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REFERENCE LINKING PLATFORM OF KOREA S&T JOURNALS
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Korean Management Science Review
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Journal DOI :
The Korean Operations and Management Science Society
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Volume & Issues
Volume 31, Issue 4 - Dec 2014
Volume 31, Issue 3 - Nov 2014
Volume 31, Issue 2 - Jul 2014
Volume 31, Issue 1 - Mar 2014
Selecting the target year
A Study on the Investment Portfolios of Stocks using DEA
Gu, Seung Hwan ; Jang, Seong Yong ;
Korean Management Science Review, volume 31, issue 3, 2014, Pages 1~12
DOI : 10.7737/KMSR.2014.31.3.001
This study suggests the two types DEA models such as DEA CCR model and Super Efficiency model to evaluate the value of a company and to apply them for the investments. 14 kinds of real data of companies such as EV/EBITDA, EPS growth rate, PCR, PER, dividend yield, PBR, stock price/net current asset, debt ratio, current ratio, ROE, operating margin, inventory turnover, accounts receivable turnover, and sales growth ratio were used as input variables of DEA models. 12 year data from December 30, 2000 up to December 30, 2012 were collected, and the data with negative, missing and 0 values were removed reflecting the characteristics of the DEA. In order to verify the effectiveness of the models, we compared the historical variability and rate of return of both models those of the market. Study results are as follows. First, two DEA models are more stable than market in terms of rate of return because the historical variability of both models are less than that of market. Second, Super Efficiency model is more stable than CCR model. Lastly, the cumulative rate of return of Super Efficiency model (434%) is greater than that of the CCR model (420%) and that of the market (269%).
A Production-and-Scheduling for One-Vendor Multi-Buyer Model under the Consolidation Policy
Noh, K.W. ; Sung, C.S. ; Lee, Ik Sun ;
Korean Management Science Review, volume 31, issue 3, 2014, Pages 13~26
DOI : 10.7737/KMSR.2014.31.3.013
This paper considers an integrated one-vendor multi-buyer production-inventory model where the vendor manufactures multiple products in lot at their associated finite production rates. In the model, it is allowed for each product to be shipped in lot to the buyers even before the whole product production is not completed yet. Each product lot is dispatched to the associated buyer in a number of shipments. The buyers consume their products at fixed rates. The objective is to the production and shipment schedules in the integrated system, which minimizes the total cost per unit time. The total cost consists of production setup cost, inventory holding cost and shipment cost. For the model, an iterative optimal solution procedure with shipment consolidation policy incorporated. It is then tested through numerical experiments to show how efficient and effective the shipment consolidation policy is.
Generalized Q Control Charts for Short Run Processes in the Presence of Lot to Lot Variability
Lee, Hyun Cheol ;
Korean Management Science Review, volume 31, issue 3, 2014, Pages 27~39
DOI : 10.7737/KMSR.2014.31.3.027
We derive a generalized statistic form of Q control chart, which is especially suitable for short run productions and start-up processes, for the detection of process mean shifts. The generalization means that the derived control chart statistic concurrently uses within lot variability and between lot variability to explain the process variability. The latter variability source is noticeably prevalent in lot type production processes including semiconductor wafer fabrications. We first obtain the generalized Q control chart statistic when both the process mean and process variance are unknown, which represents the case of implementing statistical process control charting for short run productions and start-up processes. Also, we provide the corresponding generalized Q control chart statistics for the rest of three cases of previous Q control chart statistics : (1) both the process mean and process variance are known (2) only the process mean is unknown and (3) only the process variance is unknown.
The Effects of Service Providers' Conversation Types on Customers' Satisfaction in Conversation with Service Providers at Service Encounter
Park, Sang-June ; Moon, Ga-Gyeong ; Lee, Yeong-Ran ;
Korean Management Science Review, volume 31, issue 3, 2014, Pages 41~59
DOI : 10.7737/KMSR.2014.31.3.041
The marketing literature suggests that personal relationships between customers and service providers influence consumers' evaluation of goods and services. In this paper, we investigate the effects of service providers' conversation types (non-physical communication) on customers' evaluation and satisfaction in conversation with service providers. The empirical results show that the non-physical communication affect consumers' satisfaction in communication with service providers. This implies that the non-physical communication could be considered as a strategic tool when corporations need to differentiate their services from competitors to gain an advantage in competition.
Optimal Spare Part Level in Multi Indenture and Multi Echelon Inventory Applying Marginal Analysis and Genetic Algorithm
Jung, Sungtae ; Lee, Sangjin ;
Korean Management Science Review, volume 31, issue 3, 2014, Pages 61~76
DOI : 10.7737/KMSR.2014.31.3.061
There are three methods for calculating the optimal level for spare part inventories in a MIME (Multi Indenture and Multi Echelon) system : marginal analysis, Lagrangian relaxation method, and genetic algorithm. However, their solutions are sub-optimal solutions because the MIME system is neither convex nor separable by items. To be more specific, SRUs (Shop Replaceable Units) are required to fix a defected LRU (Line Replaceable Unit) because one LRU consists of several SRUs. Therefore, the level of both SRU and LRU cannot be calculated independently. Based on the limitations of three existing methods, we proposes a improved algorithm applying marginal analysis on determining LRU stock level and genetic algorithm on determining SRU stock level. It can draw optimal combinations on LRUs through separating SRUs. More, genetic algorithm enables to extend the solution search space of a SRU which is restricted in marginal analysis applying greedy algorithm. In the numerical analysis, we compare the performance of three existing methods and the proposed algorithm. The research model guarantees better results than the existing analytical methods. More, the performance variation of the proposed method is relatively low, which means one execution is enough to get the better result.
The Application of IOCM for the Improvement of Supply-Chain Performance
Choe, Jong-Min ;
Korean Management Science Review, volume 31, issue 3, 2014, Pages 77~94
DOI : 10.7737/KMSR.2014.31.3.077
This study empirically investigated the relationships among inter-organizational cost management (IOCM), cooperation with suppliers, information exchange between partners, inter-organizational learning, control integration, and the supply-chain performance of a firm. The results showed that the adoption of IOCM positively affects the collaboration between buyers and suppliers, which also leads to the increased information flow between them. According to the results of this study, it was found that inter-organizational information flow causes inter-organizational learning, and this learning contributes to the improved supply-chain performance. In this study, the positive effects of the cooperation with suppliers through IOCM on the control integration in supply-chains were not empirically confirmed. However, the impact of IOCM on control integration was significant and positive. Finally, the fact that the enhanced control integration can improve the supply-chain performance of a firm was empirically demonstrated.
An Evaluation of the Economic Value of Outsourcing of Water Supply Services Considering Uncertainty of Water Price
Jeong, In-Chan ; Kim, Jae-Hee ; Kim, Sheung-Kown ;
Korean Management Science Review, volume 31, issue 3, 2014, Pages 95~111
DOI : 10.7737/KMSR.2014.31.3.095
It is essential to carry out an economic analysis on public water supply projects so that policy makers and water enterprises are aware of the actual value of the project. However, many popular approaches based on discounted cash flow analysis do not capture the uncertainties inherent in cash flow. In order to analyze the economic values of the water supply project of local governments, we utilize real option model, which considers uncertainty in future water price behavior and captures the value of real life flexibility. The real option model is designed to incorporate the option to expand and abandon, and it is applied to a local government case. Furthermore, we assess the project by exploring Luehrman's option space to accommodate the more efficient decision making. The results show that substantial amount of potential value is included in the public water supply service, and the overall value is greater than the value obtained from the discounted cash flow model.
A Study on Interaction Modes among Populations in Cooperative Coevolutionary Algorithm for Supply Chain Network Design
Han, Yongho ;
Korean Management Science Review, volume 31, issue 3, 2014, Pages 113~130
DOI : 10.7737/KMSR.2014.31.3.113
Cooperative coevolutionary algorithm (CCEA) has proven to be a very powerful means of solving optimization problems through problem decomposition. CCEA implies the use of several populations, each population having the aim of finding a partial solution for a component of the considered problem. Populations evolve separately and they interact only when individuals are evaluated. Interactions are made to obtain complete solutions by combining partial solutions, or collaborators, from each of the populations. In this respect, we can think of various interaction modes. The goal of this research is to develop a CCEA for a supply chain network design (SCND) problem and identify which interaction mode gives the best performance for this problem. We present general design principle of CCEA for the SCND problem, which require several co-evolving populations. We classify these populations into two groups and classify the collaborator selection scheme into two types, the random-based one and the best fitness-based one. By combining both two groups of population and two types of collaborator selection schemes, we consider four possible interaction modes. We also consider two modes of updating populations, the sequential mode and the parallel mode. Therefore, by combining both four possible interaction modes and two modes of updating populations, we investigate seven possible solution algorithms. Experiments for each of these solution algorithms are conducted on a few test problems. The results show that the mode of the best fitness-based collaborator applied to both groups of populations combined with the sequential update mode outperforms the other modes for all the test problems.