Search results for: valuation standards

Authors: Elsa Kosmack Vaara, Cheryl Akner Koler, Yusuf Mulla, Parivash Ranjbar, Anneli Nöu

Abstract:

This transdisciplinary research weaves together an aesthetic perspective with a technical one to develop human sensitivity for vibration and construct flexible, wearable devices that are miniature, lightweight, and energy efficient. By applying methods from artistic research, performative arts, audio science, nanotechnology, and interaction design, we created working prototypes with actuators that were specifically positioned in various places on the body. The vibrotactile prototypes were tested by our research team, design students, and people with deafblindness and blindness, each with different intentions. Some tests supported connoisseurship for vibrotactile musical expression. Others aimed for precise navigational instructions. Our results and discussion concern problems in establishing standards for vibrotactility because standards minimize diversity and narrow possible ways vibration can be experienced. Human bodies vary significantly in ‘where’ vibrotactile signals can be sensed and ‘how’ they awaken emotions. We encourage others to embrace the dynamic exchange between new haptic technology and aesthetic complexity.

Keywords: aesthetics, vibration, music, interaction design, deafblindness

Procedia PDF Downloads 60

Authors: Adela Mariana Vadastreanu, Adrian Bot, Andreea Maier, Dorin Maier

Abstract:

This paper approaches the need for innovation management in the context of an existing integrated management system implemented in an organization. The road to success for companies in today’s economic environment is more demanding than ever and the capacity of adapting to the rapid changes is compensatory in order to resist on the market. The managers struggle, daily, with increasingly complex problems, caused by fierce competition in the market but also from the rising demands of customers. Innovation seems to be the solution for these problems. During the last decade almost all companies have been certificated according to various management systems, like quality management system, environmental management system, health and safety management system and others; furthermore many companies have implemented an integrated management system, by integrating two or more management systems. The problem rising today is how to integrate innovation in this integrated management systems. The challenge of the problem is that the development of an innovation management system is in the early phase. In this paper we have studied the possibility of integrating some of the innovation request in an existing management system, we have identify the innovation performance request and we proposed some recommendations regarding innovation management and its implementation as a part of an integrated management system. This paper lies down the bases for developing an model of integration management systems that include innovation as a main part of it. Organizations are becoming more aware of the importance of Integrated Management Systems (IMS). Integrating two or more management systems into an integrated management system can have much advantages.This paper examines various models of management systems integration in accordance with professional references ISO 9001, ISO 18001 and OHSAS 18001, highlighting strengths and weaknesses, creating a basis for future development of integrated management systems, and their involvement in various other processes within the organization, such as innovation management. The more and more demanding economic context emphasizes the awareness of the importance of innovation for organizations. This paper highlights the importance of the innovation for an organization and also gives some practical solution in order to improve the overall success of the business through a better approach of innovation. Various standards have been developed in order to certificate organizations that they respect the requirements. Applying an integrated standards model is shown to be a more effective way then applying the standards independently. The problem that arises is that in order to adopt the integrated version of standards there have to be made some changes at the organizational level. Every change that needs to be done has an effect on its activity, and in this sense the paper tries to deal with the changes needed for adopting an integrated management system and if those changes have an influence over the performance. After the analysis of the results, we can conclude that in order to improve the performance a necessary step is the implementation of innovation in the existing integrated management system.

Keywords: innovation, integrated management systems, innovation management, quality

Procedia PDF Downloads 286

Authors: H. M. Avanesyan

Abstract:

Economists have been discussing the importance of intangible assets for the success of organization for many years. The term intellectual capital was popularized in the 1990s by Thomas Stewart. “Intellectual capital is the knowledge, applied experience, enterprise processes and technology customer relationship and professional skills which are valuable assets to an organization.” Human capital – includes employee brainpower, competence, skills, experience and knowledge. Customer capital – includes relations and networks with partners, suppliers, distributors, and customers. The objective of the article is to assess one of the key components of organizational culture – organizational values. The focus of the survey was on assessing how intellectual capital presented in these values of the organization. In the conclusion section the article refers to underestimation of intellectual capital by the organization management and the various possible negative effects of the latter.

Keywords: human capital, intellectual capital, organizational culture, management, social identity, organization

Procedia PDF Downloads 432

Authors: Moise A.E., State G., Tudorache M., Custură I., Enea D.N., Osman (Defta) A., Drăgotoiu D.

Abstract:

This scientific paper explores risk management strategies in the food supply chain, with a focus on chicken raw materials, in the context of a company sourcing from the EU and non-EU. The aim of the paper is to adapt the requirements of international standards (IFS, BRC, QS, ITW, FSSC, ISO), proposing efficient methods to identify and remediate non-conformities and corrective and preventive actions. Defining the supply flow and acceptance steps promotes collaboration with suppliers to ensure the quality and safety of raw materials. To assess the risks of suppliers and raw materials, objective criteria are developed and vulnerabilities in the supply chain are analyzed, including the risk of fraud. Active monitoring of international alerts through RASFF helps to identify emerging risks quickly, and regular analysis of international trends and company performance enables continuous adaptation of risk management strategies. Implementing these measures strengthens food safety and consumer confidence in the final products supplied.

Keywords: food supply chain, international standards, quality and safety of raw materials, RASFF

Procedia PDF Downloads 19

Authors: Jann-Eike Saathoff, Kirill Alexander Schmoor, Martin Achmus, Mauricio Terceros

Abstract:

By using partial factors of safety, uncertainties due to the inherent variability of the soil properties and loads are taken into account in the geotechnical design process. According to the reliability index concept in Eurocode-0 in conjunction with Eurocode-7 a minimum safety level of β = 3.8 for reliability class RC2 shall be established. The reliability of the system depends heavily on the choice of the prespecified safety factor and the choice of the characteristic soil properties. The safety factors stated in the standards are mainly based on experience. However, no general accepted method for the calculation of a characteristic value within the current design practice exists. In this study, a laterally loaded monopile is investigated and the influence of the chosen quantile values of the deterministic system, calculated with p-y springs, will be presented. Monopiles are the most common foundation concepts for offshore wind energy converters. Based on the calculations for non-cohesive soils, a recommendation for an appropriate quantile value for the necessary safety level according to the standards for a deterministic design is given.

Keywords: asymptotic sampling, characteristic value, monopile foundation, probabilistic design, quantile values

Procedia PDF Downloads 121

Authors: Nadezhda Kvatashidze

Abstract:

The conceptual framework of International Financial Reporting Standards determines the basic principles of accounting. The said principles have multiple applications, with professional judgments being one of those. Recognition and assessment of the information contained in financial reporting, especially so the somewhat uncertain events and transactions and/or the ones regarding which there is no standard or interpretation are based on professional judgments. Professional judgments aim at the formulation of expert assumptions regarding the specifics of the circumstances and events to be entered into the report based on the conceptual framework terms and principles. Experts have to make a choice in favor of one of the aforesaid and simulate the situations applying multi-variant accounting estimates and judgment. In making the choice, one should consider all the factors, which may help represent the information in the best way possible. Professional judgment determines the relevance and faithful representation of the presented information, which makes it more useful for the existing and potential investors. In order to assess the prospected net cash flows, the information must be predictable and reliable. The publication contains critical analysis of the aforementioned problems. The fact that the International Financial Reporting Standards are developed continuously makes the issue all the more important and that is another point discussed in the study.

Keywords: conceptual framework, faithful representation, professional judgement, relevance

Procedia PDF Downloads 192

Authors: Ming Zhou, Taeho Park

Abstract:

Early stage technologies have been particularly challenging to manage due to high degrees of their numerous uncertainties. Most research results directly out of a research lab tend to be at their early, if not the infant stage. A long while uncertain commercialization process awaits these lab results. The majority of such lab technologies go nowhere and never get commercialized due to various reasons. Any efforts or financial resources put into managing these technologies turn fruitless. High stake naturally calls for better results, which make a patenting decision harder to make. A good and well protected patent goes a long way for commercialization of the technology. Our preliminary research showed that there was not a simple yet productive procedure for such valuation. Most of the studies now have been theoretical and overly comprehensive where practical suggestions were non-existent. Hence, we attempted to develop a simple and highly implementable procedure for efficient and scalable valuation. We thoroughly reviewed existing research, interviewed practitioners in the Silicon Valley area, and surveyed university technology offices. Instead of presenting another theoretical and exhaustive research, we aimed at developing a practical guidance that a government agency and/or university office could easily deploy and get things moving to later steps of managing early stage technologies. We provided a procedure to thriftily value and make the patenting decision. A patenting index was developed using survey data and expert opinions. We identified the most important factors to be used in the patenting decision using survey ratings. The rating then assisted us in generating good relative weights for the later scoring and weighted averaging step. More importantly, we validated our procedure by testing it with our practitioner contacts. Their inputs produced a general yet highly practical cut schedule. Such schedule of realistic practices has yet to be witnessed our current research. Although a technology office may choose to deviate from our cuts, what we offered here at least provided a simple and meaningful starting point. This procedure was welcomed by practitioners in our expert panel and university officers in our interview group. This research contributed to our current understanding and practices of managing early stage technologies by instating a heuristically simple yet theoretical solid method for the patenting decision. Our findings generated top decision factors, decision processes and decision thresholds of key parameters. This research offered a more practical perspective which further completed our extant knowledge. Our results could be impacted by our sample size and even biased a bit by our focus on the Silicon Valley area. Future research, blessed with bigger data size and more insights, may want to further train and validate our parameter values in order to obtain more consistent results and analyze our decision factors for different industries.

Keywords: technology management, early stage technology, patent, decision

Procedia PDF Downloads 311

Authors: T. Suleiman, C. Mchugh, H. Ranu

Abstract:

Background; Asthma continues to be associated with poor patient outcomes, including mortality. An audit of the management of acute asthma admissions in our hospital in 2020 found poor compliance with National Asthma and COPD Audit Project (NACAP) standards which set out to improve inpatient asthma care. Clinical nurse specialists have been shown to improve patient care across a range of specialties. In September 2021, an asthma Nurse Specialist (ANS) was employed in our hospital. Aim; To re-audit management of acute asthma admissions using NACAP standards and assess for quality improvement post-employment of an ANS. Methodology; NACAP standards are wide-reaching; therefore, we focused on ‘specific elements of good practice’ in addition to the provision of inhaled corticosteroids (ICS) on discharge. Medical notes were retrospectively requested from the hospital coding department and selected as per NACAP inclusion criteria. Data collection and entry into the NACAP database were carried out. As this was a clinical audit, ethics approval was not required. Results; Cycle 1 (pre-ANS) and 2 (post-ANS) of the audit included 20 and 32 patients, respectively, with comparable baseline demographics. No patients had a discharge bundle completed on discharge in cycle 1 vs. 84% of cases in cycle 2. Regarding specific components of the bundle, 25% of patients in cycle 1 had their inhaler technique checked vs. 91% in cycle 2. Furthermore, 80% of patients had maintenance medications reviewed in cycle 1 vs. 97% in cycle 2. Medication adherence was addressed in 20% of cases in cycle 1 vs. 88% of cases in cycle 2. Personalized asthma action plans were not issued or reviewed in any cases in cycle 1 as compared with 84% of cases in cycle 2. Triggers were discussed in 30% of cases in cycle 1 vs. 88% of cases in cycle 2. Tobacco dependence was addressed in 44% of cases in cycle 1 vs. 100% of cases in cycle 2. No patients in cycle 1 had community follow-up requested within 2 days vs. 81% of the patients in cycle 2. Similarly, 20% of the patients in cycle 1 vs. 88% of the patients in cycle 2 had a 4-week asthma clinic follow-up requested. 75% of patients in cycle 1 were the recipient of ICS on discharge compared with 94% of patients in cycle 2. Conclusion; Our quality improvement project demonstrates the utility of an ANS in improving performance in the management of acute asthma admissions, evidenced here through concordance with NACAP standards. Asthma is a complex condition with biological, psychological, and sociological components; therefore, ANS is a suitable intervention to improve concordance with guidelines. ANS likely impacted performance directly, for example, by checking inhaler technique, and indirectly as a safety net ensuring doctors included ICS on discharge.

Keywords: asthma, nurse specialist, clinical audit, quality improvement

Procedia PDF Downloads 353

Authors: Fei Peng, Jun Yuan, Chen Fan, Fan Jiang, Qian Sun, Yudi Liu

Abstract:

Although Earth Station in Motion (ESIM) services are widely used and there is a huge market demand around the world, International Telecommunication Union (ITU) does not have unified conclusion for the use of ESIM yet. ESIM are Mobile Satellite Services (MSS) due to its mobile-based attributes, while multiple administrations want to use ESIM in Fixed Satellite Service (FSS). However, Radio Regulations (RR) have strict distinction between MSS and FSS. In this case, ITU has been very controversial because this kind of application will violate the RR Article and the conflict will bring risks to the global deployment. Thus, this paper illustrates the development of rules, regulations, standards concerning ESIM and the radio spectrum usage of ESIM in different regions around the world. Firstly, the basic rules, standard and definition of ITU’s Radiocommunication Sector (ITU-R) is introduced. Secondly, the World Radiocommunication Conference (WRC) agenda item on radio spectrum allocation for ESIM, e.g. in C/Ku/Ka band, is introduced and multi-view on the radio spectrum allocation is elaborated, especially on 19.7-20.2 GHz & 29.5-30.0 GHz. Then, some ITU-R Recommendations and Reports are analyzed on the specific technique to enable these ESIM to communicate with Geostationary Earth Orbit Satellite (GSO) space stations in the FSS without causing interference at levels in excess of that caused by conventional FSS earth stations. Meanwhile, the opposite opinion on not allocating EISM service in FSS frequency band is also elaborated. Finally, based on the ESIM’s future application, the ITU-R standards development trend is forecasted. In conclusion, using radio spectrum resource in an equitable, rational and efficient manner is the basic guideline of ITU. Although it is not a good approach to obstruct the revise of RR when there is a large demand for radio spectrum resource in satellite industry, still the propulsion and global demand of the whole industry may face difficulties on the unclear application in modify rules of RR.

Keywords: earth station in motion, ITU standards, radio regulations, radio spectrum, satellite communication

Procedia PDF Downloads 260

Authors: Tuji Jemal Ahmed

Abstract:

This paper is to provides a comprehensive review of current research works on foodborne illness and food safety, including the risks associated with foodborne illnesses, the latest research on food safety, and the mitigation strategies used to prevent and control foodborne illnesses. Foodborne illness is a major public health concern that affects millions of people every year. As foodborne illnesses have grown more common and dangerous in recent years, it is vital that we research and build upon methods to ensure food remains safe throughout consumption. Additionally, this paper will discuss future directions for food safety research, including emerging technologies, changes in regulations and standards, and collaborative efforts to improve food safety. The first section of the paper provides an overview of the risks of foodborne illness, including a definition of foodborne illness, the causes of foodborne illness, the types of foodborne illnesses, and high-risk foods for foodborne illness, Health Consequences of Foodborne Illness. The second section of the paper focuses on current research on food safety, including the role of regulatory agencies in food safety, food safety standards and guidelines, emerging food safety concerns, and advances in food safety technology. The third section of the paper explores mitigation strategies for foodborne illness, including preventative measures, hazard analysis and critical control points (HACCP), good manufacturing practices (GMPs), and training and education. Finally, this paper examines future directions for food safety research, including hurdle technologies and their impact on food safety, changes in food safety regulations and standards, collaborative efforts to improve food safety, and research gaps and areas for further exploration. In general, this work provides a comprehensive review of current research and future directions in food safety and understanding the risks associated with foodborne illness. The implications of the assessment for food safety and public health are discussed, as well as recommended for research scholars.

Keywords: food safety, foodborne illness, technologies, mitigation

Procedia PDF Downloads 62

Authors: Yaara Shilo

Abstract:

Early childhood education and care (ECEC)in Israel has undergone extensive reform and now requires daycare centers to meet internationally recognized professional standards. Since 1948, one of the aims of childcare facilities was to enable women’s participation in the workforce.A 1965 law grouped daycare centers for young children with facilities for the elderly and for disabled persons under the same authority. In the 1970’s, ECEC leaders sought to change childcare from proprietary to educational facilities. From 1976 deliberations in the Knesset regarding appropriate attribution of ECEC frameworks resulted in their being moved to various authorities that supported women’s employment: Ministries of Finance, Industry, and Commerce, as well as the Welfare Department. Prior to 2018, 75% of infants and toddlers in institutional care were in unlicensed and unsupervised settings. Legislative processes accompanied the conceptual change to an eventual appropriate attribution of ECEC frameworks. Position papers over the past two decades resulted in recommendations for standards conforming to OECD regulations. Simultaneous incidents of child abuse, some resulting in death, riveted public attention to the need for adequate government supervision, accelerating the legislative process. Appropriate care for very young children must center on quality interactions with caregivers, thus requiring adequate staff training. Finally, in 2018 a law was passed stipulating standards for staff training, proper facilities, child-adult ratios, and safety measures. The Ariav commission expanded training to caregivers for ages 0-3. Transfer of the ECEC to the Ministry of Education ensured establishment of basic training. Groundwork created by new legislation initiated professional development of EC educators for ages 0-3. This process should raise salaries and bolster the system’s ability to attract quality employees. In 2022 responsibility for ECEC ages 0-3 was transferred from the Ministry of Finance to the Ministry of Education, shifting emphasis from proprietary care to professional considerations focusing on wellbeing and early childhood education. The recent revolutionary changes in ECEC point to a new age in the care and education of Israel’s youngest citizens. Implementation of international standards, adequate training, and professionalization of the workforce focus on the child’s needs.

Keywords: policy, early childhood, care and education, daycare, development

Procedia PDF Downloads 68

Authors: Elizabeta Eduard Baltadzhyan

Abstract:

This work presents a stage of an investigation about the metaphorical conceptualization of translation in Bulgarian language. The material is a linguistic corpus consisting of 38 interviews with several generations Bulgarian translators and interpreters. The aim of this presentation is to inform about the results of the organization of the source concepts in scenarios that dominate the discursive manifestations of the source domains. The data show that, on the one hand, translators from different generations share some basic assignments of source and target domains, e. g. translation is a journey or translation is an artistic presentation. On the other hand, there are some specific scenarios motivated by significant changes in the socio-economic structure of the country and the valuation of the translator´s mission and work, e. g., the scenario of pleasure and addictive activity marks the generation that enjoy great support and stimulation from the socialist government, whereas the war scenario marks the generation during the Perestroika time.

Keywords: Bulgarian language, metaphor, scenario, translation

Procedia PDF Downloads 273

Authors: Sandra Rigot, Samira Demaria, Frederic Lemaire

Abstract:

The starting point of this research is the contemporary capitalist paradox: there is a real scarcity of long term investment despite the boom of potential long term investors. This gap represents a major challenge: there are important needs for long term financing in developed and emerging countries in strategic sectors such as energy, transport infrastructure, information and communication networks. Moreover, the recent financial and sovereign debt crises, which have respectively reduced the ability of financial banking intermediaries and governments to provide long term financing, questions the identity of the actors able to provide long term financing, their methods of financing and the most appropriate forms of intermediation. The issue of long term financing is deemed to be very important by the EU Commission, as it issued a 2013 Green Paper (GP) on long-term financing of the EU economy. Among other topics, the paper discusses the impact of the recent regulatory reforms on long-term investment, both in terms of accounting (in particular fair value) and prudential standards for banks. For banks, prudential and accounting standards are also crucial. Fair value is indeed well adapted to the trading book in a short term view, but this method hardly suits for a medium and long term portfolio. Banks’ ability to finance the economy and long term projects depends on their ability to distribute credit and the way credit is valued (fair value or amortised cost) leads to different banking strategies. Furthermore, in the banking industry, accounting standards are directly connected to the prudential standards, as the regulatory requirements of Basel III use accounting figures with prudential filter to define the needs for capital and to compute regulatory ratios. The objective of these regulatory requirements is to prevent insolvency and financial instability. In the same time, they can represent regulatory constraints to long term investing. The balance between financial stability and the need to stimulate long term financing is a key question raised by the EU GP. Does fair value accounting contributes to short-termism in the investment behaviour? Should prudential rules be “appropriately calibrated” and “progressively implemented” not to prevent banks from providing long-term financing? These issues raised by the EU GP lead us to question to what extent the main regulatory requirements incite or constrain banks to finance long term projects. To that purpose, we study the 292 responses received by the EU Commission during the public consultation. We analyze these contributions focusing on particular questions related to fair value accounting and prudential norms. We conduct a two stage content analysis of the responses. First, we proceed to a qualitative coding to identify arguments of respondents and subsequently we run a quantitative coding in order to conduct statistical analyses. This paper provides a better understanding of the position that a large panel of European stakeholders have on these issues. Moreover, it adds to the debate on fair value accounting and its effects on prudential requirements for banks. This analysis allows us to identify some short term bias in banking regulation.

Keywords: basel 3, fair value, securitization, long term investment, banks, insurers

Procedia PDF Downloads 266

Authors: Kankurize Josiane, Nizigama Mediatrice

Abstract:

Introduction: Burundi records a still high infant mortality rate. Despite efforts to reduce it, prematurity is still the leading cause of death in the neonatal period. The objective of this study was to assess the quality of care for premature babies hospitalized in the neonatology unit of the Centre Hospitalier Universitaire de Kamenge. Method: This was a descriptive and evaluative prospective carried out in the neonatology unit of the CHUK (Centre Hospitalier Universitaire de Kamenge) from December 1, 2016, to May 31, 2017, including 70 premature babies, 65 mothers of premature babies and 15 providers including a pediatrician and 14 nurses. Using a tool developed by the World Health Organization and adapted to the local context by national experts, the quality of care for premature babies was assessed. Results: Prematurity accounted for 44.05% of hospitalizations in neonatology at the University Hospital of Kamenge. The assessment of the quality of care for premature babies was of low quality, with an average global score of 2/5 (50%), indicating that there is a considerable need for improvement to reach the standards. Conclusion: Efforts must be made to have infrastructures, materials, and human resources sufficient in quality and quantity so that the neonatology unit of the CHUK can be efficient and optimize the care of premature babies.

Keywords: quality of care, evaluation, premature, standards

Procedia PDF Downloads 37

Authors: Natasha Botha, Gary Corderely, Helen M. Inglis

Abstract:

With the move to cleaner energy applications the transport industry is working towards on-board hydrogen, or compressed natural gas-fuelled vehicles. A popular method for storage is to use composite overwrapped pressure vessels (COPV) because of their high strength to weight ratios. The proper design of these COPVs are according to international standards; this study aims to provide a preliminary design for a 350 Bar Type IV COPV (i.e. a polymer liner with a composite overwrap). Netting analysis, a popular analytical approach, is used as a first step to generate an initial design concept for the composite winding. This design is further improved upon by following the American Society of Mechanical Engineers (ASME) Boiler and Pressure Vessel standards, Section X: Fibre-reinforced composite pressure vessels. A design program based on these two approaches is developed using Python. A numerical model of a burst test simulation is developed based on the two approaches and compared. The results indicate that the netting analysis provides a good preliminary design, while the ASME-based design is more robust and accurate as it includes a better approximation of the material behaviour. Netting analysis is an easy method to follow when considering an initial concept design for the composite winding when not all the material characteristics are known. Once these characteristics have been fully defined with experimental testing, an ASME-based design should always be followed to ensure that all designs conform to international standards and practices. Future work entails more detailed numerical testing of the design for improvement, this will include the boss design. Once finalised prototype manufacturing and experimental testing will be conducted, and the results used to improve on the COPV design.

Keywords: composite overwrapped pressure vessel, netting analysis, design, American Society of Mechanical Engineers section x, fiber-reinforced, hydrogen storage

Procedia PDF Downloads 195

Authors: M. N. Boukhatem, M. A. Ferhat, K. Mansour

Abstract:

Bovine raw milk represents a favorable environment for the growth of several food-spoilage strains and some pathogens. It must meet stringent standards to ensure the highest microbiological and toxicological qualities.In order to assess the microbiological risks associated with the consumption of this food, we conducted this study to determine the microbiological quality of bovine raw milk (54 samples) commercialized at the state of Blida (Algeria). The samples analyzed were unsatisfactory in terms of total flora where 61.11% of samples were considered as non acceptable in terms of quality standards, fecal coliforms (40.74%), fecal streptococci (55.55%) and staphylococci (74.07%). Salmonella and Clostridium strains were not detected in all the samples. Furthermore, antibiotic residues were found in 26% of analysed samples. These results reflect non-compliance with the rules of good hygiene practices at milking, storage, transportatio, and sale of milk. Bovine raw milk consumed presents a serious health risk to the population of the study areas.The livestock coaching actors and dissemination of good hygiene practices throughout the production chain are needed to improve the quality of local milk.

Keywords: bovine raw milk, microbiological quality, fecal coliforms, antibiotic residue, Blida state

Procedia PDF Downloads 205

Authors: Mimi Hafizah Abdullah, Hanani Farhah Harun, Nik Ruzni Nik Idris

Abstract:

With the implied volatility as an important factor in financial decision-making, in particular in option pricing valuation, and also the given fact that the pricing biases of Leland option pricing models and the implied volatility structure for the options are related, this study considers examining the implied adjusted volatility smile patterns and term structures in the S&P/ASX 200 index options using the different Leland option pricing models. The examination of the implied adjusted volatility smiles and term structures in the Australian index options market covers the global financial crisis in the mid-2007. The implied adjusted volatility was found to escalate approximately triple the rate prior the crisis.

Keywords: implied adjusted volatility, financial crisis, Leland option pricing models, Australian index options

Procedia PDF Downloads 352

Authors: Dina Alfreahat, Zoltan Sebestyen

Abstract:

Safety is considered as one of the project’s success factors. Poor safety management may result in accidents that impact human, economic, and legal issues. Therefore, it is necessary to consider safety and health as a project success factor along with other project success factors, such as time, cost, and quality. Organizations have a knowledge deficit of the implementation of long-term safety practices, and due to cost control, safety problems tend to receive the least priority. They usually assume that safety management involves expenditures unrelated to production goals, thereby considering it unnecessary for profitability and competitiveness. The purpose of this study is to introduce, analysis and identify the correlation between the orientation of the public safety procedures of an organization and the public safety standards applied in the project. Therefore, the authors develop the process and collect the possible mathematical-statistical tools supporting the previously mentioned goal. The result shows that the adoption of management to safety is a major factor in implementing the safety standard in the project and thereby improving safety performance. It may take time and effort to adopt the mindset of safety orientation service development, but at the same time, the higher organizational investment in safety and health programs will contribute to the loyalty of staff to safety compliance.

Keywords: project management perspective, safety orientation, safety performance, safety standards

Procedia PDF Downloads 146

Authors: Shibly Abdullah

Abstract:

This paper provides an overview of fundamental philosophical and functional differences in conventional and Islamic accounting. The aim of this research is to undertake a detailed analysis focus on specific illustrations drawn from both these systems and highlight how these differences implicate in recording financial transactions and preparation of financial reports for a range of stakeholders. Accounting as being universally considered as a platform for providing a ‘true and fair’ view of corporate entities can be challenged in the current world view, as the business environment has evolved and transformed significantly. Growth of the non-traditional corporate entity such as Islamic financial institutions, fundamentally questions the applicability of conventional accounting standards in preparation of Shariah-compliant financial reporting. Coupled with this, there are significant concerns about the wider applicability of Islamic accounting standards and framework in order to achieve reporting practices satisfying the information needs generally. Against the backdrop of such a context, this paper raises fundamental question as to how potential convergence could be achieved between these two systems in order to provide users’ a transparent and comparable state of financial information resulting in an alternative framework of financial reporting.

Keywords: accounting, conventional accounting, corporate reporting, Islamic accounting

Procedia PDF Downloads 256

Authors: Andrzej Poszewiecki

Abstract:

The presented paper contributes to the experimental current of research on privacy. The question of privacy is being discussed at length at present, primarily among lawyers and politicians. However, the matter of privacy has been of interest for economists for some time as well. The valuation of privacy by people is of great importance now. This article is about how people valuate their privacy. An experimental method has been utilised in the conducted research – the survey was carried out among customers of an online store, and the studied issue was whether their readiness to sell their data (WTA) was different from the willingness to buy data back (WTP). The basic aim of this article is to analyse whether people shopping on the Internet differentiate their privacy depending on whether they protect or sell it. The achieved results indicate the presence of major differences in this respect, which do not always come up with the original expectations. The obtained results have supported the hypothesis that people are more willing to sell their data than to repurchase them. However, the hypothesis that the value of proposed remuneration affects the willingness to sell/buy back personal data (one’s privacy) has not been supported.

Keywords: privacy, experimental economics, behavioural economics, internet

Procedia PDF Downloads 262

Authors: Daniel Mokatsanyane, Johnny Jansen Van Rensburg

Abstract:

This paper is a concise introduction of the risk management on the water derivatives market. Water, a new commodity in the market, is one of the most important commodity on earth. As important to life and planet as crops, metals, and energy, none of them matters without water. This paper presents a brief overview of water as a tradable commodity via a new first of its kind futures contract on the Nasdaq Veles California Water Index (NQH2O) derivative instrument, TheGeneralised Autoregressive Conditional Heteroscedasticity (GARCH) statistical model will be the used to measure the water price volatility of the instrument and its performance since it’s been traded. describe the main products and illustrate their usage in risk management and also discuss key challenges with modeling and valuation of water as a traded commodity and finally discuss how water derivatives may be taken as an alternative asset investment class.

Keywords: water derivatives, commodity market, nasdaq veles california water Index (NQH2O, water price, risk management

Procedia PDF Downloads 96

Authors: Veronica Sri Lestari, Asmuddin Natsir, Hasmida Karim, Ian Patrick

Abstract:

The research aimed at investigating the factors affecting consumers’ willingness to pay for chicken meat from biosecure farms. The research was conducted in Makassar City, South Sulawesi Province, Indonesia. Samples were taken using random sampling technique in two supermarkets namely Lotte Mart and Gelael. Total samples were 50 respondents which comprised the chicken meat consumers. To find out the consumers’ willingness to pay for chicken meat from the biosecure farms, the contingent valuation method was utilized. Data were collected through interviews and questionnaires. Probit Logistic was estimated to examine the factors affecting the consumers’ willingness to pay for at the premium price for chicken meat from the biosecure farms. The research indicates that the education and income affect significantly the consumers’ willingness to pay for chicken meat from the biosecure farms (P < 0.05). The results of the study will be beneficial for the policy makers, producers, consumers and those conducting research.

Keywords: biosecure, chicken, farms, consumer, willingness-to-pay

Procedia PDF Downloads 250

Authors: Chandralal Shrestha

Abstract:

In the developing countries like Nepal, the community based forest management approach has often been glorified as one of the best forest management alternatives to maximize the forest benefits. Though the approach has succeeded to construct a local level institution and conserve the forest biodiversity, how the local communities perceived about the forest benefits, the question always remains silent among the researchers and policy makers. The paper aims to explore the understanding of forest benefits from the perspective of local communities who used the forests in terms of institutional stability, equity and livelihood opportunity, and ecological stability. The paper revealed that the local communities have mixed understanding over the forest benefits. The institutional and ecological activities carried out by the local communities indicated that they have better understanding over the forest benefits. However, inequality while sharing the forest benefits, low pricing strategy and its negative consequences in valuation of forest products and limited livelihood opportunities indicated the poor understanding.

Keywords: community based forest management, forest benefits, lowland, Nepal

Procedia PDF Downloads 284

Authors: Yuri Katz, Kun Liu, Arunram Atmacharan

Abstract:

Due to illiquidity, mispricing on Credit Markets is inevitable. This creates huge challenges to banks and investors as they seek to find new ways of risk valuation and portfolio management in a post-credit crisis world. Here, we analyze the difference in behavior of the spread-to-maturity in investment and high-yield categories of US corporate bonds between 2014 and 2023. Deviation from the theoretical dependency of this measure in the universe under study allows to identify multiple cases of mispriced credit risk. Remarkably, we observe mispriced bonds in both categories of credit ratings. This identification is supported by the application of the state-of-the-art machine learning model in more than 90% of cases. Noticeably, the ML-driven model-based forecasting of a category of bond’s credit ratings demonstrate an excellent out-of-sample accuracy (AUC = 98%). We believe that these results can augment conventional valuations of credit portfolios.

Keywords: credit risk, credit ratings, bond pricing, spread-to-maturity, machine learning

Procedia PDF Downloads 47

Authors: Raj Kumari Bahl, Sotirios Sabanis

Abstract:

In this paper, we are concerned with the valuation of the first Catastrophic Mortality Bond that was launched in the market namely the Swiss Re Mortality Bond 2003. This bond encapsulates the behavior of a well-defined mortality index to generate payoffs for the bondholders. Pricing this bond is a challenging task. We adapt the payoff of the terminal principal of the bond in terms of the payoff of an Asian put option and present an approach to derive model-independent bounds exploiting comonotonic theory. We invoke Jensen’s inequality for the computation of lower bounds and employ Lagrange optimization technique to achieve the upper bound. The success of these bounds is based on the availability of compatible European mortality options in the market. We carry out Monte Carlo simulations to estimate the bond price and illustrate the strength of these bounds across a variety of models. The fact that our bounds are model-independent is a crucial breakthrough in the pricing of catastrophic mortality bonds.

Keywords: mortality bond, Swiss Re Bond, mortality index, comonotonicity

Procedia PDF Downloads 221

Authors: Afentoula Mavrodi, Andreas Georgiou, Georgios Tsiotras, Vassilis Aletras

Abstract:

Placing a monetary value on a quality-adjusted-life-year (QALY) is of utmost importance in economic evaluation. Identifying the population’s preferences is critical in order to understand some of the reasons driving variations in the assigned monetary value. Yet, evidence of the motives behind value assignment to a QALY by the general public is limited. Developing an instrument that would capture the population’s motives could be proven valuable to policy-makers, to guide them in allocating different values to a QALY based on users’ motivations. The aim of this study was to identify the most relevant motives and develop an appropriate instrument to assess them. To design the instrument, we employed: a) the EQ-5D-3L tool to assess participants’ current health status, and b) the Willingness-to-Pay (WTP) approach, within the Contingent Valuation (CV) Method framework, to elicit the monetary value. Advancing the open-ended approach adopted to assess solely protest bidders’ motives; a variety of follow-up item-specific statements were designed (deductive approach), aiming to evaluate motives of both protest bidders and participants willing to pay for the hypothetical treatment under consideration. The initial design of the survey instrument was the outcome of an extensive literature review. This instrument was revised based on 15 semi-structured interviews that took place in September 2018 and a pilot study held during two months (October-November) in 2018. Individuals with different educational, occupational and economical backgrounds and adequate verbal skills were recruited to complete the semi-structured interviews. The follow-up motivation statements of both protest bidders and those willing to pay were revised and rephrased after the semi-structured interviews. In total 4 statements for protest bidders and 3 statements for those willing to pay for the treatment were chosen to be included in the survey tool. Using the CATI (Computer Assisted Telephone Interview) method, a randomly selected sample of 97 persons living in Thessaloniki, Greece, completed the questionnaire on two occasions over a period of 4 weeks. Based on pilot study results, a test-retest reliability assessment was performed using the intra-class correlation coefficient (ICC). All statements formulated for protest bidders showed acceptable reliability (ICC values of 0.84 (95% CI: 0.67, 0.92) and above). Similarly, all statements for those willing to pay for the treatment showed high reliability (ICC values of 0.86 (95% CI: 0.78, 0.91) and above). Overall, the instrument designed in this study was reliable with regards to the item-specific statements assessing participants’ motivation. Validation of the instrument will take place in a future study. For a holistic WTP per QALY instrument, participants’ motivation must be addressed broadly. The instrument developed in this study captured a variety of motives and provided insight with regards to the method through which the latter are evaluated. Last but not least, it extended motive assessment to all study participants and not only protest bidders.

Keywords: contingent valuation method, instrument, motives, quality-adjusted life-year, willingness-to-pay

Procedia PDF Downloads 111

Authors: Sidra Rizwan

Abstract:

The article focuses on the training needs of secondary school teachers related to the knowledge component of instructional planning and strategies as stated in the National professional standards for teachers in Pakistan. The study aimed to determine the training needs of secondary school teachers on different aspects of knowledge & understanding component of instructional planning and strategies. The target population of the study was the secondary school teachers across Pakistan. For this purpose, a sample of 400 secondary school teachers was selected through multistage sampling from all the four provinces and Federal capital area. Survey method was adopted to assess the training needs by using a self reporting tool. The tool helped to gauge the training needs through indirect inventory questions as well as a ranking list in which the respondents themselves prioritized their training areas. The results showed variation between the direct and indirect reporting of the teachers on the basis of which it was concluded that the secondary school teachers needed awareness about the knowledge component of instructional planning and strategies in order to redefine their actual training needs. The researcher further identified the training needs of secondary school teachers within each province and Islamabad capital territory; including an analysis of variations between strata. As teachers are considered agents of change, their training according to the professional standards should provide a solid base for “rethinking education”.

Keywords: training needs, secondary school teachers, instructional planning & strategies, knowledge & understanding

Procedia PDF Downloads 60

Authors: Saad A. Bakheet, Ashraf A. Younees, Abdalsamia M. Falah

Abstract:

The main purpose of this study is to the occurrence of several failures in four-meter diameter pre-restressed concrete cylinder pipes, which transport a huge quantity of water from the Libyan Sahara Desert to the populated coastal area in the north. This study will help to address the problems related to corrosion of the pre-stressed concrete cylinder pipes and methods of controlling it. The methodologies used depended on reviewing the design and fabrication of pre-stressed concrete cylinder pipes and studying the cause of the corrosion, which resulted in the failure of the pre-stressed concrete cylinder pipe Man-Made River project in Libya. The chloride-induced corrosion penetrating through the mortar coat was the main reason for corrosion. The beginning of the occurrence of corrosion, its causes, and the mechanisms of its development in pre-stressed concrete pipes since 1937 have been reviewed and are continuing until now. Manufacturing technology control corrosion and all associated problems and technology to control it have been demonstrated, including variables during manufacture, the use of a modified coating, and cathodic protection systems. It has been revised and is still based on international standards. The development of these standards and the change in some of their technical contents reflect the world's interest in the problems of corrosion and the cost of maintenance and replacement.

Keywords: PCCP corrosion, international standard, coating system, failure assessment

Procedia PDF Downloads 50

Authors: Joseph Ippolito, David Megenhardt

Abstract:

In the United States, displaced workers, the unemployed and those seeking to build additional work skills are provided employment training and job placement services through a system of One-Stop Career Centers that are sponsored by the country’s 593 local Workforce Boards. During the period 2010-2015, these centers served roughly 8 million individuals each year. The quality of services provided at these centers rests upon professional employment specialists who work closely with clients to identify their job interests, to connect them to appropriate training opportunities, to match them with needed supportive social services and to guide them to eventual employment. Despite the crucial role these Employment Specialists play, currently there are no broadly accepted standards that establish what these individuals are expected to do in the workplace, nor are there indicators to assess how well an individual performs these responsibilities. Education Development Center (EDC) and the United Labor Agency (ULA) have partnered to create a foundation upon which curriculum can be developed that addresses the skills, knowledge and behaviors that Employment Specialists must master in order to serve their clients effectively. EDC is a non-profit, education research and development organization that designs, implements, and evaluates programs to improve education, health and economic opportunity worldwide. ULA is the social action arm of organized labor in Greater Cleveland, Ohio. ULA currently operates One-Stop Career Centers in both Cleveland and Pittsburgh, Pennsylvania. This case study outlines efforts taken to create standards that define the work of Employment Specialists and to establish indicators that can guide assessment of work performance. The methodology involved in the study has engaged a panel of expert Employment Specialists in rigorous, structured dialogues that analyze and identify the characteristics that enable them to be effective in their jobs. It has also drawn upon and integrated reviews of the panel’s work by more than 100 other Employment Specialists across the country. The results of this process are two documents that provide resources for developing training curriculum for future Employment Specialists, namely: an occupational profile of an Employment Specialist that offers a detailed articulation of the skills, knowledge and behaviors that enable individuals to be successful at this job, and; a collection of performance based indicators, aligned to the profile, which illustrate what the work responsibilities of an Employment Specialist 'look like' a four levels of effectiveness ranging from novice to expert. The method of occupational analysis used by the study has application across a broad number of fields.

Keywords: assessment, employability, job standards, workforce development

Procedia PDF Downloads 207

Authors: Benjamin Bae

Abstract:

This study investigates the relationship between the adoption of International Financial Reporting Standards (IFRS) and the performance of banks in a number of Middle East countries. We examine whether performance levels and audit qualities play any role in adopting the International Financial Reporting Standards (IFRS) in Middle East banks. This study hypothesizes that, in general, banks with high performance and audit quality measures tend to adopt the IFRS than low-performing banks, as the adoption of a new standard takes lots of time and expenses, which could be an additional burden to them. The results show that three hypotheses are strongly supported whereas the cultural factor hypothesis is not. Banks with high ROA and ROE tend to adopt IFRS than low-performing banks. Big banks are also more likely to adopt IFRS than small or medium-sized banks. Contrary to the hypothesis, the Islamic bank status as a cultural factor has some positive impact on the adoption of the banks in the region. Overall, this research adds to our understanding of the bank’s performance. First, evidence on the relationship between the adoption of IFRS and the bank’s performance should be useful to investors. Second, the findings of this study provide financial statement users with useful information about the bank’s performance measures.

Keywords: IFRS, financial performance, audit quality, culture, firm size

Procedia PDF Downloads 7