Search results for: Alternative Risk Transfer (ART)

Authors: Betty Johanna Garzon Rozo, Jonathan Crook, Fernando Moreira

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Operational risk losses are heavy tailed and are likely to be asymmetric and extremely dependent among business lines/event types. We propose a new methodology to assess, in a multivariate way, the asymmetry and extreme dependence between severity distributions, and to calculate the capital for Operational Risk. This methodology simultaneously uses (i) several parametric distributions and an alternative mix distribution (the Lognormal for the body of losses and the Generalized Pareto Distribution for the tail) via extreme value theory using SAS®, (ii) the multivariate skew t-copula applied for the first time for operational losses and (iii) Bayesian theory to estimate new n-dimensional skew t-copula models via Markov chain Monte Carlo (MCMC) simulation. This paper analyses a newly operational loss data set, SAS Global Operational Risk Data [SAS OpRisk], to model operational risk at international financial institutions. All the severity models are constructed in SAS® 9.2. We implement the procedure PROC SEVERITY and PROC NLMIXED. This paper focuses in describing this implementation.

Keywords: operational risk, loss distribution approach, extreme value theory, copulas

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Authors: Wang Liguang, Zhang Xueqing

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The build-operate-transfer (BOT) project delivery system has provided effective routes to mobilize private sector funds, innovative technologies, management skills and operational efficiencies for public infrastructure development and have been widely used in China during the last 20 years. Many BOT projects in China will be smoothly transferred to the government soon and the transfer stage, which is considered as the last stage, must be studied carefully and handled well to achieve the overall success of BOT projects. There will be many issues faced by both the public sector and private sector in the transfer stage of BOT projects, including project post-assessment, technology and documents transfer, personal training and staff transition, etc. and sometimes additional legislation is needed for future operation and management of facilities. However, most previous studies focused on the bidding, financing, and building and operation stages instead of transfer stage. This research identifies nine key issues in the transfer stage of BOT projects through a comprehensive study on three cases in China, and the expert interview and expert discussion meetings are held to validate the key issues and give detail analysis. A proposed framework of transfer management is prepared based on the experiences derived and lessons drawn from the case studies and expert interview and discussions, which is expected to improve the transfer management of BOT projects in practice.

Keywords: BOT project, key issues, transfer management, transfer stage

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Authors: Ruchi Agarwal, Jake Ansell

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Austerity impacts on all aspects of society. Companies into the future will have to be more capable of dealing with the risks they face. Enterprise Risk Management (ERM) has widely been accepted in recent years as an approach to manage risks within businesses. ERM attempts to tackle risk holistically with gains from opportunities in a managing risk and reduction in the risk of failure. The paper reviews merits and demerits of approaches to risk management in regard to antifragility. A qualitative study has investigated current practices and the problems with ERM implementation by interviewing over 25 chief risk officers and senior management. The findings indicate the gap in ERM description, understanding, and implementation. The paper suggests risk learning and expertise knowledge supports development of effective enterprise risk management by designing systems with inherent resilience.

Keywords: risk management, interviews, antifragility, failure

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Authors: Wlodzimierz Ogryczak, Michal Przyluski, Tomasz Sliwinski

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In problems of portfolio selection, the reward-risk ratio criterion is optimized to search for a risky portfolio with the maximum increase of the mean return in proportion to the risk measure increase when compared to the risk-free investments. In the classical model, following Markowitz, the risk is measured by the variance thus representing the Sharpe ratio optimization and leading to the quadratic optimization problems. Several Linear Programming (LP) computable risk measures have been introduced and applied in portfolio optimization. In particular, the Mean Absolute Deviation (MAD) measure has been widely recognized. The reward-risk ratio optimization with the MAD measure can be transformed into the LP formulation with the number of constraints proportional to the number of scenarios and the number of variables proportional to the total of the number of scenarios and the number of instruments. This may lead to the LP models with huge number of variables and constraints in the case of real-life financial decisions based on several thousands scenarios, thus decreasing their computational efficiency and making them hardly solvable by general LP tools. We show that the computational efficiency can be then dramatically improved by an alternative model based on the inverse risk-reward ratio minimization and by taking advantages of the LP duality. In the introduced LP model the number of structural constraints is proportional to the number of instruments thus not affecting seriously the simplex method efficiency by the number of scenarios and therefore guaranteeing easy solvability. Moreover, we show that under natural restriction on the target value the MAD risk-reward ratio optimization is consistent with the second order stochastic dominance rules.

Keywords: portfolio optimization, reward-risk ratio, mean absolute deviation, linear programming

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Authors: W. Rashmi, M. Khalid, O. Seiksan, R. Saidur, A. F. Ismail

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Nanofluids have received much more attention since its discovery. They are believed to be promising coolants in heat transfer applications due to their enhanced thermal conductivity and heat transfer characteristics. In this study, the enhancement in heat transfer of CNT-nanofluids under turbulent flow conditions is investigated experimentally. Carbon nanotube (CNTs) concentration was varied between 0.051-0.085 wt%. The nanofluid suspension was stabilized by gum arabic (GA) through a process of homogenisation and sonication. The flow rates of cold fluid (water) is varied from 1.7-3 L/min and flow rates of the hot fluid is varied between 2-3.5 L/min. Thermal conductivity, density and viscosity of the nanofluids were also measured as a function of temperature and CNT concentration. The experimental results are validated with theoretical correlations for turbulent flow available in the literature. Results showed an enhancement in heat transfer range between 9-67% as a function of temperature and CNT concentration.

Keywords: nanofluids, carbon nanotubes (CNT), heat transfer enhancement, heat transfer

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Authors: David Glew, Felix Thomas, Matthew Brooke-Peat

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Improving the thermal performance of homes is seen as an essential step in achieving climate change, fuel security, fuel poverty targets. One of the most effective thermal retrofits is to insulate solid walls. However, it has been observed that applying insulation to the internal face of solid walls reduces the surface temperature of the inner wall leaf, which may introduce condensation risk and may interrupt seasonal moisture accumulation and dissipation. This research quantifies the extent to which the risk of condensation and moisture accumulation in the wall increases (which can increase the risk of timber rot) following the installation of six different types of internal wall insulation. In so doing, it compares how risk is affected by both the thermal resistance, thickness, and breathability of the insulation. Thermal bridging, surface temperatures, condensation risk, and moisture accumulation are evaluated using hygrothermal simulation software before and after the thermal upgrades. The research finds that installing internal wall insulation will always introduce some risk of condensation and moisture. However, it identifies that risks were present prior to insulation and that breathable materials and insulation with lower resistance have lower risks than alternative insulation options. The implications of this may be that building standards that encourage the enhanced thermal performance of solid walls may be introducing moisture risks into homes.

Keywords: condensation risk, hygrothermal simulation, internal wall insulation, thermal bridging

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Authors: Sina Movafagh, Younes Bakhshan

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Heat transfer of coolant flow through the automobile radiators is of great importance for the optimization of fuel consumption. In this study, the heat transfer performance of the automobile radiator is evaluated numerically. Different concentrations of nanofluids have been investigated by the addition of Al2O3 nano-particles into the water. Also, the effect of the inlet temperature of nanofluid on the performance of radiator is studied. Results show that with an increase of inlet temperature the outlet temperature and pressure drop along the radiator increase. Also, it has been observed that increase of nono-particle concentration will result in an increase in heat transfer rate within the radiator.

Keywords: heat transfer, nanofluid, car radiator, CFD simulation

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Authors: Paul W. Murray, Marco Barajas

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Recent changes in supply chains, especially globalization and collaboration, have created new risks for enterprises of all sizes. A variety of complex frameworks, often based on enterprise risk management strategies have been presented under the heading of Supply Chain Risk Management (SCRM). The literature on promotes the benefits of a robust SCRM strategy; however, implementing SCRM is difficult and resource demanding for Large Enterprises (LEs), and essentially out of reach for Small and Medium Enterprises (SMEs). This research debunks the idea that SCRM is necessary for all enterprises and instead proposes a simple and effective Vendor Selection Template (VST). Empirical testing and a survey of supply chain practitioners provide a measure of validation to the VST. The resulting VSTis a valuable contribution because is easy to use, provides practical results, and is sufficiently flexible to be universally applied to SMEs.

Keywords: multiple regression analysis, supply chain management, risk assessment, vendor selection

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Authors: Myunggon Yoon, Jung-Ho Moon

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In this paper, we present a transfer function representation of a general one-dimensional combustor. The input of the transfer function is a heat rate perturbation of a burner and the output is a flow velocity perturbation at the burner. This paper considers a general combustor model composed of multiple cans with different cross sectional areas, along with a non-zero flow rate.

Keywords: combustor, dynamics, thermoacoustics, transfer function

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Authors: Mustafa Dogru, Ruveyda Komurlu

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Companies and professionals in the construction sector face various risks in every project depending on the characteristics, size, complexity, the location of the projects and the techniques used. Some risks’ effects may increase as the project progresses whereas new risks may emerge. Because of the ever-changing nature of the risks, risk management is a cyclical process that needs to be repeated throughout the project. Since the risks threaten the success of the project, risk management is an important part of the entire project management process. The aims of this study are to emphasize the importance of risk management in construction projects, summarize the risk identification process, and introduce a number of methods for preventing risks such as alternative design, checklists, prototyping and test-analysis-correction technique etc. Following the literature review conducted to list the techniques for preventing risks, case studies has been performed to compare and evaluate the success of the techniques in a number of completed projects with the same typology, performed domestic and international. Findings of the study suggest that controlling and minimizing the level of the risks in construction projects, taking optimal precautions for different risks, and mitigating or eliminating the effects of risks are important in order to prevent additional costs for the project. Additionally, focusing on the risks that have highest impact is the most rational way to minimize the effects of the risks on projects.

Keywords: construction projects, construction management, project management, risk management

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Authors: Islam Tarek, Moataz Soliman

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With the amazing development of nanoscience’s and the discovery of the unique properties of nanometric materials, the ideas of scientists and researchers headed to take advantage of this progress in various fields, and one of the most important of these areas is the field of heat transfer and benefit from it in saving energy used for heat transfer, so nanometric materials were used to improve the properties of heat transfer fluids and increase the efficiency of the liquid. In this paper, we will compare two types of heat transfer fluid, one industrial type (the base fluid is a mix of ethylene glycol and deionized water ) and another natural oils(the base fluid is a mix of jatropha oil and expired olive oil), explaining the method of preparing each of them, starting from the method of preparing CNT, collecting and sorting jatropha seeds, and the most appropriate method for extracting oil from them, and characterization the both of two fluids and when to use both.

Keywords: nanoscience, heat transfer, thermal conductivity, jatropha oil

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Authors: Yufen Qin

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Text sentiment transfer is an important branch of text style transfer. The goal is to generate text with another sentiment attribute based on a text with a specific sentiment attribute while maintaining the content and semantic information unrelated to sentiment unchanged in the process. There are currently two main challenges in this field: no parallel corpus and text attribute entanglement. In response to the above problems, this paper proposed a novel solution: Mask-Prompt-Rerank. Use the method of masking the sentiment words and then using prompt regeneration to transfer the sentence sentiment. Experiments on two sentiment benchmark datasets and one formality transfer benchmark dataset show that this approach makes the performance of small pre-trained language models comparable to that of the most advanced large models, while consuming two orders of magnitude less computing and memory.

Keywords: language model, natural language processing, prompt, text sentiment transfer

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Authors: Daniel Mokatsanyane, Johnny Jansen Van Rensburg

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This paper is a concise introduction of the risk management on the water derivatives market. Water, a new commodity in the market, is one of the most important commodity on earth. As important to life and planet as crops, metals, and energy, none of them matters without water. This paper presents a brief overview of water as a tradable commodity via a new first of its kind futures contract on the Nasdaq Veles California Water Index (NQH2O) derivative instrument, TheGeneralised Autoregressive Conditional Heteroscedasticity (GARCH) statistical model will be the used to measure the water price volatility of the instrument and its performance since it’s been traded. describe the main products and illustrate their usage in risk management and also discuss key challenges with modeling and valuation of water as a traded commodity and finally discuss how water derivatives may be taken as an alternative asset investment class.

Keywords: water derivatives, commodity market, nasdaq veles california water Index (NQH2O, water price, risk management

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Authors: Si Jack Chong, Chew Theng Yap, Wan Loong James Mok

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Introduction: Regional burn centres face the spectra of introduced multi-drug resistant organisms (MDRO) from transfer patients resident in MDRO endemic countries. MDRO can cause severe nosocomial infection, which in massive burn patients, will lead to greater morbidity and mortality and strain the institution financially. We aim to highlight 4 key measures that have effectively prevented transmission of imported MDRO. Methods: A case of Candida auris (C. auris) from a massive burn patient transferred from an MDRO endemic country is used to illustrate the measures. C. auris is a globally emerging multi-drug resistant fungal pathogen causing nosocomial transmission. Results: Infection control measures used to mitigate the risk of outbreak from transfer cases are: (1) Multidisciplinary team approach involving Infection Control and Infectious Disease specialists early to ensure appropriate antibiotics use and implementation of barrier measures, (2) aseptic procedures for dressing change with strict isolation and donning of personal protective equipment in the ward, (3) early screening of massive burn patient from MDRO endemic region, (4) hydrogen peroxide vaporization terminal cleaning for operating theatres and rooms. Conclusion: The prevalence of air travel and international transfer to regional burn centres will need effective infection control measures to reduce the risk of transmission from imported massive burn patients. In our centre, we have effectively implemented 4 measures which have reduced the risks of local contamination. We share a recent case report to illustrate successful management of a potential MDRO outbreak resulting from transfer of massive burn patient resident in an MDRO endemic area.

Keywords: burns, burn unit, cross infection, infection control

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Authors: Bayram Sahin, Hourieh Bayramian, Emre Mandev, Murat Ceylan

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In industrial applications, the demand for the enhancement of heat transfer is a common engineering problem. The use of additives to heat transfer fluid is a technique applied to enhance the heat transfer performance of base fluids. In this study, the thermal performance of nanofluids consisting of SiO2 particles and deionized water in circular microchannels was investigated experimentally. SiO2 nanoparticles with diameter of 15 nm were added to water to prepare nanofluids with 0.2% and 0.4% volume fractions. Heat transfer characteristics were calculated by using temperature, flow and pressure measurements. The thermal conductivity and viscosity values required for the calculations are measured separately. It is observed that the Nusselt number increases at the all volume fraction of particles, by increasing the Reynolds number and the volumetric ratios of the particles. The highest heat transfer enhancement is obtained at Re = 2160 and 0.4 % vol. by 14% under the condition of a constant pumping power.

Keywords: nanofluid, microchannel, heat transfer, SiO2-water nanofluid

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Authors: Debabrata Biswas

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The current trend in the development of antibiotic resistance by multiple bacterial pathogens has resulted in a troubling loss of effective antibiotic options for human. The emergence of multi-drug-resistant pathogens has necessitated higher dosages and combinations of multiple antibiotics, further exacerbating the problem of antibiotic resistance. Zoonotic bacterial pathogens, such as Salmonella, Campylobacter, Shiga toxin-producing Escherichia coli (such as enterohaemorrhagic E. coli or EHEC), and Listeria are the most common and predominant foodborne enteric infectious agents. It was observed that these pathogens gained/developed their ability to survive in the presence of antibiotics either in farm animal gut or farm environment and researchers believe that therapeutic and sub-therapeutic antibiotic use in farm animal production might play an important role in it. The mechanism of action of antimicrobial components used in farm animal production in genomic interplay in the gut and farm environment, has not been fully characterized. Even the risk of promoting the exchange of mobile genetic elements between microbes specifically pathogens needs to be evaluated in depth, to ensure sustainable farm animal production, safety of our food and to mitigate/limit the enteric infection with multiple antibiotic resistant bacterial pathogens. Due to the consumer’s demand and considering the current emerging situation, many countries are in process to withdraw antibiotic use in farm animal production. Before withdrawing use of the sub-therapeutic antibiotic or restricting the use of therapeutic antibiotics in farm animal production, it is essential to find alternative natural antimicrobials for promoting the growth of farm animal and/or treating animal diseases. Further, it is also necessary to consider whether that compound(s) has the potential to trigger the acquisition or loss of genetic materials in zoonotic and any other bacterial pathogens. Development of alternative therapeutic and sub-therapeutic antimicrobials for farm animal production and food processing and preservation and their effective implementation for sustainable strategies for farm animal production as well as the possible risk for horizontal gene transfer in major enteric pathogens will be focus in the study.

Keywords: food safety, natural antimicrobial, sustainable farming, antibiotic resistance

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Authors: Najeebah Almahmeed

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Risk Management is an evolving subject among organizations that include corporations, governments, non-governmental organizations, and not-for-profit corporations. In order to enhance awareness around the importance of Risk Management and make sure everyone is using it in their day-to-day job, the Risk Culture topic has emerged and gained importance not only in the Finance Sector but also in the National Oil Companies in Kuwait. Risk Culture can be defined as the shared beliefs, attitudes, and behaviors within a company that guide its approach to managing risks. It acts as a connecting force that links policies, procedures, and individuals, influencing how risks are understood and tackled through activities. In this research, benefits of Risk Culture are shared, guidelines are presented to promote a risk aware culture, and fully embed and enforce Risk-based processes and procedures. Moreover, this research demonstrates methodologies of measuring the Risk Culture using specific dimensions and clusters.

Keywords: clusters, dimensions, national oil companies, risk culture, risk management

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Authors: Farhad Hekmatipour, M. A. Akhavan-Behabadi, Farzad Hekmatipour

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In this paper, experiments were conducted to investigate the heat transfer of Copper Oxide-Heat Transfer Oil (CuO-HTO) nanofluid laminar flow in vertical smooth and microfin tubes as the surface temperature is constant. The effect of adding the nanoparticle to base fluid and Richardson number on the heat transfer enhancement is investigated as Richardson number increases from 0.1 to 0.7. The experimental results demonstrate that the combined forced-natural convection heat transfer rate may be improved significantly with an increment of mass nanoparticle concentration from 0% to 1.5%. In this experiment, a correlation is also proposed to predict the mixed convection heat transfer rate of CuO-HTO nanofluid flow. The maximum deviation of both correlations is less than 14%. Moreover, a correlation is presented to estimate the Nusselt number inside vertical smooth and microfin tubes as Rayleigh number is between 2´105 and 6.8´106 with the maximum deviation of 12%.

Keywords: mixed convection, heat transfer, nanofluid, vertical tube, microfin tube

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Authors: F. A. Hamad, S. He

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In this paper, the average heat transfer characteristics for a cross flow cylinder of 16 mm diameter in a vertical pipe has been studied for single-phase flow (water/oil) and multicomponent (non-boiling) flow (water-air, water-oil, oil-air and water-oil-air). The cylinder is uniformly heated by electrical heater placed at the centre of the element. The results show that the values of average heat transfer coefficients for water are around four times the values for oil flow. Introducing air as a second phase with water has very little effect on heat transfer rate, while the heat transfer increased by 70% in case of oil. For water–oil flow, the heat transfer coefficient values are reflecting the percentage of water up to 50%, but increasing the water more than 50% leads to a sharp increase in the heat transfer coefficients to become close to the values of pure water. The enhancement of heat transfer by mixing two phases may be attributed to the changes in flow structure near to cylinder surface which lead to thinner boundary layer and higher turbulence. For three-phase flow, the heat transfer coefficients for all cases fall within the limit of single-phase flow of water and oil and are very close to pure water values. The net effect of the turbulence augmentation due to the introduction of air and the attenuation due to the introduction of oil leads to a thinner boundary layer of oil over the cylinder surface covered by a mixture of water and air bubbles.

Keywords: circular cylinder, cross flow, hear transfer, multicomponent multiphase flow

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Authors: V. G. Rifert, V. V. Gorin, V. V. Sereda, V. V. Treputnev

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The analysis of heat transfer design methods in condensing inside plain tubes under existing influence of shear stress is presented in this paper. The existing discrepancy in more than 30-50% between rating heat transfer coefficients and experimental data has been noted. The analysis of existing theoretical and semi-empirical methods of heat transfer prediction is given. The influence of a precise definition concerning boundaries of phase flow (it is especially important in condensing inside horizontal tubes), shear stress (friction coefficient) and heat flux on design of heat transfer is shown. The substantiation of boundary conditions of the values of parameters, influencing accuracy of rated relationships, is given. More correct relationships for heat transfer prediction, which showed good convergence with experiments made by different authors, are substantiated in this work.

Keywords: film condensation, heat transfer, plain tube, shear stress

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Authors: Agung Sujatmiko

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One of the purposes of patent licensing was to transfer technology from developed countries to developing countries. For this reason, the role of the patent license agreement was very important and had a function as a tool to achieve technological development. This goal was very good, but in fact, many problems and obstacles arose in its implementation, so the technology transfer that had been implemented had not given good results. For this reason, it was necessary to find a solution so that technology could switch properly. The problem approach used the statutory and conceptual approaches. The analysis used was deductive by analyzing general laws and regulations and then concluding. Several regulations related to technology transfer were the main source to find answers to why technology transfer was difficult to achieve and what caused it. Once the cause was known, a solution would be sought.

Keywords: license, patent, technology, tie in clause

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Authors: Im-Nam Jang, Yong-Sik Ahn

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In this study sintered wick was formed in a heat pipe through the process of sintering a mixture of copper powder with particle sizes of 100μm and 200μm, mixed with a pore-forming agent. The heat pipe's thermal resistance, which affects its heat transfer efficiency, is determined during manufacturing according to powder type, thickness of the sintered wick, and filling rate of the working fluid. Heat transfer efficiency was then tested at various inclination angles (0°, 45°, 90°) to evaluate the performance of heat pipes. Regardless of the filling amount and test angle, the 200μm copper powder type exhibited superior heat transfer efficiency compared to the 100μm type. After analyzing heat transfer performance at various filling rates between 20% and 50%, it was determined that the heat pipe's optimal heat transfer capability occurred at a working fluid filling rate of 30%. The width of the wick was directly related to the heat transfer performance.

Keywords: heat pipe, heat transfer performance, effective pore size, capillary force, sintered wick

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Authors: Georgiana Onicescu, Yuqian Shen

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Due to the complex nature of geo-referenced data, multicollinearity of the risk factors in public health spatial studies is a commonly encountered issue, which leads to low parameter estimation accuracy because it inflates the variance in the regression analysis. To address this issue, we proposed a two-stage variable selection method by extending the least absolute shrinkage and selection operator (Lasso) to the Bayesian spatial setting, investigating the impact of risk factors to health outcomes. Specifically, in stage I, we performed the variable selection using Bayesian Lasso and several other variable selection approaches. Then, in stage II, we performed the model selection with only the selected variables from stage I and compared again the methods. To evaluate the performance of the two-stage variable selection methods, we conducted a simulation study with different distributions for the risk factors, using geo-referenced count data as the outcome and Michigan as the research region. We considered the cases when all candidate risk factors are independently normally distributed, or follow a multivariate normal distribution with different correlation levels. Two other Bayesian variable selection methods, Binary indicator, and the combination of Binary indicator and Lasso were considered and compared as alternative methods. The simulation results indicated that the proposed two-stage Bayesian Lasso variable selection method has the best performance for both independent and dependent cases considered. When compared with the one-stage approach, and the other two alternative methods, the two-stage Bayesian Lasso approach provides the highest estimation accuracy in all scenarios considered.

Keywords: Lasso, Bayesian analysis, spatial analysis, variable selection

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Authors: Samuel Carpintero

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Public-private partnerships (PPP) arrangements have emerged all around the world as a response to infrastructure deficits and the need to refurbish existing infrastructure. The motivations of governments for embarking on PPPs for the delivery of public infrastructure are manifold, and include on-time and on-budget delivery as well as access to private project management expertise. The PPP formula has been used by some State governments in United States and Canada, where the participation of private companies in financing and managing infrastructure projects has increased significantly in the last decade, particularly in the transport sector. On the one hand, this paper examines the various ways used in these two countries in the implementation of PPP arrangements, with a particular focus on risk transfer. The examination of risk transfer in this paper is carried out with reference to the following key PPP risk categories: construction risk, revenue risk, operating risk and availability risk. The main difference between both countries is that in Canada the demand risk remains usually within the public sector whereas in the United States this risk is usually transferred to the private concessionaire. The aim is to explore which lessons can be learnt from both models than might be useful for other countries. On the other hand, the paper also analyzes why the Spanish companies have been so successful in winning PPP contracts in North America during the past decade. Contrary to the Latin American PPP market, the Spanish companies do not have any cultural advantage in the case of the United States and Canada. Arguably, some relevant reasons for the success of the Spanish groups are their extensive experience in PPP projects (that dates back to the late 1960s in some cases), their high technical level (that allows them to be aggressive in their bids), and their good position and track-record in the financial markets. The article’s empirical base consists of data provided by official sources of both countries as well as information collected through face-to-face interviews with public and private representatives of the stakeholders participating in some of the PPP schemes. Interviewees include private project managers of the concessionaires, representatives of banks involved as financiers in the projects, and experts in the PPP industry with close knowledge of the North American market. Unstructured in-depth interviews have been adopted as a means of investigation for this study because of its powers to achieve honest and robust responses and to ensure realism in the collection of an overall impression of stakeholders’ perspectives.

Keywords: PPP, concession, infrastructure, construction

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Authors: Majid Khan

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Introduction: In this era of microsurgery, free flap holds a remarkable spot in reconstructive surgery. A free flap is well suited for composite defects as it provides sufficient and well-vascularized tissue for coverage. We report our experience with the use of the free flaps for the reconstruction of composite defects. Methods: This is a retrospective case series (chart review) of patients who underwent reconstruction of composite defects with a free flap at Aga Khan University Hospital, Karachi (Pakistan) from January 01, 2015, to December 31, 2019. Data were collected for patient demographics, size of the defect, size of flap, recipient vessels, postoperative complications, and outcome of the free flap. Results: Over this period, 532 free flaps are included in this study. The overall success rate is 95.5%. The mean age of the patient was 44.86 years. In 532 procedures, there were 448 defects from tumor ablation of head and neck cancer. The most frequent free flap was the anterolateral thigh flap in 232 procedures. In this study, the risk factor hypertension (p=0.004) was found significant for wound dehiscence, preop radiation/chemotherapy (p=0.003), and malnutrition (p=0.005) were found significant for fistula formation. Malnutrition (p=0.02) and use of vein grafts (p=0.025) were significant factors for flap failure. Conclusion: Free tissue transfer is a reliable option for the reconstruction of large and composite defects. Hypertension, malnutrition, and preoperative radiotherapy can cause significant morbidity.

Keywords: free flap, free flap failure, risk factors for flap failure, free flap outcome

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Authors: Pui Yong Leo, Normy Maziah Mohd Said

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Change of global economy landscape and business environment has led to companies’ decision to go global and enter international markets. As the companies go beyond the comfort zone (i.e. investing in the home country), it is important to ensure a comprehensive risk assessment is carried out. This paper describes a standardized approach for international investment, ensuring identification of risk, risk appetite, risk rating, risk treatment and mitigation plans for respective international investment proposal. The standardized approach is divided into three (3) stages as follows: Stage 1 – Preliminary Risk profiling; with the objective to gauge exposure to countries and high level risk factors as first level assessment. Stage 2 – Risk Parameters; with the objective to define risk appetite for the international investment from the perspective of likelihood and impact. Stage 3 – Detailed Risk Assessments; with the objectives to assess in detail any triggered elements from Stage 1, and project specific risks. The final output will include the mitigation plans for the identified risks for the total investment. Example will be given in this paper to show how comprehensive risk assessment is carried out for an international investment in power energy sector.

Keywords: international investment, mitigation plans, risk appetite, risk assessment

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Authors: Jefferson Camacho Mejia, Jenny Paola Forero Pachon, Luis Carlos Gomez Florez

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The innumerable possibilities offered by the use of Information Technology (IT) in the development of different socio-economic activities has made a change in the social paradigm and the emergence of the so-called information and knowledge society. The Colombian government, aware of this reality, has been promoting the use of IT as part of the E-government strategy adopted in the country. However, it is well known that the use of IT implies the existence of certain threats that put the security of information in the digital environment at risk. One of the priorities of the Colombian government is to improve access to alternative justice through IT, in particular, access to Alternative Dispute Resolution (ADR): conciliation, arbitration and friendly composition; by means of which it is sought that the citizens directly resolve their differences. To this end, a trend has been identified in the use of Online Dispute Resolution (ODR) systems, which extend the benefits of ADR to the digital environment through the use of IT. This article presents a process for the analysis of information security risks associated with the incorporation of ODR systems in the context of conciliation in Colombia, based on four fundamental stages identified in the literature: (I) Identification of assets, (II) Identification of threats and vulnerabilities (III) Estimation of the impact and 4) Estimation of risk levels. The methodological design adopted for this research was the grounded theory, since it involves interactions that are applied to a specific context and from the perspective of diverse participants. As a result of this investigation, the activities to be followed are defined to carry out an analysis of information security risks, in the context of the conciliation in Colombia supported by ODR systems, thus contributing to the estimation of the risks to make possible its subsequent treatment.

Keywords: alternative dispute resolution, conciliation, information security, online dispute resolution systems, process, risk analysis

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Authors: Hamid Reza Goshayeshi

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The effect of ɑ(alpha) Fe2O3 and ɤ(gamma)Fe2O3 particles on the heat transfer performance of an oscillating heat pipe was investigated experimentally. Kerosene was used as the base fluid for the OHP. Six size particles with average diameters of 10 nm, 20 nm, and 30 nm ɑFe2O3 and ɤFe2O3 were investigated, respectively. Experimental results show that the ɤFe2O3 particles added in the OHP significantly affect the heat transfer performance. When the OHP was charged with kerosene and 20 nm ɤ Fe2O3 particles, the OHP can achieve the best heat transfer performance among six particles investigated in this research.

Keywords: copper oscillating heat pipe, heat transfer, flow, comparison of ɑ(alpha)Fe2O3 and ɤ(gamma)Fe2O3, increase heat transfer

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Authors: Minho Bang, Seok Min Choi, Jun Su Park, Hokyu Moon, Hyung Hee Cho

Abstract:

Present study investigates the effect of unsteady wakes on heat transfer in blade tip. Heat/mass transfer was measured in blade tip region depending on a variety of strouhal number by naphthalene sublimation technique. Naphthalene sublimation technique measures heat transfer using a heat/mass transfer analogy. Experiments are performed in linear cascade which is composed of five turbine blades and rotating rods. Strouhal number of inlet flow are changed ranging from 0 to 0.22. Reynolds number is 100,000 based on 11.4 m/s of outlet flow and axial chord length. Three different squealer tip geometries such as base squealer tip, vertical rib squealer tip, and camber line squealer tip are used to study how unsteady wakes affect heat transfer on a blade tip. Depending on squealer tip geometry, different flow patterns occur on a blade tip. Also, unsteady wakes cause reduced tip leakage flow and turbulent flow. As a result, as strouhal number increases, heat/mass transfer coefficients decrease due to the reduced leakage flow. As strouhal number increases, heat/ mass transfer coefficients on a blade tip increase in vertical rib squealer tip.

Keywords: gas turbine, blade tip, heat transfer, unsteady wakes

Procedia PDF Downloads 377

Authors: Muhammad Sheraz, Vasile Preda, Silvia Dedu

Abstract:

Concepts of econophysics are usually used to solve problems related to uncertainty and nonlinear dynamics. In the theory of option pricing the risk neutral probabilities play very important role. The application of entropy in finance can be regarded as the extension of both information entropy and the probability entropy. It can be an important tool in various financial methods such as measure of risk, portfolio selection, option pricing and asset pricing. Gulko applied Entropy Pricing Theory (EPT) for pricing stock options and introduced an alternative framework of Black-Scholes model for pricing European stock option. In this article, we present solutions to maximum entropy problems based on Tsallis, Weighted-Tsallis, Kaniadakis, Weighted-Kaniadakies entropies, to obtain risk-neutral densities. We have also obtained the value of European call and put in this framework.

Keywords: option pricing, Black-Scholes model, Tsallis entropy, Kaniadakis entropy, weighted entropy, risk-neutral density

Procedia PDF Downloads 304