Due to increasing awareness on the treatment of end-of-use/life products, disassembly has been a fast-growing research area of interest for many researchers over recent decades. This paper introduces a novel lot-sizing problem that has not been studied in the literature, which is the service-parts lot-sizing with disassembly option. The disassembly option implies that the demands of service parts can be fulfilled by newly manufactured parts, but also by disassembled parts. The disassembled parts are the ones recovered after the disassembly of end-of-use/life products. The objective of the considered problem is to maximize the total profit, i.e., the revenue of selling the service parts minus the total cost of the fixed setup, production, disassembly, inventory holding, and disposal over a planning horizon. This paper proves that the single-period version of the considered problem is NP-hard and suggests a heuristic by combining a simulated annealing algorithm and a linear-programming relaxation. Computational experiment results show that the heuristic generates near-optimal solutions within reasonable computation time, which implies that the heuristic is a viable optimization tool for the service parts inventory management. In addition, sensitivity analyses indicate that deciding an appropriate price of disassembled parts and an appropriate collection amount of EOLs are very important for sustainable service parts systems.

As a nation experiencing rapid economic growth, South Korea and its government have made a continuous effort toward efficient research investments to achieve transformation of the Korean industry for the fourth industrial revolution. To achieve the maximum effectiveness of the research investments, it is necessary to evaluate its funding’s worth and default risk. Thus, incorporating the concepts of the Black-Scholes-Merton model and the Greeks, this study develops a default-risk evaluation model in the foundation of a system dynamics methodology. By utilizing the proposed model, this study estimates the monetary worth and the default risks of research funding in the public and private sectors of Information and Communication technologies, along with the sensitivity of the R&D economic worth of research funding to changes in a given parameter. This study finds that the public sector has more potential than the private sector in terms of monetary worth and that the default risks of three types of research funding are relatively high. Through a sensitivity analysis, the results indicate that uncertainty in volatility, operation period, and a risk-free interest rate has trivial impacts on the monetary worth of research funding, while volatility has large impacts on the default risk among the uncertain factors.

In this study, we have defined measurement and verification methods and procedures to assess the energy use on the utility system of building. Time series data conversion methods and algorithms have been proposed in performance evaluation options. To verify the feasibility of the method, the energy consumption of the refrigerator, which was an energy utility, was measured and analyzed. we present an algorithm based on the annual base conversion and analyze it based on actual data. As a result, a k-means clustering moving average method was defined for the performance calculation option A, and the use time correction coefficient method was proposed. The validity of this method was verified through the verification.

방사성금속폐기물의 관리 옵션들을 안전성, 경제성, 작업자 피폭, 부피 감용 등의 선별 기준을 적용하여 비교 평가하였다. 원전 해체로부터 발생하는 금속폐기물의 관리 옵션에는 무구속 방출, 제한적 재사용, 그리고 직접 처분이 있다. 고려된 각 각의 옵션들은 금속폐기물의 절단과 용융에 의한 부피감용을 수반한다. AHP기법을 적용하여 각 옵션들의 순위를 부여하였 다. 방사성금속폐기물을 용융하여 금속 잉곳을 제조한 후 제한적 재이용 또는 무구속 방출하는 방안이 가장 효율적인 옵션 으로 도출되었다.

Deep learning techniques are being studied and developed throughout the medical, agricultural, aviation, and automotive industries. It can be applied to construction fields such as concrete cracks and welding defects. One of the best performing techniques of deep running is CNN technique. In this study, we analyzed the classification of handwritten images using CNN technique before applying them to construction field. Deep running is generally more accurate with deeper layers, but analysis cost is high. In addition, many variations can occur depending on training options. Therefore, this study performed a parametric study to be a reference when CNN technique was applied through accuracy analysis according to training options.

PURPOSES: This study evaluates the economic value of national highway construction projects using Real Option Pricing Models. METHODS : We identified the option premium for uncertainties associated with flexibilities according to the future's change in national highway construction projects. In order to evaluate value of future's underlying asset, we calculated the volatility of the unit price per year for benefit estimation such as VOTS, VOCS, VICS, VOPCS and VONCS that the “Transportation Facility Investment Evaluation Guidelines” presented. RESULTS: We evaluated the option premium of underlying asset through a case study of the actual national highway construction projects using ROPM. And in order to predict the changes in the option value of the future's underlying asset, we evaluated the changes of option premium for future's uncertainties by the defer of the start of construction work, the contract of project scale, and the abandon of project during pre-land compensation stages that were occurred frequently in the highway construction projects. Finally we analyzed the sensitivity of the underlying asset using volatility, risk free rate and expiration date of option. CONCLUSIONS: We concluded that a highway construction project has economic value even though static NPV had a negative(-) value because of the sum of the existing static NPV and the option premium for the future's uncertainties associated with flexibilities.

공급사슬상에서의 구성원간 협력이 보편화되어가는 현재의 추세에 따라 본 논문은 공급자-판매자로 구성된 공급 사슬에서의 옵션 계약을 통한 구성원간 협력 문제에 대해 연구하였다. 구체적으로, 본 논문은 가격이 공급자에 의해 결정되고 옵션 계약 물량이 판매자에 의해 결정될 경우에 대한 공급사슬 전체 관점 및 각 구성원 관점에서의 최적 옵션 가격, (옵션) 행사 가격, 현물 시장 가격, 옵션 계약 물량 결정 문제를 계량적으로 연구하였다. 본 논문의 연구결과를 통

Most real world design evaluation and risk-based decision support combine quantitative and qualitative (linguistic) variables. Decision making based on conventional mathematics that combines qualitative and quantitative concepts always exhibit difficulty in modelling actual problems. The successful selection process for choosing a design/procurement proposal is based on a high degree of technical integrity, safety levels and low costs in construction, corrective measures, maintenance, operation, inspection and preventive measures. In this paper, a design decision support framework using a composite structure methodology grounded in approximate reasoning approach and evidential reasoning method is suggested for design evaluation of machinery space of a ship engine room at the initial stages. An illustrative example is used to demonstrate the application of the proposed framework.

The binomial option pricing model is widely used to understand pricing an option which is a financial derivative. The Model presents very important characteristics in deciding a price of an option. First, a value of option is decided independently with probabilities that stock prices are ascending or fall. Second, an option pricing is not depend on investors' risk preferences. When an option is evaluated, this paper may clear that investors had to consider the probabilities of a stock price's movements and their own preferences for a risk.

이나 償還優先株式의 발행 및 인수에 관한 新株引受契約書에 ‘償還權’의 행사에 관한 내용 뿐만 아니라 '償還權 이외‘의 권리인 ‘풋옵션(Put Option)’이나 ‘콜옵션(Call Option)’조항이 추가로 약정되어 있는 경우가 있다. 이러한 경우에, 新株引受人인 투자자가 그러한 풋옵션(Put Option)이라는 約定上의 권리를 행사하여 발행회사가 自己發行株式을 취득하게 되는 경우에, 이는 계약당사자들 사이의 約定上의 권리의 행사에 따른 것이므로, 관련 법률에 근거 규정이 명시되어야만 포섭가능성이 있는 것으로 해석되는 商法 제341조 제5호(‘주주가 주식매수청구권을 행사한 때’)에 포섭하는 것으로 해석하기는 어려울 것으로 보인다. 그러나, 이와 같은 自己株式取得 결과를 허용하더라도 自己株式 취득을 금지하는 취지에 반하지 않는다는 점, 償還株式의 경우에는 그 본래적, 개념적 특성으로서 償還에 따른 발행회사의 自己株式의 취득이 개념적으로 전제가 되어 있어 商法에서도 償還株式의 ‘償還’에 따른 自己株式의 취득을 명문으로 허용하고 있다는 점(商法 제341조 제1호) 등을 감안하면, 위와 같은 풋옵션(Put Option)이라는 約定上의 권리행사에 따라 발행회사가 自己發行株式을 취득하게 되는 경우에도 商法 제341조 제1호(‘주식을 소각하기 위한때’)에 해당하여 自己株式의 취득이 허용되는 것으로 적극적으로 해석하는 것이 타당한 것으로 보인다.

This paper reviews differences between the traditional investment evaluation methods and real option approaches. This study considers management flexibility, contingency and volatility from a strategic management perspective. The roles of various real option approaches are discussed.

현지투자환경이 불확실한 경우 기업들은 어떠한 과정과 요인에 의해 해외직접투자를 확대하는가? 미얀마와 베트남에 진출한 3개 한국기업의 해외직접투자 확대과정을 분석한 결과 사례기업들은 초기투자를 통해 성장기반을 확보한 다음 현지사업역량을 구축하면서 투자의 불확실성이 줄거나 유리한 투자기회가 왔을 때 후속투자를 실행하는 것으로 나타났다. 또한 불확실한 투자환경 하에서 투자의 철회불가능성에 대처하고 투자가치를 극대화하기 위해 소규모 합작을 바탕으로 해외직접투자를 확대하는 것으로 분석되었다.

There are futures, options as derivatives in our capital-market including KOSPI200 futures and options. Unfortunately linked-manipulations between stock tradings and derivatives tradings happen too often. It is able to distinguish linked-manipulations from faked-normal stock tradings using some criterias ; real purposes of tradings, rationals manners or not, the scales of profits. These acts of unfair trades are increasing in our capital market and especially the occurrences of new type of unfair trades cast attentions on same fields for example manipulations disguising hedge in option trades etc. Crimes in manipulations fields are developing without halts. In order to cope with its revolutions, we should make clear standards to distinguish linked-manipulations from faked-normal stock-tradings by searching same case studies.

In order to improve the prediction of the regional air quality modeling in the Seoul metropolitan area, a sensitivity analysis using two PBL and microphysics (MP) options of the WRF model was performed during four seasons. The results from four sets of the simulation experiments (EXPs) showed that meteorological variables (especially wind field) were highly sensitive to the choice of PBL options (YSU or MYJ) and no significant differences were found depending on MP options (WDM6 or Morrison) regardless of specific time periods, i.e. day and night, during four seasons. Consequently, the EXPs being composed of YSU PBL option were identified to produce better results for meteorological elements (especially wind field) regardless of seasons. On the other hand, the accuracy of all simulations for summer and winter was somewhat lower than those for spring and autumn and the effect according to physics options was highly volatile by geographical characteristics of the observation site.

The study aims to analyze economic of biogas plant in transition of recognition that waste resources has become renewable energy. The traditional investment valuation method using the NPV or IRR has a limitation in a sense that uncertainty of the future is not reflected. Hence, the purpose of this paper is to assess the value of the business by taking advantage of the real option. Biogas plant simulation is applied to the case of Garak Market using the binomial options among a variety of real options. With this analysis, it is assessed that operational expand option is the largest of the value of the binomial options.

A unit emission reduction of nitrous oxide (N2O) from anthropogenic sources is equivalent to a 310-unit CO2 emission reduction because the N2O has the global warming potential (GWP) of 310. This greatly promoted very active development and commercialization of catalysts to control N2O emissions from large-scale stationary sources, representatively nitric acid production plants, and numerous catalytic systems have been proposed for the N2O reduction to date and here designated to Options A to C with respect to in-duct-application scenarios. Whether or not these Options are suitable for N2O emissions control in nitric acid industries is primarily determined by positions of them being operated in nitric acid plants, which is mainly due to the difference in gas temperatures, compositions and pressures. The Option A being installed in the NH3 oxidation reactor requires catalysts that have very strong thermal stability and high selectivity, while the Option B technologies are operated between the NO2 absorption column and the gas expander and catalysts with medium thermal stability, good water tolerance and strong hydrothermal stability are applicable for this option. Catalysts for the Option C, that is positioned after the gas expander thereby having the lowest gas temperatures and pressure, should possess high deN2O performance and excellent water tolerance under such conditions. Consequently, each deN2O technology has different opportunities in nitric acid production plants and the best solution needs to be chosen considering the process requirements.

최근들어 온라인게임 개발사에 대한 투자가 활발해짐에 따라 상용화 이전 단계의 온라인 게임 개발사에 대한 투자도 본격적으로 진행되고 있으나, 이들 업체들은 기술적 불확실성 및 시장 불확실성이 매우 높기 때문에 고전적인 가치평가 방법으로는 한계가 존재한다. 따라서, 이러한 불확실성을 효과적으로 반영할 수 있는 실물옵션 방법론을 적용하여야 한다. 이를 블루홀스튜디오의 실제 투자 사례에 대해 적용한 결과, 실물옵션 방법론이 고전적인 가치평가 방법에 비해 더 효과적으로 시장 가치를 설명하며, 실물옵션 방법론 중에서도 MAD(Market Asset Disclaimer) 방법이 더 효과적임을 사례연구를 통해 실증하였다.