• Proceedings of the Korean Operations and Management Science Society Conference
• /
• 2003.05a
• /
• pp.620-627
• /
• 2003

The real option pricing theory has emerged as the new investment decision-making techniques superceding the traditional discounted cash flow techniques and thus has greatly received muck attention from academics and practitioners in these days the theory has been widely applied to a variety of corporate strategic projects such as a new drug R&D, an internet start-up. an advanced manufacturing system. and so on A lot of people who are interested in the real option pricing theory complain that it is difficult to understand the true meaning of the real option value. though. One of the most conspicuous reasons for the complaint may be due to the fact that there exit many different ways to calculate the real options value in this paper, we will present a replicating portfolio method. a risk-neutral probability method. a risk-adjusted discount rate method (quasi capital asset pricing method). and an opportunity cost concept-based method under the conditions of a binomial lattice option pricing theory.

• Journal of Korean Society of Forest Science
• /
• v.104 no.2
• /
• pp.248-253
• /
• 2015

This study applied the portfolio approach as a means to provide decision-making information for the establishment of the optimal production plan for non-timber products. The target items of non-timber forest product were Chestnut, Jujube, Walnut and Astringent Persimmon. The data used in this study were the annual report of forestry production cost survey which contains the annual production, annual gross income, and annual product cost from 2008 to 2013. These data were used to calculate the expected return of non-timber forest product. The objective function in the portfolio models was to minimize the expected return volatility, called risk and the constrain was to achieve the minimum expected return rate. Results indicated that the production ratio of the nuts and fruits in 2013 was 7% for Chestnut, 20% for Jujube, 5% for Walnut and 68% for Astringent Persimmon. Furthermore, portfolio presented that the production ratio was 10% for Chestnut, 9% for Jujube, 3% for Walnut and 78% for Astringent Persimmon in the near future. The cause was analyzed due to maintain stable production and income of Astringent Persimmon and Chestnut. Meanwhile, the revenue of Walnuts and Jujube was in great variation with relatively higher revenues.

• Journal of Korean Society of Industrial and Systems Engineering
• /
• v.46 no.2
• /
• pp.22-31
• /
• 2023

Governments around the world are enacting laws mandating explainable traceability when using AI(Artificial Intelligence) to solve real-world problems. HAI(Human-Centric Artificial Intelligence) is an approach that induces human decision-making through Human-AI collaboration. This research presents a case study that implements the Human-AI collaboration to achieve explainable traceability in governmental data analysis. The Human-AI collaboration explored in this study performs AI inferences for generating labels, followed by AI interpretation to make results more explainable and traceable. The study utilized an example dataset from the Ministry of Oceans and Fisheries to reproduce the Human-AI collaboration process used in actual policy-making, in which the Ministry of Science and ICT utilized R&D PIE(R&D Platform for Investment and Evaluation) to build a government investment portfolio.

• Korean Medical Education Review
• /
• v.26 no.1
• /
• pp.19-26
• /
• 2024

This study examines a systematic and effective approach to career guidance in medical education, with a particular focus on the 6-year integrated career guidance education framework implemented at the College of Medicine, The Catholic University of Korea. Based on the "New SLICE" educational development principles, this framework comprehensively addresses the needs of medical students in career planning and development. It is structured into three phases: understanding yourself, exploring options, and choosing a specialty. The first phase, understanding yourself, helps students to recognize their strengths, weaknesses, aptitudes, and potentials, thereby setting the direction for future career choices. This phase includes various psychological tests and Self-Development and Portfolio courses. The second phase, exploring options, enables students to engage in related activities such as research and practical training, providing direct and indirect experiences across various fields. This phase offers courses including Medical Field Experience, Career Guidance through the Learning Community & Advisory Professors, and Student Participation in Professor Research Projects. The final phase, choosing a specialty, involves students making decisions based on in-depth self-assessment and exploration of majors, with a capstone project being a significant component. Maximizing the efficiency of career decision-making requires integration between the basic medical curriculum and postgraduate education. Including the period up to residency entrance in the framework is necessary for effective career guidance education.

• Korean Journal of Construction Engineering and Management
• /
• v.2 no.2 s.6
• /
• pp.68-80
• /
• 2001

While opportunities for international construction firms have been growing with globalization, the risk of international construction projects is significantly increasing in severity and complexity. However, the traditional risk management approach in the construction industry has maintained a profit focus. In addition, this approach has not considered the overall risk at the corporate level, but rather has focused only on the risk of individuals at the project level. Corporate risk management should be implemented from the initial stages of new project selection. This paper suggests the Multi-criteria Integrated Systematic Analysis as a strategic decision-making tool for international construction contractors. The model integrates the multi-criteria of risk, return, and efficiency to choose the optimal set of new portfolios at the corporate level. This model also introduces the Value at Risk (VaR) concept to the international construction industry to present the total risk at the corporate level. To validate this model, this paper tested an experimental case study using the historical data of a global general contractor.

• Advances in Energy Research
• /
• v.5 no.2
• /
• pp.107-128
• /
• 2017

Energy is a major component of almost all economic, production, and service activities, and rapid population growth, urbanization and industrialization have led to ever growing demand for energy. Limited energy resources and increasingly evident environmental effects of fossil fuel consumption has led to a growing awareness about the importance of further use of renewable energy sources in the countries energy portfolio. Renewable hydrogen production is a convenient method for storage of unstable renewable energy sources such as wind and solar energy for use in other place or time. In this study, suitability of 25 cities located in Iran's western region for renewable hydrogen production are evaluated by multi-criteria decision making techniques including TOPSIS, VIKOR, ELECTRE, SAW, Fuzzy TOPSIS, and also hybrid ranking techniques. The choice of suitable location for the centralized renewable hydrogen production is associated with various technical, economic, social, geographic, and political criteria. This paper describes the criteria affecting the hydrogen production potential in the study region. Determined criteria are weighted with Shannon entropy method, and Angstrom model and wind power model are used to estimate respectively the solar and wind energy production potential in each city and each month. Assuming the use of proton exchange membrane electrolyzer for hydrogen production, the renewable hydrogen production potential of each city is then estimated based on the obtained wind and solar energy generation potentials. The rankings obtained with MCDMs show that Kermanshah is the best option for renewable hydrogen production, and evaluation of renewable hydrogen production capacities show that Gilangharb has the highest capacity among the studied cities.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.11 no.9
• /
• pp.3196-3203
• /
• 2010

The regional strategic industry support has been increasingly developed due to the change of environmental and political conditions for the last 10 years. As the paradigm changed from the central government-sponsored system to regional government-sponsored system, the policy has been diversified into various support systems such as regional strategic industry, specialized industry, supporting technology, supporting business, etc. It is crucial to establish the overall development plans and project strategies for the regional industry in terms of effectiveness and efficiency which will generate an integrated strategic frame to adjust overlapped supporting policies and offer a consumer-oriented service. Not only does the study focus on performance-based outcome regarding to a regional business (supporting policy) portfolio, but it also analyzes and proves an empirical decision-making model to draw out the priority and relative importance according to the regional strategic industry and support cases by analyzing the case of Chungnam area's strategic industry support in 2009. Following a priority list of 20 support cases selected from this research model by the Analytic Hierarchy Process (AHP), the result shows that the diverse support plans are needed according to the different strategic industries or the size of enterprise due to the fact that priority of project type varies upon the characteristics of strategic industry. Thus, the support project needs to generate various strategic industries and develop differentiated support policy to consolidate competitiveness of regional enterprises and revitalize the regional economy.

• Journal of the Korean Operations Research and Management Science Society
• /
• v.30 no.1
• /
• pp.105-128
• /
• 2005

The Purpose of the current study is to identify the differences between Samsung and Hyundai Group and the causes why the differences occurred. The study focuses on the founders of the two group as a main source of the differences, especially brain preference of the two founders. Two steps were employed to perform the study. Firstly, the two founders' characteristics were analyzed by using archival research. It was implicitly hypothesized that Group founders' characteristics explained the differences of the two Groups. It was found that the founder of Samsung Group, the late president Lee emphasized rationality, analysis, and cause/effect relationship and low risk taking, suggesting that he had left-brain preference. In contrast. the late president Chung, the founder of Hyundai Group, emphasized intuition, wholeness, contextual meaning, and risk taking, showing that he had right-brain preference. Secondly, a comparison between the two groups was performed in terms of business and financial risk in corporate portfolio, and management system. It was found that Hyundai Group was pursuing higher risk than Samsung Group. And it was observed that Samsung Group put more emphasis on formality in decision making and systematic control, and less emphasis on risk taking than Hyundai Group. From the two step research relationship between brian preference and management was reasoned. Research implications and limitations were discussed at the end of the study.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.3
• /
• pp.517-525
• /
• 2021

The study investigates the behavior of Asian banks in response to the subprime mortgage crisis and examines how countries that have experimented with a mix of conventional and Islamic banking managed their balance sheet during that period. The study carries out an independent mean t-test comparing the difference of leverage of 464 conventional commercial Asian banks pre- and post-crisis from the largest twenty-five Asian economies based on GDP (2007). The analysis uses 10-year unbalanced panel data of conventional banks and employs the generalized least squares estimation using a dummy variable event window method to capture the response of Asian banks. The study finds evidence of a structural change in the capital structure of Asian commercial banks in response to the financial crisis. Findings suggest that conventional banks increased their capital position more in countries that have both Islamic and conventional banking than those countries without Islamic banking services. By having Islamic banking in their product portfolio, countries can exert market discipline on conventional banks. The study identifies a significant role of global macroeconomic shocks on banks liability structure decision-making. Evidence shows that this increase in capital positioning by banks was a permanent rather than a temporary response.

• Journal of the Korean Society of Industry Convergence
• /
• v.26 no.5
• /
• pp.833-844
• /
• 2023

As technology convergence is recognized as a driver of innovation, the identification of technology convergence opportunities is critical to expanding a firm's technology portfolio. Recently, wearable technology has emerged as an important factor in creating new business opportunities and providing technology investment alternatives for firms in the era of Industry 4.0. Against this background, this study provides a new patent analysis framework for identifying and proposing technology convergence opportunities in the wearable field. Using 8,621 patents filed between 2011 and 2021, a case study was conducted to identify technological convergence opportunities by applying Word2Vec algorithm. The analysis framework can be divided into four stages, with the final stage recommending potential technology convergence opportunities for a specific candidate firm's technology area by calculating similarities between technology codes. This study aims to better understand the current status of wearable technology development as well as to propose a new methodology for capturing technology convergence opportunities in the wearable industry. The case study result suggests that the convergence of healthcare and ICT may provide new development opportunities. Furthermore, the results are expected to provide alternative perspectives on the development of new markets and technologies using wearable technology and can support the strategic decision-making on future technology planning in the wearable field.