Search results for: potential in tourism industry
14462 Suitability of Class F Flyash for Construction Industry: An Indian Scenario
Authors: M. N. Akhtar, J. N. Akhtar
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The present study evaluates the properties of class F fly ash as a replacement of natural materials in civil engineering construction industry. The low-lime flash similar to class F is the prime variety generated in India, although it has significantly smaller volumes of high-lime fly ash as compared to class C. The chemical and physical characterization of the sample is carried out with the number of experimental approaches in order to investigate all relevant features present in the samples. For chemical analysis, elementary quantitative results from point analysis and scanning electron microscopy (SEM)/dispersive spectroscopy (EDS) techniques were used to identify the element images of different fractions. The physical properties found very close to the range of common soils. Furthermore, the fly ash-based bricks were prepared by the same sample of class F fly ash and the results of compressive strength similar to that of Standard Clay Brick Grade 1 available in the local market of India.Keywords: fly ash, class F, class C, chemical, physical, SEM, EDS
Procedia PDF Downloads 18114461 Improving the Utility of Social Media in Pharmacovigilance: A Mixed Methods Study
Authors: Amber Dhoot, Tarush Gupta, Andrea Gurr, William Jenkins, Sandro Pietrunti, Alexis Tang
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Background: The COVID-19 pandemic has driven pharmacovigilance towards a new paradigm. Nowadays, more people than ever before are recognising and reporting adverse reactions from medications, treatments, and vaccines. In the modern era, with over 3.8 billion users, social media has become the most accessible medium for people to voice their opinions and so provides an opportunity to engage with more patient-centric and accessible pharmacovigilance. However, the pharmaceutical industry has been slow to incorporate social media into its modern pharmacovigilance strategy. This project aims to make social media a more effective tool in pharmacovigilance, and so reduce drug costs, improve drug safety and improve patient outcomes. This will be achieved by firstly uncovering and categorising the barriers facing the widespread adoption of social media in pharmacovigilance. Following this, the potential opportunities of social media will be explored. We will then propose realistic, practical recommendations to make social media a more effective tool for pharmacovigilance. Methodology: A comprehensive systematic literature review was conducted to produce a categorised summary of these barriers. This was followed by conducting 11 semi-structured interviews with pharmacovigilance experts to confirm the literature review findings whilst also exploring the unpublished and real-life challenges faced by those in the pharmaceutical industry. Finally, a survey of the general public (n = 112) ascertained public knowledge, perception, and opinion regarding the use of their social media data for pharmacovigilance purposes. This project stands out by offering perspectives from the public and pharmaceutical industry that fill the research gaps identified in the literature review. Results: Our results gave rise to several key analysis points. Firstly, inadequacies of current Natural Language Processing algorithms hinder effective pharmacovigilance data extraction from social media, and where data extraction is possible, there are significant questions over its quality. Social media also contains a variety of biases towards common drugs, mild adverse drug reactions, and the younger generation. Additionally, outdated regulations for social media pharmacovigilance do not align with new, modern General Data Protection Regulations (GDPR), creating ethical ambiguity about data privacy and level of access. This leads to an underlying mindset of avoidance within the pharmaceutical industry, as firms are disincentivised by the legal, financial, and reputational risks associated with breaking ambiguous regulations. Conclusion: Our project uncovered several barriers that prevent effective pharmacovigilance on social media. As such, social media should be used to complement traditional sources of pharmacovigilance rather than as a sole source of pharmacovigilance data. However, this project adds further value by proposing five practical recommendations that improve the effectiveness of social media pharmacovigilance. These include: prioritising health-orientated social media; improving technical capabilities through investment and strategic partnerships; setting clear regulatory guidelines using multi-stakeholder processes; creating an adverse drug reaction reporting interface inbuilt into social media platforms; and, finally, developing educational campaigns to raise awareness of the use of social media in pharmacovigilance. Implementation of these recommendations would speed up the efficient, ethical, and systematic adoption of social media in pharmacovigilance.Keywords: adverse drug reaction, drug safety, pharmacovigilance, social media
Procedia PDF Downloads 8214460 The Biocompatibility and Osteogenic Potential of Experimental Calcium Silicate Based Root Canal Sealer, Capseal
Authors: Seok Woo Chang
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Aim: Capseal I and Capseal II are calcium silicate and calcium phosphate based experimental root canal sealer. The aim of this study was to evaluate the biocompatibility and mineralization potential of Capseal I and Capseal II. Materials and Methods: The biocompatibility and mineralization-related gene expression (alkaline phosphatase (ALP), bone sialoprotein (BSP), and osteocalcin (OCN)) of Capseal I and Capseal II were compared using methylthiazol tetrazolium assay and reverse transcription-polymerization chain reaction analysis, respectively. The results were analyzed by Kruskal-Wallis test. P-value of < 0.05 was considered significant. Result: Both Capseal I and Capseal II were favorable in biocompatibility and influenced the messenger RNA expression of ALP and BSP. Conclusion: Within the limitation of this study, Capseal is biocompatible and have mineralization promoting potential, and thus could be a promising root canal sealer.Keywords: biocompatibility, mineralization-related gene expression, Capseal I, Capseal II
Procedia PDF Downloads 27914459 Potential Field Functions for Motion Planning and Posture of the Standard 3-Trailer System
Authors: K. Raghuwaiya, S. Singh, B. Sharma, J. Vanualailai
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This paper presents a set of artificial potential field functions that improves upon; in general, the motion planning and posture control, with theoretically guaranteed point and posture stabilities, convergence and collision avoidance properties of 3-trailer systems in a priori known environment. We basically design and inject two new concepts; ghost walls and the Distance Optimization Technique (DOT) to strengthen point and posture stabilities, in the sense of Lyapunov, of our dynamical model. This new combination of techniques emerges as a convenient mechanism for obtaining feasible orientations at the target positions with an overall reduction in the complexity of the navigation laws. The effectiveness of the proposed control laws were demonstrated via simulations of two traffic scenarios.Keywords: artificial potential fields, 3-trailer systems, motion planning, posture, parking and collision, free trajectories
Procedia PDF Downloads 37514458 Creating a New Agenda for Foreign Direct Investment: Intersectoral Competition and Knowledge Management Issues in Trinidad and Tobago's Construction Industry
Authors: Shelly-Ann Gajadhar
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Over the last twenty years, the traditional economic motivations of foreign direct investment have been amalgamated with geopolitical motivations. This is evidenced by the extensive ratification of bilateral investment treaties (BIT) globally and the emergence of state-owned multinational companies (SOMNCs) that directly compete with local domestic enterprises (LDE). This paper investigates the impact that Chinese SOMNCs have on LDEs within Trinidad and Tobago’s construction sector and, determines whether knowledge transfer occurs. The paper employed semi-structured interviews of industry experts and concluded that LDEs predominantly experience adverse spillovers, inclusive of a long-term competition effect, with no technology transfer occurring.Keywords: foreign direct investment, bilateral investment treaties, knowledge transfer, international business, Caribbean
Procedia PDF Downloads 25214457 Molecular Electrostatic Potential in Z-3N(2-Ethoxyphenyl), 2-N'(2-Ethoxyphenyl) Imino Thiazolidin-4-one Molecule by Ab Initio and DFT Methods
Authors: Manel Boulakoud, Abdelkader Chouaih, Fodil Hamzaoui
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In the present work we are interested in the determination of the Molecular electrostatic potential (MEP) in Z-3N(2-Ethoxyphenyl), 2-N’(2-Ethoxyphenyl) imino thiazolidin-4-one molecule by ab initio and Density Functional Theory (DFT) in the ground state. The MEP is related to the electronic density and is a very useful descriptor in understanding sites for electrophilic attack and nucleophilic reactions as well as hydrogen bonding interactions. First, geometry optimization was carried out using Hartree–Fock (HF) and DFT methods with 6-311G(d,p) basis set. In order to get more information on the molecule, its stability has been analyzed by natural bond orbital (NBO) analysis. Mulliken population analyses have been calculated. Finally, the molecular electrostatic potential (MEP) and HOMO-LUMO energy levels have been performed. The calculated HOMO and LUMO energies show also the charge transfer within the molecule. The energy gap obtained is about 4 eV which explain the stability of the studied compound. The obtained molecular electrostatic potential from the two methods confirms the nature of the electron charge transfer at the molecular shell and locate the electropositive part and the electronegative part in molecular scale of the title compound.Keywords: DFT, ab initio, HOMO-LUMO, organic compounds
Procedia PDF Downloads 53514456 Groundwater Potential Delineation Using Geodetector Based Convolutional Neural Network in the Gunabay Watershed of Ethiopia
Authors: Asnakew Mulualem Tegegne, Tarun Kumar Lohani, Abunu Atlabachew Eshete
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Groundwater potential delineation is essential for efficient water resource utilization and long-term development. The scarcity of potable and irrigation water has become a critical issue due to natural and anthropogenic activities in meeting the demands of human survival and productivity. With these constraints, groundwater resources are now being used extensively in Ethiopia. Therefore, an innovative convolutional neural network (CNN) is successfully applied in the Gunabay watershed to delineate groundwater potential based on the selected major influencing factors. Groundwater recharge, lithology, drainage density, lineament density, transmissivity, and geomorphology were selected as major influencing factors during the groundwater potential of the study area. For dataset training, 70% of samples were selected and 30% were used for serving out of the total 128 samples. The spatial distribution of groundwater potential has been classified into five groups: very low (10.72%), low (25.67%), moderate (31.62%), high (19.93%), and very high (12.06%). The area obtains high rainfall but has a very low amount of recharge due to a lack of proper soil and water conservation structures. The major outcome of the study showed that moderate and low potential is dominant. Geodetoctor results revealed that the magnitude influences on groundwater potential have been ranked as transmissivity (0.48), recharge (0.26), lineament density (0.26), lithology (0.13), drainage density (0.12), and geomorphology (0.06). The model results showed that using a convolutional neural network (CNN), groundwater potentiality can be delineated with higher predictive capability and accuracy. CNN-based AUC validation platform showed that 81.58% and 86.84% were accrued from the accuracy of training and testing values, respectively. Based on the findings, the local government can receive technical assistance for groundwater exploration and sustainable water resource development in the Gunabay watershed. Finally, the use of a detector-based deep learning algorithm can provide a new platform for industrial sectors, groundwater experts, scholars, and decision-makers.Keywords: CNN, geodetector, groundwater influencing factors, Groundwater potential, Gunabay watershed
Procedia PDF Downloads 2114455 Discouraged Borrowers: Evidence for Eurozone SMEs
Authors: Javier Sanchez Vidal, Ciarán Mac An Bhaird, Brian Lucey
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This study examines the decision by firm owners not to apply for intermediated debt due to a perception that their application will be rejected. Based on a sample of SMEs in 9 European countries over the period 2009-2011, we examine potential explanatory factors for borrower discouragement, including firm, macroeconomic, regulatory and banking industry variables. Compared with firms that applied for bank loans, discouraged borrowers are smaller, younger, have declining turnover and an increasing debt/assets ratio. Perceived willingness of banks to lend rather than the company’s own credit history is more important to encourage applications. Perceptions of refusal are procyclical and may be self-perpetuating. Increased concentration in the banking sector reduces discouragement, indicating the importance of relationship banking. Transmission of macro effects through the banking system and economic environment may also lead to higher levels of discouragement. A good regulatory scheme is also advisable, either for the lenders or the borrowers (overall the good ones).Keywords: entrepreneurial finance, discouraged borrowers, banking, financial crisis, eurozone
Procedia PDF Downloads 40914454 A Research on the Benefits of Drone Usage in Industry by Determining Companies Using Drone in the World
Authors: Ahmet Akdemir, Güzide Karakuş, Leyla Polat
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Aviation that has been arisen in accordance with flying request that is existing inside of people, has not only made life easier by making a great contribution to humanity; it has also accelerated globalization by reducing distances between countries. It is seen that the growth rate of aviation industry has reached the undreamed level when it is looked back on. Today, the last point in aviation is unmanned aerial vehicles that are self-ventilating and move in desired coordinates without any onboard pilot. For those vehicles, there are two different control systems are developed. In the first type of control, an unmanned aerial vehicle (UAV) moves according to instructions of a remote control. UAV that moves with a remote control is named as drone; it can be used personally. In the second one, there is a flight plan that is programmed and placed inside of UAV before flight. Recently, drones have started to be used in unimagined areas and utilize specific, important benefits for any industry. Within this framework, this study answers the question that is drone usage would be beneficial for businesses or not. To answer this question, applied basic methodologies are determining businesses using drone in the world, their purposes to use drone, and then, comparing their economy as before drone and after drone. In the end of this study, it is seen that many companies in different business areas use drone in logistics support, and it makes their work easier than before. This paper has contributed to academic literature about this subject, and it has introduced the benefits of drone usage for businesses. In addition, it has encouraged businesses that they keep pace with this technological age by following the developments about drones.Keywords: aviation, drone, drone in business, unmanned aerial vehicle
Procedia PDF Downloads 25414453 The Tense Dichotomy Between Shari'ah Compliance and the Goals of an Economic Bank
Authors: Camille Paldi
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The tense dichotomy between Shari’ah compliance and the economic goals of an Islamic Bank produces a proliferation of reverse engineered products, which are barely in compliance with Islamic law. The result is basically a hybrid conventional banking system with conventional products in Islamic disguise using Arabic and Islamic terminology. Many Islamic financial professionals and academics advocate for the use of conventional products and devices despite their non-Shari’ah compliance based on commercial necessity and the need to compete. However, this dangerous trend will lead to the demise of the Islamic finance industry. Rather than thoughtlessly following conventional products and practice, Islamic finance professionals should delve into the Shari’ah to find the answers to the current Islamic banking conundrum and lead the industry on the right path of developing Shari’ah based products and using Shari’ah devices to hedge risk.Keywords: Islamic banking, Shari'ah, finance, investment
Procedia PDF Downloads 34714452 Disentangling an Ethnographic Study of the Imagined Inca: How the Yale-Peruvian Expedition of 1911 Created an Inca Heritage
Authors: Charlotte Williams
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Yale University Professor Hiram Bingham’s discovery of Machu Picchu in 1911 spurred an international interest in the Inca Empire, and with it, a dispute with the Peruvian government over who had rightful jurisdiction and curatorship over Inca history. By 2011, the Peruvian government initiated a legal battle for the return of artifacts that Bingham had removed from Machu Picchu, successfully returning them not to the site of Machu Picchu, but to Cusco, employing the rationale that the ancient Inca capital housed descendants of the Inca empire. This conflation of the past and present can be traced to a largely unanalyzed study that accompanied Bingham’s expedition: an ethnographic analysis of Inca descendants, which at the time portrayed indigenous Peruvian Andean peoples as remnants of a lost civilization, using Cusco as an assumed repository for people with 'Inca' characteristics. This study draws from the original Yale Peruvian Expedition archives, the Cusco Library archives, and in-depth interviews with curators of the Inca Museum and Machu Picchu Museum to analyze both the political conflict that emerged as a reaction to the ethnographic study, and how the study articulated with an inflating tourism market attempting to define what it meant to be Inca to an international public. The construction of the modern Inca as both directors of tourism management and purveyors of their archaeological material culture points to a unique case in which modern Peruvian citizens could claim heritage to an Inca past despite a lack of recognition as a legally defined group. The result has far-reaching implications, since Bingham’s artifacts returned not necessarily to a traditional nation-state, but to an imagined one, broadening the conditions under which informal repatriations can occur.Keywords: archaeology of memory, imagined communities, Incanismo, repatriation
Procedia PDF Downloads 16814451 A Photoredox (C)sp³-(C)sp² Coupling Method Comparison Study
Authors: Shasline Gedeon, Tiffany W. Ardley, Ying Wang, Nathan J. Gesmundo, Katarina A. Sarris, Ana L. Aguirre
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Drug discovery and delivery involve drug targeting, an approach that helps find a drug against a chosen target through high throughput screening and other methods by way of identifying the physical properties of the potential lead compound. Physical properties of potential drug candidates have been an imperative focus since the unveiling of Lipinski's Rule of 5 for oral drugs. Throughout a compound's journey from discovery, clinical phase trials, then becoming a classified drug on the market, the desirable properties are optimized while minimizing/eliminating toxicity and undesirable properties. In the pharmaceutical industry, the ability to generate molecules in parallel with maximum efficiency is a substantial factor achieved through sp²-sp² carbon coupling reactions, e.g., Suzuki Coupling reactions. These reaction types allow for the increase of aromatic fragments onto a compound. More recent literature has found benefits to decreasing aromaticity, calling for more sp³-sp² carbon coupling reactions instead. The objective of this project is to provide a comparison between various sp³-sp² carbon coupling methods and reaction conditions, collecting data on production of the desired product. There were four different coupling methods being tested amongst three cores and 4-5 installation groups per method; each method ran under three distinct reaction conditions. The tested methods include the Photoredox Decarboxylative Coupling, the Photoredox Potassium Alkyl Trifluoroborate (BF3K) Coupling, the Photoredox Cross-Electrophile (PCE) Coupling, and the Weix Cross-Electrophile (WCE) Coupling. The results concluded that the Decarboxylative method was very difficult in yielding product despite the several literature conditions chosen. The BF3K and PCE methods produced competitive results. Amongst the two Cross-Electrophile coupling methods, the Photoredox method surpassed the Weix method on numerous accounts. The results will be used to build future libraries.Keywords: drug discovery, high throughput chemistry, photoredox chemistry, sp³-sp² carbon coupling methods
Procedia PDF Downloads 14414450 Stakeholder Voices in Digital Evolution: Challenges Faced by SMEs in Automotive Supply Chain
Authors: Mohammed Sharaf, Alireza Shokri, Adrian Small, Toby Bridges
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This paper investigates digital transformation challenges in SMEs within the automotive supply chain. A case study approach and participant observation revealed significant data management and process optimization barriers, corroborated by a conceptual model. Stakeholder feedback, visualized through a pie chart, emphasized data management and process efficiency as primary concerns. Recommended strategies include implementing advanced data systems, process simplification, and enhancing digital skills. Despite the single-case study limitation, the findings offer actionable insights for SMEs to leverage Industry 4.0 technologies effectively. This research contributes to the strategic roadmap necessary for SMEs to achieve competitive digital transformation.Keywords: automotive supply chain, digital transformation, industry 4.0
Procedia PDF Downloads 3414449 The Scale of Farms and Development Perspectives in Georgia
Authors: M. Chavleishvili, E. Kharaishvili, G. Erkomaishvili
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The article presents the development trends of farms, estimates on the optimal scope of farming, as well as the experience of local and foreign countries in this area. As well, the advantages of small and large farms are discussed; herewith, the scales of farms are compared to the local reality. The study analyzes the results of farm operations and the possibilities of diversification of farms. The indicators of an effective use of land resources and land fragmentation are measured; also, a comparative analysis with other countries is presented, in particular, the measurements of agricultural lands for farming, as well as the indicators of population ensuring. The conducted research shows that most of the farms in Georgia are small and their development is at the initial stage, which outlines that the country has a high resource potential to increase the scale of the farming industry and its full integration into market relations. On the basis of the obtained results, according to the research on the scale of farming in Georgia and the identification of hampering factors of farming development, the conclusions are presented and the relevant recommendations are suggested.Keywords: farm cooperatives.farms, farm scale, land fragmentation, small and large farms
Procedia PDF Downloads 25514448 Improvement of Realization Quality of Aerospace Products Using Augmented Reality Technology
Authors: Nuran Bahar, Mehmet A. Akcayol
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In the aviation industry, many faults may occur frequently during the maintenance processes and assembly operations of complex structured aircrafts because of their high dependencies of components. These faults affect the quality of aircraft parts or developed modules adversely. Technical employee requires long time and high labor force while checking the correctness of each component. In addition, the person must be trained regularly because of the ever-growing and changing technology. Generally, the cost of this training is very high. Augmented Reality (AR) technology reduces the cost of training radically and improves the effectiveness of the training. In this study, the usage of AR technology in the aviation industry has been investigated and the effectiveness of AR with heads-up display glasses has been examined. An application has been developed for comparison of production process with AR and manual one.Keywords: aerospace, assembly quality, augmented reality, heads-up display
Procedia PDF Downloads 34414447 State of Art in Software Requirement Negotiation Process Models
Authors: Shamsu Abdullahi, Nazir Yusuf, Hazrina Sofian, Abubakar Zakari, Amina Nura, Salisu Suleiman
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Requirements negotiation process models help in resolving conflicting requirements of the heterogeneous stakeholders in the software development industry. This is to achieve a shared vision of software projects to be developed by the industry. Negotiating stakeholder agreements is a serious and difficult task in the software development process. There are many requirements negotiation process models that effectively negotiate stakeholder agreements that have been proposed by the research community. Other issues in the requirements negotiation research domain include stakeholder communication, decision-making, lack of negotiation interoperability, and managing requirement changes and analysis. This study highlights the current state of the art in the existing software requirements negotiation process models. The study also describes the issues and limitations in the software requirements negotiations process models.Keywords: requirements, negotiation, stakeholders, agreements
Procedia PDF Downloads 19714446 Thriving Private-Community Partnerships in Ecotourism: Perspectives from Fiji’s Upper Navua Conservation Area
Authors: Jeremy Schultz, Kelly Bricker
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Ecotourism has proven itself to be a forerunner in the advancement of environmental conservation all the while supporting cultural tradition, uniqueness, and pride among indigenous communities. Successful private-community partnerships associated with ecotourism operations are vital to the overall prosperity of both the businesses and the local communities. Such accomplishments can be seen through numerous livelihood goals including income, food security, health, reduced vulnerability, governance, and empowerment. Private-community partnerships also support global initiatives such as the sustainable development goals and sustainable development frameworks including those proposed by the United Nations World Tourism Organization (WTO). Understanding such partnerships assists not only large organizations such as the WTO, but it also benefits smaller ecotourism operators and entrepreneurs who are trying to achieve their sustainable tourism development goals. This study examined the partnership between an ecotourism company (Rivers Fiji) and two rural villages located in Fiji’s Upper Navua Conservation Area. Focus groups were conducted in each village. Observation journals were also used to record conversations outside of the focus groups. Data were thematically organized and analyzed to offer researcher interpretations and understandings. This research supported the notion that respectful and emboldening partnerships between communities and private enterprise are vital to the composition of successful ecotourism operations that support sustainable development protocol. Understanding these partnerships can assist in shaping future ecotourism development and re-molding existing businesses. This study has offered an example of a thriving partnership through community input and critical researcher analysis. Research has identified six contributing factors to successful ecotourism partnerships, and this study provides additional support to that framework.Keywords: community partnerships, conservation areas, ecotourism, Fiji, sustainability
Procedia PDF Downloads 13514445 Supply Chain Control and Inventory Management in Garment Industry
Authors: Nisa Nur Duman, Sümeyya Kiliç
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In global competition conditions, survival of the plants by obtaining competitive advantage relies on the effective usage of existing sources. By this way, the plants can minimize their costs without losing their quality. They also take advantage took advantage on their competitors and enlarge customer portfolio by increasing profit margins. Changing structure of market and customer demands also change the structure of the competition between companies. Furthermore, competition is not only between the companies. By this manner, supply chain and supply chain management get importance by considering company performances. Companies that want to survive, search the ways of decreasing costs and the ways of meeting customer expectations. One of the important tools for reaching these goals is inventory managemet. The best inventory management system is meeting the demands by considering plant goals.Keywords: Supply chain, inventory management, apparel sector, garment industry
Procedia PDF Downloads 37014444 Health Hazards in SME Garment Industries in India
Authors: Pranab Kumar Goswami
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According to WHO, over 1000 million people worldwide are employed in small-scale industries. The ‘garment’ industry’ is one such industry in developing countries. These garment SMEs are mostly run by private establishments in the unorganized sector to avoid legal obligations of OSH provisions. The OSH standards are very poor and even basic health and safety provisions are not provided in such units. The study has been conducted in India among workers employed in the ‘garment’ industry with the objectives to analyze the types and extent of occupational health hazards of the garment workers and to assess the relationship of sociodemographic and occupational factors with various health hazards. The survey method, the tabular method followed by applying simple statistical technique, has been taken into account to analyze the data collected from three SME garment industries in Delhi (India-Asia). The study was conducted in Delhi from August-2019 to October-2020. A random sampling of 70 workers from three factories has been chosen for this study. The study shows that most of the workers were males (82%) and were in the 18-50 age group (78%), with none below 18 years of age. It was found that 26% of the workers were illiterate and most of them belonged to poor socioeconomic status. The study revealed that the nature of the hazards in garment industries in India is mostly physical and mechanical. We found that musculoskeletal problems (54%) were the commonest health problem. The body areas commonly affected were neck, low back, hand, wrist, finger, and shoulder. If garment workers’ health is affected by occupational hazards, it will impact on national health and economic growth of developing countries. Health is a joint responsibility of both government and employing authority.Keywords: garment, MSD, health hazard, social factor
Procedia PDF Downloads 19814443 Assessing the Resilience of the Insurance Industry under Solvency II
Authors: Vincenzo Russo, Rosella Giacometti
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The paper aims to assess the insurance industry's resilience under Solvency II against adverse scenarios. Starting from the economic balance sheet available under Solvency II for insurance and reinsurance undertakings, we assume that assets and liabilities follow a bivariate geometric Brownian motion (GBM). Then, using the results available under Margrabe's formula, we establish an analytical solution to calibrate the volatility of the asset-liability ratio. In such a way, we can estimate the probability of default and the probability of breaching the undertaking's Solvency Capital Requirement (SCR). Furthermore, since estimating the volatility of the Solvency Ratio became crucial for insurers in light of the financial crises featured in the last decades, we introduce a novel measure that we call Resiliency Ratio. The Resiliency Ratio can be used, in addition to the Solvency Ratio, to evaluate the insurance industry's resilience in case of adverse scenarios. Finally, we introduce a simplified stress test tool to evaluate the economic balance sheet under stressed conditions. The model we propose is featured by analytical tractability and fast calibration procedure where only the disclosed data available under the Solvency II public reporting are needed for the calibration. Using the data published regularly by the European Insurance and Occupational Pensions Authority (EIOPA) in an aggregated form by country, an empirical analysis has been performed to calibrate the model and provide the related results at the country level.Keywords: Solvency II, solvency ratio, volatility of the asset-liability ratio, probability of default, probability to breach the SCR, resilience ratio, stress test
Procedia PDF Downloads 8114442 An Automated Approach to the Nozzle Configuration of Polycrystalline Diamond Compact Drill Bits for Effective Cuttings Removal
Authors: R. Suresh, Pavan Kumar Nimmagadda, Ming Zo Tan, Shane Hart, Sharp Ugwuocha
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Polycrystalline diamond compact (PDC) drill bits are extensively used in the oil and gas industry as well as the mining industry. Industry engineers continually improve upon PDC drill bit designs and hydraulic conditions. Optimized injection nozzles play a key role in improving the drilling performance and efficiency of these ever changing PDC drill bits. In the first part of this study, computational fluid dynamics (CFD) modelling is performed to investigate the hydrodynamic characteristics of drilling fluid flow around the PDC drill bit. An Open-source CFD software – OpenFOAM simulates the flow around the drill bit, based on the field input data. A specifically developed console application integrates the entire CFD process including, domain extraction, meshing, and solving governing equations and post-processing. The results from the OpenFOAM solver are then compared with that of the ANSYS Fluent software. The data from both software programs agree. The second part of the paper describes the parametric study of the PDC drill bit nozzle to determine the effect of parameters such as number of nozzles, nozzle velocity, nozzle radial position and orientations on the flow field characteristics and bit washing patterns. After analyzing a series of nozzle configurations, the best configuration is identified and recommendations are made for modifying the PDC bit design.Keywords: ANSYS Fluent, computational fluid dynamics, nozzle configuration, OpenFOAM, PDC dill bit
Procedia PDF Downloads 42014441 A Systematic Review on Development of a Cost Estimation Framework: A Case Study of Nigeria
Authors: Babatunde Dosumu, Obuks Ejohwomu, Akilu Yunusa-Kaltungo
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Cost estimation in construction is often difficult, particularly when dealing with risks and uncertainties, which are inevitable and peculiar to developing countries like Nigeria. Direct consequences of these are major deviations in cost, duration, and quality. The fundamental aim of this study is to develop a framework for assessing the impacts of risk on cost estimation, which in turn causes variabilities between contract sum and final account. This is very important, as initial estimates given to clients should reflect the certain magnitude of consistency and accuracy, which the client builds other planning-related activities upon, and also enhance the capabilities of construction industry professionals by enabling better prediction of the final account from the contract sum. In achieving this, a systematic literature review was conducted with cost variability and construction projects as search string within three databases: Scopus, Web of science, and Ebsco (Business source premium), which are further analyzed and gap(s) in knowledge or research discovered. From the extensive review, it was found that factors causing deviation between final accounts and contract sum ranged between 1 and 45. Besides, it was discovered that a cost estimation framework similar to Building Cost Information Services (BCIS) is unavailable in Nigeria, which is a major reason why initial estimates are very often inconsistent, leading to project delay, abandonment, or determination at the expense of the huge sum of money invested. It was concluded that the development of a cost estimation framework that is adjudged an important tool in risk shedding rather than risk-sharing in project risk management would be a panacea to cost estimation problems, leading to cost variability in the Nigerian construction industry by the time this ongoing Ph.D. research is completed. It was recommended that practitioners in the construction industry should always take into account risk in order to facilitate the rapid development of the construction industry in Nigeria, which should give stakeholders a more in-depth understanding of the estimation effectiveness and efficiency to be adopted by stakeholders in both the private and public sectors.Keywords: cost variability, construction projects, future studies, Nigeria
Procedia PDF Downloads 20914440 Decision Making during the Project Management Life Cycle of Infrastructure Projects
Authors: Karrar Raoof Kareem Kamoona, Enas Fathi Taher AlHares, Zeynep Isik
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The various disciplines in the construction industry and the co-existence of the people in the various disciplines are what builds well-developed, closely-knit interpersonal skills at various hierarchical levels thus leading to a varied way of leadership. The varied decision making aspects during the lifecycle of a project include: autocratic, participatory and last but not least, free-rein. We can classify some of the decision makers in the construction industry in a hierarchical manner as follows: project executive, project manager, superintendent, office engineer and finally the field engineer. This survey looked at how decisions are made during the construction period by the key stakeholders in the project. From the paper it is evident that the three decision making aspects can be used at different times or at times together in order to bring out the best leadership decision. A blend of different leadership styles should be used to enhance the success rate during the project lifecycle.Keywords: leadership style, construction, decision-making, built environment
Procedia PDF Downloads 35914439 Application of Lean Manufacturing in Brake Shoe Manufacturing Plant: A Case Study
Authors: Anees K. Ahamed, Aakash Kumar R. G., Raj M. Mohan
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The main objective is to apply lean tools to identify and eliminate waste in and among the work stations so as to improve the process speed and quality. From the top seven wastes in the lean concept, we consider the movement of materials, defects, and inventory for the improvement since these cause the major impact on the performance measures. The layout was improved to reduce the movement of materials. It also quantifies the reduction in movement among the work stations. Value stream mapping has been used for identification of waste. Cause and effect diagram and 5W analysis are used to identify the reasons for defects and to provide the counter measures. Some cycle time reduction techniques also proposed to improve the productivity. Lean Audit check sheet was also used to identify the current position of the industry and to identify the gap to make the industry Lean.Keywords: cause and effect diagram, cycle time reduction, defects, lean, waste reduction
Procedia PDF Downloads 38514438 Basic Business-Forces behind the Surviving and Sustainable Organizations: The Case of Medium Scale Contractors in South Africa
Authors: Iruka C. Anugwo, Winston M. Shakantu
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The objective of this study is to uncover the basic business-forces that necessitated the survival and sustainable performance of the medium scale contractors in the South African construction market. This study is essential as it set to contribute towards long-term strategic solutions for combating the incessant failure of start-ups construction organizations within South African. The study used a qualitative research methodology; as the most appropriate approach to elicit and understand, and uncover the phenomena that are basic business-forces for the active contractors in the market. The study also adopted a phenomenological study approach; and in-depth interviews were conducted with 20 medium scale contractors in Port Elizabeth, South Africa, between months of August to October 2015. This allowed for an in-depth understanding of the critical and basic business-forces that influenced their survival and performance beyond the first five years of business operation. Findings of the study showed that for potential contractors (startups), to survival in the competitive business environment such as construction industry, they must possess the basic business-forces. These forces are educational knowledge in construction and business management related disciplines, adequate industrial experiences, competencies and capabilities to delivery excellent services and products as well as embracing the spirit of entrepreneurship. Convincingly, it can be concluded that the strategic approach to minimize the endless failure of startups construction businesses; the potential construction contractors must endeavoring to access and acquire the basic educationally knowledge, training and qualification; need to acquire industrial experiences in collaboration with required competencies, capabilities and entrepreneurship acumen. Without these basic business-forces as been discovered in this study, the majority of the contractors gaining entrance in the market will find it difficult to develop and grow a competitive and sustainable construction organization in South Africa.Keywords: basic business-forces, medium scale contractors, South Africa, sustainable organisations
Procedia PDF Downloads 29214437 Data, Digital Identity and Antitrust Law: An Exploratory Study of Facebook’s Novi Digital Wallet
Authors: Wanjiku Karanja
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Facebook has monopoly power in the social networking market. It has grown and entrenched its monopoly power through the capture of its users’ data value chains. However, antitrust law’s consumer welfare roots have prevented it from effectively addressing the role of data capture in Facebook’s market dominance. These regulatory blind spots are augmented in Facebook’s proposed Diem cryptocurrency project and its Novi Digital wallet. Novi, which is Diem’s digital identity component, shall enable Facebook to collect an unprecedented volume of consumer data. Consequently, Novi has seismic implications on internet identity as the network effects of Facebook’s large user base could establish it as the de facto internet identity layer. Moreover, the large tracts of data Facebook shall collect through Novi shall further entrench Facebook's market power. As such, the attendant lock-in effects of this project shall be very difficult to reverse. Urgent regulatory action is therefore required to prevent this expansion of Facebook’s data resources and monopoly power. This research thus highlights the importance of data capture to competition and market health in the social networking industry. It utilizes interviews with key experts to empirically interrogate the impact of Facebook’s data capture and control of its users’ data value chains on its market power. This inquiry is contextualized against Novi’s expansive effect on Facebook’s data value chains. It thus addresses the novel antitrust issues arising at the nexus of Facebook’s monopoly power and the privacy of its users’ data. It also explores the impact of platform design principles, specifically data portability and data portability, in mitigating Facebook’s anti-competitive practices. As such, this study finds that Facebook is a powerful monopoly that dominates the social media industry to the detriment of potential competitors. Facebook derives its power from its size, annexure of the consumer data value chain, and control of its users’ social graphs. Additionally, the platform design principles of data interoperability and data portability are not a panacea to restoring competition in the social networking market. Their success depends on the establishment of robust technical standards and regulatory frameworks.Keywords: antitrust law, data protection law, data portability, data interoperability, digital identity, Facebook
Procedia PDF Downloads 12314436 Covid Impact and Corporate Environmental, Social, and Governance Behavior
Authors: Yawen Xia, Rubi Yang, Jing Zhao
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We examine the environmental, social, and governance (ESG) decision-making of companies during turbulent times like COVID-19. We find that firms’ ESG reputation risk comove with their industry and local peers, suggesting that managers may follow their industry and local counterparts in engaging in irresponsible activities. Moreover, the comovement in reputation risk is attenuated during the COVID-19 pandemic. Further analyses suggest that the reduction in comovement varies by state-level partisanship and death rate during the pandemic. Comovement in reputation risk declines more significantly in the Democratic states with stringent social distancing policies and in states with higher infection severity. Our findings suggest that social distancing provisions during COVID-19 may lead to a reduction in social activities and information sharing among enterprise managers.Keywords: ESG, Covid, peer pressure, local comovement, orporate governance
Procedia PDF Downloads 2914435 Understanding the Productivity Effect on Industrial Management: The Portuguese Wood Furniture Industry Case Study
Authors: Jonas A. R. H. Lima, Maria Antonia Carravilla
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As productivity concepts are widely related to industrial savings, it is becoming particularly important in a more and more competitive world, to really understand how productivity can be well used in industrial management techniques. Nowadays, consumers are no more willing to pay for mistakes and inefficiencies. Therefore, one way for companies to stay competitive is to control and increase their productivity. This study aims to define clearly the productivity concept, understand how a company can affect productivity, and, if possible, identify the relation between each identified productivity factor. This will help managers, by clarifying the main issues behind productivity concepts and proposing a methodology to measure, control and increase productivity. The main questions to be answered are: what is the importance of productivity for the Portuguese Wood Furniture Industry? Is it possible to control productivity internally, or is it a phenomenon external to companies, hard or even impossible to control? How to understand, control and adjust productivity performance? How to make productivity to become one main asset for maximizing the use of the available resources? This essay will follow a constructive approach mostly based in the research hypothesis mentioned above. For that, a literature review is being done to find the main conceptual frameworks and empirical studies that already exist, and by doing so, highlight eventual knowledge or conflicting research to be addressed in this work. We expect to build theoretical explanations and test theoretical predictions from participants understandings and own experiences, by elaborating field surveys and interviews, to select adjusted productivity indicators and analyze the productivity evolution according the adjustments on other variables. Its intended the conduction of an exploratory work that can simultaneous clarify productivity concepts, objectives, and define frameworks. This investigation intends to migrate from merely academic concepts to a daily basis operational reality of the companies from the Portuguese Wood Furniture Industry highlighting productivity increased importance within modern engineering and industrial management. The ambition is to clarify, systemize and develop a management tool that may not only control but positively influence the way resources are used.Keywords: industrial management, motivation, productivity, performance indicators, reward management, wood furniture industry
Procedia PDF Downloads 22914434 Presenting the Mathematical Model to Determine Retention in the Watersheds
Authors: S. Shamohammadi, L. Razavi
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This paper based on the principle concepts of SCS-CN model, a new mathematical model for computation of retention potential (S) presented. In the mathematical model, not only precipitation-runoff concepts in SCS-CN model are precisely represented in a mathematical form, but also new concepts, called “maximum retention” and “total retention” is introduced, and concepts of potential retention capacity, maximum retention, and total retention have been separated from each other. In the proposed model, actual retention (F), maximum actual retention (Fmax), total retention (S), maximum retention (Smax), and potential retention (Sp), for the first time clearly defined, so that Sp is not variable, but a function of morphological characteristics of the watershed. Indeed, based on the mathematical relation of the conceptual curve of SCS-CN model, the proposed model provides a new method for the computation of actual retention in watershed and it simply determined runoff based on. In the corresponding relations, in addition to Precipitation (P), Initial retention (Ia), cumulative values of actual retention capacity (F), total retention (S), runoff (Q), antecedent moisture (M), potential retention (Sp), total retention (S), we introduced Fmax and Fmin referring to maximum and minimum actual retention, respectively. As well as, ksh is a coefficient which depends on morphological characteristics of the watershed. Advantages of the modified version versus the original model include a better precision, higher performance, easier calibration and speed computing.Keywords: model, mathematical, retention, watershed, SCS
Procedia PDF Downloads 45714433 Structural Performances of Rubberized Concrete Wall Panel Utilizing Fiber Cement Board as Skin Layer
Authors: Jason Ting Jing Cheng, Lee Foo Wei, Yew Ming Kun, Mo Kim Hung, Yip Chun Chieh
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This research delves into the structural characteristics of distinct construction material, rubberized lightweight foam concrete (RLFC) wall panels, which have been developed as a sustainable alternative for the construction industry. These panels are engineered with a RLFC core, possessing a density of 1150 kg/m3, which is specifically formulated to bear structural loads. The core is enveloped with high-strength fiber cement boards, selected for their superior load-bearing capabilities, and enhanced flexural strength when compared to conventional concrete. A thin bed adhesive, known as TPS, is employed to create a robust bond between the RLFC core and the fiber cement cladding. This study underscores the potential of RLFC wall panels as a viable and eco-friendly option for modern building construction, offering a combination of structural efficiency and environmental benefits.Keywords: structural performance, rubberized concrete wall panel, fiber cement board, insulation performance
Procedia PDF Downloads 62