Search results for: portfolio selection

Authors: Guilhermina Torrao

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An extensive number of studies have been conducted to determine the factors which influence crash injury risk (CIR); however, uncertainties inherent to selected variables have been neglected. A review of existing literature is required to not only obtain an overview of the variables and measures but also ascertain the implications when comparing studies without a systematic view of variable taxonomy. Therefore, the aim of this literature review is to examine and report on peer-reviewed studies in the field of crash analysis and to understand the implications of broad variations in variable selection in CIR analysis. The objective of this study is to demonstrate the variance in variable selection and classification when modeling injury risk involving occupants of light vehicles by presenting an analytical review of the literature. Based on data collected from 64 journal publications reported over the past 21 years, the analytical review discusses the variables selected by each study across an organized list of predictors for CIR analysis and provides a better understanding of the contribution of accident and vehicle factors to injuries acquired by occupants of light vehicles. A cross-comparison analysis demonstrates that almost half the studies (48%) did not consider vehicle design specifications (e.g., vehicle weight), whereas, for those that did, the vehicle age/model year was the most selected explanatory variable used by 41% of the literature studies. For those studies that included speed risk factor in their analyses, the majority (64%) used the legal speed limit data as a ‘proxy’ of vehicle speed at the moment of a crash, imposing limitations for CIR analysis and modeling. Despite the proven efficiency of airbags in minimizing injury impact following a crash, only 22% of studies included airbag deployment data. A major contribution of this study is to highlight the uncertainty linked to explanatory variable selection and identify opportunities for improvements when performing future studies in the field of road injuries.

Keywords: crash, exploratory, injury, risk, variables, vehicle

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Authors: Gaafar Omer BaOmer, Abdulmohsin A. Al-Sofyani, Hassan A. Ramadan

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Drupella is found on coral reefs throughout the tropical and subtropical shallow waters of the Indo-Pacific region. Drupella is muricid gastropod, obligate corallivorous and their population outbreak can cause significant coral mortality. Belt transect surveys were conducted at two sites (Bohairat and Baydah) in Jeddah coast, Saudi Arabia to assess prey preferences for D. cornus with respect to prey availability through resource selection ratios. Results revealed that there are different levels of prey preferences at the different age stages and at the different sites. Acropora species with a caespitose, corymbose and digitate growth forms were preferred prey for recruits and juveniles of Drupella cornus, whereas Acropora variolosa was avoided by D. cornus because of its arborescent colony growth form. Pocillopora, Stylophora, and Millipora were occupied by Drupella cornus less than expected, whereas massive corals genus Porites were avoided. High densities of D. cornus were observed on two fragments of Pocillopora damicornis which may because of the absence of coral guard crabs genus Trapezia. Mean densities of D. cornus per colony for each species showed significant differentiation between the two study sites. Low availability of Acropora colonies in Bayadah patch reef caused high mean density of D. cornus per colony to compare to that in Bohairat, whereas higher mean density of D. cornus per colony of Pocillopora in Bohairat than that in Bayadah may because of most of occupied Pocillopora colonies by D. cornus were physical broken by anchoring compare to those colonies in Bayadah. The results indicated that prey preferences seem to depend on both coral genus and colony shape, while mean densities of D. cornus depend on availability and status of coral colonies.

Keywords: prey availability, resource selection, Drupella cornus, Jeddah, Saudi Arabia

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Authors: Abdullah Al Farwan, Ya Zhang

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In today’s educational arena, it is critical to understand educational data and be able to evaluate important aspects, particularly data on student achievement. Educational Data Mining (EDM) is a research area that focusing on uncovering patterns and information in data from educational institutions. Teachers, if they are able to predict their students' class performance, can use this information to improve their teaching abilities. It has evolved into valuable knowledge that can be used for a wide range of objectives; for example, a strategic plan can be used to generate high-quality education. Based on previous data, this paper recommends employing data mining techniques to forecast students' final grades. In this study, five data mining methods, Decision Tree, JRip, Naive Bayes, Multi-layer Perceptron, and Random Forest with wrapper feature selection, were used on two datasets relating to Portuguese language and mathematics classes lessons. The results showed the effectiveness of using data mining learning methodologies in predicting student academic success. The classification accuracy achieved with selected algorithms lies in the range of 80-94%. Among all the selected classification algorithms, the lowest accuracy is achieved by the Multi-layer Perceptron algorithm, which is close to 70.45%, and the highest accuracy is achieved by the Random Forest algorithm, which is close to 94.10%. This proposed work can assist educational administrators to identify poor performing students at an early stage and perhaps implement motivational interventions to improve their academic success and prevent educational dropout.

Keywords: classification algorithms, decision tree, feature selection, multi-layer perceptron, Naïve Bayes, random forest, students’ academic performance

Procedia PDF Downloads 138

Authors: Chetan Mahawar, Sarath Chandran, Sridhar Panigrahi, V. P. Shaji

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The ever-growing advancement in space exploration has led to an alarming concern for space debris removal as it restricts further launch operations and adventurous space missions; hence numerous studies have come up with technologies for re-entry predictions and material selection processes for mitigating space debris. The selection of material and operating conditions is determined with the objective of lightweight structure and ability to demise faster subject to spacecraft survivability during its mission. Since the demisability of spacecraft depends on evolving thermal material properties such as emissivity, specific heat capacity, thermal conductivity, radiation intensity, etc. Therefore, this paper presents the analysis of evolving thermal material properties of spacecraft, which affect the demisability process and thus estimate demise time using the demisability model by incorporating evolving thermal properties for sensible heating followed by the complete or partial break-up of spacecraft. The demisability analysis thus concludes the best suitable spacecraft material is based on the least estimated demise time, which fulfills the criteria of design-for-survivability and as well as of design-for-demisability.

Keywords: demisability, emissivity, lightweight, re-entry, survivability

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Authors: H. D. Ibrahim, H. C. Chinwenyi, T. Danjuma

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An option is defined as a financial contract that provides the holder the right but not the obligation to buy or sell a specified quantity of an underlying asset in the future at a fixed price (called a strike price) on or before the expiration date of the option. This paper examined two approaches for derivation of Partial Differential Equation (PDE) options price valuation formula for the Heston stochastic volatility model. We obtained various PDE option price valuation formulas using the riskless portfolio method and the application of Feynman-Kac theorem respectively. From the results obtained, we see that the two derived PDEs for Heston model are distinct and non-unique. This establishes the fact of incompleteness in the model for option price valuation.

Keywords: Black-Scholes partial differential equations, Ito process, option price valuation, partial differential equations

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Authors: Je-Seok Shin, Wook-Won Kim, Jin-O Kim

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The offshore wind farm needs to be designed carefully considering economics and reliability aspects. There are many decision-making problems for designing entire offshore wind farm, this paper focuses on an inner grid layout which means the connection between wind turbines as well as between wind turbines and an offshore substation. A methodology proposed in this paper determines the connections and the cable type for each connection section using K-clustering, minimum spanning tree and cable selection algorithms. And then, a cost evaluation is performed in terms of investment, power loss and reliability. Through the cost evaluation, an optimal layout of inner grid is determined so as to have the lowest total cost. In order to demonstrate the validity of the methodology, the case study is conducted on 240MW offshore wind farm, and the results show that it is helpful to design optimally offshore wind farm.

Keywords: offshore wind farm, optimal layout, k-clustering algorithm, minimum spanning algorithm, cable type selection, power loss cost, reliability cost

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Authors: Souvik Phadikar, Nidul Sinha, Rajdeep Ghosh

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In brainwaves research using electroencephalogram (EEG) signals, finding the most relevant and effective feature set for identification of activities in the human brain is a big challenge till today because of the random nature of the signals. The feature extraction method is a key issue to solve this problem. Finding those features that prove to give distinctive pictures for different activities and similar for the same activities is very difficult, especially for the number of activities. The performance of a classifier accuracy depends on this quality of feature set. Further, more number of features result in high computational complexity and less number of features compromise with the lower performance. In this paper, a novel idea of the selection of optimal feature set using a heuristically optimized deep autoencoder is presented. Using various feature extraction methods, a vast number of features are extracted from the EEG signals and fed to the autoencoder deep neural network. The autoencoder encodes the input features into a small set of codes. To avoid the gradient vanish problem and normalization of the dataset, a meta-heuristic search algorithm is used to minimize the mean square error (MSE) between encoder input and decoder output. To reduce the feature set into a smaller one, 4 hidden layers are considered in the autoencoder network; hence it is called Heuristically Optimized Deep Autoencoder (HO-DAE). In this method, no features are rejected; all the features are combined into the response of responses of the hidden layer. The results reveal that higher accuracy can be achieved using optimal reduced features. The proposed HO-DAE is also compared with the regular autoencoder to test the performance of both. The performance of the proposed method is validated and compared with the other two methods recently reported in the literature, which reveals that the proposed method is far better than the other two methods in terms of classification accuracy.

Keywords: autoencoder, brainwave signal analysis, electroencephalogram, feature extraction, feature selection, optimization

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Authors: Irina Khutsishvili

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In the present research, a decision support methodology for the multi-attribute group decision-making (MAGDM) problem is developed, namely for the selection of investment projects. The objective of the investment project selection problem is to choose the best project among the set of projects, seeking investment, or to rank all projects in descending order. The project selection is made considering a set of weighted attributes. To evaluate the attributes in our approach, expert assessments are used. In the proposed methodology, lingual expressions (linguistic terms) given by all experts are used as initial attribute evaluations, since they are the most natural and convenient representation of experts' evaluations. Then lingual evaluations are converted into trapezoidal fuzzy numbers, and the aggregate trapezoidal hesitant fuzzy decision matrix will be built. The case is considered when information on the attribute weights is completely unknown. The attribute weights are identified based on the De Luca and Termini information entropy concept, determined in the context of hesitant fuzzy sets. The decisions are made using the extended Technique for Order Performance by Similarity to Ideal Solution (TOPSIS) method under a hesitant fuzzy environment. Hence, a methodology is based on a trapezoidal valued hesitant fuzzy TOPSIS decision-making model with entropy weights. The ranking of alternatives is performed by the proximity of their distances to both the fuzzy positive-ideal solution (FPIS) and the fuzzy negative-ideal solution (FNIS). For this purpose, the weighted hesitant Hamming distance is used. An example of investment decision-making is shown that clearly explains the procedure of the proposed methodology.

Keywords: In the present research, a decision support methodology for the multi-attribute group decision-making (MAGDM) problem is developed, namely for the selection of investment projects. The objective of the investment project selection problem is to choose the best project among the set of projects, seeking investment, or to rank all projects in descending order. The project selection is made considering a set of weighted attributes. To evaluate the attributes in our approach, expert assessments are used. In the proposed methodology, lingual expressions (linguistic terms) given by all experts are used as initial attribute evaluations since they are the most natural and convenient representation of experts' evaluations. Then lingual evaluations are converted into trapezoidal fuzzy numbers, and the aggregate trapezoidal hesitant fuzzy decision matrix will be built. The case is considered when information on the attribute weights is completely unknown. The attribute weights are identified based on the De Luca and Termini information entropy concept, determined in the context of hesitant fuzzy sets. The decisions are made using the extended Technique for Order Performance by Similarity to Ideal Solution (TOPSIS) method under a hesitant fuzzy environment. Hence, a methodology is based on a trapezoidal valued hesitant fuzzy TOPSIS decision-making model with entropy weights. The ranking of alternatives is performed by the proximity of their distances to both the fuzzy positive-ideal solution (FPIS) and the fuzzy negative-ideal solution (FNIS). For this purpose, the weighted hesitant Hamming distance is used. An example of investment decision-making is shown that clearly explains the procedure of the proposed methodology.

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Authors: Manel Youssef, Lotfi Belkacem

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This paper employs multivariate long memory GARCH models to simultaneously estimate mean and conditional variance spillover effects between oil prices and different financial markets. Since different financial assets are traded based on these market sector returns, it’s important for financial market participants to understand the volatility transmission mechanism over time and across these series in order to make optimal portfolio allocation decisions. We examine weekly returns from January 1, 2003 to November 30, 2012 and find evidence of significant transmission of shocks and volatilities between oil prices and some of the examined financial markets. The findings support the idea of cross-market hedging and sharing of common information by investors.

Keywords: oil prices, stock indices returns, oil volatility, contagion, DCC-multivariate (FI) GARCH

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Authors: Eng. M. Ahmed, A. Ibrahim, M. Ashour

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One of the major concerns facing dam is the repair of their structures to prevent the seepage under them. In previous years, many existing dams have been treated by grouting, but with varying degrees of success. One of the major reasons for this erratic performance is the unsuitable selection of the grouting materials to reduce the seepage. Grouting is an effective way to improve the engineering properties of the soil and strengthen of the permeability of the soil to reduce the seepage. The purpose of this paper is to focus on the efficiency of current available grouting materials and techniques from construction, environmental and economical point of view. The seepage reduction usually accomplished by either chemical grouting or cementious grouting using ultrafine cement. In addition, the study shows a comparison between grouting materials according to their degree of permeability reduction and cost. The application of seepage reduction is based on the permeation grouting using grout curtain installation. The computer program (SEEP/W) is employed to model a dam rested on sandy soil, using grout curtain to reduce seepage quantity and hydraulic gradient by different grouting materials. This study presents a relationship that takes into account the permeability of the soil, grout curtain spacing and a new performance parameter that can be used to predict the best selection of grouting materials for seepage reduction.

Keywords: seepage, sandy soil, grouting, permeability

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Authors: Ming Luo

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In this real world, a manufacturer may produce more than one product. The products produced by the same manufacturer may share the same type of parts, similar design, and be produced in the same factory, i.e. some common causes. From the perspective of warranty management, the frequencies of those products’ warranty claims may have statistical dependence caused by the common causes. Warranty policy optimisation in the existing research, majorly, has not considered such dependence, which may increase bias in decision making. In the market, renewing warranty policies are provided to some unrepairable products and consumer electronic products. This paper optimises the renewing warranty policy collectively in a multi-product scenario with a consideration of the dependence among the warranty claims of the products produced by the same manufacturer. The existence of the optimal solution is proved. Numerical examples are used to validate the applicability of the proposed methods.

Keywords: mean-risk framework, modern portfolio theory, renewing warranty policy, warranty policy optimisation

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Authors: Tamirat Solomon, Aberash Yohannis, Efrem Gulfo

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The plantation of trees, which harmonizes the agroecology of the environment, has been implemented in Ethiopia with great concern for a noticeably degraded environment. This study was designed to evaluate the effectiveness of green legacy, species selection and, the rate of survival, and the management status in the study areas. A systematic sampling method was employed to collect the required data from 144 quadrants measuring a 15m radius with an interval of 40m apart. Additionally, 244 sample households were selected for the socioeconomic study in addition to secondary data collected from office recordings. The data collected was analyzed using multivariate analysis, considering exposure and outcome variables. The findings of this study indicated that four exotic tree species, namely; A. salgina, C. fistula, A. indica, and G. robusta, were commonly selected tree species for degraded land restoration in the study areas. Among the seedlings planted at the four study sites, a total of 79.9% survived, and A. salgina was the dominant and best performed species, A. indica was the least survived species in the entire study area. The age of the seedling before planting significantly (p = 0.05) affected the survival potential of most seedlings of species, and the majority (82%) of local communities expressed their positive attitudes and willingness to manage the restoration works in the study areas. It was recommended to consider the inclusion of native species in the restoration effort and evaluate the co-existence of native flora with exotic and its competition for nutrients, water, and light in addition to the invading potentials in the ecosystem. In general, before embarking on degraded land restoration, species selection, adequate preparation of seedlings, and species diversity composition that exactly fit the socioeconomic and ecological demands of the areas must get the attention for the success of the restoration.

Keywords: plantation forest, degraded land, forest restoration, plantation survival, species selection

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Authors: M. Benjamin Stacey

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Energy efficiency has been increasingly recognized as a high value resource through state policies that require utility companies to implement efficiency programs. While policymakers have recognized the statewide economic, environmental, and health related value to residents who rely on this grid supplied resource, varying interests in energy efficiency between socioeconomic groups stands undifferentiated in most state legislation. Instead, the benefits are oftentimes assumed to be distributed equitably across these groups. Despite this fact, these policies are frequently sited by advocacy groups, regulatory bodies and utility companies for their ability to address the negative financial, health and other social impacts of energy poverty in low income communities. Yet, while most states like Michigan require programs that target low income consumers, oftentimes no requirements exist for the equitable investment and energy savings for low income consumers, nor does it stipulate minimal spending levels on low income programs. To further understand the impact of the absence of these factors in legislation, this study examines the distribution of program funds and energy efficiency savings to answer a fundamental energy justice concern; Are there disparities in the investment and benefits of energy efficiency programs between socioeconomic groups? This study compiles data covering the history of Michigan’s Energy Efficiency policy implementation from 2010-2016, analyzing the energy efficiency portfolios of Michigan’s two main energy providers. To make accurate comparisons between these two energy providers' investments and energy savings in low and non-low income programs, the socioeconomic variation for each utility coverage area was captured and accounted for using GIS and US Census data. Interestingly, this study found that both providers invested more equitably in natural gas efficiency programs, however, together these providers invested roughly three times less per household in low income electricity efficiency programs, which resulted in ten times less electricity savings per household. This study also compares variation in commission approved utility plans and actual spending and savings results, with varying patterns pointing to differing portfolio management strategies between companies. This study reveals that for the history of the implementation of Michigan’s Energy Efficiency Policy, that the 35% of Michigan’s population who qualify as low income have received substantially disproportionate funding and energy savings because of the policy. This study provides an overview of results from a social perspective, raises concerns about the impact on energy poverty and equity between consumer groups and is an applicable tool for law makers, regulatory agencies, utility portfolio managers, and advocacy groups concerned with addressing issues related to energy poverty.

Keywords: energy efficiency, energy justice, low income, state policy

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Authors: M. Qamarul Islam, Ergun Dogan, Mehmet Yazici

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There is a growing body of evidence that non-normal data is more prevalent in nature than the normal one. Examples can be quoted from, but not restricted to, the areas of Economics, Finance and Actuarial Science. The non-normality considered here is expressed in terms of fat-tailedness and asymmetry of the relevant distribution. In this study a skew t distribution that can be used to model a data that exhibit inherent non-normal behavior is considered. This distribution has tails fatter than a normal distribution and it also exhibits skewness. Although maximum likelihood estimates can be obtained by solving iteratively the likelihood equations that are non-linear in form, this can be problematic in terms of convergence and in many other respects as well. Therefore, it is preferred to use the method of modified maximum likelihood in which the likelihood estimates are derived by expressing the intractable non-linear likelihood equations in terms of standardized ordered variates and replacing the intractable terms by their linear approximations obtained from the first two terms of a Taylor series expansion about the quantiles of the distribution. These estimates, called modified maximum likelihood estimates, are obtained in closed form. Hence, they are easy to compute and to manipulate analytically. In fact the modified maximum likelihood estimates are equivalent to maximum likelihood estimates, asymptotically. Even in small samples the modified maximum likelihood estimates are found to be approximately the same as maximum likelihood estimates that are obtained iteratively. It is shown in this study that the modified maximum likelihood estimates are not only unbiased but substantially more efficient than the commonly used moment estimates or the least square estimates that are known to be biased and inefficient in such cases. Furthermore, in conventional regression analysis, it is assumed that the error terms are distributed normally and, hence, the well-known least square method is considered to be a suitable and preferred method for making the relevant statistical inferences. However, a number of empirical researches have shown that non-normal errors are more prevalent. Even transforming and/or filtering techniques may not produce normally distributed residuals. Here, a study is done for multiple linear regression models with random error having non-normal pattern. Through an extensive simulation it is shown that the modified maximum likelihood estimates of regression parameters are plausibly robust to the distributional assumptions and to various data anomalies as compared to the widely used least square estimates. Relevant tests of hypothesis are developed and are explored for desirable properties in terms of their size and power. The tests based upon modified maximum likelihood estimates are found to be substantially more powerful than the tests based upon least square estimates. Several examples are provided from the areas of Economics and Finance where such distributions are interpretable in terms of efficient market hypothesis with respect to asset pricing, portfolio selection, risk measurement and capital allocation, etc.

Keywords: least square estimates, linear regression, maximum likelihood estimates, modified maximum likelihood method, non-normality, robustness

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Authors: Sayyed Benyamin Alavi, Giovanni Cerri, Leila Chennaoui, Ambra Giovannelli, Stefano Mazzoni

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Primary energy consumption and emissions of pollutants (including CO2) sustainability call to search methodologies to lower power absorption for unit of a given product. Cool production plants based on vapour compression are widely used for many applications: air conditioning, food conservation, domestic refrigerators and freezers, special industrial processes, etc. In the field of cool production, the amount of Yearly Consumed Primary Energy is enormous, thus, saving some percentage of it, leads to big worldwide impact in the energy consumption and related energy sustainability. Among various techniques to reduce power required by a Vapour Compression Cool Production Plant (VCCPP), the technique based on Power Regeneration by means of Internal Direct Cycle (IDC) will be considered in this paper. Power produced by IDC reduces power need for unit of produced Cool Power by the VCCPP. The paper contains basic concepts that lead to develop IDCs and the proposed options to use the IDC Power. Among various selections for using turbo machines, Best Economically Available Technologies (BEATs) have been explored. Based on vehicle engine turbochargers, they have been taken into consideration for this application. According to BEAT Database and similarity rules, the best turbo machine selection leads to the minimum nominal power required by VCCPP Main Compressor. Results obtained installing the prototype in “ad hoc” designed test bench will be discussed and compared with the expected performance. Forecasts for the upgrading VCCPP, various applications will be given and discussed. 4-6% saving is expected for air conditioning cooling plants and 15-22% is expected for cryogenic plants.

Keywords: Refrigeration Plant, Vapour Pressure Amplifier, Compressor, Expander, Turbine, Turbomachinery Selection, Power Saving

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Authors: Imed Feki, Faouzi Msahli

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Selection of relevant parameters from a high dimensional process operation setting space is a problem frequently encountered in industrial process modelling. This paper presents a method for selecting the most relevant fabric physical parameters for each sensory quality feature. The proposed relevancy criterion has been developed using two approaches. The first utilizes a fuzzy sensitivity criterion by exploiting from experimental data the relationship between physical parameters and all the sensory quality features for each evaluator. Next an OWA aggregation procedure is applied to aggregate the ranking lists provided by different evaluators. In the second approach, another panel of experts provides their ranking lists of physical features according to their professional knowledge. Also by applying OWA and a fuzzy aggregation model, the data sensitivity-based ranking list and the knowledge-based ranking list are combined using our proposed percolation technique, to determine the final ranking list. The key issue of the proposed percolation technique is to filter automatically and objectively the relevant features by creating a gap between scores of relevant and irrelevant parameters. It permits to automatically generate threshold that can effectively reduce human subjectivity and arbitrariness when manually choosing thresholds. For a specific sensory descriptor, the threshold is defined systematically by iteratively aggregating (n times) the ranking lists generated by OWA and fuzzy models, according to a specific algorithm. Having applied the percolation technique on a real example, of a well known finished textile product especially the stonewashed denims, usually considered as the most important quality criteria in jeans’ evaluation, we separate the relevant physical features from irrelevant ones for each sensory descriptor. The originality and performance of the proposed relevant feature selection method can be shown by the variability in the number of physical features in the set of selected relevant parameters. Instead of selecting identical numbers of features with a predefined threshold, the proposed method can be adapted to the specific natures of the complex relations between sensory descriptors and physical features, in order to propose lists of relevant features of different sizes for different descriptors. In order to obtain more reliable results for selection of relevant physical features, the percolation technique has been applied for combining the fuzzy global relevancy and OWA global relevancy criteria in order to clearly distinguish scores of the relevant physical features from those of irrelevant ones.

Keywords: data sensitivity, feature selection, fuzzy logic, OWA operators, percolation technique

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Authors: Piotr Ciuman, Barbara Lipska

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The aim of presented research was to improve numerical predictions of air parameters distribution in the actual natatorium by the selection of calculation formula of mass flux of moisture emitted from the pool. Selected correlation should ensure the best compliance of numerical results with the measurements' results of these parameters in the facility. The numerical model of the natatorium was developed, for which boundary conditions were prepared on the basis of measurements' results carried out in the actual facility. Numerical calculations were carried out with the use of ANSYS CFX software, with six formulas being implemented, which in various ways made the moisture emission dependent on water surface temperature and air parameters in the natatorium. The results of calculations with the use of these formulas were compared for air parameters' distributions: Specific humidity, velocity and temperature in the facility. For the selection of the best formula, numerical results of these parameters in occupied zone were validated by comparison with the measurements' results carried out at selected points of this zone.

Keywords: experimental validation, indoor swimming pool, moisture emission, natatorium, numerical calculations CFD, thermal and humidity conditions, ventilation

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Authors: Bachir Bentouati, Lakhdar Chaib, Saliha Chettih, Gai-Ge Wang

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The problem of economic dispatch (ED) is the basic problem of power framework, its main goal is to find the most favorable generation dispatch to generate each unit, reduce the whole power generation cost, and meet all system limitations. A heuristic algorithm, recently developed called Stud Krill Herd (SKH), has been employed in this paper to treat non-convex ED problems. The proposed KH has been modified using Stud selection and crossover (SSC) operator, to enhance the solution quality and avoid local optima. We are demonstrated SKH effects in two case study systems composed of 13-unit and 40-unit test systems to verify its performance and applicability in solving the ED problems. In the above systems, SKH can successfully obtain the best fuel generator and distribute the load requirements for the online generators. The results showed that the use of the proposed SKH method could reduce the total cost of generation and optimize the fulfillment of the load requirements.

Keywords: stud krill herd, economic dispatch, crossover, stud selection, valve-point effect

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Authors: Anchal Gupta

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Amid the escalating digitalization and deployment of cross-border technological solutions, a significant portion of the industry and regulatory bodies have begun to pose queries concerning the formulation, computation, and contemplation of concentration risk. In the financial sector, well-established parameters exist for gauging the concentration of a portfolio and similar elements. However, a unified framework appears to be absent, which could guide industry and regulators pertaining to non-financial concentration risk. This paper introduces a framework, constructed on the foundation of multiple regulations where regulators are advocating for licensed corporations to evaluate their concentration risk. The lacuna lies in the fact that, while regulators delineate what constitutes concentration risk, unlike other domains, no guidelines are provided that could assist firms. This frequently results in ambiguity and individual corporate interpretation, which, from a risk management standpoint, is less than ideal.

Keywords: concentration risk, non-financial risk, government regulation, financial regulation, non-market risk, MAS, DORA, EDSP, SFC

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Authors: Linda Kauškale, Ineta Geipele

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Due to the rapidly changing external environment, portfolio management strategies became closely interconnected with real estate industry development and macroeconomic development tendencies. The aim of the research is to analyze sustainable real estate market development influencing factors, with particular focus on its economic and management aspects that influences real estate investment decisions as well. Scientific literature and article analysis, data analysis, expert evaluation, and other quantitative and qualitative research methods were used in the research. Developed real estate market sustainability model and index analysis approach can be applied by investors and real estate companies in real estate asset management and can help in risk minimization activities in international entrepreneurship. Future research directions have been identified in the research as well.

Keywords: indexes, investment decisions, real estate market, sustainability

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Authors: Ioannis P. Panapakidis, Marios N. Moschakis

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The Greek Energy Market is structured as a mandatory pool where the producers make their bid offers in day-ahead basis. The System Operator solves an optimization routine aiming at the minimization of the cost of produced electricity. The solution of the optimization problem leads to the calculation of the System Marginal Price (SMP). Accurate forecasts of the SMP can lead to increased profits and more efficient portfolio management from the producer`s perspective. Aim of this study is to provide a comparative analysis of various machine learning models such as artificial neural networks and neuro-fuzzy models for the prediction of the SMP of the Greek market. Machine learning algorithms are favored in predictions problems since they can capture and simulate the volatilities of complex time series.

Keywords: deregulated energy market, forecasting, machine learning, system marginal price

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Authors: Mitchell Gohnert, Ryan Bradley

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This paper reviews some fundamental concepts of structural optimization, which are based on the type of materials used in construction and the shape of the structure. The first step in structural optimization is to break down all internal forces in a structure into fundamental stresses, which are tensions and compressions. Knowing the stress patterns directs our selection of structural shapes and the most appropriate type of construction material. In our selection of materials, it is essential to understand all construction materials have flaws, or micro-cracks, which reduce the capacity of the material, especially when subjected to tensions. Because of material defects, many construction materials perform significantly better when subjected to compressive forces. Structures are also more efficient if bending moments are eliminated. Bending stresses produce high peak stresses at each face of the member, and therefore, substantially more material is required to resist bending. The shape of the structure also has a profound effect on stress levels. Stress may be reduced dramatically by simply changing the shape. Catenary, triangular and linear shapes are the fundamental structural forms to achieve optimal stress flow. If the natural flow of stress matches the shape of the structures, the most optimal shape is determined.

Keywords: arches, economy of stresses, material strength, optimization, shells

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Authors: Mahdieh Khalilinezhad, Silvana Dellepiane, Gianni Vernazza

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The aim of the present work is to build a model based on tissue characterization that is able to discriminate pathological and non-pathological regions from three-phasic CT images. Based on feature selection in different phases, in this research, we design a neural network system that has optimal neuron number in a hidden layer. Our approach consists of three steps: feature selection, feature reduction, and classification. For each ROI, 6 distinct set of texture features are extracted such as first order histogram parameters, absolute gradient, run-length matrix, co-occurrence matrix, autoregressive model, and wavelet, for a total of 270 texture features. We show that with the injection of liquid and the analysis of more phases the high relevant features in each region changed. Our results show that for detecting HCC tumor phase3 is the best one in most of the features that we apply to the classification algorithm. The percentage of detection between these two classes according to our method, relates to first order histogram parameters with the accuracy of 85% in phase 1, 95% phase 2, and 95% in phase 3.

Keywords: multi-phasic liver images, texture analysis, neural network, hidden layer

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Authors: David Pettitt, Benjamin Davies, Georg Holländer, David Brindley

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Cellular based therapies, whose origins can be traced from the intertwined concepts of tissue engineering and regenerative medicine, have the potential to transform the current medical landscape and offer an approach to managing what were once considered untreatable diseases. However, despite a large increase in basic science activity in the cell therapy arena alongside a growing portfolio of cell therapy trials, the number of industry products available for widespread clinical use correlates poorly with such a magnitude of activity, with the number of cell-based therapeutics in mainstream use remaining comparatively low. This research serves to quantitatively assess the barriers to the clinical adoption of cell-based therapeutics through identification of unique barriers, specific challenges and opportunities facing the development and adoption of such therapies.

Keywords: cell therapy, clinical adoption, commercialization, translation

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Authors: Sareh Rajabi, Taha Anjamrooz, Salwa Bheiry

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The continuous increase in the world population, resource shortage and the warning of climate change cause various environmental and social issues to the world. Thus, sustainability concept is much needed nowadays. Organizations are progressively falling under strong worldwide pressure to integrate sustainability practices into their project decision-making development. Construction projects in the industry are amongst the most significant, since it is one of the biggest divisions and of main significance for the national economy and hence has a massive effect on the environment and society. So, it is important to discover approaches to incorporate sustainability into the management of those projects. This study presents a combined sustainability index of projects with sustainable transportation which has been formed as per a comprehensive literature review and survey study. Transportation systems enable the movement of goods and services worldwide, and it is leading to economic growth and creating jobs while creating negative impacts on the environment and society. This research is study to quantify the sustainability indicators, through 1) identifying the importance of sustainable transportation indicators that are based on the sustainable practices used for the construction projects and 2) measure the effectiveness of practices through these indicators on the three sustainable pillars. A total 26 sustainability indicators have been selected and grouped under each related sustainability pillars. A survey was used to collect the opinion about the sustainability indicators by a scoring system. A combined sustainability index considering three sustainable pillars can be helpful in evaluating the transportation sustainable practices of a project and making decisions regarding project selection. In addition to focus on the issue of financial resource allocation in a project selection, the decision-maker could take into account the sustainability as an important key in addition to the project’s return and risk. The purpose of this study is to measure the performance of transportation sustainability which allow companies to assess multiple projects selection. This is useful to decision makers to rank and focus more on future sustainable projects.

Keywords: sustainable transportation, transportation performances, sustainable indicators, sustainable construction practice, sustainability

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Authors: Zuzana Sedláková, Magda Kárászová, Jiří Vejražka, Lenka Morávková, Pavel Izák

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Membrane separations are mentioned frequently as a possibility for CO2 capture. Selectivity of ionic liquid membranes is strongly determined by different solubility of separated gases in ionic liquids. The solubility of separated gases usually varies over an order of magnitude, differently from diffusivity of gases in ionic liquids, which is usually of the same order of magnitude for different gases. The present work evaluates the selection of an appropriate ionic liquid for the selective membrane preparation based on the gas solubility in an ionic liquid. The current state of the art of CO2 capture patents and technologies based on the membrane separations was considered. An overview is given of the discussed transport mechanisms. Ionic liquids seem to be promising candidates thanks to their tunable properties, wide liquid range, reasonable thermal stability, and negligible vapor pressure. However, the uses of supported liquid membranes are limited by their relatively short lifetime from the industrial point of view. On the other hand, ionic liquids could overcome these problems due to their negligible vapor pressure and their tunable properties by adequate selection of the cation and anion.

Keywords: biogas upgrading, carbon dioxide separation, ionic liquid membrane, transport properties

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Authors: Saba Ebrahimi, Saeed Ahmadian, Hedie Ashrafi

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Selecting appropriate patients for surgery is one of the main issues in thoracic surgery (TS). Both short-term and long-term risks and benefits of surgery must be considered in the patient selection criteria. There are some limitations in the existing datasets of TS patients because of missing values of attributes and imbalanced distribution of survival classes. In this study, a novel ensemble architecture of deep learning networks is proposed based on stacking different linear and non-linear layers to deal with imbalance datasets. The categorical and numerical features are split using different layers with ability to shrink the unnecessary features. Then, after extracting the insight from the raw features, a novel biased-kernel layer is applied to reinforce the gradient of the minority class and cause the network to be trained better comparing the current methods. Finally, the performance and advantages of our proposed model over the existing models are examined for predicting patient survival after thoracic surgery using a real-life clinical data for lung cancer patients.

Keywords: deep learning, ensemble models, imbalanced classification, lung cancer, TS patient selection

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Authors: Raif Parlakkaya, Ahmet Diken, Erkan Kara

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This paper examines the relationship between corporate governance rating and stock prices of 26 Turkish firms listed in Turkish stock exchange (Borsa Istanbul) by using panel data analysis over five-year period. The paper also investigates the stock performance of firms with governance rating with regards to the market portfolio (i.e. BIST 100 Index) both prior and after governance scoring began. The empirical results show that there is no relation between corporate governance rating and stock prices when using panel data for annual variation in both rating score and stock prices. Further analysis indicates surprising results that while the selected firms outperform the market significantly prior to rating, the same performance does not continue afterwards.

Keywords: corporate governance, stock price, performance, panel data analysis

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Authors: Tigabu Dagne Akal

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Electronic health records (EHRs) can help to store, maintain, and make the appropriate handling of patient histories for proper treatment and decision. Merging the EHRs with big data analytics (BDA) capabilities enable healthcare stakeholders to provide effective and efficient treatments for chronic diseases. Though there are huge opportunities and efforts that exist in the deployment of EMRs and the development of BDA, there are challenges in addressing resources and organizational capabilities that are required to achieve the competitive advantage and sustainability of EHRs and BDA. The resource-based view (RBV), information system (IS), and non- IS theories should be extended to examine organizational capabilities and resources which are required for successful data analytics in the healthcare industries. The main purpose of this study is to develop a conceptual framework for the development of healthcare BDA capabilities based on past works so that researchers can extend. The research question was formulated for the search strategy as a research methodology. The study selection was made at the end. Based on the study selection, the conceptual framework for the development of BDA capabilities in the healthcare settings was formulated.

Keywords: EHR, EMR, Big data, Big data analytics, resource-based view

Procedia PDF Downloads 112

Authors: Daniel Tochwin

Abstract:

Continuous improvement is an essential part of effective process performance management. In order to achieve continuous quality improvement, each organization must use the appropriate selection of tools and techniques. The basic condition for success is a proper understanding of the business need faced by the company and the selection of appropriate methods to improve a given production process. The main aim of this article is to analyze the methods of conduct which are popular in practice when implementing process improvements and then to determine whether the tested methods include repetitive systematics of the approach, i.e., a similar sequence of the same or similar actions. Based on an extensive literature review, 4 methods of continuous improvement of production processes were selected: A3 report, Gemba Kaizen, PDCA cycle, and Deming cycle. The research shows that all frequently used improvement methods are generally based on the PDCA cycle, and the differences are due to "(re)interpretation" and the need to adapt the continuous improvement approach to the specific business process. The research shows that all the frequently used improvement methods are generally based on the PDCA cycle, and the differences are due to "(re) interpretation" and the need to adapt the continuous improvement approach to the specific business process.

Keywords: continuous improvement, lean methods, process improvement, PDCA

Procedia PDF Downloads 53