• Journal of the Korean Operations Research and Management Science Society
• /
• v.38 no.4
• /
• pp.35-52
• /
• 2013

Markowitz's portfolio selection model is used to construct an optimal portfolio which has minimum variance, while satisfying a minimum required expected return. The model uses estimators based on analysis of historical data to estimate the returns, standard deviations, and correlation coefficients of individual stocks being considered for investment. However, due to the inaccuracies involved in estimations, the true optimality of a portfolio constructed using the model is questionable. To investigate the effect of estimation inaccuracy on actual portfolio performance, we study the changes in a portfolio's realized return and standard deviation as the accuracy of the estimations for each stock's return, standard deviation, and correlation coefficient is increased. Furthermore, we empirically analyze the portfolio's performance by comparing it with the performance of active mutual funds that are being traded in the Korean stock market and the KOSPI benchmark index, in terms of portfolio returns, standard deviations of returns, and Sharpe ratios. Our results suggest that, among the three input parameters, the accuracy of the estimated returns of individual stocks has the largest effect on performance, while the accuracy of the estimates of the standard deviation of each stock's returns and the correlation coefficient between different stocks have smaller effects. In addition, it is shown that even a small increase in the accuracy of the estimated return of individual stocks improves the portfolio's performance substantially, suggesting that Markowitz's model can be more effectively applied in real-life investments with just an incremental effort to increase estimation accuracy.

• Journal of the Korean Society of Surveying, Geodesy, Photogrammetry and Cartography
• /
• v.40 no.4
• /
• pp.333-342
• /
• 2022

This paper has theoretically and practically reviewed the ISO (International Standard Organization) 17123-8 standard not only to raise the appropriateness for introducing performance criteria of GNSS (Global Navigation Satellite Systems) surveying equipment based on RTK (Real-Time Kinematic) accuracy but also to derive its proper test procedure by introducing the international standard. Field experiments have been performed to appreciate the GNSS-RTK accuracy of five selected receivers via the full testing procedure of the ISO standard, which statistically compares the so-called experimental standard deviations with themselves and with the reference accuracy. A series of statistical tests have revealed that the RTK accuracy of the same class receivers is not identical, whereas that of the different classes can be equivalent. Such a result evidences the urgency of adopting an RTK accuracy-based specification of the GNSS equipment to the performance standard, currently referenced to the static observation technique only. It is believed that this transition helps the maximization of a new generation of cost-effective receivers to legal surveying applications. Finally, this study proposes the ISO full test, comparing an experimental standard deviation with its referenced value, for a potential field verification procedure of the new performance standard.

• Progress in Medical Physics
• /
• v.31 no.2
• /
• pp.20-28
• /
• 2020

Purpose: The objective of this study is to perform Postal dosimetry audits for medical linear accelerators in radiation therapy institutions using glass dosimeters and Gafchromic film reading systems and postal dosimetry audit procedures, and to evaluate radiation therapy doses and mechanical accuracy in medical institutions. Methods: Photon output measured and analyzed using a standard phantom for measuring photon output dose using a glass dosimeter for medical linear accelerators. Mechanical accuracy was measured and analyzed using software for film measurement. Results: Measurement and analysis of photon beam output dose using a standard phantom glass dosimeter for photon beam output dose measurement was completed. All tolerance doses were within 5%. Mechanical accuracy measurement and analysis using a standard phantom for verifying the mechanical accuracy of linear accelerator (LINAC) using a Gafchromic film were completed, and all results were shown within tolerances (2 mm or less). Conclusions: In this study, Postal dosimetry audits were performed on the output dose and mechanical accuracy of photon beams (207 beams) for 106 LINACs from 48 institutions. As a result of corrective action and re-execution, it was confirmed that all engines met the acceptable standard within 2 mm in the linear accelerator.

• Transactions of the Korean Society of Mechanical Engineers
• /
• v.13 no.5
• /
• pp.862-874
• /
• 1989

A phase evil method and spectrum analysis were instrument error which is originated from measurement system and the form error of standard specimens. An instrument with a rotating table supported by an air bearing is calibrated using standard specimens. The phase of standard specimens was measured 12 times on the rotating table with rotating 30 in turn and its measurement magnification was set by 100000 times. As a result of data analysis of all the observations, read out at each of 144 orientations(per 2.5) from recorded datafiles, the error of the performance of the instrument and those of the standard specimens are evaluated and a systematic deviation of the instrument is determined. In the particular instrument used in the present experiment, the deviation of the instrument is determined with the accuracy of 15nm and those of standard specimens with the accuracy of 23, 13 n, respectively. The reproducibility of the instrument is investigated, too. If the instrument is calibrated by using the above standard specimens, then the accuracy of the measurement of roundness error can be improved to about 15nm.

• KSII Transactions on Internet and Information Systems (TIIS)
• /
• v.17 no.5
• /
• pp.1356-1376
• /
• 2023

Software effort estimation is one of the most difficult tasks in software development whereas predictability is also of equal importance for strategic management. Accurate prediction of the actual cost that will be incurred in software development can be very beneficial for the strategic management. This study discusses the latest trends in software estimation focusing on analogy-based techniques to show how they have improved the accuracy for software effort estimation. It applies the standard deviation technique to the expected value of analogy-based estimates to improve accuracy. In more than 60 percent cases the applied technique of this study helped in improving the accuracy of software estimation by reducing the Magnitude of Relative Error (MRE). The technique is simple and it calculates the expected value of cost or time and then uses different confidence levels which help in making more accurate commitments to the customers.

• Journal of Information Technology Services
• /
• v.8 no.2
• /
• pp.43-70
• /
• 2009

As software development and maintenance cost increase quickly, information systems managers are more concerned about how to effectively manage software cost. To estimate the software development cost, most public institutes of Korea use the software cost estimation standard established by the government. Unfortunately, the accuracy of the estimation derived from the standard has not been satisfactory in spite of repetitive modifications made to improve it. One of the major reasons for the inaccuracy is that the standard has too small a number of cost adjustment factors to reflect the various characteristics of a software development project. To remedy this problem, we propose new cost adjustment factors which can be incorporated into the standard and are important to enhance the estimation accuracy, based on the analysis of several well-known software estimation models. Furthermore, by applying the proposed model to real world software projects, we show that the proposed model can produce more accurate estimates than the current standard.

• Journal of the Korean Society of Surveying, Geodesy, Photogrammetry and Cartography
• /
• v.16 no.2
• /
• pp.319-326
• /
• 1998

In this study, it was tried to experimentally judge the positional accuracy of digital maps, which are being constructed with a vast of investment and national endeavor. Using GPS and Total Station, field surveying to assess the positional accuracy of 1：5,000 digital maps was conducted. According to these results, the digital maps were compared to the real field test. And in order to check the positional accuracy standard of digital maps, theoretical positional accuracy of 1：5,000 digital maps are compared with that from field test data to propose research activities for hereafter positional accuracy standard of digital map.

• Journal of the Korean Society for Nondestructive Testing
• /
• v.26 no.6
• /
• pp.427-439
• /
• 2006

Accurate estimates of in place thickness of early age (3 to 28 days after casting) concrete pavements are needed, where a thickness accuracy of ${\pm}6mm$ is desired. The impact-echo method is a standardized non-destructive technique that has been applied for this task. However, the ability of impact-echo to achieve this precision goal is affected by Vp (measured) and ${\beta}$ (assumed) values that are applied in the computation. A deeper understanding of the effects of these parameters on the accuracy of impact-echo should allow the technique to be improved to meet the desired accuracy goal. In this paper, the results of experimental tests carried out on a range of concrete slabs are reported. Impact-echo thickness estimation errors caused by material property gradients and sensor type are identified. Correction factors to the standard analysis method are proposed to correct the identified errors and to increase the accuracy of the standard method. Results show that improved accuracy can be obtained in the field by applying these recommendations with the standard impact-echo method.

• Proceedings of the Korean Society of Surveying, Geodesy, Photogrammetry, and Cartography Conference
• /
• 2007.04a
• /
• pp.447-450
• /
• 2007

Positioning technology for moving object is an important and essential component of ubiquitous. Also RFID(Radio Frequency IDentification) is a core technology of ubiquitous wireless communication. In this study we adapted kalman-filter theory to RFID-based Positioning System in order to trace a time-variant moving object and verify the positioning accuracy using RMSE (Roong technology for moving object is an important and essential component of ubiquitous Mean Square Error). The purpose of this study is to verify an effect of kalman-filter on the positioning accuracy and to analyze what does each design factor have an effect on the positioning accuracy by means of simulations and to suggest a standard of optimal design factor of a RFID-based Positioning System. From the results of simulations, Kalman-filer improved the positioning accuracy remarkably; the detection range of RFID tag is not a determining factor. The smaller standard deviation of detection range improves the positioning accuracy. However it accompanies a smaller fluctuation of the positioning accuracy. The larger detection rate of RFID tag yields the smaller fluctuation in the positioning accuracy and has more stable system and improves the positioning accuracy;

• Journal of radiological science and technology
• /
• v.41 no.6
• /
• pp.603-610
• /
• 2018

This study examined the following: accuracy of the exposure conditions in the inverter device and three-phase device; output waveform over the exposure conditions; and average and standard deviation of the output waveform. After assessing whether the dose corresponding to the theoretical dose was presented, the following conclusions were obtained: 1. The accuracy of the tube voltage(kVp) and tube current(mA) exposure time(sec) was within the tolerable level prescribed in Korea's Safety Management Standards. In the error, Inverter device was large the tube voltage and exposure time, the three-phase device was large the tube current. 2. In terms of the output waveform of the exposure conditions and the average and standard deviation of the output waveform, the higher tube voltage and larger tube current resulted in greater standard deviation in pulsation. Moreover, the standard deviation of pulsation was shown to be greater in the inverter device than the three-phase device; there was also greater standard deviation in the inverter device considering the exposure time. 3. Regarding the exposure conditions over the output dose, all linearity showed the coefficient of variation which had an allowable limit of error within 0.05. Although the output dose ratio for the inverter device was 1.00~1.10 times no difference that of the three-phase device, there was almost no difference in dose ratio between the tube currents.