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Article
Publication date: 26 November 2010

Hyeon‐Lo Lee, Jong Beom Moon, Wang Jin Yoo and Dong Myung Lee

The purpose of this paper is to apply the real option method with fuzzy logic to value the government‐sponsored projects of advanced technology development for strategic…

Abstract

Purpose

The purpose of this paper is to apply the real option method with fuzzy logic to value the government‐sponsored projects of advanced technology development for strategic selection in an uncertain competitive environment.

Design/methodology/approach

For strategic selection of government‐sponsored industrial R&D projects, in this paper, Carlsson and Fúller's model was adopted which employs fuzzy logic to estimate the benefits and costs calculated from various scenarios and utilizes Black‐Scholes‐Merton model. The model of strategic selection is suggested for government R&D with fuzzy real option valuation (FROV) and the portfolio planning model from GE‐Mckinsey matrix as well.

Findings

FROV was found to be more appropriate to measure the strategic value than the traditional financial method (net present value, NPV, etc.). When the NPV is ambiguous in deciding whether to go or not to go, for instance, just below zero NPV and high volatility of expected benefit, FROV can offer the additive value of the project reflecting volatility of benefit due to the volatility.

Research limitations/implications

Based on insufficient practical data, this methodology should be verified with various projects and measuring volatility of pay‐off requires precise analysis. In addition, research opportunities are in the stepwise R&D project with fuzzy compound real option.

Originality/value

Many papers on economic analysis of R&D project are focused on NPV or cost‐benefit analysis in the public sector. Several attempts with real option have been conducted in the pharmaceutical field or the aerospace (NASA) industry but are not concerned with the fuzziness of expected benefit. Hence, in this paper, fuzzy logic is added to handle imprecise information on the Black‐Scholes‐Merton model with dividend paying.

Details

Asian Journal on Quality, vol. 11 no. 3
Type: Research Article
ISSN: 1598-2688

Keywords

Article
Publication date: 18 January 2013

Paul R. Drake, Dong Myung Lee and Matloub Hussain

The aim of this paper is to present a purchasing portfolio model for determining purchasing strategy at the component level of a product to support business strategy…

6588

Abstract

Purpose

The aim of this paper is to present a purchasing portfolio model for determining purchasing strategy at the component level of a product to support business strategy, addressing weaknesses in the often cited Kraljic‐type models. The work draws on Fisher's model to match supply strategy to product nature. However, Fisher's model was criticised very recently by Lo and Power in this journal because it is unclear how the “leagile” option should fit into it. This paper addresses this issue.

Design/methodology/approach

The new portfolio model is based on the literature, particularly Fisher's seminal work. It is then applied to two case studies; an electric boiler manufacturer and an elevator manufacturer, both in South Korea. The analytic hierarchy process (AHP) is used to position purchased components in the model.

Findings

Different purchasing strategies should be assigned to different components according to their impact on the competitive priorities. As the electric boiler is a functional product, while the elevator is an innovative product, the case studies show how this can vary across the two product‐types identified by Fisher.

Research limitations/implications

The new model has been tested on only two case studies, which limits the ability to generalise the findings. Future work will use the lean and agile purchasing portfolio model in research and knowledge exchange activities with other industrial partners to further develop and test its efficacy.

Originality/value

The new model captures the finding of Fisher and others that products should be classified as functional or innovation to determine their suitability for lean or agile supply respectively. However, this classification is extended here to the component level and with the addition of the leagile and non‐strategic supply options, and it depends on the impact a component has on the four competitive priorities; cost, quality, time and flexibility.

Details

Supply Chain Management: An International Journal, vol. 18 no. 1
Type: Research Article
ISSN: 1359-8546

Keywords

Article
Publication date: 2 November 2012

Matloub Hussain, Paul R. Drake and Dong Myung Lee

The purpose of this paper is to quantify the effect of design parameters on the bullwhip effect and dynamic responses produced by a multi‐echelon supply chain with…

2028

Abstract

Purpose

The purpose of this paper is to quantify the effect of design parameters on the bullwhip effect and dynamic responses produced by a multi‐echelon supply chain with information sharing.

Design/methodology/approach

Taguchi design of experiments and system dynamics simulation are used to quantify the impact of a supply chain's design parameters, including degree of information sharing, on its dynamic performance, and the interactions that occur as the parameter values are varied.

Findings

Quantified relationships between supply chain design parameters and dynamic performance, including the bullwhip effect, are presented. Two parameters in particular, time to adjust inventory error and production lead time, are shown to have a particularly strong impact on the order variance compared to other parameters. However, there are several other significant findings.

Research limitations/implications

Batching and capacity constraints are common causes of the bullwhip effect, but they are not included here. Future work should quantify the impact of these.

Practical implications

This paper presents a systematic way for quantifying and understanding the impact of supply chain design parameters on the bullwhip effect and dynamic responses, and their interactions. The experimental results provide practical understanding for supply chain managers.

Originality/value

Previous studies have identified causes of the bullwhip effect but little attention has been given to quantifying their impact and interactions. This paper makes a contribution towards filling this gap, using system dynamics simulation and Taguchi design of experiments.

Details

International Journal of Physical Distribution & Logistics Management, vol. 42 no. 10
Type: Research Article
ISSN: 0960-0035

Keywords

Article
Publication date: 1 March 1988

Sungsoo Pyo and Richard L. Howell

During the early 1970s, per capita income of Koreans increased rapidly. The increased income was due to the speedy industrialization. Both increased income and mounting…

Abstract

During the early 1970s, per capita income of Koreans increased rapidly. The increased income was due to the speedy industrialization. Both increased income and mounting stress from jobs and the industrialized environment together induced Koreans to travel away from home to relax and regain strength to work.

Details

The Tourist Review, vol. 43 no. 3
Type: Research Article
ISSN: 0251-3102

Content available
Article
Publication date: 7 April 2015

Haozhe Chen

1651

Abstract

Details

International Journal of Physical Distribution & Logistics Management, vol. 45 no. 3
Type: Research Article
ISSN: 0960-0035

Abstract

Details

Transformation of Korean Politics and Administration: A 30 Year Retrospective
Type: Book
ISBN: 978-1-80382-116-0

Abstract

Details

Transformation of Korean Politics and Administration: A 30 Year Retrospective
Type: Book
ISBN: 978-1-80382-116-0

Article
Publication date: 5 September 2016

Yu-Mi Lee, Na-Young Lee, Myung-Sub Chung, Sang-Do Ha and Dong-Ho Bae

The purpose of this paper is to analyze the fat, saturated fatty acid and trans fatty acid contents in ready-to-eat foods distributed at amusement parks to develop an…

Abstract

Purpose

The purpose of this paper is to analyze the fat, saturated fatty acid and trans fatty acid contents in ready-to-eat foods distributed at amusement parks to develop an appropriate food safety management system for children.

Design/methodology/approach

In all, 322 ready-to-eat food samples categorized into 17 types were collected from nine Korean amusement parks and their fat, saturated fatty acid and trans fatty acid contents were assessed.

Findings

Fat, saturated fatty acid and trans fatty acid contents were relatively high in flour-based products. On the basis of the Korea Food and Drug Administration classification, the samples in 12 categories were classified as high-fat foods. The samples in nine categories were classified as high-saturated fatty acid foods. Most samples also contained non-negligible levels of trans fatty acids. The fat, saturated fatty acid and trans fatty acid contents of samples even in the same category varied markedly.

Social implications

This research will inform the necessity of an appropriate safety management system for ready-to-eat foods distributed at amusement.

Originality/value

Although the fat contents of foods distributed around school area were often observed, the potential risk of those in ready-to-eat foods distributed at amusement parks have rarely been assessed. As patterns of food intakes vary world-widely, a periodic monitoring data like this study may be useful for international organizations and researchers.

Details

British Food Journal, vol. 118 no. 9
Type: Research Article
ISSN: 0007-070X

Keywords

Abstract

Details

Transformation of Korean Politics and Administration: A 30 Year Retrospective
Type: Book
ISBN: 978-1-80382-116-0

Expert briefing
Publication date: 18 November 2021

Neither is from their party’s mainstream, and has never been elected as a lawmaker. The conservative, Yoon Seok-youl, is a former prosecutor general. The liberal, Lee Jae…

Details

DOI: 10.1108/OXAN-DB265544

ISSN: 2633-304X

Keywords

Geographic
Topical
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