Search results for: legal decision making
7359 The EU’s Role in Exporting Digital Privacy and Security Standards: A Legal Framework for Global Normative Diffusion
Authors: Yuval Reinfeld
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This paper explores the European Union’s expanding influence as a global regulatory power, particularly in the realms of legal, security, and privacy challenges within the digital landscape. As digital regulation becomes increasingly vital, the EU has positioned itself as a leading exporter of privacy and cybersecurity standards through landmark frameworks like the General Data Protection Regulation (GDPR), the Artificial Intelligence Act (AIA), and the Digital Services Act (DSA). These regulations have set global benchmarks, extending their influence well beyond Europe’s borders by shaping legal frameworks in third countries and guiding the development of global digital governance. Central to this regulatory diffusion is the European Court of Justice (CJEU), whose rulings consistently reinforce and extend the reach of EU standards on an international scale. Through mechanisms such as trade agreements, adequacy decisions, and multilateral cooperation, the EU has constructed a regulatory ecosystem that other jurisdictions increasingly adopt. This paper investigates key CJEU cases to illustrate how the EU’s legal instruments in privacy, security, and AI contribute to its role as a global standard-setter. By examining the intersection of digital governance, international law, and normative power, this research provides a thorough analysis of the EU’s regulatory impact on global privacy, cybersecurity, and AI frameworks.Keywords: digital privacy, cybersecurity, GDPR, European Union Law, artificial intelligence, global normative power
Procedia PDF Downloads 247358 Spatial Analysis as a Tool to Assess Risk Management in Peru
Authors: Josué Alfredo Tomas Machaca Fajardo, Jhon Elvis Chahua Janampa, Pedro Rau Lavado
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A flood vulnerability index was developed for the Piura River watershed in northern Peru using Principal Component Analysis (PCA) to assess flood risk. The official methodology to assess risk from natural hazards in Peru was introduced in 1980 and proved effective for aiding complex decision-making. This method relies in part on decision-makers defining subjective correlations between variables to identify high-risk areas. While risk identification and ensuing response activities benefit from a qualitative understanding of influences, this method does not take advantage of the advent of national and international data collection efforts, which can supplement our understanding of risk. Furthermore, this method does not take advantage of broadly applied statistical methods such as PCA, which highlight central indicators of vulnerability. Nowadays, information processing is much faster and allows for more objective decision-making tools, such as PCA. The approach presented here develops a tool to improve the current flood risk assessment in the Peruvian basin. Hence, the spatial analysis of the census and other datasets provides a better understanding of the current land occupation and a basin-wide distribution of services and human populations, a necessary step toward ultimately reducing flood risk in Peru. PCA allows the simplification of a large number of variables into a few factors regarding social, economic, physical and environmental dimensions of vulnerability. There is a correlation between the location of people and the water availability mainly found in rivers. For this reason, a comprehensive vision of the population location around the river basin is necessary to establish flood prevention policies. The grouping of 5x5 km gridded areas allows the spatial analysis of flood risk rather than assessing political divisions of the territory. The index was applied to the Peruvian region of Piura, where several flood events occurred in recent past years, being one of the most affected regions during the ENSO events in Peru. The analysis evidenced inequalities for the access to basic services, such as water, electricity, internet and sewage, between rural and urban areas.Keywords: assess risk, flood risk, indicators of vulnerability, principal component analysis
Procedia PDF Downloads 1867357 How to Improve Teaching and Learning Strategies Through Educational Research. An Experience of Peer Observation in Legal Education
Authors: Luigina Mortari, Alessia Bevilacqua, Roberta Silva
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The experience presented in this paper aims to understand how educational research can support the introduction and optimization of teaching innovations in legal education. In this increasingly complex context, a strong need to introduce paths aimed at acquiring not only professional knowledge and skills but also transversal such as reflective, critical, and problem-solving skills emerges. Through a peer observation intertwined with an analysis of discursive practices, researchers and the teacher worked together through a process of participatory and transformative accompaniment whose objective was to promote the active participation and engagement of students in learning processes, an element indispensable to work in the more specific direction of strengthening key competences. This reflective faculty development path led the teacher to activate metacognitive processes, becoming thus aware of the strengths and areas of improvement of his teaching innovation.Keywords: legal education, teaching innovation, peer observation, discursive analysis, faculty development
Procedia PDF Downloads 1677356 Understanding Tacit Knowledge and DIKW
Authors: Bahadir Aydin
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Today it is difficult to reach accurate knowledge because of mass data. This huge data makes the environment more and more caotic. Data is a main piller of intelligence. There is a close tie between knowledge and intelligence. Information gathered from different sources can be modified, interpreted and classified by using knowledge development process. This process is applied in order to attain intelligence. Within this process the effect of knowledge is crucial. Knowledge is classified as explicit and tacit knowledge. Tacit knowledge can be seen as "only the tip of the iceberg”. This tacit knowledge accounts for much more than we guess in all intelligence cycle. If the concept of intelligence scrutinized, it can be seen that it contains risks, threats as well as success. The main purpose for all organization is to be succesful by eliminating risks and threats. Therefore, there is a need to connect or fuse existing information and the processes which can be used to develop it. By the help of process the decision-maker can be presented with a clear holistic understanding, as early as possible in the decision making process. Planning, execution and assessments are the key functions that connects to information to knowledge. Altering from the current traditional reactive approach to a proactive knowledge development approach would reduce extensive duplication of work in the organization. By new approach to this process, knowledge can be used more effectively.Keywords: knowledge, intelligence cycle, tacit knowledge, KIDW
Procedia PDF Downloads 5197355 Surveying the Effect of Cybernetics on Knowledge Management from Users' Viewpoint Who Are Members of Electronic Discussion Groups (ALA, ALIA)
Authors: Mitra Ghiasi, Roghayeh Ghorbani Bousari
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Nowadays, the aim of the organizations is to gain sustainable competitive. So, developing their intellectual capital, encouraging innovation, increasing suitable performance can be done by knowledge management. Knowledge turns into science if knowledge is used to improve decision making, decision quality and make effective decisions. The current research intends to investigate the relationship between cybernetics and knowledge management from the perspective of users who are members of electronic discussion groups (ALA, ALIA). The research methodology is survey method, and it is a type of correlation research. Cybernetics and knowledge management questionnaires used for collecting data. The questionnaire that was designed in electronic format, distributed among two electronic discussion groups during 30 days and completed by 100 members of each electronic discussion groups. The finding of this research showed that although cybernetics has an impact on knowledge management, there is no significant difference between the ALA and ALIA user's view regard to effect of cybernetics on knowledge management. The results also indicated that this conceptual model is consistent with the data collected from the sample.Keywords: ALA discussion group, ALIA discussion group, cybernetics, knowledge management
Procedia PDF Downloads 2397354 Jewish Law in Israel: State, Law, and Religion
Authors: Yuval Sinai
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As part of the historical, religious and cultural heritage of the Jewish people, Jewish law is part of the legal system in Israel, which is a Jewish and democratic state. The proper degree of use of Jewish law in judicial decisions is an issue that crops up in Israeli law from time to time. This was a burning question in the 1980s in the wake of the enactment of the Foundations of Law Act 1980, which declared Jewish heritage a supplementary legal method to Israeli law. The enactment of the Basic Law: Human Dignity and Liberty 1992, which decreed that the basic Israeli legal principles must be interpreted in light of the values of a Jewish and democratic state, marks a significant change in the impact of Judaism in the law created and applied by the courts. Both of these legislative developments revived the initiative to grant a central status to Jewish law within the state law. How should Jewish law be applied in Israel’s secular courts? This is not a simple question. It is not merely a question of identifying the relevant rule of Jewish law or tracing its development from the Talmud to modern times. Nor is it the same as asking how a rabbinic court would handle the issue. It is a matter of delicate judgment to distill out of the often conflicting Jewish law sources a rule that will fit into the existing framework of Israeli law so as to advance a policy that will best promote the interests of Israel’s society. We shall point out the occasional tensions between Jewish religious law and secular law, and introduce opinions as to how reconciliation of the two can best be achieved in light of Jewish legal tradition and in light of the reality in the modern State of Israel.Keywords: law and politics, law and religion, comparative law, law and society
Procedia PDF Downloads 737353 The Optimization of Decision Rules in Multimodal Decision-Level Fusion Scheme
Authors: Andrey V. Timofeev, Dmitry V. Egorov
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This paper introduces an original method of parametric optimization of the structure for multimodal decision-level fusion scheme which combines the results of the partial solution of the classification task obtained from assembly of the mono-modal classifiers. As a result, a multimodal fusion classifier which has the minimum value of the total error rate has been obtained.Keywords: classification accuracy, fusion solution, total error rate, multimodal fusion classifier
Procedia PDF Downloads 4667352 Competition Law as a “Must Have” Course in Legal Education
Authors: Noemia Bessa Vilela, Jose Caramelo Gomes
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All law student are familiarized, in the first years of their bachelor of laws with the concepts of “public goods” and “ private goods”; often, such legal concept does not exactly match such economic concept, and there are consequences are some sort of confusion being created. The list of goods that follow under each category is not exhaustive, nor are students given proper mechanisms to acknowledge that some legal fields can, on its own, be considered as a “public good”; this is the case of Competition. Legal authors consider that “competition law is used to promote public interest” and, as such, it is a “public good”; in economics theory, Competition is the first public good in a market economy, as the enabler of allocation efficiency. Competition law is the legal tool to support the proper functioning of the market economy and democracy itself. It is fact that Competition Law only applies to economic activities, still, competition is object of private litigation as an integral part of Public Law. Still, regardless of the importance of Competition Law in the economic activity and market regulation, most student complete their studies in law, join the Bar Associations and engage in their professional activities never having been given sufficient tools to deal with the increasing demands of a globalized world. The lack of knowledge of economics, market functioning and the mechanisms at their reach in order to ensure proper realization of their duties as lawyers/ attorneys-at-law would be tackled if Competition Law would be included as part of the curricula of Law Schools. Proper teaching of Competition Law would combine the foundations of Competition Law, doctrine, case solving and Case Law study. Students should to understand and apply the analytical model. Special emphasis should be given to EU Competition Law, namely the TFEU Articles 101 to 106. Damages Directive should also be part of the curriculum. Students must in the first place acquire and master the economic rationale as competition and the world of competition law are the cornerstone of sound and efficient market. The teaching of Competition Law in undergraduate programs in Law would contribute to fulfill the potential of the students who will deal with matters related to consumer protection, economic and commercial law issues both in private practice and as in-house lawyers for companies.Keywords: higher education, competition law, legal education, law, market economy, industrial economics
Procedia PDF Downloads 1427351 From Creativity to Innovation: Tracking Rejected Ideas
Authors: Lisete Barlach, Guilherme Ary Plonski
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Innovative ideas are not always synonymous with business opportunities. Any idea can be creative and not recognized as a potential project in which money and time will be invested, among other resources. Even in firms that promote and enhance innovation, there are two 'check-points', the first corresponding to the acknowledgment of the idea as creative and the second, its consideration as a business opportunity. Both the recognition of new business opportunities or new ideas involve cognitive and psychological frameworks which provide individuals with a basis for noticing connections between seemingly independent events or trends as if they were 'connecting the dots'. It also involves prototypes-representing the most typical member of a certain category–functioning as 'templates' for this recognition. There is a general assumption that these kinds of evaluation processes develop through experience, explaining why expertise plays a central role in this process: the more experienced a professional, the easier for him (her) to identify new opportunities in business. But, paradoxically, an increase in expertise can lead to the inflexibility of thought due to automation of procedures. And, besides this, other cognitive biases can also be present, because new ideas or business opportunities generally depend on heuristics, rather than on established algorithms. The paper presents a literature review about the Einstellung effect by tracking famous cases of rejected ideas, extracted from historical records. It also presents the results of empirical research, with data upon rejected ideas gathered from two different environments: projects rejected during first semester of 2017 at a large incubator center in Sao Paulo and ideas proposed by employees that were rejected by a well-known business company, at its Brazilian headquarter. There is an implicit assumption that Einstellung effect tends to be more and more present in contemporaneity, due to time pressure upon decision-making and idea generation process. The analysis discusses desirability, viability, and feasibility as elements that affect decision-making.Keywords: cognitive biases, Einstellung effect, recognition of business opportunities, rejected ideas
Procedia PDF Downloads 2047350 Legal and Contractual Framework for Private Experiments in Space
Authors: Linda Ana-Maria Ungureanu
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As space exploration opens to new actors, we are faced with the interesting question of regulating more complex structures that enable private experiments. From intellectual property implications to private and public law, there is a multitude of factors and legal structures that need to be taken into consideration when opening space, and these structures need to be harmonized with the International Space Treaties governing space exploration. In this sense, this article presents an overview of the legal and contractual framework applicable to private experiments conducted in space and/or in relation to off-world environments. Additionally, the article analyses the manner in which national space agencies regulate agreements concluded with private actors and research institutions. Finally, the article sets a series of de lege ferenda proposals for the regulation of general research and development rules and intellectual property matters that are connected to experiments and research conducted in space and/or concerning off-world environments.Keywords: private space, intellectual property, contracts, ESA guidelines, EU legislation, Intellectual property law, international IP treaties
Procedia PDF Downloads 1077349 Artificial Intelligence as a User of Copyrighted Work: Descriptive Study
Authors: Dominika Collett
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AI applications, such as machine learning, require access to a vast amount of data in the training phase, which can often be the subject of copyright protection. During later usage, the various content with which the application works can be recorded or made available on the basis of which it produces the resulting output. The EU has recently adopted new legislation to secure machine access to protected works under the DSM Directive; but, the issue of machine use of copyright works is not clearly addressed. However, such clarity is needed regarding the increasing importance of AI and its development. Therefore, this paper provides a basic background of the technology used in the development of applications in the field of computer creativity. The second part of the paper then will focus on a legal analysis of machine use of the authors' works from the perspective of existing European and Czech legislation. The main results of the paper discuss the potential collision of existing legislation in regards to machine use of works with special focus on exceptions and limitations. The legal regulation of machine use of copyright work will impact the development of AI technology.Keywords: copyright, artificial intelligence, legal use, infringement, Czech law, EU law, text and data mining
Procedia PDF Downloads 1237348 Analysis of Farm Management Skills in Broiler Poultry Producers in Botswana
Authors: Som Pal Baliyan
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The purpose of this quantitative study was to analyze farm management skills in broiler poultryproducers in Botswana. The study adopted a descriptive and correlation research design. The population of the study was the poultry farm operators who had been in broiler poultry farming at least for two years. Based on the information from literature, a questionnaire was constructed for data collection on seven areas of farm management skills namely; planning skills, accounting and financial management skills, production management skills, product procurement and marketing skills, decision making skills, risk management skills, and specific technical skills. The validity and reliability of the questionnaire were accomplished by a panel of experts and by calculating the Cronbach’s alpha coefficient, respectively. Data were collected through a survey of 60 randomly sampled poultry farm operators in Botswana. Data were analyzed through descriptive statistical tools whereby the level of farm management skills were determined by calculating means and standard deviations of the management skills among the broiler producers. The level of farm management skills in broilers producers was discussed. All the seven farm management skills were ranked based on their calculated means. The specific technical skills and risk management skills were the highest and the lowest ranked farm management skills, respectively.Findings revealed that the broiler producers had skills above the average level only in specific technical skills whereas the skill levels in the remaining six farm management skills under study were found below the average level. This prevailing low level of farm management skills can be justified asthe cause of failure or poor performance of the broiler poultry farms in Botswana. Therefore, in order to improve the efficiency and productivityin broiler production in the country, it was recommended that the broiler poultry producers should be adequately trained in areas of planning skills, financial management skills, production management skills, product procurement and marketing skills, decision making skills and risk management skills.Keywords: poultry production, broiler production, management skills, levels of skills
Procedia PDF Downloads 4007347 Parameters Influencing Human Machine Interaction in Hospitals
Authors: Hind Bouami
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Handling life-critical systems complexity requires to be equipped with appropriate technology and the right human agents’ functions such as knowledge, experience, and competence in problem’s prevention and solving. Human agents are involved in the management and control of human-machine system’s performance. Documenting human agent’s situation awareness is crucial to support human-machine designers’ decision-making. Knowledge about risks, critical parameters and factors that can impact and threaten automation system’s performance should be collected using preventive and retrospective approaches. This paper aims to document operators’ situation awareness through the analysis of automated organizations’ feedback. The analysis of automated hospital pharmacies feedbacks helps to identify and control critical parameters influencing human machine interaction in order to enhance system’s performance and security. Our human machine system evaluation approach has been deployed in Macon hospital center’s pharmacy which is equipped with automated drug dispensing systems since 2015. Automation’s specifications are related to technical aspects, human-machine interaction, and human aspects. The evaluation of drug delivery automation performance in Macon hospital center has shown that the performance of the automated activity depends on the performance of the automated solution chosen, and also on the control of systemic factors. In fact, 80.95% of automation specification related to the chosen Sinteco’s automated solution is met. The performance of the chosen automated solution is involved in 28.38% of automation specifications performance in Macon hospital center. The remaining systemic parameters involved in automation specifications performance need to be controlled.Keywords: life-critical systems, situation awareness, human-machine interaction, decision-making
Procedia PDF Downloads 1817346 The Position of Islamic Jurisprudence in UAE Private Law: Analytical Study
Authors: Iyad Jadalhaq, Mohammed El Hadi El Maknouzi
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The place of Islamic law in the legal system of the UAE is best understood by introducing a differentiation between its role as a formal source of law and its influence as a material source of law. What this differentiation helps clarify is that the corpus of Islamic law constitutes a much deeper influence on adjudication, law-making and the legal profession in the UAE, than it might appear at first sight, by considering its formal position in the division of labor between courts, or legislative lists of sources of law. This paper aims to examine the role of Shariah in the UAE private law system by determining the comprehensiveness of Sharia in the legal system as a whole, and not in a limited way related to it as a source of law according to Article 1 of the Civil Transactions Law. Turning to the role of the Shariah as a formal source of law, it is useful to start from Article 1 of the UAE Civil Code. This provision lays out the formal hierarchy of sources of UAE private law, these being legislation, Islamic law, and custom. Hence, when deciding a civil dispute, a judge should first refer to positive legislation in force in the UAE. Lacking the rule to cover the case before him/her, the judge ought then to refer directly to Islamic law. If the matter lacks regulation in Islamic law, only then may the judge appeal to custom. Accordingly, in connection to civil transactions, Shariah is presented here, formally, as the second source of law. Still, Shariah law addresses many other issues beyond civil transactions, including matters of morals, worship, and belief. However, in Article 1 of the UAE Civil Code, the reference to Islamic law ought to be understood as limited to the rules it lays out for civil transactions. There are four main sets of courts in the judicial systems of the UAE, whose competence is based on whether a dispute touches upon civil and commercial transactions, criminal offenses, personal statuses, or labor relations. This sectorial and multi-tiered organization of courts as a whole constitutes an institutional development compatible with the long-standing affirmation in the Shariah of the legitimacy of the judiciary. Indeed, Islamic law authorizes the governing authorities to organize the judiciary, including by allocating specific types of cases to particular kinds of judges depending on the value of the case, or by assigning judges to a specific place in which they are to exercise their jurisdictional function. In view of this, the contemporary organization of courts in the UAE can be regarded as an organic adaptation, aligned with Shariah rules on the assignment of jurisdictional authority, to the growing complexity of modern society. Therefore, we can conclude to the comprehensive role of Shariah in the entire legal system of the United Arab Emirates, including legislation, a judicial system, institutional, and administrative work.Keywords: Islamic jurisprudence, Shariah, UAE civil code, UAE private law
Procedia PDF Downloads 1197345 Legal Disputes of Disclosure and Transparency under Kuwaiti Capital Market Authority Law
Authors: Mohammad A. R. S. Almutairi
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This study will provide the introduction that constitutes the problem cornerstone of legal disputes of disclosure and transparency under Kuwaiti Capital market authority Law No. 7 of 2010. It also will discuss the reasons for the emergence of corporate governance and its purposes in the Capital Market Authority Law in Kuwait. In addition, it will show the legal disputes resulting from the unclear concept of disclosure and interest and will discuss the main reasons in support of the possible solution. In addition, this study will argue why the Capital Market Authority Law in Kuwait needs a clear concept and a straight structure of disclosure under section 100. This study will demonstrate why a clear disclosure is led to a better application of the law. This study will demonstrate the fairness in applying the law regarding the punishment against individual, companies and securities market. Furthermore, it will discuss added confidence between investors and the stock market with a clear concept under section 100. Finally, it will summarize arises problem and possible solution.Keywords: corporate governors, disclosure, transparency, fairness
Procedia PDF Downloads 1397344 Applying Quadrant Analysis in Identifying Business-to-Business Customer-Driven Improvement Opportunities in Third Party Logistics Industry
Authors: Luay Jum'a
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Many challenges are facing third-party logistics (3PL) providers in the domestic and global markets which create a volatile decision making environment. All these challenges such as managing changes in consumer behaviour, demanding expectations from customers and time compressions have turned into complex problems for 3PL providers. Since the movement towards increased outsourcing outpaces movement towards insourcing, the need to achieve a competitive advantage over competitors in 3PL market increases. This trend continues to grow over the years and as a result, areas of strengths and improvements are highlighted through the analysis of the LSQ factors that lead to B2B customers’ satisfaction which become a priority for 3PL companies. Consequently, 3PL companies are increasingly focusing on the most important issues from the perspective of their customers and relying more on this value of information in making their managerial decisions. Therefore, this study is concerned with providing guidance for improving logistics service quality (LSQ) levels in the context of 3PL industry in Jordan. The study focused on the most important factors in LSQ and used a managerial tool that guides 3PL companies in making LSQ improvements based on a quadrant analysis of two main dimensions: LSQ declared importance and LSQ inferred importance. Although, a considerable amount of research has been conducted to investigate the relationship between logistics service quality (LSQ) and customer satisfaction, there remains a lack of developing managerial tools to aid in the process of LSQ improvement decision-making. Moreover, the main advantage for the companies to use 3PL service providers as a trend is due to the realised percentage of cost reduction on the total cost of logistics operations and the incremental improvement in customer service. In this regard, having a managerial tool that help 3PL service providers in managing the LSQ factors portfolio effectively and efficiently would be a great investment for service providers. One way of suggesting LSQ improvement actions for 3PL service providers is via the adoption of analysis tools that perform attribute categorisation such as Importance–Performance matrix. In mind of the above, it can be stated that the use of quadrant analysis will provide a valuable opportunity for 3PL service providers to identify improvement opportunities as customer service attributes or factors importance are identified in two different techniques that complete each other. Moreover, the data were collected through conducting a survey and 293 questionnaires were returned from business-to-business (B2B) customers of 3PL companies in Jordan. The results showed that the LSQ factors vary in their importance and 3PL companies should focus on some LSQ factors more than other factors. Moreover, ordering procedures, timeliness/responsiveness LSQ factors considered being crucial in 3PL businesses and therefore they need to have more focus and development by 3PL service providers in the Jordanian market.Keywords: logistics service quality, managerial decisions, quadrant analysis, third party logistics service provider
Procedia PDF Downloads 1277343 Challenges of Implementing Participatory Irrigation Management for Food Security in Semi Arid Areas of Tanzania
Authors: Pilly Joseph Kagosi
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The study aims at assessing challenges observed during the implementation of participatory irrigation management (PIM) approach for food security in semi-arid areas of Tanzania. Data were collected through questionnaire, PRA tools, key informants discussion, Focus Group Discussion (FGD), participant observation, and literature review. Data collected from the questionnaire was analysed using SPSS while PRA data was analysed with the help of local communities during PRA exercise. Data from other methods were analysed using content analysis. The study revealed that PIM approach has a contribution in improved food security at household level due to the involvement of communities in water management activities and decision making which enhanced the availability of water for irrigation and increased crop production. However, there were challenges observed during the implementation of the approach including; minimum participation of beneficiaries in decision-making during planning and designing stages, meaning inadequate devolution of power among scheme owners. Inadequate and lack of transparency on income expenditure in Water Utilization Associations’ (WUAs), water conflict among WUAs members, conflict between farmers and livestock keepers and conflict between WUAs leaders and village government regarding training opportunities and status; WUAs rules and regulation are not legally recognized by the National court and few farmers involved in planting trees around water sources. However, it was realized that some of the mentioned challenges were rectified by farmers themselves facilitated by government officials. The study recommends that the identified challenges need to be rectified for farmers to realize impotence of PIM approach as it was realized by other Asian countries.Keywords: challenges, participatory approach, irrigation management, food security, semi arid areas
Procedia PDF Downloads 3247342 Exploring Behavioural Biases among Indian Investors: A Qualitative Inquiry
Authors: Satish Kumar, Nisha Goyal
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In the stock market, individual investors exhibit different kinds of behaviour. Traditional finance is built on the notion of 'homo economics', which states that humans always make perfectly rational choices to maximize their wealth and minimize risk. That is, traditional finance has concern for how investors should behave rather than how actual investors are behaving. Behavioural finance provides the explanation for this phenomenon. Although finance has been studied for thousands of years, behavioural finance is an emerging field that combines the behavioural or psychological aspects with conventional economic and financial theories to provide explanations on how emotions and cognitive factors influence investors’ behaviours. These emotions and cognitive factors are known as behavioural biases. Because of these biases, investors make irrational investment decisions. Besides, the emotional and cognitive factors, the social influence of media as well as friends, relatives and colleagues also affect investment decisions. Psychological factors influence individual investors’ investment decision making, but few studies have used qualitative methods to understand these factors. The aim of this study is to explore the behavioural factors or biases that affect individuals’ investment decision making. For the purpose of this exploratory study, an in-depth interview method was used because it provides much more exhaustive information and a relaxed atmosphere in which people feel more comfortable to provide information. Twenty investment advisors having a minimum 5 years’ experience in securities firms were interviewed. In this study, thematic content analysis was used to analyse interview transcripts. Thematic content analysis process involves analysis of transcripts, coding and identification of themes from data. Based on the analysis we categorized the statements of advisors into various themes. Past market returns and volatility; preference for safe returns; tendency to believe they are better than others; tendency to divide their money into different accounts/assets; tendency to hold on to loss-making assets; preference to invest in familiar securities; tendency to believe that past events were predictable; tendency to rely on the reference point; tendency to rely on other sources of information; tendency to have regret for making past decisions; tendency to have more sensitivity towards losses than gains; tendency to rely on own skills; tendency to buy rising stocks with the expectation that this rise will continue etc. are some of the major concerns showed by experts about investors. The findings of the study revealed 13 biases such as overconfidence bias, disposition effect, familiarity bias, framing effect, anchoring bias, availability bias, self-attribution bias, representativeness, mental accounting, hindsight bias, regret aversion, loss aversion and herding bias/media biases present in Indian investors. These biases have a negative connotation because they produce a distortion in the calculation of an outcome. These biases are classified under three categories such as cognitive errors, emotional biases and social interaction. The findings of this study may assist both financial service providers and researchers to understand the various psychological biases of individual investors in investment decision making. Additionally, individual investors will also be aware of the behavioural biases that will aid them to make sensible and efficient investment decisions.Keywords: financial advisors, individual investors, investment decisions, psychological biases, qualitative thematic content analysis
Procedia PDF Downloads 1697341 The Role and Function of National Land Authority as Mediator in Land Dispute Settlements in Indonesia
Authors: Nia Kurniati, Efa Laela Fakhriah
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The regulation in Indonesia provides space for the land dispute to be settled outside the court by the government through National Land. In this case, the bureaucrat of Badan Pertanahan Nasional (BPN) acts as mediator to reach a fair agreement between the disputing parties. Land dispute is from a party who denies the ownership of the other party of a land and denies legal-technical facts written on land certificate published by BPN. Appointing the bureaucrat of BPN as mediator in dispute settlements may possibly create conflict of interest since the object. It has become a concern since bureaucrat of BPN acts as mediator, he will be bias and partial in assisting the dispute settlement, thus the spirit and purposes of mediation will be hampered. This issue triggers to be thoroughly examined further in a relation with the role and function of BPN as land dispute mediator. The methodology used in this research is a normative-legal one with qualitative-legal analytical method. The object of this research is in the form of random sampling of land dispute cases being occurred in some areas. Several principles in mediation have to be made as the base of the consideration to appoint bureaucrat of BPN as mediator since the mediator is an impartial third party, working with both disputing parties and assisting them to reach a fair resolution written in agreement as a foundation of land dispute settlement. The existence of BPN as mediator in land dispute settlement encounters conflict of interest which uphold legal uncertainty to act objectively.Keywords: Indonesia, land dispute, mediator, national land authority
Procedia PDF Downloads 3107340 Slavery Transcending Borders: An Analysis of Human Trafficking in Europe and the EU’s Impact on the Issue
Authors: Santiago Martínez Hernández
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The establishment of the European Union signified the culmination of the supra-national power addressing economic, political, legal and humanitarian matters within and above a national territory. Human rights have taken a protagonist role as one of the pressing concerns that the EU addresses, and one of the most critical problems is that of human trafficking. This multi-billion dollar criminal business represents $31.6 per year made out of 2.5 million trafficked persons worldwide, making it one of the most crucial human rights problems in the world to address. The EU has developed strategies to tackle this issue through supra-national governance, however, how have they fared? What is the impact of its development on the issue? This paper will address the direct and indirect impact of the formation of the European Union as a supranational political and economic entity on the illicit industry of human trafficking in Europe. It attempts to analyse first, the situation of human trafficking in Europe, as an attempt to understand its importance in the region, addressing its root causes and the role of the states addressed. Second, the paper will examine the impact of the EU on human breaking down its policy-making at a supranational level, the role of the economic integration of the region, and the change of migration patterns since its inception.Keywords: human trafficking, human rights, European union, criminal business
Procedia PDF Downloads 3597339 Need for Policy and Legal Framework for Caste Based Atrocities as Violation of International Human Rights in View of Indian Diaspora
Authors: Vijayalaxmi Khopade
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The Prima facie caste system is intrinsic to Indian society. It is an ancient system of intense social stratification based upon birth and enjoying religious sanction. The uppermost strata and privileges are ascribed and enjoyed by brahmins (priestly class), while the lowest strata are occupied by Dalits who are not ascribed with any privileges. The caste system is inherently hierarchical, patriarchal, and systematic and thrives solely on exploitation justified through means of the Brahminical system of hegemony based singularly on birth. The caste system has extended its tentacles to other religions like Christianity, Buddhism, Jainism, and Islam in South Asia. Term Dalit is colloquially used to categorize persons belonging to lower strata in the caste hierarchy. However, this category is heterogenous and highly stratified, following practices like untouchability and exclusion amongst themselves. The modern Indian legal system acknowledges the existence of Caste and its perils. Therefore, by virtue of the Indian Constitution, provisions for affirmative action for the protection and development of Dalits are made. Courts in India have liberally interpreted laws to benefit Dalits. However, the modern system of governance is not immune from Caste based biases. These biases are reflected in the implementation of governance, including the dispensation of justice. The economic reforms of the 1990s gave a huge boost to the Indian diaspora. Persons of Indian origin are now seen making great strides in almost every sector and enjoying positions of power globally. As one peels off the layer of ethnic Indian origin, a deep seated layer of Caste and Caste based patriarchy is clearly visible. Indian diaspora enjoying positions of power essentially belongs to upper castes and carry Caste based biases with them. These castes have long enjoyed the benefits of education; therefore, they were the first ones to benefit from LPG (Liberalization, Privatization, Globalization) model adopted in the 1990s. Dalits, however, had little formal education until recently. The western legal system, to the best of our knowledge, does not recognize Caste and, therefore, cannot afford protection for Dalits, wherein discrimination and exploitation take place solely on the basis of Caste. Therefore, Dalits are left with no legal remedy outside domestic jurisdiction. Countries like the UK have made an attempt to include Caste in their Equality Bill 2010. This has met with tough resistance from Upper caste Hindus who shy away from recognizing their caste privileges and, therefore, the existence of Caste. In this paper, an attempt for comparative analysis is made between various legal protections accorded to Dalits in India vis-à-vis international human rights as protected by the United Nations under its declaration of Universal Human rights. An attempt has been made to mark a distinction between race and Caste and to establish a position of women in Caste based hierarchy. The paper also makes an argument for the inclusion of atrocities committed against Dalits as a violation of international human rights, their protection by the United Nations, and the trial of their violations by International Courts. The paper puts into perspective the need for an external agency like the United Nations and International courts to interfere in rights guaranteed by the Indian Constitution, even with the existence of a modern legal system in a sovereign democratic country.Keywords: atrocity, caste, diaspora, legal framework
Procedia PDF Downloads 2157338 Urban Growth and Its Impact on Natural Environment: A Geospatial Analysis of North Part of the UAE
Authors: Mohamed Bualhamam
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Due to the complex nature of tourism resources of the Northern part of the United Arab Emirates (UAE), the potential of Geographical Information Systems (GIS) and Remote Sensing (RS) in resolving these issues was used. The study was an attempt to use existing GIS data layers to identify sensitive natural environment and archaeological heritage resources that may be threatened by increased urban growth and give some specific recommendations to protect the area. By identifying sensitive natural environment and archaeological heritage resources, public agencies and citizens are in a better position to successfully protect important natural lands and direct growth away from environmentally sensitive areas. The paper concludes that applications of GIS and RS in study of urban growth impact in tourism resources are a strong and effective tool that can aid in tourism planning and decision-making. The study area is one of the fastest growing regions in the country. The increase in population along the region, as well as rapid growth of towns, has increased the threat to natural resources and archeological sites. Satellite remote sensing data have been proven useful in assessing the natural resources and in monitoring the changes. The study used GIS and RS to identify sensitive natural environment and archaeological heritage resources that may be threatened by increased urban growth. The result of GIS analyses shows that the Northern part of the UAE has variety for tourism resources, which can use for future tourism development. Rapid urban development in the form of small towns and different economic activities are showing in different places in the study area. The urban development extended out of old towns and have negative affected of sensitive tourism resources in some areas. Tourism resources for the Northern part of the UAE is a highly complex resources, and thus requires tools that aid in effective decision making to come to terms with the competing economic, social, and environmental demands of sustainable development. The UAE government should prepare a tourism databases and a GIS system, so that planners can be accessed for archaeological heritage information as part of development planning processes. Applications of GIS in urban planning, tourism and recreation planning illustrate that GIS is a strong and effective tool that can aid in tourism planning and decision- making. The power of GIS lies not only in the ability to visualize spatial relationships, but also beyond the space to a holistic view of the world with its many interconnected components and complex relationships. The worst of the damage could have been avoided by recognizing suitable limits and adhering to some simple environmental guidelines and standards will successfully develop tourism in sustainable manner. By identifying sensitive natural environment and archaeological heritage resources of the Northern part of the UAE, public agencies and private citizens are in a better position to successfully protect important natural lands and direct growth away from environmentally sensitive areas.Keywords: GIS, natural environment, UAE, urban growth
Procedia PDF Downloads 2617337 A Game of Information in Defense/Attack Strategies: Case of Poisson Attacks
Authors: Asma Ben Yaghlane, Mohamed Naceur Azaiez
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In this paper, we briefly introduce the concept of Poisson attacks in the case of defense/attack strategies where attacks are assumed to be continuous. We suggest a game model in which the attacker will combine both criteria of a sufficient confidence level of a successful attack and a reasonably small size of the estimation error in order to launch an attack. Here, estimation error arises from assessing the system failure upon attack using aggregate data at the system level. The corresponding error is referred to as aggregation error. On the other hand, the defender will attempt to deter attack by making one or both criteria inapplicable. The defender will build his/her strategy by both strengthening the targeted system and increasing the size of error. We will formulate the defender problem based on appropriate optimization models. The attacker will opt for a Bayesian updating in assessing the impact on the improvement made by the defender. Then, the attacker will evaluate the feasibility of the attack before making the decision of whether or not to launch it. We will provide illustrations to better explain the process.Keywords: attacker, defender, game theory, information
Procedia PDF Downloads 4687336 District Selection for Geotechnical Settlement Suitability Using GIS and Multi Criteria Decision Analysis: A Case Study in Denizli, Turkey
Authors: Erdal Akyol, Mutlu Alkan
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Multi criteria decision analysis (MDCA) covers both data and experience. It is very common to solve the problems with many parameters and uncertainties. GIS supported solutions improve and speed up the decision process. Weighted grading as a MDCA method is employed for solving the geotechnical problems. In this study, geotechnical parameters namely soil type; SPT (N) blow number, shear wave velocity (Vs) and depth of underground water level (DUWL) have been engaged in MDCA and GIS. In terms of geotechnical aspects, the settlement suitability of the municipal area was analyzed by the method. MDCA results were compatible with the geotechnical observations and experience. The method can be employed in geotechnical oriented microzoning studies if the criteria are well evaluated.Keywords: GIS, spatial analysis, multi criteria decision analysis, geotechnics
Procedia PDF Downloads 4597335 Legal Warranty in Real Estate Registry in Albania
Authors: Elona Saliaj
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The registration of real estate in Albania after the 90's has been a long process in time and with high cost for the country. Passing the registration system from a centralized system to a free market private system, it’s accompanied by legal uncertainties that have led to economic instability. The reforms that have been undertaken in terms of property rights have been numerous and continuous throughout the years. But despite the reforms, the system of registration of real estate, has failed to be standards requirements established by the European Union. The completion of initial registration of real estate, legal treatment of previous owners or legalization of illegal constructions remain among the main problems that prevent the development of the country in its economic sector. The performance of the registration of real estate system and dealing with issues that have appeared in the Court of First Instance, the civil section of the Albanian constitute the core of handling this analysis. This paper presents a detailed analysis on the registration system that is chosen to be applied in our country for real estate. In its content it is also determined the institution that administrates these properties, the management technique and the law that determinate its functionality. The strategy is determined for creating a modern and functional registration system and for the country remains a challenge to achieve. Identifying practical problems and providing their solutions are also the focus of reference in order to improve and modernize this important system to a state law that aims to become a member of the European Union.Keywords: real estates registration system, comparative aspects, cadastral area, property certificate, legal reform
Procedia PDF Downloads 4917334 Application of a Model-Free Artificial Neural Networks Approach for Structural Health Monitoring of the Old Lidingö Bridge
Authors: Ana Neves, John Leander, Ignacio Gonzalez, Raid Karoumi
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Systematic monitoring and inspection are needed to assess the present state of a structure and predict its future condition. If an irregularity is noticed, repair actions may take place and the adequate intervention will most probably reduce the future costs with maintenance, minimize downtime and increase safety by avoiding the failure of the structure as a whole or of one of its structural parts. For this to be possible decisions must be made at the right time, which implies using systems that can detect abnormalities in their early stage. In this sense, Structural Health Monitoring (SHM) is seen as an effective tool for improving the safety and reliability of infrastructures. This paper explores the decision-making problem in SHM regarding the maintenance of civil engineering structures. The aim is to assess the present condition of a bridge based exclusively on measurements using the suggested method in this paper, such that action is taken coherently with the information made available by the monitoring system. Artificial Neural Networks are trained and their ability to predict structural behavior is evaluated in the light of a case study where acceleration measurements are acquired from a bridge located in Stockholm, Sweden. This relatively old bridge is presently still in operation despite experiencing obvious problems already reported in previous inspections. The prediction errors provide a measure of the accuracy of the algorithm and are subjected to further investigation, which comprises concepts like clustering analysis and statistical hypothesis testing. These enable to interpret the obtained prediction errors, draw conclusions about the state of the structure and thus support decision making regarding its maintenance.Keywords: artificial neural networks, clustering analysis, model-free damage detection, statistical hypothesis testing, structural health monitoring
Procedia PDF Downloads 2087333 The Analysis of Emergency Shutdown Valves Torque Data in Terms of Its Use as a Health Indicator for System Prognostics
Authors: Ewa M. Laskowska, Jorn Vatn
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Industry 4.0 focuses on digital optimization of industrial processes. The idea is to use extracted data in order to build a decision support model enabling use of those data for real time decision making. In terms of predictive maintenance, the desired decision support tool would be a model enabling prognostics of system's health based on the current condition of considered equipment. Within area of system prognostics and health management, a commonly used health indicator is Remaining Useful Lifetime (RUL) of a system. Because the RUL is a random variable, it has to be estimated based on available health indicators. Health indicators can be of different types and come from different sources. They can be process variables, equipment performance variables, data related to number of experienced failures, etc. The aim of this study is the analysis of performance variables of emergency shutdown valves (ESV) used in oil and gas industry. ESV is inspected periodically, and at each inspection torque and time of valve operation are registered. The data will be analyzed by means of machine learning or statistical analysis. The purpose is to investigate whether the available data could be used as a health indicator for a prognostic purpose. The second objective is to examine what is the most efficient way to incorporate the data into predictive model. The idea is to check whether the data can be applied in form of explanatory variables in Markov process or whether other stochastic processes would be a more convenient to build an RUL model based on the information coming from registered data.Keywords: emergency shutdown valves, health indicator, prognostics, remaining useful lifetime, RUL
Procedia PDF Downloads 917332 The Missing Link in Holistic Health Care: Value-Based Medicine in Entrustable Professional Activities for Doctor-Patient Relationship
Authors: Ling-Lang Huang
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Background: The holistic health care should ideally cover physical, mental, spiritual, and social aspects of a patient. With very constrained time in current clinical practice system, medical decisions often tip the balance in favor of evidence-based medicine (EBM) in comparison to patient's personal values. Even in the era of competence-based medical education (CBME), when scrutinizing the items of entrustable professional activities (EPAs), we found that EPAs of establishing doctor-patient relationship remained incomplete or even missing. This phenomenon prompted us to raise this project aiming at advocating value-based medicine (VBM), which emphasizes the importance of patient’s values in medical decisions. A true and effective doctor-patient communication and relationship should be a well-balanced harmony of EBM and VBM. By constructing VBM into current EPAs, we can further promote genuine shared decision making (SDM) and fix the missing link in holistic health care. Methods: In this project, we are going to find out EPA elements crucial for establishing an ideal doctor-patient relationship through three distinct pairs of doctor-patient relationships: patients with pulmonary arterial hypertension (relatively young but with grave disease), patients undergoing surgery (facing critical medical decisions), and patients with terminal diseases (facing forthcoming death). We’ll search for important EPA elements through the following steps: 1. Narrative approach to delineate patients’ values among 2. distinct groups. 3.Hermeneutics-based interview: semi-structured interview will be conducted for both patients and physicians, followed by qualitative analysis of collected information by compiling, disassembling, reassembling, interpreting, and concluding. 4. Preliminarily construct those VBM elements into EPAs for doctor-patient relationships in 3 groups. Expected Outcomes: The results of this project are going to give us invaluable information regarding the impact of patients’ values, while facing different medical situations, on the final medical decision. The competence of well-blending and -balanced both values from patients and evidence from clinical sciences is the missing link in holistic health care and should be established in future EPAs to enhance an effective SDM.Keywords: value-based medicine, shared decision making, entrustable professional activities, holistic health care
Procedia PDF Downloads 1217331 A Comparative Analysis of Legal Novelties on Telework in Portugal and Spain: A Gender Perspective
Authors: Ekaterina Reznikova
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The paper provides an overview of the comparative analysis of legal novelties on telework in Portugal and Spain from a gender perspective. Telework, defined as the practice of working remotely using information and communication technologies, has gained increased attention in recent years, particularly in the context of the COVID-19 pandemic. As countries implement legal frameworks to regulate telework, it is essential to assess their gender implications and their impact on promoting gender equality in the workplace. In Portugal, legal novelties on telework have been introduced through various legislative measures, including the Telework Regulation Act (Lei do Teletrabalho) enacted in 2018. This legislation aims to provide a framework for telework arrangements, outlining rights and obligations for both employers and employees. However, the gender perspective in Portugal's telework regulations remains somewhat limited, with few explicit provisions addressing gender disparities in telework participation or the unequal distribution of caregiving responsibilities. In contrast, Spain has taken a more proactive approach to addressing gender equality in telework through its legal novelties. The Spanish government passed the Royal Decree-Law 28/2020, which introduced significant reforms to telework regulations in response to the COVID-19 pandemic. This legislation includes provisions aimed at promoting gender equality in telework, such as measures to ensure work-life balance and prevent discrimination based on gender in telework arrangements. Additionally, Spain has implemented initiatives to encourage "joint responsibility" at home, emphasizing the importance of shared caregiving duties between men and women. By comparing the legal novelties on telework in Portugal and Spain from a gender perspective, this study aims to identify best practices and areas for improvement in promoting gender equality in telework arrangements. Through a comprehensive analysis of the legal frameworks, this study will assess the extent to which Portugal and Spain's telework regulations address gender disparities and support the advancement of women in the workforce. The findings of this comparative analysis will have significant implications for policymakers, employers, and other stakeholders involved in shaping telework policies. By identifying effective strategies for promoting gender equality in telework, this study seeks to contribute to the development of inclusive and sustainable work environments that benefit all employees, regardless of gender.Keywords: telework, labour law, digitalization, gender
Procedia PDF Downloads 597330 AI-Driven Solutions for Optimizing Master Data Management
Authors: Srinivas Vangari
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In the era of big data, ensuring the accuracy, consistency, and reliability of critical data assets is crucial for data-driven enterprises. Master Data Management (MDM) plays a crucial role in this endeavor. This paper investigates the role of Artificial Intelligence (AI) in enhancing MDM, focusing on how AI-driven solutions can automate and optimize various stages of the master data lifecycle. By integrating AI (Quantitative and Qualitative Analysis) into processes such as data creation, maintenance, enrichment, and usage, organizations can achieve significant improvements in data quality and operational efficiency. Quantitative analysis is employed to measure the impact of AI on key metrics, including data accuracy, processing speed, and error reduction. For instance, our study demonstrates an 18% improvement in data accuracy and a 75% reduction in duplicate records across multiple systems post-AI implementation. Furthermore, AI’s predictive maintenance capabilities reduced data obsolescence by 22%, as indicated by statistical analyses of data usage patterns over a 12-month period. Complementing this, a qualitative analysis delves into the specific AI-driven strategies that enhance MDM practices, such as automating data entry and validation, which resulted in a 28% decrease in manual errors. Insights from case studies highlight how AI-driven data cleansing processes reduced inconsistencies by 25% and how AI-powered enrichment strategies improved data relevance by 24%, thus boosting decision-making accuracy. The findings demonstrate that AI significantly enhances data quality and integrity, leading to improved enterprise performance through cost reduction, increased compliance, and more accurate, real-time decision-making. These insights underscore the value of AI as a critical tool in modern data management strategies, offering a competitive edge to organizations that leverage its capabilities.Keywords: artificial intelligence, master data management, data governance, data quality
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