Search results for: cost valuation method

Authors: Ayshan Gurbanova

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Despite based on the fact that drill bit which is the smallest part of bottom hole assembly costs only in between 10% and 15% of the total expenses made, they are the first equipment that is in contact with the formation itself. Hence, it is consequential to choose the appropriate type and dimension of drilling bit, which will prevent majority of problems by not demanding many tripping procedure. However, within the advance in technology, it is now seamless to be beneficial in the terms of many concepts such as subsequent time of operation, energy, expenditure, power and so forth. With the intention of applying the method to Azerbaijan, the field of Shallow Water Absheron Peninsula has been suggested, where the mainland has been located 15 km away from the wildcat wells, named as “NKX01”. It has the water depth of 22 m as indicated. In 2015 and 2016, the seismic survey analysis of 2D and 3D have been conducted in contract area as well as onshore shallow water depth locations. With the aim of indicating clear elucidation, soil stability, possible submersible dangerous scenarios, geohazards and bathymetry surveys have been carried out as well. Within the seismic analysis results, the exact location of exploration wells have been determined and along with this, the correct measurement decisions have been made to divide the land into three productive zones. In the term of the method, Electric Impulse Technology (EIT) is based on discharge energies of electricity within the corrosivity in rock. Take it simply, the highest value of voltages could be created in the less range of nano time, where it is sent to the rock through electrodes’ baring as demonstrated below. These electrodes- higher voltage powered and grounded are placed on the formation which could be obscured in liquid. With the design, it is more seamless to drill horizontal well based on the advantage of loose contact of formation. There is also no chance of worn ability as there are no combustion, mechanical power exist. In the case of energy, the usage of conventional drilling accounts for 1000 𝐽/𝑐𝑚3 , where this value accounts for between 100 and 200 𝐽/𝑐𝑚3 in EIT. Last but not the least, from the test analysis, it has been yielded that it achieves the value of ROP more than 2 𝑚/ℎ𝑟 throughout 15 days. Taking everything into consideration, it is such a fact that with the comparison of data analysis, this method is highly applicable to the fields of Azerbaijan.

Keywords: drilling, drill bit cost, efficiency, cost

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Authors: Minsung Kim, Jinkoo Kim

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In order to reduce or eliminate seismic damage in structures, many researchers have investigated various energy dissipation devices. In this study, the seismic capacity and cost of a slit-viscoelastic seismic retrofit system composed of a steel slit plate and viscoelastic dampers connected in parallel are evaluated. The combination of the two different damping mechanisms is expected to produce enhanced seismic performance of the building. The analysis model of the system is first derived using various link elements in the nonlinear dynamic analysis software Perform 3D, and fragility curves of the structure retrofitted with the dampers are obtained using incremental dynamic analyses. The analysis results show that the displacement of the structure equipped with the hybrid dampers is smaller than that of the structure with slit dampers due to the enhanced self-centering capability of the system. It is also observed that the initial cost of hybrid system required for the seismic retrofit is smaller than that of the structure with viscoelastic dampers. Acknowledgement: This research was financially supported by the Ministry of Trade, Industry and Energy(MOTIE) and Korea Institute for Advancement of Technology(KIAT) through the International Cooperative R&D program(N043100016_Development of low-cost high-performance seismic energy dissipation devices using viscoelastic material).

Keywords: damped cable systems, seismic retrofit, viscous dampers, self-centering

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Authors: Arjun Paul, Adrijit Goswami

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In our present work, an economic order quantity inventory model with shortages is developed where holding cost is expressed as linearly increasing function of time and demand rate is a ramp type function of time. The items considered in the model are deteriorating in nature so that a small fraction of the items is depleted with the passage of time. In order to consider a more realistic situation, the deterioration rate is assumed to follow a continuous uniform distribution with the parameters involved being triangular fuzzy numbers. The inventory manager offers his customer a discount in case he is willing to backorder his demand when there is a stock-out. The optimum ordering policy and the optimum discount offered for each backorder are determined by minimizing the total cost in a replenishment interval. For better illustration of our proposed model in both the crisp and fuzzy sense and for providing richer insights, a numerical example is cited to exemplify the policy and to analyze the sensitivity of the model parameters.

Keywords: fuzzy deterioration rate, price discount on backorder, ramp type demand, shortage, time varying holding cost

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Authors: Francis Ojo Ologunagba, Monday Olatunbosun Ale, Lewis A. Olutayo

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The economic successes of commercial development of agricultural product processing depend upon the adaptability of each processing stage to mechanization. In maize processing, one of its post-harvest operations that is still facing a major challenge is dehusking. Therefore, a maize dehusking machine that could replace the prevalent traditional method of dehusking maize in developing countries, especially Nigeria was designed, constructed and tested at the Department of Agricultural and Bio-Environmental Engineering Technology, Rufus Giwa Polytechnic, Owo. The basic features of the machine are feeding unit (hopper), housing frame, dehusking unit, drive mechanism and discharge outlets. The machine was tested with maize of 50mm average diameter at 13% moisture content and 2.5mm machine roller clearance. Test results showed appreciable performance with the dehusking efficiency of 92% and throughput capacity of 200 Kg/hr at a machine speed of 400rpm. The estimated production cost of the machine at the time of construction is forty-five thousand, one hundred and eighty nairas (₦45,180) excluding the cost of the electric motor. It is therefore recommended for small and medium-scale maize farmers and processors in Nigeria.

Keywords: construction, dehusking, design, efficiency, maize

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Authors: Mimi Hafizah Abdullah, Hanani Farhah Harun, Nik Ruzni Nik Idris

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With the implied volatility as an important factor in financial decision-making, in particular in option pricing valuation, and also the given fact that the pricing biases of Leland option pricing models and the implied volatility structure for the options are related, this study considers examining the implied adjusted volatility smile patterns and term structures in the S&P/ASX 200 index options using the different Leland option pricing models. The examination of the implied adjusted volatility smiles and term structures in the Australian index options market covers the global financial crisis in the mid-2007. The implied adjusted volatility was found to escalate approximately triple the rate prior the crisis.

Keywords: implied adjusted volatility, financial crisis, Leland option pricing models, Australian index options

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Authors: Kyunghun Kang, Sangwoo Oh, Yongha Hwang

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PDMS (Polydimethylsiloxane)-based microfluidic device has been recently applied to area of biomedical research, tissue engineering, and diagnostics because PDMS is low cost, nontoxic, optically transparent, gas-permeable, and especially biocompatible. Generally, PDMS microfluidic devices are fabricated by conventional soft lithography. Microfabrication requires expensive cleanroom facilities and a lot of time; however, only two-dimensional or simple three-dimensional structures can be fabricated. In this study, we introduce fabricating method for complex three-dimensional microfluidic channels using soluble wax mold. Using the 3D printing technique, we firstly fabricated three-dimensional mold which consists of soluble wax material. The PDMS pre-polymer is cast around, followed by PDMS casting and curing. The three-dimensional casting mold was removed from PDMS by chemically dissolved with methanol and acetone. In this work, two preliminary experiments were carried out. Firstly, the solubility of several waxes was tested using various solvents, such as acetone, methanol, hexane, and IPA. We found the combination between wax and solvent which dissolves the wax. Next, side effects of the solvent were investigated during the curing process of PDMS pre-polymer. While some solvents let PDMS drastically swell, methanol and acetone let PDMS swell only 2% and 6%, respectively. Thus, methanol and acetone can be used to dissolve wax in PDMS without any serious impact. Based on the preliminary tests, three-dimensional PDMS microfluidic channels was fabricated using the mold which was printed out using 3D printer. With the proposed fabricating technique, PDMS-based microfluidic devices have advantages of fast prototyping, low cost, optically transparence, as well as having complex three-dimensional geometry. Acknowledgements: This research was supported by Supported by a Korea University Grant and Basic Science Research Program through the National Research Foundation of Korea(NRF).

Keywords: microfluidic channel, polydimethylsiloxane, 3D printing, casting

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Authors: Chih Hsing Lin, Wen-Ching Chen, Ssu-Ying Chen, Chih-Chyau Yang, Chien-Ming Wu, Chun-Ming Huang

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Critical structures such as buildings, bridges and dams require periodic inspections to ensure safe operation. The reliable inspection of structures can be achieved by combing temperature sensor and accelerometers. In this work, we propose a building structure health monitoring device (BSHMD) with using three 1-axis accelerometers, gateway, analog to digital converter (ADC), and data logger to monitoring the building structure. The proposed BSHMD achieves the features of low cost by using three 1-axis accelerometers with the data synchronization problem being solved, and easily installation and removal. Furthermore, we develop a packet acquisition program to receive the sensed data and then classify it based on time and date. Compared with 3-axis accelerometer, our proposed 1-axis accelerometers based device achieves 64.3% cost saving. Compared with previous structural monitoring device, the BSHMD achieves 89% area saving. Therefore, with using the proposed device, the realtime diagnosis system for building damage monitoring can be conducted effectively.

Keywords: building structure health monitoring, cost effective, 1-axis accelerometers, real-time diagnosis

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Authors: Filippo Verre

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This paper explores Turkey’s role as an influential waterpower in the Middle East, emphasizing the Peace Water Pipeline Project (PWPP) as a paradigm of hydro solidarity rather than conventional water diplomacy. Hydro solidarity transcends the strategic and often competitive nature of water diplomacy, highlighting cooperative, inclusive, and mutually beneficial approaches to water resource management. The PWPP, which aimed to transport freshwater from Turkey’s Manavgat River to several water-scarce nations in the Middle East, exemplifies this ethos. By providing a reliable water supply to address the chronic shortages in the region, the project underscored Turkey’s commitment to fostering regional cooperation, stability, and collective well-being through shared water resources. This paper provides an in-depth analysis of the Peace Water Pipeline Project, examining its technical specifications, environmental impact, and political implications. It discusses how the project’s foundation on principles of hydro solidarity could facilitate stronger regional ties, mitigate water-related conflicts, and promote sustainable development. By prioritizing collective benefits over unilateral gains, Turkey’s approach exemplified a transformative model of resource sharing that could inspire similar initiatives globally. This paper argues that the Peace Water Pipeline Project serves as a crucial case study in demonstrating how shared natural resources can be leveraged to build trust, enhance cooperation, and achieve common goals in a geopolitically volatile region. The findings emphasize the importance of adopting hydro solidarity as a guiding principle for future transboundary water projects, showcasing how collaborative water management can play a pivotal role in fostering peace, security, and sustainable development in the Middle East and beyond. This research is based on a mixed methodological approach combining qualitative and quantitative methods. The most relevant qualitative methods will involve Case Studies and Content Analysis. Concretely, the Friendship Dam Project (FDP) between Turkey and Syria will be mentioned to underline the importance of hydro solidarity approaches as opposed to water diplomacy. Analyzing this case aims to identify factors that contribute to successful hydro solidarity agreements, such as effective communication channels, trust-building measures, and adaptive management practices. Concerning Content Analysis, reviewing and analyzing policy documents, treaties, media reports, and public statements will help identify the official narratives and discourses surrounding the PWPP. This method fully comprehends how different stakeholders frame the issues and what solutions they propose. The quantitative methodology used in this research, which complements the qualitative approaches, involves economic valuation, which quantifies the PWPP’s economic impacts on Turkey and the Middle Eastern region. This includes assessing the cost of construction and maintenance and the financial benefits derived from improved water access and reduced conflict. Hydrological modelling will also be used as a quantitative research method. Using hydrological models to simulate the water flow and distribution scenarios helps quantify the pipeline’s potential impacts on water resources. By assessing the sustainability of water extraction and predicting how changes in water availability might affect different regions, these models play a crucial role in this research, shedding light on the impact of transboundary infrastructures on water management.

Keywords: hydro-solidarity, Middle East, transboundary water management, peace water pipeline project, water scarcity

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Authors: M. Chavez, H. Juarez, M. Pacio, O. Portillo

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PbS chemical bath heterojunction sollar cells have shown significant improvements in performance. Here we demonstrate a solar cell based on the heterojunction formed between PbS layer and PbS:Bi3+ thin films that are deposited via solution process at 40°C. The device achieve an current density of 4 mA/cm2. The simple and low-cost deposition method of PbS:Bi3+ films is promising for the fabrication.

Keywords: PbS doped, Bismuth, solar cell, thin films

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Authors: Maria Kralova, Michal Palecek

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We have detected factors leading to recidivism (the Czech Republic data). The employment during imprisonment turned out to be the most significant predictor with a positive effect on reduction of a rate of recidivism. Accordingly, we mainly focus on this predictor and its economic consequences. Smart public policy can cut government costs dramatically as more than a half of prisoners in the Czech Republic are recidivists. The operating cost cut of the Czech prison service could be CZK 127,680,000 (USD 5,889,623) in 2013 if a public policy had been set smarter.

Keywords: cost-cut, effective, optimal, public policy, reducing recidivism

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Authors: Si-Geun Choi, Hoon-Jae Park, Jung-Woo Cho, Jin-Ho Lim, Jin-Young Park, Joo-Young Oh, Jae-Il Jeong Seock-Sam Kim, Young Tae Cho, Chan Gyu Kim, Jong-Hyoung Kim

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The tilting pad bearing is a kind of the fluid film bearing and it can contribute to the high speed and the high load performance compared to other bearings including the rolling element bearing. Furthermore, the tilting bearing has many advantages such as high stability at high-speed performance, long life, high damping, high impact resistance and low noise. Therefore, it mostly used in mid to large size turbomachines, despite the high price disadvantage. Recently, manufacture and process employing laser techniques advancing at a fast-growing rate in mechanical industry, the dissimilar metal weld process employing laser techniques is actively studied. Moreover, also, Industry fields try to apply for welding the white metal and the back metal using laser cladding method for high durability. Furthermore, it has followed that laser cladding method has a lot better bond strength, toughness, anti-abrasion and environment-friendly than centrifugal casting method through preceding research. Therefore, the laser cladding method has a lot better quality, cost reduction, eco-friendliness and permanence of technology than the centrifugal casting method or the gravity casting method. In this study, we compare the mechanical properties of different bearing materials by evaluating the behavior of laser cladding layer with various materials (i.e. SS400, SCM440, S20C) under the same parameters. Furthermore, we analyze the porosity of various tilting pad bearing materials which white metal treated on samples. SEM, EDS analysis and hardness tests of three materials are shown to understand the mechanical properties and tribological behavior. W/D ratio, surface roughness results with various materials are performed in this study.

Keywords: laser cladding, tilting pad bearing, white metal, mechanical properties

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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: M. Mohemmed Sha, T. Manesh, A. Ahmed Mohamed Mustaq

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In this corporate world, the technology of Web services has grown rapidly and its significance for the development of web based applications gradually rises over time. The success of Business to Business integration rely on finding novel partners and their services in a global business environment. But the selection of the most suitable Web service from the list of services with the identical functionality is more vital. The satisfaction level of the customer and the provider’s reputation of the Web service are primarily depending on the range it reaches the customer’s requirements. In most cases the customer of the Web service feels that he is spending for the service which is undelivered. This is because the customer always thinks that the real functionality of the web service is not reached. This will lead to change of the service frequently. In this paper, a framework is proposed to evaluate the Quality of Service (QoS) and its cost that makes the optimal correlation between each other. Also this research work proposes some management decision against the functional deviancy of the web service that are guaranteed at time of selection.

Keywords: web service, service level agreement, quality of a service, cost of a service, QoS, CoS, SOA, WSLA, WsRF

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Authors: Bale Baidi Blaise, Gilles Marckmann, Liman Kaoye, Talaka Dya, Moustapha Bachirou, Gambo Betchewe, Tibi Beda

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This work highlights the capabilities of particles swarm optimization (PSO) method to identify parameters of hyperelastic models. The study compares this method with Genetic Algorithm (GA) method, Least Squares (LS) method, Pattern Search Algorithm (PSA) method, Beda-Chevalier (BC) method and the Levenberg-Marquardt (LM) method. Four classic hyperelastic models are used to test the different methods through parameters identification. Then, the study compares the ability of these models to reproduce experimental Treloar data in simple tension, biaxial tension and pure shear.

Keywords: particle swarm optimization, identification, hyperelastic, model

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Authors: Roshanim Koris, Norashidah Mohamed Nor, Sharifah Azizah Haron, Normaz Wana Ismail, Syed Mohamed Aljunid Syed Junid, Amrizal Muhammad Nur, Asrul Akmal Shafie, Suraya Yusuff, Namaitijiang Maimaiti

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An ageing population has huge implications for virtually every aspect of Malaysian societies. The elderly consume a greater volume of healthcare facilities not because they are older, but because of they are sick. The chronic comorbidities and deterioration of cognitive ability would lead the elderly’s health to become worst. This study aims to provide a comprehensive estimate of the direct and indirect costs of health care used in a nationally representative sample of community-dwelling elderly with dementia and as well as the determinants of healthcare cost. A survey using multi-stage random sampling techniques recruited a final sample of 2274 elderly people (60 years and above) in the state of Johor, Perak, Selangor and Kelantan. Mini Mental State Examination (MMSE) score was used to measure the cognitive capability among the elderly. Only the elderly with a score less than 19 marks were selected for further analysis and were classified as dementia. By using a two-part model findings also indicate household income and education level are variables that strongly significantly influence the healthcare cost among elderly with dementia. A number of visits and admission are also significantly affect healthcare expenditure. The comorbidity that highly influences healthcare cost is cancer and seeking the treatment in private facilities is also significantly affected the healthcare cost among the demented elderly. The level of dementia severity is not significant in determining the cost. This study is expected to attract the government's attention and act as a wake-up call for them to be more concerned about the elderly who are at high risk of having chronic comorbidities and cognitive problems by providing more appropriate health and social care facilities. The comorbidities are one of the factor that could cause dementia among elderly. It is hoped that this study will promote the issues of dementia as a priority in public health and social care in Malaysia.

Keywords: ageing population, dementia, elderly, healthcare cost, healthcare utiliztion

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Authors: Akinfiresoye W. A., Olarewaju O. O., Okunola, Okunola I. O.

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An indigenous honey-extracting machine was designed, fabricated and evaluated at the workshop of the department of Agricultural Technology, Federal Polytechnic, Ile-Oluji, Nigeria using locally available materials. It has the extraction unit, the presser, the honey collector and the frame. The harvested honeycomb is placed inside the cylindrical extraction unit with perforated holes. The press plate was then placed on the comb while the hydraulic press of 3 tons was placed on it, supported by the frame. The hydraulic press, which is manually operated, forces the oil out of the extraction chamber through the perforated holes into the honey collector positioned at the lowest part of the extraction chamber. The honey-extracting machine has an average throughput of 2.59 kg/min and an efficiency of about 91%. The cost of producing the honey extracting machine is NGN 31, 700: 00, thirty-one thousand and seven hundred nairas only or $70 at NGN 452.8 to a dollar. This cost is affordable to beekeepers and would-be honey entrepreneurs. The honey-extracting machine is easy to operate and maintain without any complex technical know-how.

Keywords: honey, extractor, cost, efficiency

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Authors: Yesim Guzel, Mert Akbiyik

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Energy consumption (EC) and costs due to the usage of refrigerators are increasing continuously. This creates a disadvantage not only on the budget of customers but also to global warming. This study aims to decrease EC and cost due to refrigerator EC all around the world. Research about the effect of climate classes on industrial cabinets, supermarket refrigerators or room air conditioning systems can be found in open literature; however, to the best of authors' knowledge, there is no study that includes the effect of climate classes, vacuum insulation panels (VIP) and polyurethane (PU) aging, and electronic expansion valve (EEV) technology for home refrigerators. For this purpose, 4 configurations are examined for household refrigerators for ST (subtropical) and T (tropical) climates. The aging of VIP and PU and the annual interest rate of electricity cost (%5) are considered to obtain more accurate results in calculations. Heat gain (Q), EC, and CO₂ emission are calculated. Config. 1, 2, 3 and 4 are with NO VIP, FULL VIP, NO VIP+ EEV, and FULL VIP+EEV, respectively. As a result, it is observed that Q for Config. 1 and 2 increase as Temp increases. Moreover, from ST to T climates, for all the configurations, EC increases. Additionally, the payback period (t) is based on reference cabinet Config. 1 is calculated. It is considered that annual electricity cost as constant for every climate. When ts are compared with Config. 1 for both climates, it is seen that the minimum t of 2 years is Config. 3. This study shows not only is EEV a better alternative option than VIPs. Hence, EEVs are way cheaper than VIPs and have shorter t, but it also allows us to compare Ec, Q, CO₂ emissions, and cost.

Keywords: energy, thermodynamics, ageing, VIP, polyurethane, expansion valve, EEV, PU, climate, refrigerating, cooling, efficiency

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Authors: Zahra Ahmadi, Fazlollah Adibnia

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Scheduling of tasks and the optimal allocation of resources in the cloud are based on the dynamic nature of tasks and the heterogeneity of resources. Applications that are based on the scientific workflow are among the most widely used applications in this field, which are characterized by high processing power and storage capacity. In order to increase their efficiency, it is necessary to plan the tasks properly and select the best virtual machine in the cloud. The goals of the system are effective factors in scheduling tasks and resource selection, which depend on various criteria such as time, cost, current workload and processing power. Multi-criteria decision-making methods are a good choice in this field. In this research, a new method of work planning and resource allocation in a heterogeneous environment based on the modified AHP algorithm is proposed. In this method, the scheduling of input tasks is based on two criteria of execution time and size. Resource allocation is also a combination of the AHP algorithm and the first-input method of the first client. Resource prioritization is done with the criteria of main memory size, processor speed and bandwidth. What is considered in this system to modify the AHP algorithm Linear Max-Min and Linear Max normalization methods are the best choice for the mentioned algorithm, which have a great impact on the ranking. The simulation results show a decrease in the average response time, return time and execution time of input tasks in the proposed method compared to similar methods (basic methods).

Keywords: hierarchical analytical process, work prioritization, normalization, heterogeneous resource allocation, scientific workflow

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Authors: Chandralal Shrestha

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In the developing countries like Nepal, the community based forest management approach has often been glorified as one of the best forest management alternatives to maximize the forest benefits. Though the approach has succeeded to construct a local level institution and conserve the forest biodiversity, how the local communities perceived about the forest benefits, the question always remains silent among the researchers and policy makers. The paper aims to explore the understanding of forest benefits from the perspective of local communities who used the forests in terms of institutional stability, equity and livelihood opportunity, and ecological stability. The paper revealed that the local communities have mixed understanding over the forest benefits. The institutional and ecological activities carried out by the local communities indicated that they have better understanding over the forest benefits. However, inequality while sharing the forest benefits, low pricing strategy and its negative consequences in valuation of forest products and limited livelihood opportunities indicated the poor understanding.

Keywords: community based forest management, forest benefits, lowland, Nepal

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Authors: Dibya Jivan Pati, Kazuhisa Iki, Riken Homma

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Unlike other metro cities of India, Bhubaneswar–the capital city of Odisha, is expected to reach 1-million-mark population by now. The demands of dwelling unit requirement mostly among urban poor belonging to Economically Weaker section (EWS) and Low Income groups (LIG) is becoming a challenge due to high housing cost and rents. As a matter of fact, it’s also noted that, with increase in population, the solid waste generation also increases subsequently affecting the environment due to inefficiency in collection of waste by local government bodies. Methods of utilizing Solid Waste - especially in form of Plastic bottles, Glass bottles and Metal cans (PGM) are now widely used as an alternative material for construction of low-cost building by Non-Government Organizations (NGOs) in developing countries like India to help the urban poor afford a shelter. The application of disposed plastic bottle used in construction of single dwelling significantly reduces the overall cost of construction to as much as 14% compared to traditional construction material. Therefore, considering its cost-benefit result, it’s possible to provide housing to EWS and LIGs at an affordable price. In this paper, we estimated the quantity of plastic bottles generated in Bhubaneswar which further helped to estimate the possible number of single dwelling unit that can be constructed on yearly basis so as to refrain from further housing shortage. The estimation results will be practically used for planning and managing low-cost housing business by local government and NGOs.

Keywords: construction, dwelling unit, plastic bottle, solid waste generation, groups

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Authors: Jeyeon Kim

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This paper describes the development of the automatic battery charging device for the rotor wings type unmanned aerial vehicle (UAV) and the positioning method that can be accurately landed on the charging device when landing. The developed automatic battery charging device is considered by simple maintenance, durability, cost and error of the positioning when landing. In order to for the UAV accurately land on the charging device, two kinds of markers (a color marker and a light marker) installed on the charging device is detected by the camera mounted on the UAV. And then, the UAV is controlled so that the detected marker becomes the center of the image and is landed on the device. We conduct the performance evaluation of the proposal positioning method by the outdoor experiments at day and night, and show the effectiveness of the system.

Keywords: unmanned aerial vehicle, automatic battery charging, positioning

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Authors: Yuri Katz, Kun Liu, Arunram Atmacharan

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Due to illiquidity, mispricing on Credit Markets is inevitable. This creates huge challenges to banks and investors as they seek to find new ways of risk valuation and portfolio management in a post-credit crisis world. Here, we analyze the difference in behavior of the spread-to-maturity in investment and high-yield categories of US corporate bonds between 2014 and 2023. Deviation from the theoretical dependency of this measure in the universe under study allows to identify multiple cases of mispriced credit risk. Remarkably, we observe mispriced bonds in both categories of credit ratings. This identification is supported by the application of the state-of-the-art machine learning model in more than 90% of cases. Noticeably, the ML-driven model-based forecasting of a category of bond’s credit ratings demonstrate an excellent out-of-sample accuracy (AUC = 98%). We believe that these results can augment conventional valuations of credit portfolios.

Keywords: credit risk, credit ratings, bond pricing, spread-to-maturity, machine learning

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Authors: Eric Neidhardt

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A well-functioning public transport system that is accepted and used by the general population contributes a lot to a sustainable city. Especially young and elderly people rely on public transport to get to work, go shopping, visit a doctor, and take advantage of entertainment options. The sustainability of a public transport system can be considered from different points of view. In urban areas, acceptance is particularly important. As many people as possible should use public transport and not their private vehicle. This reduces traffic jams and increases air quality. In rural areas, the cost efficiency of public transport is especially important. Longer distances and a low population density mean that these modes of transportation can rarely be used cost-effectively. It is crucial to avoid a low utilization, because empty rides are neither sustainable nor cost-effective. With a demand-oriented approach, we try to both improve flexibility and therefore attractiveness for the user and improve cost- efficiency. The vehicles only operate when they are needed and only where they are needed. Empty rides are avoided to improve sustainability. In the subproject "Autonomous public driving" of the project RealLabHH, such a system was implemented and tested in Hamburg-Bergedorf, a suburb of Hamburg. In this paper, some of the steps necessary for this are considered from a technical point of view, and problems that arose in real-life use are addressed.

Keywords: public transport, demand-oriented, autonomous driving, RealLabHH

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Authors: Abdallah Sofiane Berrouk, Dara Satyadileep

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This paper investigates the feasibility of retrofitting a middle-east based commercial amine sweetening unit with a split-flow scheme which involves withdrawing a portion of partially stripped semi-lean solvent from the stripping column and re-injecting it in the absorption column to reduce the overall energy consumption of the unit. This method is comprehensively explored by performing parametric analysis of the split fraction of the semi-lean solvent using a kinetics based process simulator ProMax V 3.2. Re-boiler duty, condenser duty, solvent cooling and pumping loads are analysed as functions of a split fraction of the semi-lean solvent from the stripper. It is shown that the proposed method significantly reduces the overall energy consumption of the unit resulting in an annual savings of 325,000 USD. The thorough economic analysis is performed using Aspen Economic Evaluation V 8.4 to reveal that the retrofit scheme pays back the capital cost in less than eight years and is highly recommended for any commercial plant having suitable provisions for solvent inlet/withdrawal on the columns.

Keywords: split flow, Amine, gas processing, optimization

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Authors: Yolanda Indah Permatasari, Sudarsono Hardjosoekarto

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Public private partnership (PPP) scheme was considered as an alternative source of funding for infrastructure provision. However, the performance of PPP scheme and interest of private sector to participate in the provision of infrastructure was still practically low. This phenomenon motivates the research to reconstruct the form of collaborative governance at the policy level from the perspective of transaction cost of the PPP scheme. Soft-system methodology (SSM)-based action research was used as this research methodology. The result of this study concludes that the emergence of transaction cost sources at the policy level is caused by the absence of a law that governs infrastructure investment, especially the implementation of PPP scheme. This absence is causing the imbalance in risk allocation and risk mitigation between the public and private sector. Thus, this research recommended the formulation of infrastructure investment law that aims to minimize asymmetry information, to anticipate the principal-principal problems, and to provide legal basis that ensures risk certainty and guarantee fair risk allocation between public and private sector.

Keywords: public governance, public private partnership, soft system methodology, transaction cost

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Authors: Kati Skarp, Keijo Varis, Juha Kettunen

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The purpose of this paper is to examine and evaluate the top-down and bottom-up leadership development programs focused on human capital that improve the performance of a company. This study reports on the external top-down leadership development program supported by a consulting company and the internal participatory action research of the bottom-up program. The sickness rate and the lost time incident failure rate decreased and the ideas produced for cost savings improved, leading to increased earnings during the top-down program. The estimated cost savings potential of the bottom-up program was 3.8 million euro based on the cost savings of meeting habits, maintenance practices and the way of working in production. The results of this study are useful for those who plan and evaluate leadership development and human capital productivity consultation programs to improve the performance of a company.

Keywords: leadership, development, human resources, company, indicators, evaluation

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Authors: Jun-Ki Choi

Abstract:

The usage of valuable resources and the potential for waste generation at the end of the life cycle of photovoltaic (PV) technologies necessitate a proactive planning for a PV recycling infrastructure. To ensure the sustainability of PV in large scales of deployment, it is vital to develop and institute low-cost recycling technologies and infrastructure for the emerging PV industry in parallel with the rapid commercialization of these new technologies. There are various issues involved in the economics of PV recycling and this research examine those at macro and micro levels, developing a holistic interpretation of the economic viability of the PV recycling systems. This study developed mathematical models to analyze the profitability of recycling technologies and to guide tactical decisions for allocating optimal location of PV take-back centers (PVTBC), necessary for the collection of end of life products. The economic decision is usually based on the level of the marginal capital cost of each PVTBC, cost of reverse logistics, distance traveled, and the amount of PV waste collected from various locations. Results illustrated that the reverse logistics costs comprise a major portion of the cost of PVTBC; PV recycling centers can be constructed in the optimally selected locations to minimize the total reverse logistics cost for transporting the PV wastes from various collection facilities to the recycling center. In the micro- process level, automated recycling processes should be developed to handle the large amount of growing PV wastes economically. The market price of the reclaimed materials are important factors for deciding the profitability of the recycling process and this illustrates the importance of the recovering the glass and expensive metals from PV modules.

Keywords: photovoltaic, recycling, mathematical models, sustainability

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Authors: Raj Kumari Bahl, Sotirios Sabanis

Abstract:

In this paper, we are concerned with the valuation of the first Catastrophic Mortality Bond that was launched in the market namely the Swiss Re Mortality Bond 2003. This bond encapsulates the behavior of a well-defined mortality index to generate payoffs for the bondholders. Pricing this bond is a challenging task. We adapt the payoff of the terminal principal of the bond in terms of the payoff of an Asian put option and present an approach to derive model-independent bounds exploiting comonotonic theory. We invoke Jensen’s inequality for the computation of lower bounds and employ Lagrange optimization technique to achieve the upper bound. The success of these bounds is based on the availability of compatible European mortality options in the market. We carry out Monte Carlo simulations to estimate the bond price and illustrate the strength of these bounds across a variety of models. The fact that our bounds are model-independent is a crucial breakthrough in the pricing of catastrophic mortality bonds.

Keywords: mortality bond, Swiss Re Bond, mortality index, comonotonicity

Procedia PDF Downloads 246

Authors: M. K. Balyan

Abstract:

The main principles of X-ray Fourier interferometric holography method are discussed. The object image is reconstructed by the mathematical method of Fourier transformation. The three methods are presented – method of approximation, iteration method and step by step method. As an example the complex amplitude transmission coefficient reconstruction of a beryllium wire is considered. The results reconstructed by three presented methods are compared. The best results are obtained by means of step by step method.

Keywords: dynamical diffraction, hologram, object image, X-ray holography

Procedia PDF Downloads 390

Authors: Ahmad Dahlan Salleh, Nik Abdul Rahim Nik Abdul Ghani, Muhamad Firdaus M. Hatta

Abstract:

Risk management has implications on pricing, governance arrangements, business practices and strategy. Nowadays, home financing contract offers more in the risk transfer form to increase bank profit. This is parallel with Islamic jurisprudence method al-Kharaj bi al-thaman (gain accompanies liability for loss) and al-ghurm bil ghunm (gain is justified with risk) that determine the matching between risk transfer and returns. Malaysian financing trend is to buy house. Besides, exists transparency lacking risk transfer issues to the clients because of not been informed clearly. Terms and conditions of each financing also do not reflect clearly that the risk has been transferred to the client, justifying a determination price been made. The assumption on risk occurrence is also inaccurate as each risk is different with the type of financing contract. This makes the Islamic Financial Services Act 2013 in providing standards that transparent and consistent can be used by Islamic financial institution less effective. This study examines how far the level of the risk and obligation incurred by bank and client under various Islamic home financing contract. This research is qualitative by using two methods, document analysis, and semi-structured interviews. Document analysis from literature review to identify profile, themes and risk transfer element in home financing from Islamic jurisprudence perspective. This study finds that need to create a risk transfer parameter by banks which are consistent with risk transfer theory according to Islamic jurisprudence. This study has potential to assist the authority in Islamic finance such as The Central Bank of Malaysia (Bank Negara Malaysia) in regulating Islamic banking industry so that the risk transfer valuation in home financing contract based on home financing good practice and determined risk limits.

Keywords: risk transfer, home financing contract, Sharia compliant, Malaysia

Procedia PDF Downloads 418