Search results for: Market Orientation

Authors: Robin Lok-Wang

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The purpose of this paper is to investigate how engineering students’ motivation and interests are maintained through a project-based course in their lifelong learning journeys. In recent years, different pedagogies of teaching including entrepreneurship, experiential and lifelong learnings as well as dream builder, etc., have been widely used for education purpose. University advocates hands-on practice, learning by experiencing and experimenting throughout different courses. Students are not limited to gain knowledge via traditional lectures, laboratory demonstration, tutorial and so on. The capabilities to identify both complex problems and its corresponding solutions in daily lives are one of the criteria/skill sets required for graduates to obtain their careers at professional organizations and companies. A project-based course, namely Mechatronic Design and Prototyping, was developed for students to design and build a physical prototype for solving existing problems in their daily lives, thereby encouraging them as an entrepreneur to explore further possibilities to commercialize their designed prototypes and launch it to the market. Feedbacks from students show that they are keen to propose their own ideas freely with guidance from instructor instead of using either suggested or assigned topics. Proposed ideas of the prototypes reflect that if students’ interests are maintained, they acquire the knowledges and skills they need, including essential communication, logical thinking and more importantly problem solving for their lifelong learning journey.

Keywords: Problem solving, lifelong learning, entrepreneurship, mechanical engineering.

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Authors: L. C. Moreira, M. Kauffman

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This paper outlines the results of an experimental research on deploying an emerging augmented reality (AR) system for real-time task assistance (or work instructions) of highly customised and high-risk manual operations. The focus is on human operators’ training effectiveness and performance and the aim is to test if such technologies can support enhancing the knowledge retention levels and accuracy of task execution to improve health and safety (H&S). An AR enhanced assembly method is proposed and experimentally tested using a real industrial process as case study for electric vehicles’ (EV) battery module assembly. The experimental results revealed that the proposed method improved the training practices and performance through increases in the knowledge retention levels from 40% to 84%, and accuracy of task execution from 20% to 71%, when compared to the traditional paper-based method. The results of this research validate and demonstrate how emerging technologies are advancing the choice for manual, hybrid or fully automated processes by promoting the XR-assisted processes, and the connected worker (a vision for Industry 4 and 5.0), and supporting manufacturing become more resilient in times of constant market changes.

Keywords: Augmented reality, extended reality, connected worker, XR-assisted operator, manual assembly 4.0, industry 5.0, smart training, battery assembly.

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Authors: Kubra Sayin, Derya Arslan

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Red pepper (Capsicum annum L.) has long been recognized as a good source of antioxidants, being rich in ascorbic acid and other phytochemicals. In Turkish cuisine red pepper is sometimes consumed raw in salads and baked as a garnish, but its most wide consumption type is red pepper paste. The processing of red pepper into pepper paste includes various thermal treatment steps such as heating and pasteurizing. There are reports demonstrating an enhancement or reduction in antioxidant activity of vegetables after thermal treatment. So this study was conducted to investigate the total phenolic, ascorbic acid and total carotenoids as well as free radical scavenging activity of raw red pepper and various red pepper pastes obtainable on the market. The samples were analyzed for radical-scavenging activity (RSA) and total polyphenol (TP) content using 1,1-diphenyl-2-picrylhydrazyl (DPPH) and Folin-Ciocalteu methods, respectively. Total carotenoids and ascorbic acid contents were determined spectrophotometrically. Results suggest that hot pepper paste contained significantly (P<0.05) higher concentrations of TP than sweet pepper paste. However there is no significant (P>0.05) difference in RSA, ascorbic acid and total carotenoids content between sweet and hot red pepper paste products. It is concluded that the red pepper paste, that has a wide range of consumption in Turkish cuisine, presents a good dose of phenolic compounds and antioxidant capacity and it should be regarded as a functional food.

Keywords: Antioxidant properties, Red pepper paste, Total carotenoids, Total phenolic content.

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Authors: Andreas L. Savvides

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For a long time as a result of accommodating car traffic, planning ideologies in the past put a low priority on public space, pedestrianism and the role of city space as a meeting place for urban dwellers. In addition, according to authors such as Jan Gehl, market forces and changing architectural perceptions began to shift the focus of planning practice from the integration of public space in various pockets around the contemporary city to individual buildings. Eventually, these buildings have become increasingly more isolated and introverted and have turned their backs to the realm of the public space adjoining them. As a result of this practice, the traditional function of public space as a social forum for city dwellers has in many cases been reduced or even phased out. Author Jane Jacobs published her seminal book “The Death and Life of Great American Cities" more than fifty years ago, but her observations and predictions at the time still ring true today, where she pointed out how the dramatic increase in car traffic and its accommodation by the urban planning ideology that was brought about by the Modern movement has prompted a separation of the uses of the city. At the same time it emphasizes free standing buildings that threaten urban space and city life and result in underutilized and lifeless urban cores. In this discussion context, the aim of this paper is to showcase a reversal of just such a situation in the case of the Dasoupolis neighborhood in Strovolos, Cyprus, where enlightened urban design practice has see the reclamation of pedestrian space in a car dominated area.

Keywords: Urban Design, Public Space, Right to the City, Accessibility, Mobility

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Authors: S. Chahba, R. Sehab, A. Akrad, C. Morel

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Nowadays, the electric machines used in urban electric vehicles are, in most cases, three-phase electric machines with or without a magnet in the rotor. Permanent Magnet Synchronous Machine (PMSM) and Induction Machine (IM) are the main components of drive trains of electric and hybrid vehicles. These machines have very good performance in healthy operation mode, but they are not redundant to ensure safety in faulty operation mode. Faced with the continued growth in the demand for electric vehicles in the automotive market, improving the reliability of electric vehicles is necessary over the lifecycle of the electric vehicle. Multiphase electric machines respond well to this constraint because, on the one hand, they have better robustness in the event of a breakdown (opening of a phase, opening of an arm of the power stage, intern-turn short circuit) and, on the other hand, better power density. In this work, a diagnosis approach using a neural network for an open circuit fault or more of a five-phase induction machine is developed. Validation on the simulator of the vehicle drivetrain, at reduced power, is carried out, creating one and more open circuit stator phases showing the efficiency and the reliability of the new approach to detect and to locate on-line one or more open phases of a five-induction machine.

Keywords: Electric vehicle drivetrain, multiphase drives, induction machine, control, open circuit fault diagnosis, artificial neural network.

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Authors: Luminiţa Duţică, Gheorghe Duţică

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Many of the interrogations or dilemmas of the contemporary world found the answer in what was generically called the appeal to matrix. This genuine spiritual exercise of re-connection of the present to origins, to the primary source, revealed the ontological condition of timelessness, ahistorical, immutable (epi)phenomena, of those pure essences concentrated in the archetypal-referential layer of the human existence. The musical creation was no exception to this trend, the impasse generated by the deterministic excesses of the whole serialism or, conversely, by some questionable results of the extreme indeterminism proper to the avant-garde movements, stimulating the orientation of many composers to rediscover a universal grammar, as an emanation of a new ‘collective’ order (reverse of the utopian individualism). In this context, the music of oral tradition and therefore the world of the ancient modes represented a true revelation for the composers of the twentieth century, who were suddenly in front of some unsuspected (re)sources, with a major impact on all levels of edification of the musical work: morphology, syntax, timbrality, semantics etc. For the contemporary Romanian creators, the music of rituals, existing in the local archaic culture, opened unsuspected perspectives for which it meant to be a synthetic, inclusive and recoverer vision, where the primary (archetypal) genuine elements merge with the latest achievements of language of the European composers. Thus, anchored in a strong and genuine modal source, the compositions analysed in this paper evoke, in a manner as modern as possible, the atmosphere of some ancestral rituals such as: the invocation of rain during the drought (Paparudele, Scaloianul), funeral ceremony (Bocetul), traditions specific to the winter holidays and new year (Colinda, Cântecul de stea, Sorcova, Folklore traditional dances) etc. The reactivity of those rituals in the sound context of the twentieth century meant potentiating or resizing the archaic spirit of the primordial symbolic entities, in terms of some complexity levels generated by the technique of harmonies of chordal layers, of complex aggregates (gravitational or non-gravitational, geometric), of the mixture polyphonies and with global effect (group, mass), by the technique of heterophony, of texture and cluster, leading to the implementation of some processes of collective improvisation and instrumental theatre.

Keywords: Archetype, improvisation, instrumental theatre, polyphony, ritual.

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Authors: André C. Silva, Débora N. Sousa, Elenice M. S. Silva, Thales P. Fontes, Raphael S. Tomaz

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Starches are widely used as depressant in froth flotation operations in Brazil due to their efficiency, increasing the selectivity in the inverse flotation of quartz depressing iron ore. Starches market have been growing and improving in recent years, leading to better products attending the requirements of the mineral industry. The major source of starch used for iron ore is corn starch, which needs to be gelatinized with sodium hydroxide (NaOH) prior to use. This stage has a direct impact on industrials costs, once the lowest consumption of NaOH in gelatinization provides better control of the pH in the froth flotation and reduces the amount of electrolytes present in the pulp. In order to evaluate the gelatinization degree of different starches and flour were subjected to the addiction of NaOH and temperature variation experiments. Samples of starch (corn, cassava, HIPIX 100, HIPIX 101 and HIPIX 102 commercialized by Ingredion) and flour (cassava and potato) were tested. The starch samples were characterized through Scanning Electronic Microscopy and the amylose content were determined through spectrometry, swelling and solubility tests. The gelatinization was carried out through titration with NaOH, keeping the solution temperature constant at 40 ^oC. At the end of the tests, the optimal amount of NaOH consumed to gelatinize the starch or flour from different botanical sources was established and a correlation between the content of amylopectin in the starch and the starch/NaOH ratio needed for its gelatinization.

Keywords: Froth flotation, gelatinization, sodium hydroxide, starches and flours.

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Authors: C. lo Storto

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This paper presents an approach based on the adoption of a distributed cognition framework and a non parametric multicriteria evaluation methodology (DEA) designed specifically to compare e-commerce websites from the consumer/user viewpoint. In particular, the framework considers a website relative efficiency as a measure of its quality and usability. A website is modelled as a black box capable to provide the consumer/user with a set of functionalities. When the consumer/user interacts with the website to perform a task, he/she is involved in a cognitive activity, sustaining a cognitive cost to search, interpret and process information, and experiencing a sense of satisfaction. The degree of ambiguity and uncertainty he/she perceives and the needed search time determine the effort size – and, henceforth, the cognitive cost amount – he/she has to sustain to perform his/her task. On the contrary, task performing and result achievement induce a sense of gratification, satisfaction and usefulness. In total, 9 variables are measured, classified in a set of 3 website macro-dimensions (user experience, site navigability and structure). The framework is implemented to compare 40 websites of businesses performing electronic commerce in the information technology market. A questionnaire to collect subjective judgements for the websites in the sample was purposely designed and administered to 85 university students enrolled in computer science and information systems engineering undergraduate courses.

Keywords: Website, e-commerce, DEA, distributed cognition, evaluation, comparison.

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Authors: Justinian Anatory, Ekael Stephen Manase

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In recent years, the adoption of mobile phones has been exceptionally rapid in many parts of the world, and Tanzania is not exceptional. We are witnessing a number of new mobile network operators being licensed from time to time by Tanzania Communications Regulatory Authority (TCRA). This makes competition in the telecommunications market very stiff. All mobile phone companies are struggling to earn more new customers into their networks. This trend courses a stiff competition. The various measures are being taken by different companies including, lowering tariff, and introducing free short messages within and out of their networks, and free calls during off-peak periods. This paper is aimed at investigating the influence of tariffs on students’ mobile customers in selecting their mobile network operators. About seventy seven students from high learning institutions in Dodoma Municipality, Tanzania, participated in responding to the prepared questionnaires. The sought information was aimed at determining if tariffs influenced students into selection of their current mobile operators. The results indicate that tariffs were the major driving factor in selection of mobile operators. However, female mobile customers were found to be more easily attracted into subscribing to a mobile operator due to low tariffs, a bigger number of free short messages or discounted call charges than their fellow male customers.

Keywords: Consumer Buying, mobile operators, tariff.

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Authors: Yi-Chung Hu, Yu-Lin Liao

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Due to the fast development of technology, the competition of technological products is turbulent; therefore, it is important to understand the market trend, consumers- demand and preferences. As the smartphones are prevalent, the main purpose of this paper is to utilize Analytic Hierarchy Process (AHP) to analyze consumer-s purchase evaluation factors of smartphones. Through the AHP expert questionnaire, the smartphones- main functions are classified as “user interface", “mobile commerce functions", “hardware and software specifications", “entertainment functions" and “appearance and design", five aspects to analyze the weights. Then four evaluation criteria are evaluated under each aspect to rank the weights. Based on an analysis of data shows that consumers consider when purchase factors are “hardware and software specifications", “user interface", “appearance and design", “mobile commerce functions" and “entertainment functions" in sequence. The “hardware and software specifications" aspect obtains the weight of 33.18%; it is the most important factor that consumers are taken into account. In addition, the most important evaluation criteria are central processing unit, operating system, touch screen, and battery function in sequence. The results of the study can be adopted as reference data for mobile phone manufacturers in the future on the design and marketing strategy to satisfy the voice of customer.

Keywords: Analytic Hierarchy Process (AHP), evaluation criteria, purchase evaluation factors, smartphone.

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Authors: Disciglio G., Nardella E., Gatta G., Giuliani M.M., Tarantino A.

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The bean (Phaseolus vulgaris L.) is one of the best known of the legumes, and it has a long cultivation tradition in Italy. The territory of “Subappennino Dauno” (southern Italy) is at around 700 m a.s.l. and is predominantly grown with cereals, olive trees and grapevines. Ecotypes of white beans to eat dry (such as cannellini beans) are also grown, which are sought for their palatability, high digestibility, and ease of cooking. However, these are not easy to find on the market due to their low production in relatively small areas and on small family farms that use seeds handed down from generation to generation. The introduction of these ecotypes in plain areas of the Puglia region would provide an opportunity to promote the diffusion of this type of bean. To investigate the adaptability of these ecotypes in plain environments (Cerignola, in southern Italy) a comparative trial was carried out between three ‘Monti Dauni’ ecotypes (E1, E2, E3) that are native to mountain areas and the similar commercial variety, ‘Cannellini’. The data provide useful information about the quantitative and qualitative characteristics of these ecotypes when grown in lowland environments. Ecotype E3 provided the greatest bean production (2.34 t ha-1) compared to ‘Cannellini’ (1.28 t ha-1) and the other ecotypes (0.55 and 0.40 t ha-1, for E1 and E2, respectively), due to its greater plant growth and the larger size of the seed (and thickness, in particular). Finally, ecotype E2 provided the greatest protein content (31.2%), although not significantly different from the commercial cultivar ‘Cannellini’ (32.1%).

Keywords: 'Monti Dauni' bean, ecotypes, adaptability in plain areas, quali-quantitive.

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Authors: Yongsheng Guo, Shuchao Li

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This study explores Chinese Foreign Direct Investment (FDI) in Europe and the cross-cultural cooperation between Chinese and European managers. The aim of this research is to shed light on the phenomenon of investments in developed countries from an emerging market and to gain insights into the cooperation process. A grounded theory approach is adopted, and 46 semi-structured interviews were conducted with 10 case companies in Germany and 13 case companies in the UK. Grounded theory models are developed from primary data and interview quotes are used to support the themes. The interviewees perceived differences between the two parties in cultural traits, management concepts, knowledge structure and resource endowment between the two parties. Chinese and European partners can take advantage of different resources and cooperate in innovative ways to improve corporate performance. Moreover, both parties appreciate different ethical and cultural characteristics and complement each other to develop a combined organizational culture. This study proposes an ethical and cultural diversity theory in international management arguing that a team with diversified values and behaviours may be more excited and motivated. This study suggests that “resource complement” and “cross-cultural cooperation” might be an advantage for international investment. Firms are encouraged to open their minds and cooperate with partners with different resources and cultures. The authorities may review the FDI policies to reduce social and political barriers.

Keywords: Cross-culture, FDI, China, Europe.

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Authors: Rowland R. Ogunrinde, Yusmadi Y. Jusoh, Noraini Che Pa, Wan Nurhayati W. Rahman, Azizol B. Abdullah

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Enterprise Applications (EAs) aid the organizations achieve operational excellence and competitive advantage. Over time, most Small and Medium Enterprises (SMEs), which are known to be the major drivers of most thriving global economies, use the costly on-premise versions of these applications thereby making business difficult to competitively thrive in the same market environment with their large enterprise counterparts. The advent of cloud computing presents the SMEs an affordable offer and great opportunities as such EAs can be cloud-hosted and rented on a pay-per-use basis which does not require huge initial capital. However, as there are numerous Cloud Service Providers (CSPs) offering EAs as Software-as-a-Service (SaaS), there is a challenge of choosing a suitable provider with Quality of Service (QoS) that meet the organizations’ customized requirements. The proposed model takes care of that and goes a step further to select the most affordable among a selected few of the CSPs. In the earlier stage, before developing the instrument and conducting the pilot test, the researchers conducted a structured interview with three experts to validate the proposed model. In conclusion, the validity and reliability of the instrument were tested through experts, typical respondents, and analyzed with SPSS 22. Results confirmed the validity of the proposed model and the validity and reliability of the instrument.

Keywords: Cloud service provider, enterprise applications, quality of service, selection criteria, small and medium enterprise.

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Authors: Mohammed El Raey, Moustafa Osman Mohammed

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The spatial-ecological modeling is relating sustainable dispersions with social development. Sustainability with spatial-ecological model gives attention to urban environments in the design review management to comply with Earth’s system. Naturally exchanged patterns of ecosystems have consistent and periodic cycles to preserve energy flows and materials in Earth’s system. The Probabilistic Risk Assessment (PRA) technique is utilized to assess the safety of an industrial complex. The other analytical approach is the Failure-Safe Mode and Effect Analysis (FMEA) for critical components. The plant safety parameters are identified for engineering topology as employed in assessment safety of industrial ecology. In particular, the most severe accidental release of hazardous gaseous is postulated, analyzed and assessment in industrial region. The IAEA-safety assessment procedure is used to account the duration and rate of discharge of liquid chlorine. The ecological model of plume dispersion width and concentration of chlorine gas in the downwind direction is determined using Gaussian Plume Model in urban and rural areas and presented with SURFER®. The prediction of accident consequences is traced in risk contour concentration lines. The local greenhouse effect is predicted with relevant conclusions. The spatial-ecological model is predicted for multiple factors distribution schemes of multi-criteria analysis. The input–output analysis is explored from the spillover effect, and we conducted Monte Carlo simulations for sensitivity analysis. Their unique structure is balanced within “equilibrium patterns”, such as the composite index for biosphere with collective structure of many distributed feedback flows. These dynamic structures are related to have their physical and chemical properties and enable a gradual and prolonged incremental pattern. While this spatial model structure argues from ecology, resource savings, static load design, financial and other pragmatic reasons, the outcomes are not decisive in an artistic/architectural perspective. The hypothesis is deployed to unify analytic and analogical spatial structure in development urban environments using optimization loads as an example of integrated industrial structure where the process is based on engineering topology of systems ecology.

Keywords: Spatial-ecological modeling, spatial structure orientation impact, composite structure, industrial ecology.

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Authors: Sabri Mrayed, David Maccioni, Greg Leslie

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Seawater desalination has been accepted as one of the most effective solutions to the growing problem of a diminishing clean drinking water supply. Currently two desalination technologies dominate the market – the thermally driven multi-stage flash distillation (MSF) and the membrane based reverse osmosis (RO). However, in recent years membrane distillation (MD) has emerged as a potential alternative to the established means of desalination. This research project intended to determine the viability of MD as an alternative process to MSF and RO for seawater desalination. Specifically the project involves conducting thermodynamic analysis of the process based on the second law of thermodynamics to determine the efficiency of the MD. Data was obtained from experiments carried out on a laboratory rig. To determine exergy values required for the exergy analysis, two separate models were built in Engineering Equation Solver – the ’Minimum Separation Work Model’ and the ‘Stream Exergy Model’. The efficiency of MD process was found to be 17.3 % and the energy consumption was determined to be 4.5 kWh to produce one cubic meter of fresh water. The results indicate MD has potential as a technique for seawater desalination compared to RO and MSF. However it was shown that this was only the case if an alternate energy source such as green or waste energy was available to provide the thermal energy input to the process. If the process was required to power itself, it was shown to be highly inefficient and in no way thermodynamically viable as a commercial desalination process.

Keywords: Desalination, Exergy, Membrane distillation, Second law efficiency.

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Authors: D. Garg, S. Luthra, A. Haleem

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Due to growing concern about environmental and social consequences throughout the world, a need has been felt to incorporate sustainability concepts in conventional manufacturing. This paper is an attempt to identify and evaluate drivers in implementing sustainable manufacturing in Indian context. Nine possible drivers for successful implementation of sustainable manufacturing have been identified from extensive review. Further, Decision Making Trial and Evaluation Laboratory (DEMATEL) approach has been utilized to evaluate and categorize these identified drivers for implementing sustainable manufacturing in to the cause and effect groups. Five drivers (Societal Pressure and Public Concerns; Regulations and Government Policies; Top Management Involvement, Commitment and Support; Effective Strategies and Activities towards Socially Responsible Manufacturing and Market Trends) have been categorized into the cause group and four drivers (Holistic View in Manufacturing Systems; Supplier Participation; Building Sustainable culture in Organization; and Corporate Image and Benefits) have been categorized into the effect group. “Societal Pressure and Public Concerns” has been found the most critical driver and “Corporate Image and Benefits” as least critical or the most easily influenced driver to implementing sustainable manufacturing in Indian context. This paper may surely help practitioners in better understanding of these drivers and their priorities towards effective implementation of sustainable manufacturing.

Keywords: Drivers, Decision Making Trial and Evaluation Laboratory (DEMATEL), India, Sustainable Manufacturing (SM).

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Authors: Nadheer A. Shalash, Abu Zaharin Bin Ahmad

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Technological developments in industrial innovations have currently been related to interconnected system assistance and distribution networks. This important in order to enable an electrical load to continue receive power in the event of disconnection of load from the main power grid. This paper represents a method for reliability assessment of interconnected power systems based. The multi-agent system consists of four agents. The first agent was the generator agent to using as connected the generator to the grid depending on the state of the reserve margin and the load demand. The second was a load agent is that located at the load. Meanwhile, the third is so-called "the reverse margin agent" that to limit the reserve margin between 0 - 25% depend on the load and the unit size generator. In the end, calculation reliability Agent can be calculate expected energy not supplied (EENS), loss of load expectation (LOLE) and the effecting of tie line capacity to determine the risk levels Roy Billinton Test System (RBTS) can use to evaluated the reliability indices by using the developed JADE package. The results estimated of the reliability interconnection power systems presented in this paper. The overall reliability of power system can be improved. Thus, the market becomes more concentrated against demand increasing and the generation units were operating in relation to reliability indices. 

Keywords: Reliability indices, Load expectation, Reserve margin, Daily load, Probability, Multi-agent system.

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Authors: Dalia Suša Vugec

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Business process management (BPM) is widely used approach focused on designing, mapping, changing, managing and analyzing business processes of an organization, which eventually leads to better performance and derives many other benefits. Since every organization strives to improve its performance in order to be sustainable and to remain competitive on the market in long-term period, numerous organizations are nowadays adopting and implementing BPM. However, not all organizations are equally successful in that. One of the ways of measuring BPM success is by measuring its maturity by calculating Process Performance Index (PPI) using ten BPM success factors. Still, although BPM is a holistic concept, organizational culture is not taken into consideration in calculating PPI. Hence, aim of this paper is twofold; first, it aims to explore and analyze the current state of BPM success factors within the big organizations from Slovenia, Croatia, and Austria and second, it aims to analyze the structure of organizational culture within the observed companies, focusing on the link with BPM success factors as well. The presented study is based on the results of the questionnaire conducted as the part of the PROSPER project (IP-2014-09-3729) and financed by Croatian Science Foundation. The results of the questionnaire reveal differences in the achieved levels of BPM success factors and therefore BPM maturity in total between the three observed countries. Moreover, the structure of organizational culture across three countries also differs. This paper discusses the revealed differences between countries as well as the link between organizational culture and BPM success factors.

Keywords: Business process management, BPM maturity, BPM success factors, organizational culture, process performance index.

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Authors: Petr Gurný

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One of the most important tasks in the risk management is the correct determination of probability of default (PD) of particular financial subjects. In this paper a possibility of determination of financial institution’s PD according to the creditscoring models is discussed. The paper is divided into the two parts. The first part is devoted to the estimation of the three different models (based on the linear discriminant analysis, logit regression and probit regression) from the sample of almost three hundred US commercial banks. Afterwards these models are compared and verified on the control sample with the view to choose the best one. The second part of the paper is aimed at the application of the chosen model on the portfolio of three key Czech banks to estimate their present financial stability. However, it is not less important to be able to estimate the evolution of PD in the future. For this reason, the second task in this paper is to estimate the probability distribution of the future PD for the Czech banks. So, there are sampled randomly the values of particular indicators and estimated the PDs’ distribution, while it’s assumed that the indicators are distributed according to the multidimensional subordinated Lévy model (Variance Gamma model and Normal Inverse Gaussian model, particularly). Although the obtained results show that all banks are relatively healthy, there is still high chance that “a financial crisis” will occur, at least in terms of probability. This is indicated by estimation of the various quantiles in the estimated distributions. Finally, it should be noted that the applicability of the estimated model (with respect to the used data) is limited to the recessionary phase of the financial market.

Keywords: Credit-scoring Models, Multidimensional Subordinated Lévy Model, Probability of Default.

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Authors: Somchai Supattarakul, Anya Khanthavit

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This study aims at providing empirical evidence on a comparison of two equity valuation models: (1) the dividend discount model (DDM) and (2) the residual income model (RIM), in estimating equity values of Thai firms during 1995-2004. Results suggest that DDM and RIM underestimate equity values of Thai firms and that RIM outperforms DDM in predicting cross-sectional stock prices. Results on regression of cross-sectional stock prices on the decomposed DDM and RIM equity values indicate that book value of equity provides the greatest incremental explanatory power, relative to other components in DDM and RIM terminal values, suggesting that book value distortions resulting from accounting procedures and choices are less severe than forecast and measurement errors in discount rates and growth rates. We also document that the incremental explanatory power of book value of equity during 1998-2004, representing the information environment under Thai Accounting Standards reformed after the 1997 economic crisis to conform to International Accounting Standards, is significantly greater than that during 1995-1996, representing the information environment under the pre-reformed Thai Accounting Standards. This implies that the book value distortions are less severe under the 1997 Reformed Thai Accounting Standards than the pre-reformed Thai Accounting Standards.

Keywords: Dividend Discount Model, Equity Valuation Model, Residual Income Model, Thai Stock Market

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Authors: Helen S. Ghali, Engy Serag, A. Samer Ezeldin

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In many countries, the construction industry relies heavily on outsourcing models in executing their projects and expanding their businesses to fit in the diverse market. Such extensive integration of subcontractors is becoming an influential factor in contractor’s cash flow management. Accordingly, subcontractors’ financial terms are important phenomena and pivotal components for the well-being of the contractor’s cash flow. The aim of this research is to study the contractor’s cash flow with respect to the owner and subcontractor’s payment management plans, considering variable advance payment, payment frequency, and lag and retention policies. The model is developed to provide contractors with a decision support tool that can assist in selecting the optimum subcontracting plan to minimize the contractor’s financing limits and optimize the profit values. The model is built using Microsoft Excel VBA coding, and the genetic algorithm is utilized as the optimization tool. Three objective functions are investigated, which are minimizing the highest negative overdraft value, minimizing the net present worth of overdraft, and maximizing the project net profit. The model is validated on a full-scale project which includes both self-performed and subcontracted work packages. The results show potential outputs in optimizing the contractor’s negative cash flow values and, in the meantime, assisting contractors in selecting suitable subcontractors to achieve the objective function.

Keywords: Cash flow optimization, payment plan, procurement management, subcontracting plan.

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Authors: Reihaneh Montazeri Shatouri, Rosmini Omar, Wan Khairuzzaman Wan Ismail

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This study aims at investigating factors in research and development (R&D) growth and exploring the role of R&D management in enhancing social innovation and productivity improvement in Iran-s industrial sector. It basically explores the common types of R&D activities and the industries which benefited the most from active R&D units in Iran. The researchers generated qualitative analyses obtained from primary and secondary data. The primary data have been retrieved through interviews with five key players (Managing Director, Internal Manager, General Manager, Executive Manager, and Project Manager) in the industrial sector. The secondary data acquired from an investigation on Mazandaran, a province of northern Iran. The findings highlight Iran-s focuses of R & D on cost reduction and upgrading productivity. Industries that have benefited the most from active R&D units are metallic, machinery and equipment design, and automotive. We rank order the primary effects of R&D on productivity improvement as follows, industry improvement, economic growth, using professional human resources, generating productivity and creativity culture, creating a competitive and innovative environment, and increasing people-s knowledge. Generally, low budget dedication and insufficient supply of highly skilled scientists and engineers are two important obstacles for R&D in Iran. Whereas, R&D has resulted in improvement in Iranian society, transfer of contemporary knowledge into the international market is still lacking.

Keywords: Productivity, R&D, Transfer of Knowledge

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Authors: Pablo Cardozo Herrera

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In a dynamic market of Information Technology (IT) Service and with high quality demands and high performance requirements in decreasing costs, it is imperative that IT companies invest organizational effort in order to increase the effectiveness of their Information Technology Service Management (ITSM) processes through the improvement of ITSM project management and through solid support to the strategic decision-making process of IT directors. In this article, the author presents an analysis of common issues of IT companies around the world, with strategic needs of information unmet that provoke their ITSM processes and projects management that do not achieve the effectiveness and efficiency expected of their results. In response to the issues raised, the author proposes a framework consisting of an innovative theoretical framework model of ITSM management and a technological solution aligned to the Information Technology Infrastructure Library (ITIL) good practices guidance and ISO/IEC 20000-1 requirements. The article describes a research that proves the proposed framework is able to integrate, manage and coordinate in a holistic way, measurable and auditable, all ITSM processes and projects of IT organization and utilize the effectiveness assessment achieved for their strategic decision-making process increasing the process maturity level and improving the capacity of an efficient management.

Keywords: Innovation in IT services, ITSM processes, ITIL and ISO/IEC 20000-1, IT service management, IT service excellence.

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Authors: Wai Keng Teng, Gek Cheng Ngoh, Rozita Yusoff, Mohamed Kheireddine Aroua, Joe Shen Heng

Abstract:

As a by-product of the biodiesel industries, glycerol has been vastly generated which surpasses the market demand. It is imperative to develop an efficient glycerol valorization processes in minimizing the net energy requirement and intensifying the biodiesel production. In this study, base-catalyzed transesterification of glycerol with dimethyl carbonate using microwave irradiation as heating method to produce glycerol carbonate was conducted by varying grades of glycerol, i.e. 70%, 86% and 99% purity, that is obtained from biodiesel plant. Metal oxide catalysts were used with varying operating parameters including reaction time, DMC/glycerol molar ratio, catalyst weight %, temperature and stirring speed. From the study on the effect of different operating parameters it was found that the type of catalyst used has the most significant effect on the transesterification reaction. Amidst the metal oxide catalysts examined, CaO gave the best performance. This study indicates the feasibility of producing glycerol carbonate using different grade of glycerol in both conventional thermal activation and microwave irradiation with CaO as catalyst. Microwave assisted transesterification (MAT) of glycerol into glycerol carbonate has demonstrated itself as an energy efficient route by achieving 94.2% yield of GC at 65°C, 5 minutes reaction time, 1 wt% CaO and DMC/glycerol molar ratio of 2. The advantages of MAT transesterification route has made the direct utilization of bioglycerol from biodiesel production without the need of purification. This has marked a more economical and less-energy intensive glycerol carbonate synthesis route.

Keywords: Biodiesel, glycerol, glycerol carbonate, microwave irradiation.

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Authors: Amon Lasomboon

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Since the world printing industry has to confront globalization with a constant change, the Thai printing industry, as a small but increasingly significant part of the world printing industry, cannot inevitably escape but has to encounter with the similar change and also the need to revamp its production processes, designs and technology to make them more appealing to both international and domestic market. The essential question is what is the Thai competitive edge in the printing industry in changing environment? This research is aimed to study the Thai level of competitive edge in terms of marketing, technology, environment friendly, and the level of satisfaction of the process of using printing machines. To access the extent to which is the trends in competitiveness of Thai printing industry, both quantitative and qualitative study were conducted. The quantitative analysis was restricted to 100 respondents. The qualitative analysis was restricted to a focus group of 10 individuals from various backgrounds in the Thai printing industry. The findings from the quantitative analysis revealed that the overall mean scores are 4.53, 4.10, and 3.50 for the competitiveness of marketing, the competitiveness of technology, and the competitiveness of being environment friendly respectively. However, the level of satisfaction for the process of using machines has a mean score only 3.20. The findings from the qualitative analysis have revealed that target customers have increasingly reordered due to their contentment in both low prices and the acceptable quality of the products. Moreover, the Thai printing industry has a tendency to convert to ambient green technology which is friendly to the environment. The Thai printing industry is choosing to produce or substitute with products that are less damaging to the environment. It is also found that the Thai printing industry has been transformed into a very competitive industry which bargaining power rests on consumers who have a variety of choices.

Keywords: Competitiveness, Printing Industry

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Authors: Cheng-Chi Yu, Chi-Shiun Chiou

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This study developed a plug-in hybrid powertrain system which consisted of two continuous variable transmissions. By matching between the engine, motor, generator, and dual continuous variable transmissions, this integrated power system can take advantages of the components. The hybrid vehicle can be driven by the internal combustion engine, or electric motor alone, or by these two power sources together when the vehicle is driven in hard acceleration or high load. The energy management of this integrated hybrid system controls the power systems based on rule-based control strategy to achieve better fuel economy. When the vehicle driving power demand is low, the internal combustion engine is operating in the low efficiency region, so the internal combustion engine is shut down, and the vehicle is driven by motor only. When the vehicle driving power demand is high, internal combustion engine would operate in the high efficiency region; then the vehicle could be driven by internal combustion engine. This strategy would operate internal combustion engine only in optimal efficiency region to improve the fuel economy. In this research, the vehicle simulation model was built in MATLAB/ Simulink environment. The analysis results showed that the power coupled efficiency of the hybrid powertrain system with dual continuous variable transmissions was better than that of the Honda hybrid system on the market.

Keywords: Plug-in hybrid power system, fuel economy, performance, continuous variable transmission.

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Authors: Yananda Siraphatthada

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The current study was the succession of a previous study on value added of recycling business management. Its aims are to 1) explore conditions on how to increasing value add of Thai recycling business, and 2) exam the implementation of the 3-staged plan (short, medium, and long term), suggested by the former study, to increase value added of the recycling business as immediate mechanisms to accelerate government operation. Quantitative and qualitative methods were utilized in this research. A qualitative research consisted of in-depth interviews and focus group discussions. Responses were obtained from owners of the waste separation plants, and recycle shops, as well as officers in relevant governmental agencies. They were randomly selected via Quota Sampling. Data was analyzed via content analysis. The sample used for quantitative method consisted of 1,274 licensed recycling operators in eight provinces. The operators were randomly stratified via sampling method. Data were analyzed via descriptive statistics frequency, percentage, average (Mean) and standard deviation.The study recommended three-staged plan: short, medium, and long terms. The plan included the development of logistics, the provision of quality market/plants, the amendment of recycling rules/regulation, the restructuring recycling business, the establishment of green-purchasing recycling center, support for the campaigns run by the International Green Purchasing Network (IGPN), conferences/workshops as a public forum to share insights among experts/concern people.

Keywords: Strategies, Value Added, Recycle Business.

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Authors: Libena Cernohorska

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The goal of this paper is to specify factors influencing the profitability of selected banks. Next, a model will be created to help establish variables that have a demonstrable influence on the development of the selected banks' profitability ratios. Czech banks and their international parent companies were selected for analyzing profitability. Banks categorized as large banks (according to the Czech National Bank's system, which ranks banks according to balance sheet total) were selected to represent the Czech banks. Two ratios, the return on assets ratio (ROA) and the return on equity ratio (ROE) are used to assess bank profitability. Six endogenous and four external indicators were selected from among other factors that influence bank profitability. The data analyzed were for 2001–2013. First, correlation analysis, which was supposed to eliminate correlated values, was conducted. A large number of correlated values were established on the basis of this analysis. The strongly correlated values were omitted. Despite this, the subsequent regression analysis of profitability for the individual banks that were selected did not confirm that the selected variables influenced their profitability. The studied factors' influence on bank profitability was demonstrated only for Ceskoslovenska Obchodni Banka and Société Générale using regression analysis. For Československa Obchodni Banka, it was demonstrated that inflation level and the amount of the central bank's interest rate influenced the return on assets ratio and that capital adequacy and market concentration influenced the return on equity ratio for Société Générale.

Keywords: Banks, profitability, regression analysis, ROA, ROE.

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Authors: S. Doyle, G. A. Aggidis

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Wave energy converter technologies continue to show good progress in worldwide research. One of the most researched technologies, the Oscillating Water Column (OWC), is arguably one of the most popular categories within the converter technologies due to its robustness, simplicity and versatility. However, the versatility of the OWC is still largely untapped with most deployments following similar trends with respect to applications and operating systems. As the competitiveness of the energy market continues to increase, the demand for wave energy technologies to be innovative also increases. For existing wave energy technologies, this requires identifying areas to diversify for lower costs of energy with respect to applications and synergies or integrated systems. This paper provides a review of all OWCs systems integrated into alternative applications in the past and present. The aspects and variation in their design, deployment and system operation are discussed. Particular focus is given to the Multi-OWCs (M-OWCs) and their great potential to increase capture on a larger scale, especially in synergy applications. It is made clear that these steps need to be taken in order to make wave energy a competitive and viable option in the renewable energy mix as progression to date shows that stand alone single function devices are not economical. Findings reveal that the trend of development is moving toward these integrated applications in order to reduce the Levelised Cost of Energy (LCOE) and will ultimately continue in this direction in efforts to make wave energy a competitive option in the renewable energy mix.

Keywords: Ocean energy, wave energy, oscillating water column, renewable energy, review.

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Authors: Anna Dolinayova, Juraj Camaj, Martin Loch

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Presently, it is necessary to ensure the sustainable development of passenger and freight transport. Increasing performance of road freight has had a negative impact to environment and society. It is therefore necessary to increase the competitiveness of intermodal transport, which is more environmentally friendly. The study describes the effectiveness of logistical centers realization for companies and society and research how the partial internalization of external costs reflected in the efficient use of these centers and increase the competitiveness of intermodal transport to road freight. In our research, we use the method of comparative analysis and market research to describe the advantages of logistic centers for their users as well as for society as a whole. Method normal costing is used for calculation infrastructure and total costs, method of conversion costing for determine the external costs. We modelled total society costs for road freight transport and inter modal transport chain (we assumed that most of the traffic is carried by rail) with different loading schemes for condition in the Slovak Republic. Our research has shown that higher utilization of inter modal transport chain do good not only for society, but for companies providing freight services too. Increase in use of inter modal transport chain can bring many benefits to society that do not bring direct immediate financial return. They often bring the multiplier effects, such as greater use of environmentally friendly transport mode and reduce the total society costs.

Keywords: Delivery time, economy effectiveness, logistical centers, ecological efficiency, optimization, society.

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