Search results for: quality over price
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 10230

Search results for: quality over price

9900 Joint Optimal Pricing and Lot-Sizing Decisions for an Advance Sales System under Stochastic Conditions

Authors: Maryam Ghoreishi, Christian Larsen

Abstract:

In this paper, we investigate the effect of stochastic inputs on problem of joint optimal pricing and lot-sizing decisions where the inventory cycle is divided into advance and spot sales periods. During the advance sales period, customer can make reservations while customer with reservations can cancel their order. However, during the spot sales period customers receive the order as soon as the order is placed, but they cannot make any reservation or cancellation during that period. We assume that the inter arrival times during the advance sales and spot sales period are exponentially distributed where the arrival rate is decreasing function of price. Moreover, we assume that the number of cancelled reservations is binomially distributed. In addition, we assume that deterioration process follows an exponential distribution. We investigate two cases. First, we consider two-state case where we find the optimal price during the spot sales period and the optimal price during the advance sales period. Next, we develop a generalized case where we extend two-state case also to allow dynamic prices during the spot sales period. We apply the Markov decision theory in order to find the optimal solutions. In addition, for the generalized case, we apply the policy iteration algorithm in order to find the optimal prices, the optimal lot-size and maximum advance sales amount.

Keywords: inventory control, pricing, Markov decision theory, advance sales system

Procedia PDF Downloads 300
9899 Profitability of Milkfish Production from Three Mariculture Parks in the Philippines

Authors: Rosie S. Abalos, John Patrick M. Dizon

Abstract:

The operation of fish cages in mariculture parks for milkfish production remains a lucrative business for aquaculture operators. Three areas in the Philippines where mariculture parks are still in active operation were identified as study sites for this research. Financial analysis was used to estimate profitability of mariculture operations in the selected study sites. Based on the result of this research, milkfish production in mariculture parks remains profitable both in terms of net profit generation and the return on investment. To improve the profitability of aquaculture operations in mariculture parks, the relatively high price of operational inputs should be managed. As a recommendation, further studies should be conducted on the profitability of aquaculture operations in mariculture parks in the country to include other factors which may cause losses on the part of the operator and factors that may affect price of produce upon harvest.

Keywords: mariculture parks, milkfish production, aquaculture, profitability

Procedia PDF Downloads 123
9898 The Relationship between Quality of Life and Sexual Satisfaction in Women with Severe Burns

Authors: Jafar Kazemzadeh, Soheila Rabiepoor, Saeedeh Alizadeh

Abstract:

Introduction: Burn, especially in women, can affect the quality of life and their quality of life due to a change in appearance. This study was designed to investigate the relationship between quality of life and sexual satisfaction in women with burn. Methods: This was a descriptive-analytical cross-sectional study conducted on 101 women with severe burns referring to Imam Khomeini Hospital in Urmia in 2016. The data gathering scales were demographic questionnaire, burn specific health scale-brief (BSHS-B) and index of sexual satisfaction (ISS). The data were analyzed using SPSS software version 16. Results: Mean score of quality of life was 102.94 ± 20.88 and sexual satisfaction was 57.03 ± 25.91. Also, there was a significant relationship between quality of life and its subscales with sexual satisfaction and some demographic variables (p < 0.05). Conclusion: According to the results of this study, it should be noted that interventional efforts for improving sexual satisfaction and thus improving the quality of life in these patients are important. The findings of this study appear to be effective in planning for women with a history of burns.

Keywords: burn, quality of life, sexual satisfaction, women

Procedia PDF Downloads 165
9897 Evaluation of Weather Risk Insurance for Agricultural Products Using a 3-Factor Pricing Model

Authors: O. Benabdeljelil, A. Karioun, S. Amami, R. Rouger, M. Hamidine

Abstract:

A model for preventing the risks related to climate conditions in the agricultural sector is presented. It will determine the yearly optimum premium to be paid by a producer in order to reach his required turnover. The model is based on both climatic stability and 'soft' responses of usually grown species to average climate variations at the same place and inside a safety ball which can be determined from past meteorological data. This allows the use of linear regression expression for dependence of production result in terms of driving meteorological parameters, the main ones of which are daily average sunlight, rainfall and temperature. By simple best parameter fit from the expert table drawn with professionals, optimal representation of yearly production is determined from records of previous years, and yearly payback is evaluated from minimum yearly produced turnover. The model also requires accurate pricing of commodity at N+1. Therefore, a pricing model is developed using 3 state variables, namely the spot price, the difference between the mean-term and the long-term forward price, and the long-term structure of the model. The use of historical data enables to calibrate the parameters of state variables, and allows the pricing of commodity. Application to beet sugar underlines pricer precision. Indeed, the percentage of accuracy between computed result and real world is 99,5%. Optimal premium is then deduced and gives the producer a useful bound for negotiating an offer by insurance companies to effectively protect its harvest. The application to beet production in French Oise department illustrates the reliability of present model with as low as 6% difference between predicted and real data. The model can be adapted to almost any agricultural field by changing state parameters and calibrating their associated coefficients.

Keywords: agriculture, production model, optimal price, meteorological factors, 3-factor model, parameter calibration, forward price

Procedia PDF Downloads 350
9896 Profit Comparative of Fisheries in East Aceh Regency Aceh Province

Authors: Mawardati Mawardati

Abstract:

This research was carried out on the traditional milkfish and shrimp culture cultivation from March to May 2018 in East Aceh District. This study aims to to analyze the differences between traditional milkfish cultivation and shrimp farming in East Aceh District, Aceh Province. The analytical method used is acquisition analysis and Independent Sample T test analysis. The results showed a significant difference between milkfish farming and shrimp farming in East Aceh District, Aceh Province. Based on the results of the analysis, the average profit from shrimp farming is higher than that of milkfish farming. This demand exceeds market demand for exports. Thus the price of shrimp is still far higher than the price of milk fish.

Keywords: comparative, profit, shrimp, milkfish

Procedia PDF Downloads 129
9895 Quality versus Excellence: The Importance of Employees Knowing the Difference

Authors: Chris Nelson

Abstract:

Quality and excellence are qualitative topics that are usually addressed based on knowledge and past experience from leadership and those in charge of the organization. The significance of this study is to highlight the differences and similarities between these two mindsets and how an operational staff can most appropriately use them in the workplace. Quality and excellence are two words that are talked about a lot in the manufacturing world. Buzzwords such as operational excellence, quality controls, and efficiencies are discussed in the boardroom as well on the shop floor. These terms are used quite frequently and with good reasons. When a person visits their favorite local restaurant, They go because 1) they like the food and 2) the people are some of the greatest individuals to be around. With that in mind, they know they always put out quality food. They do not always go because the quality of the food is far superior than other restaurants. But the quality of ingredients always meets their expectations. When they compare them to the term excellence, they are disappointed. The food never looks like the pictures on the menu. But when have you ever been to a restaurant where the food looks the same as on the menu? For them, when evaluating which buzzword to use as a guiding star, its simple: excellence. The corporation can accomplish these goals by operating at a standard that far exceeds customer’s wants and needs.

Keywords: industrial engineering, innovation, management and technology, logistics and scheduling, six sigma

Procedia PDF Downloads 179
9894 The Quality Improvement of Painting Assignments for Grade 4-6 Students by Using PDCA Cycle

Authors: Pawinee Sorawech

Abstract:

The purpose of this study was to investigate the quality improvement of painting assignments for grade 4-6 students by using PDCA cycle. This study employed a qualitative technique. Suan Sunandha Rajabhat University and its demonstration school were selected as the area of study. An in-depth interview was utilized. The findings revealed that model of PDCA cycle was a proper model to increase the quality of painting assignments for grade 4-6 students. The six steps of improvement included: studying the PDCA model, setting up a plan, determining the scope of work, creating a strategy, developing a quality for painting assignment, and coming up with a handbook for a quality improvement of painting assignment.

Keywords: quality, painting assignments, PDCA cycle, grade 4-6 students

Procedia PDF Downloads 452
9893 Wireless Sensor Networks for Water Quality Monitoring: Prototype Design

Authors: Cesar Eduardo Hernández Curiel, Victor Hugo Benítez Baltazar, Jesús Horacio Pacheco Ramírez

Abstract:

This paper is devoted to present the advances in the design of a prototype that is able to supervise the complex behavior of water quality parameters such as pH and temperature, via a real-time monitoring system. The current water quality tests that are performed in government water quality institutions in Mexico are carried out in problematic locations and they require taking manual samples. The water samples are then taken to the institution laboratory for examination. In order to automate this process, a water quality monitoring system based on wireless sensor networks is proposed. The system consists of a sensor node which contains one pH sensor, one temperature sensor, a microcontroller, and a ZigBee radio, and a base station composed by a ZigBee radio and a PC. The progress in this investigation shows the development of a water quality monitoring system. Due to recent events that affected water quality in Mexico, the main motivation of this study is to address water quality monitoring systems, so in the near future, a more robust, affordable, and reliable system can be deployed.

Keywords: pH measurement, water quality monitoring, wireless sensor networks, ZigBee

Procedia PDF Downloads 369
9892 Analysis and Forecasting of Bitcoin Price Using Exogenous Data

Authors: J-C. Leneveu, A. Chereau, L. Mansart, T. Mesbah, M. Wyka

Abstract:

Extracting and interpreting information from Big Data represent a stake for years to come in several sectors such as finance. Currently, numerous methods are used (such as Technical Analysis) to try to understand and to anticipate market behavior, with mixed results because it still seems impossible to exactly predict a financial trend. The increase of available data on Internet and their diversity represent a great opportunity for the financial world. Indeed, it is possible, along with these standard financial data, to focus on exogenous data to take into account more macroeconomic factors. Coupling the interpretation of these data with standard methods could allow obtaining more precise trend predictions. In this paper, in order to observe the influence of exogenous data price independent of other usual effects occurring in classical markets, behaviors of Bitcoin users are introduced in a model reconstituting Bitcoin value, which is elaborated and tested for prediction purposes.

Keywords: big data, bitcoin, data mining, social network, financial trends, exogenous data, global economy, behavioral finance

Procedia PDF Downloads 333
9891 Choice of Landscape Elements for Residents' Quality of Life Living in Apartment Housing: Case Study of Bhopal, India

Authors: Ankita Srivastava, Yogesh K. Garg

Abstract:

Housing provides comforts and well being leading towards the quality of life. Earlier research had established that landscape elements enhance the residents’ quality of life through its significant experiences occur due to their presence in the housing. This paper tries to identify the preference of landscape elements that enhance residents’ quality of life living in the apartment. Hence, landscape elements that can be planned in the open spaces of housing and quality of life components were identified from the secondary data sources. Experts’ were asked to identify the quality of life components with respect to landscape elements. A questionnaire survey of residents’ living in the apartment housing in Bhopal, India was conducted. The statistical analysis of survey data facilitated to explore the preference of landscape elements for the quality of life in the apartment housing. The final ranking compiled from the experts’ opinion, residents’ perception as well as factor analysis results to have an insight of the preference of landscape elements for the quality of life living in the apartment. Preference of landscape elements present in the paper may provide an overview of planning for apartment housing that may be used by architects, planners and developers for enhancing residents’ quality of life.

Keywords: landscape elements, quality of life, residents, housing

Procedia PDF Downloads 221
9890 Risk Factors’ Analysis on Shanghai Carbon Trading

Authors: Zhaojun Wang, Zongdi Sun, Zhiyuan Liu

Abstract:

First of all, the carbon trading price and trading volume in Shanghai are transformed by Fourier transform, and the frequency response diagram is obtained. Then, the frequency response diagram is analyzed and the Blackman filter is designed. The Blackman filter is used to filter, and the carbon trading time domain and frequency response diagram are obtained. After wavelet analysis, the carbon trading data were processed; respectively, we got the average value for each 5 days, 10 days, 20 days, 30 days, and 60 days. Finally, the data are used as input of the Back Propagation Neural Network model for prediction.

Keywords: Shanghai carbon trading, carbon trading price, carbon trading volume, wavelet analysis, BP neural network model

Procedia PDF Downloads 364
9889 Reframing Service Oriented Architecture Design Principles in Software Design Quality

Authors: Purnomo Yustianto, Robin Doss, Novianto B. Kurniawan Suhardi

Abstract:

Since its inception, the design activities of Service Oriented Architecture (SOA) has been guided with aspects from the Service Design Principles (SDP), such as cohesion, granularity, loose coupling, discoverability, and autonomy, etc. The goal of this paper is two folds. The first is to examine the position of SDP within the context of software quality, and the second is to reframe the aspects of SDP into a more concise terms and relations. This paper is divided into four parts, in which after the introduction, a review on related software quality is provided to determine the quality context of SDP. The third part reviews the original SDP and offers a relation model among the SDP aspects. The fourth part explores the design quality metrics available for SOA and proposes a relationship representing the design quality. Among the aspects of design principles, the cohesion and coupling aspect is determined to be the two important aspects for achieving reusability of a service.

Keywords: SOA, software quality, service design principle, reusability, cohesion, coupling

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9888 Stability Analysis of Green Coffee Export Markets of Ethiopia: Markov-Chain Analysis

Authors: Gabriel Woldu, Maria Sassi

Abstract:

Coffee performs a pivotal role in Ethiopia's GDP, revenue, employment, domestic demand, and export earnings. Ethiopia's coffee production and exports show high variability in the amount of production and export earnings. Despite being the continent's fifth-largest coffee producer, Ethiopia has not developed its ability to shine as a major exporter in the globe's green coffee exports. Ethiopian coffee exports were not stable and had high volume and earnings fluctuations. The main aim of this study was to analyze the dynamics of the export of coffee variation to different importing nations using a first-order Markov Chain model. 14 years of time-series data has been used to examine the direction and structural change in the export of coffee. A compound annual growth rate (CAGR) was used to determine the annual growth rate in the coffee export quantity, value, and per-unit price over the study period. The major export markets for Ethiopian coffee were Germany, Japan, and the USA, which were more stable, while countries such as France, Italy, Belgium, and Saudi Arabia were less stable and had low retention rates for Ethiopian coffee. The study, therefore, recommends that Ethiopia should again revitalize its market to France, Italy, Belgium, and Saudi Arabia, as these countries are the major coffee-consuming countries in the world to boost its export stake to the global coffee markets in the future. In order to further enhance export stability, the Ethiopian Government and other stakeholders in the coffee sector should have to work on reducing the volatility of coffee output and exports in order to improve production and quality efficiency, so that stabilize markets as well as to make the product attractive and price competitive in the importing countries.

Keywords: coffee, CAGR, Markov chain, direction of trade, Ethiopia

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9887 Evaluating the Cost of Quality: A Case Study of a South African Foundry Business

Authors: Chipo Mugova, Zuko Mjobo

Abstract:

The aim of this study was to evaluate the cost of quality (COQ) at a local foundry business to identify the contribution of its units and processes to quality costs within the foundry’s operations. The foundry selected for detailed case study is one of major businesses that have been targeted by the government to produce components for building and re-furbishing wagons and trains. The study aimed at identifying areas in the foundry’s processes in which investment needs to be made to reduce quality costs. This is in alignment with government’s vision of promoting local business to support local markets leading to creation of jobs, and hence reduction of unemployment rate in South Africa. The methodology adopted used cost of quality models. Results from the study indicated that internal failure costs were significantly higher than all other cost of quality categories, taking more than 60% of the business’s income.

Keywords: appraisal costs, cost of quality, failure costs, local content, prevention costs

Procedia PDF Downloads 319
9886 Stress and Social Support as Predictors of Quality of Life: A Case among Flood Victims in Malaysia

Authors: Najib Ahmad Marzuki, Che Su Mustaffa, Johana Johari, Nur Haffiza Rahaman

Abstract:

The purpose of this paper is to examine the effects and relationship of stress and social support towards the quality of life among flood victims in Malaysia. A total of 764 respondents took part in the survey via random sampling. The depression, anxiety, and stress scales were utilized to measure stress while The Multidimensional Scale of Perceived Social Support was used to measure the quality of life. The findings of this study indicate that there were significant correlations between variables in the study. The findings show a significant negative relation between stress and quality of life, and significant positive correlations between support from family as well as support from friends with the quality of life. Stress and support from family were found to be significant predictors and influences the quality of life among flood victims.

Keywords: stress, social support, quality of life, flood victims

Procedia PDF Downloads 518
9885 Impact of E-Commerce Logistics Service Quality on Online Customer Satisfaction in UAE

Authors: Leena Wanganoo

Abstract:

In this digital age with the mushrooming of online companies across the globe has led to an unprecedented new business model. The frequency of online purchasing varies across the globe, but trend shows a steep upward movement. From Generation X to the Millennial the consumer not only wants to order the product with the click of mouse but also very demanding service quality during pre to post-transaction stage. The existing research examines the impact of website quality on the on behavioral intentions in e-services customers and has not adequately recognized the quality of e-commerce logistics perceived by the customer.In order to address this gap, this study examines the relationship among the logistics service quality, satisfaction, and loyalty. Drawing upon a sample of 350 millennial customers from various regions of UAE will work within the framework of structural equation modeling (SEM). Finally, the study would use Importance-Performance analysis (IPA) to discuss the relations of the level of customers’ expected logistics service quality and level of customers’ perceived logistics serviced quality.

Keywords: logistics service quality, customer satisfaction, loyalty, electronic commerce

Procedia PDF Downloads 143
9884 Quality Approaches for Mass-Produced Fashion: A Study in Malaysian Garment Manufacturing

Authors: N. J. M. Yusof, T. Sabir, J. McLoughlin

Abstract:

Garment manufacturing industry involves sequential processes that are subjected to uncontrollable variations. The industry depends on the skill of labour in handling the varieties of fabrics and accessories, machines, and also a complicated sewing operation. Due to these reasons, garment manufacturers created systems to monitor and control the product’s quality regularly by conducting quality approaches to minimize variation. The aims of this research were to ascertain the quality approaches deployed by Malaysian garment manufacturers in three key areas-quality systems and tools; quality control and types of inspection; sampling procedures chosen for garment inspection. The focus of this research also aimed to distinguish quality approaches used by companies that supplied the finished garments to both domestic and international markets. The feedback from each of company’s representatives was obtained using the online survey, which comprised of five sections and 44 questions on the organizational profile and quality approaches used in the garment industry. The results revealed that almost all companies had established their own mechanism of process control by conducting a series of quality inspection for daily production either it was formally been set up or vice versa. Quality inspection was the predominant quality control activity in the garment manufacturing and the level of complexity of these activities was substantially dictated by the customers. AQL-based sampling was utilized by companies dealing with the export market, whilst almost all the companies that only concentrated on the domestic market were comfortable using their own sampling procedures for garment inspection. This research provides an insight into the implementation of quality approaches that were perceived as important and useful in the garment manufacturing sector, which is truly labour-intensive.

Keywords: garment manufacturing, quality approaches, quality control, inspection, Acceptance Quality Limit (AQL), sampling

Procedia PDF Downloads 414
9883 Optimal Selling Prices for Small Sized Poultry Farmers

Authors: Hidefumi Kawakatsu, Dong Li, Kosuke Kato

Abstract:

In Japan, meat-type chickens are mainly classified into three categories: (1) Broilers, (2) Branded chickens, and (3) Jidori (Free-range local traditional pedigree chickens). The Jidori chickens are certified by the Japanese Ministry of Agriculture, whilst, for the Branded chickens, there is no regulation with respect to their breed (genotype) or methods for rearing them. It is, therefore, relatively easy for poultry farmers to introduce Branded than Jidori chickens. The Branded chickens are normally fed a low-calorie diet with ingredients such as herbs, which lengthens their breeding period (compared with that of the Broilers) and increases their market value. In the field of inventory management, fast-growing animals such as broilers are categorised as ameliorating items. To the best of our knowledge, there are no previous studies that have explicitly considered smaller sized poultry farmers with limited breeding areas. This study develops an inventory model for a small sized poultry farmer that produces both the Broilers (Product 1) and the Branded chickens (Product 2) with different amelioration rates. The poultry farmer’s total profit per unit of time is formulated as a function of selling prices by using a price-dependent demand function. The existence of a unique optimal selling price for each product, which maximises the total profit, established. It has also been confirmed through numerical examples that, when the breeding area is fixed, the total profit could increase if the poultry farmer reduced the product quantity of Product 1 to introduce Product 2.

Keywords: amelioration, deterioration, small sized poultry farmers, optimal price

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9882 Using Arellano-Bover/Blundell-Bond Estimator in Dynamic Panel Data Analysis – Case of Finnish Housing Price Dynamics

Authors: Janne Engblom, Elias Oikarinen

Abstract:

A panel dataset is one that follows a given sample of individuals over time, and thus provides multiple observations on each individual in the sample. Panel data models include a variety of fixed and random effects models which form a wide range of linear models. A special case of panel data models are dynamic in nature. A complication regarding a dynamic panel data model that includes the lagged dependent variable is endogeneity bias of estimates. Several approaches have been developed to account for this problem. In this paper, the panel models were estimated using the Arellano-Bover/Blundell-Bond Generalized method of moments (GMM) estimator which is an extension of the Arellano-Bond model where past values and different transformations of past values of the potentially problematic independent variable are used as instruments together with other instrumental variables. The Arellano–Bover/Blundell–Bond estimator augments Arellano–Bond by making an additional assumption that first differences of instrument variables are uncorrelated with the fixed effects. This allows the introduction of more instruments and can dramatically improve efficiency. It builds a system of two equations—the original equation and the transformed one—and is also known as system GMM. In this study, Finnish housing price dynamics were examined empirically by using the Arellano–Bover/Blundell–Bond estimation technique together with ordinary OLS. The aim of the analysis was to provide a comparison between conventional fixed-effects panel data models and dynamic panel data models. The Arellano–Bover/Blundell–Bond estimator is suitable for this analysis for a number of reasons: It is a general estimator designed for situations with 1) a linear functional relationship; 2) one left-hand-side variable that is dynamic, depending on its own past realizations; 3) independent variables that are not strictly exogenous, meaning they are correlated with past and possibly current realizations of the error; 4) fixed individual effects; and 5) heteroskedasticity and autocorrelation within individuals but not across them. Based on data of 14 Finnish cities over 1988-2012 differences of short-run housing price dynamics estimates were considerable when different models and instrumenting were used. Especially, the use of different instrumental variables caused variation of model estimates together with their statistical significance. This was particularly clear when comparing estimates of OLS with different dynamic panel data models. Estimates provided by dynamic panel data models were more in line with theory of housing price dynamics.

Keywords: dynamic model, fixed effects, panel data, price dynamics

Procedia PDF Downloads 1439
9881 Quality Tools for Shaping Quality of Learning and Teaching in Education and Training

Authors: Renga Rao Krishnamoorthy, Raihan Tahir

Abstract:

The quality of classroom learning and teaching delivery has been and will continue to be debated at various levels worldwide. The regional cooperation programme to improve the quality and labour market orientation of the Technical and Vocational Education and Training (RECOTVET), ‘Deutsche Gesellschaft für Internationale Zusammenarbeit’ (GIZ), in line with the sustainable development goals (SDG), has taken the initiative in the development of quality TVET in the ASEAN region by developing the Quality Toolbox for Better TVET Delivery (Quality Toolbox). This initiative aims to provide quick and practical materials to trainers, instructors, and personnel involved in education and training at an institute to shape the quality of classroom learning and teaching. The Quality Toolbox for Better TVET Delivery was developed in three stages: literature review and development, validation, and finalization. Thematic areas in the Quality Toolbox were derived from collective input of concerns and challenges raised from experts’ workshops through moderated sessions involving representatives of TVET institutes from 9 ASEAN Member States (AMS). The sessions were facilitated by professional moderators and international experts. TVET practitioners representing AMS further analysed and discussed the structure of the Quality Toolbox and content of thematic areas and outlined a set of specific requirements and recommendations. The application exercise of the Quality Toolbox was carried out by TVET institutes among ASM. Experience sharing sessions from participating ASEAN countries were conducted virtually. The findings revealed that TVET institutes use two types of approaches in shaping the quality of learning and teaching, which is ascribed to inductive or deductive, shaping of quality in learning and teaching is a non-linear process and finally, Q-tools can be adopted and adapted to shape the quality of learning and teaching at TVET institutes in the following: improvement of the institutional quality, improvement of teaching quality and improvement on the organisation of learning and teaching for students and trainers. The Quality Toolbox has good potential to be used at education and training institutes to shape quality in learning and teaching.

Keywords: AMS, GIZ, RECOTVET, quality tools

Procedia PDF Downloads 108
9880 In and Out-Of-Sample Performance of Non Simmetric Models in International Price Differential Forecasting in a Commodity Country Framework

Authors: Nicola Rubino

Abstract:

This paper presents an analysis of a group of commodity exporting countries' nominal exchange rate movements in relationship to the US dollar. Using a series of Unrestricted Self-exciting Threshold Autoregressive models (SETAR), we model and evaluate sixteen national CPI price differentials relative to the US dollar CPI. Out-of-sample forecast accuracy is evaluated through calculation of mean absolute error measures on the basis of two-hundred and fifty-three months rolling window forecasts and extended to three additional models, namely a logistic smooth transition regression (LSTAR), an additive non linear autoregressive model (AAR) and a simple linear Neural Network model (NNET). Our preliminary results confirm presence of some form of TAR non linearity in the majority of the countries analyzed, with a relatively higher goodness of fit, with respect to the linear AR(1) benchmark, in five countries out of sixteen considered. Although no model appears to statistically prevail over the other, our final out-of-sample forecast exercise shows that SETAR models tend to have quite poor relative forecasting performance, especially when compared to alternative non-linear specifications. Finally, by analyzing the implied half-lives of the > coefficients, our results confirms the presence, in the spirit of arbitrage band adjustment, of band convergence with an inner unit root behaviour in five of the sixteen countries analyzed.

Keywords: transition regression model, real exchange rate, nonlinearities, price differentials, PPP, commodity points

Procedia PDF Downloads 254
9879 The Extent of Virgin Olive-Oil Prices' Distribution Revealing the Behavior of Market Speculators

Authors: Fathi Abid, Bilel Kaffel

Abstract:

The olive tree, the olive harvest during winter season and the production of olive oil better known by professionals under the name of the crushing operation have interested institutional traders such as olive-oil offices and private companies such as food industry refining and extracting pomace olive oil as well as export-import public and private companies specializing in olive oil. The major problem facing producers of olive oil each winter campaign, contrary to what is expected, it is not whether the harvest will be good or not but whether the sale price will allow them to cover production costs and achieve a reasonable margin of profit or not. These questions are entirely legitimate if we judge by the importance of the issue and the heavy complexity of the uncertainty and competition made tougher by a high level of indebtedness and the experience and expertise of speculators and producers whose objectives are sometimes conflicting. The aim of this paper is to study the formation mechanism of olive oil prices in order to learn about speculators’ behavior and expectations in the market, how they contribute by their industry knowledge and their financial alliances and the size the financial challenge that may be involved for them to build private information hoses globally to take advantage. The methodology used in this paper is based on two stages, in the first stage we study econometrically the formation mechanisms of olive oil price in order to understand the market participant behavior by implementing ARMA, SARMA, GARCH and stochastic diffusion processes models, the second stage is devoted to prediction purposes, we use a combined wavelet- ANN approach. Our main findings indicate that olive oil market participants interact with each other in a way that they promote stylized facts formation. The unstable participant’s behaviors create the volatility clustering, non-linearity dependent and cyclicity phenomena. By imitating each other in some periods of the campaign, different participants contribute to the fat tails observed in the olive oil price distribution. The best prediction model for the olive oil price is based on a back propagation artificial neural network approach with input information based on wavelet decomposition and recent past history.

Keywords: olive oil price, stylized facts, ARMA model, SARMA model, GARCH model, combined wavelet-artificial neural network, continuous-time stochastic volatility mode

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9878 The Impact of Governance on Happiness: Evidence from Quantile Regressions

Authors: Chiung-Ju Huang

Abstract:

This study utilizes the quantile regression analysis to examine the impact of governance (including democratic quality and technical quality) on happiness in 101 countries worldwide, classified as “developed countries” and “developing countries”. The empirical results show that the impact of democratic quality and technical quality on happiness is significantly positive for “developed countries”, while is insignificant for “developing countries”. The results suggest that the authorities in developed countries can enhance the level of individual happiness by means of improving the democracy quality and technical quality. However, for developing countries, promoting the quality of governance in order to enhance the level of happiness may not be effective. Policy makers in developed countries may pay more attention on increasing real GDP per capita instead of promoting the quality of governance to enhance individual happiness.

Keywords: governance, happiness, multiple regression, quantile regression

Procedia PDF Downloads 252
9877 Contractor Selection by Using Analytical Network Process

Authors: Badr A. Al-Jehani

Abstract:

Nowadays, contractor selection is a critical activity of the project owner. Selecting the right contractor is essential to the project manager for the success of the project, and this cab happens by using the proper selecting method. Traditionally, the contractor is being selected based on his offered bid price. This approach focuses only on the price factor and forgetting other essential factors for the success of the project. In this research paper, the Analytic Network Process (ANP) method is used as a decision tool model to select the most appropriate contractor. This decision-making method can help the clients who work in the construction industry to identify contractors who are capable of delivering satisfactory outcomes. Moreover, this research paper provides a case study of selecting the proper contractor among three contractors by using ANP method. The case study identifies and computes the relative weight of the eight criteria and eleven sub-criteria using a questionnaire.

Keywords: contractor selection, project management, decision-making, bidding

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9876 Guests’ Perceptions of Service Quality Performance in Saudi Hotels: Testing the Relation with Brand Loyalty, and Gender through SERVPERF

Authors: Mohamed Mohsen

Abstract:

The purpose of this study is to explore the level of service quality performance from the perspectives of hotel guests. The aim is to examine hotel guests’ perceptions of service quality performance and its relation with their brand loyalty and gender. The study utilized the instrument of SERVPERF developed by Cronin and Taylor (1992) to measure service quality performance. The study was conducted in three upscale hotels in Saudi Arabia. The study found that service quality performance is significantly correlated to both brand loyalty and gender of hotel guests. The study also found that loyal and female hotel guests have perceptions of service quality performance than do non-loyal and male hotel guests. This research is the first empirical study in the Middle East that links service quality performance with brand loyalty and gender of hotel guests.

Keywords: service quality, SERVPERF, customer satisfaction, brand loyalty, gender

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9875 Transdisciplinary Attitude in the Classroom: Producing Quality of Being

Authors: Marie-Laure Mimoun-Sorel

Abstract:

Scholars concerned with the destiny of human species point out that our future will not only depend on progress made in technology and sciences but above all it will depend on human progress understood as quality of being. Teachers are significant force in developing a knowledgeable, creative, productive and democratic society. The values that underpin their profession are integrity, respect and responsibility. Therefore, being a teacher in the context of the 21st century requires embracing a Transdisciplinary Attitude which is about venturing within, between, across and beyond disciplines in order to bring forth quality of being in every learning process. In this article, the Transdisciplinary Attitude is defined and its benefits are shown through examples of Transdisciplinary inquiries in an Australian school. Finally, the conclusion invites to reflect on quality of teaching in regard to the development of individual autonomy, community participation and awareness of belonging to the human species.

Keywords: human progress, quality of being, quality of teaching, transdisciplinary attitude in education

Procedia PDF Downloads 345
9874 Service Quality Improvement in Ghana's Healthcare Supply Chain

Authors: Ammatu Alhassan

Abstract:

Quality healthcare delivery is a crucial indicator in assessing the overall developmental status of a country. There are many limitations in the Ghanaian healthcare supply chain due to the lack of studies about the correlation between quality health service and the healthcare supply chain. Patients who visit various healthcare providers face unpleasant experiences such as delays in the availability of their medications. In this study, an assessment of the quality of services provided to Ghanaian outpatients who visit public healthcare providers was investigated to establish its effect on the healthcare supply chain using a conceptual model. The Donabedian’s structure, process, and outcome theory for service quality evaluation were used to analyse 20 Ghanaian hospitals. The data obtained was tested using the structural equation model (SEM). The findings from this research will help us to improve the overall quality of the Ghanaian healthcare supply chain. The model which will be developed will help us to understand better the linkage between quality healthcare and the healthcare supply chain as well as serving as a reference tool for future healthcare research in Ghana.

Keywords: Ghana, healthcare, outpatients, supply chain

Procedia PDF Downloads 141
9873 Integrated Best Worst PROMETHEE to Evaluate Public Transport Service Quality

Authors: Laila Oubahman, Duleba Szabolcs

Abstract:

Public transport stakeholders aim to increase the ridership ratio by encouraging citizens to use common transportation modes. For this sight, improving service quality is a crucial option to reach the quality desired by users and reduce the gap between desired and perceived quality. Multi-criteria decision aid has been applied in literature in recent decades because it provides efficient models to assess the most impacting criteria on the overall assessment. In this paper, the PROMETHEE method is combined with the best-worst approach to construct a consensual model that avoids rank reversal to support stakeholders in ameliorating service quality.

Keywords: best-worst method, MCDA, PROMETHEE, public transport

Procedia PDF Downloads 173
9872 The Value of Store Choice Criteria on Perceived Patronage Intentions

Authors: Susana Marques

Abstract:

Research on how store environment cues influence consumers’ store choice decision criteria, such as store operations, product quality, monetary price, store image and sales promotion, is sparse. Especially absent research on the simultaneous impact of multiple store environment cues. The authors propose a comprehensive store choice model that includes: three types of store environment cues as exogenous constructs; various store choice criteria as possible mediating constructs, and store patronage intentions as an endogenous construct. On the basis of testing with a sample of 561 customers of hypermarkets, the model is partially supported. This study used structural equation modelling to test the proposed model.

Keywords: store choice, store patronage, structural equation modelling, retailing

Procedia PDF Downloads 251
9871 Nonlinear Model Predictive Control of Water Quality in Drinking Water Distribution Systems with DBPs Objetives

Authors: Mingyu Xie, Mietek Brdys

Abstract:

The paper develops a non-linear model predictive control (NMPC) of water quality in drinking water distribution systems (DWDS) based on the advanced non-linear quality dynamics model including disinfections by-products (DBPs). A special attention is paid to the analysis of an impact of the flow trajectories prescribed by an upper control level of the recently developed two-time scale architecture of an integrated quality and quantity control in DWDS. The new quality controller is to operate within this architecture in the fast time scale as the lower level quality controller. The controller performance is validated by a comprehensive simulation study based on an example case study DWDS.

Keywords: model predictive control, hierarchical control structure, genetic algorithm, water quality with DBPs objectives

Procedia PDF Downloads 287