Search results for: Thai qualifications framework

Authors: Ana Hol

Abstract:

Technological inventions such as websites, blogs, smartphone applications are on a daily basis influencing our decision making, are improving our productivity and are shaping futures of many consumer and service/product providers. This research identifies that these days both customers and providers heavily rely on smart phone applications. With this in mind, iTunes mobile applications store has been studies. It was identified that food related applications used by consumers can broadly be categorized into purchase apps, diaries, tracking health apps, trip farm location apps and cooking apps. On the other hand, apps used by farmers can be classified as: weather apps, pests / fertilizer app and general Facebook apps. With the aim to blur this farmer-consumer divide our research utilizes Context Specific eTransformation Framework and based on it identifies characteristic of the app that would allow this to happen.

Keywords: smart phone applications, SME - farmers, consumer, technology, business innovation

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Authors: Dimitrios J. Dimitriou, Maria F. Sartzetaki

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Air Transport links markets and individuals, making regions more competitive and promoting social and economic development. The assessment of social contribution is the key objective of this paper, focusing on the definition of the components of social dimension and welfare metrics in the national scale. According to a top-down approach, the key dimensions that affect the social welfare are presented. Conventional wisdom is to provide estimations on added value to social issues caused by the air transport development and present the methodology framework for measuring the contribution of transport development in social value chain. Greece is the case study of this paper, providing results from the contribution of air transport infrastructures in national welfare. The application key findings are essential for managers and decision makers to support actions and plans towards economic recovery of an economy presenting strong seasonal characteristics (because of tourism) and suffering from recession.

Keywords: air transport, social coherence, resilient business development, socioeconomic impact

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Authors: Mohd Yazid M. Yunos, R. Arinah, Nor Kalsum M. Isa, U. Nangkula, Nor A. Ismail, Nor F. Ariffin

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Islamic City planning is a concept of optimizing the overall arrangement of land use without compromising community. The concept was influenced by the specific intentions in mind, applying certain ideological principles and objectives rooted in Islamic faith and Muslim culture using distinct design elements. Holy Quran and hadiths provide a foundation for understanding Islamic Principles as clearly shared by the established Islamic Cities such as Medina, Mecca and Jerusalem. This paper aimed to explore the principles and elements of an Islamic City through the review of relevant literature by the means of Content Analysis method. A theoretical framework of Islamic City Principles was then formulated to be the main outcome of the study. The finding is very important to be a useful starting point for future study, especially for formulating a clear guide for the development of upcoming Islamic City in Malaysia.

Keywords: Islamic principles, sustainable city planning, Islamic city, Malaysia

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Authors: Djemai Bara, Mohamed Faouzi Mahboub, Djamila Bennaceur-Doumaz

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In this work, the role of the preformed plasma created on the front face of a target, irradiated by a high intensity short pulse laser, in the framework of ion acceleration process, modeled by Target Normal Sheath Acceleration (TNSA) mechanism, is studied. This plasma is composed of cold ions governed by fluid equations and non-thermal & trapped with densities represented by a "Cairns-Gurevich" equation. The self-similar solution of the equations shows that electronic trapping and the presence of non-thermal electrons in the pre-plasma are both responsible in ion acceleration as long as the proportion of energetic electrons is not too high. In the case where the majority of electrons are energetic, the electrons are accelerated directly by the ponderomotive force of the laser without the intermediate of an accelerating plasma wave.

Keywords: Cairns-Gurevich Equation, ion acceleration, plasma expansion, pre-plasma

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Authors: Ibrahim M. Elmojtaba, Rayan M. Altayeb

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Visceral leishmaniasis (VL) is a vector-borne disease caused by the protozoa parasite of the genus leishmania. The transmission of the parasite to humans and animals occurs via the bite of adult female sandflies previously infected by biting and sucking blood of an infectious humans or animals. In this paper we use a previously proposed model, and then applied two optimal controls, namely treatment and vaccination to that model to investigate optimal strategies for controlling the spread of the disease using treatment and vaccination as the system control variables. The possible impact of using combinations of the two controls, either one at a time or two at a time on the spread of the disease is also examined. Our results provide a framework for vaccination and treatment strategies to reduce susceptible and infection individuals of VL in five years.

Keywords: visceral leishmaniasis, treatment, vaccination, optimal control, numerical simulation

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Authors: George Hadjinicola, Andreas Soteriou

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This paper examines the relationship between the number of price promotions that a firm should conduct per year and the level of safety stocks that the firm should maintain. Price promotions result in temporary sales increases, which affect the operations function through (1) an increase in the quantities demanded and (2) an increase in safety stocks required to maintain the desired service level. We propose a modeling framework where both price promotions and improved service levels, operationalized through higher safety stocks, can affect sales. We treat the annual number of promotions as a decision variable. We identify market conditions where the operations function, through improved safety stocks, can complement price promotions or even play the leading role in sales increases.

Keywords: price promotions, safety stocks, marketing/operations interface, mathematical model

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Authors: Minzheong Song

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The purpose of this paper is to see a case of smart energy evolution of the UK along with government projects and smart city project like 'Smart London Plan (SLP)' in 2013 with the logic of business model innovation (BMI). For this, it discusses the theoretical logic and formulates a research framework of evolving smart energy from silo to integrated system. The starting point is the silo system with no connection and in second stage, the private investment in smart meters, smart grids implementation, energy and water nexus, adaptive smart grid systems, and building marketplaces with platform leadership. As results, the UK’s smart energy sector has evolved from smart meter device installation through smart grid to new business models such as water-energy nexus and microgrid service within the smart energy city system.

Keywords: smart city, smart energy, business model, business model innovation (BMI)

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Authors: Igor Velickovski, Aleksandar Stojkov, Ivana Rajkovic

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This paper investigates drivers of shock synchronization using quarterly data for 27 European countries over the period 1999-2013 and taking into account the difference between core (‘the euro area core locomotive’) and peripheral euro area and transition countries (‘the peripheral wagons’). Results from panel error-correction models suggest that core of the euro area has not been strong magnetizer of the shock convergence of periphery and transition countries since the euro inception as a result of the offsetting effects of the various factors that affected the shock convergence process. These findings challenge the endogeneity hypothesis in the optimum currency area framework and rather support the specialisation paradigm which is concerning evidence for the future stability of the euro area.

Keywords: dynamic panel models, shock synchronisation, trade, optimum currency area

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Authors: Po-Kun Tsai

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The issue of climate change is essential in the 21st century. State governments have launched types of strategic industrial policies to encourage more widespread R&D in green technology. Research also indicates that technology is an essential tool to mitigate some of extreme situations. However, one could learn from several prominent cases in international trade area that they have been easily argued and disputed by the foreign counterparts. Thus, how to justify the public sector’s R&D measures under the current world trading system and how to promote the transfer of environmentally sound technologies (EST) to developing states are crucial. The study is to undertake a preliminary examination of the current R&D research area in green technology in Taiwan. Through selective interviews and comparative approach, it tries to identify the loopholes under the current legal framework in Taiwan. It would be, as a basis, for further legal and policy recommendations for the benefits of mankind.

Keywords: government, R&D, innovation, environmentally sound technology (EST)

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Authors: Bashayer Alsana

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Communication technologies are changing the way we experience life. More specifically, such technologies have changed the interaction system through which women express themselves. Interaction with the other gender, accessibility to useful content, and creative public expression are but a few facets of the new living experience now being offered to women through the use of technology, especially in areas where females are bounded by societal taboos and traditions. An evaluation of the new female experience of expressing themselves through technology is yet to be done. This study aims to fill the void of research conducted around that topic. The study explores women’s use of communication technologies in Kuwait in terms of reasons and effects. women’s responses to survey questions present an overview of the new and changing female experience in this traditional middle eastern country, and draws a framework through which implications and suggestions for future research are discussed to better serve the advancement of women in developing countries.

Keywords: communications, kuwait, social media, women

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Authors: Husnil Khatimah, Fairol Halim

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This research examines the moderating impact of security on intention to use e-money that adapted from some variables of the TAM (Technology Acceptance Model) and TPB (Theory of Planned Behavior). This study will use security as moderating variable and finds these relationship depends on customer intention to use e-money as payment tools. The conceptual framework of e-money transactions was reviewed to understand behavioral intention of consumers from perceived usefulness, perceived ease of use, perceived behavioral control and security. Quantitative method will be utilized as sources of data collection. A total of one thousand respondents will be selected using quota sampling method in Medan, Indonesia. Descriptive analysis and Multiple Regression analysis will be conducted to analyze the data. The article ended with suggestion for future studies.

Keywords: e-money transaction, TAM & TPB, moderating variable, behavioral intention, conceptual paper

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Authors: Leila Jafari, Viliam Makis

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In this paper, the joint optimization of the economic manufacturing quantity (EMQ), safety stock level, and condition-based maintenance (CBM) is presented for a partially observable, deteriorating system subject to random failure. The demand is stochastic and it is described by a Poisson process. The stochastic model is developed and the optimization problem is formulated in the semi-Markov decision process framework. A modification of the policy iteration algorithm is developed to find the optimal policy. A numerical example is presented to compare the optimal policy with the policy considering zero safety stock.

Keywords: condition-based maintenance, economic manufacturing quantity, safety stock, stochastic demand

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Authors: Ghita Benayad

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Asset allocation, which affects the long-term profitability of portfolios by distributing assets to fulfill a range of investment objectives, is the cornerstone of investment management in the dynamic and complicated world of financial markets. This paper offers a technique for optimizing strategic asset allocation with the goal of improving portfolio performance by addressing the inherent complexity and uncertainty of the market through the use of Principal Component Analysis (PCA) in a multi-objective modeling framework. The study's first section starts with a critical evaluation of conventional asset allocation techniques, highlighting how poorly they are able to capture the intricate relationships between assets and the volatile nature of the market. In order to overcome these challenges, the project suggests a PCA-driven methodology that isolates important characteristics influencing asset returns by decreasing the dimensionality of the investment universe. This decrease provides a stronger basis for asset allocation decisions by facilitating a clearer understanding of market structures and behaviors. Using a multi-objective optimization model, the project builds on this foundation by taking into account a number of performance metrics at once, including risk minimization, return maximization, and the accomplishment of predetermined investment goals like regulatory compliance or sustainability standards. This model provides a more comprehensive understanding of investor preferences and portfolio performance in comparison to conventional single-objective optimization techniques. While applying the PCA-driven multi-objective optimization model to historical market data, aiming to construct portfolios better under different market situations. As compared to portfolios produced from conventional asset allocation methodologies, the results show that portfolios optimized using the proposed method display improved risk-adjusted returns, more resilience to market downturns, and better alignment with specified investment objectives. The study also looks at the implications of this PCA technique for portfolio management, including the prospect that it might give investors a more advanced framework for navigating financial markets. The findings suggest that by combining PCA with multi-objective optimization, investors may obtain a more strategic and informed asset allocation that is responsive to both market conditions and individual investment preferences. In conclusion, this capstone project improves the field of financial engineering by creating a sophisticated asset allocation optimization model that integrates PCA with multi-objective optimization. In addition to raising concerns about the condition of asset allocation today, the proposed method of portfolio management opens up new avenues for research and application in the area of investment techniques.

Keywords: asset allocation, portfolio optimization, principle component analysis, multi-objective modelling, financial market

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Authors: Diego Luján Villarreal

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Retinal prosthetic devices aim to repair some vision in visual impairment patients by stimulating electrically neural cells in the visual system. In this study, the 3D linear electrode carrier is presented. A simulation framework was developed by placing the 3D carrier 1 mm away from the fovea center at the highest-density cell. Cell stimulation is verified in COMSOL Multiphysics by developing a 3D computational model which includes the relevant retinal interface elements and dynamics of the voltage-gated ionic channels. Current distribution resulting from low threshold amplitudes produces a small volume equivalent to the volume confined by individual cells at the highest-density cell using small-sized electrodes. Delicate retinal tissue is protected by excessive charge density

Keywords: retinal prosthetic devices, visual devices, retinal implants., visual prosthetic devices

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Authors: Ilirian Laçi, Alketa Spahiu

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Modality of treatment in hepatocellular carcinoma (HCC) patients depends on the stage of the disease. The Barcelona Clinic Liver Cancer Classification (BCLC) is the preferred staging system. There are many patients initially present with intermediate-stage disease. For these patients, transarterial chemoembolization (TACE) is the treatment of choice. The differences in individual factors that are not captured by the BCLC framework, such as the tumor growth pattern, degree of hypervascularity, and vascular supply, complicate further evaluation of these patients. Because of these differences, not all patients benefit equally from TACE. Several tools have been devised to aid the decision-making process, which have shown promising initial results but have failed external evaluation and have not been translated to the clinic aspects. Criteria for treatment decisions in daily clinical practice are needed in all stages of the disease.

Keywords: hepatocellular carcinoma, transarterial chemoembolization, TACE, liver

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Authors: Aymen Laadhari

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We present in this paper a fully implicit finite element method tailored for the numerical modeling of inextensible fluidic membranes in a surrounding Newtonian fluid. We consider a highly simplified version of the Canham-Helfrich model for phospholipid membranes, in which the bending force and spontaneous curvature are disregarded. The coupled problem is formulated in a fully Eulerian framework and the membrane motion is tracked using the level set method. The resulting nonlinear problem is solved by a Newton-Raphson strategy, featuring a quadratic convergence behavior. A monolithic solver is implemented, and we report several numerical experiments aimed at model validation and illustrating the accuracy of the proposed method. We show that stability is maintained for significantly larger time steps with respect to an explicit decoupling method.

Keywords: finite element method, level set, Newton, membrane

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Authors: Sławomir Lasota, Tomasz Kajdanowicz

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This paper delves into adapting the Tweeting Factory paradigm to achieve universal production optimization under the Industry 5.0 framework. The proposed system creates a dynamic decision-making environment by collecting and analyzing structured telemetry data (”tweets”) from production lines. A hybrid recommendation engine combines rule-based systems with machine learning models to enhance real-time responsiveness and operator engagement. The research evaluates the system’s ability to optimize diverse industrial processes through predictive KPIs and real-time feedback loops. Results indicate significant advancements in eco-efficiency and operator productivity, showcasing the versatility of the Tweeting Factory approach in meeting the demands of human-centric and sustainable production.

Keywords: tweeting factory, production optimization, industry 5.0, recommendation

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Authors: K. R. Balabiyev, A. O. Kaipbayeva

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The article discusses the legal framework of the government’s environmental function and analyzes the role of the national policy in protection of wetlands. The problem is of interest for it deals with the most important branch of economy–utilization of Kazakhstan’s natural resources, protection of health and environmental well being of the population. Development of a long-term environmental program addressing the protection of wetlands represents the final stage of the government’s environmental policy, and is a relatively new function for the public administration system. It appeared due to the environmental measures that require immediate decisions to be taken. It is an integral part of the effort in the field of management of state-owned natural resource, as well as of the measures aimed at efficient management of natural resources to avoid their early depletion or contamination.

Keywords: environmental focus, government’s environmental function, protection of wetlands, Kazakhstan

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Authors: Troels Bo Jørgensen, Preben Hagh Strunge Holm, Henrik Gordon Petersen, Norbert Kruger

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This paper presents a simulation framework for using machine learning techniques to determine robust robotic motions for handling deformable objects. The main focus is on applications in the meat sector, which mainly handle three-dimensional objects. In order to optimize the robotic handling, the robot motions have been parameterized in terms of grasp points, robot trajectory and robot speed. The motions are evaluated based on a dynamic simulation environment for robotic control of deformable objects. The evaluation indicates certain parameter setups, which produce robust motions in the simulated environment, and based on a visual analysis indicate satisfactory solutions for a real world system.

Keywords: deformable objects, robotic manipulation, simulation, real world system

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Authors: Mauricio Quintero Angel, Andrés A. Duque Nivia, Carlos H. Fajardo Toro

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This paper analyzes two approaches of sustainability, the weak and strong, considering a case of study of oil palm production for an industry of biodegradable detergent. In this case, a company demand the oil palm as the active element for washing and through its trademark aims to supply 10% of the Colombian market of washing powders. Under each approach the economic and ecological implications of the palm oil production and especially the implications for crop management are described. The crop production under the weak sustainability implies plantations, intensive use of agrochemicals and the inclusion of new areas of cultivation as the market grows. Under the strong sustainability the production system is limited by the productive vocation of the ecosystem, so that new approaches and creativity for making viable the nature conservancy and the business development are require.

Keywords: agriculture, environmental impacts, oil palm, strong sustainability, weak sustainability

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Authors: Violeta Juanico

Abstract:

While there was a statement made by the RVM Education Ministry Commission that its strength is its Ignacian identity, shaped by the Ignacian spirituality that permeates the school community leading to a more defined RVM school culture, there has been no empirical study made in terms of a clear and convincing conceptual framework on how the RVM Educational mission is lived in the Religious of the Virgin Mary (RVM) learning institutions to the best of author’s knowledge. This dissertation is an attempt to come up with a substantive theory that supports and explains the stakeholders’ experiences with the RVM educational mission in the Philippines. Participants that represent the different stakeholders ranging from students to administrators were interviewed. The expressions and thoughts of the participants were initially coded and analyzed using the Barney Glaser’s original grounded theory methodology to find out how the RVM mission is lived in the field of education.

Keywords: catholic education, grounded theory, lived experience, RVM educational mission

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Authors: Jamilah Ahmad

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In 2023, Malaysia's International Trade and Industry Ministry (MITI) introduced the i-ESG framework to establish environmental, social, and governance (ESG) standards to enhance organisations' ethical conduct and social responsibility. The role of education, particularly universities, is crucial in preparing future generations to understand the significance of ESG and confront sustainability challenges. This study employs a mixed-methods approach, utilizing semi-structured interviews with university leaders and students to investigate the implementation of University Social Responsibility (USR) in Malaysian universities and the impact of ESG on sustainable development in alignment with Malaysia's SDG Agenda 2030. The findings underscore the critical role of USR and ESG in fostering sustainable development, ensuring that graduates are well-equipped to address environmental and sustainability issues in Malaysia.

Keywords: USR, ESG, sustainability, higher education in Malaysia, Malaysia

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Authors: Tayfun Cay, Sabahattin Akkus

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Due to inheritance, urban areas can not be arranged in a planned and programmed manner. As a result of this, the social fabric is disrupted and the hostility is increasing among the people. This contradicts the understanding of the social state. The Turkish Civil Code and the Urban Development Law are effective in sharing heritage in urban areas in Turkey. Within the framework of this legislation; How to make heritage sharing and services in the title deed. In this study, these laws, regulations, and statutes are examined. In the frame of this legislation, land registry problems on inheritance are examined and the province of Konya - Selçuk district, is selected as an application place to solve the problems. In this study, the problems of heritage sharing in the land registry were investigated. The evaluation of the work is done and the results are determined and possible solutions are proposed.

Keywords: land, land registry, heritage sharing, sharing problems of heritage

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Authors: I. Ben Kaddour, S. Larbaoui

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Since their first synthesis in 1984, silicoaluminophosphates have proven their effectiveness as a good adsorbent and catalyst in several environmental and energy applications. In this work, the photocatalytic reaction of the photo-degradation of a pharmaceutical product in water was carried out in the presence of a series of materials based on titanium oxide, anatase phase, supported on the microporous framework of the SAPO4-5 at different levels, under ultraviolet light. These photo-catalysts were characterized by different physicochemical analysis methods in order to determine their structural, textural, and morphological properties, such as X-ray diffraction (XRD), Fourier transform infrared spectroscopy (FTIR), microscopy scanning electronics (SEM), nitrogen adsorption measurements, UV-visible diffuse reflectance spectroscopy (UV-Vis-DRS). In this study, liquid chromatography coupled with spectroscopy of mass (LC-MS) was used to determine the nature of the intermediate products formed during the photocatalytic degradation of DCF.

Keywords: photocatalysis, titanium dioxide, SAPO-5, diclofenac

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Authors: Paola Bordon, Breno Braga

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This paper investigates whether firms use university prestige to statistically discriminate among college graduates. The test is based on the employer learning literature which suggests that if firms use a characteristic for statistical discrimination, this variable should become less important for earnings as a worker gains labor market experience. In this framework, we use a regression discontinuity design to estimate a 19% wage premium for recent graduates of two of the most selective universities in Chile. However, we find that this premium decreases by 3 percentage points per year of labor market experience. These results suggest that employers use college selectivity as a signal of workers' quality when they leave school. However, as workers reveal their productivity throughout their careers, they become rewarded based on their true quality rather than the prestige of their college.

Keywords: employer learning, statistical discrimination, college returns, college selectivity

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Authors: Turquesa Topper

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The reflection focuses on recording and explaining the considerations, conceptualizations and methodological approach with which from the University, that is to say, from the academic field, the study of Trends is addressed with the intention of training professionals in the area, an area that requires disciplinary boundaries and builds a polyphonic vision. When referring to the objective of our Laboratory the detection of aesthetic trends of consumption, we find ourselves in the requirement to define our object: trends, aesthetic trends of consumption, more specifically. The pages cover a conception of trends from a theoretical framework that incorporates contributions from linguistics, semiotics, sociology, cultural studies and project disciplines, in order to consolidate a polyphonic look. The text investigates in the pre-discursive aspect of the trends, in the circulation of the notion of style and in the dynamics of affirmation - denial as the constitutive dynamics of Fashion linked to any process of innovation. From such inquiry, it is presented to Fashion as a system that operates directly on the construction of socio-individual identities unfolding through the liquefaction of signs in trends.

Keywords: fashion, methodology, narrative, trends

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Authors: Deden Misbahudin Muayyad, Lavlimatria Esya

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Up to the month of June 2015, Indonesia has 12 Islamic Commercial Banks, 22 Islamic Business Unit, 327 offices in 33 provinces. The initial purpose of the establishment of Islamic financial institutions is to achieve and the welfare of the people in this world and in the hereafter. To realize these goals, the Islamic financial institutions in every kind of aspect of product development and in terms of operations should be based on maqashid sharia, namely keeping the faith, keep the soul, keep the sense, maintain the property, keeping the offspring. To see whether Islamic banking grounded in maqasid sharia, the Islamic banking performance measurements based on the principles of maqasid sharia. Banking performance measurement is not only focusing on profit and other financial measures, but put other values of banks reflects the size of the benefit of non-profit in accordance with the bank's objectives. The measurement using the measurement of financial performance called maqasid sharia index. Maqasid syariah index is a model of Islamic banking performance measurement in accordance with the objectives and characteristics of Islamic banking. Maqasid syariah index was developed based on three main factors, namely the education of individuals, the creation of justice, the achievement of well-being, where the three factors were in accordance with the common goal of maqasid sharia is achieving prosperity and avoid evil. Maqasid syariah index shows that maqasid sharia approach can be a strategic alternative approach to describe how good the performance of the banking system and it can be implemented in the comprehensive policy strategy. This study uses a model of performance measurement framework based on maqasid syariah, in addition to financial performance measures that already exist. Methods to develop the idea of a performance measurement framework of Islamic banking by maqasid sharia is the Sekaran method. Operationally, the methods have now able to describe the elements that will be measured by this study. This is done by observing the behavior of the dimensions illustrated through a concept that has been set. These dimensions translate into derivative elements that can be observed and more scalable, so it can establish measurement indices. This research is descriptive quantitative. Techniques are being made to collect data in this paper is by using purposive sampling method, with 12 Islamic Commercial Banks that qualify as research samples. The financial data taken at 12 banks was sourced from the annual financial statements the period 2008 to 2012 with consideration of the database and ease of access to data. The ratio measured in this study only 7 ratio used in determining the performance of Islamic banking, namely: four ratio refers to the sharia objectives related to education. three ratio while again referring to sharia objectives related to the achievement of welfare. While other ratios associated with justice can not be used in this study because of the limited data used. Total overall calculation of performance indicators and performance ratios on each goal for each bank describes the maqasid syariah index.

Keywords: Islamic banking, Maslahah, maqashid syariah, maqashid syariah index

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Authors: Mohammad Samarah, Benjamin Stark, Jennifer Kindle, Langley Payton

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Innovation is a key driver for companies, society, and economic growth. However, assessing and measuring innovation for individuals as well as organizations remains difficult. Our i5-Score presented in this study will help to overcome this difficulty and facilitate measuring the innovation potential. The score is based on a framework we call the 5Gs of innovation which defines specific innovation attributes. Those are 1) the drive for long-term goals 2) the audacity to generate new ideas, 3) the openness to share ideas with others, 4) the ability to grow, and 5) the ability to maintain high levels of optimism. To validate the i5-Score, we conducted a study at Florida Polytechnic University. The results show that the i5-Score is a good measure reflecting the innovative mindset of an individual or a group. Thus, the score can be utilized for evaluating, refining and enhancing innovation capabilities.

Keywords: Change Management, Innovation Attributes, Organizational Development, STEM and Venture Creation

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Authors: Piotr Fiszeder, Marcin Fałdziński, Peter Molnár

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The dynamic conditional correlation model of Engle (2002) is one of the most popular multivariate volatility models. However, this model is based solely on closing prices. It has been documented in the literature that the high and low price of the day can be used in an efficient volatility estimation. We, therefore, suggest a model which incorporates high and low prices into the dynamic conditional correlation framework. Empirical evaluation of this model is conducted on three datasets: currencies, stocks, and commodity exchange-traded funds. The utilisation of realized variances and covariances as proxies for true variances and covariances allows us to reach a strong conclusion that our model outperforms not only the standard dynamic conditional correlation model but also a competing range-based dynamic conditional correlation model.

Keywords: volatility, DCC model, high and low prices, range-based models, covariance forecasting

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Authors: Sławomir Lasota, Tomasz Kajdanowicz

Abstract:

This study explores the development of human-centric decision support systems tailored for Industry 5.0 production paradigms. By leveraging machine learning-based recommender systems, the proposed solution optimizes real-time production settings, accounting for both machine parameters and individual operator preferences. Integrating key performance indicators (KPIs) such as Overall Equipment Effectiveness (OEE) ensures sector-independent applicability and eco-efficiency. This paper also investigates how the ”Tweeting Factory” framework enhances communication between system components, facilitating adaptive and human-aware process improvements. Experimental results demonstrate the potential for increased operational efficiency and reduced resource consumption, paving the way for autonomous production systems.

Keywords: decision support systems, industry 5.0, machine learning, human-centric

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