Search results for: demand forecasting

Authors: Oded Hochman

Abstract:

We first show that current measures of welfare changes in the whole economy do not apply to an economy with cities. In addition, since such measures are defined over a partial equilibrium, they capture only partially the effect of a welfare change. We then define a unique and additive measure that we term the modified economic surplus (mES) which fully captures the welfare effects caused by a change in the price of a nationally traded good. We show that the price change causes, on the one hand a change of land rents in the economy and, on the other hand, an equal change of mES that can be estimated by measuring areas in the price-quantity national demand and supply plane. We construct for each city a cost function from which we derive a city’s and, after aggregation, an economy-wide demand and supply functions of nationwide prices and of either the unearned incomes (Marshalian functions) or the utility levels (compensated functions).

Keywords: city cost function, welfare measures, modified compensated variation, modified economic surplus, unearned income function, differential land rents, city size

Procedia PDF Downloads 323

Authors: Sami Mestiri, Abdeljelil Farhat

Abstract:

The aim of this current paper is to predict the credit risk of banks in Tunisia, over the period (2000-2005). For this purpose, two methods for the estimation of the logistic regression model with random effects: Penalized Quasi Likelihood (PQL) method and Gibbs Sampler algorithm are applied. By using the information on a sample of 528 Tunisian firms and 26 financial ratios, we show that Bayesian approach improves the quality of model predictions in terms of good classification as well as by the ROC curve result.

Keywords: forecasting, credit risk, Penalized Quasi Likelihood, Gibbs Sampler, logistic regression with random effects, curve ROC

Procedia PDF Downloads 542

Authors: Bahram Fathi, Mahdi Khodaparast Mashhadi, Masuod Homayounifar

Abstract:

According to 1404 forecasting documentation, among the most fundamental ways of Iran’s success in competition with other regional countries are innovations, efficiency enhancements and domestic productivity. Therefore, in this study, the energy consumption efficiency of Iran and the neighbor countries has been measured in the period between 2007-2012 considering the simultaneous economic activities, CO2 emission, and consumption of energy through data envelopment analysis of undesirable output. The results of the study indicated that the energy efficiency changes in both Iran and the average neighbor countries has been on a descending trend and Iran’s energy efficiency status is not desirable compared to the other countries in the region.

Keywords: energy efficiency, environmental, undesirable output, data envelopment analysis

Procedia PDF Downloads 449

Authors: Hy Dang, Bo Mei

Abstract:

The development of machine learning methods and techniques has opened doors for investigation in many areas such as medicines, economics, finance, etc. One active research area involving machine learning is stock market prediction. This research paper tries to consider multiple techniques and methods for stock movement prediction using historical price or price factors. The paper explores the effectiveness of some deep learning frameworks for forecasting stock. Moreover, an architecture (TimeStock) is proposed which takes the representation of time into account apart from the price information itself. Our model achieves a promising result that shows a potential approach for the stock movement prediction problem.

Keywords: classification, machine learning, time representation, stock prediction

Procedia PDF Downloads 147

Authors: Tarek M. Alguhane, Ayman H. Khalil, Nour M. Fayed, Ayman M. Ismail

Abstract:

An existing RC building in Madinah is seismically evaluated with and without infill wall. Four model systems have been considered i. e. model I (no infill), model IIA (strut infill-update from field test), model IIB (strut infill- ASCE/SEI 41) and model IIC (strut infill-Soft storey-ASCE/SEI 41). Three dimensional pushover analyses have been carried out using SAP 2000 software incorporating inelastic material behavior for concrete, steel and infill walls. Infill wall has been modeled as equivalent strut according to suggested equation matching field test measurements and to the ASCE/SEI 41 equation. The effect of building modeling on the performance point as well as capacity and demand spectra due to EQ design spectrum function in Madinah area has been investigated. The response modification factor (R) for the 5 story RC building is evaluated from capacity and demand spectra (ATC-40) for the studied models. The results are summarized and discussed.

Keywords: infill wall, pushover analysis, response modification factor, seismic assessment

Procedia PDF Downloads 394

Authors: Ahmed Najah Ahmed Al-Mahfoodh, Ali Najah Ahmed Al-Mahfoodh, Ahmed Al-Shafie

Abstract:

In this study, genetic programming (GP) technique has been investigated in prediction of set of rainfall-runoff data. To assess the effect of input parameters on the model, the sensitivity analysis was adopted. To evaluate the performance of the proposed model, three statistical indexes were used, namely; Correlation Coefficient (CC), Mean Square Error (MSE) and Correlation of Efficiency (CE). The principle aim of this study is to develop a computationally efficient and robust approach for predict of rainfall-runoff which could reduce the cost and labour for measuring these parameters. This research concentrates on the Johor River in Johor State, Malaysia.

Keywords: genetic programming, prediction, rainfall-runoff, Malaysia

Procedia PDF Downloads 483

Authors: Saeed Poormoaied

Abstract:

Perishability and developing an intelligent control policy for perishable items are the major concerns of marketing managers in a supply chain. In this study, we address a two-echelon supply chain problem for perishable items with a single vendor and a single buyer. The buyer adopts an aged-based continuous review policy which works by taking both the stock level and the aging process of items into account. The vendor works under the warehouse framework, where its lot size is determined with respect to the batch size of the buyer. The model holds for a positive and fixed lead time for the buyer, and zero lead time for the vendor. The demand follows a Poisson process and any unmet demand is lost. We provide exact analytic expressions for the operational characteristics of the system by using the renewal reward theorem. Items have a fixed lifetime after which they become unusable and are disposed of from the buyer's system. The age of items starts when they are unpacked and ready for the consumption at the buyer. When items are held by the vendor, there is no aging process which results in no perishing at the vendor's site. The model is developed under the centralized framework, which takes the expected profit of both vendor and buyer into consideration. The goal is to determine the optimal policy parameters under the service level constraint at the retailer's site. A sensitivity analysis is performed to investigate the effect of the key input parameters on the expected profit and order quantity in the supply chain. The efficiency of the proposed age-based policy is also evaluated through a numerical study. Our results show that when the unit perishing cost is negligible, a significant cost saving is achieved.

Keywords: two-echelon supply chain, perishable items, age-based policy, renewal reward theorem

Procedia PDF Downloads 144

Authors: Li-hsing Shih, Wei-Jen Hsu

Abstract:

Recently, the sale of electrical vehicles (EVs) has increased dramatically due to maturing technology development and decreasing cost. Governments of many countries have made regulations and policies in favor of EVs due to their long-term commitment to net zero carbon emissions. However, due to uncertain factors such as the future price of EVs, forecasting the future market share of EVs is a challenging subject for both the auto industry and local government. This study tries to forecast the market share of EVs using conjoint models and Monte Carlo simulation. The research is conducted in three phases. (1) A conjoint model is established to represent the customer preference structure on purchasing vehicles while five product attributes of both EV and internal combustion engine vehicles (ICEV) are selected. A questionnaire survey is conducted to collect responses from Taiwanese consumers and estimate the part-worth utility functions of all respondents. The resulting part-worth utility functions can be used to estimate the market share, assuming each respondent will purchase the product with the highest total utility. For example, attribute values of an ICEV and a competing EV are given respectively, two total utilities of the two vehicles of a respondent are calculated and then knowing his/her choice. Once the choices of all respondents are known, an estimate of market share can be obtained. (2) Among the attributes, future price is the key attribute that dominates consumers’ choice. This study adopts the assumption of a learning curve to predict the future price of EVs. Based on the learning curve method and past price data of EVs, a regression model is established and the probability distribution function of the price of EVs in 2030 is obtained. (3) Since the future price is a random variable from the results of phase 2, a Monte Carlo simulation is then conducted to simulate the choices of all respondents by using their part-worth utility functions. For instance, using one thousand generated future prices of an EV together with other forecasted attribute values of the EV and an ICEV, one thousand market shares can be obtained with a Monte Carlo simulation. The resulting probability distribution of the market share of EVs provides more information than a fixed number forecast, reflecting the uncertain nature of the future development of EVs. The research results can help the auto industry and local government make more appropriate decisions and future action plans.

Keywords: conjoint model, electrical vehicle, learning curve, Monte Carlo simulation

Procedia PDF Downloads 70

Authors: Faisal Bin Alam

Abstract:

Most of the manufacturing entities cause negative footprint to nature that demand due attention. Textile industries have one of the longest supply chains and bear the liability of significant environmental impact to our planet. Issues of environmental safety, scarcity of energy and resources, and demand for eco-friendly products have driven research to search for safe and suitable alternatives in apparel processing. Consumer awareness, increased pressure from fashion brands and actions from local legislative authorities have somewhat been able to improve the practices. Objective of this paper is to reveal the best selection of raw materials and methods of production, taking environmental sustainability into account. Methodology used in this study is exploratory in nature based on personal experience, field visits in the factories of Bangladesh and secondary sources. Findings are limited to exploring better alternatives to conventional operations of a Readymade Garment manufacturing, from fibre selection to final product delivery, therefore showing some ways of achieving greener environment in the supply chain of a clothing industry.

Keywords: textile and apparel, environmental sustainability, supply chain, production, clothing

Procedia PDF Downloads 137

Authors: Alireza Karimi

Abstract:

Artificial Intelligence (AI) is reshaping various industries, and accounting is no exception. With the ability to process vast amounts of data quickly and accurately, AI is revolutionizing how financial professionals manage, analyze, and report financial information. In this article, we will explore the diverse applications of AI in accounting and its profound impact on the field. Automation of Repetitive Tasks: One of the most significant contributions of AI in accounting is automating repetitive tasks. AI-powered software can handle data entry, invoice processing, and reconciliation with minimal human intervention. This not only saves time but also reduces the risk of errors, leading to more accurate financial records. Pattern Recognition and Anomaly Detection: AI algorithms excel at pattern recognition. In accounting, this capability is leveraged to identify unusual patterns in financial data that might indicate fraud or errors. AI can swiftly detect discrepancies, enabling auditors and accountants to focus on resolving issues rather than hunting for them. Real-Time Financial Insights: AI-driven tools, using natural language processing and computer vision, can process documents faster than ever. This enables organizations to have real-time insights into their financial status, empowering decision-makers with up-to-date information for strategic planning. Fraud Detection and Prevention: AI is a powerful tool in the fight against financial fraud. It can analyze vast transaction datasets, flagging suspicious activities and reducing the likelihood of financial misconduct going unnoticed. This proactive approach safeguards a company's financial integrity. Enhanced Data Analysis and Forecasting: Machine learning, a subset of AI, is used for data analysis and forecasting. By examining historical financial data, AI models can provide forecasts and insights, aiding businesses in making informed financial decisions and optimizing their financial strategies. Artificial Intelligence is fundamentally transforming the accounting profession. From automating mundane tasks to enhancing data analysis and fraud detection, AI is making financial processes more efficient, accurate, and insightful. As AI continues to evolve, its role in accounting will only become more significant, offering accountants and finance professionals powerful tools to navigate the complexities of modern finance. Embracing AI in accounting is not just a trend; it's a necessity for staying competitive in the evolving financial landscape.

Keywords: artificial intelligence, accounting automation, financial analysis, fraud detection, machine learning in finance

Procedia PDF Downloads 63

Authors: Nermine A. Harraz, Aliaa Abouali

Abstract:

The retail stores put up for sale multiple items while the spaces in the backroom and display areas constitute a scarce resource. Availability, volume, and location of the product displayed in the showroom influence the customer’s demand. Managing these operations individually will result in sub-optimal overall retail store’s profit; therefore, a non-linear integer programming model (NLIP) is developed to determine the inventory replenishment and shelf space allocation decisions that together maximize the retailer’s profit under shelf space and backroom storage constraints taking into consideration that the demand rate is positively dependent on the amount and location of items displayed in the showroom. The developed model is solved using LINGO® software. The NLIP model is implemented in a real world case study in a large retail outlet providing a large variety of products. The proposed model is validated and shows logical results when using the experimental data collected from the market.

Keywords: retailing management, inventory replenishment, shelf space allocation, showroom, backroom

Procedia PDF Downloads 354

Authors: Jun Yuan

Abstract:

Shipping is a major transportation mode all over the world, and it has a significant contribution to global carbon emissions. Electrification of ships is one of the main strategies to reduce shipping carbon emissions. The number of electric ships has continued to grow in recent years. However, charging infrastructure is still scarce, which severely restricts the development of electric ships. Therefore, it is very important to design ship charging stations reasonably by comprehensively considering charging demand and investment costs. This study aims to minimize the full life cycle cost of charging stations, considering the uncertainty of charging demand. A mixed integer programming model is developed for this optimization problem. Based on the characteristics of the mathematical model, a simulation based optimization method is proposed to find the optimal number and rated power of chargers. In addition, the impact of renewable energy and storage systems is analyzed. The results can provide decision support and a reference basis for the design of ship charging stations.

Keywords: shipping emission, electricity ship, charging station, optimal design

Procedia PDF Downloads 63

Authors: Tian Lan

Abstract:

Arbitrageurs participate in a variety of techniques in response to the existence of fluctuating sentiment, resulting in sparse sentiment exposures. This paper found that Commodity Trading Advisor (CTA) funds in the top decile rated by sentiment beta outperformed those in the bottom decile by 0.33% per month on a risk-adjusted basis, with the difference being larger among skilled managers. This paper also discovered that around ten percent of Commodity Trading Advisor (CTA) funds could accurately predict market sentiment, which has a positive correlation with fund sentiment beta and acts as a determinant in fund performance. Instead of betting against mispricing, this research demonstrates that a competent manager can achieve remarkable returns by forecasting and reacting to shifts in investor sentiment.

Keywords: investment sentiment, CTA fund, market timing, fund performance

Procedia PDF Downloads 84

Authors: Tamar Lazariashvili

Abstract:

The development of agrotourism in Georgia has significant potential. The trend of population growth and demand for agrotourism products makes the interest and importance of the development of this field even more relevant. The article studies the trends in the development of agrotourism in Georgia; SWOT analysis reveals the potential for the development of agrotourism and assesses the perspectives, examines the factors hindering the development of agrotourism, assesses the role of the state in the development of agrotourism. Objectives: The purpose of the study is to determine the development trends of agrotourism in Georgia and to develop recommendations for prospective directions based on the assessment of the field's potential. Methodologies: Research methods are used: analysis, synthesis, induction, deduction, comparison, statistical (selection, grouping, observation, trend) and other methods, as well as SWOT analysis. Contributions: A positive trend in the development of agrotourism has been revealed. It is also shown that the demand for agrotourism products is growing. The agro touristic potential of Georgia was assessed and prospective directions for the development of the field have been determined. Conclusions: are drawn on the problems identified in the work and recommendations are proposed on ways to effectively use the potential opportunities of agrotourism and ways of long-term development.

Keywords: agrotourism, agrotourism products, agrotourism potential, development prospects.

Procedia PDF Downloads 93

Authors: Mohammad Mahdi Paydar, Armin Cheraghalipour, Mostafa Hajiaghaei-Keshteli

Abstract:

Nowadays, in advanced countries, agriculture as one of the most significant sectors of the economy, plays an important role in its political and economic independence. Due to farmers' lack of information about products' demand and lack of proper planning for harvest time, annually the considerable amount of products is corrupted. Besides, in this paper, we attempt to improve these unfavorable conditions via designing an effective supply chain network that tries to minimize total costs of agricultural products along with minimizing shortage in demand points. To validate the proposed model, a stochastic optimization approach by using a branch and bound solver of the LINGO software is utilized. Furthermore, to accumulate the data of parameters, a case study in Mazandaran province placed in the north of Iran has been applied. Finally, using ɛ-constraint approach, a Pareto front is obtained and one of its Pareto solutions as best solution is selected. Then, related results of this solution are explained. Finally, conclusions and suggestions for the future research are presented.

Keywords: perishable products, stochastic optimization, agricultural supply chain, ɛ-constraint

Procedia PDF Downloads 369

Authors: Ehsan Saghehei, Mahdi Eghbali

Abstract:

The maximal covering location problem (MCLP) was originally developed to determine a set of facility locations which would maximize the total customers' demand serviced by the facilities within a predetermined critical service criterion. However, on some problems that differences between the demand nodes are covered or the number of nodes each node is large, the method of solving MCLP may ignore these differences. In this paper, Heuristic solution based on the ranking of demands in each node and the number of nodes covered by each node according to a predetermined critical value is proposed. The output of this method is to maximize total demands of nodes and number of covered nodes, simultaneously. Furthermore, by providing an example, the solution algorithm is described and its results are compared with Greedy and Lagrange algorithms. Also, the results of the algorithm to solve the larger problem sizes that compared with other methods are provided. A summary and future works conclude the paper.

Keywords: heuristic solution, maximal covering location problem, ranking, set covering

Procedia PDF Downloads 573

Authors: Chayanika Rout, Debjani Chakraborty, Adrijit Goswami

Abstract:

Our work presents an inventory model which illustrates imperfect production and imperfect inspection processes for deteriorating items. A cost-minimizing model is studied considering two types of inspection errors, namely, Type I error of falsely screening out a proportion of non-defects, thereby passing them on for rework and Type II error of falsely not screening out a proportion of defects, thus selling those to customers which incurs a penalty cost. The screened items are reworked; however, no returns are entertained due to deteriorating nature of the items. In more practical situations, certain parameters such as the demand rate and the deterioration rate of inventory cannot be accurately determined, and therefore, they are assumed to be triangular fuzzy numbers in our model. We calculate the optimal lot size that must be produced in order to minimize the total inventory cost for both the crisp and the fuzzy models. A numerical example is also considered to exemplify the procedure which is followed by the analysis of sensitivity of various parameters on the decision variable and the objective function.

Keywords: deteriorating items, EPQ, imperfect quality, rework, type I and type II inspection errors

Procedia PDF Downloads 182

Authors: Mohd Khairul Bazli Mohd Aziz, Fadhilah Yusof, Zulkifli Yusop, Zalina Mohd Daud, Mohammad Afif Kasno

Abstract:

Recent developed rainfall network design techniques have been discussed and compared by many researchers worldwide due to the demand of acquiring higher levels of accuracy from collected data. In many studies, rain-gauge networks are designed to provide good estimation for areal rainfall and for flood modelling and prediction. In a certain study, even using lumped models for flood forecasting, a proper gauge network can significantly improve the results. Therefore existing rainfall network in Johor must be optimized and redesigned in order to meet the required level of accuracy preset by rainfall data users. The well-known geostatistics method (variance-reduction method) that is combined with simulated annealing was used as an algorithm of optimization in this study to obtain the optimal number and locations of the rain gauges. Rain gauge network structure is not only dependent on the station density; station location also plays an important role in determining whether information is acquired accurately. The existing network of 84 rain gauges in Johor is optimized and redesigned by using rainfall, humidity, solar radiation, temperature and wind speed data during monsoon season (November – February) for the period of 1975 – 2008. Three different semivariogram models which are Spherical, Gaussian and Exponential were used and their performances were also compared in this study. Cross validation technique was applied to compute the errors and the result showed that exponential model is the best semivariogram. It was found that the proposed method was satisfied by a network of 64 rain gauges with the minimum estimated variance and 20 of the existing ones were removed and relocated. An existing network may consist of redundant stations that may make little or no contribution to the network performance for providing quality data. Therefore, two different cases were considered in this study. The first case considered the removed stations that were optimally relocated into new locations to investigate their influence in the calculated estimated variance and the second case explored the possibility to relocate all 84 existing stations into new locations to determine the optimal position. The relocations of the stations in both cases have shown that the new optimal locations have managed to reduce the estimated variance and it has proven that locations played an important role in determining the optimal network.

Keywords: geostatistics, simulated annealing, semivariogram, optimization

Procedia PDF Downloads 304

Authors: Henok Mezemr Besfat, Haftom Gebreslassie Gebregwergs

Abstract:

wireless network is one of the most important mediums of transmission of information from one device to another devices. Wireless communication has a broad range of applications, including mobile communications through cell phones and satellites, Internet of Things (IoT) connecting several devices, wireless sensor networks for traffic management and environmental monitoring, satellite communication for weather forecasting and TV without requiring any cable or wire or other electronic conductors, by using electromagnetic waves like IR, RF, satellite, etc. This paper summarizes different wireless network technologies, applications of different wireless technologies and different types of wireless networks. Generally, wireless technology will further enhance operations and experiences across sectors with continued innovation. This paper suggests different strategies that can improve wireless networks and technologies.

Keywords: wireless senser, wireless technology, wireless network, internet of things

Procedia PDF Downloads 60

Authors: Endang Jati Mat Sahid, Hussain Ali Bekhet

Abstract:

Robust economic growth, increasing population, and personal consumption are the main drivers for the rapid increase of energy demand in Malaysia. Increasing demand has compounded the issue of national energy security due to over-dependence on fossil fuel, depleting indigenous domestic conventional energy resources which in turns has increased the country’s energy import dependence. In order to improve its energy security, Malaysia has seriously embarked on a renewable energy journey. Many initiatives on renewable energy have been introduced in the past decade. These strategies have resulted in the exploding growth of renewable energy deployment in Malaysia. Therefore, this study investigated the impact of renewable energy deployment on energy security. Secondary data was used to calculate the energy security indicators. The study also compared the results of applying different energy security indicators namely availability, applicability, affordability and acceptability dimension of energy resources. The evaluation shows that Malaysia will experience slight improvement in availability and acceptability dimension of energy security. This study suggests that energy security level could be further enhanced by efficient utilization of energy, reducing carbon content of energy and facilitating low-carbon industries.

Keywords: energy policy, energy security, Malaysia, renewable energy

Procedia PDF Downloads 246

Authors: Kehinde Damilola Ilesanmi, Dev Datt Tewari

Abstract:

South Africa is in its post-industrial era moving from the primary and secondary sector to the tertiary sector. The study investigated the impact of the disaggregated energy consumption (coal, oil, and electricity) on the primary, secondary and tertiary sectors of the economy between 1980 and 2012 in South Africa. Using vector error correction model, it was established that South Africa is an energy dependent economy, and that energy (especially electricity and oil) is a limiting factor of growth. This implies that implementation of energy conservation policies may hamper economic growth. Output growth is significantly outpacing energy supply, which has necessitated load shedding. To meet up the excess energy demand, there is a need to increase the generating capacity which will necessitate increased investment in the electricity sector as well as strategic steps to increase oil production. There is also need to explore more renewable energy sources, in order to meet the growing energy demand without compromising growth and environmental sustainability. Policy makers should also pursue energy efficiency policies especially at sectoral level of the economy.

Keywords: causality, economic growth, energy consumption, hypothesis, sectoral output

Procedia PDF Downloads 470

Authors: Tamás Hartványi, Ferenc Tóth

Abstract:

European telecommunication distribution center performance is measured by service lead time and quality. Operation model is CTO (customized to order) namely, a high mix customization of telecommunication network equipment and parts. CTO operation contains material receiving, warehousing, network and server assembly to order and configure based on customer specifications. Variety of the product and orders does not support mass production structure. One of the success factors to satisfy customer is to have a proper aggregated planning method for the operation in order to have optimized human resources and highly efficient asset utilization. Research will investigate several methods and find proper way to have an order book simulation where practical optimization problem may contain thousands of variables and the simulation running times of developed algorithms were taken into account with high importance. There are two operation research models that were developed, customer demand is given in orders, no change over time, customer demands are given for product types, and changeover time is constant.

Keywords: CTO, aggregated planning, demand simulation, changeover time

Procedia PDF Downloads 269

Authors: Murad A. Bein

Abstract:

This paper empirically examines the time-varying relationship and spillover effects between the international crude oil price and ten emerging equity markets, namely three oil-exporting countries (Brazil, Mexico, and Russia) and seven Central and Eastern European (CEE) countries (Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, and Slovakia). The results revealed that there are spillover effects from oil markets into almost all emerging equity markets save Slovakia. Besides, the oil supply glut had a homogenous effect on the emerging markets, both net oil-exporting, and oil-importing countries (CEE). Further, the time variance drastically increased during financial turmoil. Indeed, the time variance remained high from 2009 to 2012 in response to aggregate demand shocks (global financial crisis and Eurozone debt crisis) and quantitative easing measures. Interestingly, the time variance was slightly higher for the oil-exporting countries than for some of the CEE countries. Decision-makers in emerging economies should therefore seek policy coordination when dealing with financial turmoil.

Keywords: crude oil, spillover effects, emerging equity, time-varying, aggregate demand shock

Procedia PDF Downloads 125

Authors: Kyaw Zin Htut

Abstract:

In this article, the synthesis of the efficiency of intelligent diagnostic system in the aircraft measuring devices is described. The technology developments of the diagnostic system are considered based on the model errors of the gyro instruments, which are used to measure the parameters of the aircraft. The synthesis of the diagnostic intelligent system is considered on the example of the problem of assessment and forecasting errors of the gyroscope devices on the onboard aircraft. The result of the system is to detect of faults of the aircraft measuring devices as well as the analysis of the measuring equipment to improve the efficiency of its work.

Keywords: diagnostic, dynamic system, errors of gyro instruments, model errors, assessment, prognosis

Procedia PDF Downloads 400

Authors: Iulia E. Falcan

Abstract:

The transition of the European power sector towards a clean, renewable energy (RE) system faces the challenge of meeting power demand in times of low wind speed and low solar radiation, at a reasonable cost. This is likely to be achieved through a combination of 1) energy storage technologies, 2) development of the cross-border power grid, 3) installed overcapacity of RE and 4) dispatchable power sources – such as biomass. This paper uses NASA; derived hourly data on weather patterns of sixteen European countries for the past twenty-five years, and load data from the European Network of Transmission System Operators-Electricity (ENTSO-E), to develop a stochastic optimization model. This model aims to understand the synergies between the four classes of technologies mentioned above and to determine the optimal configuration of the energy technologies portfolio. While this issue has been addressed before, it was done so using deterministic models that extrapolated historic data on weather patterns and power demand, as well as ignoring the risk of an unbalanced grid-risk stemming from both the supply and the demand side. This paper aims to explicitly account for the inherent uncertainty in the energy system transition. It articulates two levels of uncertainty: a) the inherent uncertainty in future weather patterns and b) the uncertainty of fully meeting power demand. The first level of uncertainty is addressed by developing probability distributions for future weather data and thus expected power output from RE technologies, rather than known future power output. The latter level of uncertainty is operationalized by introducing a Conditional Value at Risk (CVaR) constraint in the portfolio optimization problem. By setting the risk threshold at different levels – 1%, 5% and 10%, important insights are revealed regarding the synergies of the different energy technologies, i.e., the circumstances under which they behave as either complements or substitutes to each other. The paper concludes that allowing for uncertainty in expected power output - rather than extrapolating historic data - paints a more realistic picture and reveals important departures from results of deterministic models. In addition, explicitly acknowledging the risk of an unbalanced grid - and assigning it different thresholds - reveals non-linearity in the cost functions of different technology portfolio configurations. This finding has significant implications for the design of the European energy mix.

Keywords: cross-border grid extension, energy storage technologies, energy system transition, stochastic portfolio optimization

Procedia PDF Downloads 171

Authors: Surendar Vaddepalli

Abstract:

Management education plays a crucial role to enable industry to cope with emerging challenges. It has spread in the last fifteen-twenty years in India and gained popularity as it was aimed at imbibing versatility and multi-tasking abilities in student community. Several management institutions started looking at upgrading their competencies in terms of faculty, research and industry interaction. The competitive business environment has been one of the drivers that paved the way for growing demand for management graduates in the employment market. Industry expects their executives to be engaged in a constant learning process. The ever-increasing demand for managers has led to establish more management institutions; however, the growth was not in line with the expectations from the industry. While top Business Schools are continuously changing the contents and delivery methodologies, academic standards of most of the other Business Schools are not up to the mark and quality of service provided by these institutes has opened various issues for discussion. On this back ground it is important to address the concerns of Indian management education experiencing with time and we have to rethink about the management education and efforts should be made to create a dynamic environment. This paper ties to study the current trends and tries to find out need for value based management education in India to rejuvenate it.

Keywords: management education, management, value based management education, business school, India

Procedia PDF Downloads 379

Authors: Fei Peng, Jun Yuan, Chen Fan, Fan Jiang, Qian Sun, Yudi Liu

Abstract:

Although Earth Station in Motion (ESIM) services are widely used and there is a huge market demand around the world, International Telecommunication Union (ITU) does not have unified conclusion for the use of ESIM yet. ESIM are Mobile Satellite Services (MSS) due to its mobile-based attributes, while multiple administrations want to use ESIM in Fixed Satellite Service (FSS). However, Radio Regulations (RR) have strict distinction between MSS and FSS. In this case, ITU has been very controversial because this kind of application will violate the RR Article and the conflict will bring risks to the global deployment. Thus, this paper illustrates the development of rules, regulations, standards concerning ESIM and the radio spectrum usage of ESIM in different regions around the world. Firstly, the basic rules, standard and definition of ITU’s Radiocommunication Sector (ITU-R) is introduced. Secondly, the World Radiocommunication Conference (WRC) agenda item on radio spectrum allocation for ESIM, e.g. in C/Ku/Ka band, is introduced and multi-view on the radio spectrum allocation is elaborated, especially on 19.7-20.2 GHz & 29.5-30.0 GHz. Then, some ITU-R Recommendations and Reports are analyzed on the specific technique to enable these ESIM to communicate with Geostationary Earth Orbit Satellite (GSO) space stations in the FSS without causing interference at levels in excess of that caused by conventional FSS earth stations. Meanwhile, the opposite opinion on not allocating EISM service in FSS frequency band is also elaborated. Finally, based on the ESIM’s future application, the ITU-R standards development trend is forecasted. In conclusion, using radio spectrum resource in an equitable, rational and efficient manner is the basic guideline of ITU. Although it is not a good approach to obstruct the revise of RR when there is a large demand for radio spectrum resource in satellite industry, still the propulsion and global demand of the whole industry may face difficulties on the unclear application in modify rules of RR.

Keywords: earth station in motion, ITU standards, radio regulations, radio spectrum, satellite communication

Procedia PDF Downloads 288

Authors: Eduardo Rodrigues, Gisela Mendes, José M. Torres, José E. Sousa

Abstract:

In the sequence of the liberalisation of the electricity sector a progressive engagement of consumers has been considered and targeted by sector regulatory policies. With the objective of promoting market competition while protecting consumers interests, by transferring some of the upstream benefits to the end users while reaching a fair distribution of system costs, different market models to value consumers’ demand flexibility at the energy community level are envisioned. Local Energy and Flexibility Markets (LEFM) involve stakeholders interested in providing or procure local flexibility for community, services and markets’ value. Under the scope of DOMINOES, a European research project supported by Horizon 2020, the local market concept developed is expected to: • Enable consumers/prosumers empowerment, by allowing them to value their demand flexibility and Distributed Energy Resources (DER); • Value local liquid flexibility to support innovative distribution grid management, e.g., local balancing and congestion management, voltage control and grid restoration; • Ease the wholesale market uptake of DER, namely small-scale flexible loads aggregation as Virtual Power Plants (VPPs), facilitating Demand Response (DR) service provision; • Optimise the management and local sharing of Renewable Energy Sources (RES) in Medium Voltage (MV) and Low Voltage (LV) grids, trough energy transactions within an energy community; • Enhance the development of energy markets through innovative business models, compatible with ongoing policy developments, that promote the easy access of retailers and other service providers to the local markets, allowing them to take advantage of communities’ flexibility to optimise their portfolio and subsequently their participation in external markets. The general concept proposed foresees a flow of market actions, technical validations, subsequent deliveries of energy and/or flexibility and balance settlements. Since the market operation should be dynamic and capable of addressing different requests, either prioritising balancing and prosumer services or system’s operation, direct procurement of flexibility within the local market must also be considered. This paper aims to highlight the research on the definition of suitable DR models to be used by the Distribution System Operator (DSO), in case of technical needs, and by the retailer, mainly for portfolio optimisation and solve unbalances. The models to be proposed and implemented within relevant smart distribution grid and microgrid validation environments, are focused on day-ahead and intraday operation scenarios, for predictive management and near-real-time control respectively under the DSO’s perspective. At local level, the DSO will be able to procure flexibility in advance to tackle different grid constrains (e.g., demand peaks, forecasted voltage and current problems and maintenance works), or during the operating day-to-day, to answer unpredictable constraints (e.g., outages, frequency deviations and voltage problems). Due to the inherent risks of their active market participation retailers may resort to DR models to manage their portfolio, by optimising their market actions and solve unbalances. The interaction among the market actors involved in the DR activation and in flexibility exchange is explained by a set of sequence diagrams for the DR modes of use from the DSO and the energy provider perspectives. • DR for DSO’s predictive management – before the operating day; • DR for DSO’s real-time control – during the operating day; • DR for retailer’s day-ahead operation; • DR for retailer’s intraday operation.

Keywords: demand response, energy communities, flexible demand, local energy and flexibility markets

Procedia PDF Downloads 100

Authors: Saeedeh Imani Moqadam, Ilya Bobrov, Jérémy Epp, Nils Ellendt, Lutz Mädler

Abstract:

High entropy alloys (HEAs), having adjustable properties and enhanced stability compared with intermetallic compounds, are solid solution alloys that contain more than five principal elements with almost equal atomic percentage. The concept of producing such alloys pave the way for developing advanced materials with unique properties. However, the synthesis of such alloys may require advanced processes with high cooling rates depending on which alloy elements are used. In this study, the micro spheres of different diameters of HEAs were generated via a drop-on-demand droplet generator and subsequently solidified during free-fall in an argon atmosphere. Such droplet generators can generate individual droplets with high reproducibility regarding droplet diameter, trajectory and cooling while avoiding any interparticle momentum or thermal coupling. Metallography as well as X-ray diffraction investigations for each diameter of the generated metallic droplets where then carried out to obtain information about the microstructural state. To calculate the cooling rate of the droplets, a droplet cooling model was developed and validated using model alloys such as CuSn%6 and AlCu%4.5 for which a correlation of secondary dendrite arm spacing (SDAS) and cooling rate is well-known. Droplets were generated from these alloys and their SDAS was determined using quantitative metallography. The cooling rate was then determined from the SDAS and used to validate the cooling rates obtained from the droplet cooling model. The application of that model on the HEA then leads to the cooling rate dependency and hence to the identification of process windows for the synthesis of these alloys. These process windows were then compared with cooling rates obtained in processes such as powder production, spray forming, selective laser melting and casting to predict if a synthesis is possible with these processes.

Keywords: cooling rate, drop-on-demand, high entropy alloys, microstructure, single droplet generation, X-ray Diffractometry

Procedia PDF Downloads 211

Authors: Evangelos Kaisar, Anika Tabassum, Taraneh Ardalan, Majed Al-Ghandour

Abstract:

The economy of any country is dependent on its ability to accommodate the movement and delivery of goods. The demand for goods movement and services increases truck traffic on highways and inside the cities. The livability of most cities is directly affected by the congestion and environmental impacts of trucks, which are the backbone of the urban freight system. Better operation of heavy vehicles on highways and arterials could lead to the network’s efficiency and reliability. In many cases, roundabouts can respond better than at-level intersections to enable traffic operations with increased safety for both cars and heavy vehicles. Recently emerged, the concept of turbo-roundabout is a viable alternative to the two-lane roundabout aiming to improve traffic efficiency. The primary objective of this study is to evaluate the operation and performance level of an at-grade intersection, a conventional two-lane roundabout, and a basic turbo roundabout for freight movements. To analyze and evaluate the performances of the signalized intersections and the roundabouts, micro simulation models were developed PTV VISSIM. The networks chosen for this analysis in this study are to experiment and evaluate changes in the performance of the movement of vehicles with different geometric and flow scenarios. There are several scenarios that were examined when attempting to assess the impacts of various geometric designs on vehicle movements. The overall traffic efficiency depends on the geometric layout of the intersections, which consists of traffic congestion rate, hourly volume, frequency of heavy vehicles, type of road, and the ratio of major-street versus side-street traffic. The traffic performance was determined by evaluating the delay time, number of stops, and queue length of each intersection for varying truck percentages. The results indicate that turbo-roundabouts can replace signalized intersections and two-lane roundabouts only when the traffic demand is low, even with high truck volume. More specifically, it is clear that two-lane roundabouts are seen to have shorter queue lengths compared to signalized intersections and turbo-roundabouts. For instance, considering the scenario where the volume is highest, and the truck movement and left turn movement are maximum, the signalized intersection has 3 times, and the turbo-roundabout has 5 times longer queue length than a two-lane roundabout in major roads. Similarly, on minor roads, signalized intersections and turbo-roundabouts have 11 times longer queue lengths than two-lane roundabouts for the same scenario. As explained from all the developed scenarios, while the traffic demand lowers, the queue lengths of turbo-roundabouts shorten. This proves that turbo roundabouts perform well for low and medium traffic demand. The results indicate that turbo-roundabouts can replace signalized intersections and two-lane roundabouts only when the traffic demand is low, even with high truck volume. Finally, this study provides recommendations on the conditions under which different intersections perform better than each other.

Keywords: At-grade intersection, simulation, turbo-roundabout, two-lane roundabout

Procedia PDF Downloads 151