Search results for: optimized asset allocation

Authors: Anamitra Ghosh, Neeladri Paul

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The present work aims at investigating material combinations and thereby improvising an optimized design of liner-mother plate arrangement and that of the stone box, such that it has low cost, high weldability, sufficiently capable of withstanding the increased amount of corrosive shear and bending loads, and having reduced thermal expansion coefficient at temperatures close to 1000 degrees Celsius. All the above factors have been preliminarily examined using a computational approach via ANSYS Thermo-Structural Computation, a commercial software that uses the Finite Element Method to analyze the response of simulated design specimens of liner-mother plate arrangement and the stone box, to varied bending, shear, and thermal loads as well as to determine the temperature gradients developed across various surfaces of the designs. Finally, the optimized structural designs of the liner-mother plate arrangement and that of the stone box with improved material and better structural and thermal properties are selected via trial-and-error method. The final improvised design is therefore considered to enhance the overall life and reliability of a Direct Charge Transfer Chute that transfers and segregates the hot sinter onto the cooler in a sinter plant.

Keywords: shear, bending, thermal, sinter, simulated, optimized, charge, transfer, chute, expansion, computational, corrosive, stone box, liner, mother plate, arrangement, material

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Authors: N. Arunraj, C. P. V. Paul, D. M. D. Jayawardena, W. N. D. Fernando

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Traffic congestion with increased numbers of vehicles is already a serious issue for many countries. The absence of sufficient parking spaces adds to the issue. Motorists are forced to wait in long queues to park their vehicles. This adds to the inconvenience faced by a motorist, kept waiting for a slot allocation, manually done along with the parking payment calculation. In Sri Lanka, nowadays, parking systems use barcode technology to identify the vehicles at both the entrance and the exit points. Customer management is handled by the use of man power. A parking space is, generally permanently sub divided according to the vehicle type. Here, again, is an issue. Parking spaces are not utilized to the maximum. The current arrangement leaves room for unutilized parking spaces. Accordingly, there is a need to manage the parking space dynamically. As a vehicle enters the parking area, available space has to be assigned for the vehicle according to the vehicle type. The system, Automated Parking System (APS), provides an automated solution using RFID Technology to identify the vehicles. Simultaneously, an algorithm manages the space allocation dynamically. With this system, there is no permanent parking slot allocation for a vehicle type. A desktop application manages the customer. A Web application is used to manage the external users with their reservations. The system also has an android application to view the nearest parking area from the current location. APS is built using java and php. It uses LED panels to guide the user inside the parking area to find the allocated parking slot accurately. The system ensures efficient performance, saving precious time for a customer. Compared with the current parking systems, APS interacts with users and increases customer satisfaction as well.

Keywords: RFID, android, web based system, barcode, algorithm, LED panels

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Authors: Arun Prasad Jaganathan

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In today's dynamic industrial world, traditional task allocation methods often fall short in adapting to evolving operational conditions. This paper introduces an AI-enabled task assistance and management system designed to overcome the limitations of conventional approaches. By using artificial intelligence (AI) and machine learning (ML), the system intelligently interprets user instructions, analyzes tasks, and allocates resources based on real-time data and environmental factors. Additionally, geolocation tracking enables proactive identification of potential delays, ensuring timely interventions. With its transparent reporting mechanisms, the system provides stakeholders with clear insights into task progress, fostering accountability and informed decision-making. The paper presents a comprehensive overview of the system architecture, algorithm, and implementation, highlighting its potential to revolutionize task management across diverse industries.

Keywords: artificial intelligence, machine learning, task allocation, operational efficiency, resource optimization

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Authors: Nomakhosi Tshuma, Carley Chetty

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This study employed panel regression analysis to investigate the financial performance determinants of MTN and Vodacom’s rest of Africa businesses between 2012 to 2020. It used net profit margin, return on assets (ROA), and return on equity (ROE) as financial performance proxies. Financial performance determinants investigated were asset size, debt ratio, liquidity, number of subscribers, and exchange rate. Data relating to exchange rates were obtained from the World Bank website, while financial data and subscriber information were obtained from the companies’ audited financial statements. The study found statistically significant negative relationships between debt and both ROA and net profit, exchange rate and both ROA and net profit, and subscribers and ROE. It also found significant positive relationships between ROE and both asset size and exchange rate. The study recommends strategic options that optimise on the above findings, and these include infrastructure sharing to reduce infrastructure costs and the minimisation of foreign-denominated debt.

Keywords: financial performance, determinants of financial performance, business in Africa, telecommunications industry

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Authors: M. Moharami Gargari, S. Javdani Zamani, A. Mohammadnejad, S. Abuali

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As maritime container transport is developing fast, the need arises for efficient operations at container terminals. One of the most important determinants of container handling efficiency is the productivity of quay cranes and internal transportation vehicles, which are responsible transporting of containers for unloading and loading operations for container vessels. For this reason, this paper presents an integrated mathematical model formulation for discrete berths with quay cranes and internal transportations vehicles. The problems have received increasing attention in the literature and the present paper deals with the integration of these interrelated problems. A new mixed integer linear formulation is developed for the Berth Allocation Problem (BAP), Quay Crane Assignment and Scheduling Problem (QCASP) and Internal Transportation Scheduling (ITS), which accounts for cranes and trucks positioning conditions.

Keywords: discrete berths, container terminal, truck scheduling, dynamic vessel arrival

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Authors: Avinash Thakur, Parmjit S. Panesar, Manohar Singh

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The distribution coefficient, KD for the reactive extraction of lactic acid from aqueous solutions of lactic acid using 10-30% (v/v) tri-n-octyl amine (extractant) dissolved in n-hexane (inert diluent) and 20% (v/v) oleyl alcohol (modifier) was optimized by using response surface methodology (RSM). A three level Box-Behnken design was employed for experimental design, analysis of the results and to depict the combined interactive effect of seven independent variables, viz lactic acid concentration (cl), pH, TOA concentration in organic phase (ψ), treat ratio (φ), temperature (T), agitation speed (ω) and batch agitation time (τ) on distribution coefficient of lactic acid. The regression analysis recommended that the quadratic model is significant (R2 and adjusted R2 are 98.72 % and 98.69 % respectively) for analysis. A numerical optimization had resulted in maximum lactic acid distribution coefficient (KD) of 3.16 at the optimized values for test variables, cl, pH, ψ, φ, T, ω and τ as 0.15 [M], 3.0, 22.75% (v/v), 1.0 (v/v), 26°C, 145 rpm and 23 min respectively. A good agreement between the predicted and experimentally obtained values for distribution coefficient using the optimized conditions was exhibited.

Keywords: Distribution coefficient, tri-n-octylamine, lactic acid, response surface methodology

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Authors: Sidi Yang, Haiyi Zhang

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Twitter is a microblogging platform, where millions of users daily share their attitudes, views, and opinions. Using a probabilistic Latent Dirichlet Allocation (LDA) topic model to discern the most popular topics in the Twitter data is an effective way to analyze a large set of tweets to find a set of topics in a computationally efficient manner. Sentiment analysis provides an effective method to show the emotions and sentiments found in each tweet and an efficient way to summarize the results in a manner that is clearly understood. The primary goal of this paper is to explore text mining, extract and analyze useful information from unstructured text using two approaches: LDA topic modelling and sentiment analysis by examining Twitter plain text data in English. These two methods allow people to dig data more effectively and efficiently. LDA topic model and sentiment analysis can also be applied to provide insight views in business and scientific fields.

Keywords: text mining, Twitter, topic model, sentiment analysis

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Authors: Pardhasaradhi Gudla, Imanual A.

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The generated electrical power in offshore needs to be transmitted to grid which is located in onshore by using subsea cables. Long subsea cables produce reactive power, which should be compensated in order to limit transmission losses, to optimize the transmission capacity, and to keep the grid voltage within the safe operational limits. Installation cost of wind farm includes the structure design cost and electrical system cost. India has targeted to achieve 175GW of renewable energy capacity by 2022 including offshore wind power generation. Due to sea depth is more in India, the installation cost will be further high when compared to European countries where offshore wind energy is already generating successfully. So innovations are required to reduce the offshore wind power project cost. This paper presents the optimized techniques to reduce the installation cost of offshore wind firm with respect to electrical transmission systems. This technical paper provides the techniques for increasing the current carrying capacity of subsea cable by decreasing the reactive power generation (capacitance effect) of the subsea cable. There are many methods for reactive power compensation in wind power plants so far in execution. The main reason for the need of reactive power compensation is capacitance effect of subsea cable. So if we diminish the cable capacitance of cable then the requirement of the reactive power compensation will be reduced or optimized by avoiding the intermediate substation at midpoint of the transmission network.

Keywords: offshore wind power, optimized techniques, power system, sub sea cable

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Authors: Onur Arugaslan, Ajay Samant, Devrim Yaman

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Financial advisors and investors seek new assets which could potentially increase portfolio returns and decrease portfolio risk. Cryptocurrencies represent a relatively new asset class which could serve in both these roles. There has been very little research done in the area of the risk/return tradeoff in a portfolio consisting of fixed income assets, stocks, and cryptocurrency. The objective of this study is a rigorous examination of this issue. The data used in the study are the monthly returns on 4-week US Treasury Bills, S&P Investment Grade Corporate Bond Index, Bitcoin and the S&P 500 Stock Index. The methodology used in the study is the application Modern Portfolio Theory to evaluate the risk-adjusted returns of portfolios with varying combinations of these assets, using Sharpe, Treynor and Jensen Indexes, as well as the Sortino and Modigliani measures. The results of the study would include the ranking of various investment portfolios based on their risk/return characteristics. The conclusions of the study would include objective empirical inference for investors who are interested in including cryptocurrency in their asset portfolios but are unsure of the risk/return implications.

Keywords: financial economics, portfolio diversification, fixed income securities, cryptocurrency, stock indexes

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Authors: Silas A. Ihedioha

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In this work; it is considered that an investor’s portfolio is comprised of two assets; a risky stock which price process is driven by the geometric Brownian motion and a risk-free asset with Ornstein-Uhlenbeck Stochastic interest rate of return, where consumption, taxes, transaction costs and dividends are involved. This paper aimed at the optimization of the investor’s expected utility of consumption and terminal return on his investment at the terminal time having power utility preference. Using dynamic optimization procedure of maximum principle, a second order nonlinear partial differential equation (PDE) (the Hamilton-Jacobi-Bellman equation HJB) was obtained from which an ordinary differential equation (ODE) obtained via elimination of variables. The solution to the ODE gave the closed form solution of the investor’s problem. It was found the optimal investment in the risky asset is horizon dependent and a ratio of the total amount available for investment and the relative risk aversion coefficient.

Keywords: optimal, investment, Ornstein-Uhlenbeck, utility maximization, stochastic interest rate, maximum principle

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Authors: Emin Avcı, Çiydem Çatak

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The recent economic crisis have shown that procyclicality, which could threaten the stability and growth of the economy, is a major problem of financial and real sector. The term procyclicality refers here the cyclical behavior of banks that lead them to follow the same patterns as the real economy. In this study, leverage which demonstrate how a bank manage its debt, is chosen as bank specific variable to see the effect of changes in it over the economic cycle. The procyclical behavior of Turkish banking sector (commercial, participation, development-investment banks) is tried to explain with analyzing the relationship between leverage and asset growth. On the basis of theoretical explanations, eight different leverage ratios are utilized in eight different panel data models to demonstrate the procyclicality effect of Turkish banks leverage using monthly data covering the 2005-2014 period. It is tested whether there is an increasing (decreasing) trend in the leverage ratio of Turkish banks when there is an enlargement (contraction) in their balance sheet. The major finding of the study indicates that asset growth has a significant effect on all eight leverage ratios. In other words, the leverage of Turkish banks follow a cyclical pattern, which is in line with those of earlier literature.

Keywords: banking, economic cycles, leverage, procyclicality

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Authors: E. Behmanesh, J. Pannek

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The distribution-allocation problem is known as one of the most comprehensive strategic decision. In real-world cases, it is impossible to solve a distribution-allocation problem in traditional ways with acceptable time. Hence researchers develop efficient non-traditional techniques for the large-term operation of the whole supply chain. These techniques provide near-optimal solutions particularly for large scales test problems. This paper, presents an integrated supply chain model which is flexible in the delivery path. As the solution methodology, we apply a memetic algorithm with a novelty in population presentation. To illustrate the performance of the proposed memetic algorithm, LINGO optimization software serves as a comparison basis for small size problems. In large size cases that we are dealing with in the real world, the Genetic algorithm as the second metaheuristic algorithm is considered to compare the results and show the efficiency of the memetic algorithm.

Keywords: integrated logistics network, flexible path, memetic algorithm, genetic algorithm

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Authors: Ian Marc G. Cabugsa, Kim Ryan A. Won

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Fast, reliable and simultaneous HPLC analysis of theobromine and caffeine in cacao and cocoa products was optimized in this study. The samples tested were raw, fermented, and roasted cacao beans as well as commercially available cocoa products. The HPLC analysis was carried out using step gradient solvent system with acetonitrile and water buffered with H3PO4 as the mobile phase. The HPLC system was optimized using 273 nm wavelength at 35 °C for the column temperature with a flow rate of 1.0 mL/min. Using this method, the theobromine percent recovery mean, Limit of Detection (LOD) and Limit of Quantification (LOQ) is 118.68(±3.38)%, 0.727 and 1.05 respectively. The percent recovery mean, LOD and LOQ for caffeine is 105.53(±3.25)%, 2.42 and 3.50 respectively. The inter-day and intra-day precision for theobromine is 4.31% and 4.48% respectively, while 7.02% and 7.03% was for caffeine respectively. Compared to the standard method in AOAC using methanol in isocratic solvent system, the results of the study produced lesser chromatogram noise with emphasis on theobromine and caffeine. The method is readily usable for cacao and cocoa substances analyses using HPLC with step gradient capability.

Keywords: cacao, caffeine, HPLC, step gradient solvent system, theobromine

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Authors: Laaziz El Hassan

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The Service Network Design Problem (SNDP) is a tactical issue in freight transportation firms. The existing formulations of the problem for intermodal rail-road transportation were not always adapted to the intermodality in terms of full asset utilization and modal shift reinforcement. The objective of the article is to propose a model having a more compliant formulation with intermodality, including constraints highlighting the imperatives of asset management, reinforcing modal shift from road to rail and reducing, by the way, road mode CO2 emissions. The model is a fixed charged, path based integer nonlinear program. Its objective is to minimize services total cost while ensuring full assets utilization to satisfy freight demand forecast. The model's main feature is that it gives as output both the train sizes and the services frequencies for a planning period. We solved the program using a commercial solver and discussed the numerical results.

Keywords: intermodal transport network, service network design, model, nonlinear integer program, path-based, service frequencies, modal shift

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Authors: Pornpimol Chaiwuttisak, Honora Smith, Yue Wu

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Blood is a perishable product which suffers from physical deterioration with specific fixed shelf life. Although its value during the shelf life is constant, fresh blood is preferred for treatment. However, transportation costs are a major factor to be considered by administrators of Regional Blood Centres (RBCs) which act as blood collection and distribution centres. A trade-off must therefore be reached between transportation costs and short-term holding costs. In this paper we propose a number of algorithms for online allocation and routing of blood supplies, for use in conditions of variable and insufficient blood supply. A case study in northern Thailand provides an application of the allocation and routing policies tested. The plan proposed for daily allocation and distribution of blood supplies consists of two components: firstly, fixed routes are determined for the supply of hospitals which are far from an RBC. Over the planning period of one week, each hospital on the fixed routes is visited once. A robust allocation of blood is made to hospitals on the fixed routes that can be guaranteed on a suitably high percentage of days, despite variable supplies. Secondly, a variable daily route is employed for close-by hospitals, for which more than one visit per week may be needed to fulfil targets. The variable routing takes into account the amount of blood available for each day’s deliveries, which is only known on the morning of delivery. For hospitals on the variables routes, the day and amounts of deliveries cannot be guaranteed but are designed to attain targets over the six-day planning horizon. In the conditions of blood shortage encountered in Thailand, and commonly in other developing countries, it is often the case that hospitals request more blood than is needed, in the knowledge that only a proportion of all requests will be met. Our proposal is for blood supplies to be allocated and distributed to each hospital according to equitable targets based on historical demand data, calculated with regard to expected daily blood supplies. We suggest several policies that could be chosen by the decision makes for the daily distribution of blood. The different policies provide different trade-offs between transportation and holding costs. Variations in the costs of transportation, such as the price of petrol, could make different policies the most beneficial at different times. We present an application of the policies applied to a realistic case study in the RBC at Chiang Mai province which is located in Northern region of Thailand. The analysis includes a total of more than 110 hospitals, with 29 hospitals considered in the variable route. The study is expected to be a pilot for other regions of Thailand. Computational experiments are presented. Concluding remarks include the benefits gained by the online methods and future recommendations.

Keywords: online algorithm, blood distribution, developing country, insufficient blood supply

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Authors: Matthew John F. Sino Cruz, Sarah Jane M. Ferrer, Janice C. Francisco

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COVID-19 pandemic has affected more than 114 countries all over the world since it was considered a global health concern in 2020. Different sectors, including education, have shifted to remote/distant setups to follow the guidelines set to prevent the spread of the disease. One of the higher education institutes which shifted to remote setup is the Pangasinan State University (PSU). In order to continue providing quality instructions to the students, PSU designed Flexible Learning Model to still provide services to its stakeholders amidst the pandemic. The model covers the redesigning of delivering instructions in remote setup and the technology needed to support these adjustments. The primary goal of this study is to determine the insights of the PSU – Bayambang students towards the remote setup implemented during the pandemic and how they perceived the initiatives employed in relation to their experiences in flexible learning. In this study, the topic modelling approach was implemented using Latent Dirichlet Allocation. The dataset used in the study. The results show that the most common concern of the students includes time and resource management, poor internet connection issues, and difficulty coping with the flexible learning modality. Furthermore, the findings of the study can be used as one of the bases for the administration to review and improve the policies and initiatives implemented during the pandemic in relation to remote service delivery. In addition, further studies can be conducted to determine the overall sentiment of the other stakeholders in the policies implemented at the University.

Keywords: COVID-19, topic modelling, students’ sentiment, flexible learning, Latent Dirichlet allocation

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Authors: Munnujahan Ara

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In this paper, we investigate the effect of friendly jamming power allocation strategies on the achievable average secrecy rate over a bank of parallel fading wiretap channels. We investigate the achievable average secrecy rate in parallel fading wiretap channels subject to Rayleigh and Rician fading. The achievable average secrecy rate, due to the presence of a line-of-sight component in the jammer channel is also evaluated. Moreover, we study the detrimental effect of correlation across the parallel sub-channels, and evaluate the corresponding decrease in the achievable average secrecy rate for the various fading configurations. We also investigate the tradeoff between the transmission power and the jamming power for a fixed total power budget. Our results, which are applicable to current orthogonal frequency division multiplexing (OFDM) communications systems, shed further light on the achievable average secrecy rates over a bank of parallel fading channels in the presence of friendly jammers.

Keywords: fading parallel channels, wire-tap channel, OFDM, secrecy capacity, power allocation

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Authors: Ons Triki, Fathi Abid

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Along with the increase in the use of leasing contracts in corporate finance, multiple studies aim to model the credit risk of the lease in order to cover the losses of the lessor of the asset if the lessee goes bankrupt. In the current research paper, a convertible lease contract is elaborated in a continuous time stochastic universe aiming to ensure the financial stability of the firm and quickly recover the losses of the counterparties to the lease in case of default. This work examines the term structure of the lease rates taking into account the credit default risk and the capital structure of the firm. The interaction between the lessee's capital structure and the equilibrium lease rate has been assessed by applying the competitive lease market argument developed by Grenadier (1996) and the endogenous structural default model set forward by Leland and Toft (1996). The cumulative probability of default was calculated by referring to Leland and Toft (1996) and Yildirim and Huan (2006). Additionally, the link between lessee credit risk and lease rate was addressed so as to explore the impact of convertible lease financing on the term structure of the lease rate, the optimal leverage ratio, the cumulative default probability, and the optimal firm value by applying an endogenous conversion threshold. The numerical analysis is suggestive that the duration structure of lease rates increases with the increase in the degree of the market price of risk. The maximal value of the firm decreases with the effect of the optimal leverage ratio. The results are indicative that the cumulative probability of default increases with the maturity of the lease contract if the volatility of the asset service flows is significant. Introducing the convertible lease contract will increase the optimal value of the firm as a function of asset volatility for a high initial service flow level and a conversion ratio close to 1.

Keywords: convertible lease contract, lease rate, credit-risk, capital structure, default probability

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Authors: H. Ashrafi, S. Ebrahimi, H. Kamalzadeh

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With the development of business competition, it is important for healthcare providers to improve their service qualities. In order to improve service quality of a clinic, four important dimensions are defined: tangibles, responsiveness, empathy, and reliability. Moreover, there are several service stages in hospitals such as financial screening and examination. One of the most challenging limitations for improving service quality is budget which impressively affects the service quality. In this paper, we present an approach to address budget uncertainty and provide guidelines for service resource allocation. In this paper, a service quality improvement approach is proposed which can be adopted to multistage service processes to improve service quality, while controlling the costs. A multi-objective function based on the importance of each area and dimension is defined to link operational variables to service quality dimensions. The results demonstrate that our approach is not ultra-conservative and it shows the actual condition very well. Moreover, it is shown that different strategies can affect the number of employees in different stages.

Keywords: allocation, budget uncertainty, healthcare resource, service quality assessment, robust optimization

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Authors: Charu Sharma

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San Francisco Public Utilities Commission’s Headquarters was listed in the 2013-American Institute of Architects Committee of the Environment (AIA COTE) Top Ten Green Projects. This 13-story, 277,000-square-foot building, housing more than 900 of the agency’s employees was completed in June 2012. It was designed to achieve LEED Platinum Certification and boasts a plethora of green features to significantly reduce the use of energy and water consumption, and provide a healthy office work environment with high interior air quality and natural daylight. Key sustainability features include on-site clean energy generation through renewable photovoltaic and wind sources providing $118 million in energy cost savings over 75 years; 45 percent daylight harvesting; and the consumption of 55 percent less energy and a 32 percent less electricity demand from the main power grid. It uses 60 percent less water usage than an average 13-story office building as most of that water will be recycled for non-potable uses at the site, running through a system of underground tanks and artificial wetlands that cleans and clarifies whatever is flushed down toilets or washed down drains. This is one of the first buildings in the nation with treatment of gray and black water. The building utilizes an innovative structural system with post tensioned cores that will provide the highest asset preservation for the building. In addition, the building uses a “green” concrete mixture that releases less carbon gases. As a public utility commission this building has set a good example for resource conservation-the building is expected to be cheaper to operate and maintain as time goes on and will have saved rate-payers $500 million in energy and water savings. Within the anticipated 100-year lifespan of the building, our ratepayers will save approximately $3.7 billion through the combination of rental savings, energy efficiencies, and asset ownership.

Keywords: energy efficiency, sustainability, resource conservation, asset ownership, rental savings

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Authors: Oliver Ikechukwu Inyiama, Boniface Uche Ugwuanyi

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The aim of the research is to evaluate the key financial performance indicators that help both managers and their shareholders of Nigerian Banks to determine the appropriate dividend payout to their ordinary shareholders in an accounting year. Profitability, total asset, and earnings of commercial banks were selected as key performance indicators in Nigeria Banking Sector. They represent the independent variables of the study while dividend per share is the proxy for the dividend paid on ordinary shares which represent the dependent variable. The effect of profitability, total asset and earnings on dividend per share were evaluated through the ordinary least square method of multiple regression analysis. Test for normality of frequency distribution was conducted through descriptive statistics such as Jacque Bera Statistic, skewness and kurtosis. Rate of dividend payout was subsequently applied as an alternate dependent variable to test for robustness of the earlier results. The 64% adjusted R-squared of the pooled data indicates that profitability, total asset, and earnings explain the variation in dividend per share during the period under research while the remaining 36% variation in dividend per share could be explained by changes in other variables not captured by this study as well as the error term. The study concentrated on four leading Nigeria Commercial Banks namely; First Bank of Nigeria Plc, GTBank Plc, United Bank for Africa Plc and Zenith International Bank Plc. Dividend per share was found to be positively affected by total assets and earnings of the commercial banks. However, profitability which was proxied by profit after tax had a negative effect on dividend per share. The implication of the findings is that commercial banks in Nigeria pay more dividend when they are having a dwindling fortune in order to retain the confidence of the shareholders provided their gross earnings and size is on the increase. Therefore, the management and board of directors of Nigeria commercial banks should apply decent marketing strategies to enhance earnings through investment in profitable ventures for an improved dividend payout rate.

Keywords: assets, banks, indicators, performance, profitability, shares

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Authors: Marcel Heimar Ribeiro Utiyama, Fernanda Caveiro Correia, Dario Henrique Alliprandini

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The importance of the correct allocation of improvement programs is of growing interest in recent years. Due to their limited resources, companies must ensure that their financial resources are directed to the correct workstations in order to be the most effective and survive facing the strong competition. However, to our best knowledge, the literature about allocation of improvement programs does not analyze in depth this problem when the flow shop process has two capacity constrained resources. This is a research gap which is deeply studied in this work. The purpose of this work is to identify the best strategy to allocate improvement programs in a flow shop with two capacity constrained resources. Data were collected from a flow shop process with seven workstations in an industrial control and automation company, which process 13.690 units on average per month. The data were used to conduct a simulation with the System Dynamics-Factory Physics model. The main variables considered, due to their importance on lead time reduction, were the mean time between failures and the mean time to repair. The lead time reduction was the output measure of the simulations. Ten different strategies were created: (i) focused time to repair improvement, (ii) focused time between failures improvement, (iii) distributed time to repair improvement, (iv) distributed time between failures improvement, (v) focused time to repair and time between failures improvement, (vi) distributed time to repair and between failures improvement, (vii) hybrid time to repair improvement, (viii) hybrid time between failures improvements, (ix) time to repair improvement strategy towards the two capacity constrained resources, (x) time between failures improvement strategy towards the two capacity constrained resources. The ten strategies tested are variations of the three main strategies for improvement programs named focused, distributed and hybrid. Several comparisons among the effect of the ten strategies in lead time reduction were performed. The results indicated that for the flow shop analyzed, the focused strategies delivered the best results. When it is not possible to perform a large investment on the capacity constrained resources, companies should use hybrid approaches. An important contribution to the academy is the hybrid approach, which proposes a new way to direct the efforts of improvements. In addition, the study in a flow shop with two strong capacity constrained resources (more than 95% of utilization) is an important contribution to the literature. Another important contribution is the problem of allocation with two CCRs and the possibility of having floating capacity constrained resources. The results provided the best improvement strategies considering the different strategies of allocation of improvement programs and different positions of the capacity constrained resources. Finally, it is possible to state that both strategies, hybrid time to repair improvement and hybrid time between failures improvement, delivered best results compared to the respective distributed strategies. The main limitations of this study are mainly regarding the flow shop analyzed. Future work can further investigate different flow shop configurations like a varying number of workstations, different number of products or even different positions of the two capacity constrained resources.

Keywords: allocation of improvement programs, capacity constrained resource, hybrid strategy, lead time, mean time to repair, mean time between failures

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Authors: R. Rama Kishore, Sunesh

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This paper presents an optimized, robust, and secured watermarking technique. The methodology used in this work is the combination of entropy and chaotic grid map. The proposed methodology incorporates Discrete Cosine Transform (DCT) on the host image. To improve the imperceptibility of the method, the host image DCT blocks, where the watermark is to be embedded, are further optimized by considering the entropy of the blocks. Chaotic grid is used as a key to reorder the DCT blocks so that it will further increase security while selecting the watermark embedding locations and its sequence. Without a key, one cannot reveal the exact watermark from the watermarked image. The proposed method is implemented on four different images. It is concluded that the proposed method is giving better results in terms of imperceptibility measured through PSNR and found to be above 50. In order to prove the effectiveness of the method, the performance analysis is done after implementing different attacks on the watermarked images. It is found that the methodology is very strong against JPEG compression attack even with the quality parameter up to 15. The experimental results are confirming that the combination of entropy and chaotic grid map method is strong and secured to different image processing attacks.

Keywords: digital watermarking, discreate cosine transform, chaotic grid map, entropy

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Authors: Farshad Ghodoosi

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This article analyzes the effect of supervening events in contracts. Contracts serve an important function: allocation of risks. In spite of its importance, the case law and the doctrine are messy and inconsistent. This article provides a fresh look at excuse doctrines (i.e., force majeure, impracticability, impossibility, and frustration) with a focus on force majeure clauses. The article makes the following contributions: First, it furnishes a new conceptual and theoretical framework of excuse doctrines. By distilling the decisions, it shows that excuse doctrines rests on the triangle of control, foreseeability, and contract language. Second, it analyzes force majeure clauses used by S&P 500 companies to understand the stickiness and similarity of such clauses and the events they cover. Third, using computational and statistical tools, it analyzes US cases since 1810 in order to assess the weight given to the triangle of control, foreseeability, and contract language. It shows that the control factor plays an important role in force majeure analysis, while the contractual interpretation is the least important factor. The Article concludes that it is the standard for control -whether the supervening event is beyond the control of the party- that determines the outcome of cases in the force majeure context and not necessarily the contractual language. This article has important implications on COVID-19-related contractual cases. Unlike the prevailing narrative that it is the language of the force majeure clause that’s determinative, this article shows that the primarily focus of the inquiry will be on whether the effects of COVID-19 have been beyond the control of the promisee. Normatively, the Article suggests that the trifactor of control, foreseeability, and contractual language are not effective for allocation of legal risks in times of crises. It puts forward a novel approach to force majeure clauses whereby that the courts should instead focus on the degree to which parties have relied on (expected) performance, in particular during the time of crisis.

Keywords: contractual risks, force majeure clauses, foreseeability, control, contractual language, computational analysis

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Authors: Wook-Won Kim, Je-Seok Shin, Jin-O Kim

Abstract:

As the penetration of Energy Storage System (ESS) increases in the power system due to higher performance and lower cost than ever, ESS is expanding its role to the ancillary service as well as the storage of extra energy from the intermittent renewable energy resources. For multi-ESS with different capacity and SOC level each other, it is required to make the optimal schedule of SOC level use the multi-ESS effectively. This paper proposes the energy allocation method for the multiple battery ESS with reliability constraint, in order to make the ESS discharge the required energy as long as possible. A simple but effective method is proposed in this paper, to satisfy the power for the spinning reserve requirement while improving the system reliability. Modelling of ESS is also proposed, and reliability is evaluated by using the combined reliability model which includes the proposed ESS model and conventional generation one. In the case study, it can be observed that the required power is distributed to each ESS adequately and accordingly, the SOC is scheduled to improve the reliability indices such as Loss of Load Probability (LOLP) and Loss of Load Expectation (LOLE).

Keywords: multiple energy storage system (MESS), energy allocation method, SOC schedule, reliability constraints

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Authors: Munnujahan Ara

Abstract:

In this paper, we investigate the effect of friendly jamming power allocation strategies on the achievable average secrecy rate over a bank of parallel fading wiretap channels. We investigate the achievable average secrecy rate in parallel fading wiretap channels subject to Rayleigh and Rician fading. The achievable average secrecy rate, due to the presence of a line-of-sight component in the jammer channel is also evaluated. Moreover, we study the detrimental effect of correlation across the parallel sub-channels, and evaluate the corresponding decrease in the achievable average secrecy rate for the various fading configurations. We also investigate the tradeoff between the transmission power and the jamming power for a fixed total power budget. Our results, which are applicable to current orthogonal frequency division multiplexing (OFDM) communications systems, shed further light on the achievable average secrecy rates over a bank of parallel fading channels in the presence of friendly jammers.

Keywords: fading parallel channels, wire-tap channel, OFDM, secrecy capacity, power allocation

Procedia PDF Downloads 478

Authors: Erindi Allaj

Abstract:

This paper studies arbitrage pricing theory in financial markets with transaction costs. We extend the existing theory to include the more realistic possibility that the price at which the investors trade is dependent on the traded volume. The investors in the market always buy at the ask and sell at the bid price. Transaction costs are composed of two terms, one is able to capture the implicit transaction costs and the other the price impact. Moreover, a new definition of a self-financing portfolio is obtained. The self-financing condition suggests that continuous trading is possible, but is restricted to predictable trading strategies which have left and right limit and finite quadratic variation. That is, predictable trading strategies of infinite variation and of finite quadratic variation are allowed in our setting. Within this framework, the existence of an equivalent probability measure is equivalent to the absence of arbitrage opportunities, so that the first fundamental theorem of asset pricing (FFTAP) holds. It is also proved that, when this probability measure is unique, any contingent claim in the market is hedgeable in an L2-sense. The price of any contingent claim is equal to the risk-neutral price. To better understand how to apply the theory proposed we provide an example with linear transaction costs.

Keywords: arbitrage pricing theory,
transaction costs, fundamental theorems of arbitrage, financial markets

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Authors: F. L. Motta, M. H. A. Santana

Abstract:

Humic Acids (HA) were produced by a Trichoderma viride strain under submerged fermentation in a medium based on the oil palm Empty Fruit Bunch (EFB) and the main variables of the process were optimized by using response surface methodology. A temperature of 40°C and concentrations of 50g/L EFB, 5.7g/L potato peptone and 0.11g/L (NH4)2SO4 were the optimum levels of the variables that maximize the HA production, within the physicochemical and biological limits of the process. The optimized conditions led to an experimental HA concentration of 428.4±17.5 mg/L, which validated the prediction from the statistical model of 412.0mg/L. This optimization increased about 7–fold the HA production previously reported in the literature. Additionally, the time profiles of HA production and fungal growth confirmed our previous findings that HA production preferably occurs during fungal sporulation. The present study demonstrated that T. viride successfully produced HA via the submerged fermentation of EFB and the process parameters were successfully optimized using a statistics-based response surface model. To the best of our knowledge, the present work is the first report on the optimization of HA production from EFB by a biotechnological process, whose feasibility was only pointed out in previous works.

Keywords: empty fruit bunch, humic acids, submerged fermentation, Trichoderma viride

Procedia PDF Downloads 270

Authors: Nermine A. Harraz, Aliaa Abouali

Abstract:

The retail stores put up for sale multiple items while the spaces in the backroom and display areas constitute a scarce resource. Availability, volume, and location of the product displayed in the showroom influence the customer’s demand. Managing these operations individually will result in sub-optimal overall retail store’s profit; therefore, a non-linear integer programming model (NLIP) is developed to determine the inventory replenishment and shelf space allocation decisions that together maximize the retailer’s profit under shelf space and backroom storage constraints taking into consideration that the demand rate is positively dependent on the amount and location of items displayed in the showroom. The developed model is solved using LINGO® software. The NLIP model is implemented in a real world case study in a large retail outlet providing a large variety of products. The proposed model is validated and shows logical results when using the experimental data collected from the market.

Keywords: retailing management, inventory replenishment, shelf space allocation, showroom, backroom

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Authors: Avantika Vats, Kushal Thakur

Abstract:

This paper displays the point at issue, improvement, and utilization of a Monarch Butterfly Optimization (MBO) rather than a Genetic Algorithm (GA) in cognitive radio for the channel portion. This approach offers a satisfactory approach to get the accessible range of both the users, i.e., primary users (PUs) and secondary users (SUs). The proposed enhancement procedure depends on a nature-inspired metaheuristic algorithm. In MBO, all the monarch butterfly individuals are located in two distinct lands, viz. Southern Canada and the northern USA (land 1), and Mexico (Land 2). The positions of the monarch butterflies are modernizing in two ways. At first, the offsprings are generated (position updating) by the migration operator and can be adjusted by the migration ratio. It is trailed by tuning the positions for different butterflies by the methods for the butterfly adjusting operator. To keep the population unaltered and minimize fitness evaluations, the aggregate of the recently produced butterflies in these two ways stays equivalent to the first population. The outcomes obviously display the capacity of the MBO technique towards finding the upgraded work values on issues regarding the genetic algorithm.

Keywords: cognitive radio, channel allocation, monarch butterfly optimization, evolutionary, computation

Procedia PDF Downloads 30