Search results for: contractor selection
1020 A Rough-set Based Approach to Design an Expert System for Personnel Selection
Authors: Ehsan Akhlaghi
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Effective employee selection is a critical component of a successful organization. Many important criteria for personnel selection such as decision-making ability, adaptability, ambition, and self-organization are naturally vague and imprecise to evaluate. The rough sets theory (RST) as a new mathematical approach to vagueness and uncertainty is a very well suited tool to deal with qualitative data and various decision problems. This paper provides conceptual, descriptive, and simulation results, concentrating chiefly on human resources and personnel selection factors. The current research derives certain decision rules which are able to facilitate personnel selection and identifies several significant features based on an empirical study conducted in an IT company in Iran.Keywords: Decision Making, Expert System, PersonnelSelection, Rough Set Theory
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 23571019 Efficient Single Relay Selection Scheme for Cooperative Communication
Authors: Sung-Bok Choi, Hyun-Jun Shin, Hyoung-Kyu Song
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This paper proposes a single relay selection scheme in cooperative communication. Decode-and-forward scheme is considered when a source node wants to cooperate with a single relay for data transmission. To use the proposed single relay selection scheme, the source node makes a little different pattern signal which is not complex pattern and broadcasts it. The proposed scheme does not require the channel state information between the source node and candidates of the relay during the relay selection. Therefore, it is able to be used in many fields.
Keywords: Relay selection, cooperative communication, df, channel codes.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 18211018 Material Selection for a Manual Winch Rope Drum
Authors: Moses F. Oduori, Enoch K. Musyoka, Thomas O. Mbuya
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The selection of materials is an essential task in mechanical design processes. This paper sets out to demonstrate the application of analytical decision making during mechanical design and, particularly, in selecting a suitable material for a given application. Equations for the mechanical design of a manual winch rope drum are used to derive quantitative material performance indicators, which are then used in a multiple attribute decision making (MADM) model to rank the candidate materials. Thus, the processing of mechanical design considerations and material properties data into information that is suitable for use in a quantitative materials selection process is demonstrated for the case of a rope drum design. Moreover, Microsoft Excel®, a commonly available computer package, is used in the selection process. The results of the materials selection process are in agreement with current industry practice in rope drum design. The procedure that is demonstrated here should be adaptable to other design situations in which a need arises for the selection of engineering materials, and other engineering entities.
Keywords: Design Decisions, Materials Selection, Mechanical Design, Rope Drum Design.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 37781017 Determining the Criteria and their Importance Level of Calibration Supplier Selection
Authors: Ayse Gecer, Nihal Erginel
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Quality control is the crucial step for ISO 9001 Quality System Management Standard for companies. While measuring the quality level of both raw material and semi product/product, the calibration of the measuring device is an essential requirement. Calibration suppliers are in the service sector and therefore the calibration supplier selection is becoming a worthy topic for improving service quality. This study presents the results of a questionnaire about the selection criteria of a calibration supplier. The questionnaire was applied to 103 companies and the results are discussed in this paper. The analysis was made with MINITAB 14.0 statistical programs. “Competence of documentations" and “technical capability" are defined as the prerequisites because of the ISO/IEC17025:2005 standard. Also “warranties and complaint policy", “communication", “service features", “quality" and “performance history" are defined as very important criteria for calibration supplier selection.Keywords: Calibration, criteria of calibration supplier selection, calibration supplier selection, questionnaire
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 20081016 The Effect of Increment in Simulation Samples on a Combined Selection Procedure
Authors: Mohammad H. Almomani, Rosmanjawati Abdul Rahman
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Statistical selection procedures are used to select the best simulated system from a finite set of alternatives. In this paper, we present a procedure that can be used to select the best system when the number of alternatives is large. The proposed procedure consists a combination between Ranking and Selection, and Ordinal Optimization procedures. In order to improve the performance of Ordinal Optimization, Optimal Computing Budget Allocation technique is used to determine the best simulation lengths for all simulation systems and to reduce the total computation time. We also argue the effect of increment in simulation samples for the combined procedure. The results of numerical illustration show clearly the effect of increment in simulation samples on the proposed combination of selection procedure.Keywords: Indifference-Zone, Optimal Computing Budget Allocation, Ordinal Optimization, Ranking and Selection, Subset Selection.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 12411015 Evolutionary Feature Selection for Text Documents using the SVM
Authors: Daniel I. Morariu, Lucian N. Vintan, Volker Tresp
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Text categorization is the problem of classifying text documents into a set of predefined classes. After a preprocessing step, the documents are typically represented as large sparse vectors. When training classifiers on large collections of documents, both the time and memory restrictions can be quite prohibitive. This justifies the application of feature selection methods to reduce the dimensionality of the document-representation vector. In this paper, we present three feature selection methods: Information Gain, Support Vector Machine feature selection called (SVM_FS) and Genetic Algorithm with SVM (called GA_SVM). We show that the best results were obtained with GA_SVM method for a relatively small dimension of the feature vector.Keywords: Feature Selection, Learning with Kernels, Support Vector Machine, Genetic Algorithm, and Classification.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 17051014 Automatic Threshold Search for Heat Map Based Feature Selection: A Cancer Dataset Analysis
Authors: Carlos Huertas, Reyes Juarez-Ramirez
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Public health is one of the most critical issues today; therefore, there is great interest to improve technologies in the area of diseases detection. With machine learning and feature selection, it has been possible to aid the diagnosis of several diseases such as cancer. In this work, we present an extension to the Heat Map Based Feature Selection algorithm, this modification allows automatic threshold parameter selection that helps to improve the generalization performance of high dimensional data such as mass spectrometry. We have performed a comparison analysis using multiple cancer datasets and compare against the well known Recursive Feature Elimination algorithm and our original proposal, the results show improved classification performance that is very competitive against current techniques.Keywords: Feature selection, mass spectrometry, biomarker discovery, cancer.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 15891013 An Adequate Choice of Initial Sample Size for Selection Approach
Authors: Mohammad H. Almomani, Rosmanjawati Abdul Rahman
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In this paper, we consider the effect of the initial sample size on the performance of a sequential approach that used in selecting a good enough simulated system, when the number of alternatives is very large. We implement a sequential approach on M=M=1 queuing system under some parameter settings, with a different choice of the initial sample sizes to explore the impacts on the performance of this approach. The results show that the choice of the initial sample size does affect the performance of our selection approach.Keywords: Ranking and Selection, Ordinal Optimization, Optimal Computing Budget Allocation, Subset Selection, Indifference-Zone, Initial Sample Size.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 13071012 Enhanced Bidirectional Selection Sort
Authors: Jyoti Dua
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An algorithm is a well-defined procedure that takes some input in the form of some values, processes them and gives the desired output. It forms the basis of many other algorithms such as searching, pattern matching, digital filters etc., and other applications have been found in database systems, data statistics and processing, data communications and pattern matching. This paper introduces algorithmic “Enhanced Bidirectional Selection” sort which is bidirectional, stable. It is said to be bidirectional as it selects two values smallest from the front and largest from the rear and assigns them to their appropriate locations thus reducing the number of passes by half the total number of elements as compared to selection sort.
Keywords: Bubble sort, cocktail sort, selection sort, heap sort.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 23731011 A Model for Test Case Selection in the Software-Development Life Cycle
Authors: Adtha Lawanna
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Software maintenance is one of the essential processes of Software-Development Life Cycle. The main philosophies of retaining software concern the improvement of errors, the revision of codes, the inhibition of future errors, and the development in piece and capacity. While the adjustment has been employing, the software structure has to be retested to an upsurge a level of assurance that it will be prepared due to the requirements. According to this state, the test cases must be considered for challenging the revised modules and the whole software. A concept of resolving this problem is ongoing by regression test selection such as the retest-all selections, random/ad-hoc selection and the safe regression test selection. Particularly, the traditional techniques concern a mapping between the test cases in a test suite and the lines of code it executes. However, there are not only the lines of code as one of the requirements that can affect the size of test suite but including the number of functions and faulty versions. Therefore, a model for test case selection is developed to cover those three requirements by the integral technique which can produce the smaller size of the test cases when compared with the traditional regression selection techniques.
Keywords: Software maintenance, regression test selection, test case.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 16971010 A Model for Test Case Selection in the Software-Development Life Cycle
Authors: Adtha Lawanna
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Software maintenance is one of the essential processes of Software-Development Life Cycle. The main philosophies of retaining software concern the improvement of errors, the revision of codes, the inhibition of future errors, and the development in piece and capacity. While the adjustment has been employing, the software structure has to be retested to an upsurge a level of assurance that it will be prepared due to the requirements. According to this state, the test cases must be considered for challenging the revised modules and the whole software. A concept of resolving this problem is ongoing by regression test selection such as the retest-all selections, random/ad-hoc selection and the safe regression test selection. Particularly, the traditional techniques concern a mapping between the test cases in a test suite and the lines of code it executes. However, there are not only the lines of code as one of the requirements that can affect the size of test suite but including the number of functions and faulty versions. Therefore, a model for test case selection is developed to cover those three requirements by the integral technique which can produce the smaller size of the test cases when compared with the traditional regression selection techniques.
Keywords: Software maintenance, regression test selection, test case.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 15991009 Towards a Systematic, Cost-Effective Approach for ERP Selection
Authors: Hassan Haghighi, Omid Mafi
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Existing experiences indicate that one of the most prominent reasons that some ERP implementations fail is related to selecting an improper ERP package. Among those important factors resulting in inappropriate ERP selections, one is to ignore preliminary activities that should be done before the evaluation of ERP packages. Another factor yielding these unsuitable selections is that usually organizations employ prolonged and costly selection processes in such extent that sometimes the process would never be finalized or sometimes the evaluation team might perform many key final activities in an incomplete or inaccurate way due to exhaustion, lack of interest or out-of-date data. In this paper, a systematic approach that recommends some activities to be done before and after the main selection phase is introduced for choosing an ERP package. On the other hand, the proposed approach has utilized some ideas that accelerates the selection process at the same time that reduces the probability of an erroneous final selection.Keywords: enterprise resource planning, evaluation and selectionof ERP packages, organizational readiness for employing ERP, evaluationlists.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 15491008 Feature Subset Selection Using Ant Colony Optimization
Authors: Ahmed Al-Ani
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Feature selection is an important step in many pattern classification problems. It is applied to select a subset of features, from a much larger set, such that the selected subset is sufficient to perform the classification task. Due to its importance, the problem of feature selection has been investigated by many researchers. In this paper, a novel feature subset search procedure that utilizes the Ant Colony Optimization (ACO) is presented. The ACO is a metaheuristic inspired by the behavior of real ants in their search for the shortest paths to food sources. It looks for optimal solutions by considering both local heuristics and previous knowledge. When applied to two different classification problems, the proposed algorithm achieved very promising results.Keywords: Ant Colony Optimization, ant systems, feature selection, pattern recognition.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 16011007 Imputation Technique for Feature Selection in Microarray Data Set
Authors: Younies Mahmoud, Mai Mabrouk, Elsayed Sallam
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Analyzing DNA microarray data sets is a great challenge, which faces the bioinformaticians due to the complication of using statistical and machine learning techniques. The challenge will be doubled if the microarray data sets contain missing data, which happens regularly because these techniques cannot deal with missing data. One of the most important data analysis process on the microarray data set is feature selection. This process finds the most important genes that affect certain disease. In this paper, we introduce a technique for imputing the missing data in microarray data sets while performing feature selection.
Keywords: DNA microarray, feature selection, missing data, bioinformatics.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 27911006 Selection Initial modes for Belief K-modes Method
Authors: Sarra Ben Hariz, Zied Elouedi, Khaled Mellouli
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The belief K-modes method (BKM) approach is a new clustering technique handling uncertainty in the attribute values of objects in both the cluster construction task and the classification one. Like the standard version of this method, the BKM results depend on the chosen initial modes. So, one selection method of initial modes is developed, in this paper, aiming at improving the performances of the BKM approach. Experiments with several sets of real data show that by considered the developed selection initial modes method, the clustering algorithm produces more accurate results.Keywords: Clustering, Uncertainty, Belief function theory, Belief K-modes Method, Initial modes selection.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 18121005 TOPSIS Method for Supplier Selection Problem
Authors: Omid Jadidi, Fatemeh Firouzi, Enzo Bagliery
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Supplier selection, in real situation, is affected by several qualitative and quantitative factors and is one of the most important activities of purchasing department. Since at the time of evaluating suppliers against the criteria or factors, decision makers (DMS) do not have precise, exact and complete information, supplier selection becomes more difficult. In this case, Grey theory helps us to deal with this problem of uncertainty. Here, we apply Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) method to evaluate and select the best supplier by using interval fuzzy numbers. Through this article, we compare TOPSIS with some other approaches and afterward demonstrate that the concept of TOPSIS is very important for ranking and selecting right supplier.Keywords: TOPSIS, fuzzy number, MADM, Supplier selection
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 129991004 Hospital Facility Location Selection Using Permanent Analytics Process
Authors: C. Ardil
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In this paper, a new MCDMA approach, the permanent analytics process is proposed to assess the immovable valuation criteria and their significance in the placement of the healthcare facility. Five decision factors are considered for the value and selection of immovables. In the multiple factor selection problems, the priority vector of the criteria used to compare several immovables is first determined using the permanent analytics method, a mathematical model for the multiple criteria decisionmaking process. Then, to demonstrate the viability and efficacy of the suggested approach, twenty potential candidate locations were evaluated using the hospital site selection problem's decision criteria. The ranking accuracy of estimation was evaluated using composite programming, which took into account both the permanent analytics process and the weighted multiplicative model.
Keywords: Hospital Facility Location Selection, Permanent Analytics Process, Multiple Criteria Decision Making (MCDM)
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 4341003 Applying Fuzzy Decision Making Approach to IT Outsourcing Supplier Selection
Authors: Gülcin Büyüközkan, Mehmet Sakir Ersoy
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The decision of information technology (IT) outsourcing requires close attention to the evaluation of supplier selection process because the selection decision involves conflicting multiple criteria and is replete with complex decision making problems. Selecting the most appropriate suppliers is considered an important strategic decision that may impact the performance of outsourcing engagements. The objective of this paper is to aid decision makers to evaluate and assess possible IT outsourcing suppliers. An axiomatic design based fuzzy group decision making is adopted to evaluate supplier alternatives. Finally, a case study is given to demonstrate the potential of the methodology. KeywordsIT outsourcing, Supplier selection, Multi-criteria decision making, Axiomatic design, Fuzzy logic.Keywords: IT outsourcing, Supplier selection, Multi-criteria decision making, Axiomatic design, Fuzzy logic
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 19511002 Selection of Solid Waste Landfill Site Using Geographical Information System (GIS)
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Rapid population growth, urbanization and industrialization are known as the most important factors of environment problems. Elimination and management of solid wastes are also within the most important environment problems. One of the main problems in solid waste management is the selection of the best site for elimination of solid wastes. Lately, Geographical Information System (GIS) has been used for easing selection of landfill area. GIS has the ability of imitating necessary economic, environmental and political limitations. They play an important role for the site selection of landfill area as a decision support tool. In this study; map layers will be studied for minimum effect of environmental, social and cultural factors and maximum effect for engineering/economic factors for site selection of landfill areas and using GIS for a decision support mechanism in solid waste landfill areas site selection will be presented in Aksaray/Turkey city, Güzelyurt district practice.Keywords: GIS, landfill, solid waste, spatial analysis.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 31791001 A Hybrid Feature Subset Selection Approach based on SVM and Binary ACO. Application to Industrial Diagnosis
Authors: O. Kadri, M. D. Mouss, L.H. Mouss, F. Merah
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This paper proposes a novel hybrid algorithm for feature selection based on a binary ant colony and SVM. The final subset selection is attained through the elimination of the features that produce noise or, are strictly correlated with other already selected features. Our algorithm can improve classification accuracy with a small and appropriate feature subset. Proposed algorithm is easily implemented and because of use of a simple filter in that, its computational complexity is very low. The performance of the proposed algorithm is evaluated through a real Rotary Cement kiln dataset. The results show that our algorithm outperforms existing algorithms.
Keywords: Binary Ant Colony algorithm, Support VectorMachine, feature selection, classification.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 16081000 Ant Colony Optimization for Feature Subset Selection
Authors: Ahmed Al-Ani
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The Ant Colony Optimization (ACO) is a metaheuristic inspired by the behavior of real ants in their search for the shortest paths to food sources. It has recently attracted a lot of attention and has been successfully applied to a number of different optimization problems. Due to the importance of the feature selection problem and the potential of ACO, this paper presents a novel method that utilizes the ACO algorithm to implement a feature subset search procedure. Initial results obtained using the classification of speech segments are very promising.Keywords: Ant Colony Optimization, ant systems, feature selection, pattern recognition.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3141999 Automatic Landmark Selection Based on Feature Clustering for Visual Autonomous Unmanned Aerial Vehicle Navigation
Authors: Paulo Fernando Silva Filho, Elcio Hideiti Shiguemori
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The selection of specific landmarks for an Unmanned Aerial Vehicles’ Visual Navigation systems based on Automatic Landmark Recognition has significant influence on the precision of the system’s estimated position. At the same time, manual selection of the landmarks does not guarantee a high recognition rate, which would also result on a poor precision. This work aims to develop an automatic landmark selection that will take the image of the flight area and identify the best landmarks to be recognized by the Visual Navigation Landmark Recognition System. The criterion to select a landmark is based on features detected by ORB or AKAZE and edges information on each possible landmark. Results have shown that disposition of possible landmarks is quite different from the human perception.Keywords: Clustering, edges, feature points, landmark selection, X-Means.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 817998 Regression Test Selection Technique for Multi-Programming Language
Authors: Walid S. Abd El-hamid, Sherif S. El-Etriby, Mohiy M. Hadhoud
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Regression testing is a maintenance activity applied to modified software to provide confidence that the changed parts are correct and that the unchanged parts have not been adversely affected by the modifications. Regression test selection techniques reduce the cost of regression testing, by selecting a subset of an existing test suite to use in retesting modified programs. This paper presents the first general regression-test-selection technique, which based on code and allows selecting test cases for any programs written in any programming language. Then it handles incomplete program. We also describe RTSDiff, a regression-test-selection system that implements the proposed technique. The results of the empirical studied that performed in four programming languages java, C#, Cµ and Visual basic show that the efficiency and effective in reducing the size of test suit.Keywords: Regression testing, testing, test selection, softwareevolution, software maintenance.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1532997 Geometric Operators in the Selection of Human Resources
Authors: José M. Merigó, Anna M. Gil-Lafuente
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We study the possibility of using geometric operators in the selection of human resources. We develop three new methods that use the ordered weighted geometric (OWG) operator in different indexes used for the selection of human resources. The objective of these models is to manipulate the neutrality of the old methods so the decision maker is able to select human resources according to his particular attitude. In order to develop these models, first a short revision of the OWG operator is developed. Second, we briefly explain the general process for the selection of human resources. Then, we develop the three new indexes. They will use the OWG operator in the Hamming distance, in the adequacy coefficient and in the index of maximum and minimum level. Finally, an illustrative example about the new approach is given.Keywords: OWG operator, decision making, human resources, Hamming distance.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1401996 Project Selection by Using Fuzzy AHP and TOPSIS Technique
Authors: S. Mahmoodzadeh, J. Shahrabi, M. Pariazar, M. S. Zaeri
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In this article, by using fuzzy AHP and TOPSIS technique we propose a new method for project selection problem. After reviewing four common methods of comparing alternatives investment (net present value, rate of return, benefit cost analysis and payback period) we use them as criteria in AHP tree. In this methodology by utilizing improved Analytical Hierarchy Process by Fuzzy set theory, first we try to calculate weight of each criterion. Then by implementing TOPSIS algorithm, assessment of projects has been done. Obtained results have been tested in a numerical example.Keywords: Fuzzy AHP, Project Selection, TOPSIS Technique.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 6599995 Vague Multiple Criteria Decision Making Analysis Method for Fighter Aircraft Selection
Authors: C. Ardil
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Fighter aircraft selection is one of the most critical strategies for defense multiple criteria decision-making analysis to increase the decisive power of air defense and its superior power in the defense strategy. Vague set theory is an adequate approach for modeling vagueness, uncertainty, and imprecision in decision-making problems. This study integrates vague set theory and the technique for order of preference by similarity to ideal solution (TOPSIS) to support fighter aircraft selection. The proposed method is applied in the selection of fighter aircraft for the Air Force. In the proposed approach, the ratings of alternatives and the importance weights of criteria for fighter aircraft selection are represented by the vague set theory. Finally, an illustrative example for fighter aircraft selection is given to demonstrate the applicability and effectiveness of the proposed approach. The fighter aircraft candidates were selected under six criteria including costability, payloadability, maneuverability, speedability, stealthility, and survivability. Analysis results show that the best fighter aircraft is selected with the highest closeness coefficient value. The proposed method can also be applied to solve other multiple criteria decision analysis problems.
Keywords: fighter aircraft selection, vague set theory, fuzzy set theory, neutrosophic set theory, multiple criteria decision making analysis, MCDMA, TOPSIS
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 541994 Unsupervised Feature Selection Using Feature Density Functions
Authors: Mina Alibeigi, Sattar Hashemi, Ali Hamzeh
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Since dealing with high dimensional data is computationally complex and sometimes even intractable, recently several feature reductions methods have been developed to reduce the dimensionality of the data in order to simplify the calculation analysis in various applications such as text categorization, signal processing, image retrieval, gene expressions and etc. Among feature reduction techniques, feature selection is one the most popular methods due to the preservation of the original features. In this paper, we propose a new unsupervised feature selection method which will remove redundant features from the original feature space by the use of probability density functions of various features. To show the effectiveness of the proposed method, popular feature selection methods have been implemented and compared. Experimental results on the several datasets derived from UCI repository database, illustrate the effectiveness of our proposed methods in comparison with the other compared methods in terms of both classification accuracy and the number of selected features.Keywords: Feature, Feature Selection, Filter, Probability Density Function
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2076993 Advanced Technologies and Algorithms for Efficient Portfolio Selection
Authors: Konstantinos Liagkouras, Konstantinos Metaxiotis
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In this paper we present a classification of the various technologies applied for the solution of the portfolio selection problem according to the discipline and the methodological framework followed. We provide a concise presentation of the emerged categories and we are trying to identify which methods considered obsolete and which lie at the heart of the debate. On top of that, we provide a comparative study of the different technologies applied for efficient portfolio construction and we suggest potential paths for future work that lie at the intersection of the presented techniques.
Keywords: Portfolio selection, optimization techniques, financial models, stochastics, heuristics.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1751992 Evaluation and Selection of Construction Contractors by Polish Public Clients
Authors: R. Kozik, A. Leśniak A., E. Plebankiewicz
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Contracting authorities in the public sector are obligated to apply the principles provided for in the Polish law for the evaluation and selection of contractors. In order to analyse the methods of contractors selecting applied in practice by public clients, the notices of contract award results for construction works were analysed. The analysis shows that the procedure selected more and more often is open competitive bidding, where the assessment of the competence of contractors is not very precise, as well as noncompetitive bidding, i.e. single source procurement. The share of procurement procedures, where the only criterion is price, is increasing. The solution to the problems existing here might be the introduction of one of the forms of pre-selection of contractors. The article also briefly discusses verification systems for companies applying for public contracts used in EU countries.
Keywords: Certification, contractors selection, open tendering, public investors.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1934991 Barriers to Competitive Tenders in Building Conservation Works
Authors: Yoke-Mui Lim, Yahaya Ahmad
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Conservation works in Malaysia that is procured by public organisation usually follow the traditional approach where the works are tendered based on Bills of Quantities (BQ). One of the purposes of tendering is to enable the selection of a competent contractor that offers a competitive price. While competency of the contractors are assessed by their technical knowledge, experience and track records, the assessment of pricing will be dependent on the tender amount. However, the issue currently faced by the conservation works sector is the difficulty in assessing the competitiveness and reasonableness of the tender amount due to the high variance between the tenders amount. Thus, this paper discusses the factors that cause difficulty to the tenderers in pricing competitively in a bidding exercise for conservation tenders. Data on tendering is collected from interviews with conservation works contractors to gain in-depth understanding of the barriers faced in pricing tenders of conservation works. Findings from the study lent support to the contention that the variance of tender amount is very high amongst tenderers. The factors identified in the survey are the format of BQ, hidden works, experience and labour and material costs.
Keywords: Building Conservation, Malaysia, Bill of Quantities, Tender.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2430