• Journal of the Korean Association of Geographic Information Studies
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• v.5 no.3
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• pp.55-67
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• 2002

Various researches and practices on asset management and asset-based mapping have been done with regard to engineering, industry, business and stocks marketing areas. Their notions and concepts are differently interpreted in response to different requirements. There are considerable research outcomes of management, operation and maintenance for physical, natural and digital assets. However, existing concept of asset management might have limitations to deal with diverse tangible or intangible assets at the individual/household/community level. In this paper, a conceptual framework of Hexad asset model is designed to explicate increase, decrease and other changes of assets flows as a geometric pathway. Particularly, consideration of lands and housing as important physical and natural assets to escape poverty not only leads to creation of an excellent 3D digital asset management, but also reaches to a new approach to asset-based mapping for a poverty information management and system.

• International Journal of Highway Engineering
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• v.19 no.3
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• pp.19-30
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• 2017

PURPOSES : This study proposes the road asset valuation approach using alternative depreciation methods. It has become necessary to have asset management system according to the adoption of accrual basis accounting for governmental financial reporting and the amendment of the road act. Therefore, it is very important to analyze the effect of depreciation methods on road asset value as a basic research for road asset management system. METHODS : The Ministry of Strategy and Finance (MOSF) has mainly performed road asset valuation based on Write down Replacement Cost and Straight Line depreciation method. This study suggests some appropriate asset valuation methods for road assets through case analysis using three depreciation methods: Consumption-based depreciation method, Condition-based depreciation method, and Straight Line depreciation method. A road asset valuation data of national highway route 1 (year 2014) is used to analyze the effect of three depreciation methods on the road asset value. Road assets include land and structures (pavement, bridge, and tunnel). This study mainly focuses on structures such as bridges and tunnels, because according to governmental accounting standards, land and road pavement assets do not depreciate. RESULTS : The main results of this study are as follows. Firstly, overall asset value of national highway route 1 was estimated at 6.97 trillion KRW when MOSF's method (straight-line depreciation method) is applied. Secondly, asset value was estimated at 4.85 trillion KRW on application of consumption-based depreciation method. Thirdly, asset value was estimated at 4.37 trillion KRW when condition-based depreciation method is applied. Therefore, either consumption-based or condition-based depreciation methods would be more appropriate than straight-line depreciation method if we can use the condition data of road assets including land that are available in real time. CONCLUSIONS : Since road assets such as pavements, bridges, and tunnels have various patterns of deterioration and condition monitoring period, it is necessary to consider a specific valuation method according to the condition of each road asset. Firstly, even though road pavements do not depreciate, asset valuation through condition-based depreciation method would be more appropriate when requirements for application of non-depreciation approach are not satisfied. Since bridge and tunnel facilities show various patterns of deterioration and condition monitoring period by type and condition level, consumption-based depreciation method based on deterioration model would be appropriate. Therefore, it is necessary to have a reasonable asset management system to apply condition-based depreciation method and a periodic condition investigation to manage road assets well.

• International Journal of Highway Engineering
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• v.19 no.5
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• pp.1-11
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• 2017

PURPOSES : This study is aimed at development of a stochastic pavement deterioration forecasting model using National Highway Pavement Condition Index (NHPCI) to support infrastructure asset management. Using this model, the deterioration process regarding life expectancy, deterioration speed change, and reliability were estimated. METHODS : Eight years of Long-Term Pavement Performance (LTPP) data fused with traffic loads (Equivalent Single Axle Loads; ESAL) and structural capacity (Structural Number of Pavement; SNP) were used for the deterioration modeling. As an ideal stochastic model for asset management, Bayesian Markov multi-state exponential hazard model was introduced. RESULTS:The interval of NHPCI was empirically distributed from 8 to 2, and the estimation functions of individual condition indices (crack, rutting, and IRI) in conjunction with the NHPCI index were suggested. The derived deterioration curve shows that life expectancies for the preventive maintenance level was 8.34 years. The general life expectancy was 12.77 years and located in the statistical interval of 11.10-15.58 years at a 95.5% reliability level. CONCLUSIONS : This study originates and contributes to suggesting a simple way to develop a pavement deterioration model using the total condition index that considers road user satisfaction. A definition for level of service system and the corresponding life expectancies are useful for building long-term maintenance plan, especially in Life Cycle Cost Analysis (LCCA) work.

• Journal of Convergence Society for SMB
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• v.6 no.4
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• pp.151-156
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• 2016

It has been constantly demanding for effective way to improve software development productivity and automation. In this paper, we did research to configure the component assets to reuse design information from the design phase domains based on the DMI. It is necessary abstracted information architecture of an independent platform development environment to reuse design information on the design stage. Also, It should be based on a well-designed to support the design architecture of the application domain. Therefore, in this paper, I want to use the DMI architecture that can be represented by formal level of architectural design information platform and application domain area. It is able to decomposition architecture asset with the part design information from the design phase composition or a high level of abstraction on DMI. Therefore, the metadata structure of the asset architecture will support a structure which can reuse the structure-based design of the domain areas.

• Journal of Korean Society of Water and Wastewater
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• v.29 no.6
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• pp.667-683
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• 2015

Since aged water treatment facilities could threaten the sustainable water supply, asset management system has been adopted for their systematic management. Level of Service(LoS) is one of critical components of asset management and could be quantified through benchmark index(BMI). Water supplier could estimate consumer's satisfaction and their performance through BMI to improve the LoS. We developed BMI for water treatment facilities from customer's satisfaction survey. BMI, represented with the Total Service Score(TSS), was assessed with water quality, water pressure, taste and odor, water rate, and service quality with weighing factors. BMI could, further, be used to assist the analysis of the life cycle cost to increase the unit of LoS.

• Journal of the Korea institute for structural maintenance and inspection
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• v.15 no.4
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• pp.146-154
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• 2011

Recently, the paradigm of social infrastructure investment has been changed from new construction to maintenance and management. As a consequence, the management and maintenance system of existing highway facilities needed an innovation involving the concept of asset management. This paper discusses the new facility management system suitable to local highway agencies. The new system incorporates asset management concept so that it can analyze the network level facility management solution and it can also improve the budget efficiency for local government. This paper also presents systematic method to integrate various facilities for management system.

• East Asian Economic Review
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• v.25 no.3
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• pp.310-336
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• 2021

We use iterative numerical procedures combined with analytical methods due to Rapach and Wohar (2009) to solve for the dynamic asset allocation strategy for optimal portfolio demand. We compare different optimal portfolio demands when investors in each country have different access to overseas and domestic investment opportunities. The optimal dynamic asset allocation strategy without foreign investment opportunities leads domestic investors in Korea, Hong Kong, and Singapore to allocate more funds to domestic bonds than to domestic stocks. However, the U.S. investors allocate more wealth to domestic stocks than to domestic bonds. Investors in all countries short bills at a low level of risk aversion. Next, we investigate dynamic asset allocation strategy when domestic investors in Korea have access to foreign markets. The optimal portfolio demand leads investors in Korea to allocate most resources to domestic bonds and foreign stocks. On the other hand, the portfolio weights on foreign bonds and domestic stocks are relatively low. We also analyze dynamic asset allocation strategy for the investors in the U.S., Hong Kong, and Singapore when they have access to the Korean markets as overseas investment opportunities. Compared to the results when the investors only have access to domestic markets, the investors in the U.S. and Singapore increase the portfolio weights on domestic stocks in spite of the overseas investment opportunities in the Korean markets. The investors in the U.S., Hong Kong, and Singapore short domestic bills to invest more than initial funds in risky assets with a varying degree of relative risk aversion coefficients without exception.

• Asia-Pacific Journal of Business
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• v.9 no.4
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• pp.29-47
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• 2018

This paper examines the relationship between diversification and financial performance of community credit unions in Korea from 2011 to 2017. To do so, I employ fixed-effects panel analyses using credit union level panel data collected from the National Credit Union Federation of Korea. This study finds evidence that business diversification is likely to lower the ratio of troubled loans, which means improving asset quality of credit unions. However, the relationship between diversification and asset quality is not linear but nonlinear, which means over-diversification would have negative effects on asset quality. Next, diversification tends to increase profitability. Specifically, although diversification results in a rise in expenditures, an increase in profits made by diversification outweighs the rise in expenditures, which contributes to profitability. Put together, diversification would be a good business strategy to improve both profitability and asset quality. Given a result that fast loan growth deteriorates asset quality, credit unions' managers might adopt the diversification strategy to enhance asset quality, and not to pursue their own objectives motivated by moral hazards.

• International conference on construction engineering and project management
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• 2009.05a
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• pp.1166-1169
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• 2009

Bridges are exposed to very severe environment and experience, as service life increased, elevated traffic load and traffic flow, in addition to natural disasters. In comparing to other road structures, bridges may cause more significant damage, such as human-involved accidents, to the society in the event of collapse. A certain level of service shall be necessarily secured to assure the minimum safety of users. The cost for manage and preserve bridges will increase gradually and more restrictions will be loaded to efficiently distribute the limited resources, such as monetary budget and human resource etc. In order to enhance performance and serviceability of bridges with the limited resource, asset management technique has been applied into the bridge management system, which capitalizes the road infrastructures including bridges and assess them in accordance with the government finance report. In the application of asset management, there must be a tool for assess the performance of bridges and this study introduces the basic information on the definition and role of performance measures for asset management for bridges. This research suggests future development direction of performance measure for asset management for bridges in Korea.

• Journal of the Korea institute for structural maintenance and inspection
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• v.28 no.3
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• pp.100-107
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• 2024

Currently, in Korea, due to the rapid aging and deterioration of facilities, the minimum Maintenance Level and Performance Level' of facilities are required by the 'Facility Safety Act' or 'Infrastructure Management Act'. Since infrastructure assets have a long lifespan and the pattern of deterioration over time is complex, it is very difficult to maintain infrastructure as 'minimum maintenance state' or 'minimum performance state' by the current way of management. 'Asset Management' shall be performed not only by a technical perspective, but also by an accounting perspective such as cost and asset value. However, due to lack of awareness of 'asset management' among stakeholder, only technical perspective management is being carried out in practice. In order to effectively manage infrastructure assets, complex consideration of various asset value factors such as budget and service as well as safety and durability are required. In this paper, we presented a theory to evaluate and quantify the road network value for efficient asset management of the road network. We also presented a method of simulation to apply the theory presented in this paper. Through simulation and the results derived from this study, it is possible to specify the budget for the future national asset management, and to optimize the strategy for the management of old road facilities.