WITH t AS                            
 (                                    
 SELECT 1  AS NUM ,'AAA' AS ITEM, 'SEOUL' AS AREA,'RECEV'  AS EVENT ,'20120101' AS TIME FROM DUAL UNION ALL
 SELECT 2  AS NUM ,'AAA' AS ITEM, 'SEOUL' AS AREA,'SEND'   AS EVENT ,'20120102' AS TIME FROM DUAL UNION ALL
 SELECT 3  AS NUM ,'AAA' AS ITEM, 'BUSAN' AS AREA,'ARRIV'  AS EVENT ,'20120103' AS TIME FROM DUAL UNION ALL
 SELECT 4  AS NUM ,'AAA' AS ITEM, 'BUSAN' AS AREA,'SEND'   AS EVENT ,'20120104' AS TIME FROM DUAL UNION ALL
 SELECT 5  AS NUM ,'AAA' AS ITEM, 'JEJU'  AS AREA,'ARRIV'  AS EVENT ,'20120105' AS TIME FROM DUAL UNION ALL
 SELECT 6  AS NUM ,'AAA' AS ITEM, 'JEJU'  AS AREA,'RETURN' AS EVENT ,'20120106' AS TIME FROM DUAL UNION ALL
 SELECT 7  AS NUM ,'AAA' AS ITEM, 'JEJU'  AS AREA,'SEND'   AS EVENT ,'20120107' AS TIME FROM DUAL UNION ALL
 SELECT 8  AS NUM ,'AAA' AS ITEM, 'BUSAN' AS AREA,'ARRIV'  AS EVENT ,'20120108' AS TIME FROM DUAL UNION ALL
 SELECT 9  AS NUM ,'BBB' AS ITEM, 'SEOUL' AS AREA,'RECEV'  AS EVENT ,'20120101' AS TIME FROM DUAL UNION ALL
 SELECT 10 AS NUM ,'BBB' AS ITEM, 'SEOUL' AS AREA,'SEND'   AS EVENT ,'20120102' AS TIME FROM DUAL UNION ALL
 SELECT 11 AS NUM ,'BBB' AS ITEM, 'BUSAN' AS AREA,'ARRIV'  AS EVENT ,'20120103' AS TIME FROM DUAL UNION ALL
 SELECT 12 AS NUM ,'BBB' AS ITEM, 'BUSAN' AS AREA,'SEND'   AS EVENT ,'20120104' AS TIME FROM DUAL UNION ALL
 SELECT 13 AS NUM ,'BBB' AS ITEM, 'JEJU'  AS AREA,'ARRIV'  AS EVENT ,'20120105' AS TIME FROM DUAL UNION ALL
 SELECT 14 AS NUM ,'CCC' AS ITEM, 'SEOUL' AS AREA,'SEND'   AS EVENT ,'20120101' AS TIME FROM DUAL UNION ALL
 SELECT 15 AS NUM ,'CCC' AS ITEM, 'BUSAN' AS AREA,'ARRIV'  AS EVENT ,'20120102' AS TIME FROM DUAL UNION ALL
 SELECT 16 AS NUM ,'CCC' AS ITEM, 'BUSAN' AS AREA,'SEND'   AS EVENT ,'20120103' AS TIME FROM DUAL UNION ALL
 SELECT 17 AS NUM ,'CCC' AS ITEM, 'JEJU'  AS AREA,'ARRIV'  AS EVENT ,'20120104' AS TIME FROM DUAL UNION ALL
 SELECT 18 AS NUM ,'CCC' AS ITEM, 'JEJU'  AS AREA,'DELIV'   AS EVENT ,'20120105' AS TIME FROM DUAL
)
SELECT NUM, ITEM, AREA, EVENT, TIME FROM (      
SELECT NUM, ITEM, AREA, EVENT, TIME, ROW_NUMBER() OVER(ORDER BY TIME DESC) AS RN  FROM T
WHERE AREA = 'BUSAN' AND EVENT = 'ARRIV')
WHERE RN = 1 ;

Q1.ITEM 중에 BUSAN에 ARRIV 해서 다음 작업이 없는 데이터  중 최근값 결과는
 
 8                    AAA     BUSAN     ARRIV       20120108

 WITH t AS                            
 (                                    
 SELECT 1  AS NUM ,'AAA' AS ITEM, 'SEOUL' AS AREA,'RECEV'  AS EVENT ,'20120101' AS TIME FROM DUAL UNION ALL
 SELECT 2  AS NUM ,'AAA' AS ITEM, 'SEOUL' AS AREA,'SEND'   AS EVENT ,'20120102' AS TIME FROM DUAL UNION ALL
 SELECT 3  AS NUM ,'AAA' AS ITEM, 'BUSAN' AS AREA,'ARRIV'  AS EVENT ,'20120103' AS TIME FROM DUAL UNION ALL
 SELECT 4  AS NUM ,'AAA' AS ITEM, 'BUSAN' AS AREA,'SEND'   AS EVENT ,'20120104' AS TIME FROM DUAL UNION ALL
 SELECT 5  AS NUM ,'AAA' AS ITEM, 'JEJU'  AS AREA,'ARRIV'  AS EVENT ,'20120105' AS TIME FROM DUAL UNION ALL
 SELECT 6  AS NUM ,'AAA' AS ITEM, 'JEJU'  AS AREA,'RETURN' AS EVENT ,'20120106' AS TIME FROM DUAL UNION ALL
 SELECT 7  AS NUM ,'AAA' AS ITEM, 'JEJU'  AS AREA,'SEND'   AS EVENT ,'20120107' AS TIME FROM DUAL UNION ALL
 SELECT 8  AS NUM ,'AAA' AS ITEM, 'BUSAN' AS AREA,'ARRIV'  AS EVENT ,'20120108' AS TIME FROM DUAL UNION ALL
 SELECT 9  AS NUM ,'BBB' AS ITEM, 'SEOUL' AS AREA,'RECEV'  AS EVENT ,'20120101' AS TIME FROM DUAL UNION ALL
 SELECT 10 AS NUM ,'BBB' AS ITEM, 'SEOUL' AS AREA,'SEND'   AS EVENT ,'20120102' AS TIME FROM DUAL UNION ALL
 SELECT 11 AS NUM ,'BBB' AS ITEM, 'BUSAN' AS AREA,'ARRIV'  AS EVENT ,'20120103' AS TIME FROM DUAL UNION ALL
 SELECT 12 AS NUM ,'BBB' AS ITEM, 'BUSAN' AS AREA,'SEND'   AS EVENT ,'20120104' AS TIME FROM DUAL UNION ALL
 SELECT 13 AS NUM ,'BBB' AS ITEM, 'JEJU'  AS AREA,'ARRIV'  AS EVENT ,'20120105' AS TIME FROM DUAL UNION ALL
 SELECT 14 AS NUM ,'CCC' AS ITEM, 'SEOUL' AS AREA,'SEND'   AS EVENT ,'20120101' AS TIME FROM DUAL UNION ALL
 SELECT 15 AS NUM ,'CCC' AS ITEM, 'BUSAN' AS AREA,'ARRIV'  AS EVENT ,'20120102' AS TIME FROM DUAL UNION ALL
 SELECT 16 AS NUM ,'CCC' AS ITEM, 'BUSAN' AS AREA,'SEND'   AS EVENT ,'20120103' AS TIME FROM DUAL UNION ALL
 SELECT 17 AS NUM ,'CCC' AS ITEM, 'JEJU'  AS AREA,'ARRIV'  AS EVENT ,'20120104' AS TIME FROM DUAL UNION ALL
 SELECT 18 AS NUM ,'CCC' AS ITEM, 'JEJU'  AS AREA,'DELIV'   AS EVENT ,'20120105' AS TIME FROM DUAL
)
SELECT NUM, ITEM, AREA, EVENT, TIME FROM (      
SELECT NUM, ITEM, AREA, EVENT, TIME, ROW_NUMBER() OVER(ORDER BY TIME ASC) AS RN  FROM T
WHERE EVENT != 'RECEV')
WHERE RN = 1 ;

Q2.EVENT중에 RECEV 값이 없는 데이터중 시간이 제일 빠른것 결과는  
 
14               CCC     SEOUL    SEND     20120101 이 나와 야 합니다.
 

 빈이// 빈이님 인사가 늦었습니다.  도움주신것 감사합니다. (__)(^^)

그런데 , 제가 질문을 좀 잘못 올린것 같습니다.

여러ITEM 이 질문한 상태에 포함되었을때 모두 나와야 되는것인데..

질문을 수정하였습니다. 죄송합니다.

-- 1.1. Not Exists
SELECT *
  FROM t a
 WHERE area  = 'BUSAN'
   AND event = 'ARRIV'
   AND NOT EXISTS (SELECT 1
                     FROM t
                    WHERE item = a.item
                      AND time > a.time
                   )
;
-- 1.2. Group By, Having, Keep
SELECT item
     , MIN(area)  KEEP(DENSE_RANK LAST ORDER BY time) area
     , MIN(event) KEEP(DENSE_RANK LAST ORDER BY time) event
     , MAX(time) time
  FROM t
 GROUP BY item
HAVING MIN(area)  KEEP(DENSE_RANK LAST ORDER BY time) = 'BUSAN'
   AND MIN(event) KEEP(DENSE_RANK LAST ORDER BY time) = 'ARRIV'
;
-- 1.3. Row_number
SELECT item, area, event, time
  FROM (SELECT item, area, event, time
             , ROW_NUMBER() OVER(PARTITION BY item ORDER BY time DESC) rn
          FROM t
        )
 WHERE rn = 1
   AND area  = 'BUSAN'
   AND event = 'ARRIV'
;
-- 2.1. Group By, Having, Keep
SELECT item
     , MIN(area)  KEEP(DENSE_RANK FIRST ORDER BY time) area
     , MIN(event) KEEP(DENSE_RANK FIRST ORDER BY time) event
     , MIN(time) time
  FROM t
 GROUP BY item
HAVING COUNT(DECODE(event, 'RECEV', 1)) = 0
;
-- 2.2. Row_number
SELECT item, area, event, time
  FROM (SELECT item, area, event, time
             , ROW_NUMBER() OVER(PARTITION BY item ORDER BY time) rn
             , COUNT(DECODE(event, 'RECEV', 1)) OVER(PARTITION BY item) cnt
          FROM t
        )
 WHERE rn  = 1
   AND cnt = 0
;

 마농님// 포기하고 있었는데 와우~ 감사합니다.

답을 보고 살짝 소름돋았습니다.  마농님의 실력에 또 저의 무지에 ^^;