• Title/Summary/Keyword: Selling Price

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Economic Decision of Specification Limits for a Ham Production Process - An Industrial Case Study -

  • Cha, Young-Joon;Hong, Yeon-Woong;Lee, Jae-Man
    • Journal of the Korean Data and Information Science Society
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    • v.16 no.4
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    • pp.943-949
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    • 2005
  • An economic design of specification limits for production process of ham is considered for a given process mean in a complete inspection plan. Each ham is inspected, and if it meets the specification, it is accepted. The ham less than the lower specification limit are changed another products or at a discounted price, and those greater than the upper specification limit are reworked. A profit model is developed which involves selling price, production cost, rework cost and the cost which is incurred by imperfect quality. Methods for finding the optimal specification limits are derived for the case of piecewise linear loss function with an industrial case study.

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Economic Screening Procedures in Normal and Logistic Models When the Rejected Items are Reprocessed (불합격 제품을 재 가공할 때 정규 및 로지스틱모형 하에서 경제적 선별검사)

  • Hong Sung Hoon
    • Proceedings of the Korean Operations and Management Science Society Conference
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    • 2002.05a
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    • pp.772-777
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    • 2002
  • In this paper, economic screening procedures with dichotomous performance variable T and continuous screening variable X are considered when the rejected items are reprocessed. Two models are considered; normal and logistic models. It is assumed that X given T is normally distributed in the normal model, and $P(T=1{\mid}X=x)$ Is given by a logistic function in the logistic model. Profit models are constructed which involve four price/cost components; selling price, cost from an accepted nonconforming item, and reprocessing and inspectioncosts. Methods of finding the optimal screening procedures are presented and numerical examples are given.

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Economic Screening Procedures in Normal and Logistic Models when the Rejected Items are Reprocessed (불합격 제품을 재가공할 때 정규 및 로지스틱 모형하에서 경제적 선별검사)

  • Hong, Sung-Hoon
    • Journal of Korean Institute of Industrial Engineers
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    • v.28 no.3
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    • pp.240-246
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    • 2002
  • In this paper, economic screening procedures with dichotomous performance variable T and continuous screening variable X are considered when the rejected items are reprocessed. Two models are considered; normal and logistic models. It is assumed that X given T is normally distributed in the normal model, and P(T=1|X=x) is given by a logistic function in the logistic model. Profit models are constructed which involve four price/cost components; selling price, cost from an accepted nonconforming item, and reprocessing and inspection costs. Methods of finding the optimal screening procedures are presented and numerical examples are given.

An Analysis of the Asymmetry of Domestic Gasoline Price Adjustment to the Crude Oil Price Changes: Using Quantile Autoregressive Distributed Lag Model (국제 유가에 대한 국내 휘발유의 가격 조정 분석: 분위수 자기회귀시차분포 모형을 사용하여)

  • Hyung-Gun Kim
    • Environmental and Resource Economics Review
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    • v.31 no.4
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    • pp.755-775
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    • 2022
  • This study empirically analyzes that the asymmetry of domestic gasoline price adjustment to the crude oil price changes can vary depending on the level of gasoline price using quantile autoregressive distributed lag model. The data used are the weekly average Dubai price, domestic gasoline price at refiners and gas stations from the first week of May 2008 to the second week of October 2022. The study estimates three price transmission channels: changes in gas station gasoline prices in response to changes in Dubai oil prices, changes in refiners gasoline prices in response to changes in Dubai oil prices, and changes in gas station prices relative to refiners gasoline prices. As a result, the price adjustment of refiner's gasoline price with respect to Dubai oil price appears asymmetrically across all quantiles of gasoline price, whereas the adjustment of gas station prices for Dubai oil price and refiner's gasoline price tend to be more asymmetric as the quantile of gasoline price increases. Such a result is presumed to be due to changes in the inventory cost of gas stations. When the burden of inventory cost is high, gas stations have an incentive to more actively pass the increased buying price on their selling price.

Theoretical Design for the Production of Quinoa (Chenopodium quinoa Willd.) in a Closed Plant Factory

  • Bae, Jong Hyang;Austin, Jirapa;Jeon, Yoon-A;Cha, Mi-Kyung;Cho, Young-Yeol
    • Horticultural Science & Technology
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    • v.34 no.6
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    • pp.840-844
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    • 2016
  • Quinoa (Chenopodium quinoa Willd.) is a grain crop with high nutritional value. The leaves and sprouts of quinoa can also be consumed either raw or cooked, providing considerably nutritional value as well as high antioxidant and anticancer activities. This study was carried out to obtain basic data to assist in the practical design of a plant factory with artificial lighting for the cultivation of quinoa as a leafy vegetable. We estimated the energy content of the quinoa and the electrical energy required to produce this crop. The yield was 1,000 plants per day, with a planting density and light intensity of $0.015m^2$ ($15{\times}10cm$) and $200{\mu}mol{\cdot}m^{-2}{\cdot}s^{-1}$, respectively. The total number of plants, cultivation area, and electricity consumption were estimated to be 25,000, $375m^2$, and $93,750{\mu}mol{\cdot}s^{-1}$, respectively. White fluorescent lamps were used at a power of 20.4 kW from 1,857 fluorescent lamps (FL, 55 W), and the cost for electricity was approximately 1,820 dollars (exchange rate of $1 = 1,200 won) per month. For a daily harvest of 1,000 plants per day in a closed plant factory, the estimated light installation cost, total installation cost, and total production cost would be 15,473, 46,421, and 55,704 dollars, respectively. The calculated production cost per plant, including labor costs, would be 27 cents for the 25-day cultivation period, with a marketable ratio of 80%. Considering the annual total expenses, income, and depreciation costs, the selling price per plant was estimated to be approximately 56 cents.

Effect of Aftermarket on Pricing Strategy (후속시장이 가격결정에 미치는 영향 분석)

  • Cho, Hyung-Rae;Rhee, Minho
    • Journal of Korean Society of Industrial and Systems Engineering
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    • v.43 no.3
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    • pp.21-28
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    • 2020
  • Aftermarket refers to a market in which a company sells complementary goods, replacements of parts, and upgrade or maintenance services to consumers after selling them main durable goods. Intuitively, consumers who purchase main durable goods become major potential customers in subsequent aftermarket. Thus the existence of the aftermarket has a significant impact on pricing of the main durable goods as well as the aftermarket products. In this study, we analyze the effect of aftermarket on the pricing strategy for a company selling both main durable goods and aftermarket products. To do this we first divided the market into markets where the aftermarket products are indispensable and optional. Based on the proposed market types, the profit maximizing solutions are derived using two-period model, and the impacts of consumers' undervaluation of aftermarket product prices on pricing strategy are analyzed. The results can be summarized as follows : (1) Regardless of the market type, the total profits were found to be inversely proportional to the consumer's awareness accuracy of product prices in the aftermarket. This is in line with marketing efforts that sales companies have made intuitively to make consumers underestimate the cost of the aftermarket. (2) If aftermarket product is indispensable, only revenue from the aftermarket is sought. On the other hand, if aftermarket product is optional, revenue from the main durable good as well as the aftermarket product will be sought simultaneously. (3) Moreover, when aftermarket product is optional, the lower the awareness accuracy of consumers, the higher the price and profit of the main durable goods, while the lower the price and profit of the aftermarket products. This is contrary to the intuition that the lower the consumer's valuation of the costs of aftermarket, the more advantageous it would be to rely on aftermarket products rather than on main durable goods.

The Study of the Financial Index Prediction Using the Equalized Multi-layer Arithmetic Neural Network (균등다층연산 신경망을 이용한 금융지표지수 예측에 관한 연구)

  • 김성곤;김환용
    • Journal of the Korea Society of Computer and Information
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    • v.8 no.3
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    • pp.113-123
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    • 2003
  • Many researches on the application of neural networks for making financial index prediction have proven their advantages over statistical and other methods. In this paper, a neural network model is proposed for the Buying, Holding or Selling timing prediction in stocks by the price index of stocks by inputting the closing price and volume of dealing in stocks and the technical indexes(MACD, Psychological Line). This model has an equalized multi-layer arithmetic function as well as the time series prediction function of backpropagation neural network algorithm. In the case that the numbers of learning data are unbalanced among the three categories (Buying, Holding or Selling), the neural network with conventional method has the problem that it tries to improve only the prediction accuracy of the most dominant category. Therefore, this paper, after describing the structure, working and learning algorithm of the neural network, shows the equalized multi-layer arithmetic method controlling the numbers of learning data by using information about the importance of each category for improving prediction accuracy of other category. Experimental results show that the financial index prediction using the equalized multi-layer arithmetic neural network has much higher correctness rate than the other conventional models.

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The feasibility analysis for energy utilization of forest biomass (산림 바이오매스의 에너지 활용을 위한 타당성 분석)

  • Kang, Hyeun Koo;Park, Kee Chul;Kim, Lae Hyun
    • Journal of Energy Engineering
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    • v.23 no.1
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    • pp.7-20
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    • 2014
  • The optimal woodchip production system was developed and the production cost of a forest woodchip fuel was calculated for utilizing the pitch pine, which covers around 480,000ha nationwide. the marginal price of the woodchip fuel considering the factor of supply price, electricity and heat selling price as well as capacity factor were suggested and the economic sensitivity analysis was conducted for various scenario. The most important variable which determine economic feasibility was a fuel cost for the power generation facility. If the electricity price is higher than the current SMP(System Marginal Price) or the capacity factor is higher than 80%, there fully is a benefit to consume the woodchip fuels produced in the suggested production system in this study. In addition, the additional benefit becomes more obvious when considering REC(Renewable Energy Certificate) and CDM(Clean Development Mechanism). Therefore, it is strongly suggested for domestic power generation sector to utilize the forest biomass fuel to achieve the obligatory target of RPS.

Comparison of Stock Price Prediction Using Time Series and Non-Time Series Data

  • Min-Seob Song;Junghye Min
    • Journal of the Korea Society of Computer and Information
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    • v.28 no.8
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    • pp.67-75
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    • 2023
  • Stock price prediction is an important topic extensively discussed in the financial market, but it is considered a challenging subject due to numerous factors that can influence it. In this research, performance was compared and analyzed by applying time series prediction models (LSTM, GRU) and non-time series prediction models (RF, SVR, KNN, LGBM) that do not take into account the temporal dependence of data into stock price prediction. In addition, various data such as stock price data, technical indicators, financial statements indicators, buy sell indicators, short selling, and foreign indicators were combined to find optimal predictors and analyze major factors affecting stock price prediction by industry. Through the hyperparameter optimization process, the process of improving the prediction performance for each algorithm was also conducted to analyze the factors affecting the performance. As a result of feature selection and hyperparameter optimization, it was found that the forecast accuracy of the time series prediction algorithm GRU and LSTM+GRU was the highest.

A Study on the Relation of Web News and Stock Price (웹 뉴스의 양과 주가의 관계에 관한 연구)

  • Kim, Sang Soo;Nam, Dal-Woo;Jo, Hyeon;Kim, Soung Hie
    • Journal of Information Technology Services
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    • v.11 no.3
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    • pp.191-203
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    • 2012
  • In the stock market, the investors rely on stock information to trade. Good information may stimulate buying, raising the stock prices and the bad information may result in selling, decreasing the stock prices. In terms of the relationship between information and stock prices, stock prices can be viewed as reaction of investors to all the information flowing into the market. The significant increase of web stock news volume is often associated with the significant changes of stock prices. When the web stock news volume for a firm increases significantly, the stock price movement is often oscillatory. This paper attempts to investigate the relationship between volumes of information from Korean web IT and stock prices in Korean stock market. This research shows that when the web stock news volume increases significantly, volatility, trading volumes and rate of returns are increase too. The results of the study provide us with the new clues to the microstructure of the stock market from the perspective of the web news.