• Korean Journal of Veterinary Service
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• v.36 no.4
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• pp.263-272
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• 2013

Consistent information on the chemical composition and its seasonal variation of goat udder half milk is limited in Korea. The objective of this study was to analyze the seasonal variation of the chemical composition of goat milk to take establish various parameters into consideration on the pricing of the goat milk. Variations in chemical composition, somatic cell count (SCC) and bacterial count of 1,038 udder half milk samples from 650 heads raised in 7 farms of Jeonnam province were determined by season. Fat, protein, lactose, non-fat solids, milk urea nitrogen (MUN), pH, SCC and bacterial counts were also analyzed. The average composition of the milk was: fat $3.80{\pm}1.36%$, protein $3.23{\pm}0.80%$, lactose $4.39{\pm}0.54%$, total solids $12.18{\pm}1.80%$, non-fat solids $8.38{\pm}0.80%$, and milk urea nitrogen $28.44{\pm}5.00mg/dL$. The average pH was $6.81{\pm}0.24$. The average of SCC and bacterial counts were $2.54{\pm}4.60{\times}10^6cells/mL$ and $1.25{\pm}3.76{\times}10^5CFU/mL$, respectively. Chemical composition, pH, SCC and bacterial counts of dairy goat milk varied widely during the lactation period and by season. The fat concentration was the lowest in spring ($3.39{\pm}1.53%$) and the highest in autumn and winter ($3.98{\pm}1.30%$ and $3.98{\pm}1.48%$). Protein concentration was the lowest during summer ($2.92{\pm}0.48%$) and the highest in winter ($2.92{\pm}0.48%$). Lactose concentration was the lowest in autumn ($4.24{\pm}0.41%$) and the highest in spring ($4.58{\pm}0.35%$). The lowest total solid value was obtained in the spring season ($11.75{\pm}1.80%$) which was then increased in winter ($12.85{\pm}1.96%$). Non-fat solid concentration was the lowest in summer ($8.07{\pm}0.64%$) and the highest in autumn ($8.94{\pm}0.82%$). MUN concentration was the highest in summer ($8.07{\pm}0.64%$), and the pH concentration was the highest in spring at $6.93{\pm}0.27%$. Seasonal variation of SCC and bacterial count were the lowest in spring ($0.94{\pm}1.54{\times}10^6cells/mL$ and $0.22{\pm}0.61{\times}10^5CFU/mL$, respectively) and was the highest in winter ($3.95{\pm}7.14{\times}10^6cells/mL$ and $2.23{\pm}5.54{\times}10^4CFU/mL$, respectively).

• The Journal of the Korea Contents Association
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• v.9 no.12
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• pp.245-252
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• 2009

The electrical power industry has been recognized as a natural monopoly industry for its technological and industrial characteristics. However, a competitive market system has been introduced to that industry in Europe, North America and Australia to overcome the inefficiencies originated from the monopolistic system for decades. In Korea, the power industry is expected to be placed in a competitive market system within several years after separation and privatization of vertically integrated industry in progress. Hence, there is a need for a research on the increase of customer value in that industry, however, existing studies have little dealt with that problem and there is no research on the price policy to consider churn and retention of customers. Therefore, this study provides a methodology for increasing customer loyalty and lifetime value by presenting the lowest pricing plan which leads to diminishing customers' cost. It is verified through an empirical examination that firms can enhance customer loyalty using a price element in that industry and maximize their profit by finding out customers whose lifetime values would increase.

• Korean Journal of Construction Engineering and Management
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• v.18 no.1
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• pp.48-57
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• 2017

The construction of the first nuclear power plant (Kori #1) in Korea started in 1971, Korea operates 24 nuclear power plants and is constructing 4 in 2015. During about 45 years of construction experience, insufficient studies have been investigated for the identification of critical success factors(CSFs) for nuclear power plant construction. Based on literature reviews and focus group interviews, this study presented a list of CSFs for construction of nuclear power plants. A survey for validating the results of CSFs was conducted with 164 experts. This study indicates that attentions should be placed upon the lowest price-based contract awarding policy, the need for reasonable pricing standard implementation, database development, and deployment for experienced nuclear power plant construction workers, identification and nurturing of competitive subcontractors, and minimization of lag times in construction activities.

• Korean Journal of Plant Resources
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• v.25 no.5
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• pp.624-632
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• 2012

As there have been lately many worldwide resource challenges such as potential exhaustion of fossil fuels, sudden rise of oil price and ever-rising grain pricing due to global food crisis, there have been more interests focused on recycling vegetable oils and fats into clean natural fuel and producing new resources based on waste cooking oil as a part of reusing waste resources. An Experiment was performed by using ratio of 50:50, 75:25 (w/w) mixture of based rapeseed oil, camellia oil, and olive oil. 50:50, 25:75 (w/w) mixture of based palm oil. The result was that the oleic acid ($C_{18:1}$) got the lowest percentage of 42.8%, when we combined the mixture of rapeseed oil and soybean oil. While the highest percentage of 72.1% was when the mixture of camellia oil and rapeseed oil were combined at 50:50 ratio. In 75:25 (w/w) case, mixture of rapeseed oil and soybean oil got the lowest. The highest ratio was the mixture of camellia oil and olive oil. Based on the component of palm oil, the total saturated fatty acid was decreased. It is expected that stabilizing oxidation through controlling of fatty acid after mixture and that liquidity at a low temperature. The acid value indicated that stabilizing oxidation got a range of highest to lowest. Camellia oil ranked as the highest, followed by olive oil, and the oil seeds as the lowest in rank. Controlling iodine value through mixture and improvement of stabilizing oxidation will provide a good quality. The quality of color has no significant change about mixture in ratio and maintenance. The reduction of the cost of refining process is expected by controling of mixture ratio at biodiesel production in the future.

• Journal of the Korean Society of Food Science and Nutrition
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• v.43 no.11
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• pp.1766-1773
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• 2014

The purpose of this research was to scrutinize dieticians' perspective of seafood ingredients prices in school food-service. Suppliers' contract status, seafood ingredient usage and satisfaction, expectations regarding prices of seafood ingredients, and willingness to pay when HACCP is taken into account were studied. Through random sampling, the survey was conducted on 231 dieticians in 11 different educational districts and 12 elementary, six middle, and three high schools. Ultimately, 142 survey responses were taken into account. Data analysis was performed using SPSS v15.0 by descriptive analysis, ${\chi}^2$-test, and t-test. For contracts regarding seafood ingredients, competitive contracts composed 79.7%. Exactly 42.1% responded that contracts were breached, and 60.1% testified that product returns were due to excessive glazing of ingredients. The satisfaction rate of 'hygiene & sanitation of product' was the highest, whereas 'price of product' was the lowest. For 'recontracting intention', 'informal purchasing' showed higher rates compared to 'competitive bidding'. Reflecting upon the six main price factors, 'designation and maintenance of HACCP', 'price of raw seafood ingredients', 'processing costs', 'margin', 'logistic costs', and 'cost of standardizing seafood ingredients', dieticians' perceived 'impact on the anticipated price' on total cost was lower than present counterparts. This implicates that 'impact on the present price' of the six price factors is too excessive, suggesting that many dieticians are unsatisfied with the current prices of seafood ingredients. Furthermore, 52.8% of dieticians stated that the maximum additional payment of HACCP seafood ingredients should be less than 5%. Consequently, this research serves as basic information for reasonable pricing of seafood ingredients and contributes to increased seafood usage by school food-services.

• Magazine of the Korean Society of Agricultural Engineers
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• v.15 no.4
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• pp.3170-3180
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• 1973

This study of the subject will review past and present irrigation development in Korea. Particular attention will be given to water pricing structure and a case study on the purpose of rational operation and management of irrigation water and organizations, and the optimum irrigation water and organizations, and the optimum irrigation water fee inorder to reduce farmers burden and to rationalize the farmland associations management so as to achieve development of the rural environment. In 1971, the reservoir of the Farmland Improvement A sociation (FIA) produced only 775 millison $m^3$ of irrigation water or 77% of planned capacity of 1,015 million $m^3$. It was caused by inefficient maintenance of irrigation facilities; for instance, about 21% of reservoirs, pumping stations and weirs in Korea have been silted by soil erosion which hinder to water production according to an ADC survey. The first Irritation Association was established in 1906, whcih was renamed the Farmland Assoeiation by the Rural Development Enouragement Law in 1970. By the end of 1971, 411,000 ha of rice paddies were under the control of 267 associations nationwide. The average water price assessed by Associations nationwide rose from 790 won per 0.1 ha. in 1966 to 1,886 won in 1971. The annual growth rate was 20%. The highest water price in 1971 was 4,773 won her 0.1 ha. and the lowest was 437 won. This range was caused by differences in debt burden, geographic conditions and management efficiency among the Associations. In 1971, the number of Associations which exceeded the average water price of 1,886 won per 0.1 ha. was 144, or 55.1% of all Association. In determination of water price, there are two principles; one is determined by production cost such as installation cost of irrigation facilities, maintenance cost, management cost and depreciation ect. For instance, the Yong San River Development project was required 33.7 billion won for total construction and maintenance cost is 3.1 billion won for repayment, maintenance and management cost per year. The project produces 590 million $m^3$ of irrigation water annually. Accordingly, the water price per $m^3$ is 5.25 won. The other principle is determined by water value in the crop products and in compared with production of irrigated paddy and non-irrigated paddy. By using this method, water value in compared with paddy rice vs. upland rice(Average of 1967-1971) was 14.15 won per $m^3$ and irrigated paddy vs. non-irrigated paddy was 2.98 won per $m^3$. In contrast the irrigation fee in average association of 1967-1971 was 1.54 won per $m^3$. Accordingly, the current national average irrigation fee(water price) is resonable compared with its water value. In this study, it is found that the ceiling of water price in terms of water value is 2.98 won per $m^3$ or 2,530 won per 0.1 ha. However, in 1971 55% of the associations were above the average of nationwide irrigation fees. which shows the need for rationalization of the Association's management. In connection with rationalization of the Association's management, this study recommends the following matters. (1) Irrigation fee must be assessed according to the amount of water consumption taking intoaccount the farmer's ability. (2) Irrigation fee should be graded according to behefits and crop patterns. (3) Training personnel in the operation and procedures of water management to save O&M costs. (4) Insolvent farmland association should be integrated into larger, sound associations in the same GUN in order to reduce farmers' water cost. (5) The maintenance and repair of existing irrigation facilities is as important as expansion of facilities. (6) Establishment of a new Union of Farmland Association is required to promoted proper maintenance and to protect the huge investment in irrigation facilities by means of technical supervision and guidance.

• Journal of Intelligence and Information Systems
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• v.25 no.2
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• pp.39-55
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• 2019

Recently banks and large financial institutions have introduced lots of Robo-Advisor products. Robo-Advisor is a Robot to produce the optimal asset allocation portfolio for investors by using the financial engineering algorithms without any human intervention. Since the first introduction in Wall Street in 2008, the market size has grown to 60 billion dollars and is expected to expand to 2,000 billion dollars by 2020. Since Robo-Advisor algorithms suggest asset allocation output to investors, mathematical or statistical asset allocation strategies are applied. Mean variance optimization model developed by Markowitz is the typical asset allocation model. The model is a simple but quite intuitive portfolio strategy. For example, assets are allocated in order to minimize the risk on the portfolio while maximizing the expected return on the portfolio using optimization techniques. Despite its theoretical background, both academics and practitioners find that the standard mean variance optimization portfolio is very sensitive to the expected returns calculated by past price data. Corner solutions are often found to be allocated only to a few assets. The Black-Litterman Optimization model overcomes these problems by choosing a neutral Capital Asset Pricing Model equilibrium point. Implied equilibrium returns of each asset are derived from equilibrium market portfolio through reverse optimization. The Black-Litterman model uses a Bayesian approach to combine the subjective views on the price forecast of one or more assets with implied equilibrium returns, resulting a new estimates of risk and expected returns. These new estimates can produce optimal portfolio by the well-known Markowitz mean-variance optimization algorithm. If the investor does not have any views on his asset classes, the Black-Litterman optimization model produce the same portfolio as the market portfolio. What if the subjective views are incorrect? A survey on reports of stocks performance recommended by securities analysts show very poor results. Therefore the incorrect views combined with implied equilibrium returns may produce very poor portfolio output to the Black-Litterman model users. This paper suggests an objective investor views model based on Support Vector Machines(SVM), which have showed good performance results in stock price forecasting. SVM is a discriminative classifier defined by a separating hyper plane. The linear, radial basis and polynomial kernel functions are used to learn the hyper planes. Input variables for the SVM are returns, standard deviations, Stochastics %K and price parity degree for each asset class. SVM output returns expected stock price movements and their probabilities, which are used as input variables in the intelligent views model. The stock price movements are categorized by three phases; down, neutral and up. The expected stock returns make P matrix and their probability results are used in Q matrix. Implied equilibrium returns vector is combined with the intelligent views matrix, resulting the Black-Litterman optimal portfolio. For comparisons, Markowitz mean-variance optimization model and risk parity model are used. The value weighted market portfolio and equal weighted market portfolio are used as benchmark indexes. We collect the 8 KOSPI 200 sector indexes from January 2008 to December 2018 including 132 monthly index values. Training period is from 2008 to 2015 and testing period is from 2016 to 2018. Our suggested intelligent view model combined with implied equilibrium returns produced the optimal Black-Litterman portfolio. The out of sample period portfolio showed better performance compared with the well-known Markowitz mean-variance optimization portfolio, risk parity portfolio and market portfolio. The total return from 3 year-period Black-Litterman portfolio records 6.4%, which is the highest value. The maximum draw down is -20.8%, which is also the lowest value. Sharpe Ratio shows the highest value, 0.17. It measures the return to risk ratio. Overall, our suggested view model shows the possibility of replacing subjective analysts's views with objective view model for practitioners to apply the Robo-Advisor asset allocation algorithms in the real trading fields.