Search results for: market efficiency

Authors: Luke Miller

Abstract:

This paper develops an options pricing methodology to value strategic pricing strategies in the services sector. More specifically, this study provides a unifying taxonomy of current service sector pricing practices, frames these pricing decisions as strategic real options, demonstrates accepted option valuation techniques to assess service sector pricing decisions, and suggests future research areas where pricing decisions and real options overlap. Enhancing revenue in the service sector requires proactive decision making in a world of uncertainty. In an effort to strategically price service products, revenue enhancement necessitates a careful study of the service costs, customer base, competition, legalities, and shared economies with the market. Pricing decisions involve the quality of inputs, manpower, and best practices to maintain superior service. These decisions further hinge on identifying relevant pricing strategies and understanding how these strategies impact a firm’s value. A relatively new area of research applies option pricing theory to investments in real assets and is commonly known as real options. The real options approach is based on the premise that many corporate decisions to invest or divest in assets are simply an option wherein the firm has the right to make an investment without any obligation to act. The decision maker, therefore, has more flexibility and the value of this operating flexibility should be taken into consideration. The real options framework has already been applied to numerous areas including manufacturing, inventory, natural resources, research and development, strategic decisions, technology, and stock valuation. Additionally, numerous surveys have identified a growing need for the real options decision framework within all areas of corporate decision-making. Despite the wide applicability of real options, no study has been carried out linking service sector pricing decisions and real options. This is surprising given the service sector comprises 80% of the US employment and Gross Domestic Product (GDP). Identifying real options as a practical tool to value different service sector pricing strategies is believed to have a significant impact on firm decisions. This paper identifies and discusses four distinct pricing strategies available to the service sector from an options’ perspective: (1) Cost-based profit margin, (2) Increased customer base, (3) Platform pricing, and (4) Buffet pricing. Within each strategy lie several pricing tactics available to the service firm. These tactics can be viewed as options the decision maker has to best manage a strategic position in the market. To demonstrate the effectiveness of including flexibility in the pricing decision, a series of pricing strategies were developed and valued using a real options binomial lattice structure. The options pricing approach discussed in this study allows service firms to directly incorporate market-driven perspectives into the decision process and thus synchronizing service operations with organizational economic goals.

Keywords: option pricing theory, real options, service sector, valuation

Procedia PDF Downloads 355

Authors: Jeffrey A. Lavarias, Jessie C. Elauria, Arnold R. Elepano, Engelbert K. Peralta, Delfin C. Suministrado

Abstract:

Shelling process is one of the primary processes and critical steps in the processing of chocolate or any product that is derived from cocoa beans. It affects the quality of the cocoa nibs in terms of flavor and purity. In the Philippines, small-scale food processor cannot really compete with large scale confectionery manufacturers because of lack of available postharvest facilities that are appropriate to their level of operation. The impact of this study is to provide the needed intervention that will pave the way for cacao farmers of engaging on the advantage of value-adding as way to maximize the economic potential of cacao. Thus, provision and availability of needed postharvest machines like mechanical cacao sheller will revolutionize the current state of cacao industry in the Philippines. A mechanical cacao sheller was developed, fabricated, and evaluated to establish optimum shelling conditions such as moisture content of cocoa beans, clearance where of cocoa beans passes through the breaker section and speed of the breaking mechanism on shelling recovery, shelling efficiency, shelling rate, energy utilization and large nib recovery; To establish the optimum level of shelling parameters of the mechanical sheller. These factors were statistically analyzed using design of experiment by Box and Behnken and Response Surface Methodology (RSM). By maximizing shelling recovery, shelling efficiency, shelling rate, large nib recovery and minimizing energy utilization, the optimum shelling conditions were established at moisture content, clearance and breaker speed of 6.5%, 3 millimeters and 1300 rpm, respectively. The optimum values for shelling recovery, shelling efficiency, shelling rate, large nib recovery and minimizing energy utilization were recorded at 86.51%, 99.19%, 21.85kg/hr, 89.75%, and 542.84W, respectively. Experimental values obtained using the optimum conditions were compared with predicted values using predictive models and were found in good agreement.

Keywords: cocoa beans, optimization, RSM, shelling parameters

Procedia PDF Downloads 358

Authors: Yang Ye, Hongfei Qiu, Yaqi Li

Abstract:

The planning and construction of traditional cities are oriented by cars, which leads to the problems of insufficient urban public space, fragmentation, and low utilization efficiency. With the development of driverless technology, the urban structure will change from the traditional single-core grid structure to the multi-core model. In terms of traffic organization, with the release of land for traffic facilities, public space will become more continuous and integrated with traffic space. In the context of driverless technology, urban public reconstruction is characterized by modularization and high efficiency, and its planning and layout features accord with points (service facilities), lines (smart lines), surfaces (activity centers). The public space of driverless urban roads will provide diversified urban public facilities and services. The intensive urban layout makes the commercial public space realize the functions of central activities and style display, respectively, in the interior (building atrium) and the exterior (building periphery). In addition to recreation function, urban green space can also utilize underground parking space to realize efficient dispatching of shared cars. The roads inside the residential community will be integrated into the urban landscape, providing conditions for the community public activity space with changing time sequence and improving the efficiency of space utilization. The intervention of driverless technology will change the thinking of traditional urban construction and turn it into a human-oriented one. As a result, urban public space will be richer, more connected, more efficient, and the urban space justice will be optimized. By summarizing the frontier research, this paper discusses the impact of unmanned driving on cities, especially urban public space, which is beneficial for landscape architects to cope with the future development and changes of the industry and provides a reference for the related research and practice.

Keywords: driverless, urban public space, construction strategy, urban design

Procedia PDF Downloads 114

Authors: K. Thakkar, C. Ghenai

Abstract:

An integrated modeling approach was used in this study to (1) track energy consumption, production, and resource extraction, (2) track greenhouse gases emissions and (3) analyze emissions for local and regional air pollutions. The model was used in this study for short and long term energy and GHG emissions reduction analysis for the state of Florida. The integrated modeling methodology will help to evaluate the alternative energy scenarios and examine emissions-reduction strategies. The mitigation scenarios have been designed to describe the future energy strategies. They consist of various demand and supply side scenarios. One of the GHG mitigation scenarios is crafted by taking into account the available renewable resources potential for power generation in the state of Florida to compare and analyze the GHG reduction measure against ‘Business As Usual’ and ‘Florida State Policy’ scenario. Two more ‘integrated’ scenarios, (‘Electrification’ and ‘Efficiency and Lifestyle’) are crafted through combination of various mitigation scenarios to assess the cumulative impact of the reduction measures such as technological changes and energy efficiency and conservation.

Keywords: energy planning, climate change mitigation assessment, integrated modeling approach, energy alternatives, and GHG emission reductions

Procedia PDF Downloads 443

Authors: Qiuhua Miao, Peng Huang, Yifei Ding

Abstract:

Particles with different properties tend to be unevenly distributed along an axial direction of the rotating drum, which is usually ignored. Therefore, it is important to study the relationship between axial segregation characteristics and particle crushing efficiency in longer drums. In this paper, a relative area total energy (RRTE) index is proposed, which aims to evaluate the overall crushing energy distribution characteristics. Based on numerical simulation verification, the proposed RRTE index can reflect the overall grinding effect more comprehensively, clearly representing crushing energy distribution in different drum areas. Furthermore, the proposed method is applied to the relation between axial segregation and crushing energy in drums. Compared with the radial section, the collision loss energy of the axial section can better reflect the overall crushing effect in long drums. The axial segregation characteristics directly affect the total energy distribution between medium and abrasive, reducing overall crushing efficiency. Therefore, the axial segregation characteristics should be avoided as much as possible in the crushing of the long rotary drum.

Keywords: relative regional total energy, crushing energy, axial segregation characteristics, rotary drum

Procedia PDF Downloads 90

Authors: Yingjie Zhang, Ming Li, Ying Zhang, Jing Zhang, Zuolei Hu

Abstract:

In the actual start-up process of DC motors, the DC drive system often faces a conflict between energy consumption and acceleration performance. To resolve the conflict, this paper proposes a comprehensive performance index that energy consumption index is added on the basis of classical control performance index in the DC motor starting process. Taking the comprehensive performance index as the cost function, particle swarm optimization algorithm is designed to optimize the comprehensive performance. Then it conducts simulations on the optimization of the comprehensive performance of the DC motor on condition that the weight coefficient of the energy consumption index should be properly designed. The simulation results show that as the weight of energy consumption increased, the energy efficiency was significantly improved at the expense of a slight sacrifice of fastness indicators with the comprehensive performance index method. The energy efficiency was increased from 63.18% to 68.48% and the response time reduced from 0.2875s to 0.1736s simultaneously compared with traditional proportion integrals differential controller in energy saving.

Keywords: comprehensive performance index, energy consumption, acceleration performance, particle swarm optimal control

Procedia PDF Downloads 163

Authors: Akbar Zeb, Shujaul Mulk Khan, Habib Ahmad, Manzoor Hussain, Mujtaba Shah

Abstract:

An ethnobotanical project was carried out in the Dughalgay valley District Swat in Hindu Kush region. The Local population not only use indigenous knowledge to use medicinal plants for curing various diseases but also earn their live hood by selling some of them in the local markets. An ethnobotanical project was carried out in the Doghalgay valley of upper Swat. The Local population not only use indigenous medicinal plants for curing various diseases but also earn their live hood by selling some of them in the local market. 102 of these medicinal plants were reported to be used in the region during questionnaire survey in spring 2007. Out of them 10 species are used as diuretic, 9 in stomachic and laxative each. Similarly 6, 5, 5, 4, 4, and 4 species of them are used as antiseptic, Anthelmintic, Carminative, Expectorant, Astringent and purgative respectively, while the remaining species have one or more than one medicinal use in the local community. 30 of these species are collected for marketing purposes, in which these medicinal plants such as Berberis lycium, Origanum vulgare, Bergenia ciliata, Aesculus indica, Podophyllum emodi, Pteredium aquilinum, Bergenia himalyca, Viola spp., Ajuga bracteosa, Morchella esculenta, Paeonia emodi, Atropa acuminate, Aconitum violaceum, Polygonum amplexicaulis, Bupleurum longicaule, Juglans regia, Diospyrus lotus, and Mentha longifolia are important. Study concluded that availability of medicinal plants is decreasing day by day due to human population pressure, marketing pressure, grazing and unwise collection. Therefore it is recommended that Governmental organizations and non Governmental organization should pay possible attention to make aware the local people about the future threats.

Keywords: indigenous knowledge, ethnomedicinal uses, marketing, Hindu Kush

Procedia PDF Downloads 503

Authors: Bijit Kalita, R. Jayaganthan

Abstract:

Additive manufacturing (AM) is a novel manufacturing method which provides more freedom in design, manufacturing near-net-shaped parts as per demand, lower cost of production, and expedition in delivery time to market. Among various metals, AM techniques, Laser Powder Bed Fusion (L-PBF) is the most prominent one that provides higher accuracy and powder proficiency in comparison to other methods. Particularly, 17-4 PH alloy is martensitic precipitation hardened (PH) stainless steel characterized by resistance to corrosion up to 300°C and tailorable strengthening by copper precipitates. Additively manufactured 17-4 PH stainless steel exhibited a dendritic/cellular solidification microstructure in the as-built condition. It is widely used as a structural material in marine environments, power plants, aerospace, and chemical industries. The excellent weldability of 17-4 PH stainless steel and its ability to be heat treated to improve mechanical properties make it a good material choice for L-PBF. In this study, the microstructures of martensitic stainless steels in the as-built state, as well as the effects of process parameters, building atmosphere, and heat treatments on the microstructures, are reviewed. Mechanical properties of fabricated parts are studied through micro-hardness and tensile tests. Tensile tests are carried out under different strain rates at room temperature. In addition, the effect of process parameters and heat treatment conditions on mechanical properties is critically reviewed. These studies revealed the performance of L-PBF fabricated 17–4 PH stainless-steel parts under cyclic loading, and the results indicated that fatigue properties were more sensitive to the defects generated by L-PBF (e.g., porosity, microcracks), leading to the low fracture strains and stresses under cyclic loading. Rapid melting, solidification, and re-melting of powders during the process and different combinations of processing parameters result in a complex thermal history and heterogeneous microstructure and are necessary to better control the microstructures and properties of L-PBF PH stainless steels through high-efficiency and low-cost heat treatments.

Keywords: 17–4 PH stainless steel, laser powder bed fusion, selective laser melting, microstructure, additive manufacturing

Procedia PDF Downloads 117

Authors: Samson Davoyan, Ashot Davoyan, Ani Khachatryan

Abstract:

The indexes (Global Competitiveness Index, Economic Freedom Index, Human Development Index, etc.) developed by different international and non-government organizations in time and space express the quantitative and qualitative features of different fields of various reforms implemented in different countries. The main objective of our research is to develop new methodology that we will use to create integral index based on many indexes and that will include many areas of reforms. To achieve our aim we have used econometric methods (regression model for panel data method). The basis of our methodology is the development of the new integral index based on quantitative assessment of the change of two main parameters: the score of the countries by different indexes and the change of the ranks of countries for following two periods of time. As a result of the usage of methods for analyzes we have defined the indexes that are used to create the new integral index and the scales for each of them. Analyzing quantitatively and qualitatively analysis through the integral index for more than 100 countries for 2009-2014, we have defined comparative efficiency that helps to conclude in which directions countries have implemented reforms more effectively compared to others and in which direction reforms have implemented less efficiently.

Keywords: development, rank, reforms, comparative, index, economic, corruption, social, program

Procedia PDF Downloads 326

Authors: Ali Abu Ali, Mohammad Salhab

Abstract:

Introduction: In the Middle East and North Africa (MENA) microfinance struggles to find momentum. The Lebanese economy has been struggling through the years due to domestic and external, political and social instability. Although as of 2014 there are around 23 MFIs that are mainly subsidized by the USAID, operating in the country, the Lebanese microfinance market is mostly dominated by three microfinance institutions: Al Majmoua, Vitas, and Al Quard Al Hassan Association. Methodology: A quantitative approach using a standardized questionnaire would analyse the perception of the average Lebanese towards microfinance. A questionnaire was designed and validated. Results: Almost half of the respondents earn a monthly income ranged between $100 and $600. Almost 52% of the respondents were university graduates, around 25% finished secondary and high school, and 12% hold a masters or MBA degree. Topic understanding towards microfinance differs across Lebanese areas. The highest percentage of respondents who claim that microfinance offers financial services to low income people are the residents of Beirut (35.1%), Bekaa (30.8%), and South of Lebanon (24.7%). Higher levels of topic understanding were associated with lower levels of age range. Al Quard el Hassan foundation was regarded as the most known micro financial institution operating in Lebanon. In general, Lebanese people tend to believe that microfinance can play an important role in reducing unemployment rates and poverty levels in Lebanon. When people were asked what would motivate you to get a loan from MFIs, most of the respondent (57.4%) across all the Lebanese region claimed that it was the need for money to satisfy a need such as paying back a loan, to fix something at home, or for self-consideration like buying a car. Conclusion: Our findings showed that in general Lebanese tend to have a positive perception towards microfinance. However, most Lebanese perceive microfinance as the process of just providing loans without specifying for whom it is intended. We advise that government introduces laws to regulate the microfinance market.

Keywords: microfinance, economics, finance, business, analysis, theory

Procedia PDF Downloads 276

Authors: Joon Sang Kang, Ming Ke, Yongjie Hu

Abstract:

Controlling heat transfer and thermal properties of materials is important to many fields such as energy efficiency and thermal management of integrated circuits. Significant progress over the past decade has been made to improve material performance through structuring at the nanoscale, however a clear relationship between structure dimensions, interfaces, and thermal properties remains to be established. The main challenge comes from the unknown intrinsic spectral contribution from different phonons. Here, we describe our current progress on quantifying and controlling thermal spectra based on our recently developed technical approach using ultrafast optical spectroscopy. Our work brings further the promise of rational material design to achieve high performance through a synergistic experimental-modeling approach. This approach can be broadly applicable to a wide range of materials and energy systems. In particular, we demonstrate in-situ characterization and tunable thermal properties of 2D van der waals materials through ionic intercalations. The significant impacts of this research in improving the efficiency of thermal energy conversion and management will also be illustrated.

Keywords: energy, mean free path, nanoscale heat transfer, nanostructure, phonons, TDTR, thermoelectrics, 2D materials

Procedia PDF Downloads 288

Authors: Md. Ruhul Amin

Abstract:

The effects of CB1, CB3, CB5, CB8 and CB12 cotton varieties on the nutritional indices and biological parameters of armyworm Spodoptera litura were studied under laboratory conditions. The armyworm larvae showed the highest and lowest food consumption rates on CB8 and CB1 variety, respectively. The efficiency of the conversion of digested food, efficiency of conversion of ingested food, approximate digestibility rates were statistically higher and similar on CB5 and CB8, and lowest on CB1. The larvae reared on CB12 variety exerted the lowest feeding and growth indices, and the relative growth rate was highest on CB8. The survival rates of egg, larva, pupa and adult moths were found highest on CB8 and lowest on CB12. The development durations of the immature stages of the insect differed significantly and the time elapsed from egg-to-adult emergence, longevity of both male and female moths, and their lifecycle were shortest on CB12 variety. The nutritional indices and biological parameters of the armyworm indicated that the varieties CB5 and CB8 were suitable host plants for feeding and development of S. litura.

Keywords: gossypium hirsutum, spodoptera litura, food consumption, life history

Procedia PDF Downloads 382

Authors: Arup Pramanik

Abstract:

Most of the cities in the developing countries like Siliguri Municipal Corporation Area (SMCA) and Raiganj Municipality (RM) in West Bengal, India are changing typically in terms of demographic, economic and social relationship due to rapid pace of urbanization. The mushrooming growth of slums in SMCA and RM is the direct consequence of urbanization and migration due to regional imbalance, unbalanced growth process which is posing a serious threat to sustainable development of the country. Almost all the slums happen to be a breeding ground for poverty, negligence, and disease. Unpredictable growth of slums and poverty alleviation has now become a serious challenge to the global and national policy makers for the development of the slum dwellers. The ethical dimension of the poor in the cities like SMCA and RM stands on equal opportunities, inclusive and harmonious living without discrimination of any kind. But, the migrant slum dwellers in SMCA and RM do not possess high skill or education to enable them to find well paid employment in the formal sector and the surplus urban labour force is compelled to generate its own means of employment and survival in the informal sector. The survey data of the households has been analysedin terms of percentage, descriptive statistics which includes mean, Standard Deviation (SD), ANOVA (Mean Difference) etc., to analyse the socio economic variables of the households. The study shows that the migrant labour forces living in the slums are derived from the social security measures in both the municipal areas of SMCA and RM. The urban poor in the cities of SMCA and RM rely heavily on social capital amongst all the capital assets to help them ‘get by’ and ‘get ahead’. Despite, the slum dwellers in the study areas are vulnerable with respect to other determinants of capital assets. It is noteworthy that Indian plans of anti-poverty programmes was in a proper place even after the neo-liberal regime, where the basic idea behind the massive shift of various welfare and service oriented strategy to poverty reduction strategy for the benefit of the urban poor with the trickle down effects. But, the overall impact of the trickledown effect was unsatisfactory. The objective of the Paper is to assess the magnitude of migration and absorption in the urban labour market. Issues relating to capital formation, social security measures and the support of the Welfare State in order to meet 'Sustainable Development Goals'. This study also highlights the quality of life of urban poor migrants in terms of capital formation and livelihoods.

Keywords: migration, slums, labour market, capital formation, social security

Procedia PDF Downloads 118

Authors: Fay A. Al-Khalifa, Fariel Khan, Anamika Jiwane

Abstract:

Responding to some governmentally enforced building sustainability criteria is today becoming an unavoidable challenge to the real estate development industry and is no longer an extra that allows developers to gain competitive advantages. Previous studies suggested that using green technologies, if done under the right circumstances, could lead to positive incentives, tax breaks, higher rents, cost savings and higher property values in the long run. This is all in addition to the marketing benefits of the green label. There are, however, still countries, mostly in the developing world, that lack the implementation of such sustainability guidelines and assessment tools. This research aspires to investigate the market’s readiness to implement such criteria, its perception of sustainable architecture and building users motivation to use and/or invest in sustainable buildings. The study showed via a survey administered to 385 inhabitants and investors in commercial real estate in Bahrain that the respondents have a limited understanding of the benefits of green buildings and are unlikely to want to occupy or invest in a green building under the current social, economic and industrial conditions. Reliability of green technology, effectiveness, price and the questionable long-term financial benefits were among the major concerns. The study suggests that the promotion of sustainable architecture should respond to the current market concerns in a more direct way to trigger an interest in investors and users of commercial real estate project. This stimulated attention should consequently encourage developers to consider incorporating sustainability measures, apply for green building assessment programs and invest in green technologies, all of which need higher capitals that are nonetheless financially justifiable on the long run.

Keywords: investment, real estate, sustainability, clients perception, Bahrain

Procedia PDF Downloads 157

Authors: Amir Khaleghipour, Amirhossein Moghanian, Elhamalsadat Ghaffari

Abstract:

Modified bioactive glass has been considered as a promising multifunctional candidate in bone repair and regeneration due to its attractive properties. The present study mainly aims to evaluate how the individual substitution of lithium (L-BG) and magnesium (M-BG) for calcium can affect the in vitro bioactivity of sol-gel derived substituted 58S bioactive glass (BG); and to present one composition in both of the 60SiO₂–(36-x)CaO–4P₂O₅–(x)Li₂O and 60SiO₂–(36-x)CaO–4P₂O₅–(x)MgO quaternary systems (where x= 0, 5, 10 mol.%) with improved biocompatibility, enhanced alkaline phosphatase (ALP) activity, and the most efficient antibacterial activity against methicillin-resistant Staphylococcus aureus bacteria. To address these aims, and study the effect of CaO/Li₂O and CaO/MgO substitution up to 10 mol % in 58S-BGs, the samples were characterized by X-ray diffraction, Fourier transform infrared spectroscopy, inductively coupled plasma atomic emission spectrometry and scanning electron microscopy after immersion in simulated body fluid up to 14 days. Results indicated that substitution of either CaO/ Li₂O and CaO/ MgO had a retarding effect on in vitro hydroxyapatite (HA) formation due to the lower supersaturation degree for nucleation of HA compared with 58s-BG. Meanwhile, magnesium had a more pronounced effect. The 3-(4, 5dimethylthiazol-2-yl)-2,5-diphenyltetrazolium bromide (MTT) and alkaline phosphatase (ALP) assays showed that both substitutions of CaO/ Li₂O and CaO/ MgO up to 5mol % in 58s-BGs led to increased biocompatibility and stimulated proliferation of the pre-osteoblast MC3T3 cells with respect to the control. On the other hand, substitution of either Li or Mg for Ca in the 58s BG composition resulted in improved bactericidal efficiency against MRSA bacteria. Taken together, sample 58s-BG with 5 mol % CaO/Li₂O substitution (BG-5L) was considered as a multifunctional biomaterial in bone repair/regeneration with improved biocompatibility, enhanced ALP activity as well enhanced antibacterial efficiency against methicillin-resistant Staphylococcus aureus (MRSA) bacteria among all of the synthesized L-BGs and M-BGs.

Keywords: alkaline, alkaline earth, bioactivity, biomedical applications, sol-gel processes

Procedia PDF Downloads 190

Authors: Jean-Jacques Randrianarimanana, Nassim Sebaibi, Mohamed Boutouil

Abstract:

In order to solve problems associated with stormwater runoff in urban areas and their effects on natural and artificial water bodies, the integration of new technical solutions to the rainwater drainage becomes even more essential. Permeable pavement systems are one of the most widely used techniques. This paper presents a laboratory analysis of stormwater runoff hydraulic and pollutant removal performance of permeable pavement system using pervious pavements based on seashell products. The laboratory prototype is a square column of 25 cm of side and consists of the surface in pervious concrete, a bedding of 3 cm in height, a geotextile and a subbase layer of 50 cm in height. A series of constant simulated rain events using semi-synthetic runoff which varied in intensity and duration were carried out. The initial vertical saturated hydraulic conductivity of the entire pervious pavement system was 0.25 cm/s (148 L/m²/min). The hydraulic functioning was influenced by both the inlet flow rate value and the test duration. The total water losses including evaporation ranged between 9% to 20% for all hydraulic experiments. The temporal and vertical variability of the pollutant removal efficiency (PRE) of the system were studied for total suspended solids (TSS). The results showed that the PRE along the vertical profile was influenced by the size of the suspended solids, and the pervious paver has the highest capacity to trap pollutant than the other porous layers of the permeable pavement system after the geotextile. The TSS removal efficiency was about 80% for the entire system. The first-flush effect of TSS was observed, but it appeared only at the beginning (2 to 6 min) of the experiments. It has been shown that the PPS can capture first-flush. The project in which this study is integrated aims to contribute to both the valorization of shellfish waste and the sustainable management of rainwater.

Keywords: hydraulic, pervious concrete, pollutant removal efficiency, seashell by-products, stormwater runoff

Procedia PDF Downloads 216

Authors: Jing-Ma

Abstract:

Digital transformation (DT) is an important way for manufacturing enterprises to shape new competitive advantages, and how to choose an effective DT strategy is crucial for enterprise growth and sustainable development. Rooted in strategic change theory, this paper incorporates the dimensions of managers' digital cognition, organizational conditions, and external environment into the same strategic analysis framework and integrates the dynamic QCA method and PSM method to study the antecedent grouping of the DT strategy mode of manufacturing enterprises and its impact on corporate profitability based on the data of listed manufacturing companies in China from 2015 to 2019. We find that the synergistic linkage of different dimensional elements can form six equivalent paths of high-level DT, which can be summarized as the proactive change mode of resource-capability dominated as well as adaptive response mode such as industry-guided resource replenishment. Capacity building under complex environments, market-industry synergy-driven, forced adaptation under peer pressure, and the managers' digital cognition play a non-essential but crucial role in this process. Except for individual differences in the market industry collaborative driving mode, other modes are more stable in terms of individual and temporal changes. However, it is worth noting that not all paths that result in high levels of DT can contribute to enterprise profitability, but only high levels of DT that result from matching the optimization of internal conditions with the external environment, such as industry technology and macro policies, can have a significant positive impact on corporate profitability.

Keywords: digital transformation, strategy mode, enterprise profitability, dynamic QCA, PSM approach

Procedia PDF Downloads 24

Authors: Marc Evenst Jn Jacques, Sophie Bernard

Abstract:

Electrical and electronic applications, as well as rechargeable batteries, are common in any economy. They also contain a number of important and valuable metals. It is critical to investigate the impact of these new materials or volume sources on the metal market dynamics. This paper investigates the impact of responsible recycling within the European region on metal price volatility. As far as we know, no empirical studies have been conducted to assess the role of metal recycling in metal market price volatility. The goal of this paper is to test the claim that metal recycling helps to cushion price volatility. A set of circular economy indicators/variables, namely, 1) annual total trade values of recycled metals, 2) annual volume of scrap traded and 3) circular material use rate, and 4) information about recycling, are used to estimate the volatility of monthly spot prices of regular metals. A combination of the GARCH-MIDAS model for mixed frequency data sampling and a simple GARCH (1,1) model for the same frequency variables was adopted to examine the potential links between each variable and price volatility. We discovered that from 2010 to 2019, except for Nickel, scrap consumption (Millions of tons), Scrap Trade Values, and Recycled Material use rate had no significant impact on the price volatility of standard metals (Aluminum, Lead) and precious metals (Gold and Platinum). Worldwide interest in recycling has no impact on returns or volatility. Specific interest in metal recycling did have a link to the mean return equation for Aluminum, Gold and to the volatility equation for lead and Nickel.

Keywords: recycling, circular economy, price volatility, GARCH, mixed data sampling

Procedia PDF Downloads 56

Authors: A. Khelifi, M. Al Kaabi, B. Al Rawashdeh

Abstract:

The infrastructure is one of the most important pillars of the UAE, where it spends millions of dollars for investments in the construction sectors. The research done by Kuwait Finance House (KFH) Research showed clearly that the UAE investments in the construction sectors have exceeded 30 billion dollars in 2013. There are many construction companies in the UAE and each one of them is taking the responsibilities to build different infrastructures. The large scale construction projects consist of multi human activities which can affect the efficiency and productivity of the running projects. The Construction Administration System is developed to increase the efficiency and productivity at the construction sites. It runs on two platforms: web server and mobile phone and supports two main users: mobile user and institution employee. With Construction Administration Mobile Application the user can manage and control several projects, create several reports and send these reports in Portable Document Format (PDF) formats through emails, view the physical location of each project, capturing and save photos. An institution employee can use the system to view all existing workers and projects, send emails and view the progress of each project.

Keywords: construction sites, management, mobile application, Portable Document Format (PDF)

Procedia PDF Downloads 375

Authors: V. Kumar, K. Jha

Abstract:

The present study is done to explore design modifications of the vortex finder, as it has a significant effect on the cyclone separator performance. It is evident that modifications of the vortex finder improve the performance of the cyclone separator significantly. The study conducted strives to improve the overall performance of cyclone separators by utilizing a converging-diverging (CD) vortex finder instead of the traditional uniform diameter vortex finders. The velocity and pressure fields inside a Stairmand cyclone separator with body diameter 0.29m and vortex finder diameter 0.1305m are calculated. The commercial software, Ansys Fluent v14.0 is used to simulate the flow field in a uniform diameter cyclone and six cyclones modified with CD vortex finders. Reynolds stress model is used to simulate the effects of turbulence on the fluid and particulate phases, discrete phase model is used to calculate the particle trajectories. The performance of the modified vortex finders is compared with the traditional vortex finder. The effects of the lengths of the converging and diverging sections, the throat diameter and the end diameters of the convergent divergent section are also studied to achieve enhanced performance. The pressure and velocity fields inside the vortex finder are presented by means of contour plots and velocity vectors and changes in the flow pattern due to variation of the geometrical variables are also analysed. Results indicate that a convergent-divergent vortex finder is capable of decreasing the pressure drop than that achieved through a uniform diameter vortex finder. It is also observed that the end diameters of the CD vortex finder, the throat diameter and the length of the diverging part of the vortex finder have a significant impact on the cyclone separator performance. Increase in the lower diameter of the vortex finder by 66% results in 11.5% decrease in the dimensionless pressure drop (Euler number) with 5.8% decrease in separation efficiency. Whereas 50% decrease in the throat diameter gives 5.9% increase in the Euler number with 10.2% increase in the separation efficiency and increasing the length of the diverging part gives 10.28% increase in the Euler number with 5.74% increase in the separation efficiency. Increasing the upper diameter of the CD vortex finder is seen to produce an adverse effect on the performance as it increases the pressure drop significantly and decreases the separation efficiency. Increase in length of the converging is not seen to affect the performance significantly. From the present study, it is concluded that convergent-divergent vortex finders can be used in place of uniform diameter vortex finders to achieve a better cyclone separator performance.

Keywords: convergent-divergent vortex finder, cyclone separator, discrete phase modeling, Reynolds stress model

Procedia PDF Downloads 172

Authors: Indrasen Raghupatruni, Michael Glora, Ralf Diekmann, Thomas Demmer

Abstract:

As the trend in automotive technology is fast moving towards hybridization and electrification to curb emissions as well as to improve the fuel efficiency, air-conditioning systems in passenger cars have not caught up with this trend and still remain as the major energy consumers amongst others. Adsorption based air-conditioning systems, e.g. with silica-gel water pair, which are already in use for residential and commercial applications, are now being considered as a technology leap once proven feasible for the passenger cars. In this paper we discuss a methodology, challenges and feasibility of implementing an adsorption based air-conditioning system in a passenger car utilizing the exhaust waste heat. We also propose an optimized control strategy with interfaces to the engine control unit of the vehicle for operating this system with reasonable efficiency supported by our simulation and validation results in a prototype vehicle, additionally comparing to existing implementations, simulation based as well as experimental. Finally we discuss the influence of start-stop and hybrid systems on the operation strategy of the adsorption air-conditioning system.

Keywords: adsorption air-conditioning, feasibility study, optimized control strategy, prototype vehicle

Procedia PDF Downloads 435

Authors: Danah Al-Selahi, Sulaiman Al-Ghunaim, Bashayer Sadiq, Fatma Al-Otaibi, Ali Ameen

Abstract:

In light of recent changes affecting the Oil & Gas Industry, optimization measures have become imperative for all companies globally, including Kuwait Oil Company (KOC). To keep abreast of the dynamic market, a detailed Integrated Asset Plan (IAP) was developed to drive optimization across the organization, which was facilitated through the in-house developed software “Well Inventory Data Entry” (WIDE). This comprehensive and integrated approach enabled centralization of all planned asset components for better well planning, enhancement of performance, and to facilitate continuous improvement through performance tracking and midterm forecasting. Traditionally, this was hard to achieve as, in the past, various legacy methods were used. This paper briefly describes the methods successfully adopted to meet the company’s objective. IAPs were initially designed using computerized spreadsheets. However, as data captured became more complex and the number of stakeholders requiring and updating this information grew, the need to automate the conventional spreadsheets became apparent. WIDE, existing in other aspects of the company (namely, the Workover Optimization project), was utilized to meet the dynamic requirements of the IAP cycle. With the growth of extensive features to enhance the planning process, the tool evolved into a centralized data-hub for all asset-groups and technical support functions to analyze and infer from, leading WIDE to become the reference two-year operational plan for the entire company. To achieve WIDE’s goal of operational efficiency, asset-groups continuously add their parameters in a series of predefined workflows that enable the creation of a structured process which allows risk factors to be flagged and helps mitigation of the same. This tool dictates assigned responsibilities for all stakeholders in a method that enables continuous updates for daily performance measures and operational use. The reliable availability of WIDE, combined with its user-friendliness and easy accessibility, created a platform of cross-functionality amongst all asset-groups and technical support groups to update contents of their respective planning parameters. The home-grown entity was implemented across the entire company and tailored to feed in internal processes of several stakeholders across the company. Furthermore, the implementation of change management and root cause analysis techniques captured the dysfunctionality of previous plans, which in turn resulted in the improvement of already existing mechanisms of planning within the IAP. The detailed elucidation of the 2 year plan flagged any upcoming risks and shortfalls foreseen in the plan. All results were translated into a series of developments that propelled the tool’s capabilities beyond planning and into operations (such as Asset Production Forecasts, setting KPIs, and estimating operational needs). This process exemplifies the ability and reach of applying advanced development techniques to seamlessly integrated the planning parameters of various assets and technical support groups. These techniques enables the enhancement of integrating planning data workflows that ultimately lay the founding plans towards an epoch of accuracy and reliability. As such, benchmarks of establishing a set of standard goals are created to ensure the constant improvement of the efficiency of the entire planning and operational structure.

Keywords: automation, integration, value, communication

Procedia PDF Downloads 146

Authors: M. K. Witek-Hajduk, T. M. Napiórkowski

Abstract:

A number of studies discussed the topic of benefits of retailers-manufacturers cooperation and coopetition. However, there are only few publications focused on the benefits of cooperation and coopetition between retailers and their suppliers of durable consumer goods; especially in the context of business model of cooperating partners. This paper aims to provide a clustering approach to segment retailers selling consumer durables according to the benefits they obtain from their cooperation with key manufacturers and differentiate the said retailers’ in term of the business models of cooperating partners. For the purpose of the study, a survey (with a CATI method) collected data on 603 consumer durables retailers present on the Polish market. Retailers are clustered both, with hierarchical and non-hierarchical methods. Five distinctive groups of consumer durables’ retailers are (based on the studied benefits) identified using the two-stage clustering approach. The clusters are then characterized with a set of exogenous variables, key of which are business models employed by the retailer and its partnering key manufacturer. The paper finds that the a combination of a medium sized retailer classified as an Integrator with a chiefly domestic capital and a manufacturer categorized as a Market Player will yield the highest benefits. On the other side of the spectrum is medium sized Distributor retailer with solely domestic capital – in this case, the business model of the cooperating manufactrer appears to be irreleveant. This paper is the one of the first empirical study using cluster analysis on primary data that defines the types of cooperation between consumer durables’ retailers and manufacturers – their key suppliers. The analysis integrates a perspective of both retailers’ and manufacturers’ business models and matches them with individual and joint benefits.

Keywords: benefits of cooperation, business model, cluster analysis, retailer-manufacturer cooperation

Procedia PDF Downloads 256

Authors: M. A. Ojo, O. A. Ojo, A. I. Odine, A. Ogaji

Abstract:

The study examined marginal productivity analysis of small scale yam and cassava farmers in Kogi State, Nigeria. Data used for the study were obtained from primary source using a multi-stage sampling technique with structured questionnaires administered to 150 randomly selected yam and cassava farmers from three Local Government Areas of the State. Description statistics, data envelopment analysis and Cobb-Douglas production function were used to analyze the data. The DEA result on the overall technical efficiency of the farmers showed that 40% of the sampled yam and cassava farmers in the study area were operating at frontier and optimum level of production with mean technical efficiency of 1.00. This implies that 60% of the yam and cassava farmers in the study area can still improve their level of efficiency through better utilization of available resources, given the current state of technology. The results of the Cobb-Douglas analysis of factors affecting the output of yam and cassava farmers showed that labour, planting materials, fertilizer and capital inputs positively and significantly affected the output of the yam and cassava farmers in the study area. The study further revealed that yam and cassava farms in the study area operated under increasing returns to scale. This result of marginal productivity analysis further showed that relatively efficient farms were more marginally productive in resource utilization This study also shows that estimating production functions without separating the farms to efficient and inefficient farms bias the parameter values obtained from such production function. It is therefore recommended that yam and cassava farmers in the study area should form cooperative societies so as to enable them have access to productive inputs that will enable them expand. Also, since using a single equation model for production function produces a bias parameter estimates as confirmed above, farms should, therefore, be decomposed into efficient and inefficient ones before production function estimation is done.

Keywords: marginal productivity, DEA, production function, Kogi state

Procedia PDF Downloads 483

Authors: Erol Sahin, Nesrin Adiguzel

Abstract:

In this study, the effects of air temperature and relative humidity on the operation of the heat pump were examined experimentally. The results were analyzed in an energy and exergetic way. Two heat pumps were used in the experimental system established for experimental analysis. With the first heat pump, the relative humidity and temperature of atmospheric air are reduced. The air at low humidity and temperature is given heat and water vapor to the desired extent on the channel that reaches the other heat pump. Effects of the air reaching the desired humidity and temperature in the 2nd heat pump; temperature, humidity, pressure, flow, and current are detected by meters. The measured values and the exergy yield and thermodynamic favor ratios of the system and its components were determined. In this way, the effects of temperature and relative humidity change in the heat pump and components were tried to be revealed. Relative humidity in the air caused a significant increase in the loss of exergy in the evaporator. This has shown that cooling machines experience greater exergy in areas with high relative humidity. The highest COPSM values were determined to be at 30% and 40%, which is the least relative humidity values. The results showed that heat pump exergy efficiency was affected by increased temperature and relative humidity.

Keywords: relative humidity, effects of relative humidity on heat pumps, exergy analysis, exergy analysis in heat pumps, exergy efficiency

Procedia PDF Downloads 128

Authors: Majede Modheji, Hamid Emadi, Hossein Vojoudi

Abstract:

An efficient magnetic mesoporous structure was designed and prepared for the facile pre-concentration of As(III) ions. To prepare the sorbent, a core-shell magnetic silica nanoparticle was covered by MCM-41 like structure, and then the surface was modified by guanidine via an amine linker. The prepared adsorbent was investigated as an effective and sensitive material for the adsorption of arsenic ions from the aqueous solution applying a normal batch method. The imperative variables of the adsorption were studied to increase efficiency. The dynamic and static processes were tested that matched a pseudo-second order of kinetic model and the Langmuir isotherm model, respectively. The sorbent reusability was investigated, and it was confirmed that the designed product could be applied at best for six cycles successively without any significant efficiency loss. The synthesized product was tested to determine and pre-concentrate trace amounts of arsenic ions in rice and natural waters as a real sample. A desorption process applying 5 mL of hydrochloric acid (0.5 mol L⁻¹) as an eluent exhibited about 98% recovery of the As(III) ions adsorbed on the GA-MSMP sorbent.

Keywords: arsenic, adsorption, mesoporous, surface modification, MCM-41

Procedia PDF Downloads 150

Authors: Enyia James Diwa, Isaiah Thank-God Ebi, Dodeye Ina Igbong

Abstract:

The privatization of utilities has brought about very strong competition in industries such as petrochemical and gas distribution among others, considering the continuous increase in cost of fuel. This has brought about the intense reason for gas turbine owners and operators to reduce and control performance degradation of the engine in other to minimize cost. The most common and very crucial problem of the gas turbine is the fouling of compressor, which is mostly caused by a reduction in flow capacity, compressor efficiency, and pressure ratio, this, in turn, lead to the engine compressor re-matching and output power and thermal efficiency reduction. The content of this paper encompasses a detailed presentation of the major causes, effects and control mechanism of fouling. The major emphasis is on compressor water washing to enable power augmentation. A modelled gas turbine similar to that of GE LM6000 is modelled for the current study, based on TURBOMATCH which is a Cranfield University software specifically made for gas turbine performance simulation and fouling detection. The compounded and intricate challenges of compressor online water washing of large output gas turbine are carried out. The treatment is applied to axial compressor used in the petrochemical and hydrocarbon industry.

Keywords: gas turbine, fouling, degradation, compressor washing

Procedia PDF Downloads 348

Authors: Lucilla Crosta, Anthony Edwards

Abstract:

Companies and the market place nowadays struggle to find employees with adequate skills in relation to anticipated growth of their businesses. At least half of workers will need to undertake some form of up-skilling process in the next five years in order to remain aligned with the requests of the market . In order to meet these challenges, there is a clear need to explore the potential uses of AI (artificial Intelligence) based tools in assessing transversal skills (critical thinking, communication and soft skills of different types in general) of workers and adult students while empowering them to develop those same skills in a reliable trustworthy way. Companies seek workers with key transversal skills that can make a difference between workers now and in the future. However, critical thinking seems to be the one of the most imprtant skill, bringing unexplored ideas and company growth in business contexts. What employers have been reporting since years now, is that this skill is lacking in the majority of workers and adult students, and this is particularly visible trough their writing. This paper investigates how critical thinking and communication skills are currently developed in Higher Education environments through use of AI tools at postgraduate levels. It analyses the use of a branch of AI namely Machine Learning and Big Data and of Neural Network Analysis. It also examines the potential effect the acquisition of these skills through AI tools and what kind of effects this has on employability This paper will draw information from researchers and studies both at national (Italy & UK) and international level in Higher Education. The issues associated with the development and use of one specific AI tool Edulai, will be examined in details. Finally comparisons will be also made between these tools and the more recent phenomenon of Chat GPT and forthcomings and drawbacks will be analysed.

Keywords: critical thinking, artificial intelligence, higher education, soft skills, chat GPT

Procedia PDF Downloads 110

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

Abstract:

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

Keywords: construction, dehusking, design, efficiency, maize

Procedia PDF Downloads 324

Authors: Dharshini S.

Abstract:

India is currently experiencing a shift in wage discrimination from gender, caste and religion to different age groups in both formal and informal sectors. In this milieu, this study examines wage discrimination in the informal labour market between young people (15-29 years) and middle-aged people (30-59 years) among regular and casual employees in the Indian informal sector. The data was collected using periodic labour force (PLFS), and the original data was extracted from the National Sample Survey Office (NSSO) under the Ministry of Statistics and Programme Implementation (MOSPI), Government of India. The OLS regression model explores the determinants of wages for both regular and casual employees. Moreover, the Blinder Oaxaca decomposition method is used to explore the explained and unexplained components of this wage discrimination. The younger people (regular and casual employees) get lower wages as compared to middle-aged employees in the informal sector. The regression result follows the human capital theory, where education, job experience and higher occupation help to raise the wage rate of middle-aged people more than young-aged people in regular work. Furthermore, we found the rising trend of wage discrimination between the above groups over the years from 2017-18 to 2022-23. Unexplained factors (discrimination effects) contribute more to the wage differentiation between the young and middle age groups. It indicates that wage discrimination persists among regular and casual employees in the informal labour market, which is not a good sign for the economy. For the betterment of workers who face discrimination for age, the policies and programs should be implemented like other countries such as the U.S.A to stop age discrimination due to stereotypes in India.

Keywords: wage discrimination, young workers, middle workers, Informal sector, blinder oaxaca decomposition, PLFS.

Procedia PDF Downloads 11