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Improvement of the Code Classification Structure in Piping Material Management for Petrochemical Plant Projects (석유화학 플랜트의 효율적 배관자재 관리를 위한 코드분류체계 개선)

  • Lee, Jong-Pill;Moon, Yoon-Jae;Lee, Jae-Heon
    • Plant Journal
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    • v.11 no.1
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    • pp.39-49
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    • 2015

  • The objective of this study is to improve the classification structure of commodity code for piping material management which is considered as the fundamental of commodity code and piping material management system. It enhances the efficiency of piping material management directly or indirectly affecting the engineering, procurement and construction in a petrochemical plant projects. To establish an improved code classification structure, this study identifies the problems of former code classification structure in details, as well as the characteristics of other domestic and global EPC company's code classification structures and presents the improved direction considering the recently mega-sized and specialized projects. Accordingly, to efficiently enhance piping material management, the improved code classification structures have been derived from defining suitable code classification structure for specific piping component, adding more standard attribute, expanding the number of code digits and classifying code hierarchy. The results of applying the improved classification structure of commodity code to on-going project have led to reduce the rate of rework from 4.98% to 2.48% for developing purchase description and also have saved working time for executing piping design by 3D modeling from 6 months by two persons to 4 months by a person which is decreased 67% consequently. In addition, the structures of pyramid code management have resulted to accumulation and analysis of the various piping data for other disciplines such as procurement and estimation team which require commodity code information through the company's material control system.

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The Relation between the Return Rate and the Volatility of Oil Market and Natural Gas Market : Focusing on the Market of US and EU (석유시장과 천연가스시장의 수익률 및 변동성 간의 관계 : 미국과 유럽 시장을 중심으로)

  • Kim, Young-Duk;Lee, Dong-Woo
    • International Area Studies Review
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    • v.14 no.1
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    • pp.99-119
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    • 2010

  • This study explores the natural gas market and the oil market in the U.S. and the European oil market. It focuses on two kinds of analyses; one is to confirm whether there is the predictive power between spot and futures within homogeneous commodity market(or inter-heterogeneous commodity market) through Granger-causality test in terms of the return rate and the volatility. The other is to examine the spot price stabilizing effect of futures price through regression analysis. When it comes to the predictive power of inter-commodity market, there was a conflicting aspect between the return rate of spot and futures. Overall, however, its statistical significance was low. With respect to the volatility, we found that the natural gas market has little influence on the oil market unlike the predictive power of oil market on natural gas market. Concerning the return rate of the predictive power within homogeneous commodity market, we found that the return rate of spot has the predictive power on futures only in the European market. In addition, we identified that there is feedback between spot and futures in the all commodity markets regarding volatility. As a result of the spot price stabilizing effect analysis of futures price, futures volatility increased the spot volatility.