Search results for: LiNK Twin European Project
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 5486

Search results for: LiNK Twin European Project

5216 Economic Evaluation Offshore Wind Project under Uncertainly and Risk Circumstances

Authors: Sayed Amir Hamzeh Mirkheshti

Abstract:

Offshore wind energy as a strategic renewable energy, has been growing rapidly due to availability, abundance and clean nature of it. On the other hand, budget of this project is incredibly higher in comparison with other renewable energies and it takes more duration. Accordingly, precise estimation of time and cost is needed in order to promote awareness in the developers and society and to convince them to develop this kind of energy despite its difficulties. Occurrence risks during on project would cause its duration and cost constantly changed. Therefore, to develop offshore wind power, it is critical to consider all potential risks which impacted project and to simulate their impact. Hence, knowing about these risks could be useful for the selection of most influencing strategies such as avoidance, transition, and act in order to decrease their probability and impact. This paper presents an evaluation of the feasibility of 500 MV offshore wind project in the Persian Gulf and compares its situation with uncertainty resources and risk. The purpose of this study is to evaluate time and cost of offshore wind project under risk circumstances and uncertain resources by using Monte Carlo simulation. We analyzed each risk and activity along with their distribution function and their effect on the project.

Keywords: wind energy project, uncertain resources, risks, Monte Carlo simulation

Procedia PDF Downloads 332
5215 A Study on How to Link BIM Services to Cloud Computing Architecture

Authors: Kim Young-Jin, Kim Byung-Kon

Abstract:

Although more efforts to expand the application of BIM (Building Information Modeling) technologies have be pursued in recent years than ever, it’s true that there have been various challenges in doing so, including a lack or absence of relevant institutions, lots of costs required to build BIM-related infrastructure, incompatible processes, etc. This, in turn, has led to a more prolonged delay in the expansion of their application than expected at an early stage. Especially, attempts to save costs for building BIM-related infrastructure and provide various BIM services compatible with domestic processes include studies to link between BIM and cloud computing technologies. Also in this study, the author attempted to develop a cloud BIM service operation model through analyzing the level of BIM applications for the construction sector and deriving relevant service areas, and find how to link BIM services to the cloud operation model, as through archiving BIM data and creating a revenue structure so that the BIM services may grow spontaneously, considering a demand for cloud resources.

Keywords: construction IT, BIM (building information modeling), cloud computing, BIM service based cloud computing

Procedia PDF Downloads 466
5214 New Vision of 'Social Europe': Renationalising the Integration Process in the Internal Market of the European Union

Authors: Robert Grzeszczak, Magdalena Gniadzik

Abstract:

The article deals with one of the most significant issues concerning the functioning of the internal market of the European Union – the free movement of workers and free movement of persons. The purpose is to identify the political and legal effects of the “renationalisation process” on the EU and its Member States. The concept of renationalisation is expressed through Member States’ aim to verify the relationship with the EU. The tendency is more visible in the public opinion of several MS’s of the ‘EU core’ and may be confirmed by the changes applied by the regulatory body. The thesis for the article is the return of renationalisation tendencies in the area of the Single Market, which is supported by, among others, an open criticism of the foundations of EU integration or considerations on withdrawal from the EU by some MS. This analysis will focus primarily on the effects that renationalisation may have on the free movement of persons. The free movement of persons is one of the key issues for the development of the European integration. It is still subject to theoretical reflections, new doubts and practical issues. The latest developments in politics, law and jurisprudence demonstrate the need to reflect on the attempts to redefine certain principles regarding migrant EU workers and their protection against nationality-based discrimination.

Keywords: European Union, Singel Market, free movement of persons, posting of workers

Procedia PDF Downloads 208
5213 Leading Virtual Project Teams in the Post Pandemic Era: Trust and Conflict Management Strategies

Authors: Vidya Badrinarayanan, Appa Iyer Sivakumar

Abstract:

The coronavirus pandemic has sent an important message that future project teams need to be trained to work under virtual conditions, which has already become the new norm in organizations across the world. As organizations increasingly rely on virtual teams to achieve project objectives, it is essential to comprehend how leadership functions in virtual project teams. The purpose of this research is to analyze the leadership behaviors exhibited by project managers for building trust and managing conflicts effectively in virtual project teams. This convergent parallel mixed method research was conducted by surveying 185 virtual leaders and conducting a semi-structured interview with 13 senior virtual leaders involved in managing projects across the industry sectors. The research findings indicate that establishing trust and managing conflicts were ranked as significant challenges in leading virtual project teams in the post-pandemic era. In contrast to earlier findings, our research findings suggest that productivity was not ranked as a significant challenge in leading virtual project teams. This indeed is a positive finding for organizations to consider adopting virtual project teams in the long run. Additionally, the research findings recommend that virtual leaders need to strive to build a high-trust environment and develop effective conflict resolution skills to improve the effectiveness of virtual project teams. As the project management profession struggles with low project success rates, mixed-method research aims to contribute to the knowledge in the growing research area of virtual project leadership. This research contributes to the knowledge by offering first-person accounts from senior virtual leaders on the innovative strategies they had implemented for building trust and resolving conflicts effectively in the virtual project when there were limited opportunities for face-to-face interaction on account of the pandemic. In addition, the leadership framework created as a part of this research for trust development and conflict management in virtual project teams will guide project managers to improve virtual project team effectiveness.

Keywords: conflict management, trust building, virtual leadership, virtual teams

Procedia PDF Downloads 152
5212 Impact of Quality Assurance Mechanisms on the Work Efficiency of Staff in the Educational Space of Georgia

Authors: B. Gechbaia, K. Goletiani, G. Gabedava, N. Mikeltadze

Abstract:

At this stage, Georgia is a country which is actively involved in the European integration process, for which the primary priority is effective integration in the European education system. The modern Georgian higher education system is the process of establishing a new sociocultural reality, whose main priorities are determined by the Quality System as a continuous cycle of planning, implementation, checking and acting. Obviously, in this situation, the issue of management of education institutions comes out in the foreground, since the proper planning and implementation of personnel management processes is one of the main determinants of the company's performance. At the same time, one of the most important factors is the psychological comfort of the personnel, ensuring their protection and efficiency of stress management policy. The purpose of this research is to determine how intensely the relationship is between the psychological comfort of the personnel and the efficiency of the quality system in the institution as the quality assurance mechanisms of educational institutions affect the stability of personnel, prevention and management of the stressful situation. The research was carried out within the framework of the Internal Grant Project «The Role of Organizational Culture in the Process of Settlement of Management of Stress and Conflict, Georgian Reality and European Experience » of the Batumi Navigation Teaching University, based on the analysis of the survey results of target groups. The small-scale research conducted by us has revealed that the introduction of quality assurance system and its active implementation increased the quality of management of Georgian educational institutions, increased the level of universal engagement in internal and external processes and as a result, it has improved the quality of education as well as social and psychological comfort indicators of the society.

Keywords: quality assurance, effective management, stability of personnel, psychological comfort, stress management

Procedia PDF Downloads 135
5211 The Relationship of Building Information Modeling (BIM) Capability in Quantity Surveying Practice and Project Performance

Authors: P. F. Wong, H. Salleh, F. A. Rahim

Abstract:

The adoption of building information modeling (BIM) is increasing in the construction industry. However, quantity surveyors are slow in adoption compared to other professions due to lack of awareness of the BIM’s potential in their profession. It is still unclear on how BIM application can enhance quantity surveyors’ work performance and project performance. The aim of this research is to identify the capabilities of BIM in quantity surveying practices and examine the relationship between BIM capabilities and project performance. Questionnaire survey and interviews were adopted for data collection. Literature reviews identified there are eleven BIM capabilities in quantity surveying practice. Questionnaire results showed that there are several BIM capabilities significantly correlated with project performance in time, cost and quality aspects and the results were validated through interviews. These findings show that BIM has the capabilities to enhance quantity surveyors’ performances and subsequently improved project performance.

Keywords: Building Information Modeling (BIM), quantity surveyors, capability, project performance

Procedia PDF Downloads 343
5210 Cyberfraud Schemes: Modus Operandi, Tools and Techniques and the Role of European Legislation as a Defense Strategy

Authors: Papathanasiou Anastasios, Liontos George, Liagkou Vasiliki, Glavas Euripides

Abstract:

The purpose of this paper is to describe the growing problem of various cyber fraud schemes that exist on the internet and are currently among the most prevalent. The main focus of this paper is to provide a detailed description of the modus operandi, tools, and techniques utilized in four basic typologies of cyber frauds: Business Email Compromise (BEC) attacks, investment fraud, romance scams, and online sales fraud. The paper aims to shed light on the methods employed by cybercriminals in perpetrating these types of fraud, as well as the strategies they use to deceive and victimize individuals and businesses on the internet. Furthermore, this study outlines defense strategies intended to tackle the issue head-on, with a particular emphasis on the crucial role played by European Legislation. European legislation has proactively adapted to the evolving landscape of cyber fraud, striving to enhance cybersecurity awareness, bolster user education, and implement advanced technical controls to mitigate associated risks. The paper evaluates the advantages and innovations brought about by the European Legislation while also acknowledging potential flaws that cybercriminals might exploit. As a result, recommendations for refining the legislation are offered in this study in order to better address this pressing issue.

Keywords: business email compromise, cybercrime, European legislation, investment fraud, NIS, online sales fraud, romance scams

Procedia PDF Downloads 63
5209 The Views of Teachers, Students and Parents on the FATIH Project

Authors: Şemsettin Şahin, Ahmet Oğuz Aktürk, İsmail Çelik

Abstract:

This study investigated the views of teachers, students and students' parents on the FATIH (Movement of Enhancing Opportunities and Improving Technology) Project, which was put into service by the Ministry of National Education in cooperation with the Ministry of Transportation in Turkey in November 2010 for the purpose of increasing students' success and planned to be completed within 5 years. The study group consisted of teachers employed in a pilot school in the province of Karaman in central Turkey included within the scope of the FATIH Project, students attending this school and parents whose children are students in that school. The research data were collected through forms developed by the researchers to determine the views of teachers, students and students' parents on the FATIH Project. The descriptive analysis method, one of the qualitative research methods, was used in the study. An analysis of the data revealed that a large majority of the teachers and the students believed that if computers were used to serve their set purpose, then they could make considerable contributions to education. A large majority of the students' parents, on the other hand, regard the use of computers in education as a great opportunity for the students. The views of the teachers, students and students' parents on the FATIH Project usually overlap. Most of the participants in the study pointed out that the FATIH Project was intended to use technology effectively in education. Moreover, each individual participant described their role in the FATIH Project in accordance with their relative position and stated that they could perform whatever was expected of them for the effective and efficient use and progress of the project. The views of the participants regarding the FATİH Project vary according to the kind of the participants.

Keywords: education, FATIH project, technology, students

Procedia PDF Downloads 412
5208 Safety Tolerance Zone for Driver-Vehicle-Environment Interactions under Challenging Conditions

Authors: Matjaž Šraml, Marko Renčelj, Tomaž Tollazzi, Chiara Gruden

Abstract:

Road safety is a worldwide issue with numerous and heterogeneous factors influencing it. On the side, driver state – comprising distraction/inattention, fatigue, drowsiness, extreme emotions, and socio-cultural factors highly affect road safety. On the other side, the vehicle state has an important role in mitigating (or not) the road risk. Finally, the road environment is still one of the main determinants of road safety, defining driving task complexity. At the same time, thanks to technological development, a lot of detailed data is easily available, creating opportunities for the detection of driver state, vehicle characteristics and road conditions and, consequently, for the design of ad hoc interventions aimed at improving driver performance, increase awareness and mitigate road risks. This is the challenge faced by the i-DREAMS project. i-DREAMS, which stands for a smart Driver and Road Environment Assessment and Monitoring System, is a 3-year project funded by the European Union’s Horizon 2020 research and innovation program. It aims to set up a platform to define, develop, test and validate a ‘Safety Tolerance Zone’ to prevent drivers from getting too close to the boundaries of unsafe operation by mitigating risks in real-time and after the trip. After the definition and development of the Safety Tolerance Zone concept and the concretization of the same in an Advanced driver-assistance system (ADAS) platform, the system was tested firstly for 2 months in a driving simulator environment in 5 different countries. After that, naturalistic driving studies started for a 10-month period (comprising a 1-month pilot study, 3-month baseline study and 6 months study implementing interventions). Currently, the project team has approved a common evaluation approach, and it is developing the assessment of the usage and outcomes of the i-DREAMS system, which is turning positive insights. The i-DREAMS consortium consists of 13 partners, 7 engineering universities and research groups, 4 industry partners and 2 partners (European Transport Safety Council - ETSC - and POLIS cities and regions for transport innovation) closely linked to transport safety stakeholders, covering 8 different countries altogether.

Keywords: advanced driver assistant systems, driving simulator, safety tolerance zone, traffic safety

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5207 Recognition of International Internships for Students at European Level

Authors: Tiron-Tudor Adriana, Ciolomic Ioana, Farcas Teodora

Abstract:

The mission of a business school is to train students for business careers in which practical skills- based on theoretical knowledge- are needed. These skills include a thorough knowledge of languages, creative skills, and well-founded professional and practical knowledge. With those skills, the graduates are highly competitive in the labour market. The paper objective is to disseminate the results of an international project by revealing how a HEI are prepared for higher vocational training course leading to professional diplomas.

Keywords: vocational education, business schools, international projects, HEI

Procedia PDF Downloads 388
5206 Mobile Cloud Application in Design Build Bridge Construction

Authors: Meng Sun, Bin Wei

Abstract:

In the past decades, design-build has become a more popular project delivery system especially for the large scaled infrastructure project in North America. It provides a one-stop shopping system for the client therefore improves the efficiency of construction, and reduces the risks and overall cost for the clients. Compared to the project with traditional delivery method, design-build project requires contractor and designer to work together efficiently to deliver the best-value solutions through the construction process. How to facilitate a solid integration and efficient interaction between contractor and designer often affects the schedule, budget and quality of the construction therefore becomes a key factor to the success of a design-build project. This paper presents a concept of using modern mobile cloud technology to provide an integrated solution during the design-build construction. It uses mobile cloud architecture to provide a platform for real-time field progress, change request approval, job progress log, and project time entry with devices integration for field information and communications. The paper uses a real filed change notice as an example to demonstrate how mobile cloud technology applies in a design-build project and how it can improve the project efficiency.

Keywords: cloud, design-build, field change notice, mobile application

Procedia PDF Downloads 221
5205 Managing Early Stakeholder Involvement at the Early Stages of a Building Project Life Cycle

Authors: Theophilus O. Odunlami, Hasan Haroglu, Nader Saleh-Matter

Abstract:

The challenges facing the construction industry are often worsened by the compounded nature of projects coupled with the complexity of key stakeholders involved at different stages of the project. Projects are planned to achieve outlined benefits in line with the business case; however, a lack of effective management of key stakeholders can result in unrealistic delivery aspirations, unnecessary re-works, and overruns. The aim of this study is to examine the early stages of a project lifecycle and investigate the stakeholder management and involvement processes and their impact on the successful delivery of the project. The research engaged with conventional construction organisations and project personnel and stakeholders on diverse projects, using a research strategy to analyse existing project case studies, narrative enquiries, interviews, and surveys using a combined qualitative, quantitative, and mixed method of analysis. Research findings have shown that the involvement of stakeholders at different levels during the early stages has pronounced effects on project delivery; it helps to forge synergy and promotes a clear understanding of individual responsibilities, strengths, and weaknesses. This has often fostered a positive sense of productive collaboration right through the early stages of the project. These research findings intend to contribute to the development of a process framework for stakeholder and project team involvement in the early stages of a project. This framework will align with the selection criteria for stakeholders, contractors, and resources, ultimately contributing to the successful completion of projects. The primary question addressed in this study is stakeholder involvement and management of the early stages of a building project life cycle impacts project delivery. Findings showed that early-stage stakeholder involvement and collaboration between project teams and contractors significantly contribute to project success. However, a strong and healthy communication strategy would be required to maintain the flow of value-added ideas among stakeholders at the early stages to benefit the project at the execution stage.

Keywords: early stages, project lifecycle, stakeholders, decision-making strategy, project framework

Procedia PDF Downloads 67
5204 Effect of Building Construction Sizes on Project Delivery Methods in Nigeria

Authors: Nuruddeen Usman, Mohammad Sani

Abstract:

The performance of project delivery methods has been an issue of concern to various stakeholders in the construction industry. The contracting system of project delivery is the traditional system used in the delivery of most public projects in Nigeria. The direct labor system is used most times as an alternative to the traditional system. There were so many complain about the performance of contracting system and the suitability of direct labor as an alternative to the delivery of public projects. Therefore, this paper is aimed at investigating the effect of project size on the project delivery methods in the completed public buildings. Questionnaires were self-administered to managerial staff in the study area and analyzed using descriptive statistics. The findings reveals that contracting system was choosing for large size building construction project delivery with higher frequency (F) of 40 (76.9%) against direct labor with 12 (23.1%). While the small size project, the result revealed a frequency (F) of 26 (50%) for contracting system and direct labor system respectively. Base on the research findings, the contracting system, was recommended for all sizes of building construction project delivery while direct labor system can only use as an alternative for small size building construction projects delivery.

Keywords: construction size, contracting system, direct labour, effect

Procedia PDF Downloads 433
5203 Driving Green Public Procurement – A Framework for a Supporting Structure for Public Authorities Based on Good Practices in Europe

Authors: Pia Moschall, Kathrin Sackmann

Abstract:

Considering a purchasing volume of around two trillion Euros per year, which equals about 14% of the European Union’s gross domestic product, European public authorities have significant market power. Making use of this market power by prioritizing the procurement of green products and services offers a great potential to contribute to the Green New Deal. The market demand that is created by Green Public Procurement (GPP) sets incentives for European producers to design and develop Green Products and Eco-Innovations. However, most procurement still does not consider environmental criteria. The goal of the work is to encourage the adaptation of GPP in the European Union. To this end, the drivers for the adaptation were investigated over different case studies. The paper analyzes good-practice cases from European authorities from 2010 to 2020 that were provided by the European Commission. This analysis was guided by Philipp Mayring’s method of qualitative content analysis, whereby the inductively formed categories led to the identification of nine major drivers. The most important ones are ‘use of official guidelines and standards, ‘political support and requirements as well as ‘market research and involvement.’ Further, the paper discusses mutual dependencies between several drivers and how to exploit them. A supporting infrastructure was identified as a crucial factor for the successful adaption of green public procurement. In the next step, the work aims to examine on which administrative level the single drivers can be implemented most effectively. Practical implications of this research are recommendations on how to create a supporting structure on a municipal, federal and national level, including training for the responsible staff, support tools, as well as guidelines and standards for involved stakeholders.

Keywords: content analysis, green public procurement, public authorities, sustainable procurement

Procedia PDF Downloads 124
5202 A Parametric Study on Lateral Torsional Buckling of European IPN and IPE Cantilevers

Authors: H. Ozbasaran

Abstract:

IPN and IPE sections, which are commonly used European I shapes, are widely used in steel structures as cantilever beams to support overhangs. A considerable number of studies exist on calculating lateral torsional buckling load of I sections. However, most of them provide series solutions or complex closed-form equations. In this paper, a simple equation is presented to calculate lateral torsional buckling load of IPN and IPE section cantilever beams. First, differential equation of lateral torsional buckling is solved numerically for various loading cases. Then a parametric study is conducted on results to present an equation for lateral torsional buckling load of European IPN and IPE beams. Finally, results obtained by presented equation are compared to differential equation solutions and finite element model results. ABAQUS software is utilized to generate finite element models of beams. It is seen that the results obtained from presented equation coincide with differential equation solutions and ABAQUS software results. It can be suggested that presented formula can be safely used to calculate critical lateral torsional buckling load of European IPN and IPE section cantilevers.

Keywords: cantilever, IPN, IPE, lateral torsional buckling

Procedia PDF Downloads 521
5201 Critical Activity Effect on Project Duration in Precedence Diagram Method

Authors: Salman Ali Nisar, Koshi Suzuki

Abstract:

Precedence Diagram Method (PDM) with its additional relationships i.e., start-to-start, finish-to-finish, and start-to-finish, between activities provides more flexible schedule than traditional Critical Path Method (CPM). But, changing the duration of critical activities in PDM network will have anomalous effect on critical path. Researchers have proposed some classification of critical activity effects. In this paper, we do further study on classifications of critical activity effect and provide more information in detailed. Furthermore, we determine the maximum amount of time for each class of critical activity effect by which the project managers can control the dynamic feature (shortening/lengthening) of critical activities and project duration more efficiently.

Keywords: construction project management, critical path method, project scheduling, precedence diagram method

Procedia PDF Downloads 484
5200 Legal Doctrine on Rylands v. Fletcher: One more time on Feasibility of a General Clause of Strict Liability in the UK

Authors: Maria Lubomira Kubica

Abstract:

The paper reveals the birth and evolution of the British precedent Rylands v. Fletcher that, once adopted on the other side of the Ocean (in United States), gave rise to a general clause of liability for abnormally dangerous activities recognized by the §20 of the American Restatements of the Law Third, Liability for Physical and Emotional Harm. The main goal of the paper was to analyze the development of the legal doctrine and of the case law posterior to the precedent together with the intent of the British judicature to leapfrog from the traditional rule contained in Rylands v. Fletcher to a general clause similar to that introduced in the United States and recently also on the European level. As it is well known, within the scope of tort law two different initiatives compete with the aim of harmonizing the European laws: European Group on Tort Law with its Principles of European Tort Law (hereinafter PETL) in which article 5:101 sets forth a general clause for strict liability for abnormally dangerous activities and Study Group on European Civil Code with its Common Frame of Reference (CFR) which promotes rather ad hoc model of listing out determined cases of strict liability. Very narrow application scope of the art. 5:101 PETL, restricted only to abnormally dangerous activities, stays in opposition to very broad spectrum of strict liability cases governed by the CFR. The former is a perfect example of a general clause that offers a minimum and basic standard, possibly acceptable also in those countries in which, like in the United Kingdom, this regime of liability is completely marginalized.

Keywords: abnormally dangerous activities, general clause, Rylands v. Fletcher, strict liability

Procedia PDF Downloads 185
5199 Integrated Human Resources and Work Environment Management System

Authors: Loreta Kaklauskiene, Arturas Kaklauskas

Abstract:

The Integrated Human Resources and Work Environment Management (HOWE) System optimises employee productivity, improves the work environment, and, at the same time, meets the employer’s strategic goals. The HOWE system has been designed to ensure an organisation can successfully compete in the global market, thanks to the high performance of its employees. The HOWE system focuses on raising workforce productivity and improving work conditions to boost employee performance and motivation. The methods used in our research are linear correlation, INVAR multiple criteria analysis, digital twin, and affective computing. The HOWE system is based on two patents issued in Lithuania (LT 6866, LT 6841) and one European Patent application (No: EP 4 020 134 A1). Our research analyses ways to make human resource management more efficient and boost labour productivity by improving and adapting a personalised work environment. The efficiency of human capital and labour productivity can be increased by applying personalised workplace improvement systems that can optimise lighting colours and intensity, scents, data, information, knowledge, activities, media, games, videos, music, air pollution, humidity, temperature, vibrations, and other workplace aspects. HOWE generates and maintains a personalised workspace for an employee, taking into account the person’s affective, physiological and emotional (APSE) states. The purpose of this project was to create a HOWE for the customisation of quality control in smart workspaces taking into account the user’s APSE states in an integrated manner as a single unit. This customised management of quality control covers the levels of lighting and colour intensities, scents, media, information, activities, learning materials, games, music, videos, temperature, energy efficiency, the carbon footprint of a workspace, humidity, air pollution, vibrations and other aspects of smart spaces. The system is based on Digital Twins technology, seen as a logical extension of BIM.

Keywords: human resource management, health economics, work environment, organizational behaviour and employee productivity, prosperity in work, smart system

Procedia PDF Downloads 58
5198 Development of Verification System of Workspace Clashes Between Construction Activities

Authors: Hyeon-Seung Kim, Sang-Mi Park, Min-Seo Kim, Jong-Myeung Shin, Leen-Seok Kang

Abstract:

Recently, the use of Building Information Modeling (BIM) in public construction works has become mandatory in some countries and it is anticipated that BIM will be applied to the actual field of civil engineering projects. However, the BIM system is still focused on the architectural project and the design phase. Because the civil engineering project is linear type project and is focused on the construction phase comparing with architectural project, 3D simulation is difficult to visualize them. This study suggests a method and a prototype system to solve workspace conflictions among construction activities using BIM simulation tool.

Keywords: BIM, workspace, confliction, visualization

Procedia PDF Downloads 378
5197 The Martingale Options Price Valuation for European Puts Using Stochastic Differential Equation Models

Authors: H. C. Chinwenyi, H. D. Ibrahim, F. A. Ahmed

Abstract:

In modern financial mathematics, valuing derivatives such as options is often a tedious task. This is simply because their fair and correct prices in the future are often probabilistic. This paper examines three different Stochastic Differential Equation (SDE) models in finance; the Constant Elasticity of Variance (CEV) model, the Balck-Karasinski model, and the Heston model. The various Martingales option price valuation formulas for these three models were obtained using the replicating portfolio method. Also, the numerical solution of the derived Martingales options price valuation equations for the SDEs models was carried out using the Monte Carlo method which was implemented using MATLAB. Furthermore, results from the numerical examples using published data from the Nigeria Stock Exchange (NSE), all share index data show the effect of increase in the underlying asset value (stock price) on the value of the European Put Option for these models. From the results obtained, we see that an increase in the stock price yields a decrease in the value of the European put option price. Hence, this guides the option holder in making a quality decision by not exercising his right on the option.

Keywords: equivalent martingale measure, European put option, girsanov theorem, martingales, monte carlo method, option price valuation formula

Procedia PDF Downloads 112
5196 Business Process Management and Organizational Culture in Big Companies: Cross-Country Analysis

Authors: Dalia Suša Vugec

Abstract:

Business process management (BPM) is widely used approach focused on designing, mapping, changing, managing and analyzing business processes of an organization, which eventually leads to better performance and derives many other benefits. Since every organization strives to improve its performance in order to be sustainable and to remain competitive on the market in long-term period, numerous organizations are nowadays adopting and implementing BPM. However, not all organizations are equally successful in that. One of the ways of measuring BPM success is by measuring its maturity by calculating Process Performance Index (PPI) using ten BPM success factors. Still, although BPM is a holistic concept, organizational culture is not taken into consideration in calculating PPI. Hence, aim of this paper is twofold; first, it aims to explore and analyze the current state of BPM success factors within the big organizations from Slovenia, Croatia, and Austria and second, it aims to analyze the structure of organizational culture within the observed companies, focusing on the link with BPM success factors as well. The presented study is based on the results of the questionnaire conducted as the part of the PROSPER project (IP-2014-09-3729) and financed by Croatian Science Foundation. The results of the questionnaire reveal differences in the achieved levels of BPM success factors and therefore BPM maturity in total between the three observed countries. Moreover, the structure of organizational culture across three countries also differs. This paper discusses the revealed differences between countries as well as the link between organizational culture and BPM success factors.

Keywords: business process management, BPM maturity, BPM success factors, organizational culture, process performance index

Procedia PDF Downloads 96
5195 A Risk Management Framework for Selling a Mega Power Plant Project in a New Market

Authors: Negar Ganjouhaghighi, Amirali Dolatshahi

Abstract:

The origin of most risks of a mega project usually takes place in the phases before closing the contract. As a practical point of view, using project risk management techniques for preparing a proposal is not a total solution for managing the risks of a contract. The objective of this paper is to cover all those activities associated with risk management of a mega project sale’s processes; from entrance to a new market to awarding activities and the review of contract performance. In this study, the risk management happens in six consecutive steps that are divided into three distinct but interdependent phases upstream of the award of the contract: pre-tendering, tendering and closing. In the first step, by preparing standard market risk report, risks of the new market are identified. The next step is the bid or no bid decision making based on the previous gathered data. During the next three steps in tendering phase, project risk management techniques are applied for determining how much contingency reserve must be added or reduced to the estimated cost in order to put the residual risk to an acceptable level. Finally, the last step which happens in closing phase would be an overview of the project risks and final clarification of residual risks. The sales experience of more than 20,000 MW turn-key power plant projects alongside this framework, are used to develop a software that assists the sales team to have a better project risk management.

Keywords: project marketing, risk management, tendering, project management, turn-key projects

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5194 Integrated Information System on Human Resource Management in Project-Based Organizations

Authors: Akbar Farahani, Afsaneh Hassani, Peyman M. Farkhondeh

Abstract:

Human Resource Management as one of the core processes of the project-based companies, despite its key role in the success and competitive advantage, is relatively unknown. In the project-based companies, due to the accelerated movement of knowledge in the work activities and the temporary nature of the project, the need to develop mechanisms for achieving optimal management of this issues is very challenging. Approach to human resource management in these companies evolves with goals, strategies, and operational processes. Therefore, the need for appropriate tools to facilitate implementation of the optimized human resource management in the project is more than before,Which currently with the development of information technology and modern communication, appropriate to address the optimal approach for dynamic management of human resources in the project have been provided.This is done by using the referral system implemented in Mahab GCE that provides 1: the ability to use humans in projects without geographic limitation and 2:information on the activities and outcomes of referrals.Furthermore, by using this system, recording the lessons learned after any particular activity on projects,accessing quantitative information, procedures, documentation of learned practices that have been stored in the data base as well as using them in future projects is provided.

Keywords: human resource management, project base company, ERP, referrals system

Procedia PDF Downloads 446
5193 Critical Success Factors for Sustainable Smart City Project in India

Authors: Debasis Sarkar

Abstract:

Development of a Smart City would depend upon the development of its infrastructure in a smart way. Primarily based on the ideology of the fourth industrial revolution a Smart City project should have Smart governance, smart health care, smart building, smart transportation, smart mobility, smart energy, smart technology and smart citizen. Considering the Indian scenario of current state of cities in India, it has become very essential to decide the specific parameters which would govern the development of a Smart City project. It has been observed that there are significant parameters beyond Information and Communication Technology (ICT), which govern the development of a Smart City project. This paper is an attempt to identify the Critical Success Factors (CSF) which are significantly responsible for the development of a Smart City project in Western India. Responses to questionnaire survey were analyzed on basis of Likert scale. They were further critically evaluated with help of Factor Comparison Method (FCM) and Analytical Hierarchy Process (AHP). The project authorities need to incorporate Building Information Modeling (BIM) to make the smart city project more collaborative. To make the project more sustainable, use of flyash in the concrete used, reduced usage of cement and steel, use of alternate fuels like biodiesel is recommended.

Keywords: analytical hierarchical process, building information modeling, critical success factors, factor comparison method

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5192 A Comparative and Doctrinal Analysis towards the Investigation of a Right to Be Forgotten in Hong Kong

Authors: Jojo Y. C. Mo

Abstract:

Memories are good. They remind us of people, places and experiences that we cherish. But memories cannot be changed and there may well be memories that we do not want to remember. This is particularly true in relation to information which causes us embarrassment and humiliation or simply because it is private – we all want to erase or delete such information. This desire to delete is recently recognised by the Court of Justice of the European Union in the 2014 case of Google Spain SL, Google Inc. v Agencia Española de Protección de Datos, Mario Costeja González in which the court ordered Google to remove links to some information about the complainant which he wished to be removed. This so-called ‘right to be forgotten’ received serious attention and significantly, the European Council and the European Parliament enacted the General Data Protection Regulation (GDPR) to provide a more structured and normative framework for implementation of right to be forgotten across the EU. This development in data protection laws will, undoubtedly, have significant impact on companies and co-operations not just within the EU but outside as well. Hong Kong, being one of the world’s leading financial and commercial center as well as one of the first jurisdictions in Asia to implement a comprehensive piece of data protection legislation, is therefore a jurisdiction that is worth looking into. This article/project aims to investigate the following: a) whether there is a right to be forgotten under the existing Hong Kong data protection legislation b) if not, whether such a provision is necessary and why. This article utilises a comparative methodology based on a study of primary and secondary resources, including scholarly articles, government and law commission reports and working papers and relevant international treaties, constitutional documents, case law and legislation. The author will primarily engage literature and case-law review as well as comparative and doctrinal analyses. The completion of this article will provide privacy researchers with more concrete principles and data to conduct further research on privacy and data protection in Hong Kong and internationally and will provide a basis for policy makers in assessing the rationale and need for a right to be forgotten in Hong Kong.

Keywords: privacy, right to be forgotten, data protection, Hong Kong

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5191 A Biophysical Study of the Dynamic Properties of Glucagon Granules in α Cells by Imaging-Derived Mean Square Displacement and Single Particle Tracking Approaches

Authors: Samuele Ghignoli, Valentina de Lorenzi, Gianmarco Ferri, Stefano Luin, Francesco Cardarelli

Abstract:

Insulin and glucagon are the two essential hormones for maintaining proper blood glucose homeostasis, which is disrupted in Diabetes. A constantly growing research interest has been focused on the study of the subcellular structures involved in hormone secretion, namely insulin- and glucagon-containing granules, and on the mechanisms regulating their behaviour. Yet, while several successful attempts were reported describing the dynamic properties of insulin granules, little is known about their counterparts in α cells, the glucagon-containing granules. To fill this gap, we used αTC1 clone 9 cells as a model of α cells and ZIGIR as a fluorescent Zinc chelator for granule labelling. We started by using spatiotemporal fluorescence correlation spectroscopy in the form of imaging-derived mean square displacement (iMSD) analysis. This afforded quantitative information on the average dynamical and structural properties of glucagon granules having insulin granules as a benchmark. Interestingly, the iMSD sensitivity to average granule size allowed us to confirm that glucagon granules are smaller than insulin ones (~1.4 folds, further validated by STORM imaging). To investigate possible heterogeneities in granule dynamic properties, we moved from correlation spectroscopy to single particle tracking (SPT). We developed a MATLAB script to localize and track single granules with high spatial resolution. This enabled us to classify the glucagon granules, based on their dynamic properties, as ‘blocked’ (i.e., trajectories corresponding to immobile granules), ‘confined/diffusive’ (i.e., trajectories corresponding to slowly moving granules in a defined region of the cell), or ‘drifted’ (i.e., trajectories corresponding to fast-moving granules). In cell-culturing control conditions, results show this average distribution: 32.9 ± 9.3% blocked, 59.6 ± 9.3% conf/diff, and 7.4 ± 3.2% drifted. This benchmarking provided us with a foundation for investigating selected experimental conditions of interest, such as the glucagon-granule relationship with the cytoskeleton. For instance, if Nocodazole (10 μM) is used for microtubule depolymerization, the percentage of drifted motion collapses to 3.5 ± 1.7% while immobile granules increase to 56.0 ± 10.7% (remaining 40.4 ± 10.2% of conf/diff). This result confirms the clear link between glucagon-granule motion and cytoskeleton structures, a first step towards understanding the intracellular behaviour of this subcellular compartment. The information collected might now serve to support future investigations on glucagon granules in physiology and disease. Acknowledgment: This work has received funding from the European Research Council (ERC) under the European Union’s Horizon 2020 research and innovation programme (grant agreement No 866127, project CAPTUR3D).

Keywords: glucagon granules, single particle tracking, correlation spectroscopy, ZIGIR

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5190 Engaging Mature Learners through Video Case Studies

Authors: Jacqueline Mary Jepson

Abstract:

This article provides a case study centred on the development of 13 video episodes which have been created to enhance student engagement with a post graduate online course in Project Management. The student group was unique as their online course needed to provide for asynchronistic learning and an adult learning pedagogy. In addition, students had come from a wide range professional backgrounds, with some having no Project Management experience, while others had 20 years or more. Students had to gain an understanding of an advanced body of knowledge and the course needed to achieve the academic requirements to qualify individuals to apply their learning in a range of contexts for professional practice and scholarship. To achieve this, a 13 episode case study was developed along with supportive learning materials based on the relocation of a zoo. This unique project provided a learning environment where the project could evolve over each video episode demonstrating the application of Project Management methodology which was then tied into the learning outcomes for the course and the assessment tasks. Discussion forums provided a way for students to converse and demonstrate their own understanding of content and how Project Management methodology can be applied.

Keywords: project management, adult learning, video case study, asynchronistic education

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5189 The Folksongs of Jharkhand: An Intangible Cultural Heritage of Tribal India

Authors: Walter Beck

Abstract:

Jharkhand is newly constituted 28th State in the eastern part of India which is known for the oldest settlement of the indigenous people. In the State of Jharkhand in which broadly three language family are found namely, Austric, Dravidian, and Indo-European. Ex-Mundari, kharia, Ho Santali come from the Austric Language family. Kurukh, Malto under Dravidian language family and Nagpuri Khorta etc. under Indo-European language family. There are 32 Indigenous Communities identified as Scheduled Tribe in the State of Jharkhand. Santhal, Munda, Kahria, Ho and Oraons are some of the major Tribe of the Jharkhand state. Jharkhand has a Rich Cultural heritage which includes Folk art, folklore, Folk Dance, Folk Music, Folk Songs for which diversity can been seen from place to place, season to season and all traditional Culture and practices. The languages as well as the songs are vulnerable to dominant culture and hence needed to be protected. The collection and documentation of these songs in their natural setting adds significant contribution to the conservation and propagation of the cultural elements. This paper reflects to bring out the Originality of the Collected Songs from remote areas of the plateau of Sothern Jharkhand as a rich intangible Cultural heritage of the Country. The research was done through participatory observation. In this research project more than 100 songs which were never documented before.

Keywords: cultural heritage, India, indigenous people, songs, languages

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5188 Improvement of Thermal Stability in Ethylene Methyl Acrylate Composites for Gasket Application

Authors: Pemika Ketsuwan, Pitt Supaphol, Manit Nithitanakul

Abstract:

A typical used of ethylene methyl acrylate (EMA) gasket is in the manufacture of optical lens, and often, they are deteriorated rapidly due to high temperature during the process. The objective of this project is to improve the thermal stability of the EMA copolymer gasket by preparing EMA with cellulose and silica composites. Hydroxy propyl methyl cellulose (HPMC) and Carboxy methyl cellulose (CMC) were used in preparing of EMA/cellulose composites and fumed silica (SiO2) was used in preparing EMA/silica composites with different amounts of filler (3, 5, 7, 10, 15 wt.%), using a twin screw extruder at 160 °C and the test specimens were prepared by the injection molding machine. The morphology and dispersion of fillers in the EMA matrix were investigated by field emission scanning electron microscopy (FESEM). The thermal stability of the composite was determined by thermal gravimetric analysis (TGA), and differential scanning calorimeter (DSC). Mechanical properties were evaluated by tensile testing. The developed composites were found to enhance thermal and mechanical properties when compared to that of the EMA copolymer alone.

Keywords: ethylene methyl acrylate, HPMC, Silica, Thermal stability

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5187 Tackling Exclusion and Radicalization through Islamic Practices and Discourses: Case Study of Muslim Organizations in Switzerland

Authors: Baptiste Brodard

Abstract:

In Switzerland, as well as in other European countries, specific social issues related to Muslims have recently emerged in public debates. In addition to the question of terrorism and radicalization, Muslim migrant populations are highly affected by social problems such as crime, poverty, marginalization, and overrepresentation in prisons. This situation has drawn the state’s attention to the need for implementing new responses to the challenges of religious extremism, crime, and social exclusion particularly involving Muslims. While local authorities have begun to implement trainings and projects to tackle these new social issues, Muslim grassroots associations have developed some initiatives to address the needs of the population, mainly focusing on problems related to Islam and Muslims but also addressing the rest of the population. Finally, some local authorities have acknowledged the need for these alternative initiatives as well as their positive contributions to society. The study is based on a Ph.D. research grounded on a case study of three Islamic networks in Switzerland, including various local organizations tackling social exclusion and religious radicalization through innovative grassroots projects. Using an ethnographic approach, it highlights, on the one hand, the specificities of such organizations by exploring the role of Islamic norms within the social work practices. On the other hand, it focuses on the inclusion of such faith-based projects within the mainstream society, observing the relationships between Islamic organisations and both the state and other civil society organizations. Finally, the research study aims to identify some innovative ways and trends of social work involving the inclusion of community key actors within the process. Results showed similar trends with Islamic social work developed in other European countries such as France and the United Kingdom, but also indicate a range of specificities linked to the Swiss socio-political context, which shapes the involvement of religious actors in different ways. By exploring faith-based commitment to addressing concrete social issues, the study finally contributes to shedding light on the link between Islam, social work and activism within the European context.

Keywords: exclusion, Islam, Muslims, social work, Switzerland

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