Search results for: sustainable business model

Authors: A. Samer Ezeldin, Jwanda M. El Sarag

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Variation orders are of great importance in any construction project. Variation orders are defined as any change in the scope of works of a project that can be an addition omission, or even modification. This paper investigates the variation orders that occur during construction projects in Egypt. The literature review represents a comparison of causes of variation orders among Egypt, Tanzania, Nigeria, Malaysia and the United Kingdom. A classification of occurrence of variation orders due to owner related factors, consultant related factors and other factors are signified in the literature review. These classified events that lead to variation orders were introduced in a survey with 19 events to observe their frequency of occurrence, and their time and cost impacts. The survey data was obtained from 87 participants that included clients, consultants, and contractors and a database of 42 scenarios was created. A model is then developed to help assist project managers in predicting the frequency of variations and account for a budget for any additional costs and minimize any delays that can take place. Two experts with more than 25 years of experience were given the model to verify that the model was working effectively. The model was then validated on a residential compound that was completed in July 2016 to prove that the model actually produces acceptable results.

Keywords: construction, cost impact, Egypt, time impact, variation orders

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Authors: Yves Lacroix, Van Van Than, Didier Léandri, Pierre Liardet

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The western Tombolo of the Giens peninsula in southern France, known as Almanarre beach, is subject to coastal erosion. We are trying to use computer simulation in order to propose solutions to stop this erosion. Our aim was first to determine the main factors for this erosion and successfully apply a coupled hydro-sedimentological numerical model based on observations and measurements that have been performed on the site for decades. We have gathered all available information and data about waves, winds, currents, tides, bathymetry, coastal line, and sediments concerning the site. These have been divided into two sets: one devoted to calibrating a numerical model using Mike 21 software, the other to serve as a reference in order to numerically compare the present situation to what it could be if we implemented different types of underwater constructions. This paper presents the first part of the study: selecting and melting different sources into a coherent data basis, identifying the main erosion factors, and calibrating the coupled software model against the selected reference period. Our results bring calibration of the numerical model with good fitting coefficients. They also show that the winter South-Western storm events conjugated to depressive weather conditions constitute a major factor of erosion, mainly due to wave impact in the northern part of the Almanarre beach. Together, current and wind impact is shown negligible.

Keywords: Almanarre beach, coastal erosion, hydro-sedimentological, numerical model

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Authors: Rossella Arcucci, Luisa D'Amore, Simone Celestino, Giuseppe Scotti, Giuliano Laccetti

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This work is the first dowel in a rather wide research activity in collaboration with Euro Mediterranean Center for Climate Changes, aimed at introducing scalable approaches in Ocean Circulation Models. We discuss designing and implementation of a parallel algorithm for solving the Variational Data Assimilation (DA) problem on Graphics Processing Units (GPUs). The algorithm is based on the fully scalable 3DVar DA model, previously proposed by the authors, which uses a Domain Decomposition approach (we refer to this model as the DD-DA model). We proceed with an incremental porting process consisting of 3 distinct stages: requirements and source code analysis, incremental development of CUDA kernels, testing and optimization. Experiments confirm the theoretic performance analysis based on the so-called scale up factor demonstrating that the DD-DA model can be suitably mapped on GPU architectures.

Keywords: data assimilation, GPU architectures, ocean models, parallel algorithm

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Authors: Rimeyah H. S. Almutairi, Alaa Eldin A. Ayoub

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The aim of this study was to identify empirical and theoretical studies that explored giftedness theories and identification. In order to assess and synthesize the mechanisms, outcomes, and impacts of gifted identification models. Thus, we sought to provide an evidence-informed answer to how does current giftedness theories work and effectiveness. In order to develop a model that incorporates the advantages of existing models and avoids their disadvantages as much as possible. We conducted a systematic literature review (SLR). The disciplined analysis resulted in a final sample consisting of 30 appropriate searches. The results indicated that: (a) there is no uniform and consistent definition of Giftedness; (b) researchers are using several non-consistent criteria to detect gifted, and (d) The detection of talent is largely limited to early ages, and there is obvious neglect of adults. This study contributes to the development of Giftedness Cloud Model (GCM) which defined as a model that attempts to interpretation giftedness within an interactive psychological and ecological framework. GCM aims to help a talented to reach giftedness core and manifestation talent in creative productivity or invention. Besides that, GCM suggests classifying giftedness into four levels of mastery, excellence, creative productivity, and manifestation. In addition, GCM presents an idea to distinguish between talent and giftedness.

Keywords: giftedness cloud model, talent, systematic literature review, giftedness concept

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Authors: Allmin Susaiyah, Aki Härmä, Milan Petković

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Automatic generation of insights from data using insight mining systems (IMS) is useful in many applications, such as personal health tracking, patient monitoring, and business process management. Existing IMS face challenges in controlling insight extraction, scaling to large databases, and generalising to unseen domains. In this work, we propose a hybrid approach consisting of rule-based and neural components for generating insights from data while overcoming the aforementioned challenges. Firstly, a rule-based data 2CNL component is used to extract statistically significant insights from data and represent them in a controlled natural language (CNL). Secondly, a BERTSum-based CNL2NL component is used to convert these CNLs into natural language texts. We improve the model using task-specific and domain-specific fine-tuning. Our approach has been evaluated using statistical techniques and standard evaluation metrics. We overcame the aforementioned challenges and observed significant improvement with domain-specific fine-tuning.

Keywords: data mining, insight mining, natural language generation, pre-trained language models

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Authors: Hoda Manafian, Stephen Holland

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Problem statement: Rural areas in Iran are one of the most popular tourism destinations. Abyaneh Village is one of them with a long history behind it (more than 1500 years) which is a national heritage site and also is nominated as a world heritage site in UNESCO tentative list from 2007. There is a considerable foundation of religious-cultural heritage and also agricultural history and activities. However, this heritage site suffers from mass tourism which is beyond its social and physical carrying capacity, since the annual number of tourists exceed 500,000. While there are four adjacent villages around Abyaneh which can benefit from advantages of tourism. Local managers also can at the same time prorate the tourists’ flux of Abyaneh on those other villages especially in high-season. The other villages have some cultural and natural tourism attractions as well. Goal: The main goal of this study is to identify a feasible development strategy according to the current strengths, weaknesses, opportunities and threats of rural tourism in this area (Abyaneh Village and four adjacent villages). This development strategy can lead to sustainable management of these destinations. Method: To this end, we used SWOT analysis as a well-established tool for conducting a situational analysis to define a sustainable development strategy. The procedures included following steps: 1) Extracting variables of SWOT chart based on interviewing tourism experts (n=13), local elites (n=17) and personal observations of researcher. 2) Ranking the extracted variables from 1-5 by 13 tourism experts in Isfahan Cultural Heritage, Handcrafts and Tourism Organization (ICHTO). 3) Assigning weights to the ranked variables using Expert Choice Software and the method of Analytical Hierarchical Process (AHP). 4) Defining the Total Weighted Score (TWS) for each part of SWOT chart. 5) Identifying the strategic position according to the TWS 6) Selecting the best development strategy based on the defined position using the Strategic Position and Action Evaluation (SPACE) matrix. 7) Assessing the Probability of Strategic Success (PSS) for the preferred strategy using relevant formulas. 8) Defining two feasible alternatives for sustainable development. Results and recommendations: Cultural heritage attractions were first-ranked variable in strength chart and also lack of sufficient amenities for one-day tourists (catering, restrooms, parking, and accommodation) was firs-ranked weakness. The strategic position was in ST (Strength-Threat) quadrant which is a maxi-mini position. According this position we would suggest ‘Competitive Strategy’ as a development strategy which means relying on strengths in order to neutralization threats. The result of Probability of Strategic Success assessment which was 0.6 shows that this strategy could be successful. The preferred approach for competitive strategy could be rebranding the market of tourism in this area. Rebranding the market can be achieved by two main alternatives which are based on the current strengths and threats: 1) Defining a ‘Heritage Corridor’ from first adjacent village to Abyaneh as a final destination. 2) Focus on ‘educational tourism’ versus mass tourism and also green tourism by developing agritourism in that corridor.

Keywords: Abyaneh village, rural tourism, SWOT analysis, sustainable strategies

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Authors: H. K. V. Narayan

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This study was conducted at Tata Memorial Hospital (TMH), Mumbai, India. The study was to evaluate the impact of adapting Smart Card (SC) for clinical and business transactions in order to reduce Lead times and to enforce business rules of the hospital. The objective for implementing the Smart Card was to improve the patient perception of quality in terms of structures process and outcomes and also to improve the productivity of the Institution. The Smart Card was implemented in phases from 2011 and integrated with the Hospital Information System (HIS/EMR). The implementation was a learning curve for all the stake holders as software obviated the need to use hardcopies of transactions. The acceptability to the stake holders was challenge in change management. The study assessed the impact 3 years into the implementation and the observed trends have suggested that it has decreased the lead times for services and increased the no of transactions and thereby the productivity. Patients who used to complain of multiple queues and cumbersome transactions now compliment the administration for effective use of Information and Communication Technology.

Keywords: smart card, high availability of health care information, reduction in potential medical errors due to elimination of transcription errors, reduction in no of queues, increased transactions, augmentation of revenue

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Authors: Lorena Alemán de la Garza, Marcela Georgina Gómez-Zermeño

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This paper presents the SolarSPELL case study that aims to generate information on the use of indicators that help evaluate the pedagogical quality of a digital library resources. SolarSPELL is a solar-powered digital library with WiFi connectivity. It offers a variety of open educational resources selected for their potential for the digital transformation of educational practices and the achievement of the 2030 Agenda for Sustainable Development, adopted by all United Nations Member States. The case study employed a quantitative methodology and the research instrument was applied to 55 teachers, directors and librarians. The results indicate that it is possible to strengthen the pedagogical quality of open educational resources, through actions focused on improving temporal and technological parameters. They also reveal that users believe that SolarSPELL improves the teaching-learning processes and motivates the teacher to improve his or her development. This study provides valuable information on a tool that supports teaching-learning processes and facilitates connectivity with renewable energies that improves the teacher training in active methodologies for ecosystem learning.

Keywords: educational innovation, digital library, pedagogical quality, solar energy, teacher training, sustainable development

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Authors: A. M. Halahla, M. H. Baluch, M. K. Rahman, A. H. Al-Gadhib, M. N. Akhtar

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In the present study, 3D simulation of a typical exterior (RC) beam–column joint (BCJ) strengthened with carbon fiber-reinforced plastic (CFRP) sheet are carried out. Numerical investigations are performed using a nonlinear finite element ( FE) analysis by incorporating damage plasticity model (CDP), for material behaviour the concrete response in compression, tension softening were used, linear plastic with isotropic hardening for reinforcing steel, and linear elastic lamina material model for CFRP sheets using the commercial FE software ABAQUS. The numerical models developed in the present study are validated with the results obtained from the experiment under monotonic loading using the hydraulic Jack in displacement control mode. The experimental program includes casting of deficient BCJ loaded to failure load for both un-strengthened and strengthened BCJ. The failure mode, and deformation response of CFRP strengthened and un-strengthened joints and propagation of damage in the components of BCJ are discussed. Finite element simulations are compared with the experimental result and are noted to yield reasonable comparisons. The damage plasticity model was able to capture with good accuracy of the ultimate load and the mode of failure in the beam column joint.

Keywords: reinforced concrete, exterior beam-column joints, concrete damage plasticity model, computational simulation, 3-D finite element model

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Authors: Azadeh Malekan, Shahin Rouhani

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Superlubricity is a phenomenon where two surfaces in contact show negligible friction;this may be because the asperities of the two surfaces do not interlock. Two rough surfaces, when pressed against each other, can get into a formation where the summits of asperities of one surface lock into the valleys of the other surface. The amount of interlock depends on the geometry of the two surfaces. We suggest the friction force may then be proportional to the amount of interlock; this explains Superlubricity as the situation where there is little interlock. Then the friction force will be directly proportional to the normal force as it is related to the work necessary to lift the upper surface in order to clear the interlock. To investigate this model, we simulate the contact of two surfaces. In order to validate our model, we first investigate Amontons‘ law. Assuming that asperities retain deformations in the time scale while the top asperity moves across the lattice spacing Amonton’s law is observed. Structural superlubricity is examined by the hypothesis that surfaces are very rigid and there is no deformation in asperities. This may happen at small normal forces. When two identical surfaces come into contact, rotating the top surface we observe a peak in friction force near the angle of orientation where the two surfaces can interlock.

Keywords: friction, amonton`s law, superlubricity, contact model

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Authors: Shih-Jen Feng, Nai-Chia Chao, Meng-Chi Shih, Chien-Chi Chang

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Today, Taiwan agriculture operates under small business scale with economic insufficiency, due to aging population, unproductiveness, inadequate systematic management, insufficient agro-economic scale, and cultivation on agro-education. Moreover, because of farming special working method (physical tiring, shackled weather condition), environment (asymmetric distribution information), hours devoted (unbalance wealth), the willingness for younger generation to delicate into agriculture farming is rare. Although government had provided policies to harmonize the existing problem, significant result is unseen. Living lab (LL) is a methodology approach to sense, prototype and validate complex solutions in real life context. This paper contributes an innovative interaction methodology by probing under implementation of diverse LL sector merging big data analysis utilizing rural redevelopment and revitalization plan of Wufeng.

Keywords: living lab approach, historic rural redevelopment, innovation model, innovation approach

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Authors: Luqman Afolabi

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This paper measures the impacts of trade and institutions on environmental quality in Sub-Saharan Africa (SSA). To examine the direction and the magnitude of the effects, the study employs the pooled mean group (PMG) estimation technique on the panel data obtained from the World Bank’s World Development and Governance Indicators, between 1996 and 2018. The empirical estimates validate the environmental Kuznets curve hypothesis (EKC) for the region, even though there have been inconclusive results on the environment – growth nexus. Similarly, a positive coefficient is obtained on the impact of trade on the environment, while the impact of the institutional indicators produce mixed results. A significant policy implication is that the governments of the SSA countries pursue policies that tend to increase economic growth, so that pollutants may be reduced. Such policies may include the provision of incentives for sustainable growth-driven industries in the region. In addition, the governance infrastructures should be improved in such a way that appropriate penalties are imposed on the pollutants, while advanced technologies that have the potentials to reduce environmental degradation should be encouraged. Finally, it is imperative from these findings that the governments of the region should promote their trade relations and the competitiveness of their local industries in order to keep pace with the global markets.

Keywords: environmental quality, institutional quality sustainable development goals, trade

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Authors: Patricia Heredia, Isabel Saz, Marta Fernández

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This article proposes that the decision regarding exporting and the choice of export channel are nested and non-independent decisions. We assume that firms make two sequential decisions before arriving at their final choice: the decision to access foreign markets and the decision about the type of channel. This hierarchical perspective of the choices involved in the process is appealing for two reasons. First, it supports the idea that people have a limited analytical capacity. Managers often break down a complex decision into a hierarchical process because this makes it more manageable. Secondly, it recognizes that important differences exist between entry modes. In light of the above, the objective of this study is to test different entry mode choice processes: independent decisions and nested and non-independent decisions. To do this, the methodology estimates and compares the following two models: (i) a simultaneous single-stage model with three entry mode choices (using a multinomial logit model); ii) a two-stage model with the export decision preceding the channel decision using a sequential logit model. The study uses resource-based factors in determining these decision processes concerning internationalization and the study carries out empirical analysis using a DOC Rioja sample of 177 firms.Using the Akaike and Schwarz Information Criteria, the empirical evidence supports the existence of a nested structure, where the decision about exporting precedes the export mode decision. The implications and contributions of the findings are discussed.

Keywords: sequential logit model, two-stage choice process, export mode, wine industry

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Authors: Muluegziabher Semagne Mekonnen

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This study was intended to show the irrigation water requirements and evaluation of canal hydraulics steady state conditions to improve on scheme performance of the Meki-Ziway irrigation project. The methodology used was the CROPWAT 8.0 model to estimate the irrigation water requirements of five major crops irrigated in the study area. The results showed that for the whole existing and potential irrigation development area of 2000 ha and 2599 ha, crop water requirements were 3,339,200 and 4,339,090.4 m³, respectively. Hydraulic simulation models are fundamental tools for understanding the hydraulic flow characteristics of irrigation systems. Hydraulic simulation models are fundamental tools for understanding the hydraulic flow characteristics of irrigation systems. In this study Hydraulic Analysis of Irrigation Canals Using HEC-RAS Model was conducted in Meki-Ziway Irrigation Scheme. The HEC-RAS model was tested in terms of error estimation and used to determine canal capacity potential.

Keywords: HEC-RAS, irrigation, hydraulic. canal reach, capacity

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Authors: Norm Josephy, Lucy Kimball, Victoria Steblovskaya

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Hedging of a portfolio of European options under proportional transaction costs is considered. Our discrete time financial market model extends the binomial market model with transaction costs to the case where the underlying stock price ratios are distributed over a bounded interval rather than over a two-point set. An optimal hedging strategy is chosen from a set of admissible non-self-financing hedging strategies. Our approach to optimal hedging of a portfolio of options is based on theoretical foundation that includes determination of a no-arbitrage option price interval as well as on properties of the non-self-financing strategies and their residuals. A computational algorithm for optimizing an investor relevant criterion over the set of admissible non-self-financing hedging strategies is developed. Applicability of our approach is demonstrated using both simulated data and real market data.

Keywords: extended binomial model, non-self-financing hedging, optimization, proportional transaction costs

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Authors: Ali Noorzad, Ehsan Badakhshan, Shima Zameni

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The present paper is focused on a generalized failure criterion for geomaterials with cross-anisotropy. The cyclic behavior of granular material primarily depends on the nature and arrangement of constituent particles, particle size, and shape that affect fabric anisotropy. To account for the influence of loading directions on strength variations, an anisotropic variable in terms of the invariants of the stress tensor and fabric into the failure criterion is proposed. In an extension to original CANAsand constitutive model two concepts namely critical state and compact state play paramount roles as all of the moduli and coefficients are related to these states. The applicability of the present model is evaluated through comparisons between the predicted and the measured results. All simulations have demonstrated that the proposed constitutive model is capable of modeling the cyclic behavior of sand with inherent anisotropy.

Keywords: fabric, cohesionless media, cyclic loading, critical state, compact state, CANAsand constitutive model

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Authors: Ivana Bulog

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Decision making is a vital part of the business world and any other field of human endeavor. Which way a business organization will take, and where that way will lead it, depends on broad range of decisions made by managers in the managerial structure. Strategic decisions are of the greatest importance for organizational success. Although much empirical research has been done trying to describe and explain its nature and effectiveness, knowledge about strategic decision making is still incomplete. This paper explores the nature of strategic decision making in particular setting - in Croatian companies. The main focus of this research is on the style that decision makers on strategic management level are following when making decisions of life importance for their companies. Two main decision making style that explain the way decision maker collects and processes available information and performs all the activities in strategic decision making process were empirical tested: rational and intuitive one. Besides analyzing their existence on strategic management level in Croatian companies, their effectiveness is analyzed as well. Results showed that decision makers at strategic management level are following both styles somewhat equally in order to function effectively, and that intuitive style is more effective when considering decisions outcomes.

Keywords: decision making style, decision making effectiveness, strategic decisions, management sciences

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Authors: Soheila Ghanbari

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After the Civil Rights Act of 1964 was enacted, federal policy transformed employment rights. Equal employment opportunity law, legislation for occupational safety and health, and regulations for fringe benefits were established to ensure that employees have rights to equal protection, health and safety, and the benefits guaranteed by employers. In research analyzing data from 279 organizations over time, it was discovered that legal changes prompted organizations to establish personnel, antidiscrimination, safety, and benefits departments to ensure compliance. However, as the process of institutionalization advanced, middle managers began to separate these fresh offices from policy and rationalize them solely in economic terms as a component of the new human resources management model. This common occurrence is seen in the United States, where the Constitution represents government control of business as unlawful. It could potentially clarify the extended lack of a state theory in organizational analysis and shed light on a puzzle pointed out by state theorists: the federal state is weak in terms of administration but strong in terms of norms.

Keywords: management, state, human, resources, employment

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Authors: Fuyang Peng, Donghong Li

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The aim of information systems integration is to make all the data sources, applications and business flows integrated into the new environment so that unwanted redundancies are reduced and bottlenecks and mismatches are eliminated. Two issues have to be dealt with to meet such requirements: the software architecture that supports resource integration, and the adaptor development tool that help integration and migration of legacy applications. In this paper, a service-enabled dependable integration environment (SDIE), is presented, which has two key components, i.e., a dependable service integration platform and a legacy application integration tool. For the dependable platform for service integration, the service integration bus, the service management framework, the dependable engine for service composition, and the service registry and discovery components are described. For the legacy application integration tool, its basic organization, functionalities and dependable measures taken are presented. Due to its service-oriented integration model, the light-weight extensible container, the service component combination-oriented p-lattice structure, and other features, SDIE has advantages in openness, flexibility, performance-price ratio and feature support over commercial products, is better than most of the open source integration software in functionality, performance and dependability support.

Keywords: application integration, dependability, legacy, SOA

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Authors: Giuliana Murfet, Heidi Behrens

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Chronic disease is Australia’s biggest health concern and obesity the leading risk factor for many. Obesity and chronic disease have a higher representation in rural Tasmania, where levels of socio-disadvantage are also higher. People living outside major cities have less access to health services and poorer health outcomes. To help primary healthcare professionals manage obesity, the Australian NHMRC evidence-based clinical practice guidelines for management of overweight and obesity in adults were developed. They include recommendations for practice and models for obesity management. To our knowledge there has been no research conducted that investigates translation of these guidelines into practice in rural-regional areas; where implementation can be complicated by limited financial and staffing resources. Also, the systematic review that informed the guidelines revealed a lack of evidence for chronic disease models of obesity care. The aim was to establish and evaluate a multidisciplinary model for obesity management in a group of adult people with type 2 diabetes in a dispersed rural population in Australia. Extensive stakeholder engagement was undertaken to both garner support for an obesity clinic and develop a sustainable model of care. A comprehensive nurse practitioner-led outpatient model for obesity care was designed. Multidisciplinary obesity clinics for adults with type 2 diabetes including a dietitian, psychologist, physiotherapist and nurse practitioner were set up in the north-west of Tasmania at two geographically-rural towns. Implementation was underpinned by the NHMRC guidelines and recommendations focused on: assessment approaches; promotion of health benefits of weight loss; identification of relevant programs for individualising care; medication and bariatric surgery options for obesity management; and, the importance of long-term weight management. A clinical pathway for adult weight management is delivered by the multidisciplinary team with recognition of the impact of and adjustments needed for other comorbidities. The model allowed for intensification of intervention such as bariatric surgery according to recommendations, patient desires and suitability. A randomised controlled trial is ongoing, with the aim to evaluate standard care (diabetes-focused management) compared with an obesity-related approach with additional dietetic, physiotherapy, psychology and lifestyle advice. Key barriers and enablers to guideline implementation were identified that fall under the following themes: 1) health care delivery changes and the project framework development; 2) capacity and team-building; 3) stakeholder engagement; and, 4) the research project and partnerships. Engagement of not only local hospital but also state-wide health executives and surgical services committee were paramount to the success of the project. Staff training and collective development of the framework allowed for shared understanding. Staff capacity was increased with most taking on other activities (e.g., surgery coordination). Barriers were often related to differences of opinions in focus of the project; a desire to remain evidenced based (e.g., exercise prescription) without adjusting the model to allow for consideration of comorbidities. While barriers did exist and challenges overcome; the development of critical partnerships did enable the capacity for a potential model of obesity care for rural regional areas. Importantly, the findings contribute to the evidence base for models of diabetes and obesity care that coordinate limited resources.

Keywords: diabetes, interdisciplinary, model of care, obesity, rural regional

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Authors: Chiung-Hui Chen

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The Internet of Things (IoT) was designed for widespread convenience. With the smart tag and the sensing network, a large quantity of dynamic information is immediately presented in the IoT. Through the internal communication and interaction, meaningful objects provide real-time services for users. Therefore, the service with appropriate decision-making has become an essential issue. Based on the science of human behavior, this study employed the environment model to record the time sequences and locations of different behaviors and adopted the probability module of the hierarchical Hidden Markov Model for the inference. The statistical analysis was conducted to achieve the following objectives: First, define user behaviors and predict the user behavior routes with the environment model to analyze user purposes. Second, construct the hierarchical Hidden Markov Model according to the logic framework, and establish the sequential intensity among behaviors to get acquainted with the use and activity fabric of the intelligent environment. Third, establish the intensity of the relation between the probability of objects’ being used and the objects. The indicator can describe the possible limitations of the mechanism. As the process is recorded in the information of the system created in this study, these data can be reused to adjust the procedure of intelligent design services.

Keywords: behavior, big data, hierarchical hidden Markov model, intelligent object

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Authors: Farrukh Javed, Krzysztof Podgórski

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We propose a new model that accounts for the asymmetric response of volatility to positive ('good news') and negative ('bad news') shocks in economic time series the so-called leverage effect. In the past, asymmetric powers of errors in the conditionally heteroskedastic models have been used to capture this effect. Our model is using the gamma difference representation of the generalized Laplace distributions that efficiently models the asymmetry. It has one additional natural parameter, the shape, that is used instead of power in the asymmetric power models to capture the strength of a long-lasting effect of shocks. Some fundamental properties of the model are provided including the formula for covariances and an explicit form for the conditional distribution of 'bad' and 'good' news processes given the past the property that is important for the statistical fitting of the model. Relevant features of volatility models are illustrated using S&P 500 historical data.

Keywords: heavy tails, volatility clustering, generalized asymmetric laplace distribution, leverage effect, conditional heteroskedasticity, asymmetric power volatility, GARCH models

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Authors: Saeed Farivar, Mohsen Kahrom

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The purpose of this work is to develop a physical simulation model for the purpose of studying the effect of various design parameters on the performance of packaged-liquid chillers. This paper presents a steady-state model for predicting the performance of package-Liquid chiller over a wide range of operation condition. The model inputs are inlet conditions; geometry and output of model include system performance variable such as power consumption, coefficient of performance (COP) and states of refrigerant through the refrigeration cycle. A computer model that simulates the steady-state cyclic performance of a vapor compression chiller is developed for the purpose of performing detailed physical design analysis of actual industrial chillers. The model can be used for optimizing design and for detailed energy efficiency analysis of packaged liquid chillers. The simulation model takes into account presence of all chiller components such as compressor, shell-and-tube condenser and evaporator heat exchangers, thermostatic expansion valve and connection pipes and tubing’s by thermo-hydraulic modeling of heat transfer, fluids flow and thermodynamics processes in each one of the mentioned components. To verify the validity of the developed model, a 7.5 USRT packaged-liquid chiller is used and a laboratory test stand for bringing the chiller to its standard steady-state performance condition is build. Experimental results obtained from testing the chiller in various load and temperature conditions is shown to be in good agreement with those obtained from simulating the performance of the chiller using the computer prediction model. An entropy-minimization-based optimization analysis is performed based on the developed analytical performance model of the chiller. The variation of design parameters in construction of shell-and-tube condenser and evaporator heat exchangers are studied using the developed performance and optimization analysis and simulation model and a best-match condition between the physical design and construction of chiller heat exchangers and its compressor is found to exist. It is expected that manufacturers of chillers and research organizations interested in developing energy-efficient design and analysis of compression chillers can take advantage of the presented study and its results.

Keywords: optimization, packaged liquid chiller, performance, simulation

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Authors: B. L. Ho, L. Shi, D. F. Wang, V. C. T. Mok

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The brain’s functional connectivity while temporally non-stationary does express consistency at a macro spatial level. The study of stable resting state connectivity patterns hence provides opportunities for identification of diseases if such stability is severely perturbed. A mathematical model replicating the brain’s spatial connections will be useful for understanding brain’s representative geometry and complements the empirical model where it falls short. Empirical computations tend to involve large matrices and become infeasible with fine parcellation. However, the proposed analytical model has no such computational problems. To improve replicability, 92 subject data are obtained from two open sources. The proposed methodology, inspired by financial theory, uses multivariate regression to find relationships of every cortical region of interest (ROI) with some pre-identified hubs. These hubs acted as representatives for the entire cortical surface. A variance-covariance framework of all ROIs is then built based on these relationships to link up all the ROIs. The result is a high level of match between model and empirical correlations in the range of 0.59 to 0.66 after adjusting for sample size; an increase of almost forty percent. More significantly, the model framework provides an intuitive way to delineate between systemic drivers and idiosyncratic noise while reducing dimensions by more than 30 folds, hence, providing a way to conduct attribution analysis. Due to its analytical nature and simple structure, the model is useful as a standalone toolkit for network dependency analysis or as a module for other mathematical models.

Keywords: functional magnetic resonance imaging, multivariate regression, network hubs, resting state functional connectivity

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Authors: Petra Hofmann, Dana Koniel, Jussi Luukkanen, Walter Nieminen, Lea Hannola, Ilkka Donoghue

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The Covid-19 pandemic forced people to isolate and become physically less connected. The pandemic hasnot only reshaped people’s behaviours and needs but also accelerated digital transformation (DT). DT of cities has become an imperative with the outlook of converting them into smart cities in the future. Embedding digital infrastructure and smart city initiatives as part of the normal design, construction, and operation of cities provides a unique opportunity to improve connection between people. Internet of Things (IoT) is an emerging technology and one of the drivers in DT. It has disrupted many industries by introducing different services and business models, and IoT solutions are being applied in multiple fields, including smart cities. As IoT and data are fundamentally linked together, IoT solutions can only create value if the data generated by the IoT devices is analysed properly. Extracting relevant conclusions and actionable insights by using established techniques, data analytics contributes significantly to the growth and success of IoT applications and investments. Companies must grasp DT and be prepared to redesign their offerings and business models to remain competitive in today’s marketplace. As there are many IoT solutions available today, the amount of data is tremendous. The challenge for companies is to understand what solutions to focus on and how to prioritise and which data to differentiate from the competition. This paper explains how IoT and data analytics can impact competitive advantage and how companies should approach IoT and data analytics to translate them into concrete offerings and solutions in the smart city context. The study was carried out as a qualitative, literature-based research. A case study is provided to validate the preservation of company’s competitive advantage through smart city solutions. The results of the researchcontribution provide insights into the different factors and considerations related to creating competitive advantage through IoT and data analytics deployment in the smart city context. Furthermore, this paper proposes a framework that merges the factors and considerations with examples of offerings and solutions in smart cities. The data collected through IoT devices, and the intelligent use of it, can create a competitive advantage to companies operating in smart city business. Companies should take into consideration the five forces of competition that shape industries and pay attention to the technological, organisational, and external contexts which define factors for consideration of competitive advantages in the field of IoT and data analytics. Companies that can utilise these key assets in their businesses will most likely conquer the markets and have a strong foothold in the smart city business.

Keywords: internet of things, data analytics, smart cities, competitive advantage

Procedia PDF Downloads 86

Authors: Ayşe Çoban, Orhan Çoban, Murat Birekul

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In this study, the effects of radio frequency identification system on the retailing sector were theoretically analysed. The technology of Radio Frequency Identification (RFID) is a method enabling to identify the objects individually and automatically, using radio frequency. RFID generally consists of a tag and reader. RFID tags can be programmed to receive, store, and send the information of object such as Electronic Product Code (EPC). Having read the tags placed on product by the reader, the information associated with the management of supply chain can be automatically recorded and replaced. Recently, RFID technology used in many areas has particularly important effects on the businesses that are active in the retailing sector. The most important disadvantage of this technology is that the cost of installation and operation is higher compared to its alternatives. However, it provides important advantages to the business enterprises in the application process. At present, it is especially adopted by the large sized enterprises and with chain stores in the international areas. The application results point out that RFID technology provides business enterprises with the important competitive advantage.

Keywords: RFID, retailing sector, RFID technologies, electronic product code

Procedia PDF Downloads 373

Authors: Nop Sopipan

Abstract:

In this paper, we forecast the volatility of Baht/USDs using Markov Regime Switching GARCH (MRS-GARCH) models. These models allow volatility to have different dynamics according to unobserved regime variables. The main purpose of this paper is to find out whether MRS-GARCH models are an improvement on the GARCH type models in terms of modeling and forecasting Baht/USD volatility. The MRS-GARCH is the best performance model for Baht/USD volatility in short term but the GARCH model is best perform for long term.

Keywords: volatility, Markov Regime Switching, forecasting, Baht/USD

Procedia PDF Downloads 294

Authors: M. Eskandarighadi, C. R. McGann

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It is observed from past experiences of earthquakes that local site conditions can significantly affect the strong ground motion characteristics experience at the site. One-dimensional seismic site response analysis is the most common approach for investigating site response. This approach assumes that soil is homogeneous and infinitely extended in the horizontal direction. Therefore, tying side boundaries together is one way to model this behavior, as the wave passage is assumed to be only vertical. However, 1D analysis cannot capture the 2D nature of wave propagation, soil heterogeneity, and 2D soil profile with features such as inclined layer boundaries. In contrast, 2D seismic site response modeling can consider all of the mentioned factors to better understand local site effects on strong ground motions. 2D wave propagation and considering that the soil profile on the two sides of the model may not be identical clarifies the importance of a boundary condition on each side that can minimize the unwanted reflections from the edges of the model and input appropriate loading conditions. Ideally, the model size should be sufficiently large to minimize the wave reflection, however, due to computational limitations, increasing the model size is impractical in some cases. Another approach is to employ free-field boundary conditions that take into account the free-field motion that would exist far from the model domain and apply this to the sides of the model. This research focuses on implementing free-field boundary conditions in OpenSees for 2D site response analysisComparisons are made between 1D models and 2D models with various boundary conditions, and details and limitations of the developed free-field boundary modeling approach are discussed.

Keywords: boundary condition, free-field, opensees, site response analysis, wave propagation

Procedia PDF Downloads 141

Authors: Philomena Ibuh Adzongo, Margaret U. Oluwole, Justina Nguveren Jor.

Abstract:

This paper investigated the need for the development of entrepreneurial skills for Benue State University students. The population consisted of all 1,500 final year students in Benue State University. A sample of 100 students was selected using simple random sampling. A 12-item self-constructed and content validated questionnaire by research experts titled, the Need for the Development of Entrepreneurial Skills in Benue State University Students (NDECBSUS) was used to collect the data. The questionnaire items were rated using a 4-point modified rating scale of Strongly Agree, Agree, Disagree and Strongly Disagree, assigned the following scores of 4,3,2 and 1, respectively. The questionnaire was administered by the researcher with the help of two research assistants through the primary source. Simple percentages and chi-square were used to answer the research questions and test the hypotheses, respectively. The findings revealed that in business management, business management skills, personal skills, and technical skills need to be developed in students for them to become effective and efficient entrepreneurs and concluded that the acquisition of these skills will reduce the challenge of unemployment. The study recommended that funds should be made available by all education stakeholders for such programmes to remain functional.

Keywords: entrepreneurial skill, entrepreneurship, need for development, university students

Procedia PDF Downloads 347

Authors: Manas Shah

Abstract:

Black Scholes option pricing model is one of the most important concepts in modern world of computational finance. However, its practical use can be challenging as one of the input parameters must be estimated; implied volatility of the underlying security. The more precisely these values are estimated, the more accurate their corresponding estimates of theoretical option prices would be. Here, we present a novel model based on Cuckoo Search Optimization (CS) which finds more precise estimates of implied volatility than Particle Swarm Optimization (PSO) and Genetic Algorithm (GA).

Keywords: black scholes model, cuckoo search optimization, particle swarm optimization, genetic algorithm

Procedia PDF Downloads 442