models of stated preferences. Attitudinal indicators are used as explanatory variables and as segmentation criteria in a choice modelling application. Results show that both the model significance and parameter estimates are influenced by the inclusion of the latent variables, and that attitudinal variables are significant factors for WTP estimates.

• Proceedings of the Korean Operations and Management Science Society Conference
• /
• 1999.04a
• /
• pp.426-426
• /
• 1999

;There are many sources of uncertainty in a typical production and inventory system. There is uncertainty as to how many items customers will demand during the next day, week, month, or year. There is uncertainty about delivery times of the product. Uncertainty exacts a toll from management in a variety of ways. A spurt in a demand or a delay in production may lead to stockouts, with the potential for lost revenue and customer dissatisfaction. Firms typically hold inventory to provide protection against uncertainty. A cushion of inventory on hand allows management to face unexpected demands or delays in delivery with a reduced chance of incurring a stockout. The proposed strategies are used for the design of a probabilistic inventory system. In the traditional approach to the design of an inventory system, the goal is to find the best setting of various inventory control policy parameters such as the re-order level, review period, order quantity, etc. which would minimize the total inventory cost. The goals of the analysis need to be defined, so that robustness becomes an important design criterion. Moreover, one has to conceptualize and identify appropriate noise variables. There are two main goals for the inventory policy design. One is to minimize the average inventory cost and the stockouts. The other is to the variability for the average inventory cost and the stockouts The total average inventory cost is the sum of three components: the ordering cost, the holding cost, and the shortage costs. The shortage costs include the cost of the lost sales, cost of loss of goodwill, cost of customer dissatisfaction, etc. The noise factors for this design problem are identified to be: the mean demand rate and the mean lead time. Both the demand and the lead time are assumed to be normal random variables. Thus robustness for this inventory system is interpreted as insensitivity of the average inventory cost and the stockout to uncontrollable fluctuations in the mean demand rate and mean lead time. To make this inventory system for robustness, the concept of utility theory will be used. Utility theory is an analytical method for making a decision concerning an action to take, given a set of multiple criteria upon which the decision is to be based. Utility theory is appropriate for design having different scale such as demand rate and lead time since utility theory represents different scale across decision making attributes with zero to one ranks, higher preference modeled with a higher rank. Using utility theory, three design strategies, such as distance strategy, response strategy, and priority-based strategy. for the robust inventory system will be developed.loped.

• Journal of Preventive Medicine and Public Health
• /
• v.33 no.1
• /
• pp.125-133
• /
• 2000

Objectives : This study uses meta-analysis methodology to examine the statistical consistency and importance of random variation among results of epidemiologic studies of occupational electromagnetic field exposure and leukemia. Methods : Studies for this meta-analysis were identified from previous reviews and by asking researcher active in this field for recommendations. Overall, 27 studies of occupational electromagnetic field exposures and leukemia were reviewed. A variety of meta-analysis statistical methods have been used to assess combined effects, to identify heterogeneity, and to provide a single summary risk estimate based on a set of simiar epidemiologic studies. In this study, classification of exposure metircs on occupational epidemiologic studies are reported for (1) job classification (20 individual studies); (2) leukemia subtypes (13 individual studies); and (3) country (27 individual studies). Results : Results of this study, an inverse-variance weighted pooling of all the data leads to a small but significant elevation in risk of f 1% (OR=1.11, 95% CI : $1.06\sim1.16$) among 27 occupational epidemiologic studies. Publication bias was assessed by the 'fail-safe n' that may be not influence for all combined results exception a few categories, ie, 'power station operators' and 'electric utility workers' by job classification on occupational study. And ail combined odds ratio results were similar for fixed-effects models and random-effects models, with slightly higher risk estimates for the random-effects model in situations where there was significant heterogeneity, ie, Q-statistic significant (p<.05). Conclusions : We found a small elevation in risk of leukemia, but the ubiquitous nature of exposure to electromagnetic fields from workplace makes even a weak association a public health issue of substantial power to influence the present overall conclusion about relationship between electromagnetic fields exposure and leukemia.

• BMB Reports
• /
• v.37 no.1
• /
• pp.122-132
• /
• 2004

The rapid development and characterization of the mouse genome sequence, coupled with comparative sequence analysis of human, has been paralleled by a reinforced enthusiasm for mouse functional genomics. The way to uncover the in vivo function of genes is to analyze the phenotypes of the mutant animals. From this standpoint, the mouse is a suitable and valuable model organism in the studies of functional genomics. Therefore, there have been enormous efforts to enrich the list of the mutant mice. Such a trend emphasizes the random mutagenesis, including ENU mutagenesis and gene-trap mutagenesis, to obtain a large stock of mutant mice. However, since various mutant alleles are needed to precisely characterize the role of a gene in vivo, mutations should be designed. The simplicity and utility of transgenic technology can satisfy this demand. The combination of RNA interference with transgenic technology will provide more opportunities for researchers. Nevertheless, gene targeting can solely define the in vivo function of a gene without a doubt. Thus, transgenesis and gene targeting will be the major strategies in the field of functional genomics.

• Korea journal of population studies
• /
• v.11 no.1
• /
• pp.185-196
• /
• 1988

This study considers inter-jurisdictional fiscal externalities between a central city and suburbs, rigorously examines. and empirically tests the suburban-exploitation-of-central-cities hypothesis. Using micro-migra4ion data, house-holds 'intra-metropolitan migration between 1985 and 1990 Is examined based on a random utility model. It is found that efficient population distribution between a central city and suburbs can be achieved when local government stake into account inter-jurisdictional externalities. External aids from the federal and state governments should be given to public services such as education, welfare, health, and employee retirement services, if they intend to arrest central city decline. Regional tax sharifs can be another way of dealing with these externalities.

• Korean Management Science Review
• /
• v.13 no.2
• /
• pp.25-48
• /
• 1996

Mixed Model Assembly Lines (MMALs) are increasingly used to produce differentiated products on a single assembly line without work-in-process storage, Usually, a typical MMAL consists of a number of (1) stations doing exactly the same operation on every job, (2) stations involving operations with different choices, and (3) stations offering operations that are not performed on every job, or that are performed on every job but with many options. For stations of the first type there is no sequencing problem at all. However, for the second type a set-up cost is incurred each time the operation switches from one choice to another. At the third type of stations, different models, requring different amounts and choices of assembly work, creates an uneven flow of work along the line and variations in the work load at these stations. When a subsequence of jobs requires more work load than the station can handle, it is necessary to help the operations at the station or to complete the work elsewhere. Therefore, a schedule which minimize the sum of set-up cost and utility work cost is desired. So this study has developed Fixed Random Ordering Rule (FROR), Fixed Ascending Ordering Rule (FAOR), Fixed Descending Ordering Rule, and Extended NHR (ENHR). ENHR is to choose optimal color ordering of each batch with NHR, and to decide job sequence of the batch with it, too. As the result of experiments, ENHR was the best heuristic algorithm. NHR is a new heuristic rule in which only the minimum addition of violations from both partial sequence and unassigned sequence at every branch could be considered. And this is a heuristic sequencing rule for the third type of stations at MMAL. This study developed one more heuristic algorithm to test the performance of NHR, which is named as Practical Heuristic Rule (PHR).

• Journal of Korean Society of Transportation
• /
• v.28 no.5
• /
• pp.65-75
• /
• 2010

The objective of this paper is to quantify economic values of parcel service attributes (safety, reliability, quickness, and kindness and customer service) using the contingent choice method and to investigate impact factors (such as sex, age, and education), which influence choice of desirable parcel services. As empirical results, the marginal willingness-to-pay for multiple attributes of parcel service is calculated as about 2,349.6 KRW for the safety attribute, about 829.3 KRW for the reliability attribute, about 588.5 KRW for the quickness attribute, and about 358.8 KRW for the kindness and customer service attribute, according to the estimation model without covariates. The overall results indicate that the safety attribute ranks highest among parcel service attributes, followed by the reliability attribute, quickness attribute, and kindness and customer service attribute. These results can be useful in the decision-making process for establishing desirable pricing policies for parcel service.