• Journal of the Korean Solar Energy Society
• /
• v.33 no.5
• /
• pp.41-50
• /
• 2013

Economic feasibility study using weighted average variable Jeju System Marginal Price, SMP, was conducted for Gasiri wind farm of Jeju Island. To predict the variable Jeju SMP, generator share ratio for SMP was calculated from the real time wind power production and the power demand data for years. Also, sensitivity analysis on Net Present Value, NPV, and Benefit/Cost Ratio, B/C ratio, were performed to clarify which factors are more important in assessing economic feasibility. The result shows that the Gasiri wind farm has a minimum of 110 billion won and a maximum of 132 billion won difference between fixed and variable SMP. Also, Capacity Factor, C.F., had the highest sensitivity for NPV, followed by SMP. Accordingly, when economic analysis for a potential wind farm site is carried out, the variable SMP as well as C.F. should be considered for more accurate assessment of the wind farm.

• International Journal of Highway Engineering
• /
• v.14 no.3
• /
• pp.131-140
• /
• 2012

Lane markings such as edgelines, centerlines, and lines that delineate lanes generally provide drivers with the various information for safe driving. Drivers can easily recognize the lane markings through the color differences between the markings and road surfaces during the daytime. However, it is a bit difficult for drivers to perceive them during the nighttime due to the lack of artificial lights. Although the glass beads with the 1.5-refractive index have been used to improve the visibility of the lane markings during the nighttime, it is still difficult for drivers to recognize the lane markings properly, especially during the rainy nighttime, which may often lead to traffic accidents. To improve the retroreflectivity and visibility of the lane markings during the rainy nighttime, the high refractive beads with the 2.4-refractive index are essentially required, but they do not work appropriately during the dry nighttime. Thus, the mixed materials with the 1.5, 1.9, and 2.4-refractive beads should be considered for the satisfactory implementation of the lane markings. This study reveals the best mixing rates of the beads by conducting benefit-cost analysis under various weather conditions in Korea. The analysis results show that the lane markings with the 100% of the 2.4-refractive beads provide the highest visibility of lane markings regardless of the roadway conditions, but the benefit-cost (B/C) ratio of the bead mixture is merely 0.46. The best mixing rate of the beads, from the highest B/C ratio viewpoint, was identified as the mixture with a 80% of 1.5-refractive beads and a 20% of 2.4-refractive beads. Some limitations and future research agenda have also been discussed.

• Journal of Korea Technology Innovation Society
• /
• v.14 no.spc
• /
• pp.1096-1127
• /
• 2011

This research focus on estimating the economic effects of TOD system development from the perspective of new market creation, R&D planning cost reduction and increase of R&D projects' commercialization success rates. The research is conducted through simulation and scenario analysis with assumptions about economic effect parameters. Scenario analysis shows that scenario 1 (the application ratio of the new TOD system to total Korean R&D programs' planning is 1.4%) results in total economic effects, 921.3 billion won in 2011 price with B/C ratio 6.15, that scenario 2 (the application ratio is 1.9%) results in total economic effects, 1,250.3 billion won in 2011 price with B/C ratio 8.34, and that scenario 3 (the application ratio is 0.9%) results in total economic effects, 592.2 billion won in 2011 price with B/C ratio 3.95. The research contributed to the prior evaluation of economic validity of "R&D on Technology Opportunity Development (TOD) system" and to cultivating the new methodology of economic benefit estimation in the area of R&D on system development.

• Proceedings of the Korea Contents Association Conference
• /
• 2008.05a
• /
• pp.324-327
• /
• 2008

This research seeks to investigate the economic feasibility of a small size aircraft development and BASA certification enterprise. To achieve the objective, this research investigates cost which requires for proceeding a small size aircraft development and BASA certification enterprise. This research also investigates the economic effects and economic benefits acquired from exporting civil aircraft. Costs and benefits are assumed using cash flow by types of airplanes. On the basis of the cash flow, this research calculates B/C ratio, NPV, IRR for investigating the economic feasibility. The result shows that there are economic feasibility for both very light jet and piston aircraft. Between these two aircraft types, more economic feasibility exist for very light jet than piston aircraft.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
• /
• 2014.06a
• /
• pp.73-75
• /
• 2014

Marine transportation facility is public goods for the general public and their safety. The study used the Contingent Valuation Method (CVM), a method to estimate economic value of non-market goods, such as environmental goods. In order to analyze economic effects of marine accidents preventable by the VTS, the study estimated costs caused by marine accident cases. It conducted surveys with people and shipping companies in local areas where VTS is to be established in the future. According to a survey with people in areas where marine transportation control center is to be built (Tongyoung), the yearly benefit from building new VTS is estimated at KRW 11billion. If fees are paid in the form of income tax for five years from 2014, corresponding benefits during the same period will reach KRW 47.3 billion in current value. An analysis on economic validity of VTS establishment in Tongyong showed the B/C ration stood at 3.193, far higher than 1. The Net Present Value (NPV) was KRW 32.5 billion and the Internal Rate of Return (IRR) turned out to be 37.4% which was higher than social discount rates of 53.5%. On balance, the establishment has reasonable economic validity.

• Journal of Korean Society of Environmental Engineers
• /
• v.38 no.12
• /
• pp.676-682
• /
• 2016

In this study, rainwater-greywater hybrid system was installed and operated for 1 year in order to evaluate its water quantity, water quality, and economic efficiency in building no. 39. This system was expected to overcome each disadvantages of and maximize each advantages. Low-greywater that was washed up from shower room was treated by MBR (Membrane Bioreactor) and ozone oxidation. Rainwater that was collected from the rooftop was stored in a reservoir, and then transferred to the storage tank that was mixed with treated greywater. After 1 year operating in building no. 39, rainwater and greywater was used to supply $2,599m^3$ of toilet flushing water. In terms of water quality, rainwater was satisfied far the greywater reuse standards except for E.coli. Moreover, low greywater quality was acceptable except for E. coli, BOD, SS, and turbidity. In addition, economic analysis was obtained from benefit-cost ratio (B/C) with 1.11. It implies that the feasibility of the project was reasonable. Furthermore, various research and policy to improve the economic efficiency of water recycling facilities is required to expand the use of water recycling facilities.

• Journal of the Korean Society of Fisheries and Ocean Technology
• /
• v.59 no.2
• /
• pp.181-187
• /
• 2023

Laver aquaculture, which occupies a large proportion in the aquaculture industry in Korea, is still highly dependent on human labor. Therefore, it is necessary to study the development of an automatic system to improve the working environment and increase the efficiency of aquaculture production systems. The purpose of this study is to evaluate the economic feasibility of an improved system in a study for the loading-unloading and automatic weighing systems in laver aquaculture industry. Economic analysis of the developed unloading and automatic weighing system were implemented under various conditions to calculate more accurate benefits and costs. As a result of this study, the economic feasibility was found to be very high in the three models: net present value (NPV), benefit-cost ratio (B/C), internal rate of return (IRR). Moreover, the results of sensitivity analysis showed that the economical efficiency of the automatic loading, unloading, and weighing system in laver aquaculture was very high.

• Journal of Korea Port Economic Association
• /
• v.38 no.3
• /
• pp.69-86
• /
• 2022

This study analyses the necessity of the large-size shipyard and explores competitiveness factors of it. Furthermore, the competitiveness is evaluated and the economic feasibility of building and operation of shipyard is examined. As a result of AHP analysis of the determining factors of the competitiveness of the repairing shipyard, the importance of the factors was found in the order of arrival and departure safety, repair technology, dock and wharf facilities, repair cost, repair period (on time delivery), and repair parts supply. Moving distance, repair service quality, repair parts supply, arrival and departure safety, repair technology, dock and quay wall facilities, and repair period (on time delivery) were identified as key factors in the AHP analysis for competitiveness of the Busan Port repair shipyard to be built in the future. As a result of the analysing economic feasibility, the net present value of the Busan Port repair shipyard construction and operation investment project was KRW 435.6 billion, and the internal rate of return was 9.8%, higher than the social discount rate (4.5%), and the cost-benefit ratio (B/C) was high at 1.167. As a result of the study, the necessity and economic feasibility of the Busan Port repair shipyard are sufficiently ensured, and the competitiveness assessment was highly positive.

• The Journal of the Convergence on Culture Technology
• /
• v.10 no.6
• /
• pp.117-122
• /
• 2024

This study employs Monte Carlo simulation to thoroughly manage risk in cost-benefit analysis. The case under analysis concerns the financial risk management of the operating company of the Gwangju-Wonju Highway, which was constructed with private capital. The company's profitability depends on traffic volume. This study set three scenarios for traffic volume over the next 30 years and conducted simulations 400 times for each scenario, totaling 1,200 simulations. The results demonstrated that the financial internal rate of return for the company is lower than the current official discount rate of 4.6%. Specifically, as traffic volume decreases, the probability of incurring a deficit rises to 45.5%, 49.5%, and 72.3% for each respective scenario. Finally, the study recommends that the company reduces maintenance costs by 6.2% annually as a measure to address financial risk. To verify the effectiveness of this measure, an additional 400 simulations were conducted, confirming that the probability of a deficit significantly decreased to 57 out of 400 times or to 28.5%.

• Journal of Energy Engineering
• /
• v.22 no.4
• /
• pp.386-393
• /
• 2013

An feasibility analysis is performed for the tidal current power generation with the examination of the sea water speed distribution at Pungdo. In this analysis, the water speed distribution which is the key issue was obtained from the actual speed distribution data and results in "the annual current tidal power". Due to the lack of cost information, we applied EPRI data from the internet site instead of the actual information. The result could be used as a base data for the construction of current tidal power plant in the near future. And it is expected to provides good data for the Energy policy.