Search results for: economic production quantity
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 13631

Search results for: economic production quantity

13631 Simulating Economic Order Quantity and Reorder Point Policy for a Repairable Items Inventory System

Authors: Mojahid F. Saeed Osman

Abstract:

Repairable items inventory system is a management tool used to incorporate all information concerning inventory levels and movements for repaired and new items. This paper presents development of an effective simulation model for managing the inventory of repairable items for a production system where production lines send their faulty items to a repair shop considering the stochastic failure behavior and repair times. The developed model imitates the process of handling the on-hand inventory of repaired items and the replenishment of the inventory of new items using Economic Order Quantity and Reorder Point ordering policy in a flexible and risk-free environment. We demonstrate the appropriateness and effectiveness of the proposed simulation model using an illustrative case problem. The developed simulation model can be used as a reliable tool for estimating a healthy on-hand inventory of new and repaired items, backordered items, and downtime due to unavailability of repaired items, and validating and examining Economic Order Quantity and Reorder Point ordering policy, which would further be compared with other ordering strategies as future work.

Keywords: inventory system, repairable items, simulation, maintenance, economic order quantity, reorder point

Procedia PDF Downloads 105
13630 Stochastic Optimization of a Vendor-Managed Inventory Problem in a Two-Echelon Supply Chain

Authors: Bita Payami-Shabestari, Dariush Eslami

Abstract:

The purpose of this paper is to develop a multi-product economic production quantity model under vendor management inventory policy and restrictions including limited warehouse space, budget, and number of orders, average shortage time and maximum permissible shortage. Since the “costs” cannot be predicted with certainty, it is assumed that data behave under uncertain environment. The problem is first formulated into the framework of a bi-objective of multi-product economic production quantity model. Then, the problem is solved with three multi-objective decision-making (MODM) methods. Then following this, three methods had been compared on information on the optimal value of the two objective functions and the central processing unit (CPU) time with the statistical analysis method and the multi-attribute decision-making (MADM). The results are compared with statistical analysis method and the MADM. The results of the study demonstrate that augmented-constraint in terms of optimal value of the two objective functions and the CPU time perform better than global criteria, and goal programming. Sensitivity analysis is done to illustrate the effect of parameter variations on the optimal solution. The contribution of this research is the use of random costs data in developing a multi-product economic production quantity model under vendor management inventory policy with several constraints.

Keywords: economic production quantity, random cost, supply chain management, vendor-managed inventory

Procedia PDF Downloads 96
13629 Optimal Production and Maintenance Policy for a Partially Observable Production System with Stochastic Demand

Authors: Leila Jafari, Viliam Makis

Abstract:

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

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

Procedia PDF Downloads 439
13628 Economic and Environmental Benefits of the Best Available Technique Application in a Food Processing Plant

Authors: Frantisek Bozek, Pavel Budinsky, Ignac Hoza, Alexandr Bozek, Magdalena Naplavova

Abstract:

A cleaner production project was implemented in a bakery. The project is based on the substitution of the best available technique for an obsolete leaven production technology. The new technology enables production of durable, high-quality leavens. Moreover, 25% of flour as the original raw material can be replaced by pastry from the previous day production which has not been sold. That pastry was previously disposed in a waste incineration plant. Besides the environmental benefits resulting from less waste, lower consumption of energy, reduction of sewage waters quantity and floury dustiness there are also significant economic benefits. Payback period of investment was calculated with help of static method of financial analysis about 2.6 years, using dynamic method 3.5 years and an internal rate of return more than 29%. The supposed annual average profit after taxation in the second year of operation was incompliance with the real profit.

Keywords: bakery, best available technology, cleaner production, costs, economic benefit, efficiency, energy, environmental benefit, investment, savings

Procedia PDF Downloads 331
13627 Production Process of Coconut-Shell Product in Amphawa District

Authors: Wannee Sutthachaidee

Abstract:

The study of the production process of coconut-shell product in Amphawa, Samutsongkram Province is objected to study the pattern of the process of coconut-shell product by focusing in the 3 main processes which are inbound logistics process, production process and outbound process. The result of the research: There were 4 main results from the study. Firstly, most of the manufacturer of coconut-shell product is usually owned by a single owner and the quantity of the finished product is quite low and the main labor group is local people. Secondly, the production process can be divided into 4 stages which are pre-production process, production process, packaging process and distribution process. Thirdly, each 3 of the logistics process of coconut shell will find process which may cause the problem to the business but the process which finds the most problem is the production process because the production process needs the skilled labor and the quantity of the labor does not match with the demand from the customers. Lastly, the factors which affect the production process of the coconut shell can be founded in almost every process of the process such as production design, packaging design, sourcing supply and distribution management.

Keywords: production process, coconut-shell product, Amphawa District, inbound logistics process

Procedia PDF Downloads 486
13626 The Investigation of Cadmium Pollution in the Metal Production Factory in Relation to Environmental Health

Authors: Seyed Armin Hashemi, Somayeh Rahimzadeh

Abstract:

Toxic metals such as lead and cadmium are among the pollutants that are created by the metal production factories and disseminated in the nature. In order to study the quantity of cadmium pollution in the environment of the metal production factories, 50 saplings of the spruce species at the peripheries of the metal production factories were examined and the samples of the leaves, roots and stems of saplings planted around the factory and the soil of the environment of the factory were studied to investigate pollution with cadmium. They were compared to the soil and saplings of the spruce trees planted outside the factory as observer region. The results showed that the quantity of pollution in the leaves, stem, and roots of the trees planted inside the factory environment were estimated at 1.1 milligram/kilogram, 1.5 milligram/kilogram and 2.5 milligram/kilogram respectively and this indicated a significant difference with the observer region (P < 0.05). The quantity of cadmium in the soil of the peripheries of the metal production factory was estimated at 6.8 milligram/kilogram in the depth of 0-10 centimeters beneath the level of the soil. The length of roots in the saplings planted around the factory of metal production stood at 11 centimeters and 14.5 centimeters in the observer region which had a significant difference with the observer region (P < 0.05). The quantity of soil resources and spruce species’ pollution with cadmium in the region has been influenced by the production processes in the factory.

Keywords: cadmium pollution, spruce, soil pollution, the factory of producing alloy metals

Procedia PDF Downloads 301
13625 Methodological Aspect of Emergy Accounting in Co-Production Branching Systems

Authors: Keshab Shrestha, Hung-Suck Park

Abstract:

Emergy accounting of the systems networks is guided by a definite rule called ‘emergy algebra’. The systems networks consist of two types of branching. These are the co-product branching and split branching. The emergy accounting procedure for both the branching types is different. According to the emergy algebra, each branch in the co-product branching has different transformity values whereas the split branching has the same transformity value. After the transformity value of each branch is determined, the emergy is calculated by multiplying this with the energy. The aim of this research is to solve the problems in determining the transformity values in the co-product branching through the introduction of a new methodology, the modified physical quantity method. Initially, the existing methodologies for emergy accounting in the co-product branching is discussed and later, the modified physical quantity method is introduced with a case study of the Eucalyptus pulp production. The existing emergy accounting methodologies in the co-product branching has wrong interpretations with incorrect emergy calculations. The modified physical quantity method solves those problems of emergy accounting in the co-product branching systems. The transformity value calculated for each branch is different and also applicable in the emergy calculations. The methodology also strictly follows the emergy algebra rules. This new modified physical quantity methodology is a valid approach in emergy accounting particularly in the multi-production systems networks.

Keywords: co-product branching, emergy accounting, emergy algebra, modified physical quantity method, transformity value

Procedia PDF Downloads 258
13624 Strategy of Inventory Analysis with Economic Order Quantity and Quick Response: Case on Filter Inventory for Heavy Equipment in Indonesia

Authors: Lim Sanny, Felix Christian

Abstract:

The use of heavy equipment in Indonesia is always increasing. Cost reduction in procurement of spare parts is the aim of the company. The spare parts in this research are focused in the kind of filters. On the early step, the choosing of priority filter will be studied further by using the ABC analysis. To find out future demand of the filter, this research is using demand forecast by utilizing the QM software for windows. And to find out the best method of inventory control for each kind of filter is by comparing the total cost of Economic Order Quantity and Quick response inventory method. For the three kind of filters which are Cartridge, Engine oil – pn : 600-211-123, Element, Transmission – pn : 424-16-11140, and Element, Hydraulic – pn : 07063-01054, the best forecasting method is Linear regression. The best method for inventory control of Cartridge, Engine oil – pn : 600-211-123 and Element, Transmission – pn : 424-16-11140, is Quick Response Inventory, while the best method for Element, Hydraulic – pn : 07063-01054 is Economic Order Quantity.

Keywords: strategy, inventory, ABC analysis, forecasting, economic order quantity, quick response inventory

Procedia PDF Downloads 332
13623 Easy Way of Optimal Process-Storage Network Design

Authors: Gyeongbeom Yi

Abstract:

The purpose of this study is to introduce the analytic solution for determining the optimal capacity (lot-size) of a multiproduct, multistage production and inventory system to meet the finished product demand. Reasonable decision-making about the capacity of processes and storage units is an important subject for industry. The industrial solution for this subject is to use the classical economic lot sizing method, EOQ/EPQ (Economic Order Quantity/Economic Production Quantity) model, incorporated with practical experience. However, the unrealistic material flow assumption of the EOQ/EPQ model is not suitable for chemical plant design with highly interlinked processes and storage units. This study overcomes the limitation of the classical lot sizing method developed on the basis of the single product and single stage assumption. The superstructure of the plant considered consists of a network of serially and/or parallelly interlinked processes and storage units. The processes involve chemical reactions with multiple feedstock materials and multiple products as well as mixing, splitting or transportation of materials. The objective function for optimization is minimizing the total cost composed of setup and inventory holding costs as well as the capital costs of constructing processes and storage units. A novel production and inventory analysis method, PSW (Periodic Square Wave) model, is applied. The advantage of the PSW model comes from the fact that the model provides a set of simple analytic solutions in spite of a realistic description of the material flow between processes and storage units. The resulting simple analytic solution can greatly enhance the proper and quick investment decision for plant design and operation problem confronted in diverse economic situations.

Keywords: analytic solution, optimal design, process-storage network

Procedia PDF Downloads 296
13622 Barriers to the Uptake of Technology in the Quantity Surveying Industry

Authors: Mnisi Blessing, Christopher Amoah

Abstract:

Purpose: The usage of modern technology is widespread in industrialised nations. The issue still pertains to developing countries since they struggle to use technology in the building sector. The study aims to identify the barriers to technology usage in quantity surveying firms. Methodology: Quantity Surveyors were interviewed via Microsoft teams due to the dispersed nature of the participants. However, where the interview was not possible, the interview guide was emailed to the participants to fill in. In all, 12 participants were interviewed out of the 25 participants contacted. The data received were analysed using the content analysis process. Findings: The study's findings demonstrate that quantity surveyors have access to a wide range of technology that significantly enhances their project activities. However, quantity surveying companies are hesitant to use technology for several reasons, including the cost and maintenance associated with it. Other obstacles include a lack of knowledge, poor market acceptance, legal obstacles, and budgetary constraints. Implication: Despite the advantages associated with modern technology applications, quantity surveying firms are not using them, which may ultimately affect their work output. Therefore, firms need to re-examine these obstacles, inhibiting their adoption of technology in the work process to enhance their production. Value of the Paper: The study reveals the main hindrances to technology usage, which may help firms institute measures to address them.

Keywords: barriers, implementation, technology, quantity surveying

Procedia PDF Downloads 53
13621 Techno-Economic Analysis of the Production of Aniline

Authors: Dharshini M., Hema N. S.

Abstract:

The project for the production of aniline is done by providing 295.46 tons per day of nitrobenzene as feed. The material and energy balance calculations for the different equipment like distillation column, heat exchangers, reactor and mixer are carried out with simulation via DWSIM. The conversion of nitrobenzene to aniline by hydrogenation process is considered to be 96% and the total production of the plant was found to be 215 TPD. The cost estimation of the process is carried out to estimate the feasibility of the plant. The net profit and percentage return of investment is estimated to be ₹27 crores and 24.6%. The payback period was estimated to be 4.05 years and the unit production cost is ₹113/kg. A techno-economic analysis was performed for the production of aniline; the result includes economic analysis and sensitivity analysis of critical factors. From economic analysis, larger the plant scale increases the total capital investment and annual operating cost, even though the unit production cost decreases. Uncertainty analysis was performed to predict the influence of economic factors on profitability and the scenario analysis is one way to quantify uncertainty. In scenario analysis the best-case scenario and the worst-case scenario are compared with the base case scenario. The best-case scenario was found at a feed rate of 120 kmol/hr with a unit production cost of ₹112.05/kg and the worst-case scenario was found at a feed rate of 60 kmol/hr with a unit production cost of ₹115.9/kg. The base case is closely related to the best case by 99.2% in terms of unit production cost. since the unit production cost is less and the profitability is more with less payback time, it is feasible to construct a plant at this capacity.

Keywords: aniline, nitrobenzene, economic analysis, unit production cost

Procedia PDF Downloads 75
13620 Analysis of Inventory Control, Lot Size and Reorder Point for Engro Polymers and Chemicals

Authors: Ali Akber Jaffri, Asad Naseem, Javeria Khan

Abstract:

The purpose of this study is to determine safety stock, maximum inventory level, reordering point, and reordering quantity by rearranging lot sizes for supplier and customer in MRO (maintenance repair operations) warehouse of Engro Polymers & Chemicals. To achieve the aim, physical analysis method and excel commands were carried out to elicit the customer and supplier data provided by the company. Initially, we rearranged the current lot sizes and MOUs (measure of units) in SAP software. Due to change in lot sizes we have to determine the new quantities for safety stock, maximum inventory, reordering point and reordering quantity as per company's demand. By proposed system, we saved extra cost in terms of reducing the time of receiving from vendor and in issuance to customer, ease of material handling in MRO warehouse and also reduce human efforts. The information requirements identified in this study can be utilized in calculating Economic Order Quantity.

Keywords: carrying cost, economic order quantity, fast moving, lead time, lot size, MRO, maximum inventory, ordering cost, physical inspection, reorder point

Procedia PDF Downloads 208
13619 The Role of Information Technology in Supply Chain Management

Authors: V. Jagadeesh, K. Venkata Subbaiah, P. Govinda Rao

Abstract:

This paper explaining about the significance of information technology tools and software packages in supply chain management (SCM) in order to manage the entire supply chain. Managing materials flow and financial flow and information flow effectively and efficiently with the aid of information technology tools and packages in order to deliver right quantity with right quality of goods at right time by using right methods and technology. Information technology plays a vital role in streamlining the sales forecasting and demand planning and Inventory control and transportation in supply networks and finally deals with production planning and scheduling. It achieves the objectives by streamlining the business process and integrates within the enterprise and its extended enterprise. SCM starts with customer and it involves sequence of activities from customer, retailer, distributor, manufacturer and supplier within the supply chain framework. It is the process of integrating demand planning and supply network planning and production planning and control. Forecasting indicates the direction for planning raw materials in order to meet the production planning requirements. Inventory control and transportation planning allocate the optimal or economic order quantity by utilizing shortest possible routes to deliver the goods to the customer. Production planning and control utilize the optimal resources mix in order to meet the capacity requirement planning. The above operations can be achieved by using appropriate information technology tools and software packages for the supply chain management.

Keywords: supply chain management, information technology, business process, extended enterprise

Procedia PDF Downloads 335
13618 Municipal Solid Waste Generation Trend in the Metropolitan Cities of the Muslim World

Authors: Farzaneh Fakheri Raof, Abdolkhalegh vadian

Abstract:

One of the most important environmental issues in developing countries is municipal solid waste management. In this context, knowledge of the quantity and composition of solid waste provides the basic information for the optimal management of solid waste. Many studies have been conducted to investigate the impact of economic, social and cultural factors on generation trend of solid waste, however, few of these have addressed the role of religion in the matter. The present study is a field investigation on generation trend of solid waste in Mashhad, a metropolitan city in northeastern Iran. Accordingly, the religious rituals, quantity and composition of municipal solid waste were considered as independent and dependent variables, respectively. For this purpose, the quantity of the solid waste was initially determined. Afterwards, they were classified into 12 groups using the relevant standard methods. The results showed that the production rate of the municipal solid waste was 1,507 tons per day. Composing 65.2% of the whole; the organic materials constitute the largest share of the total municipal solid waste in Mashhad. The obtained results also revealed that there is a positive relationship between waste generation and the months of religious ceremonies so that the greatest amount of waste generated in the city was reported from Ramadan (as a religious month) in a way that it was significantly different from other months.

Keywords: Mashhad, municipal solid waste, religious months, waste composition, organic waste

Procedia PDF Downloads 467
13617 Application of Support Vector Machines in Forecasting Non-Residential

Authors: Wiwat Kittinaraporn, Napat Harnpornchai, Sutja Boonyachut

Abstract:

This paper deals with the application of a novel neural network technique, so-called Support Vector Machine (SVM). The objective of this study is to explore the variable and parameter of forecasting factors in the construction industry to build up forecasting model for construction quantity in Thailand. The scope of the research is to study the non-residential construction quantity in Thailand. There are 44 sets of yearly data available, ranging from 1965 to 2009. The correlation between economic indicators and construction demand with the lag of one year was developed by Apichat Buakla. The selected variables are used to develop SVM models to forecast the non-residential construction quantity in Thailand. The parameters are selected by using ten-fold cross-validation method. The results are indicated in term of Mean Absolute Percentage Error (MAPE). The MAPE value for the non-residential construction quantity predicted by Epsilon-SVR in corporation with Radial Basis Function (RBF) of kernel function type is 5.90. Analysis of the experimental results show that the support vector machine modelling technique can be applied to forecast construction quantity time series which is useful for decision planning and management purpose.

Keywords: forecasting, non-residential, construction, support vector machines

Procedia PDF Downloads 399
13616 The Relationship of Building Information Modeling (BIM) Capability in Quantity Surveying Practice and Project Performance

Authors: P. F. Wong, H. Salleh, F. A. Rahim

Abstract:

The adoption of building information modeling (BIM) is increasing in the construction industry. However, quantity surveyors are slow in adoption compared to other professions due to lack of awareness of the BIM’s potential in their profession. It is still unclear on how BIM application can enhance quantity surveyors’ work performance and project performance. The aim of this research is to identify the capabilities of BIM in quantity surveying practices and examine the relationship between BIM capabilities and project performance. Questionnaire survey and interviews were adopted for data collection. Literature reviews identified there are eleven BIM capabilities in quantity surveying practice. Questionnaire results showed that there are several BIM capabilities significantly correlated with project performance in time, cost and quality aspects and the results were validated through interviews. These findings show that BIM has the capabilities to enhance quantity surveyors’ performances and subsequently improved project performance.

Keywords: Building Information Modeling (BIM), quantity surveyors, capability, project performance

Procedia PDF Downloads 332
13615 Renewable Energy from Local Waste for Producing of Processed Agricultural Products

Authors: Ruedee Niyomrath, Somboon Sarasit, Chaisri Tharaswatpipat

Abstract:

This research aims to study the potential of local waste material in quantity and quality. The potential for such local forms of waste material used as renewable energy for the production of processed agricultural products. The results of this study are useful to producers of agricultural products to use fuel that in local, reduce production costs, and conservation. The results showed that Samut Songkhram is a small province located in the central Thailand, sea area, and subdivided into 3 districts. This province has a population of 80 percent of farmers and agriculture with 50 percent of the area planted to coconut growing. Productivity of coconut help create value for the primacy of the province. Waste materials from coconut have quantity and quality potentials for processing biomass into charcoal as the renewable energy for the production of processed agricultural products.

Keywords: waste, renewable energy, producing of product, processed agricultural products

Procedia PDF Downloads 412
13614 Track and Trace Solution on Land Certificate Production: Indonesian Land Certificate

Authors: Adrian Rifqi, Febe Napitupulu, Erdi Hermawan, Edwin Putra, Yang Leprilian

Abstract:

This article focuses on the implementation of the production improvement process of the Indonesian land certificate product that printed in Perum Peruri as the state-owned enterprises. Based on the data obtained, there are several complaints from customers of the 2019 land certificate production. The complaints become a negative value to loyal customers of Perum Peruri. Almost all the complaints are referring to ‘defective printouts and the difference between products in packaging and packaging labels both in terms of type and quantity’. To overcome this problem, we intend to make an improvement to the production process that focuses on complaints ‘there is a difference between products in packaging with packaging labels’. Improvements in the land certificate production process are relying on the technology of the scales and QR code on the packaging label. In addition, using the QR code on the packaging label will facilitate the process of tracking product data. With this method, we hope to reduce the error rate between products in packaging with the packaging label both in terms of quantity, type, and product number on the land certificate and error rate of sending land certificates, which will be sent to many places to 0%. With this solution, we also hope to get precise data and real-time reports on the production of land certificates in the near future, so track and trace implementation can be done as the solution of the land certificate production.

Keywords: land certificates, QR code, track and trace, packaging

Procedia PDF Downloads 121
13613 Performance Evaluation and Economic Analysis of Minimum Quantity Lubrication with Pressurized/Non-Pressurized Air and Nanofluid Mixture

Authors: M. Amrita, R. R. Srikant, A. V. Sita Rama Raju

Abstract:

Water miscible cutting fluids are conventionally used to lubricate and cool the machining zone. But issues related to health hazards, maintenance and disposal costs have limited their usage, leading to application of Minimum Quantity Lubrication (MQL). To increase the effectiveness of MQL, nanocutting fluids are proposed. In the present work, water miscible nanographite cutting fluids of varying concentration are applied at cutting zone by two systems A and B. System A utilizes high pressure air and supplies cutting fluid at a flow rate of 1ml/min. System B uses low pressure air and supplies cutting fluid at a flow rate of 5ml/min. Their performance in machining is evaluated by measuring cutting temperatures, tool wear, cutting forces and surface roughness and compared with dry machining and flood machining. Application of nano cutting fluid using both systems showed better performance than dry machining. Cutting temperatures and cutting forces obtained by both techniques are more than flood machining. But tool wear and surface roughness showed improvement compared to flood machining. Economic analysis has been carried out in all the cases to decide the applicability of the techniques.

Keywords: economic analysis, machining, minimum quantity lubrication, nanofluid

Procedia PDF Downloads 350
13612 Econometric Analysis of Organic Vegetable Production in Turkey

Authors: Ersin Karakaya, Halit Tutar

Abstract:

Reliable foods must be consumed in terms of healthy nutrition. The production and dissemination of diatom products in Turkey is rapidly evolving on the basis of preserving ecological balance, ensuring sustainability in agriculture and offering quality, reliable products to consumers. In this study, year in Turkey as (2002- 2015) to determine values of such as cultivated land of organic vegetable production, production levels, production quantity, number of products, number of farmers. It is intended to make the econometric analysis of the factors affecting the production of organic vegetable production (Number of products, Number of farmers and cultivated land). The main material of the study has created secondary data in relation to the 2002-2015 period as organic vegetable production in Turkey and regression analysis of the factors affecting the value of production of organic vegetable is determined by the Least Squares Method with EViews statistical software package.

Keywords: number of farmers, cultivated land, Eviews, Turkey

Procedia PDF Downloads 262
13611 Climate Change Impact on Economic Efficiency of Leguminous Crops Production and Perspectives in Kazakhstan

Authors: Zh. Bolatova, Zh. Bulkhairova, M. Kulshigashova

Abstract:

In this article, the authors consider the main aspects of climate change's impact on the economic efficiency of leguminous crop production and perspectives in Kazakhstan. It is worth noting that climate change has an impact on the instability of leguminous crops and leads to a decrease in production efficiency. Ultimately, all of the above determines the relevance and significance of this topic. The level of productivity of grain and legumes in the country and by regions of Kazakhstan was also analyzed. The authors conducted a survey and a deeper analysis of agricultural producers in the Kazakhstan region. In the end, the authors considered the prospects for the development of leguminous crops in Kazakhstan. For the article have been used different literature and reports from IPCC, WMO, WTO, FAO, UNEP, UNFCCC, UNDP, IMF, WB, OECD, KAZHYDROMET, Committee of the Statistics of Kazakhstan, etc.

Keywords: climate change, economic efficiency, leguminous crops, production, yield

Procedia PDF Downloads 63
13610 Finding the Theory of Riba Avoidance: A Scoping Review to Set the Research Agenda

Authors: Randa Ismail Sharafeddine

Abstract:

The Islamic economic system is distinctive in that it implicitly recognizes money as a separate, independent component of production capable of assuming risk and so entitled to the same reward as other Entrepreneurial Factors of Production (EFP). Conventional theory does not identify money capital explicitly as a component of production; rather, interest is recognized as a reward for capital, the interest rate is the cost of money capital, and it is also seen as a cost of physical capital. The conventional theory of production examines how diverse non-entrepreneurial resources (Land, Labor, and Capital) are selected; however, the economic theory community is largely unaware of the reasons why these resources choose to remain as non-entrepreneurial resources as opposed to becoming entrepreneurial resources. Should land, labor, and financial asset owners choose to work for others in return for rent, income, or interest, or should they engage in entrepreneurial risk-taking in order to profit. This is a decision made often in the actual world, but it has never been effectively treated in economic theory. This article will conduct a critical analysis of the conventional classification of factors of production and propose a classification for resource allocation and income distribution (Rent, Wages, Interest, and Profits) that is more rational, even within the conventional theoretical framework for evaluating and developing production and distribution theories. Money is an essential component of production in an Islamic economy, and it must be used to sustain economic activity.

Keywords: financial capital, production theory, distribution theory, economic activity, riba avoidance, institution of participation

Procedia PDF Downloads 59
13609 Mining Coupled to Agriculture: Systems Thinking in Scalable Food Production

Authors: Jason West

Abstract:

Low profitability in agriculture production along with increasing scrutiny over environmental effects is limiting food production at scale. In contrast, the mining sector offers access to resources including energy, water, transport and chemicals for food production at low marginal cost. Scalable agricultural production can benefit from the nexus of resources (water, energy, transport) offered by mining activity in remote locations. A decision support bioeconomic model for controlled environment vertical farms was used. Four submodels were used: crop structure, nutrient requirements, resource-crop integration, and economic. They escalate to a macro mathematical model. A demonstrable dynamic systems framework is needed to prove productive outcomes are feasible. We demonstrate a generalized bioeconomic macro model for controlled environment production systems in minesites using systems dynamics modeling methodology. Despite the complexity of bioeconomic modelling of resource-agricultural dynamic processes and interactions, the economic potential greater than general economic models would assume. Scalability of production as an input becomes a key success feature.

Keywords: crop production systems, mathematical model, mining, agriculture, dynamic systems

Procedia PDF Downloads 43
13608 Reliability of the Estimate of Earthwork Quantity Based on 3D-BIM

Authors: Jaechoul Shin, Juhwan Hwang

Abstract:

In case of applying the BIM method to the civil engineering in the area of free formed structure, we can expect comparatively high rate of construction productivity as it is in the building engineering area. In this research, we developed quantity calculation error applying it to earthwork and bridge construction (e.g. PSC-I type segmental girder bridge amd integrated bridge of steel I-girders and inverted-Tee bent cap), NATM (New Austrian Tunneling Method) tunnel construction, retaining wall construction, culvert construction and implemented BIM based 3D modeling quantity survey. we confirmed high reliability of the BIM-based method in structure work in which errors occurred in range between -6% ~ +5%. Especially, understanding of the problem and improvement of the existing 2D-CAD based of quantity calculation through rock type quantity calculation error in range of -14% ~ +13% of earthwork quantity calculation. It is benefit and applicability of BIM method in civil engineering. In addition, routine method for quantity of earthwork has the same error tolerance negligible for that of structure work. But, rock type's quantity calculated as the error appears significantly to the reliability of 2D-based volume calculation shows that the problem could be. Through the estimating quantity of earthwork based 3D-BIM, proposed method has better reliability than routine method. BIM, as well as the design, construction, maintenance levels of information when you consider the benefits of integration, the introduction of BIM design in civil engineering and the possibility of applying for the effectiveness was confirmed.

Keywords: BIM, 3D modeling, 3D-BIM, quantity of earthwork

Procedia PDF Downloads 408
13607 Analysis of Economic Order Quantity, Safety Stock, Maximum Inventory Control, Lot Size and Reorder Point for Engro Polymers and Chemicals

Authors: Ali Akber Jaffri, Asad Naseem, Javeria Khan, Zubair Hamza, Ishtiaq

Abstract:

The purpose of this study is to determine safety stock, maximum inventory level, reordering point, and reordering quantity by rearranging lot sizes for supplier and customer in MRO (maintenance repair operations) warehouse of Engro Polymers & Chemicals. To achieve the aim, physical analysis method and excel commands were carried out to elicit the customer and supplier data provided by the company. Initially, we rearranged the current lot sizes and MOUs (measure of units) in SAP software. Due to change in lot sizes, we have to determine the new quantities for safety stock, maximum inventory, reordering point and reordering quantity as per company's demand. By proposed system, we saved extra cost in terms of reducing time of receiving from vendor and in issuance to customer, ease of material handling in MRO warehouse and also reduce human efforts.

Keywords: maintenance repair operation, maximum inventory, reorder quantity, safety stock

Procedia PDF Downloads 244
13606 Evaluation of Milk Production of an Algerian Rabbit Population Raised in Aures Area

Authors: Moumen Souad, Melizi Mohamed

Abstract:

In order to characterize rabbits does of an Aures local population raised in Algeria, a study of their milk yield was realized in the experimental rabbitry of El Hadj Lakhdhar University. Milk production of does was measured every day during the days following 215 parturitions. It was estimated by weighing the female before and after the single daily suckling (10–15 min between the two weighing operations). The various calculated parameters were the quantity of milk produced per day, per week and the total quantity produced in 21 days, as well as the intake of milk by young rabbits. The analysis concerned the effects of the number of successive litters (3 classes: 1 to 3 and more) and of the average number of the number of young rabbits suckled per litter (6 classes: from 1-2 kits to more than 6). During the 21 days of controlled lactation, the average litter size was 6±3. The rabbits of the Aures area produced on average 2544.34±747 g in 21 days that is 121 g of milk/day or 21 g of milk/kit/day. The milk yield increased from 526, 1035, 1240 and 2801 g to 760, 1365, 1715 and 3840 for week 1, 2, 3 and the total period of lactation, respectively. Nevertheless, milk production available per kit and per day decreased linearly with kits number in the litter for each of the 3 weeks considered. On the other hand the milk yield was not affected by the weight at birth of kits.

Keywords: milk production, litter size, rabbit, Aures area, Algeria

Procedia PDF Downloads 234
13605 Home-based Production of the Southern Dialect Dong Minority Women in Rural Hunan, China

Authors: Sze Wai Veera Fung, Peter W. Ferretto

Abstract:

Since the economic reform in 1980s, many men and women of the southern dialect Dong minority have migrated to coastal cities for employment. Responding to the outgoing providers of the families, women, especially those at the middle age, resort to the informal home-based services and goods production for income generation. Homework, therefore, becomes a key economic strategy in supporting the household expenses in rural China, where formal employment is often inadequate for local women. This paper seeks to examine the intersection between gender and household strategy in the broader economic context of rural China. Based on the interviews and site survey in Tongdao Dong Autonomous County, the study analyses the variety of the home-based production activities, the experience of women in the production process, and the impact on familial relation and gender division of labor at home. The objective of this research is to advance the understanding of the informal economic landscape in the contemporary rural China, through which an alternative and possibly a more appropriate mode of development can be investigated.

Keywords: gender relation, home-based production, household strategy, informal economy, rural China, dong minority

Procedia PDF Downloads 88
13604 Impact of Global Climate Change on Economy of Pakistan: How to Ensure Sustainable Food and Energy Production

Authors: Sabahat Zahra

Abstract:

The purpose of this research is to present the changing global environment and its potential impacts on sustainable food and energy production at global level, particularly in Pakistan. The food and energy related-economic sector has been subjected to negative consequences due to recent extreme changes in weather conditions, particularly in developing countries. Besides continuous modifications in weather, population is also increasing by time, therefore it is necessary to take special steps and start effective initiatives to cope with the challenges of food and energy security to fight hunger and for economic stability of country. Severe increase in temperature and heat waves has also negative impacts on food production as well as energy sustainability. Energy (in terms of electricity) consumption has grown up than the production potential of the country as a consequence of increasing warm weather. Ultimately prices gone up when there is more consumption than production. Therefore, all these aspects of climate change are interrelated with socio-economic issues. There is a need to develop long-term policies on regional and national levels for maintainable economic growth. This research presents a framework-plan and recommendations for implementation needed to mitigate the potential threats due to global climate change sustainable food and energy production under climate change in the country.

Keywords: climate changes, energy security, food security, global climate change

Procedia PDF Downloads 314
13603 Effect of the Average Kits Birth Weight and of the Number of Born Alive per Liter on the Milk Production of Algerian Rabbit Raised in Aures Area

Authors: S. Moumen, M. Melizi

Abstract:

In order to characterize rabbits does of an Aures local population raised in Algeria; a study of their milk yield was realized in the experimental rabbitry of El Hadj Lakhdhar University. Milk production of does was measured every day during the days following 215 parturitions. It was estimated by weighing the female before and after the single daily suckling (10-15 min between the 2 weighing operations). The various calculated parameters were the quantity of milk produced per day, per week and the total quantity produced in 21 days, as well as the intake of milk by young rabbits. The analysis concerned the effects of the number of successive litters (3 classes: 1 to 3 and more) and of the average number of the number of young rabbits suckled per litter (6 classes: from 1-2 kits to more than 6). During the 21 days of controlled lactation, the average litter size was 6±3. The rabbits of the Aures area produced on average 2544.34±747 g in 21 days that is 121 g of milk/day or 21g of milk/kit/day. The milk yield increased from 526, 1035, 1240, and 2801g to 760, 1365, 1715 and 3840 for week 1, 2, 3 and the total period of lactation respectively. Nevertheless, milk production available per kit and per day decreased linearly with kits number in the litter for each of the 3 weeks considered. On the other hand the milk yield was not affected by the weight at birth of kits.

Keywords: milk production, litter size, rabbit, Aures area, Algeria

Procedia PDF Downloads 485
13602 Application of De Novo Programming Approach for Optimizing the Business Process

Authors: Z. Babic, I. Veza, A. Balic, M. Crnjac

Abstract:

The linear programming model is sometimes difficult to apply in real business situations due to its assumption of proportionality. This paper shows an example of how to use De Novo programming approach instead of linear programming. In the De Novo programming, resources are not fixed like in linear programming but resource quantities depend only on available budget. Budget is a new, important element of the De Novo approach. Two different production situations are presented: increasing costs and quantity discounts of raw materials. The focus of this paper is on advantages of the De Novo approach in the optimization of production plan for production company which produces souvenirs made from famous stone from the island of Brac, one of the greatest islands from Croatia.

Keywords: business process, De Novo programming, optimizing, production

Procedia PDF Downloads 182