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@article{ART001817861},
author={Park Kyung Yeol and Choi， Seung-Dam},
title={Analysis of Key Influential Variables and Their Impacts on Hotel Development Project Financial Feasibility Analysis Using Stochastic System Dynamics Method},
journal={Journal of Tourism Sciences},
issn={1226-0533},
year={2013},
volume={37},
number={9},
pages={317-337}

TY - JOUR
AU - Park Kyung Yeol
AU - Choi， Seung-Dam
TI - Analysis of Key Influential Variables and Their Impacts on Hotel Development Project Financial Feasibility Analysis Using Stochastic System Dynamics Method
JO - Journal of Tourism Sciences
PY - 2013
VL - 37
IS - 9
PB - The Tourism Sciences Society Of Korea
SP - 317
EP - 337
SN - 1226-0533
AB - The purpose of this study is to identify major influential variables and their impacts on financial feasibility analysis for hotel development applying the stochastic system dynamics method. To develop a model, 1) the boundary of system model was set and variables that compose the system were determined, 2) Causal Loop Diagram(CLD) which explains the casual relationships among variables was formulated, 3) Stock Flow Diagram(SFD) was developed based on the CLD and 4) SFD model was confirmed through verification of its soundness and objectivity. Finally, confirmed model was applied to the typical hotel development project of Hotel A in order to identify major influential variables and their impacts on feasibility analysis. Variables such as number of employees per guest room, expenses per employee, monthly earnings from ancillary facilities and occupancy rates of ancillary facilities were identified as more influential variable than others. This study shows the usefulness of the stochastic system dynamics model in drawing more influential variables and in reflecting diverse variables and scenarios for financial feasibility analysis for hotel development. To make the model more predictable it is required to conduct consistent research by adopting additional variables and applying developed model to various hotel development projects.
KW - Hotel development project;Stochastic system dynamics
DO -
UR -
ER -

Park Kyung Yeol and Choi， Seung-Dam. (2013). Analysis of Key Influential Variables and Their Impacts on Hotel Development Project Financial Feasibility Analysis Using Stochastic System Dynamics Method. Journal of Tourism Sciences, 37(9), 317-337.

Park Kyung Yeol and Choi， Seung-Dam. 2013, "Analysis of Key Influential Variables and Their Impacts on Hotel Development Project Financial Feasibility Analysis Using Stochastic System Dynamics Method", Journal of Tourism Sciences, vol.37, no.9 pp.317-337.

Park Kyung Yeol, Choi， Seung-Dam "Analysis of Key Influential Variables and Their Impacts on Hotel Development Project Financial Feasibility Analysis Using Stochastic System Dynamics Method" Journal of Tourism Sciences 37.9 pp.317-337 (2013) : 317.

Park Kyung Yeol, Choi， Seung-Dam. Analysis of Key Influential Variables and Their Impacts on Hotel Development Project Financial Feasibility Analysis Using Stochastic System Dynamics Method. 2013; 37(9), 317-337.

Park Kyung Yeol and Choi， Seung-Dam. "Analysis of Key Influential Variables and Their Impacts on Hotel Development Project Financial Feasibility Analysis Using Stochastic System Dynamics Method" Journal of Tourism Sciences 37, no.9 (2013) : 317-337.

Park Kyung Yeol; Choi， Seung-Dam. Analysis of Key Influential Variables and Their Impacts on Hotel Development Project Financial Feasibility Analysis Using Stochastic System Dynamics Method. Journal of Tourism Sciences, 37(9), 317-337.

Park Kyung Yeol; Choi， Seung-Dam. Analysis of Key Influential Variables and Their Impacts on Hotel Development Project Financial Feasibility Analysis Using Stochastic System Dynamics Method. Journal of Tourism Sciences. 2013; 37(9) 317-337.

Park Kyung Yeol, Choi， Seung-Dam. Analysis of Key Influential Variables and Their Impacts on Hotel Development Project Financial Feasibility Analysis Using Stochastic System Dynamics Method. 2013; 37(9), 317-337.

Park Kyung Yeol and Choi， Seung-Dam. "Analysis of Key Influential Variables and Their Impacts on Hotel Development Project Financial Feasibility Analysis Using Stochastic System Dynamics Method" Journal of Tourism Sciences 37, no.9 (2013) : 317-337.