Search results for: availability Gumbel-Hougaard family copula
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 4616

Search results for: availability Gumbel-Hougaard family copula

4586 A Fourier Method for Risk Quantification and Allocation of Credit Portfolios

Authors: Xiaoyu Shen, Fang Fang, Chujun Qiu

Abstract:

Herewith we present a Fourier method for credit risk quantification and allocation in the factor-copula model framework. The key insight is that, compared to directly computing the cumulative distribution function of the portfolio loss via Monte Carlo simulation, it is, in fact, more efficient to calculate the transformation of the distribution function in the Fourier domain instead and inverting back to the real domain can be done in just one step and semi-analytically, thanks to the popular COS method (with some adjustments). We also show that the Euler risk allocation problem can be solved in the same way since it can be transformed into the problem of evaluating a conditional cumulative distribution function. Once the conditional or unconditional cumulative distribution function is known, one can easily calculate various risk metrics. The proposed method not only fills the niche in literature, to the best of our knowledge, of accurate numerical methods for risk allocation but may also serve as a much faster alternative to the Monte Carlo simulation method for risk quantification in general. It can cope with various factor-copula model choices, which we demonstrate via examples of a two-factor Gaussian copula and a two-factor Gaussian-t hybrid copula. The fast error convergence is proved mathematically and then verified by numerical experiments, in which Value-at-Risk, Expected Shortfall, and conditional Expected Shortfall are taken as examples of commonly used risk metrics. The calculation speed and accuracy are tested to be significantly superior to the MC simulation for real-sized portfolios. The computational complexity is, by design, primarily driven by the number of factors instead of the number of obligors, as in the case of Monte Carlo simulation. The limitation of this method lies in the "curse of dimension" that is intrinsic to multi-dimensional numerical integration, which, however, can be relaxed with the help of dimension reduction techniques and/or parallel computing, as we will demonstrate in a separate paper. The potential application of this method has a wide range: from credit derivatives pricing to economic capital calculation of the banking book, default risk charge and incremental risk charge computation of the trading book, and even to other risk types than credit risk.

Keywords: credit portfolio, risk allocation, factor copula model, the COS method, Fourier method

Procedia PDF Downloads 119
4585 Non-Family Members as Successors of Choice in South African Family Businesses

Authors: Jonathan Marks, Lauren Katz

Abstract:

Family firms are a vital component of a country’s stability, prosperity and development. Their sustainability, longevity and continuity are critical. Given the premise that family firms wish to continue the business for the benefit of the family, the family founder / owner is faced with an emotionally charged transition option; either to transfer the family business to a family member or to transfer the firm to a non-family member. The rationale employed by family founders to select non-family members as successors/ executives of choice and the concomitant rationale employed by non-family members to select family firms as employers of choice, has been under-researched in the literature of family business succession planning. This qualitative study used semi-structured interviews to gain access to family firm founders/ owners, non-family successors/ executives and industry experts on family business. The findings indicated that the rationale for family members to select non-family successors/ executives was underpinned by the objective to grow the family firm for the benefit of the family. If non-family members were the most suitable candidates to ensure this outcome, family members were comfortable to employ non-family members. Non- family members, despite the knowledge that benefit lay primarily with family members, chose to work for family firms for personal benefits in terms of wealth, security and close connections. A commonly shared value system was a pre-requisite for all respondents. The research study provides insights from family founders/ owners, non-family successors/ executives, and industry experts on the subject of succession planning outside the family structure.

Keywords: agency theory, family business, institutional logics, non-family successors, Stewardship Theory

Procedia PDF Downloads 336
4584 Exploring the Availability and Distribution of Public Green Spaces among Riyadh Residential Neighborhoods

Authors: Abdulwahab Alalyani, Mahbub Rashid

Abstract:

Public green space promotes community health including daily activities, but these resources may not be available enough or may not equitably be distributed. This paper measures and compares the availability of public green spaces (PGS) among low, middle, and high-income neighborhoods in the Riyadh city. Additionally, it compares the total availability of PGS to WHO standard and Dubai availability of PGS per person. All PGS were mapped using geographical information systems, and total area availability of PGS compared to WHO and Dubai standards. To evaluate the significant differences in PGS availability across low, medium, and high-income Riyadh neighborhoods, we used a One-way ANOVA analysis of covariance to test the differences. As a result, by comparing PGS of Riyadh neighborhoods to WHO and Dubai-availability, it was found that Riyadh PGS were lower than the minimum standard of WHO and as well as Dubai. Riyadh has only 1.13 m2 per capita of PGS. The second finding, the availability of PGS, was significantly different among Riyadh neighborhoods based on socioeconomic status. The future development of PGS should be focused on increasing PGS availability and should be given priority to those low-income and unhealthy communities.

Keywords: spatial equity, green space, quality of life, built environment

Procedia PDF Downloads 94
4583 Copula Autoregressive Methodology for Simulation of Solar Irradiance and Air Temperature Time Series for Solar Energy Forecasting

Authors: Andres F. Ramirez, Carlos F. Valencia

Abstract:

The increasing interest in renewable energies strategies application and the path for diminishing the use of carbon related energy sources have encouraged the development of novel strategies for integration of solar energy into the electricity network. A correct inclusion of the fluctuating energy output of a photovoltaic (PV) energy system into an electric grid requires improvements in the forecasting and simulation methodologies for solar energy potential, and the understanding not only of the mean value of the series but the associated underlying stochastic process. We present a methodology for synthetic generation of solar irradiance (shortwave flux) and air temperature bivariate time series based on copula functions to represent the cross-dependence and temporal structure of the data. We explore the advantages of using this nonlinear time series method over traditional approaches that use a transformation of the data to normal distributions as an intermediate step. The use of copulas gives flexibility to represent the serial variability of the real data on the simulation and allows having more control on the desired properties of the data. We use discrete zero mass density distributions to assess the nature of solar irradiance, alongside vector generalized linear models for the bivariate time series time dependent distributions. We found that the copula autoregressive methodology used, including the zero mass characteristics of the solar irradiance time series, generates a significant improvement over state of the art strategies. These results will help to better understand the fluctuating nature of solar energy forecasting, the underlying stochastic process, and quantify the potential of a photovoltaic (PV) energy generating system integration into a country electricity network. Experimental analysis and real data application substantiate the usage and convenience of the proposed methodology to forecast solar irradiance time series and solar energy across northern hemisphere, southern hemisphere, and equatorial zones.

Keywords: copula autoregressive, solar irradiance forecasting, solar energy forecasting, time series generation

Procedia PDF Downloads 292
4582 Biomass Availability Matrix: Methodology to Define High Level Biomass Availability for Bioenergy Purposes, a Quebec Case Study

Authors: Camilo Perez Lee, Mark Lefsrud, Edris Madadian, Yves Roy

Abstract:

Biomass availability is one of the most important aspects to consider when determining the proper location of potential bioenergy plants. Since this aspect has a direct impact on biomass transportation and storage, biomass availability greatly influences the operational cost. Biomass availability is more than the quantity available on a specific region; other elements such as biomass accessibility and potential play an important role. Accessibility establishes if the biomass could be extracted and conveyed easily considering factors such as biomass availability, infrastructure condition and other operational issues. On the other hand, biomass potential is defined as the capacity of a specific region to scale the usage of biomass as an energy source, move from another energy source or to switch the type of biomass to increase their biomass availability in the future. This paper defines methodologies and parameters in order to determine the biomass availability within the administrative regions of the province of Quebec; firstly by defining the forestry, agricultural, municipal solid waste and energy crop biomass availability per administrative region, next its infrastructure accessibility and lastly defining the region potential. Thus, these data are processed to create a biomass availability matrix allowing to define the overall biomass availability per region and to determine the most optional candidates for bioenergy plant location.

Keywords: biomass, availability, bioenergy, accessibility, biomass potential

Procedia PDF Downloads 288
4581 Family Business Succession through the Eye of the Upper Echelon Theory: A Phenomenological Approach

Authors: Ruswiati Suryasaputra, Linda Salim

Abstract:

This concept paper, initially a proposal for the completion of the degree of Doctor of Philosophy, is seeking to gain more understanding of family business succession in order to extend the average lifespan of family business that has shrunken significantly for the past 20 years. While multitude studies have been done in family business succession, the average lifespan of a family business continues to decline sharply over the past two decades to only 24 years, or 1.5 generations, in 2010, from 50-60 years, equivalent to 3 generations, as recently as 1990. While the qualitative approach of this study will not churn a theoretical framework unique to the family business field, it will bring to the surface important issues during a family business succession process that have been hidden behind the mostly profit-making issues that have been the main highlight of the family business field.

Keywords: family business, succession, nepotism, family studies

Procedia PDF Downloads 515
4580 Scheduling Method for Electric Heater in HEMS considering User’s Comfort

Authors: Yong-Sung Kim, Je-Seok Shin, Ho-Jun Jo, Jin-O Kim

Abstract:

Home Energy Management System (HEMS) which makes the residential consumers contribute to the demand response is attracting attention in recent years. An aim of HEMS is to minimize their electricity cost by controlling the use of their appliances according to electricity price. The use of appliances in HEMS may be affected by some conditions such as external temperature and electricity price. Therefore, the user’s usage pattern of appliances should be modeled according to the external conditions, and the resultant usage pattern is related to the user’s comfortability on use of each appliances. This paper proposes a methodology to model the usage pattern based on the historical data with the copula function. Through copula function, the usage range of each appliance can be obtained and is able to satisfy the appropriate user’s comfort according to the external conditions for next day. Within the usage range, an optimal scheduling for appliances would be conducted so as to minimize an electricity cost with considering user’s comfort. Among the home appliance, electric heater (EH) is a representative appliance which is affected by the external temperature. In this paper, an optimal scheduling algorithm for an electric heater (EH) is addressed based on the method of branch and bound. As a result, scenarios for the EH usage are obtained according to user’s comfort levels and then the residential consumer would select the best scenario. The case study shows the effects of the proposed algorithm compared with the traditional operation of the EH, and it also represents impacts of the comfort level on the scheduling result.

Keywords: load scheduling, usage pattern, user’s comfort, copula function, branch and bound, electric heater

Procedia PDF Downloads 555
4579 Diagnose of the Future of Family Businesses Based on the Study of Spanish Family Businesses Founders

Authors: Fernando Doral

Abstract:

Family businesses are a key phenomenon within the business landscape. Nevertheless, it involves two terms (“family” and “business”) which are nowadays rapidly evolving. Consequently, it isn't easy to diagnose if a family business will be a growing or decreasing phenomenon, which is the objective of this study. For that purpose, a sample of 50 Spanish-established companies from various sectors was taken. Different factors were identified for each enterprise, related to the profile of the founders, such as age, the number of sons and daughters, or support received from the family at the moment to start it up. That information was taken as an input for a clustering method to identify groups, which could help define the founders' profiles. That characterization was carried as a base to identify three factors whose evolution should be analyzed: family structures, business landscape and entrepreneurs' motivations. The analysis of the evolution of these three factors seems to indicate a negative tendency of family businesses. Therefore the consequent diagnosis of this study is to consider family businesses as a declining phenomenon.

Keywords: business diagnose, business trends, family business, family business founders

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4578 Role of Family for Grooming a Child: A Protective Step for Vulnerable Child

Authors: Arpita Sabat, Kanaklata Samal

Abstract:

A child is the most innocent being on the earth. It is born innocent but the family, the community, the institution and the world at large always butcher its innocence. This paper aims at the role of family for the development of a child in different ethnic or social groups. Family, in fact, is the nucleus in the growth and development of the child. A child grows up with the idea that a family is the world around him. The child tries to emulate consciously or unconsciously from the surrounding. This imitation has serious impact on the development of the child. It even sometimes cripples or stunts the growth of a mind. It results in the disability of the child. All policies about education or changing of curriculum can not bring about a change in the plight of a child’s life unless there is a serious thinking about the role of a family and the contribution of a family to the development of a child.

Keywords: vulnerable child, grooming, surrounding, role of family

Procedia PDF Downloads 300
4577 Distorted Digital Mediated Communication: An Analysis of the Effect of Smartphone on Family Communication in Nigeria

Authors: Peter E. Egielewa

Abstract:

Communication through the smartphone connects people globally. However, since the last 10 years, there has been an increasing shift from the social engagement in the family to the digital mediated communication aided by the smartphone. The traditional family communication had largely been oral and relational, which the smartphone is now digitally mediating. The study employs mixed research method of quantitative and qualitative research design and deploys questionnaire to elicit responses from both parents and children of 50 purposively selected families from five villages in Southern Nigeria that are very active with smartphone use. Based on the Theory of Family Systems, preliminary findings show that the smartphone is becoming an addiction among Nigerian family members and has shifted the dynamics of family communication from relational to digital culture. The research concludes that smartphone use affects family communication negatively and recommends the moderation of smartphone use in the family and the search for alternative platforms for family communication that minimises smartphone addiction.

Keywords: digital, distorted communication, family, Nigeria, smartphone

Procedia PDF Downloads 102
4576 Performance Modeling and Availability Analysis of Yarn Dyeing System of a Textile Industry

Authors: P. C. Tewari, Rajiv Kumar, Dinesh Khanduja

Abstract:

This paper discusses the performance modeling and availability analysis of Yarn Dyeing System of a Textile Industry. The Textile Industry is a complex and repairable engineering system. Yarn Dyeing System of Textile Industry consists of five subsystems arranged in series configuration. For performance modeling and analysis of availability, a performance evaluating model has been developed with the help of mathematical formulation based on Markov-Birth-Death Process. The differential equations have been developed on the basis of Probabilistic Approach using a Transition Diagram. These equations have further been solved using normalizing condition in order to develop the steady state availability, a performance measure of the system concerned. The system performance has been further analyzed with the help of decision matrices. These matrices provide various availability levels for different combinations of failure and repair rates for various subsystems. The findings of this paper are, therefore, considered to be useful for the analysis of availability and determination of the best possible maintenance strategies which can be implemented in future to enhance the system performance.

Keywords: performance modeling, markov process, steady state availability, availability analysis

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4575 Performance and Availability Analysis of 2N Redundancy Models

Authors: Yutae Lee

Abstract:

In this paper, we consider the performance and availability of a redundancy model. The redundancy model is a form of resilience that ensures service availability in the event of component failure. This paper considers a 2N redundancy model. In the model there are at most one active service unit and at most one standby service unit. The active one is providing the service while the standby is prepared to take over the active role when the active fails. We design our analysis model using Stochastic Reward Nets, and then evaluate the performance and availability of 2N redundancy model using Stochastic Petri Net Package (SPNP).

Keywords: availability, performance, stochastic reward net, 2N redundancy

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4574 The Effect of Family Support on Employee Satisfaction and Perception of Work-Family Conflict: The Case of Oil Sector Employees in Kuwait

Authors: Ali H. Muhammad

Abstract:

This paper investigates both instrumental and emotional family support on employee job satisfaction and perception of work-family conflict. Instrumental family support is manifested in family behavior that contributes to the reduction of employee’s family responsibilities and keeping the physical home environment in a proper shape. Emotional family support includes the encouragement and praise that the employee receives from his family and families for the employee’s work problem and their role in assisting the employees in dealing with these problems. The paper suggests that instrumental and emotional family support increases employee’s job satisfaction. Furthermore, the study proposes that family support decreases employee’s perception of work-family conflict. In addition, this study examines the reliability and validity of the family support index developed by Lynda King and her colleagues in 1995. Confirmatory factor analysis is used to test the validity of the instrument in an Arab business setting. A paper-pencil questionnaire was used to collect data from a random sample of 70 Kuwaiti employees working in the oil sector. Data were analyzed using factor analysis, reliability tests, and regression analysis. Results confirmed the research hypothesis. Family support had a positive effect on job satisfaction. Furthermore, family support significantly contributed to the reduction of employee perception of work-family conflict.

Keywords: family support, job satisfaction, work-family conflict, Kuwait oil sector

Procedia PDF Downloads 103
4573 Assessing Public Open Spaces Availability and Distribution in a Socially Challenged City: A Case Study of Riyadh, Saudi Arabia

Authors: Abdulwahab Alalyani, Mahbub Rashid

Abstract:

Public Open Space (POS) availability and distribution among urban communities have a central role to promotes community health. However, growing health challenges in a city would raise attention to the planning quality of these community's assets. This research aims to measure the existing availability and distribution equity of POS in the context of Saudi Arabia using Riyadh city as a case study. The methodology for the POS availability was by calculating the total POS with respect to the population total (m²/inhabitant). All POS were mapped using geographical information systems (GIS), and the total area availability of POS was compared to global, regional, and local standards. To evaluate the significant differences in POS availability across low, medium, and high-income Riyadh neighborhoods, we used a One-way ANOVA analysis of covariance to test the differences. The results are as follows; POS availability was lower than global standers. Riyadh has only 1.40m² per capita of POS. Spatial equity of the availability were significantly different among Riyadh neighborhoods based on socioeconomic status. The future development of POS should be focused on increasing general POS availability and should be given priority to those low-income and unhealthy communities. Accessibility indicators of POS should be considered in future studies.

Keywords: open spaces availability, open spaces distribution, spatial equity, healthy city, Riyadh City

Procedia PDF Downloads 73
4572 Impact of Work and Family Conflict on Employee Self Esteem

Authors: Romana P. Khokhar

Abstract:

The purpose of this study was to explore the impact of work-family conflict on self-esteem. On the basis of the literature reviewed, it was hypothesized that 1) work-family conflict has an impact on self- esteem, 2). There would be a gender difference on the variable of work family conflict. Data for this study was taken from a sample of 70 employees within the banking industry since this industry is generally associated with higher levels of work-family conflict. Statistical tests performed were regression and t-test. Self-esteem was assessed with the 10-item Rosenberg Self-Esteem Scale (RSE; Rosenberg, 1965) and Work-Family Conflict Scale (WFCS; Netemeyer, R. G., Boles, J. S., & McMurrian, R. 1996) was used to assess the level of work –family conflict. The results indicated that an increase in work-family conflict resulted in lower self-esteem due to the various pressures evidenced in a complicated network of direct and indirect influences. It was also determined that there is less effect of work-family conflict on the female workers, as opposed to the male population, leading to the conclusion that in the case of the female workers the impact on self-esteem was not significant.

Keywords: work and family conflict, self-esteem, employee

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4571 Application of the Concept of Comonotonicity in Option Pricing

Authors: A. Chateauneuf, M. Mostoufi, D. Vyncke

Abstract:

Monte Carlo (MC) simulation is a technique that provides approximate solutions to a broad range of mathematical problems. A drawback of the method is its high computational cost, especially in a high-dimensional setting, such as estimating the Tail Value-at-Risk for large portfolios or pricing basket options and Asian options. For these types of problems, one can construct an upper bound in the convex order by replacing the copula by the comonotonic copula. This comonotonic upper bound can be computed very quickly, but it gives only a rough approximation. In this paper we introduce the Comonotonic Monte Carlo (CoMC) simulation, by using the comonotonic approximation as a control variate. The CoMC is of broad applicability and numerical results show a remarkable speed improvement. We illustrate the method for estimating Tail Value-at-Risk and pricing basket options and Asian options when the logreturns follow a Black-Scholes model or a variance gamma model.

Keywords: control variate Monte Carlo, comonotonicity, option pricing, scientific computing

Procedia PDF Downloads 485
4570 Ultra Reliable Communication: Availability Analysis in 5G Cellular Networks

Authors: Yosra Benchaabene, Noureddine Boujnah, Faouzi Zarai

Abstract:

To meet the growing demand of users, the fifth generation (5G) will continue to provide services to higher data rates with higher carrier frequencies and wider bandwidths. As part of the 5G communication paradigm, Ultra Reliable Communication (URC) is envisaged as an important technology pillar for providing anywhere and anytime services to end users. Ultra Reliable Communication (URC) is considered an important technology that why it has become an active research topic. In this work, we analyze the availability of a service in the space domain. We characterize spatially available areas consisting of all locations that meet a performance requirement with confidence, and we define cell availability and system availability, individual user availability, and user-oriented system availability. Poisson point process (PPP) and Voronoi tessellation are adopted to model the spatial characteristics of a cell deployment in heterogeneous networks. Numerical results are presented, also highlighting the effect of different system parameters on the achievable link availability.

Keywords: URC, dependability and availability, space domain analysis, Poisson point process, Voronoi Tessellation

Procedia PDF Downloads 94
4569 Availability Analysis of Milling System in a Rice Milling Plant

Authors: P. C. Tewari, Parveen Kumar

Abstract:

The paper describes the availability analysis of milling system of a rice milling plant using probabilistic approach. The subsystems under study are special purpose machines. The availability analysis of the system is carried out to determine the effect of failure and repair rates of each subsystem on overall performance (i.e. steady state availability) of system concerned. Further, on the basis of effect of repair rates on the system availability, maintenance repair priorities have been suggested. The problem is formulated using Markov Birth-Death process taking exponential distribution for probable failures and repair rates. The first order differential equations associated with transition diagram are developed by using mnemonic rule. These equations are solved using normalizing conditions and recursive method to drive out the steady state availability expression of the system. The findings of the paper are presented and discussed with the plant personnel to adopt a suitable maintenance policy to increase the productivity of the rice milling plant.

Keywords: availability modeling, Markov process, milling system, rice milling plant

Procedia PDF Downloads 203
4568 Moderating Effects of Family Structure on College Achievement

Authors: Jennifer Knudsen

Abstract:

This study observes the moderating effects of family structure on College Achievement across cohorts. Over the past half-century, social stigmas surrounding non-traditional families have shifted, as they make up an increasing proportion of American families. Using the General Social Survey, this study employs a varying coefficient model to test if family structure moderates the effects of other background variables on respondents’ educational attainment. Initial analysis suggests that living in alternative family arrangements has an increasingly negative effect on college achievement, whereas living in an intact family with a mother and father has a positive effect on college achievement.

Keywords: education, family, college, family structure

Procedia PDF Downloads 88
4567 An Iterative Family for Solution of System of Nonlinear Equations

Authors: Sonia Sonia

Abstract:

This paper presents a family of iterative scheme for solving nonlinear systems of equations which have wide application in sciences and engineering. The proposed iterative family is based upon some parameters which generates many different iterative schemes. This family is completely derivative free and uses first of divided difference operator. Moreover some numerical experiments are performed and compared with existing methods. Analysis of convergence shows that the presented family has fourth-order of convergence. The dynamical behaviour of proposed family and local convergence have also been discussed. The numerical performance and convergence region comparison demonstrates that proposed family is efficient.

Keywords: convergence, divided difference operator, nonlinear system, Newton's method

Procedia PDF Downloads 199
4566 Using the Family Justice System to Respond to ISIS Returnees: The UK Experience

Authors: Fatima Ahdash

Abstract:

Over the last 6-7 years, the UK has resorted to using the family courts and the family justice system more generally as a way of dealing with children and young people either traveling to or returning from ISIS territories in the Middle East. This is an important innovation in counter-terrorism laws and practices in the UK: never before have the family courts been used for the purpose of preventing and countering terrorism anywhere in the world. This paper will examine this innovation; it will explore how, why, and the implications of the interaction between family law and counter-terrorism, particularly on the human rights of the parents and children involved. It will question whether the use of the family courts provides a more useful, and perhaps human rights compliant, method of tackling terrorism and extremism when compared to other more Draconian legal and administrative methods.

Keywords: counter-terrorism, family justice, law, human rights

Procedia PDF Downloads 179
4565 Women’s Financial Literacy and Family Financial Fragility

Authors: Pepur Sandra, Bulog Ivana, Rimac Smiljanić Ana

Abstract:

During the COVID-19 pandemic, stress and family financial fragility arose worldwide. Economic and health uncertainty created new pressure on the everyday life of families. The work from home, homeschooling, and care of other family members caused an increase in unpaid work and generated a new division of intrahousehold. As many times before, women have taken the higher burden. This paper analyzes family stress and finance during the COVID-19 pandemic. We propose that women's inclusion in paid and unpaid work and their financial literacy influence family finances. We build up our assumptions according to the two theories that explain intrahousehold family decision-making: traditional and barging models. The traditional model assumes that partners specialize in their roles in line with time availability. Consequently, partners less engaged in payable working activities will spend more time on domestic activities and vice versa. According to the bargaining model, each individual has their preferences, and the one with more household bargaining power, e.g., higher income, higher level of education, better employment, or higher financial knowledge, is likely to make family decisions and avoid unpaid work. Our results are based on an anonymous and voluntary survey of 869 valid responses from women older than 18 conducted in Croatia at the beginning of 2021. We found that families who experienced delays in settling current obligations before the pandemic were in a worse financial situation during the pandemic. However, all families reported problems settling current obligations during pandemic times regardless of their financial condition before the crisis. Women from families with financial issues reported higher levels of family and personal stress during the pandemic. Furthermore, we provide evidence that more women's unpaid work negatively affects the family's financial fragility during the pandemic. In addition, in families where women have better financial literacy and are more financially independent, families cope better with finance before and during pandemics.

Keywords: family financial fragility, stress, unpaid work, women's financial literacy

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4564 Availability Analysis of a Power Plant by Computer Simulation

Authors: Mehmet Savsar

Abstract:

Reliability and availability of power stations are extremely important in order to achieve a required level of power generation. In particular, in the hot desert climate of Kuwait, reliable power generation is extremely important because of cooling requirements at temperatures exceeding 50-centigrade degrees. In this paper, a particular power plant, named Sabiya Power Plant, which has 8 steam turbines and 13 gas turbine stations, has been studied in detail; extensive data are collected; and availability of station units are determined. Furthermore, a simulation model is developed and used to analyze the effects of different maintenance policies on availability of these stations. The results show that significant improvements can be achieved in power plant availabilities if appropriate maintenance policies are implemented.

Keywords: power plants, steam turbines, gas turbines, maintenance, availability, simulation

Procedia PDF Downloads 591
4563 Modelling Operational Risk Using Extreme Value Theory and Skew t-Copulas via Bayesian Inference

Authors: Betty Johanna Garzon Rozo, Jonathan Crook, Fernando Moreira

Abstract:

Operational risk losses are heavy tailed and are likely to be asymmetric and extremely dependent among business lines/event types. We propose a new methodology to assess, in a multivariate way, the asymmetry and extreme dependence between severity distributions, and to calculate the capital for Operational Risk. This methodology simultaneously uses (i) several parametric distributions and an alternative mix distribution (the Lognormal for the body of losses and the Generalized Pareto Distribution for the tail) via extreme value theory using SAS®, (ii) the multivariate skew t-copula applied for the first time for operational losses and (iii) Bayesian theory to estimate new n-dimensional skew t-copula models via Markov chain Monte Carlo (MCMC) simulation. This paper analyses a newly operational loss data set, SAS Global Operational Risk Data [SAS OpRisk], to model operational risk at international financial institutions. All the severity models are constructed in SAS® 9.2. We implement the procedure PROC SEVERITY and PROC NLMIXED. This paper focuses in describing this implementation.

Keywords: operational risk, loss distribution approach, extreme value theory, copulas

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4562 Perceived Family Functioning 12 Months after the COVID-19 Outbreak Has Been Declared a Global Pandemic

Authors: Snezana Svetozarevic

Abstract:

The aim of the research was to determine whether there were significant changes in perceptions of family functioning by families in Serbia 12 months after the coronavirus (COVID-19) outbreak has been declared a global pandemic. Above all, what has protected families in the face of the global crisis caused by COVID-19. The Self-Report Family Inventory, II version (SFI-II; Beavers and Hampson, 2013) and the Inventory of Family Protective Factors (IFPF; Gardner et al., 2008) were used to assess family functioning and protective factors. Currently, families perceive their functioning as more problematic regarding family emotional expressiveness, conflict, cohesion, and global family health/competence. Adaptive appraisal based on positive coping experiences significantly predicted values on emotional expressiveness, conflict, leadership, and global family health/competence dimensions -a higher prevalence of this factor was associated with more optimal family functioning and fewer problems. The growing problem in family functioning with the beginning of the pandemic is inevitable. However, our research confirmed that it is not enough to take into account what families do to survive. It is equally important to learn about what they do to thrive i.e., to study the family resilience.

Keywords: family, coping, resilience, pandemic, COVID-19

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4561 Family and Marital Functioning during the Transition to Motherhood

Authors: Fei Wan Ngai

Abstract:

Background: Family and marital functioning has become an important public health issue because it is vital to child development and well-being. Objective: This study was designed to examine the changes in family and marital functioning among Chinese women during the transition to motherhood. Methods: A longitudinal design was used. A convenience sample of 202 Chinese childbearing women completed the Medical Outcomes Study Family and Marital Functioning Measures during pregnancy, at 6 weeks and at 6 months postpartum. Results: The results showed that women experienced substantial decline in their family and marital functioning from pregnancy to 6 weeks and 6 months postpartum. Conclusions: The findings of this study highlight the need for more attention to family and marital functioning among women after childbirth. Culturally relevant interventions should be developed to assist women in facing the challenges of new motherhood and achieving a better family and marital functioning.

Keywords: family and marital functioning, perinatal period, women

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4560 The Role of Parents in Teaching Entrepreneurship Culture to Their Children in Family Businesses

Authors: Ahmet Diken, Meral Erdirençelebi

Abstract:

Similar to economies in many countries; family-owned enterprises have a significant role in the development of Turkish economy. Although they have a large share in economic terms, their lifetime is limited to working life of their founders. Failure in achieving their sustainability deeply affects not only these businesses but also the economy. Therefore, two basic elements of family owned enterprises, family and organizational culture and especially entrepreneurship culture, should be examined closely. The degree of effectiveness of parents in instilling their children with entrepreneurship culture and their effects on children's profession choices are examined through face-to-face surveys with the managers owning family businesses randomly chosen among family-owned enterprises registered in Konya Chamber of Industry, which are active in specific sectors and which had different generations in their management.

Keywords: family businesses, entrepreneurship, entrepreneurial culture, family culture

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4559 Women's Concerns in Disasters at Family Level in Iranian Context

Authors: Maryam Nakhaei, Hamid Reza Khankeh, Mitra Moodi, Leila Daddoust

Abstract:

Although individuals (men and women) experience disasters in different ways, because of important women’s roles in the family, we aim to shed more light on their issues in doing family. In this report, we present an overview of the main qualitative and quantitative findings of different projects have been conducted in the regions affected by disaster in Iran. This paper explores women’s needs and experiences after disaster at the family level in 'disaster response behavior', 'personal health' including reproductive health and needs of pregnant women, 'livelihood responsibilities', and 'marital relationships'. This clarification can help not only to ensure that their needs are adequately addressed but also to plan family based strategies which consider their strengths.

Keywords: disaster, family, women, Iran

Procedia PDF Downloads 284
4558 The Family Sense of Coherence of Early Childhood Education Students

Authors: M. Demir, A. Demir

Abstract:

The aim of this study is to examine the family sense of coherence of early childhood education students. The Family Sense of Coherence Inventory has applied to 233 (108 girls and 125 boys) early childhood education students in Turkey. At the stage of data collection, with the aim of determining the family sense of coherence of early childhood education students, Family Sense of Coherence Inventory which was developed by Çeçen (2007) was used. In the process of the analysis of data, independent samples t-test, and one-way ANOVA were used. According to the results of the study, there were significant differences between some demographic variables in terms of the family sense of coherence.

Keywords: family sense of coherence, early childhood education students

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4557 An Automated Approach to Consolidate Galileo System Availability

Authors: Marie Bieber, Fabrice Cosson, Olivier Schmitt

Abstract:

Europe's Global Navigation Satellite System, Galileo, provides worldwide positioning and navigation services. The satellites in space are only one part of the Galileo system. An extensive ground infrastructure is essential to oversee the satellites and ensure accurate navigation signals. High reliability and availability of the entire Galileo system are crucial to continuously provide positioning information of high quality to users. Outages are tracked, and operational availability is regularly assessed. A highly flexible and adaptive tool has been developed to automate the Galileo system availability analysis. Not only does it enable a quick availability consolidation, but it also provides first steps towards improving the data quality of maintenance tickets used for the analysis. This includes data import and data preparation, with a focus on processing strings used for classification and identifying faulty data. Furthermore, the tool allows to handle a low amount of data, which is a major constraint when the aim is to provide accurate statistics.

Keywords: availability, data quality, system performance, Galileo, aerospace

Procedia PDF Downloads 126