Search results for: partially observable Markov decision processes
9655 Clarification of the Essential of Life Cycle Cost upon Decision-Making Process: An Empirical Study in Building Projects
Authors: Ayedh Alqahtani, Andrew Whyte
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Life Cycle Cost (LCC) is one of the goals and key pillars of the construction management science because it comprises many of the functions and processes necessary, which assist organisations and agencies to achieve their goals. It has therefore become important to design and control assets during their whole life cycle, from the design and planning phase through to disposal phase. LCCA is aimed to improve the decision making system in the ownership of assets by taking into account all the cost elements including to the asset throughout its life. Current application of LCC approach is impractical during misunderstanding of the advantages of LCC. This main objective of this research is to show a different relationship between capital cost and long-term running costs. One hundred and thirty eight actual building projects in United Kingdom (UK) were used in order to achieve and measure the above-mentioned objective of the study. The result shown that LCC is one of the most significant tools should be considered on the decision making process.Keywords: building projects, capital cost, life cycle cost, maintenance costs, operation costs
Procedia PDF Downloads 5469654 Frailty Models for Modeling Heterogeneity: Simulation Study and Application to Quebec Pension Plan
Authors: Souad Romdhane, Lotfi Belkacem
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When referring to actuarial analysis of lifetime, only models accounting for observable risk factors have been developed. Within this context, Cox proportional hazards model (CPH model) is commonly used to assess the effects of observable covariates as gender, age, smoking habits, on the hazard rates. These covariates may fail to fully account for the true lifetime interval. This may be due to the existence of another random variable (frailty) that is still being ignored. The aim of this paper is to examine the shared frailty issue in the Cox proportional hazard model by including two different parametric forms of frailty into the hazard function. Four estimated methods are used to fit them. The performance of the parameter estimates is assessed and compared between the classical Cox model and these frailty models through a real-life data set from the Quebec Pension Plan and then using a more general simulation study. This performance is investigated in terms of the bias of point estimates and their empirical standard errors in both fixed and random effect parts. Both the simulation and the real dataset studies showed differences between classical Cox model and shared frailty model.Keywords: life insurance-pension plan, survival analysis, risk factors, cox proportional hazards model, multivariate failure-time data, shared frailty, simulations study
Procedia PDF Downloads 3599653 Financial Decision-Making among Finance Students: An Empirical Study from the Czech Republic
Authors: Barbora Chmelíková
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Making sound financial decisions is an essential skill which can have an impact on life of each consumer of financial products. The aim of this paper is to examine decision-making concerning financial matters and personal finance. The selected target group was university students majoring in finance related fields. The study was conducted in the Czech Republic at Masaryk University in 2015. In order to analyze financial decision-making questions related to basic finance decisions were developed to address the research objective. The results of the study suggest gaps in detecting best solutions to given financial decision-making questions among finance students. The analysis results indicate relation between financial decision-making and own experience with holding and using concrete financial products.Keywords: financial decision-making, financial literacy, personal finance, university students
Procedia PDF Downloads 3269652 Artificial Neural Networks with Decision Trees for Diagnosis Issues
Authors: Y. Kourd, D. Lefebvre, N. Guersi
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This paper presents a new idea for fault detection and isolation (FDI) technique which is applied to industrial system. This technique is based on Neural Networks fault-free and Faulty behaviors Models (NNFM's). NNFM's are used for residual generation, while decision tree architecture is used for residual evaluation. The decision tree is realized with data collected from the NNFM’s outputs and is used to isolate detectable faults depending on computed threshold. Each part of the tree corresponds to specific residual. With the decision tree, it becomes possible to take the appropriate decision regarding the actual process behavior by evaluating few numbers of residuals. In comparison to usual systematic evaluation of all residuals, the proposed technique requires less computational effort and can be used for on line diagnosis. An application example is presented to illustrate and confirm the effectiveness and the accuracy of the proposed approach.Keywords: neural networks, decision trees, diagnosis, behaviors
Procedia PDF Downloads 5059651 GIS Pavement Maintenance Selection Strategy
Authors: Mekdelawit Teferi Alamirew
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As a practical tool, the Geographical information system (GIS) was used for data integration, collection, management, analysis, and output presentation in pavement mangement systems . There are many GIS techniques to improve the maintenance activities like Dynamic segmentation and weighted overlay analysis which considers Multi Criteria Decision Making process. The results indicated that the developed MPI model works sufficiently and yields adequate output for providing accurate decisions. Hence considering multi criteria to prioritize the pavement sections for maintenance, as a result of the fact that GIS maps can express position, extent, and severity of pavement distress features more effectively than manual approaches, lastly the paper also offers digitized distress maps that can help agencies in their decision-making processes.Keywords: pavement, flexible, maintenance, index
Procedia PDF Downloads 629650 Action Research through Drama in Education on Adolescents’ Career Self-Efficacy and Decision-Making Skills Development
Authors: Christina Zourna, Ioanna Papavassiliou-Alexiou
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The purpose of this multi-phased action research PhD study in Greece was to investigate if and how Drama in Education (DiE) – used as an innovative group counselling method – may have positive effects on secondary education students’career self-efficacy and career decision-making skills development. Using both quantitative and qualitative research tools, high quality data were gathered at various stages of the research and were analysed through multivariate methods and open-source computer aided data analysis software such as R Studio, QualCoder, and SPSS packages. After a five-month-long educational intervention based on DiE method, it was found that 9th, 10th, and 11th gradersameliorated their self-efficacy and learned the process of making an informed career decision – through targeted information gathering about themselves and possible study paths – thus, developing career problem-solving and career management skills. Gender differences were non statistically important, while differences in grades showed a minor influence on some of the measured factorssuch as general career indecisiveness and self-evaluation. Students in the 11th grade scored significantly higher than younger students in the career self-efficacy scale and have stronger faith in their abilities e.g., choosing general over vocational school and major study orientation. The study has shown that DiE can be effective in group career guidance, especially concerning the pillars of self-awareness, self-efficacy, and career decision-making processes.Keywords: career decision-making skills, career self-efficacy, CDDQ scale, CDMSE-SF scale, drama in education method
Procedia PDF Downloads 1239649 Performance of Partially Covered N Number of Photovoltaic Thermal (PVT) - Compound Parabolic Concentrator (CPC) Series Connected Water Heating System
Authors: Rohit Tripathi, Sumit Tiwari, G. N. Tiwari
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In present study, an approach is adopted where photovoltaic thermal flat plate collector is integrated with compound parabolic concentrator. Analytical expression of temperature dependent electrical efficiency of N number of partially covered Photovoltaic Thermal (PVT) - Compound Parabolic Concentrator (CPC) water collector connected in series has been derived with the help of basic thermal energy balance equations. Analysis has been carried for winter weather condition at Delhi location, India. Energy and exergy performance of N - partially covered Photovoltaic Thermal (PVT) - Compound Parabolic Concentrator (CPC) Water collector system has been compared for two cases: (i) 25% area of water collector covered by PV module, (ii) 75% area of water collector covered by PV module. It is observed that case (i) has been best suited for thermal performance and case (ii) for electrical energy as well as overall exergy.Keywords: compound parabolic concentrator, energy, photovoltaic thermal, temperature dependent electrical efficiency
Procedia PDF Downloads 4059648 Decision Quality as an Antecedent to Export Performance. Empirical Evidence under a Contingency Theory Lens
Authors: Evagelos Korobilis-Magas, Adekunle Oke
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The constantly increasing tendency towards a global economy and the subsequent increase in exporting, as a result, has inevitably led to a growing interest in the topic of export success as well. Numerous studies, particularly in the past three decades, have examined a plethora of determinants to export performance. However, to the authors' best knowledge, no study up to date has ever considered decision quality as a potential antecedent to export success by attempting to test the relationship between decision quality and export performance. This is a surprising deficiency given that the export marketing literature has long ago suggested that quality decisions are regarded as the crucial intervening variable between sound decision–making and export performance. This study integrates the different definitions of decision quality proposed in the literature and the key themes incorporated therein and adapts it to an export context. Apart from laying the conceptual foundations for the delineation of this elusive but very important construct, this study is the first ever to test the relationship between decision quality and export performance. Based on survey data from a sample of 189 British export decision-makers and within a contingency theory framework, the results reveal that there is a direct, positive link between decision quality and export performance. This finding opens significant future research avenues and has very important implications for both theory and practice.Keywords: export performance, decision quality, mixed methods, contingency theory
Procedia PDF Downloads 949647 Marketing Mix, Motivation and the Tendency of Consumer Decision Making in Buying Condominium
Authors: Bundit Pungnirund
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This research aimed to study the relationship between marketing mix attitudes, motivation of buying decision and tendency of consumer decision making in buying the condominiums in Thailand. This study employed by survey and quantitative research. The questionnaire was used to collect the data from 400 sampled of customers who interested in buying condominium in Bangkok. The descriptive statistics and Pearson’s correlation coefficient analysis were used to analyze data. The research found that marketing mixed factors in terms of product and price were related to buying decision making tendency in terms of price and room size. Marketing mixed factors in terms of price, place and promotion were related to buying decision making tendency in term of word of mouth. Consumers’ buying motivation in terms of social acceptance, self-esteemed and self-actualization were related to buying decision making tendency in term of room size. In addition, motivation in self-esteemed was related to buying decision making tendency within a year.Keywords: condominium, marketing mix, motivation, tendency of consumer decision making
Procedia PDF Downloads 3099646 Digital Platform of Crops for Smart Agriculture
Authors: Pascal François Faye, Baye Mor Sall, Bineta Dembele, Jeanne Ana Awa Faye
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In agriculture, estimating crop yields is key to improving productivity and decision-making processes such as financial market forecasting and addressing food security issues. The main objective of this paper is to have tools to predict and improve the accuracy of crop yield forecasts using machine learning (ML) algorithms such as CART , KNN and SVM . We developed a mobile app and a web app that uses these algorithms for practical use by farmers. The tests show that our system (collection and deployment architecture, web application and mobile application) is operational and validates empirical knowledge on agro-climatic parameters in addition to proactive decision-making support. The experimental results obtained on the agricultural data, the performance of the ML algorithms are compared using cross-validation in order to identify the most effective ones following the agricultural data. The proposed applications demonstrate that the proposed approach is effective in predicting crop yields and provides timely and accurate responses to farmers for decision support.Keywords: prediction, machine learning, artificial intelligence, digital agriculture
Procedia PDF Downloads 809645 Overview of a Quantum Model for Decision Support in a Sensor Network
Authors: Shahram Payandeh
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This paper presents an overview of a model which can be used as a part of a decision support system when fusing information from multiple sensing environment. Data fusion has been widely studied in the past few decades and numerous frameworks have been proposed to facilitate decision making process under uncertainties. Multi-sensor data fusion technology plays an increasingly significant role during people tracking and activity recognition. This paper presents an overview of a quantum model as a part of a decision-making process in the context of multi-sensor data fusion. The paper presents basic definitions and relationships associating the decision-making process and quantum model formulation in the presence of uncertainties.Keywords: quantum model, sensor space, sensor network, decision support
Procedia PDF Downloads 2279644 South Atlantic Architects Validation of the Construction Decision Making Inventory
Authors: Tulio Sulbaran, Sandeep Langar
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Architects are an integral part of the construction industry and are continuously incorporating decisions that influence projects during their life cycle. These decisions aim at selecting best alternative from the ones available. Unfortunately, this decision making process is mainly unexplored in the construction industry. No instrument to measure construction decision, based on knowledgebase of decision-makers, has existed. Additionally, limited literature is available on the topic. Recently, an instrument to gain an understanding of the construction decision-making process was developed by Dr. Tulio Sulbaran from the University of Texas, San Antonio. The instrument’s name is 'Construction Decision Making Inventory (CDMI)'. The CDMI is an innovative idea to measure the 'What? When? How? Moreover, Who?' of the construction decision-making process. As an innovative idea, its statistical validity (accuracy of the assessment) is yet to be assessed. Thus, the purpose of this paper is to describe the results of a case study with architects in the south-east of the United States aimed to determine the CDMI validity. The results of the case study are important because they assess the validity of the tool. Furthermore, as the architects evaluated each question within the measurements, this study is also guiding the enhancement of the CDMI.Keywords: decision, support, inventory, architect
Procedia PDF Downloads 3289643 New Estimation in Autoregressive Models with Exponential White Noise by Using Reversible Jump MCMC Algorithm
Authors: Suparman Suparman
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A white noise in autoregressive (AR) model is often assumed to be normally distributed. In application, the white noise usually do not follows a normal distribution. This paper aims to estimate a parameter of AR model that has a exponential white noise. A Bayesian method is adopted. A prior distribution of the parameter of AR model is selected and then this prior distribution is combined with a likelihood function of data to get a posterior distribution. Based on this posterior distribution, a Bayesian estimator for the parameter of AR model is estimated. Because the order of AR model is considered a parameter, this Bayesian estimator cannot be explicitly calculated. To resolve this problem, a method of reversible jump Markov Chain Monte Carlo (MCMC) is adopted. A result is a estimation of the parameter AR model can be simultaneously calculated.Keywords: autoregressive (AR) model, exponential white Noise, bayesian, reversible jump Markov Chain Monte Carlo (MCMC)
Procedia PDF Downloads 3559642 Stability Analysis of Green Coffee Export Markets of Ethiopia: Markov-Chain Analysis
Authors: Gabriel Woldu, Maria Sassi
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Coffee performs a pivotal role in Ethiopia's GDP, revenue, employment, domestic demand, and export earnings. Ethiopia's coffee production and exports show high variability in the amount of production and export earnings. Despite being the continent's fifth-largest coffee producer, Ethiopia has not developed its ability to shine as a major exporter in the globe's green coffee exports. Ethiopian coffee exports were not stable and had high volume and earnings fluctuations. The main aim of this study was to analyze the dynamics of the export of coffee variation to different importing nations using a first-order Markov Chain model. 14 years of time-series data has been used to examine the direction and structural change in the export of coffee. A compound annual growth rate (CAGR) was used to determine the annual growth rate in the coffee export quantity, value, and per-unit price over the study period. The major export markets for Ethiopian coffee were Germany, Japan, and the USA, which were more stable, while countries such as France, Italy, Belgium, and Saudi Arabia were less stable and had low retention rates for Ethiopian coffee. The study, therefore, recommends that Ethiopia should again revitalize its market to France, Italy, Belgium, and Saudi Arabia, as these countries are the major coffee-consuming countries in the world to boost its export stake to the global coffee markets in the future. In order to further enhance export stability, the Ethiopian Government and other stakeholders in the coffee sector should have to work on reducing the volatility of coffee output and exports in order to improve production and quality efficiency, so that stabilize markets as well as to make the product attractive and price competitive in the importing countries.Keywords: coffee, CAGR, Markov chain, direction of trade, Ethiopia
Procedia PDF Downloads 1389641 Simulation of High Performance Nanoscale Partially Depleted SOI n-MOSFET Transistors
Authors: Fatima Zohra Rahou, A. Guen Bouazza, B. Bouazza
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Invention of transistor is the foundation of electronics industry. Metal Oxide Semiconductor Field Effect Transistor (MOSFET) has been the key for the development of nanoelectronics technology. In the first part of this manuscript, we present a new generation of MOSFET transistors based on SOI (Silicon-On-Insulator) technology. It is a partially depleted Silicon-On-Insulator (PD SOI MOSFET) transistor simulated by using SILVACO software. This work was completed by the presentation of some results concerning the influence of parameters variation (channel length L and gate oxide thickness Tox) on our PDSOI n-MOSFET structure on its drain current and kink effect.Keywords: SOI technology, PDSOI MOSFET, FDSOI MOSFET, kink effect
Procedia PDF Downloads 2589640 Decision Making during the Project Management Life Cycle of Infrastructure Projects
Authors: Karrar Raoof Kareem Kamoona, Enas Fathi Taher AlHares, Zeynep Isik
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The various disciplines in the construction industry and the co-existence of the people in the various disciplines are what builds well-developed, closely-knit interpersonal skills at various hierarchical levels thus leading to a varied way of leadership. The varied decision making aspects during the lifecycle of a project include: autocratic, participatory and last but not least, free-rein. We can classify some of the decision makers in the construction industry in a hierarchical manner as follows: project executive, project manager, superintendent, office engineer and finally the field engineer. This survey looked at how decisions are made during the construction period by the key stakeholders in the project. From the paper it is evident that the three decision making aspects can be used at different times or at times together in order to bring out the best leadership decision. A blend of different leadership styles should be used to enhance the success rate during the project lifecycle.Keywords: leadership style, construction, decision-making, built environment
Procedia PDF Downloads 3599639 Marketing Factors Influencing the Decision to Choose Low Cost Airlines
Authors: Noppadol Sritragool
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The objectives of this research were to investigate the decision of passengers who choose to fry with low cost airlines and to study marketing factors which have the influence to the decision to choose each low cost airlines. This paper was a quantitative research technique. A total of 400 low cost airlines’ passengers were interviewed via English questionnaire to collect the respondents’ opinions. The findings revealed that respondents were male and female at a similar proportion. The majority had at least an undergraduate degree, have a lower management level jobs, and had income in the range of 25,000 -35,000 baht per month.. In addition, the findings also revealed that the first three marketing factors influencing the decision of the respondents to choose low-cost airlines were low price, direct flight, and online system.Keywords: decision to choose, marketing factors, low-cost airlines
Procedia PDF Downloads 4279638 Nanofocusing of Surface Plasmon Polaritons by Partially Metal- Coated Dielectric Conical Probe: Optimal Asymmetric Distance
Authors: Ngo Thi Thu, Kazuo Tanaka, Masahiro Tanaka, Dao Ngoc Chien
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Nanometric superfocusing of optical intensity near the tip of partially metal- coated dielectric conical probe of the convergent surface plasmon polariton wave is investigated by the volume integral equation method. It is possible to perform nanofocusing using this probe by using both linearly and radially polarized Gaussian beams as the incident waves. Strongly localized and enhanced optical near-fields can be created on the tip of this probe for the cases of both incident Gaussian beams. However the intensity distribution near the probe tip was found to be very sensitive to the shape of the probe tip.Keywords: waveguide, surface plasmons, electromagnetic theory
Procedia PDF Downloads 4779637 Decision Tree Based Scheduling for Flexible Job Shops with Multiple Process Plans
Authors: H.-H. Doh, J.-M. Yu, Y.-J. Kwon, J.-H. Shin, H.-W. Kim, S.-H. Nam, D.-H. Lee
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This paper suggests a decision tree based approach for flexible job shop scheduling with multiple process plans, i. e. each job can be processed through alternative operations, each of which can be processed on alternative machines. The main decision variables are: (a) selecting operation/machine pair; and (b) sequencing the jobs assigned to each machine. As an extension of the priority scheduling approach that selects the best priority rule combination after many simulation runs, this study suggests a decision tree based approach in which a decision tree is used to select a priority rule combination adequate for a specific system state and hence the burdens required for developing simulation models and carrying out simulation runs can be eliminated. The decision tree based scheduling approach consists of construction and scheduling modules. In the construction module, a decision tree is constructed using a four-stage algorithm, and in the scheduling module, a priority rule combination is selected using the decision tree. To show the performance of the decision tree based approach suggested in this study, a case study was done on a flexible job shop with reconfigurable manufacturing cells and a conventional job shop, and the results are reported by comparing it with individual priority rule combinations for the objectives of minimizing total flow time and total tardiness.Keywords: flexible job shop scheduling, decision tree, priority rules, case study
Procedia PDF Downloads 3579636 The Role of Marketing Information System on Decision-Making: An Applied Study on Algeria Telecoms Mobile "MOBILIS"
Authors: Benlakhdar Mohamed Larbi, Yagoub Asma
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Purpose: This study aims at highlighting the significance and importance of utilizing marketing information system (MKIS) on decision-making, by clarifying the need for quick and efficient decision-making due to time saving and preventing of duplication of work. Design, methodology, approach: The study shows the roles of each part of MKIS for developing marketing strategy, which present a real challenge to individuals and institutions in an era characterized by uncertainty and clarifying the importance of each part separately, depending on decision type and the nature of the situation. The empirical research method was evaluated by specialized experts, conducted by means of questionnaires. Correlation analysis was employed to test the validity of the procedure. Results: The empirical study findings confirmed positive relationships between the level of utilizing and adopting ‘decision support system and marketing intelligence’ and the success of an organizational decision-making, and provide the organization with a competitive advantage as it allows the organization to solve problems. Originality/value: The study offer better understanding of performance- increasing market share as an organizational decision making based on marketing information system.Keywords: database, marketing research, marketing intelligence, decision support system, decision-making
Procedia PDF Downloads 3309635 Decision Support for Modularisation: Engineering Construction Case Studies
Authors: Rolla Monib, Chris Ian Goodier, Alistair Gibb
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This paper aims to investigate decision support strategies in the EC sector to determine the most appropriate degree of modularization. This is achieved through three oil and gas (O&G) and two power plant case studies via semi-structured interviews (n=59 and n=27, respectively), analysis of project documents, and case study-specific semi-structured validation interviews (n=12 and n=8). New terminology to distinguish degrees of modularization is proposed, along with a decision-making support checklist and a diagrammatic decision-making support figure. Results indicate that the EC sub-sectors were substantially more satisfied with the application of component, structural, or traditional modularization compared with system modularization for some types of modules. Key drivers for decisions on the degree of modularization vary across module types. This paper can help the EC sector determine the most suitable degree of modularization via a decision-making support strategy.Keywords: modularization, engineering construction, case study, decision support
Procedia PDF Downloads 949634 Strategic Thinking to Enhance Critical Transport Infrastructure and Build Resilience
Authors: Jayantha Withanaarachchi, Sujeeva Setunge, Sara Moridpour
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Gaps in strategic thinking and planning lead to critical transport infrastructure resilience. These gaps in strategic transport and land use development planning have an impact on communities and cities. Natural and man-induced disasters can be catastrophic to communities. After a disaster, many types of critical infrastructure, including transport infrastructure gets un-usable or gets damaged. This paper examines strategic thinking behind the resilience and protection of Critical Transport Infrastructure (CI) within transport networks by investigating the impact of disasters such as bushfires, hurricanes and earthquakes. A detailed analysis of three case studies have been conducted to identify the gaps in strategic transport planning and strategic decision making processes required to mitigate the impacts of disasters. Case studies will be analysed to identify existing gaps in road design, transport planning and decision making. This paper examines the effect of road designing, transport corridors and decision making during transport planning stages and how it impacts transport infrastructure as well as community resilience. A set of recommendations to overcome the shortcomings of existing strategic planning and designing process are presented. This research paper reviews transport infrastructure planning issues and presents the common approach suitable for future strategic thinking and planning which could be adopted in practices.Keywords: community resilience, decision making , infrastructure resilience, strategic transport planning, transport infrastructure
Procedia PDF Downloads 2929633 Stereotypical Perception as an Influential Factor in the Judicial Decision Making Process for Shoplifting Cases Presided over in the UK
Authors: Mariam Shah
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Stereotypes are not generally considered to be an acceptable influence upon any decision making process, particularly those involving judicial decision making outcomes. Yet, we are confronted with an uncomfortable truth that stereotypes may be operating to influence judicial outcomes. Variances in sentencing outcomes are not easily explained away by criminological, psychological, or sociological theorem, but may be answered via qualitative research produced within the field of phenomenology. This paper will examine the current literature pertaining to the effect of stereotypes on the criminal justice system within the UK, and will also discuss what the implications are for stereotypical influences upon decision making in the criminal justice system. This paper will give particular focus to shoplifting offences dealt with in UK criminal courts, but this research has long reaching implications for the criminal process more generally.Keywords: decision making, judicial decision making, phenomenology, shoplifting, stereotypes
Procedia PDF Downloads 3339632 Decision Making in Medicine and Treatment Strategies
Authors: Kamran Yazdanbakhsh, Somayeh Mahmoudi
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Three reasons make good use of the decision theory in medicine: 1. Increased medical knowledge and their complexity makes it difficult treatment information effectively without resorting to sophisticated analytical methods, especially when it comes to detecting errors and identify opportunities for treatment from databases of large size. 2. There is a wide geographic variability of medical practice. In a context where medical costs are, at least in part, by the patient, these changes raise doubts about the relevance of the choices made by physicians. These differences are generally attributed to differences in estimates of probabilities of success of treatment involved, and differing assessments of the results on success or failure. Without explicit criteria for decision, it is difficult to identify precisely the sources of these variations in treatment. 3. Beyond the principle of informed consent, patients need to be involved in decision-making. For this, the decision process should be explained and broken down. A decision problem is to select the best option among a set of choices. The problem is what is meant by "best option ", or know what criteria guide the choice. The purpose of decision theory is to answer this question. The systematic use of decision models allows us to better understand the differences in medical practices, and facilitates the search for consensus. About this, there are three types of situations: situations certain, risky situations, and uncertain situations: 1. In certain situations, the consequence of each decision are certain. 2. In risky situations, every decision can have several consequences, the probability of each of these consequences is known. 3. In uncertain situations, each decision can have several consequences, the probability is not known. Our aim in this article is to show how decision theory can usefully be mobilized to meet the needs of physicians. The decision theory can make decisions more transparent: first, by clarifying the data systematically considered the problem and secondly by asking a few basic principles should guide the choice. Once the problem and clarified the decision theory provides operational tools to represent the available information and determine patient preferences, and thus assist the patient and doctor in their choices.Keywords: decision making, medicine, treatment strategies, patient
Procedia PDF Downloads 5799631 Volatility Switching between Two Regimes
Authors: Josip Visković, Josip Arnerić, Ante Rozga
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Based on the fact that volatility is time varying in high frequency data and that periods of high volatility tend to cluster, the most successful and popular models in modelling time varying volatility are GARCH type models. When financial returns exhibit sudden jumps that are due to structural breaks, standard GARCH models show high volatility persistence, i.e. integrated behaviour of the conditional variance. In such situations models in which the parameters are allowed to change over time are more appropriate. This paper compares different GARCH models in terms of their ability to describe structural changes in returns caused by financial crisis at stock markets of six selected central and east European countries. The empirical analysis demonstrates that Markov regime switching GARCH model resolves the problem of excessive persistence and outperforms uni-regime GARCH models in forecasting volatility when sudden switching occurs in response to financial crisis.Keywords: central and east European countries, financial crisis, Markov switching GARCH model, transition probabilities
Procedia PDF Downloads 2269630 Integrating Human Preferences into the Automated Decisions of Unmanned Aerial Vehicles
Authors: Arwa Khannoussi, Alexandru-Liviu Olteanu, Pritesh Narayan, Catherine Dezan, Jean-Philippe Diguet, Patrick Meyer, Jacques Petit-Frere
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Due to the nature of autonomous Unmanned Aerial Vehicles (UAV) missions, it is important that the decisions of a UAV stay consistent with the priorities of an operator, while at the same time allowing them to be easily audited and explained. We propose a multi-layer decision engine that integrates the operator (human) preferences by using the Multi-Criteria Decision Aiding (MCDA) methods. A software implementation of a UAV simulator and of the decision engine is presented to highlight the advantage of using such techniques on high-level decisions. We demonstrate that, with such a preference-based decision engine, the decisions of the UAV are compatible with the priorities of the operator, which in turn increases her/his confidence in its autonomous behavior.Keywords: autonomous UAV, multi-criteria decision aiding, multi-layers decision engine, operator's preferences, traceable decisions, UAV simulation
Procedia PDF Downloads 2559629 Management of Empty Containers by Consignees in the Hinterland
Authors: Benjamin Legros, Jan Fransoo, Oualid Jouini
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This study aims to evaluate street-turn strategies for empty container repositioning in the hinterland. Containers arrive over time at the (importer) consignee, while the demand for containers arises from the (exporter) shipper. A match can be operated between an empty container from the consignee and the load from the shipper. Therefore, we model the system as a double-ended queue with non-zero matching time and a limited number of resources in order to optimize the reposition- ing decisions. We determine the performance measures when the consignee operates using a fixed withholding threshold policy. We show that the matching time mainly plays a role in the matching proportion, while under a certain duration, it only marginally impacts the consignee’s inventory policy and cost per container. Also, the withholding level is mainly determined by the shipper’s production rate.Keywords: container, double-ended queue, inventory, Markov decision process, non-zero matching time, street-turn
Procedia PDF Downloads 1419628 Human-Automation Interaction in Law: Mapping Legal Decisions and Judgments, Cognitive Processes, and Automation Levels
Authors: Dovile Petkeviciute-Barysiene
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Legal technologies not only create new ways for accessing and providing legal services but also transform the role of legal practitioners. Both lawyers and users of legal services expect automated solutions to outperform people with objectivity and impartiality. Although fairness of the automated decisions is crucial, research on assessing various characteristics of automated processes related to the perceived fairness has only begun. One of the major obstacles to this research is the lack of comprehensive understanding of what legal actions are automated and could be meaningfully automated, and to what extent. Neither public nor legal practitioners oftentimes cannot envision technological input due to the lack of general without illustrative examples. The aim of this study is to map decision making stages and automation levels which are and/or could be achieved in legal actions related to pre-trial and trial processes. Major legal decisions and judgments are identified during the consultations with legal practitioners. The dual-process model of information processing is used to describe cognitive processes taking place while making legal decisions and judgments during pre-trial and trial action. Some of the existing legal technologies are incorporated into the analysis as well. Several published automation level taxonomies are considered because none of them fit well into the legal context, as they were all created for avionics, teleoperation, unmanned aerial vehicles, etc. From the information processing perspective, analysis of the legal decisions and judgments expose situations that are most sensitive to cognitive bias, among others, also help to identify areas that would benefit from the automation the most. Automation level analysis, in turn, provides a systematic approach to interaction and cooperation between humans and algorithms. Moreover, an integrated map of legal decisions and judgments, information processing characteristics, and automation levels all together provide some groundwork for the research of legal technology perceived fairness and acceptance. Acknowledgment: This project has received funding from European Social Fund (project No 09.3.3-LMT-K-712-19-0116) under grant agreement with the Research Council of Lithuania (LMTLT).Keywords: automation levels, information processing, legal judgment and decision making, legal technology
Procedia PDF Downloads 1429627 Intergenerational Succession within Family Businesses: The Role of Sharing and Creation Knowledge
Authors: Wissal Ben Arfi, Jean-Michel Sahut
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The purpose of this paper is to provide a deeper understanding of the succession process from a knowledge management perspective. By doing that, succession process in family businesses, as an environment for creating and sharing knowledge, was explored. Design/Methodology/Approach: To support our reasoning, we collected qualitative data through 16 in-depth interviews conducted with all decision makers involved in the family businesses succession process in France. These open-ended responses were subsequently exposed to thematic discourse analysis. Findings: Central to this exhibit is the nature and magnitude of knowledge creation and sharing among the actors within the family succession context and how can tacit knowledge sharing facilitate the succession process. We also identified factors that inhibit down the knowledge creation and sharing processes. The sharing and creation of knowledge among members of a family business appear to be a complex process that must be part of a strategy for change. This implies that it requests trust and takes a certain amount of time because it requires organizational change and a clear and coherent strategic vision that is accepted and assimilated by all the members. Professional and leadership skills are of particular importance in knowledge sharing and creation processes. In most cases, tacit knowledge is crucial when it is shared and accumulated collectively. Our findings reveal that managers should find ways of implementing knowledge sharing and creation processes while acknowledging the succession process within family firms. This study highlights the importance of generating knowledge strategies in order to enhance the performance and the success of intergenerational succession. The empirical outcomes contribute to enrich the field of succession management process and enhance the role of knowledge in shaping family performance and longevity. To a large extent, the lessons learned from the study of succession processes in family-owned businesses are that when there is a deliberate effort to introduce a knowledge-based approach, this action becomes a seminal event in the life of the organization. Originality/Value: The paper contributes to the deep understanding of interactions among actors by examining the knowledge creation and sharing processes since current researches in family succession focused on aspects such as personal development of potential, intra-family succession intention, decision-making processes in family businesses. Besides, as succession is one of the key factors that determine the longevity and the performance of family businesses, it also contributes to literature by examining how tacit knowledge is transferred, shared and created in family businesses and how this can facilitate the intergenerational succession process.Keywords: family-owned businesses, succession process, knowledge, performance
Procedia PDF Downloads 2089626 Conceptualizing the Cyber Insecurity Risk in the Ethics of Automated Warfare
Authors: Otto Kakhidze, Hoda Alkhzaimi, Adam Ramey, Nasir Memon
Abstract:
This paper provides an alternative, cyber security based a conceptual framework for the ethics of automated warfare. The large body of work produced on fully or partially autonomous warfare systems tends to overlook malicious security factors as in the possibility of technical attacks on these systems when it comes to the moral and legal decision-making. The argument provides a risk-oriented justification to why technical malicious risks cannot be dismissed in legal, ethical and policy considerations when warfare models are being implemented and deployed. The assumptions of the paper are supported by providing a broader model that contains the perspective of technological vulnerabilities through the lenses of the Game Theory, Just War Theory as well as standard and non-standard defense ethics. The paper argues that a conventional risk-benefit analysis without considering ethical factors is insufficient for making legal and policy decisions on automated warfare. This approach will provide the substructure for security and defense experts as well as legal scholars, ethicists and decision theorists to work towards common justificatory grounds that will accommodate the technical security concerns that have been overlooked in the current legal and policy models.Keywords: automated warfare, ethics of automation, inherent hijacking, security vulnerabilities, risk, uncertainty
Procedia PDF Downloads 357