• Korean Management Science Review
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• v.27 no.1
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• pp.33-43
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• 2010

This paper presents a method for the estimation and analysis of the economic value of weather forecasts for CRM decision-making problems in the leisure industry. Value is calculated in terms of the customer's satisfaction returned from the user's decision under the specific payoff structure, which is itself represented by a customer's satisfaction ratio model. The decision is assessed by a modified cost-loss model to consider the customer's satisfaction instead of the loss or cost. Site-specific probability and deterministic forecasts, each of which is provided in Korea and China, are applied to generate and analyze the optimal decisions. The application results demonstrate that probability forecasts have greater value than deterministic forecasts, provided that the users can locate the optimal decision threshold. This paper also presents the optimal decision strategy for specific customers with a variety of satisfaction patterns.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2005.05a
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• pp.938-946
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• 2005

We study the firm's strategy to price its products and plan the spare parts manufacturing so as to maximize its profit and at the same time to fulfill its commitment to providing the customers with the key parts continuously over the relevant decision time horizon, i.e., the production plus warrantee period. To examine the research question, we developed and solved a two-stage optimal control theory model. Our analysis suggests that if the cost to produce the spare part during the warrantee period is more expensive than that during the production period, the firm should increase its sales price gradually throughout the production period to control its sales. In addition, during the production period it is optimal for the firm to produce the spare parts more than needed so that the overproduced spare parts can be used to partially meet the demand during the warrantee period. We conducted numerical analysis to investigate the sensitivity dynamics among key variables and parameters such as inventory holding cost, unit spare part production costs, part failure rate, and parameters in the demand function.

• Journal of Industrial Technology
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• v.37 no.1
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• pp.5-11
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• 2017

The purpose of this research is to propose an efficient loop line operation plan for customer transportation in a new theme park. Based on the expected customer arrivals, customer loading/unloading methods, and scheduled/non-scheduled departure schemes, movement time between stations etc., we have performed indepth analyses and derived the best optimal policy. Our results show that, over all, the operation with separate loading/unloading doors and scheduled departure is preferred to the other options. We then derived the optimal number of trains and cars meeting minimal customer unsatisfaction with low cost for each season.

• Computational Structural Engineering : An International Journal
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• v.2 no.1
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• pp.19-23
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• 2002

A reliability-based cost-benefit model for the risk management of oil platforms in the formulation of optimal decisions based on life-cycle consideration is proposed. The model is based on structural risk assessments and the integration of social issues and economics into the management decision process. Structural risks result from the platform's exposure to the random environmental loading associated with the offshore site where it is located. Several alternative designs of a typical platform are proposed and assessed from the cost-effectiveness viewpoint. This assessment is performed through the generation of cost/benefit relationships that are used, later on, to select the optimal design.

• IE interfaces
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• v.19 no.3
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• pp.245-254
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• 2006

Equipments in container terminal have a lot of parts, and an equipment breakdown affects the productivity of terminal. In this paper, we develop a maintenance management system for improving reliability, availability and maintainability of equipments in container terminals. The developed system consists of five modules : equipment structure module, equipment operation management module, maintenance control module, spare part control module and data analysis module. The system supports reliability engineers to manage and improve RAM of equipments in container terminals. For example, FMEA, failure state analysis and life distribution parameters estimation are easily or automatically done by the system. This system also provides optimal preventive maintenance intervals by simulation and optimal yearly PM schedules for equipments in container terminal are recommended.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 1996.10a
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• pp.310-310
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• 1996

• Journal of the Korean Operations Research and Management Science Society
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• v.9 no.2
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• pp.28-33
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• 1984

In this paper some procedures are given whereby an analytic solution may be found for the Riccati differential equation and algebraic Riccati equation in optimal control theory. Some iterative techniques for solving these equations are presented. Rate of convergence and initialization of the iterative processes are discussed.

• Journal of Korea Society of Digital Industry and Information Management
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• v.6 no.3
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• pp.111-119
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• 2010

In this paper the numerical methods of finding out the optimal position of optical phase conjugator (OPC) and the optimal fiber dispersion are proposed, which are able to effectively compensate overall channels in $16{\times}40$ Gbps WDM system. And the compensation characteristics in the system with two induced optimal parameters are compared with those in the system with the currently used mid-span spectral inversion (MSSI) in order to confirm the availability of the proposed methods. It is confirmed that the reception performances are largely improved in the system with the induced optimal parameters than in the system with MSSI through the analyzing the eye opening penalty (EOP) and bit error rate (BER) characteristics. It is also confirmed that two optimal parameters depend on each other, but are less related with the procedural problem about the first optimal value among these parameters.

• Journal of Korean Society for Quality Management
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• v.48 no.1
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• pp.201-214
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• 2020

Purpose: The purpose of this paper is to determine an optimal number of cycle times for the replacement under the circumstance where the system is replaced at the periodic time and the multiple number of working cycles whichever occurs first and the system is minimally repaired between the replacements if it fails. Methods: The system is replaced at periodic time () or cycle time, whichever occurs first, and is repaired minimally when it fails between successive replacements. To determine the optimal number of cycle times, the expected total cost rate is optimized with respect to the number of cycle times, where the expected total cost rate is defined as the ratio of the expected total cost between replacements to the expected time between replacements. Results: In this paper, we conduct a sensitivity analysis to find the following results. First, when the expected number of failures per unit time increases, the optimal number of cycle times decreases. Second, when the periodic time for replacement becomes longer, the optimal number of cycle times decreases. Third, when the expected value for exponential distribution of the cycle time increases, the optimal number of cycle times increases. Conclusion: A mathematical model is suggested to find the optimal number of cycle times and numerical examples are provided through the sensitivity analysis on the model parameters to see the patterns for changes of the optimal number of cycle times.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.11
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• pp.213-221
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• 2021

The paper attempts to investigate the optimal capital structure of Vietnamese listed firms based on a structural approach. Using the data from around 70 companies in the Consumer Staples sector listed on the Vietnamese Stock Exchange during the period 2018-2020, this study finds that the optimal capital structure of examined companies has a wide range of diversification. This can be explained by the various types of actual products for each typical firm within the chosen sector. The result also confirms that a large proportion of researched firms were actually overleveraged, which is consistent with the trade-off hypothesis that firms wish to take tax advantages while using more debt, which creates the benefits from tax-shield. Furthermore, the research highlights the reversed correlation, which suggests that the lower the company's risk (the lower the sigma of the assets), the greater the optimal capital structure is suggested. Another interesting finding is that almost all consumer staples companies have a better optimal capital structure under the Leland and Toft (1996) model than under the Leland (1994) model. Furthermore, there is a strong correlation of optimal financial leverage ratio between years. In other words, the optimal debt levels of the latter year are strongly dependent on the gearing levels of the previous years.