• 자원ㆍ환경경제연구
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• 제27권4호
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• pp.639-666
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• 2018

This paper analyses the investment options of groundwater development project under water price uncertainty. The optimal investment threshold price which trigger the investment are calibrated base on monopolistic real options model. Stochastic dynamic model is set to reflect the uncertainty of water price which follows the GBM (Geometric Brownian Motion) process. Our finding from non-cooperative investment decision model is that uncertainty of water price could deter the groundwater investment by considering the existence of option values. For policy markers, it is easy to manage 'charges for utilization of groundwater' rather than 'performance guarantee ratio' when managing groundwater investment with pricing policy. And it is necessary to make comprehensive and well-designed policies considering the characteristics of regional groundwater reservoir and groundwater developers.

• 국제학술발표논문집
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• The 5th International Conference on Construction Engineering and Project Management
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• pp.502-506
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• 2013

The cash flow forecasting is normally done by contractors in construction industry at early stages of the project for contractual decisions. The decision making in such situations involve uncertainty about future cash flows and assessment of working capital requirements gains more importance in projects constrained by cash. The traditional approach to assess the working capital requirements is deterministic in and neglects the uncertainty. This paper presents an alternate approach to assessment of working capital requirements for contractor based on fuzzy set theory by considering the uncertainty and ambiguity involved at payment periods. Statistical methods are used to deal with the uncertainty for working capital curves. Membership functions of the fuzzy sets are developed based on these statistical measures. Advantage of fuzzy peak working capital requirements is demonstrated using peak working capital requirements curves. Fuzzy peak working capital requirements curves are compared with deterministic curves and the results are analyzed. Fuzzy weighted average methodology is proposed for the assessment of peak working capital requirements.

• 대한안전경영과학회지
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• 제9권6호
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• pp.193-196
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• 2007

This paper presents real examples of quality statistics for users to easily understand the concept and purpose for obtaining the degree of freedom. Moreover degree of freedom by Satterwaite can be used for linear combinations of unbiased variance. Finally effective degree of freedom by Welch-Satterthwaite is applicable to obtain expanded uncertainty considering type A and type B uncertainty.

• 품질경영학회지
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• 제42권4호
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• pp.617-632
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• 2014

Purpose: This study aims to explore the relationship between the focal firm's interdepartmental cooperation and new product development (NPD) performance with focus on the moderating effect of environmental uncertainty. The basic hypothesized model is that there are positively associated relationships. Methods: The proposed research model was tested using structural equation modeling with 601 responses from multi-functional and multiple respondents in Korean manufacturing firms. Multi-group SEM analyses were conducted to explore the degree to which the hypothesized model was equivalent for different levels of environmental uncertainty. Results: Interdepartmental cooperation between R&D and production is positively associated with NPD performance under both higher and lower environmental uncertainties, while one between R&D and marketing is positively associated under only higher environmental uncertainty. Conclusion: This paper determined that NPD performance is positively correlated with R&D-production cooperation in a focal firm, and the relationship between R&D-marketing cooperation and NPD performance is positively moderated by level of environmental uncertainty. Consequently, this study suggests that it is always important for firms to put much effort on R&D-production cooperation for a better NPD performance, while R&D-marketing cooperation should be enhanced especially under higher environmental uncertainty than lower.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.195-200
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• 2021

In recent years, Vietnam's economic growth rate has been attributed to the growth of many well-managed industries within Southeast Asia. Among them is the civil construction industry. Construction projects typically take a long time to complete and require a huge budget. Many socio-economic variables and factors affect total construction project costs due to market fluctuations. In recent years, crucial socioeconomic development indicators of construction reached a fairly high growth rate. Also, most infrastructure and construction projects have a high degree of complexity and uncertainty. This makes it challenging to predict the accurate project price. These challenges raise the need to recognize significant factors that influence the construction price index of civil buildings in Vietnam, both micro and macro. Therefore, this paper presents critical factors that affect the construction price index using the fuzzy extent analysis process in an uncertain environment. This proposed quantitative model is expected to reflect the uncertainty in the process of evaluating and ranking the influencing factors of the construction price index in Vietnam. The research results would also allow project stakeholders to be more informed of the factors affecting the construction price index in the context of Vietnam's civil construction industry. They also enable construction contractors to estimate project costs and bid rates better, enhancing their project and risk management performance.

• 대한안전경영과학회:학술대회논문집
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• 대한안전경영과학회 2010년도 춘계학술대회
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• pp.181-188
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• 2010

The research presents the implementation and improvement strategies of scientific methodologies and techniques in the audit criteria of KS certification. The paper discusses the establishment of management strategy and quality policy by the alignment of BSC or policy deployment, the effective handling methodologies of control plan based on SPC, and the traceability of calibration uncertainty and MSA, etc.

• 아태비즈니스연구
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• 제12권1호
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• pp.183-193
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• 2021

Purpose - The purpose of this study is to examine the impacts of global uncertainty on gross and net capital flows in Korea. Design/methodology/approach - We conduct an empirical analysis of the impact of global uncertainty on the net and gross capital flows in korea. To investigate the impacts, we incorporate linear and nonlinear ARDL models. Findings - We find global uncertainty has negative impacts on the gross and net capital flows. But this impact is nonlinear. The negative global uncertainty shocks are bigger than the positive global uncertainty shocks on capital flows in Korea. And we find this relationship is noticeable in gross capital inflows. We also find interest rate difference between the US and Korea is the main driving source in capital flow after the Global financial crisis. Research implications or Originality - The results of this study suggest that the negative impacts of global uncertainty are noticeable. This means that economic players in financial markets should be more concerned about the bad news.

• 한국농공학회논문집
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• 제49권4호
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• pp.13-22
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• 2007

The uncertainty in water quality model predictions is inevitably high due to natural stochasticity, model uncertainty, and parameter uncertainty. An integrated modeling system under uncertainty was described and demonstrated for use in watershed management and receiving-water quality prediction. A watershed model (HSPF), a receiving water quality model (WASP), and a wetland model (NPS-WET) were incorporated into an integrated modeling system (modified-BASINS) and applied to the Hwaseong Reservoir watershed. Reservoir water quality was predicted using the calibrated integrated modeling system, and the deterministic integrated modeling output was useful for estimating mean water quality given future watershed conditions and assessing the spatial distribution of pollutant loads. A Monte Carlo simulation was used to investigate the effect of various uncertainties on output prediction. Without pollution control measures in the watershed, the concentrations of total nitrogen (T-N) and total phosphorous (T-P) in the Hwaseong Reservoir, considering uncertainty, would be less than about 4.8 and 0.26 mg 4.8 and 0.26 mg $L^{-1}$, respectively, with 95% confidence. The effects of two watershed management practices, a wastewater treatment plant (WWTP) and a constructed wetland (WETLAND), were evaluated. The combined scenario (WWTP + WETLAND) was the most effective at improving reservoir water quality, bringing concentrations of T-N and T-P in the Hwaseong Reservoir to less than 3.54 and 0.15 mg ${L^{-1}$, 26.7 and 42.9% improvements, respectively, with 95% confidence. Overall, the Monte Carlo simulation in the integrated modeling system was practical for estimating uncertainty and reliable in water quality prediction. The approach described here may allow decisions to be made based on probability and level of risk, and its application is recommended.

• 품질경영학회지
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• 제46권4호
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• pp.959-972
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• 2018

Purpose: This study developed a simulation model that incorporates the uncertainty of demand and yield to obtain optimized results for supply chain coordination within environmental constraints. The objective of this study is to examine whether yield management for perishable products can achieve the goal of supply chain coordination between a single buyer and a single supplier under a variety of environmental conditions. Methods: We investigated the efficiency of a revenue-sharing contract and a wholesale price contract by considering demand and yield uncertainty, profit maximizing ratio, and success ratio. The implications for environmental variation were derived through a comparative analysis between the wholesale price contract and the revenue-sharing contract. We performed Monte Carlo simulations to give us the results of an optimized supply chain within the environments defined by the experimental factors and parameters. Results: We found that a revised revenue-sharing contracting model was more efficient than the wholesale price contract model and allowed all members of the supply chain to achieve higher profits. First, as the demand variation (${\sigma}$) increased, the profit of the total supply chain increased. Second, as the revenue-sharing ratio (${\Phi}$) increased, the profits of the manufacturer gradually decreased, while the profits of the retailer gradually increased, and this change was linear. Third, as the quality of yield increased, the profits of suppliers appear to increased. At last, success rate was expressed as the profit increased in the revenue-sharing contract compared to the profit increase in the wholesale price contract. Conclusion: The managerial implications of the simulation findings are: (1) a strategic approach to demand and yield uncertainty helps in efficient resource utilization and improved supply chain performance, (2) a revenue-sharing contract amplifies the effect of yield uncertainty, and (3) revised revenue-sharing contracts fetch more profits for both buyers and suppliers in the supply chain.

• 대한토목학회논문집
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• 제33권6호
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• pp.2293-2302
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• 2013

홍수위험관리에서 홍수범람도는 가장 기본적인 자료로 사용되고 있다. 그러나 홍수범람도 구축과정에서 다양한 형태로 불확실성이 발생하기 때문에 이는 정확한 홍수 방재계획 수립에 걸림돌로 작용할 수 있다. 그러므로 불확실성 요소를 제거하거나 개선하여 홍수범람도의 정확성을 향상시키는 것이 필요하나, 모든 불확실성을 완벽하게 제거하는 것은 경제적 타당성과 홍수에 대한 지식의 한계 때문에 불가능하며 매우 비효율적일 수 있다. 또한, 홍수범람도에 전달되는 불확실성 요소의 영향은 다른 환경변수에 따라 다를 수 있기 때문에 다양한 주변 환경의 조건을 고려한 불확실성 요소에 대한 민감도 분석이 필요하다. 이를 통하여 제거해야하거나 개선시켜야할 불확실성 요소의 우선순위를 정함으로써 전략적이면서도 효율적인 홍수위험관리를 유도할 수 있을 것으로 판단된다. 본 연구는 주변 환경의 조건에 따라 홍수범람도에 미치는 불확실성 요소의 민감도를 FOA방법을 이용하여 분석하고, 이를 미국 Indiana주 Columbus시 근처의 Flatrock 강에 적용하여 홍수범람도에 가장 큰 불확실성을 전달하는 요소를 선별하였다. 본 연구결과는 하나의 불확실성 요소가 다른 입력변수나 매개변수와 같은 주변 환경에 의해 홍수범람도에 다르게 영향을 준다는 것을 확인하였으며 또한, 대상유역의 홍수범람도 구축과정에서 가장 큰 불확실성 요소는 지형자료로 판명되었다.