Search results for: optimal monetary policy
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 6748

Search results for: optimal monetary policy

4858 Understanding Talent Management In French Small And Medium-Sized Enterprises: Towards Multi-Level Modeling

Authors: Abid Kousay

Abstract:

Appeared and developed essentially in large companies and multinationals, Talent Management (TM) in Small and Medium-Sized Enterprises (SMEs) has remained an under-explored subject till today. Although the literature on TM in the Anglo-Saxon context is developing, it remains monopolized in non-European contexts, especially in France. Therefore, this article aims to address these shortcomings through contributing to TM issues by adopting a multilevel approach holding the goal of reaching a global holistic vision of interactions between various levels while applying TM. A qualitative research study carried out within 12 SMEs in France, built on the methodological perspective of grounded theory, will be used in order to go beyond description, to generate or discover a theory or even a unified theoretical explanation. Our theoretical contributions are the results of the grounded theory, the fruit of context considerations and the dynamic of the multilevel approach. We aim firstly to determine the perception of talent and TM in SMEs. Secondly, we formalize TM in SME through the empowerment of all 3 levels in the organization (individual, collective, and organizational). And we generate a multilevel dynamic system model, highlighting the institutionalization dimension in SMEs and the managerial conviction characterized by the domination of the leader’s role. Thirdly, this first study sheds light on the importance of rigorous implementation of TM in SMEs in France by directing CEO and HR and TM managers to focus on elements that upstream TM implementation and influence the system internally. Indeed, our systematic multilevel approach policy reminds them of the importance of strategic alignment while translating TM policy into strategies and practices in SMEs.

Keywords: French context, multilevel approach, talent management, , TM system

Procedia PDF Downloads 201
4857 Global Healthcare Village Based on Mobile Cloud Computing

Authors: Laleh Boroumand, Muhammad Shiraz, Abdullah Gani, Rashid Hafeez Khokhar

Abstract:

Cloud computing being the use of hardware and software that are delivered as a service over a network has its application in the area of health care. Due to the emergency cases reported in most of the medical centers, prompt for an efficient scheme to make health data available with less response time. To this end, we propose a mobile global healthcare village (MGHV) model that combines the components of three deployment model which include country, continent and global health cloud to help in solving the problem mentioned above. In the creation of continent model, two (2) data centers are created of which one is local and the other is global. The local replay the request of residence within the continent, whereas the global replay the requirements of others. With the methods adopted, there is an assurance of the availability of relevant medical data to patients, specialists, and emergency staffs regardless of locations and time. From our intensive experiment using the simulation approach, it was observed that, broker policy scheme with respect to optimized response time, yields a very good performance in terms of reduction in response time. Though, our results are comparable to others when there is an increase in the number of virtual machines (80-640 virtual machines). The proportionality in increase of response time is within 9%. The results gotten from our simulation experiments shows that utilizing MGHV leads to the reduction of health care expenditures and helps in solving the problems of unqualified medical staffs faced by both developed and developing countries.

Keywords: cloud computing (MCC), e-healthcare, availability, response time, service broker policy

Procedia PDF Downloads 362
4856 Agent-Based Modeling to Simulate the Dynamics of Health Insurance Markets

Authors: Haripriya Chakraborty

Abstract:

The healthcare system in the United States is considered to be one of the most inefficient and expensive systems when compared to other developed countries. Consequently, there are persistent concerns regarding the overall functioning of this system. For instance, the large number of uninsured individuals and high premiums are pressing issues that are shown to have a negative effect on health outcomes with possible life-threatening consequences. The Affordable Care Act (ACA), which was signed into law in 2010, was aimed at improving some of these inefficiencies. This paper aims at providing a computational mechanism to examine some of these inefficiencies and the effects that policy proposals may have on reducing these inefficiencies. Agent-based modeling is an invaluable tool that provides a flexible framework to model complex systems. It can provide an important perspective into the nature of some interactions that occur and how the benefits of these interactions are allocated. In this paper, we propose a novel and versatile agent-based model with realistic assumptions to simulate the dynamics of a health insurance marketplace that contains a mixture of private and public insurers and individuals. We use this model to analyze the characteristics, motivations, payoffs, and strategies of these agents. In addition, we examine the effects of certain policies, including some of the provisions of the ACA, aimed at reducing the uninsured rate and the cost of premiums to move closer to a system that is more equitable and improves health outcomes for the general population. Our test results confirm the usefulness of our agent-based model in studying this complicated issue and suggest some implications for public policies aimed at healthcare reform.

Keywords: agent-based modeling, healthcare reform, insurance markets, public policy

Procedia PDF Downloads 122
4855 Real Estate Trend Prediction with Artificial Intelligence Techniques

Authors: Sophia Liang Zhou

Abstract:

For investors, businesses, consumers, and governments, an accurate assessment of future housing prices is crucial to critical decisions in resource allocation, policy formation, and investment strategies. Previous studies are contradictory about macroeconomic determinants of housing price and largely focused on one or two areas using point prediction. This study aims to develop data-driven models to accurately predict future housing market trends in different markets. This work studied five different metropolitan areas representing different market trends and compared three-time lagging situations: no lag, 6-month lag, and 12-month lag. Linear regression (LR), random forest (RF), and artificial neural network (ANN) were employed to model the real estate price using datasets with S&P/Case-Shiller home price index and 12 demographic and macroeconomic features, such as gross domestic product (GDP), resident population, personal income, etc. in five metropolitan areas: Boston, Dallas, New York, Chicago, and San Francisco. The data from March 2005 to December 2018 were collected from the Federal Reserve Bank, FBI, and Freddie Mac. In the original data, some factors are monthly, some quarterly, and some yearly. Thus, two methods to compensate missing values, backfill or interpolation, were compared. The models were evaluated by accuracy, mean absolute error, and root mean square error. The LR and ANN models outperformed the RF model due to RF’s inherent limitations. Both ANN and LR methods generated predictive models with high accuracy ( > 95%). It was found that personal income, GDP, population, and measures of debt consistently appeared as the most important factors. It also showed that technique to compensate missing values in the dataset and implementation of time lag can have a significant influence on the model performance and require further investigation. The best performing models varied for each area, but the backfilled 12-month lag LR models and the interpolated no lag ANN models showed the best stable performance overall, with accuracies > 95% for each city. This study reveals the influence of input variables in different markets. It also provides evidence to support future studies to identify the optimal time lag and data imputing methods for establishing accurate predictive models.

Keywords: linear regression, random forest, artificial neural network, real estate price prediction

Procedia PDF Downloads 87
4854 Chronolgy and Developments in Inventory Control Best Practices for FMCG Sector

Authors: Roopa Singh, Anurag Singh, Ajay

Abstract:

Agriculture contributes a major share in the national economy of India. A major portion of Indian economy (about 70%) depends upon agriculture as it forms the main source of income. About 43% of India’s geographical area is used for agricultural activity which involves 65-75% of total population of India. The given work deals with the Fast moving Consumer Goods (FMCG) industries and their inventories which use agricultural produce as their raw material or input for their final product. Since the beginning of inventory practices, many developments took place which can be categorised into three phases, based on the review of various works. The first phase is related with development and utilization of Economic Order Quantity (EOQ) model and methods for optimizing costs and profits. Second phase deals with inventory optimization method, with the purpose of balancing capital investment constraints and service level goals. The third and recent phase has merged inventory control with electrical control theory. Maintenance of inventory is considered negative, as a large amount of capital is blocked especially in mechanical and electrical industries. But the case is different in food processing and agro-based industries and their inventories due to cyclic variation in the cost of raw materials of such industries which is the reason for selection of these industries in the mentioned work. The application of electrical control theory in inventory control makes the decision-making highly instantaneous for FMCG industries without loss in their proposed profits, which happened earlier during first and second phases, mainly due to late implementation of decision. The work also replaces various inventories and work-in-progress (WIP) related errors with their monetary values, so that the decision-making is fully target-oriented.

Keywords: control theory, inventory control, manufacturing sector, EOQ, feedback, FMCG sector

Procedia PDF Downloads 341
4853 Memory Based Reinforcement Learning with Transformers for Long Horizon Timescales and Continuous Action Spaces

Authors: Shweta Singh, Sudaman Katti

Abstract:

The most well-known sequence models make use of complex recurrent neural networks in an encoder-decoder configuration. The model used in this research makes use of a transformer, which is based purely on a self-attention mechanism, without relying on recurrence at all. More specifically, encoders and decoders which make use of self-attention and operate based on a memory, are used. In this research work, results for various 3D visual and non-visual reinforcement learning tasks designed in Unity software were obtained. Convolutional neural networks, more specifically, nature CNN architecture, are used for input processing in visual tasks, and comparison with standard long short-term memory (LSTM) architecture is performed for both visual tasks based on CNNs and non-visual tasks based on coordinate inputs. This research work combines the transformer architecture with the proximal policy optimization technique used popularly in reinforcement learning for stability and better policy updates while training, especially for continuous action spaces, which are used in this research work. Certain tasks in this paper are long horizon tasks that carry on for a longer duration and require extensive use of memory-based functionalities like storage of experiences and choosing appropriate actions based on recall. The transformer, which makes use of memory and self-attention mechanism in an encoder-decoder configuration proved to have better performance when compared to LSTM in terms of exploration and rewards achieved. Such memory based architectures can be used extensively in the field of cognitive robotics and reinforcement learning.

Keywords: convolutional neural networks, reinforcement learning, self-attention, transformers, unity

Procedia PDF Downloads 106
4852 Towards a Multilevel System of Talent Management in Small And Medium-Sized Enterprises: French Context Exploration

Authors: Abid Kousay

Abstract:

Appeared and developed essentially in large companies and multinationals, Talent Management (TM) in Small and Medium-Sized Enterprises (SMEs) has remained an under-explored subject till today. Although the literature on TM in the Anglo-Saxon context is developing, it remains monopolized in non-European contexts, especially in France. Therefore, this article aims to address these shortcomings through contributing to TM issues, by adopting a multilevel approach holding the goal of reaching a global holistic vision of interactions between various levels, while applying TM. A qualitative research study carried out within 12 SMEs in France, built on the methodological perspective of grounded theory, will be used in order to go beyond description, to generate or discover a theory or even a unified theoretical explanation. Our theoretical contributions are the results of the grounded theory, the fruit of context considerations and the dynamic of the multilevel approach. We aim firstly to determine the perception of talent and TM in SMEs. Secondly, we formalize TM in SME through the empowerment of all 3 levels in the organization (individual, collective, and organizational). And we generate a multilevel dynamic system model, highlighting the institutionalization dimension in SMEs and the managerial conviction characterized by the domination of the leader's role. Thirdly, this first study shed the light on the importance of rigorous implementation of TM in SMEs in France by directing CEO and HR and TM managers to focus on elements that upstream TM implementation and influence the system internally. Indeed, our systematic multilevel approach policy reminds them of the importance of the strategic alignment while translating TM policy into strategies and practices in SMEs.

Keywords: French context, institutionalization, talent, multilevel approach, talent management system

Procedia PDF Downloads 184
4851 Optimal Control of Generators and Series Compensators within Multi-Space-Time Frame

Authors: Qian Chen, Lin Xu, Ping Ju, Zhuoran Li, Yiping Yu, Yuqing Jin

Abstract:

The operation of power grid is becoming more and more complex and difficult due to its rapid development towards high voltage, long distance, and large capacity. For instance, many large-scale wind farms have connected to power grid, where their fluctuation and randomness is very likely to affect the stability and safety of the grid. Fortunately, many new-type equipments based on power electronics have been applied to power grid, such as UPFC (Unified Power Flow Controller), TCSC (Thyristor Controlled Series Compensation), STATCOM (Static Synchronous Compensator) and so on, which can help to deal with the problem above. Compared with traditional equipment such as generator, new-type controllable devices, represented by the FACTS (Flexible AC Transmission System), have more accurate control ability and respond faster. But they are too expensive to use widely. Therefore, on the basis of the comparison and analysis of the controlling characteristics between traditional control equipment and new-type controllable equipment in both time and space scale, a coordinated optimizing control method within mutil-time-space frame is proposed in this paper to bring both kinds of advantages into play, which can better both control ability and economical efficiency. Firstly, the coordination of different space sizes of grid is studied focused on the fluctuation caused by large-scale wind farms connected to power grid. With generator, FSC (Fixed Series Compensation) and TCSC, the coordination method on two-layer regional power grid vs. its sub grid is studied in detail. The coordination control model is built, the corresponding scheme is promoted, and the conclusion is verified by simulation. By analysis, interface power flow can be controlled by generator and the specific line power flow between two-layer regions can be adjusted by FSC and TCSC. The smaller the interface power flow adjusted by generator, the bigger the control margin of TCSC, instead, the total consumption of generator is much higher. Secondly, the coordination of different time sizes is studied to further the amount of the total consumption of generator and the control margin of TCSC, where the minimum control cost can be acquired. The coordination method on two-layer ultra short-term correction vs. AGC (Automatic Generation Control) is studied with generator, FSC and TCSC. The optimal control model is founded, genetic algorithm is selected to solve the problem, and the conclusion is verified by simulation. Finally, the aforementioned method within multi-time-space scale is analyzed with practical cases, and simulated on PSASP (Power System Analysis Software Package) platform. The correctness and effectiveness are verified by the simulation result. Moreover, this coordinated optimizing control method can contribute to the decrease of control cost and will provide reference to the following studies in this field.

Keywords: FACTS, multi-space-time frame, optimal control, TCSC

Procedia PDF Downloads 253
4850 Enhancing the Performance of Automatic Logistic Centers by Optimizing the Assignment of Material Flows to Workstations and Flow Racks

Authors: Sharon Hovav, Ilya Levner, Oren Nahum, Istvan Szabo

Abstract:

In modern large-scale logistic centers (e.g., big automated warehouses), complex logistic operations performed by human staff (pickers) need to be coordinated with the operations of automated facilities (robots, conveyors, cranes, lifts, flow racks, etc.). The efficiency of advanced logistic centers strongly depends on optimizing picking technologies in synch with the facility/product layout, as well as on optimal distribution of material flows (products) in the system. The challenge is to develop a mathematical operations research (OR) tool that will optimize system cost-effectiveness. In this work, we propose a model that describes an automatic logistic center consisting of a set of workstations located at several galleries (floors), with each station containing a known number of flow racks. The requirements of each product and the working capacity of stations served by a given set of workers (pickers) are assumed as predetermined. The goal of the model is to maximize system efficiency. The proposed model includes two echelons. The first is the setting of the (optimal) number of workstations needed to create the total processing/logistic system, subject to picker capacities. The second echelon deals with the assignment of the products to the workstations and flow racks, aimed to achieve maximal throughputs of picked products over the entire system given picker capacities and budget constraints. The solutions to the problems at the two echelons interact to balance the overall load in the flow racks and maximize overall efficiency. We have developed an operations research model within each echelon. In the first echelon, the problem of calculating the optimal number of workstations is formulated as a non-standard bin-packing problem with capacity constraints for each bin. The problem arising in the second echelon is presented as a constrained product-workstation-flow rack assignment problem with non-standard mini-max criteria in which the workload maximum is calculated across all workstations in the center and the exterior minimum is calculated across all possible product-workstation-flow rack assignments. The OR problems arising in each echelon are proved to be NP-hard. Consequently, we find and develop heuristic and approximation solution algorithms based on exploiting and improving local optimums. The LC model considered in this work is highly dynamic and is recalculated periodically based on updated demand forecasts that reflect market trends, technological changes, seasonality, and the introduction of new items. The suggested two-echelon approach and the min-max balancing scheme are shown to work effectively on illustrative examples and real-life logistic data.

Keywords: logistics center, product-workstation, assignment, maximum performance, load balancing, fast algorithm

Procedia PDF Downloads 211
4849 Ramp Rate and Constriction Factor Based Dual Objective Economic Load Dispatch Using Particle Swarm Optimization

Authors: Himanshu Shekhar Maharana, S. K .Dash

Abstract:

Economic Load Dispatch (ELD) proves to be a vital optimization process in electric power system for allocating generation amongst various units to compute the cost of generation, the cost of emission involving global warming gases like sulphur dioxide, nitrous oxide and carbon monoxide etc. In this dissertation, we emphasize ramp rate constriction factor based particle swarm optimization (RRCPSO) for analyzing various performance objectives, namely cost of generation, cost of emission, and a dual objective function involving both these objectives through the experimental simulated results. A 6-unit 30 bus IEEE test case system has been utilized for simulating the results involving improved weight factor advanced ramp rate limit constraints for optimizing total cost of generation and emission. This method increases the tendency of particles to venture into the solution space to ameliorate their convergence rates. Earlier works through dispersed PSO (DPSO) and constriction factor based PSO (CPSO) give rise to comparatively higher computational time and less good optimal solution at par with current dissertation. This paper deals with ramp rate and constriction factor based well defined ramp rate PSO to compute various objectives namely cost, emission and total objective etc. and compares the result with DPSO and weight improved PSO (WIPSO) techniques illustrating lesser computational time and better optimal solution. 

Keywords: economic load dispatch (ELD), constriction factor based particle swarm optimization (CPSO), dispersed particle swarm optimization (DPSO), weight improved particle swarm optimization (WIPSO), ramp rate and constriction factor based particle swarm optimization (RRCPSO)

Procedia PDF Downloads 364
4848 The Impact of Political Leadership on Cameroon’s Economic Development From 2000 to 2023

Authors: Okpu Enoh Ndip Nkongho

Abstract:

The type of political leadership in place impacts a state's economic development or underdevelopment directly and indirectly. One of the main challenges to Cameroon's economic development may be ineffective or misguided political leadership. The economy of the Cameroon state has declined significantly due to a number of factors, including a lack of effective and feasible economic policies, a reliance on crude oil that is excessive, tribal politics, the threat of insurgency, bribery, and corruption, violations of human rights, neglect of other sectors like science, technology, education, and transportation, and a careless attitude on the part of the administrators toward the general public. As a result, the standard of living has decreased, foreign exchange has decreased, and the value of the Cameroonian currency has depreciated. Therefore, from 2000 to 2023, this paper focused on the relationship between political leadership and economic development in Cameroon and offered suggestions for improving political leadership that will, in turn, lead to the country's economy getting back on track. The study employed a qualitative technique, with the framework for the investigation derived from the trait theory of leadership. According to the information provided above, the paper was able to conclude that there is a lack of cooperation between the three branches of government in Cameroon. This is shown in situations when one branch operates independently of the others and refuses to function as a backup when needed. The study recommended that the Executive collaborate closely with the National Assembly to speed action on some key legislation required to stimulate economic development. On the other hand, there is a need for more clarity and consistency in the government's policy orientation. There is no doubt that our current economic troubles are at least partially the result of a lack of economic policy leadership and confidence.

Keywords: politics, leadership, economic, development, Cameroon

Procedia PDF Downloads 33
4847 Identification of Vehicle Dynamic Parameters by Using Optimized Exciting Trajectory on 3- DOF Parallel Manipulator

Authors: Di Yao, Gunther Prokop, Kay Buttner

Abstract:

Dynamic parameters, including the center of gravity, mass and inertia moments of vehicle, play an essential role in vehicle simulation, collision test and real-time control of vehicle active systems. To identify the important vehicle dynamic parameters, a systematic parameter identification procedure is studied in this work. In the first step of the procedure, a conceptual parallel manipulator (virtual test rig), which possesses three rotational degrees-of-freedom, is firstly proposed. To realize kinematic characteristics of the conceptual parallel manipulator, the kinematic analysis consists of inverse kinematic and singularity architecture is carried out. Based on the Euler's rotation equations for rigid body dynamics, the dynamic model of parallel manipulator and derivation of measurement matrix for parameter identification are presented subsequently. In order to reduce the sensitivity of parameter identification to measurement noise and other unexpected disturbances, a parameter optimization process of searching for optimal exciting trajectory of parallel manipulator is conducted in the following section. For this purpose, the 321-Euler-angles defined by parameterized finite-Fourier-series are primarily used to describe the general exciting trajectory of parallel manipulator. To minimize the condition number of measurement matrix for achieving better parameter identification accuracy, the unknown coefficients of parameterized finite-Fourier-series are estimated by employing an iterative algorithm based on MATLAB®. Meanwhile, the iterative algorithm will ensure the parallel manipulator still keeps in an achievable working status during the execution of optimal exciting trajectory. It is showed that the proposed procedure and methods in this work can effectively identify the vehicle dynamic parameters and could be an important application of parallel manipulator in the fields of parameter identification and test rig development.

Keywords: parameter identification, parallel manipulator, singularity architecture, dynamic modelling, exciting trajectory

Procedia PDF Downloads 248
4846 A Hybrid-Evolutionary Optimizer for Modeling the Process of Obtaining Bricks

Authors: Marius Gavrilescu, Sabina-Adriana Floria, Florin Leon, Silvia Curteanu, Costel Anton

Abstract:

Natural sciences provide a wide range of experimental data whose related problems require study and modeling beyond the capabilities of conventional methodologies. Such problems have solution spaces whose complexity and high dimensionality require correspondingly complex regression methods for proper characterization. In this context, we propose an optimization method which consists in a hybrid dual optimizer setup: a global optimizer based on a modified variant of the popular Imperialist Competitive Algorithm (ICA), and a local optimizer based on a gradient descent approach. The ICA is modified such that intermediate solution populations are more quickly and efficiently pruned of low-fitness individuals by appropriately altering the assimilation, revolution and competition phases, which, combined with an initialization strategy based on low-discrepancy sampling, allows for a more effective exploration of the corresponding solution space. Subsequently, gradient-based optimization is used locally to seek the optimal solution in the neighborhoods of the solutions found through the modified ICA. We use this combined approach to find the optimal configuration and weights of a fully-connected neural network, resulting in regression models used to characterize the process of obtained bricks using silicon-based materials. Installations in the raw ceramics industry, i.e., bricks, are characterized by significant energy consumption and large quantities of emissions. Thus, the purpose of our approach is to determine by simulation the working conditions, including the manufacturing mix recipe with the addition of different materials, to minimize the emissions represented by CO and CH4. Our approach determines regression models which perform significantly better than those found using the traditional ICA for the aforementioned problem, resulting in better convergence and a substantially lower error.

Keywords: optimization, biologically inspired algorithm, regression models, bricks, emissions

Procedia PDF Downloads 66
4845 Assessment of Agricultural Damage under Different Simulated Flood Conditions

Authors: M. N. Kadir, M. M. H. Oliver, T. Naher

Abstract:

The study assesses the areal extent of riverine flood in the flood-prone area of Faridpur District of Bangladesh using hydrological model and Geographic Information System (GIS). In the context of preparing the inundation map, flood frequency analysis was carried out to assess flooding for different flood magnitudes. Flood inundation maps were prepared based on DEM, and discharge at the river using Delft-3D model. LANDSAT satellite images have been used to develop a land cover map in the study area. The land cover map was used for mapping of cropland area. By incorporating the inundation maps on the land cover map, agricultural damage was assessed. Present monetary values of crop damage were collected through field survey from actual flood of the study area. Two different inundation maps were produced from the model for the year 2000 and 2016. In the year 2000, the floods began in the month of July, whereas in the case of the year 2016 is started in August. Under both cases, most of the areas were found to have been flooded in the month of September followed by flood recession. In order to prepare the land cover maps, four categories of LCs were considered viz., cropland, water body, trees, and rivers. Among the 755791 acres area of Faridpur District, the croplands were categorized to be 334,589 acres, followed by water bodies (279900 acres), trees (101930 acres) and rivers 39372 (acres). Damage assessment data revealed that 40% of the total cropland area had been affected by the flood in the year 2000, whereas only 19% area was affected by the 2016 flood. The study concluded that September is the critical month for cropland protection since the highest flood is expected at this time of the year in Faridpur. The northwestern and the southwestern part of the district was categorized as most vulnerable to flooding.

Keywords: agricultural damage, Delft-3d, flood management, land cover map

Procedia PDF Downloads 85
4844 Optimized Passive Heating for Multifamily Dwellings

Authors: Joseph Bostick

Abstract:

A method of decreasing the heating load of HVAC systems in a single-dwelling model of a multifamily building, by controlling movable insulation through the optimization of flux, time, surface incident solar radiation, and temperature thresholds. Simulations are completed using a co-simulation between EnergyPlus and MATLAB as an optimization tool to find optimal control thresholds. Optimization of the control thresholds leads to a significant decrease in total heating energy expenditure.

Keywords: energy plus, MATLAB, simulation, energy efficiency

Procedia PDF Downloads 156
4843 Trade Openness, Productivity Growth And Economic Growth: Nigeria’s Experience

Authors: S. O. Okoro

Abstract:

Some words become the catch phrase of a particular decade. Globalization, Openness, and Privatization are certainly among the most frequently encapsulation of 1990’s; the market is ‘in’, ‘the state is out’. In the 1970’s, there were many political economists who spoke of autarky as one possible response to global economic forces. Be self-contained, go it alone, put up barriers to trans-nationalities, put in place import-substitution industrialization policy and grow domestic industries. In 1990’s, the emasculation of the state is by no means complete, but there is an acceptance that the state’s power is circumscribed by forces beyond its control and potential leverage. Autarky is no longer as a policy option. Nigeria, since its emergence as an independent nation, has evolved two macroeconomic management regimes of the interventionist and market friendly styles. This paper investigates Nigeria’s growth performance over the periods incorporating these two regimes and finds that there is no structural break in Total Factor Productivity, (TFP) growth and besides, the TFP growth over the entire period of study 1970-2012 is very negligible and hence growth can only be achieved by the unsustainable factor accumulation. Another important finding of this work is that the openness-human capital interaction term has a significant impact on the TFP growth, but the sign of the estimated coefficient does not meet it a theoretical expectation. This is because the negative coefficient on the human capital outweighs the positive openness effect. The poor quality of human capital is considered to have given rise to this. Given these results a massive investment in the education sector is required. The investment should be targeted at reforms that go beyond mere structural reforms to a reform agenda that will improve the quality of human capital in Nigeria.

Keywords: globalization, emasculation, openness and privatization, total factor productivity

Procedia PDF Downloads 232
4842 Arabic Lexicon Learning to Analyze Sentiment in Microblogs

Authors: Mahmoud B. Rokaya

Abstract:

The study of opinion mining and sentiment analysis includes analysis of opinions, sentiments, evaluations, attitudes, and emotions. The rapid growth of social media, social networks, reviews, forum discussions, microblogs, and Twitter, leads to a parallel growth in the field of sentiment analysis. The field of sentiment analysis tries to develop effective tools to make it possible to capture the trends of people. There are two approaches in the field, lexicon-based and corpus-based methods. A lexicon-based method uses a sentiment lexicon which includes sentiment words and phrases with assigned numeric scores. These scores reveal if sentiment phrases are positive or negative, their intensity, and/or their emotional orientations. Creation of manual lexicons is hard. This brings the need for adaptive automated methods for generating a lexicon. The proposed method generates dynamic lexicons based on the corpus and then classifies text using these lexicons. In the proposed method, different approaches are combined to generate lexicons from text. The proposed method classifies the tweets into 5 classes instead of +ve or –ve classes. The sentiment classification problem is written as an optimization problem, finding optimum sentiment lexicons are the goal of the optimization process. The solution was produced based on mathematical programming approaches to find the best lexicon to classify texts. A genetic algorithm was written to find the optimal lexicon. Then, extraction of a meta-level feature was done based on the optimal lexicon. The experiments were conducted on several datasets. Results, in terms of accuracy, recall and F measure, outperformed the state-of-the-art methods proposed in the literature in some of the datasets. A better understanding of the Arabic language and culture of Arab Twitter users and sentiment orientation of words in different contexts can be achieved based on the sentiment lexicons proposed by the algorithm.

Keywords: social media, Twitter sentiment, sentiment analysis, lexicon, genetic algorithm, evolutionary computation

Procedia PDF Downloads 163
4841 Comparison of Various Policies under Different Maintenance Strategies on a Multi-Component System

Authors: Demet Ozgur-Unluakin, Busenur Turkali, Ayse Karacaorenli

Abstract:

Maintenance strategies can be classified into two types, which are reactive and proactive, with respect to the time of the failure and maintenance. If the maintenance activity is done after a breakdown, it is called reactive maintenance. On the other hand, proactive maintenance, which is further divided as preventive and predictive, focuses on maintaining components before a failure occurs to prevent expensive halts. Recently, the number of interacting components in a system has increased rapidly and therefore, the structure of the systems have become more complex. This situation has made it difficult to provide the right maintenance decisions. Herewith, determining effective decisions has played a significant role. In multi-component systems, many methodologies and strategies can be applied when a component or a system has already broken down or when it is desired to identify and avoid proactively defects that could lead to future failure. This study focuses on the comparison of various maintenance strategies on a multi-component dynamic system. Components in the system are hidden, although there exists partial observability to the decision maker and they deteriorate in time. Several predefined policies under corrective, preventive and predictive maintenance strategies are considered to minimize the total maintenance cost in a planning horizon. The policies are simulated via Dynamic Bayesian Networks on a multi-component system with different policy parameters and cost scenarios, and their performances are evaluated. Results show that when the difference between the corrective and proactive maintenance cost is low, none of the proactive maintenance policies is significantly better than the corrective maintenance. However, when the difference is increased, at least one policy parameter for each proactive maintenance strategy gives significantly lower cost than the corrective maintenance.

Keywords: decision making, dynamic Bayesian networks, maintenance, multi-component systems, reliability

Procedia PDF Downloads 114
4840 E-Commerce Product Return Management Effects on Consumer Experience and Satisfaction: A Fast-Fashion Perspective

Authors: Nora Alomar, Bianca Alexandra Stefa, Saleh Bazi

Abstract:

This research uncovers the determinants that drive millennial consumers to adhere to product return of fast-fashion products purchases via e-commerce and what effects it has on consumer experience and satisfaction. Online consumption has skyrocketed, with e-commerce being the only, most reliable, and safe method of shopping during and post Covid-19. It has been noted customers are demanding a wide variety of product characteristics and a generous optimal return policy. The authors have selected to examine millennial consumers as they are digital natives and have an affinity for researching, reading product reviews, and shopping online, with a great spending power due to a higher disposable income in comparison to other generations. A multi-study approach is adopted, where study one (interviews, sample of 20 respondents) investigates the factors that drive product return, and study two (PLS-SEM, sample of 250 respondents) looks into the relationships of product return management against behavioral outcomes by having the generated factors (from study one) as moderators. Five themes are generated from study one (return policies, product characteristics, delivery lead time, seasonality, product trial & overspending). The authors identify that two out of the five factors (seasonality, product trial & overspending) have not been highlighted by the literature. The paper examines 11 hypotheses, where 10 are supported. Findings highlight the quality of the product return management influences the overall millennial customer experience and satisfaction. Findings also indicate that product return management was identified to have a significant negative effect on customer experience. Additionally, seasonality has a significant but negative moderation, which means increasing seasonality decreases the relationship between product return management and customer experience and satisfaction. Results highlight that return policies have a significant negative influence on the relationship between returning a product and customer experience and satisfaction. Moreover, product characteristics are also identified to have a significant negative influence on the relationship between returning a product and customer experience and satisfaction. This study further examines the influence of the factors on direct e-commerce websites and third-party e-commerce websites. Findings showcase a strong statistical significance for the increased rate of return of fast-fashion products on third-party websites. This paper aids practitioners in taking strategic decisions related to return management, to improve the quality of logistical services and, in turn, increase profitability.

Keywords: customer experience, customer satisfaction, e-commerce, fast-fashion, product returns

Procedia PDF Downloads 95
4839 Introducing an Innovative Structural Fuse for Creation of Repairable Buildings with See-Saw Motion during Earthquake and Investigating It by Nonlinear Finite Element Modeling

Authors: M. Hosseini, N. Ghorbani Amirabad, M. Zhian

Abstract:

Seismic design codes accept structural and nonstructural damages after the sever earthquakes (provided that the building is prevented from collapse), so that in many cases demolishing and reconstruction of the building is inevitable, and this is usually very difficult, costly and time consuming. Therefore, designing and constructing of buildings in such a way that they can be easily repaired after earthquakes, even major ones, is quite desired. For this purpose giving the possibility of rocking or see-saw motion to the building structure, partially or as a whole, has been used by some researchers in recent decade .the central support which has a main role in creating the possibility of see-saw motion in the building’s structural system. In this paper, paying more attention to the key role of the central fuse and support, an innovative energy dissipater which can act as the central fuse and support of the building with seesaw motion is introduced, and the process of reaching an optimal geometry for that by using finite element analysis is presented. Several geometric shapes were considered for the proposed central fuse and support. In each case the hysteresis moment rotation behavior of the considered fuse were obtained under simultaneous effect of vertical and horizontal loads, by nonlinear finite element analyses. To find the optimal geometric shape, the maximum plastic strain value in the fuse body was considered as the main parameter. The rotational stiffness of the fuse under the effect of acting moments is another important parameter for finding the optimum shape. The proposed fuse and support can be called Yielding Curved Bars and Clipped Hemisphere Core (YCB&CHC or more briefly YCB) energy dissipater. Based on extensive nonlinear finite element analyses it was found out the using rectangular section for the curved bars gives more reliable results. Then, the YCB energy dissipater with the optimal shape was used in a structural model of a 12 story regular building as its central fuse and support to give it the possibility of seesaw motion, and its seismic responses were compared to those of a the building in the fixed based conditions, subjected to three-components acceleration of several selected earthquakes including Loma Prieta, Northridge, and Park Field. In building with see-saw motion some simple yielding-plate energy dissipaters were also used under circumferential columns.The results indicated that equipping the buildings with central and circumferential fuses result in remarkable reduction of seismic responses of the building, including the base shear, inter story drift, and roof acceleration. In fact by using the proposed technique the plastic deformations are concentrated in the fuses in the lowest story of the building, so that the main body of the building structure remains basically elastic, and therefore, the building can be easily repaired after earthquake.

Keywords: rocking mechanism, see-saw motion, finite element analysis, hysteretic behavior

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4838 A Study on Improvement of the Torque Ripple and Demagnetization Characteristics of a PMSM

Authors: Yong Min You

Abstract:

The study on the torque ripple of Permanent Magnet Synchronous Motors (PMSMs) has been rapidly progressed, which effects on the noise and vibration of the electric vehicle. There are several ways to reduce torque ripple, which are the increase in the number of slots and poles, the notch of the rotor and stator teeth, and the skew of the rotor and stator. However, the conventional methods have the disadvantage in terms of material cost and productivity. The demagnetization characteristic of PMSMs must be attained for electric vehicle application. Due to rare earth supply issue, the demand for Dy-free permanent magnet has been increasing, which can be applied to PMSMs for the electric vehicle. Dy-free permanent magnet has lower the coercivity; the demagnetization characteristic has become more significant. To improve the torque ripple as well as the demagnetization characteristics, which are significant parameters for electric vehicle application, an unequal air-gap model is proposed for a PMSM. A shape optimization is performed to optimize the design variables of an unequal air-gap model. Optimal design variables are the shape of an unequal air-gap and the angle between V-shape magnets. An optimization process is performed by Latin Hypercube Sampling (LHS), Kriging Method, and Genetic Algorithm (GA). Finite element analysis (FEA) is also utilized to analyze the torque and demagnetization characteristics. The torque ripple and the demagnetization temperature of the initial model of 45kW PMSM with unequal air-gap are 10 % and 146.8 degrees, respectively, which are reaching a critical level for electric vehicle application. Therefore, the unequal air-gap model is proposed, and then an optimization process is conducted. Compared to the initial model, the torque ripple of the optimized unequal air-gap model was reduced by 7.7 %. In addition, the demagnetization temperature of the optimized model was also increased by 1.8 % while maintaining the efficiency. From these results, a shape optimized unequal air-gap PMSM has shown the usefulness of an improvement in the torque ripple and demagnetization temperature for the electric vehicle.

Keywords: permanent magnet synchronous motor, optimal design, finite element method, torque ripple

Procedia PDF Downloads 263
4837 Geometric Optimisation of Piezoelectric Fan Arrays for Low Energy Cooling

Authors: Alastair Hales, Xi Jiang

Abstract:

Numerical methods are used to evaluate the operation of confined face-to-face piezoelectric fan arrays as pitch, P, between the blades is varied. Both in-phase and counter-phase oscillation are considered. A piezoelectric fan consists of a fan blade, which is clamped at one end, and an extremely low powered actuator. This drives the blade tip’s oscillation at its first natural frequency. Sufficient blade tip speed, created by the high oscillation frequency and amplitude, is required to induce vortices and downstream volume flow in the surrounding air. A single piezoelectric fan may provide the ideal solution for low powered hot spot cooling in an electronic device, but is unable to induce sufficient downstream airflow to replace a conventional air mover, such as a convection fan, in power electronics. Piezoelectric fan arrays, which are assemblies including multiple fan blades usually in face-to-face orientation, must be developed to widen the field of feasible applications for the technology. The potential energy saving is significant, with a 50% power demand reduction compared to convection fans even in an unoptimised state. A numerical model of a typical piezoelectric fan blade is derived and validated against experimental data. Numerical error is found to be 5.4% and 9.8% using two data comparison methods. The model is used to explore the variation of pitch as a function of amplitude, A, for a confined two-blade piezoelectric fan array in face-to-face orientation, with the blades oscillating both in-phase and counter-phase. It has been reported that in-phase oscillation is optimal for generating maximum downstream velocity and flow rate in unconfined conditions, due at least in part to the beneficial coupling between the adjacent blades that leads to an increased oscillation amplitude. The present model demonstrates that confinement has a significant detrimental effect on in-phase oscillation. Even at low pitch, counter-phase oscillation produces enhanced downstream air velocities and flow rates. Downstream air velocity from counter-phase oscillation can be maximally enhanced, relative to that generated from a single blade, by 17.7% at P = 8A. Flow rate enhancement at the same pitch is found to be 18.6%. By comparison, in-phase oscillation at the same pitch outputs 23.9% and 24.8% reductions in peak downstream air velocity and flow rate, relative to that generated from a single blade. This optimal pitch, equivalent to those reported in the literature, suggests that counter-phase oscillation is less affected by confinement. The optimal pitch for generating bulk airflow from counter-phase oscillation is large, P > 16A, due to the small but significant downstream velocity across the span between adjacent blades. However, by considering design in a confined space, counterphase pitch should be minimised to maximise the bulk airflow generated from a certain cross-sectional area within a channel flow application. Quantitative values are found to deviate to a small degree as other geometric and operational parameters are varied, but the established relationships are maintained.

Keywords: piezoelectric fans, low energy cooling, power electronics, computational fluid dynamics

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4836 Rough Oscillatory Singular Integrals on Rⁿ

Authors: H. M. Al-Qassem, L. Cheng, Y. Pan

Abstract:

In this paper we establish sharp bounds for oscillatory singular integrals with an arbitrary real polynomial phase P. Our kernels are allowed to be rough both on the unit sphere and in the radial direction. We show that the bounds grow no faster than log(deg(P)), which is optimal and was first obtained by Parissis and Papadimitrakis for kernels without any radial roughness. Among key ingredients of our methods are an L¹→L² estimate and extrapolation.

Keywords: oscillatory singular integral, rough kernel, singular integral, Orlicz spaces, Block spaces, extrapolation, L^{p} boundedness

Procedia PDF Downloads 341
4835 New Evaluation Methodology for Solidification Product Durability Assessment

Authors: Bozena Dohnalkova, Jakub Hodul, Rostislav Drochytka, Jana Kosikova

Abstract:

This paper deals with a proposal of a new methodology for durability assessment of solidification product for its safe further use. The new methodology is based on a review of the current state of assessment of treated waste in Czech Republic and abroad. The aim of the paper is to propose an optimal evaluation methodology for verifying properties of solidification product to ensure its safe further use in building industry.

Keywords: solidification, stabilization, durability, waste

Procedia PDF Downloads 406
4834 Concept Mapping to Reach Consensus on an Antibiotic Smart Use Strategy Model to Promote and Support Appropriate Antibiotic Prescribing in a Hospital, Thailand

Authors: Phenphak Horadee, Rodchares Hanrinth, Saithip Suttiruksa

Abstract:

Inappropriate use of antibiotics has happened in several hospitals, Thailand. Drug use evaluation (DUE) is one strategy to overcome this difficulty. However, most community hospitals still encounter incomplete evaluation resulting overuse of antibiotics with high cost. Consequently, drug-resistant bacteria have been rising due to inappropriate antibiotic use. The aim of this study was to involve stakeholders in conceptualizing, developing, and prioritizing a feasible intervention strategy to promote and support appropriate antibiotic prescribing in a community hospital, Thailand. Study antibiotics included four antibiotics such as Meropenem, Piperacillin/tazobactam, Amoxicillin/clavulanic acid, and Vancomycin. The study was conducted for the 1-year period between March 1, 2018, and March 31, 2019, in a community hospital in the northeastern part of Thailand. Concept mapping was used in a purposive sample, including doctors (one was an administrator), pharmacists, and nurses who involving drug use evaluation of antibiotics. In-depth interviews for each participant and survey research were conducted to seek the problems for inappropriate use of antibiotics based on drug use evaluation system. Seventy-seven percent of DUE reported appropriate antibiotic prescribing, which still did not reach the goal of 80 percent appropriateness. Meropenem led other antibiotics for inappropriate prescribing. The causes of the unsuccessful DUE program were classified into three themes such as personnel, lack of public relation and communication, and unsupported policy and impractical regulations. During the first meeting, stakeholders (n = 21) expressed the generation of interventions. During the second meeting, participants who were almost the same group of people in the first meeting (n = 21) were requested to independently rate the feasibility and importance of each idea and to categorize them into relevant clusters to facilitate multidimensional scaling and hierarchical cluster analysis. The outputs of analysis included the idealist, cluster list, point map, point rating map, cluster map, and cluster rating map. All of these were distributed to participants (n = 21) during the third meeting to reach consensus on an intervention model. The final proposed intervention strategy included 29 feasible and crucial interventions in seven clusters: development of information technology system, establishing policy and taking it into the action plan, proactive public relations of the policy, action plan and workflow, in cooperation of multidisciplinary teams in drug use evaluation, work review and evaluation with performance reporting, promoting and developing professional and clinical skill for staff with training programs, and developing practical drug use evaluation guideline for antibiotics. These interventions are relevant and fit to several intervention strategies for antibiotic stewardship program in many international organizations such as participation of the multidisciplinary team, developing information technology to support antibiotic smart use, and communication. These interventions were prioritized for implementation over a 1-year period. Once the possibility of each activity or plan is set up, the proposed program could be applied and integrated into hospital policy after evaluating plans. Effectiveness of each intervention could be promoted to other community hospitals to promote and support antibiotic smart use.

Keywords: antibiotic, concept mapping, drug use evaluation, multidisciplinary teams

Procedia PDF Downloads 101
4833 Scheduling Residential Daily Energy Consumption Using Bi-criteria Optimization Methods

Authors: Li-hsing Shih, Tzu-hsun Yen

Abstract:

Because of the long-term commitment to net zero carbon emission, utility companies include more renewable energy supply, which generates electricity with time and weather restrictions. This leads to time-of-use electricity pricing to reflect the actual cost of energy supply. From an end-user point of view, better residential energy management is needed to incorporate the time-of-use prices and assist end users in scheduling their daily use of electricity. This study uses bi-criteria optimization methods to schedule daily energy consumption by minimizing the electricity cost and maximizing the comfort of end users. Different from most previous research, this study schedules users’ activities rather than household appliances to have better measures of users’ comfort/satisfaction. The relation between each activity and the use of different appliances could be defined by users. The comfort level is at the highest when the time and duration of an activity completely meet the user’s expectation, and the comfort level decreases when the time and duration do not meet expectations. A questionnaire survey was conducted to collect data for establishing regression models that describe users’ comfort levels when the execution time and duration of activities are different from user expectations. Six regression models representing the comfort levels for six types of activities were established using the responses to the questionnaire survey. A computer program is developed to evaluate electricity cost and the comfort level for each feasible schedule and then find the non-dominated schedules. The Epsilon constraint method is used to find the optimal schedule out of the non-dominated schedules. A hypothetical case is presented to demonstrate the effectiveness of the proposed approach and the computer program. Using the program, users can obtain the optimal schedule of daily energy consumption by inputting the intended time and duration of activities and the given time-of-use electricity prices.

Keywords: bi-criteria optimization, energy consumption, time-of-use price, scheduling

Procedia PDF Downloads 43
4832 Minimization of the Abrasion Effect of Fiber Reinforced Polymer Matrix on Stainless Steel Injection Nozzle through the Application of Laser Hardening Technique

Authors: Amessalu Atenafu Gelaw, Nele Rath

Abstract:

Currently, laser hardening process is becoming among the most efficient and effective hardening technique due to its significant advantages. The source where heat is generated, the absence of cooling media, self-quenching property, less distortion nature due to localized heat input, environmental friendly behavior and less time to finish the operation are among the main benefits to adopt this technology. This day, a variety of injection machines are used in plastic, textile, electrical and mechanical industries. Due to the fast growing of composite technology, fiber reinforced polymer matrix becoming optional solution to use in these industries. Due, to the abrasion nature of fiber reinforced polymer matrix composite on the injection components, many parts are outdated before the design period. Niko, a company specialized in injection molded products, suffers from the short lifetime of the injection nozzles of the molds, due to the use of fiber reinforced and, therefore, more abrasive polymer matrix. To prolong the lifetime of these molds, hardening the susceptible component like the injecting nozzles was a must. In this paper, the laser hardening process is investigated on Unimax, a type of stainless steel. The investigation to get optimal results for the nozzle-case was performed in three steps. First, the optimal parameters for maximum possible hardenability for the investigated nozzle material is investigated on a flat sample, using experimental testing as well as thermal simulation. Next, the effect of an inclination on the maximum temperature is analyzed both by experimental testing and validation through simulation. Finally, the data combined and applied for the nozzle. This paper describes possible strategies and methods for laser hardening of the nozzle to reach hardness of at least 720 HV for the material investigated. It has been proven, that the nozzle can be laser hardened to over 900 HV with the option of even higher results when more precise positioning of the laser can be assured.

Keywords: absorptivity, fiber reinforced matrix, laser hardening, Nd:YAG laser

Procedia PDF Downloads 144
4831 Mental Accounting Theory Development Review and Application

Authors: Kang-Hsien Li

Abstract:

Along with global industries in using technology to enhance the application, make the study drawn more close to the people’s behavior and produce data analysis, extended out from the mental accounting of prospect theory, this paper provides the marketing and financial applications in the field of exploration and discussions with the future. For the foreseeable future, the payment behavior depends on the form of currency, which affects a variety of product types on the marketing of marketing strategy to provide diverse payment methods to enhance the overall sales performance. This not only affects people's consumption also affects people's investments. Credit card, PayPal, Apple pay, Bitcoin and any other with advances in technology and other emerging payment instruments, began to affect people for the value and the concept of money. Such as the planning of national social welfare policies, monetary and financial regulators and regulators. The expansion can be expected to discuss marketing and finance-related mental problems at the same time, recent studies reflect two different ideas, the first idea is that individuals affected by situational frames, not broad impact at the event level, affected by the people basically mental, second idea is that when an individual event affects a broader range, and majority of people will choose the same at the time that the rational choice. That are applied to practical application of marketing, at the same time provide an explanation in the financial market under the anomalies, due to the financial markets has varied investment products and different market participants, that also highlights these two points. It would provide in-depth description of humanity's mental. Certainly, about discuss mental accounting aspects, while artificial intelligence application development, although people would be able to reduce prejudice decisions, that will also lead to more discussion on the economic and marketing strategy.

Keywords: mental accounting, behavior economics, consumer behaviors, decision-making

Procedia PDF Downloads 439
4830 Discontinuous Galerkin Method for Higher-Order Ordinary Differential Equations

Authors: Helmi Temimi

Abstract:

In this paper, we study the super-convergence properties of the discontinuous Galerkin (DG) method applied to one-dimensional mth-order ordinary differential equations without introducing auxiliary variables. We found that nth−derivative of the DG solution exhibits an optimal O (hp+1−n) convergence rates in the L2-norm when p-degree piecewise polynomials with p≥1 are used. We further found that the odd-derivatives and the even derivatives are super convergent, respectively, at the upwind and downwind endpoints.

Keywords: discontinuous, galerkin, superconvergence, higherorder, error, estimates

Procedia PDF Downloads 461
4829 Innovations and Agricultural Development Potential in Georgia

Authors: Tamar Lazariashvili

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Introduction: The growth and development of the economy in the country depend on many factors, the most important of which is the use of innovation. The article analyzes the innovations and the potential of agricultural development in Georgia, presents the problems in the field, justifies the need to introduce innovations, shows the policy of innovation development, evaluates the positive and negative factors of the use of innovations in agriculture. Methodology: The article uses general and specific research methods, namely, analysis, synthesis, induction, deduction, comparison and statistical ones: selection, grouping, observation, trend. All these methods used together in the article reveal the main problems and challenges and their development trends. Main Findings: The introduction of innovations for the country has an impact if there is established state support system for business development and the State creates an effective environment for innovation development. As a result, the appropriate establishment gives incentives to increase budget revenues, create new jobs, increase export turnover and improve the overall economic situation in the country. Georgia has sufficient resource potential to create and develop new businesses in agriculture by introducing innovations and contribute to the further socio-economic development of the country. Political and economic stability, the existing legislation in the country, infrastructure, the proper functioning of financial institutions and the qualification of the workforce are crucial for the development of innovations. These criteria determine the political and economic ratings of all countries of the world, which are of great importance to foreign investors in the implementation of innovations. Conclusion: Enactment of agro-insurance will increase the interest and confidence of financial institutions in the farming sector, financial resources will be accessible to the farmers that will facilitate the stable development of the sector in the country. The size of the agro-insurance market in the country should be increased and the new territories should be covered. The State must have an obligation to ensure the risk of farmers and subsidize insurance companies. Based on an analysis of the insurance market the conclusions on agro-insurance issues and the relevant recommendations are proposed. The introduction of innovations in agriculture will have a great impact on the Georgian economy: it will improve the technological base, establish enterprises equipped with modern equipment and methodologies, retrain existing enterprises, promote to improve skills of workers and improve management systems. Based on the analysis, conclusions are made about the prospects for the development of innovation in agriculture and relevant recommendations are proposed.

Keywords: agriculture, development potential, innovation, optimal environment

Procedia PDF Downloads 166