Development of an evaluation framework of production planning for the shipbuilding industry

Lee, Jong Moo; Jeong, Yong-Kuk; Woo, Jong Hun

doi:10.1080/0951192x.2018.1449968

Cited by 15 publications

(9 citation statements)

References 17 publications

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“…Pearson's correlation coefficient and subsequent regression methods are used in the evaluation of the Sajnóg company [49], thereby proving the correlation of diversity between performance compensation and profitability calculated with net profit and comprehensive income. Lee, Jeong, and Woo [50] create an evaluation system based on an integrated production planning process for shipbuilding companies in South Korea. Hanine et al [51] introduce Modified Delphi decision-making techniques, the fuzzy analytical hierarchical process (fuzzy-AHP) and the organizational method of ordering preferences for enrichment evaluation (PROMETHEE) in order to improve the performance of Geospatial Business Intelligence (Geospatial BI).…”

Section: Company Specific Modelmentioning

confidence: 99%

Creating a Comprehensive Method for the Evaluation of a Company

et al. 2020

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For investment purposes, the evaluation of a company is not only a matter for a company itself, but also for shareholders and external persons. There are many methods for evaluating a company. This contribution therefore focuses on the creation of a comprehensive method for the evaluation of an industrial enterprise, one that can be used to predict potential future bankruptcies, using a dataset of financial statements of active companies and those in liquidation in the period 2015–2019. Artificial neural networks were used to process the data, specifically logistic regressions from the data processed in the Statistica and Mathematica software programmes. The results showed that the models created using the Mathematica software are not applicable in practice due to the parameters of the obtained results. In contrast, the artificial neural structures obtained using the neural network model in the Statistica software were prospective due to their performance, which is almost always above 0.8, and the logical economic interpretation of the relevant variables. All the generated and retained networks show excellent performance and few errors. However, one of the artificial structures, network no. 4 (MLP 16-16-2), produces better results than the others. Overall, accuracy is almost 81%. In the case of the classification of companies capable of surviving financial distress, accuracy is almost 90%, with that for the classification of companies at risk of going into bankruptcy at nearly 55%.

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Section: Company Specific Modelmentioning

confidence: 99%

Creating a Comprehensive Method for the Evaluation of a Company

et al. 2020

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“…There are various studies on shipbuilding industry and related markets, some of which are cited. In the paper [13] the authors suggest a systematic ship development planning cycle by evaluating development planning activities carried out in major South Korean shipyards. In addition, it recommends an assessment structure and an appraisal program to test production planning on the basis of an automated production planning cycle.…”

Section: Literature Reviewmentioning

confidence: 99%

Global shipbuilding activities in the modern maritime market environment

et al. 2020

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The international trade, in the long run being influenced primarily by global economy, is hardly imaginable without maritime transport of goods. The investors in the shipping market, i.e. shipowners, foresee the key return of their capital investments through collection of the freight payments. Consequently, the position and ultimately survival of the owners is intensely influenced with the freight rate cycles, which in turn depend on demand and supply of ships. As historically proved, the higher the freight rates, the more orders for new ships are secured by shipyards. Most of the factors that impact shipowners’ decisions, especially those related to placing the orders, thus extend their influence towards shipyards’ operations and earnings. Competition among shipyards to ever attract more shipowners and secure more new orders or higher value orders, results in expanding their facilities, shortening delivery dates, making their ships’ design more appealing, lowering prices, etc. Observing fluctuations of the market and understanding impact factors on the freight rates’ segment and on shipbuilding segment therefore, is a crucial occupation accompanying executive decision making process for both, shipbuilders and shipowners. Recent state of the global shipbuilding industry is presented in this paper, based on the most recently available data on shipping market and on the global shipbuilding activities. Near-future outlook is given through analysis of the current market developments and industry potentials as well as with respect to the rivalry among competitors. Besides, clarification of market present state’s impact factors is herein given and significant conclusions for their current development and future perspectives are addressed, considering available information.

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“…First of all, since the values in the first row of the interference matrix are all zeros, E 1 does not interfere with any spools. Therefore, the position ranking of E 1 is defined as the first, and all values in the first row and the first column are (1) eliminated (step 1). From step 1, it can be found that the second row and the second column are all zeros.…”

Section: Calculation Of Position Rankingmentioning

confidence: 99%

“…Until the mid-2000s, South Korea's shipbuilding industry had maintained world-renowned competitiveness based on its excellent ship construction technology for commercial vessels [1]. According to the shipbroker Clarkson PLC, South Korea has consistently had seven or eight of the world's top 10 shipyards based on compensated gross tonnage (CGT) each year [2].…”

Section: Introductionmentioning

confidence: 99%

Algorithm development for the spool installation sequence of outfitting works in offshore structure

Choi

Woo

2020

J Mar Sci Technol

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In the early 2000s, shipyards in South Korea were the most competitive in the world for commercial vessels because of their accumulated production and quality management capabilities. In the mid-2000s, the rising trend of international oil prices and predicted market growth of offshore structures caused large shipyards in South Korea to start focusing on the construction of offshore structures. However, these shipyards suffered massive losses because they did not properly reflect the characteristics of offshore structures, which differ from those of commercial vessels. Such losses can largely be classified into engineering losses and production losses. This study aimed to address problems related to outfitting installation work from a production perspective. An algorithm was developed to define an efficient spool installation sequence and was verified through actual data of offshore structure. The developed algorithm should make it possible to plan spool installation work by determining an efficient spool installation sequence. In addition, the algorithm can assist in prompt decision making and eliminate wasted cost and time by providing with an efficient spool installation sequence.

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Development of an evaluation framework of production planning for the shipbuilding industry

Cited by 15 publications

References 17 publications

Creating a Comprehensive Method for the Evaluation of a Company

Creating a Comprehensive Method for the Evaluation of a Company

Global shipbuilding activities in the modern maritime market environment

Algorithm development for the spool installation sequence of outfitting works in offshore structure

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