Search results for: The cost of money

Authors: Balimu Mwiya, Mundia Muya, Chabota Kaliba, Peter Mukalula

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Factors affecting construction unit cost vary depending on a country’s political, economic, social and technological inclinations. Factors affecting construction costs have been studied from various perspectives. Analysis of cost factors requires an appreciation of a country’s practices. Identified cost factors provide an indication of a country’s construction economic strata. The purpose of this paper is to identify the essential factors that affect unit cost estimation and their breakdown using artificial neural networks. Twenty five (25) identified cost factors in road construction were subjected to a questionnaire survey and employing SPSS factor analysis the factors were reduced to eight. The 8 factors were analysed using neural network (NN) to determine the proportionate breakdown of the cost factors in a given construction unit rate. NN predicted that political environment accounted 44% of the unit rate followed by contractor capacity at 22% and financial delays, project feasibility and overhead & profit each at 11%. Project location, material availability and corruption perception index had minimal impact on the unit cost from the training data provided. Quantified cost factors can be incorporated in unit cost estimation models (UCEM) to produce more accurate estimates. This can create improvements in the cost estimation of infrastructure projects and establish a benchmark standard to assist the process of alignment of work practises and training of new staff, permitting the on-going development of best practises in cost estimation to become more effective.

Keywords: Construction cost factors, neural networks, roadworks, Zambian Construction Industry.

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Authors: Hamide Özyürek, Metin Yılmaz

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Standard processes, similar and limited production lines, the production of high direct costs will be more accurate than the use of parts of the traditional cost systems in the literature. However, direct costs, overhead expenses, in turn, decrease the burden of increasingly sophisticated production facilities, a situation that led the researchers to look for the cost of traditional systems of alternative techniques. Variety cost management approaches for example Total quality management (TQM), just-in-time (JIT), benchmarking, kaizen costing, targeting cost, life cycle costs (LLC), activity-based costing (ABC) value engineering have been introduced. Management and cost applications have changed over the past decade and will continue to change. Modern cost systems can provide relevant and accurate cost information. These methods provide the decisions about customer, product and process improvement. The aim of study is to describe and explain the adoption and application of costing systems in SME. This purpose reports on a survey conducted during 2014 small and medium sized enterprises (SME) in Ankara. The survey results were evaluated using SPSS18 package program.

Keywords: Cost Accounting, Costing, Modern Costing Systems, Managerial Accounting.

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Authors: Hadi Sadoghi Yazdi, Tahereh Royani, Mehri Sadoghi Yazdi, Sohrab Effati

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In this paper, a new version of support vector regression (SVR) is presented namely Fuzzy Cost SVR (FCSVR). Individual property of the FCSVR is operation over fuzzy data whereas fuzzy cost (fuzzy margin and fuzzy penalty) are maximized. This idea admits to have uncertainty in the penalty and margin terms jointly. Robustness against noise is shown in the experimental results as a property of the proposed method and superiority relative conventional SVR.

Keywords: Support vector regression, Fuzzy input, Fuzzy cost.

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Authors: Farhad Kolahan, Vahid Kayvanfar

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In this paper we address a multi-objective scheduling problem for unrelated parallel machines. In unrelated parallel systems, the processing cost/time of a given job on different machines may vary. The objective of scheduling is to simultaneously determine the job-machine assignment and job sequencing on each machine. In such a way the total cost of the schedule is minimized. The cost function consists of three components, namely; machining cost, earliness/tardiness penalties and makespan related cost. Such scheduling problem is combinatorial in nature. Therefore, a Simulated Annealing approach is employed to provide good solutions within reasonable computational times. Computational results show that the proposed approach can efficiently solve such complicated problems.

Keywords: Makespan, Parallel machines, Scheduling, Simulated Annealing

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Authors: Shih-Hsu Wang, Yuan-Yuan Cheng, Ming-Tsung Lee, Wei-Chih Wang

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Determining reasonable fees is the main objective of designing the cost estimation and payment systems for consultant contracts. However, project clients utilize different cost estimation and payment systems because of their varying views on the reasonableness of consultant fees. This study reviews the cost estimation and payment systems of consultant contracts for five countries, including the US (Washington State Department of Transportation), Japan (Ministry of Land, Infrastructure, Transport and Tourism), China (Engineering Design Charging Standard) and UK (Her Majesty's Treasure). Specifically, this work investigates the budgeting process, contractor selection method, contractual price negotiation process, cost review, and cost-control concept of the systems used in these countries. The main finding indicates that that project client-s view on whether the fee is high will affect the way he controls it. In the US, the fee is commonly considered to be high. As a result, stringent auditing system (low flexibility given to the consultant) is then applied. In the UK, the fee is viewed to be low by comparing it to the total life-cycle project cost. Thus, a system that has high flexibility in budgeting and cost reviewing is given to the consultant. In terms of the flexibility allowed for the consultant, the systems applied in Japan and China fall between those of the US and UK. Both the US and UK systems are helpful in determining a reasonable fee. However, in the US system, rigid auditing standards must be established and additional cost-audit manpower is required. In the UK system, sufficient historical cost data should be needed to evaluate the reasonableness of the consultant-s proposed fee

Keywords: Consultant Services, Cost Estimation and Payment System, Payment Flexibility, Cost-control Concept

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Authors: Jamshaid ur Rehman, Shahida Wizarat

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The principal focus of this study is on the measurement and analysis of labor learnings in Pakistan. The study at the aggregate economy level focus on the labor productivity movements and at large-scale manufacturing level focus on the cost structure, with isolating the contribution of the learning curve. The analysis of S-shaped curve suggests that learnings are only below one half of aggregate learning curve and other half shows the retardation in learning, hence retardation in productivity movements. The study implies the existence of learning economies in term of cost reduction that is input cost per unit produced decreases by 0.51 percent every time the cumulative production output doubles.

Keywords: Cost, Inflection Point, Learning Curve, Minima, Maxima, and Productivity

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Authors: Derya Eren Akyol, Gonca Tuncel, G. Mirac Bayhan

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Activity-Based Costing (ABC) which has become an important aspect of manufacturing/service organizations can be defined as a methodology that measures the cost and performance of activities, resources and cost objects. It can be considered as an alternative paradigm to traditional cost-based accounting systems. The objective of this paper is to illustrate an application of ABC method and to compare the results of ABC with traditional costing methods. The results of the application highlight the weak points of traditional costing methods and an S-Curve obtained is used to identify the undercosted and overcosted products of the firm.

Keywords: Activity-based costing, cost drivers, overheads, traditional costing.

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Authors: Rudi Kurniawan Arief

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Manufacturing cost and setup time are the hot topics to improve in Metal Stamping industry because material and components price are always rising up while costumer requires to cut down the component price year by year. The Single Minute Exchange of Die (SMED) is one of many methods to reduce waste in stamping industry. The Japanese Quick Die Change (QDC) dies system is one of SMED systems that could reduce both of setup time and manufacturing cost. However, this system is rarely used in stamping industries. This paper will analyze how deep the QDC dies system could reduce setup time and the manufacturing cost. The research is conducted by direct observation, simulating and comparing of QDC dies system with conventional dies system. In this research, we found that the QDC dies system could save up to 35% of manufacturing cost and reduce 70% of setup times. This simulation proved that the QDC die system is effective for cost reduction but must be applied in several parallel production processes.

Keywords: Press die, metal stamping, quick die change, QDC system, single minute exchange die, manufacturing cost saving, SMED.

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Authors: G. C. Mahata, A. Goswami

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This paper deals with infinite time horizon fuzzy Economic Order Quantity (EOQ) models for deteriorating items with  stock dependent demand rate and nonlinear holding costs by taking deterioration rate θ0 as a triangular fuzzy number  (θ0 −δ 1, θ0, θ0 +δ 2), where 1 2 0 0 <δ ,δ <θ are fixed real numbers. The traditional parameters such as unit cost and ordering  cost have been kept constant but holding cost is considered to vary. Two possibilities of variations in the holding cost function namely, a non-linear function of the length of time for which the item is held in stock and a non-linear function of the amount of on-hand inventory have been used in the models. The approximate optimal solution for the fuzzy cost functions in both these cases have been obtained and the effect of non-linearity in holding costs is studied with the help of a numerical example.

Keywords: Inventory Model, Deterioration, Holding Cost, Fuzzy Total Cost, Extension Principle.

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Authors: Heng Ma

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Third-party warehousing logistics has an important role in the development of external logistics. At present, the third-party logistics in our country is still a new industry, the accounting system has not yet been established, the current financial accounting system of third-party warehousing logistics is mainly in the traditional way of thinking, and only able to provide the total cost information of the entire enterprise during the accounting period, unable to reflect operating indirect cost information. In order to solve the problem of third-party logistics industry cost information distortion, improve the level of logistics cost management, the paper combines theoretical research and case analysis method to reflect cost allocation by building third-party logistics costing model using Time-Driven Activity-Based Costing(TDABC), and takes S company as an example to account and control the warehousing logistics cost.Based on the idea of “Products consume activities and activities consume resources”, TDABC put time into the main cost driver and use time-consuming equation resources assigned to cost objects. In S company, the objects focuses on three warehouse, engaged with warehousing and transportation (the second warehouse, transport point) service. These three warehouse respectively including five departments, Business Unit, Production Unit, Settlement Center, Security Department and Equipment Division, the activities in these departments are classified by in-out of storage forecast, in-out of storage or transit and safekeeping work. By computing capacity cost rate, building the time-consuming equation, the paper calculates the final operation cost so as to reveal the real cost.The numerical analysis results show that the TDABC can accurately reflect the cost allocation of service customers and reveal the spare capacity cost of resource center, verifies the feasibility and validity of TDABC in third-party logistics industry cost accounting. It inspires enterprises focus on customer relationship management and reduces idle cost to strengthen the cost management of third-party logistics enterprises.

Keywords: Third-party logistics enterprises, TDABC, cost management, S company.

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Authors: Mihai Liviu Despa

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The paper tackles the topic of determining the cost of innovation in software development projects. Innovation can be achieved either in a planned or unplanned manner. The paper approaches the scenarios were innovation is planned for. As a starting point an innovative software development project is analyzed. The project is depicted step by step as it was implemented, from inception to delivery. Costs that are proprietary to innovation in software development are isolated based on the author’s personal experience in managing the above mentioned project. Innovation costs components identified by the author are then validated using open discussions with software development professionals and projects managers on LinkedIn groups. In order to receive relevant feedback only groups that focus on software development and innovation management are targeted. Additional innovation cost components suggested by software development professionals and projects managers are also considered. Based on the identified cost components an indicator is built. The indicator is meant to formalize the process of determining the cost of innovation in a software development project. The indicator aggregates all the innovation cost components that are identified in the research process. The process of calculating each cost component is also described. Conclusions are formulated and new related research topics are submitted for debate.

Keywords: Innovation cost, IT project management, software development.

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Authors: Jin-O Kim, Hyun-Il Son

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As the electrical power industry is restructured, the electrical power exchange is becoming extended. One of the key information used to determine how much power can be transferred through the network is known as available transfer capability (ATC). To calculate ATC, traditional deterministic approach is based on the severest case, but the approach has the complexity of procedure. Therefore, novel approach for ATC calculation is proposed using cost-optimization method in this paper, and is compared with well-being method and risk-benefit method. This paper proposes the optimal transfer capability of HVDC system between mainland and a separated island in Korea through these three methods. These methods will consider production cost, wheeling charge through HVDC system and outage cost with one depth (N-1 contingency)

Keywords: ATC, power system interconnection, well-being method, cost-optimization method, risk-benefit analysis, outage cost.

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Authors: S. S. Mishra, D. K. Yadav

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This paper focuses on cost and profit analysis of single-server Markovian queuing system with two priority classes. In this paper, functions of total expected cost, revenue and profit of the system are constructed and subjected to optimization with respect to its service rates of lower and higher priority classes. A computing algorithm has been developed on the basis of fast converging numerical method to solve the system of non linear equations formed out of the mathematical analysis. A novel performance measure of cost and profit analysis in view of its economic interpretation for the system with priority classes is attempted to discuss in this paper. On the basis of computed tables observations are also drawn to enlighten the variational-effect of the model on the parameters involved therein.

Keywords: Cost and Profit, Computing, Expected Revenue, Priority classes

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Authors: Ganiyu Amuda Yusuf, Sarajul Fikri Mohamed

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The procurement and cost management approach adopted for mechanical and electrical (M&E) services in Malaysian construction industry have been criticized for its inefficiency. The study examined early cost estimating practices adopted for mechanical and electrical services (M&E) in Malaysia so as to understand the level of compliance of the current techniques with best practices. The methodology adopted for the study is a review of bidding documents used on both completed and on – going building projects awarded between 2008 – 2010 under 9th Malaysian Plan. The analysis revealed that, M&E services cost cannot be reliably estimated at pre-contract stage; the bidding techniques adopted for M&E services failed to provide uniform basis for contractors to submit tender; detailed measurement of items were not made which could complicate post contract cost control and financial management. The paper concluded that, there is need to follow a structured approach in determining the pre-contract cost estimate for M&E services which will serve as a virile tool for post contract cost control.

Keywords: Cost Management, Mechanical and Electrical Services, Procurement, Standard Method of Measurement

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Authors: Hongbin Gu, Dongsu Wu, Hui Liu

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A novel low-cost flight simulator with the development goals cost effectiveness and high performance has been realized for meeting the huge pilot training needs of airlines. The simulator consists of an aircraft dynamics model, a sophisticated designed low-profile electrical driven motion system with a subsided cabin, a mixed reality based semi-virtual cockpit system, a control loading system and some other subsystems. It shows its advantages over traditional flight simulator by its features achieved with open architecture, software solutions and low-cost hardware.

Keywords: Flight simulator, mixed reality, motion system, control loading system.

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Authors: M. A. Badr, M.N. El Kordy, A. N. Mohib, M. M. Ibrahim

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The basic objective of the research is to study the effect of hybrid wind energy on the cost of generated electricity considering the cost of reduction CO₂ emissions. The system consists of small wind turbine(s), storage battery bank and a diesel generator (W/D/B). Using an optimization software package, different system configurations are investigated to reach optimum configuration based on the net present cost (NPC) and cost of energy (COE) as economic optimization criteria. The cost of avoided CO₂ is taken into consideration. The system is intended to supply the electrical load of a small community (gathering six families) in a remote Egyptian area. The investigated system is not connected to the electricity grid and may replace an existing conventional diesel powered electric supply system to reduce fuel consumption and CO₂ emissions. The simulation results showed that W/D energy system is more economic than diesel alone. The estimated COE is 0.308$/kWh and extracting the cost of avoided CO₂, the COE reached 0.226 $/kWh which is an external benefit of wind turbine, as there are no pollutant emissions through operational phase.

Keywords: Hybrid wind turbine systems, remote areas electrification, simulation of hybrid energy systems, techno-economic study.

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Authors: Mabel A. Leva

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This study defines a methodology to compute unitary costs for freight transportation modes. The main objective was to gather relevant costs data to support the formulation and evaluation of railway, road, pipelines and port projects. This article will concentrate on the following steps: Compilation and analysis of relevant modal cost studies, Methodological adjustments to make cost figures comparable between studies, Definition of typology and scope of transportation modes, Analysis and validation of cost values for relevant freight transportation modes in Chile. In order to define the comparison methodology for the costs between the different transportation modes, it was necessary to consider that the relevant cost depends on who performs the comparison. Thus, for the transportation user (e.g. exporter) the pertinent costs are the mode tariffs, whereas from the operators perspective (e.g. rail manager), the pertinent costs are the operating costs of each mode.

Keywords: Intermodal costs, Logistics, Transportation costs.

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Authors: R. A. Sabir , X. Xinping , S.A. Sabr

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This paper has presented research in progress concerning the contribution of target costing approach to achievement competitive price in the Iraqi firm. The title of the paper is one of the subjects that get large concerns in the finance and business world in the present time. That is because many competitive firms have appeared in the regional and global markets and the rapid changes that covered all fields of life. On the other hand, this paper concentrated on lack knowledge of the industrial firms, regarding the significant role of target cost for achieving the competitive prices. The paper depends on the main supposition, using the competitive price to get the target cost in the industrial firms. In order to achieve competitive advantage in business world the firms should rely on modern methods to manage cost and profit. From strategic perspective the target cost achieves a so powerful competitive advantage represented in cost reduction. Nevertheless the target cost does not exclude the calculation and survey of costs during the production process. Products- estimated costs are calculated and compared with the target costs.

Keywords: Target Costing, Competitive Price, Target Profit, Iraq Kurdistan Region.

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Authors: Un-Hwan Park, Jun-Hyeok Heo, In-Sung Lee, Tae-Hyeon Oh, Dae-Gyu Park

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Automotive interior material consisting of several material layers has the sound-absorbing function. It is difficult to predict sound absorbing coefficient because of several material layers. So, many experimental tunings are required to achieve the target of sound absorption. Therefore, while the car interior materials are developed, so much time and money is spent. In this study, we present a method to predict the sound absorbing performance of the material with multi-layer using physical properties of each material. The properties are predicted by Foam-X software using the sound absorption coefficient data measured by impedance tube. Then, we will compare and analyze the predicted sound absorption coefficient with the data measured by scaled reverberation chamber and impedance tubes for a prototype. If the method is used instead of experimental tuning in the development of car interior material, the time and money can be saved, and then, the development effort can be reduced because it can be optimized by simulation.

Keywords: Multi-layer nonwoven, sound absorption coefficient, scaled reverberation chamber, impedance tubes.

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Authors: Lynn. J. MacFarlane. A

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Within the healthcare system, training and continued professional development although essential, can be effected by cost and logistical restraints due to the nature of healthcare provision e.g employee shift patterns, access to expertise, cost factors in releasing staff to attend training etc. The use of multimedia technology for the development of e-learning applications is also a major cost consideration for healthcare management staff, and this type of media whether optical or on line requires careful planning in order to remain inclusive of all staff with potentially varied access to multimedia computing. This paper discusses a project in which the use of DVD authoring technology has been successfully implemented to meet the needs of distance learning and user considerations, and is based on film production techniques and reduced product turnaround deadlines.

Keywords: DVD, healthcare, distance learning, cost.

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Authors: Ie-jung Choi

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Since the feasibility study of R&D programs have been initiated for efficient public R&D investments, year 2008, feasibility studies have improved in terms of precision. Although experience related to these studies of R&D programs have increased to a certain point, still methodological improvement is required. The feasibility studies of R&D programs are consisted of various viewpoints, such as technology, policy, and economics. This research is to provide improvement methods to the economic perspective; especially the cost estimation process of R&D activities. First of all, the fundamental concept of cost estimation is reviewed. After the review, a statistical and econometric analysis method is applied as empirical analysis. Conclusively, limitations and further research directions are provided.

Keywords: Cost Estimation, R&D Program, Feasibility AnalysisStudy.

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Authors: S. El-Gamal, P. Hossam, A. Abd El Aziz, R. Mahmoud, A. Hassan, D. Hilal, E. Ayman, H. Haytham, O. Khamis

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Several concerns fall upon the supply chain especially in cold supply chains. These concerns are mainly in the distribution and storage phases. This research focuses on the storage area, which contains several activities such as the picking activity that faces a lot of obstacles and challenges. The implementation of IoT solutions enables businesses to monitor the temperature of food items, which is perhaps the most critical parameter in cold chains. Therefore, the research at hand proposes a practical solution that would help in eliminating the problems related to ineffective picking for products especially fish and seafood products by using IoT technology, most notably LiFi technology; thus, guaranteeing sufficient picking, reducing waste, and consequently lowering costs. A prototype was specially designed and examined. This research is a single case study research. Two methods of data collection were used; observation and semi-structured interviews. Semi-structured interviews were conducted with managers and a decision maker at one of the biggest retail stores Carrefour, Alexandria, Egypt to validate the problem and the proposed practical solution using IoT and LiFi technology. A total of three interviews were conducted. As a result, a SWOT analysis was achieved in order to highlight all the strengths and weaknesses of using the recommended LiFi solution in the picking process. According to the investigations, it was found that, the use of IoT and LiFi technology is cost effective, efficient, and reduces human errors, minimizes the percentage of product waste and thus saves money and cost. Therefore, increasing customer satisfaction and profits could be achieved.

Keywords: Cold supply chain, IoT, LiFi, warehousing operation, picking process.

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Authors: Seyed Hossein Iranmanesh, Mansoureh Zarezadeh

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This paper presents an application of Artificial Neural Network (ANN) to forecast actual cost of a project based on the earned value management system (EVMS). For this purpose, some projects randomly selected based on the standard data set , and it is produced necessary progress data such as actual cost ,actual percent complete , baseline cost and percent complete for five periods of project. Then an ANN with five inputs and five outputs and one hidden layer is trained to produce forecasted actual costs. The comparison between real and forecasted data show better performance based on the Mean Absolute Percentage Error (MAPE) criterion. This approach could be applicable to better forecasting the project cost and result in decreasing the risk of project cost overrun, and therefore it is beneficial for planning preventive actions.

Keywords: Earned Value Management System (EVMS), Artificial Neural Network (ANN), Estimate At Completion, Forecasting Methods, Project Performance Measurement.

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Authors: Milad Eghtedari Naeini, Gholamreza Heravi

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In this paper, based on the past project cost and time performance, a model for forecasting project cost performance is developed. This study presents a probabilistic project control concept to assure an acceptable forecast of project cost performance. In this concept project activities are classified into sub-groups entitled control accounts. Then obtain the Stochastic S-Curve (SS-Curve), for each sub-group and the project SS-Curve is obtained by summing sub-groups- SS-Curves. In this model, project cost uncertainties are considered through Beta distribution functions of the project activities costs required to complete the project at every selected time sections through project accomplishment, which are extracted from a variety of sources. Based on this model, after a percentage of the project progress, the project performance is measured via Earned Value Management to adjust the primary cost probability distribution functions. Then, accordingly the future project cost performance is predicted by using the Monte-Carlo simulation method.

Keywords: Monte Carlo method, Probabilistic model, Project forecasting, Stochastic S-curve

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Authors: Achim Kampker, Christoph Deutskens, Heiner Hans Heimes, Mathias Ordung, Felix Optehostert

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In the past years electric mobility became part of a public discussion. The trend to fully electrified vehicles instead of vehicles fueled with fossil energy has notably gained momentum. Today nearly every big car manufacturer produces and sells fully electrified vehicles, but electrified vehicles are still not as competitive as conventional powered vehicles. As the traction battery states the largest cost driver, lowering its price is a crucial objective. In addition to improvements in product and production processes a nonnegligible, but widely underestimated cost driver of production can be found in logistics, since the production technology is not continuous yet and neither are the logistics systems. This paper presents an approach to evaluate cost factors on different designs of load carrier systems. Due to numerous interdependencies, the combination of costs factors for a particular scenario is not transparent. This is effecting actions for cost reduction negatively, but still cost reduction is one of the major goals for simultaneous engineering processes. Therefore a concurrent and phase appropriate cost valuation method is necessary to serve cost transparency. In this paper the four phases of this cost valuation method are defined and explained, which based upon a new approach integrating the logistics development process in to the integrated product and process development.

Keywords: Research and development, technology and Innovation, lithium-ion-battery production, load carrier development process, cost valuation method.

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Authors: Tarathorn Podcharathitikull, Jirarat Teeravaraprug

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Transportation cost is the highest cost in logistics cost of Thailand, and truck transportation is counted as about 90% of the overall transportation cost. The main problem of truck transportation is backhauling. Backhauling has become an attractive cost-saving approach in logistics. To explore such opportunities, this paper investigated the current backhauling systems in Thailand. It was found that the backhauling problem is attracted to both governmental agencies and private sector. They gave attempts to build backhauling systems. This paper investigated two systems built by governmental agencies and one by private sector. Moreover, based on the interviews with the system representatives and users, pros and cons of the systems were found. The obstacles and challenges were obtained. This paper finally proposed a conceptual model of to-be backhauling system in Thailand.

Keywords: Backhauling system, Backhauls, interview, Thailand.

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Authors: Enas M. F. El Houby, Marwa S. Hassan

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Combined therapy using Interferon and Ribavirin is the standard treatment in patients with chronic hepatitis C. However, the number of responders to this treatment is low, whereas its cost and side effects are high. Therefore, there is a clear need to predict patient’s response to the treatment based on clinical information to protect the patients from the bad drawbacks, Intolerable side effects and waste of money. Different machine learning techniques have been developed to fulfill this purpose. From these techniques are Associative Classification (AC) and Decision Tree (DT). The aim of this research is to compare the performance of these two techniques in the prediction of virological response to the standard treatment of HCV from clinical information. 200 patients treated with Interferon and Ribavirin; were analyzed using AC and DT. 150 cases had been used to train the classifiers and 50 cases had been used to test the classifiers. The experiment results showed that the two techniques had given acceptable results however the best accuracy for the AC reached 92% whereas for DT reached 80%.

Keywords: Associative Classification, Data mining, Decision tree, HCV, interferon.

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Authors: Ayedh Alqahtani, Andrew Whyte

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Life Cycle Cost (LCC) is one of the goals and key pillars of the construction management science because it comprises many of the functions and processes necessary, which assist organisations and agencies to achieve their goals. It has therefore become important to design and control assets during their whole life cycle, from the design and planning phase through to disposal phase. LCCA is aimed to improve the decision making system in the ownership of assets by taking into account all the cost elements including to the asset throughout its life. Current application of LCC approach is impractical during misunderstanding of the advantages of LCC. This main objective of this research is to show a different relationship between capital cost and long-term running costs. One hundred and thirty eight actual building projects in United Kingdom (UK) were used in order to achieve and measure the above-mentioned objective of the study. The result shown that LCC is one of the most significant tools should be considered on the decision making process.

Keywords: Building projects, Capital cost, Life cycle cost, Maintenance costs, Operation costs.

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Authors: M. R. Bhuiyan, S. M. M. Hossain, M. Z. Islam

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Autism Spectrum Disorder (ASD) is the fastest growing serious developmental disorder characterized by social deficits, communicative difficulties, and repetitive behaviors. ASD is an emerging public health issue globally which is associated with huge financial burden to the family, community and the nation. The aim of this study was to assess the financial burden of family for the children with Autism spectrum Disorder. This cross-sectional study was carried out from July 2015 to June 2016 among 154 children with ASD to assess the financial burden of family. Data were collected by face-to-face interview with semi-structured questionnaire following systematic random sampling technique. Majority (73.4%) children were male and mean (±SD) age was 6.66 ± 2.97 years. Most (88.8%) of the children were from urban areas with average monthly family income Tk. 41785.71±23936.45. Average monthly direct cost of the children was Tk.17656.49 ± 9984.35, while indirect cost was Tk. 13462.90 ± 9713.54 and total treatment cost was Tk. 23076.62 ± 15341.09. Special education cost (Tk. 4871.00), cost of therapy (Tk. 4124.07) and travel cost (Tk. 3988.31) were the major types of direct cost, while loss of income (Tk.14570.18) was the chief indirect cost incurred by the families. The study found that majority (59.8%) of the children attended special schools were incurred Tk.20001-78700 as total treatment cost, which were statistically significant (p<0.001). Again, families with higher monthly family income incurred higher treatment cost (r=0.526, p<0.05). Difference between mean direct and indirect cost was found significant (t=4.190, df=61, p<0.001). According to the analysis of variance, mean difference of father’s educational status among direct cost (F=10.337, p<0.001) and total treatment cost (F=7.841, p<0.001), which were statistically significant. The study revealed that maximum children with ASD were under five years, three-fourth were male. According to monthly family income, maximum family were in middle class. The study recommends cost effective interventions and financial safety-net measures to reduce the financial burden of families for the children with ASD.

Keywords: Autism spectrum disorder, financial burden, direct cost, indirect cost, Special education.

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Authors: Susovan Chakrabortty, Madhumangal Pal, Prasun Kumar Nayak

Abstract:

A manufacturing inventory model with shortages with carrying cost, shortage cost, setup cost and demand quantity as imprecise numbers, instead of real numbers, namely interval number is considered here. First, a brief survey of the existing works on comparing and ranking any two interval numbers on the real line is presented. A common algorithm for the optimum production quantity (Economic lot-size) per cycle of a single product (so as to minimize the total average cost) is developed which works well on interval number optimization under consideration. Finally, the designed algorithm is illustrated with numerical example.

Keywords: EOQ, Inventory, Interval Number, Demand, Production, Simulation

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