Search results for: context based coordination
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 12080

Search results for: context based coordination

10940 The Learning Impact of a 4-Dimensional Digital Construction Learning Environment

Authors: Chris Landorf, Stephen Ward

Abstract:

This paper addresses a virtual environment approach to work integrated learning for students in construction-related disciplines. The virtual approach provides a safe and pedagogically rigorous environment where students can apply theoretical knowledge in a simulated real-world context. The paper describes the development of a 4-dimensional digital construction environment and associated learning activities funded by the Australian Office for Learning and Teaching. The environment was trialled with over 1,300 students and evaluated through questionnaires, observational studies and coursework analysis. Results demonstrate a positive impact on students’ technical learning and collaboration skills, but there is need for further research in relation to critical thinking skills and work-readiness.

Keywords: Architectural education, construction industry, digital learning environments, immersive learning.

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10939 Trends in IT Consulting in Austria

Authors: Michael Torggler

Abstract:

IT consultants often take over an important role as an interface between technological, organizational and managerial structures. As a result, the services offered are in many cases assigned to different disciplines which can cause a lack of transparency on the market for consulting services. However, not all consulting products are suitable for every company because of different frameworks and business processes. In this context the questions arises as to what consulting products are currently offered and how they can be compared as well as how the market for IT consulting services is structured on the supply side. The presented study aims to shed light on the IT consulting market by giving an overview of the current structure of the supply-side for IT consulting services as well as proposing a categorization of the currently available consulting services (consulting fields) in order to provide a theoretical background for the empirical study. Apart from these theoretical considerations, the empirical results of field surveys on the Austrian IT consulting market are presented and analyzed.

Keywords: IT Consulting, Management Consulting, ISConsulting, Consulting Fields, Market study.

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10938 Designing an Agent-Based Model of SMEs to Assess Flood Response Strategies and Resilience

Authors: C. Li, G. Coates, N. Johnson, M. McGuinness

Abstract:

In the UK, flooding is responsible for significant losses to the economy due to the impact on businesses, the vast majority of which are Small and Medium Enterprises (SMEs). Businesses of this nature tend to lack formal plans to aid their response to and recovery from disruptive events such as flooding. This paper reports on work on how an agent-based model (ABM) is being developed based on interview data gathered from SMEs at-risk of flooding and/or have direct experience of flooding. The ABM will enable simulations to be performed allowing investigations of different response strategies which SMEs may employ to lessen the impact of flooding, thus strengthening their resilience.

Keywords: ABM, Flood response, SMEs, Business continuity.

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10937 Business Penetration through Print Media: A Review of Select Enablers

Authors: Prateek Maheshwari, Nitin Seth

Abstract:

It’s an era of high competition, dynamism and complexities which have forced organizations to change dramatically due to rising customer expectations. Marketers are under constant pressure to deliver finest to their customers. With the advent of technology, marketers have identified latest advertising media options to reach out to target audience. But the conventional ways of print advertisements still holds a deeper penetration and coverage. Various researchers and practitioners have studied the area of print media advertising and have tried to identify and implement advertisement effectiveness enablers. The purpose of this paper is to suggest select enablers for print media in Indian context using an integrated approach of review of literature and investigative interviews with academicians and experts from the area of advertising.

Keywords: Advertising, Advertisement Effectiveness, Competition, Print Media.

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10936 An Approach for Ensuring Data Flow in Freight Delivery and Management Systems

Authors: Aurelija Burinskienė, Dalė Dzemydienė, Arūnas Miliauskas

Abstract:

This research aims at developing the approach for more effective freight delivery and transportation process management. The road congestions and the identification of causes are important, as well as the context information recognition and management. The measure of many parameters during the transportation period and proper control of driver work became the problem. The number of vehicles per time unit passing at a given time and point for drivers can be evaluated in some situations. The collection of data is mainly used to establish new trips. The flow of the data is more complex in urban areas. Herein, the movement of freight is reported in detail, including the information on street level. When traffic density is extremely high in congestion cases, and the traffic speed is incredibly low, data transmission reaches the peak. Different data sets are generated, which depend on the type of freight delivery network. There are three types of networks: long-distance delivery networks, last-mile delivery networks and mode-based delivery networks; the last one includes different modes, in particular, railways and other networks. When freight delivery is switched from one type of the above-stated network to another, more data could be included for reporting purposes and vice versa. In this case, a significant amount of these data is used for control operations, and the problem requires an integrated methodological approach. The paper presents an approach for providing e-services for drivers by including the assessment of the multi-component infrastructure needed for delivery of freights following the network type. The construction of such a methodology is required to evaluate data flow conditions and overloads, and to minimize the time gaps in data reporting. The results obtained show the possibilities of the proposing methodological approach to support the management and decision-making processes with functionality of incorporating networking specifics, by helping to minimize the overloads in data reporting.

Keywords: Transportation networks, freight delivery, data flow, monitoring, e-services.

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10935 Stealthy Network Transfer of Data

Authors: N. Veerasamy, C. J. Cheyne

Abstract:

Users of computer systems may often require the private transfer of messages/communications between parties across a network. Information warfare and the protection and dominance of information in the military context is a prime example of an application area in which the confidentiality of data needs to be maintained. The safe transportation of critical data is therefore often a vital requirement for many private communications. However, unwanted interception/sniffing of communications is also a possibility. An elementary stealthy transfer scheme is therefore proposed by the authors. This scheme makes use of encoding, splitting of a message and the use of a hashing algorithm to verify the correctness of the reconstructed message. For this proof-of-concept purpose, the authors have experimented with the random sending of encoded parts of a message and the construction thereof to demonstrate how data can stealthily be transferred across a network so as to prevent the obvious retrieval of data.

Keywords: Construction, encode, interception, stealthy.

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10934 Exploring the Relationships between Experiential Marketing, Customer Satisfaction and Customer Loyalty: An Empirical Examination in Konya

Authors: R. Öztürk

Abstract:

Experiential marketing is one of the marketing approaches that offer an exceptional framework to integrate elements of experience and entertainment in a product or service. Experiential marketing is defined as a memorable experience that goes deeply into the customer’s mind. Besides that, customer satisfaction is defined as an emotional response to the experiences provided by and associated with particular products or services purchased. Thus, experiential marketing activities can affect the level of customer satisfaction and loyalty. In this context, the research aims to explore the relationship among experiential marketing, customer satisfaction and customer loyalty among the cosmetic products customers in Konya. The partial least squares (PLS) method is used to analyze the survey data. Findings of the present study revealed that experiential marketing has been a significant predictor of customer satisfaction and customer loyalty, and also experiential marketing has a significantly positive effect on customer satisfaction and customer loyalty.

Keywords: Customer satisfaction, customer loyalty, experiential marketing.

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10933 Plug and Play Interferometer Configuration using Single Modulator Technique

Authors: Norshamsuri Ali, Hafizulfika, Salim Ali Al-Kathiri, Abdulla Al-Attas, Suhairi Saharudin, Mohamed Ridza Wahiddin

Abstract:

We demonstrate single-photon interference over 10 km using a plug and play system for quantum key distribution. The quality of the interferometer is measured by using the interferometer visibility. The coding of the signal is based on the phase coding and the value of visibility is based on the interference effect, which result a number of count. The setup gives full control of polarization inside the interferometer. The quality measurement of the interferometer is based on number of count per second and the system produces 94 % visibility in one of the detectors.

Keywords: single photon, interferometer, quantum key distribution.

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10932 Construction of a Low Carbon Eco-City Index System Based on CAS Theory: A Case of Hexi Newtown in Nanjing, China

Authors: Xu Tao, Yilun Xu, Dingwei Xiang, Yaofei Sun

Abstract:

The practice of urban planning and construction based on the concept of the “low carbon eco-city” has been universally accepted by the academic community in response to urban issues such as population, resources, environment, and social development. Based on this, the current article first analyzes the concepts of low carbon eco-city, then builds a complex adaptive system (CAS) theory based on Chinese traditional philosophical thinking, and analyzes the adaptive relationship between material and non-material elements. A three-dimensional evaluation model of natural ecology, economic low carbon, and social harmony was constructed. Finally, the construction of a low carbon eco-city index system in Hexi Newtown of Nanjing was used as an example to verify the effectiveness of the research results; this paradigm provides a new way to achieve a low carbon eco-city system.

Keywords: Complex adaptive system, low carbon ecology, index system, model.

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10931 Entrepreneurship and the Discovery and Exploitation of Business Opportunities: Empirical Evidence from the Malawian Tourism Sector

Authors: Aravind Mohan Krishnan

Abstract:

This paper identifies a research gap in the literature on tourism entrepreneurship in Malawi, Africa, and investigates how entrepreneurs from the Malawian tourism sector discover and exploit business opportunities. In particular, the importance of prior experience and business networks in the opportunity development process is debated. Another area of empirical research examined here is the opportunity recognition-venture creation sequence. While Malawi presents fruitful business opportunities, exploiting these opportunities into fully realized business ideas is a real challenge due to the country’s difficult business environment and poor promotional and marketing efforts. The study concludes by calling for further research in Sub-Saharan Africa in order to develop our understanding of entrepreneurship in this (African) context.

Keywords: Tourism, entrepreneurship, Malawi, business opportunities.

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10930 Multi-Objective Optimization of an Aerodynamic Feeding System Using Genetic Algorithm

Authors: Jan Busch, Peter Nyhuis

Abstract:

Considering the challenges of short product life cycles and growing variant diversity, cost minimization and manufacturing flexibility increasingly gain importance to maintain a competitive edge in today’s global and dynamic markets. In this context, an aerodynamic part feeding system for high-speed industrial assembly applications has been developed at the Institute of Production Systems and Logistics (IFA), Leibniz Universitaet Hannover. The aerodynamic part feeding system outperforms conventional systems with respect to its process safety, reliability, and operating speed. In this paper, a multi-objective optimisation of the aerodynamic feeding system regarding the orientation rate, the feeding velocity, and the required nozzle pressure is presented.

Keywords: Aerodynamic feeding system, genetic algorithm, multi-objective optimization.

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10929 Scientometrics Analysis of Food Supply Chain Risk Assessment Literature Based on Web of Science Record 1996-2014

Authors: Mohsen Shirani, Shadi Asadzandi, Micaela Demichela

Abstract:

This paper presents the results of a study to assess crucial aspects and the strength of the scientific basis of a typically interdisciplinary, applied field: food supply chain risk assessment research. Our approach is based on an advanced scientometrics analysis that is a quantitative study of the disciplines of science based on published literature to measure interdisciplinary. This paper aims to describe the quantity and quality of the publication trends in food supply chain risk assessment. The publication under study was composed of 266 articles from database web of science. The results were analyzed based on date of publication, type of document, language of the documents, source of publications, subject areas, authors and their affiliations, and the countries involved in developing the articles.

Keywords: Food Supply Chain, Risk Assessment, Scientometrics, Web of science.

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10928 Speaker Identification Using Admissible Wavelet Packet Based Decomposition

Authors: Mangesh S. Deshpande, Raghunath S. Holambe

Abstract:

Mel Frequency Cepstral Coefficient (MFCC) features are widely used as acoustic features for speech recognition as well as speaker recognition. In MFCC feature representation, the Mel frequency scale is used to get a high resolution in low frequency region, and a low resolution in high frequency region. This kind of processing is good for obtaining stable phonetic information, but not suitable for speaker features that are located in high frequency regions. The speaker individual information, which is non-uniformly distributed in the high frequencies, is equally important for speaker recognition. Based on this fact we proposed an admissible wavelet packet based filter structure for speaker identification. Multiresolution capabilities of wavelet packet transform are used to derive the new features. The proposed scheme differs from previous wavelet based works, mainly in designing the filter structure. Unlike others, the proposed filter structure does not follow Mel scale. The closed-set speaker identification experiments performed on the TIMIT database shows improved identification performance compared to other commonly used Mel scale based filter structures using wavelets.

Keywords: Speaker identification, Wavelet transform, Feature extraction, MFCC, GMM.

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10927 A Hybrid Recommendation System Based On Association Rules

Authors: Ahmed Mohammed K. Alsalama

Abstract:

Recommendation systems are widely used in e-commerce applications. The engine of a current recommendation system recommends items to a particular user based on user preferences and previous high ratings. Various recommendation schemes such as collaborative filtering and content-based approaches are used to build a recommendation system. Most of current recommendation systems were developed to fit a certain domain such as books, articles, and movies. We propose1 a hybrid framework recommendation system to be applied on two dimensional spaces (User × Item) with a large number of Users and a small number of Items. Moreover, our proposed framework makes use of both favorite and non-favorite items of a particular user. The proposed framework is built upon the integration of association rules mining and the content-based approach. The results of experiments show that our proposed framework can provide accurate recommendations to users.

Keywords: Data Mining, Association Rules, Recommendation Systems, Hybrid Systems.

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10926 Equalities in a Variety of Multiple Algebras

Authors: Mona Taheri

Abstract:

The purpose of this research is to study the concepts of multiple Cartesian product, variety of multiple algebras and to present some examples. In the theory of multiple algebras, like other theories, deriving new things and concepts from the things and concepts available in the context is important. For example, the first were obtained from the quotient of a group modulo the equivalence relation defined by a subgroup of it. Gratzer showed that every multiple algebra can be obtained from the quotient of a universal algebra modulo a given equivalence relation. The purpose of this study is examination of multiple algebras and basic relations defined on them as well as introduction to some algebraic structures derived from multiple algebras. Among the structures obtained from multiple algebras, this article studies submultiple algebras, quotients of multiple algebras and the Cartesian product of multiple algebras.

Keywords: hypergroup, multiple algebras

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10925 Development of Risk-Based Ambient Air Quality Standards in the Russian Federation on the Basis of Risk Assessment Procedures Harmonized with International Approaches

Authors: Nina V. Zaitseva, Pavel Z. Shur, Nina G. Atiskova

Abstract:

Nowadays harmonization of sanitary and hygienic standards of environmental quality with international standards is crucial part of integration of Russia into the international community. Harmonization of Russian and international ambient air quality standards may be realized by risk-based standards development. In this paper approaches to risk-based standards development and examples of these approaches implementation are presented.

Keywords: Harmonization, health risk assessment, evolutionary modelling, benchmark level, nickel, manganese.

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10924 Improving Carbon Sequestration in Concrete: A Literature Review

Authors: Adedokun D. A., Ndambuki J. M., Salim R. W.

Abstract:

Due to urbanization, trees and plants which covered a great land mass of the earth and are an excellent carbon dioxide (CO2) absorber through photosynthesis are being replaced by several concrete based structures. It is therefore important to have these cement based structures absorb the large volume of carbon dioxide which the trees would have removed from the atmosphere during their useful lifespan. Hence the need for these cement based structures to be designed to serve other useful purposes in addition to shelter. This paper reviews the properties of Sodium carbonate and sugar as admixtures in concrete with respect to improving carbon sequestration in concrete.

Keywords: Carbon sequestration, Sodium carbonate, Sugar, concrete, Carbon dioxide.

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10923 Application Potential of Selected Tools in Context of Critical Infrastructure Protection and Risk Analysis

Authors: Hromada Martin

Abstract:

Risk analysis is considered as a fundamental aspect relevant for ensuring the level of critical infrastructure protection, where the critical infrastructure is seen as system, asset or its part which is important for maintaining the vital societal functions. Article actually discusses and analyzes the potential application of selected tools of information support for the implementation and within the framework of risk analysis and critical infrastructure protection. Use of the information in relation to their risk analysis can be viewed as a form of simplifying the analytical process. It is clear that these instruments (information support) for these purposes are countless, so they were selected representatives who have already been applied in the selected area of critical infrastructure, or they can be used. All presented fact were the basis for critical infrastructure resilience evaluation methodology development.

Keywords: Critical infrastructure, Protection, Resilience, Risk Analysis.

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10922 Object Alignment for Military Optical Surveillance

Authors: Oscar J.G. Somsen, Fok Bolderheij

Abstract:

Electro-optical devices are increasingly used for military sea-, land- and air applications to detect, recognize and track objects. Typically, these devices produce video information that is presented to an operator. However, with increasing availability of electro-optical devices the data volume is becoming very large, creating a rising need for automated analysis. In a military setting, this typically involves detecting and recognizing objects at a large distance, i.e. when they are difficult to distinguish from background and noise. One may consider combining multiple images from a video stream into a single enhanced image that provides more information for the operator. In this paper we investigate a simple algorithm to enhance simulated images from a military context and investigate how the enhancement is affected by various types of disturbance.

Keywords: Electro-Optics, Automated Image alignment

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10921 Corporate Social Responsibility and Its Impact on Corporate Governance: Comparative Study between Listed Companies on Bucharest and Bombay Stock Exchange

Authors: L. Feleagă, M. Dumitrașcu, N. Feleagă

Abstract:

This article is a research on corporate governance. The aim of the study is to focus a special attention on the importance of corporate social responsibility and corporate governance, which are relevant, indeed necessary, for organizations. In this regard, we analyzed the corporate social responsibility in the context of corporate governance for companies listed on Bucharest and Bombay Stock Exchange. Therefore, we bring into the spotlight some differences between India and Romania linked with the importance ascribed to corporate social responsibility of a company. We presented the results of the demarche and we concluded suggestions regarding further research in this area. The study increases the awareness, identifies and articulates desirable behaviors, which are not intended to be exhaustive.

Keywords: Corporate governance, corporate social responsibility, disclosure, listed companies.

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10920 An Interval-Based Multi-Attribute Decision Making Approach for Electric Utility Resource Planning

Authors: M. Sedighizadeh, A. Rezazadeh

Abstract:

This paper presents an interval-based multi-attribute decision making (MADM) approach in support of the decision process with imprecise information. The proposed decision methodology is based on the model of linear additive utility function but extends the problem formulation with the measure of composite utility variance. A sample study concerning with the evaluation of electric generation expansion strategies is provided showing how the imprecise data may affect the choice toward the best solution and how a set of alternatives, acceptable to the decision maker (DM), may be identified with certain confidence.

Keywords: Decision Making, Power Generation, ElectricUtilities, Resource Planning.

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10919 Cognitive Landscape of Values – Understanding the Information Contents of Mental Representations

Authors: J. Maksimainen

Abstract:

The values of managers and employees in organizations are phenomena that have captured the interest of researchers at large. Despite this attention, there continues to be a lack of agreement on what values are and how they influence individuals, or how they are constituted in individuals- mind. In this article content-based approach is presented as alternative reference frame for exploring values. In content-based approach human thinking in different contexts is set at the focal point. Differences in valuations can be explained through the information contents of mental representations. In addition to the information contents, attention is devoted to those cognitive processes through which mental representations of values are constructed. Such informational contents are in decisive role for understanding human behavior. By applying content-based analysis to an examination of values as mental representations, it is possible to reach a deeper to the motivational foundation of behaviors, such as decision making in organizational procedures, through understanding the structure and meanings of specific values at play.

Keywords: Content-based Approach, Mental Content, Mental Representations, Organizational values, Values

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10918 A Fast Object Detection Method with Rotation Invariant Features

Authors: Zilong He, Yuesheng Zhu

Abstract:

Based on the combined shape feature and texture feature, a fast object detection method with rotation invariant features is proposed in this paper. A quick template matching scheme based online learning designed for online applications is also introduced in this paper. The experimental results have shown that the proposed approach has the features of lower computation complexity and higher detection rate, while keeping almost the same performance compared to the HOG-based method, and can be more suitable for run time applications.

Keywords: gradient feature, online learning, rotationinvariance, template feature

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10917 Comparison of Parameterization Methods in Recognizing Spoken Arabic Digits

Authors: Ali Ganoun

Abstract:

This paper proposes evaluation of sound parameterization methods in recognizing some spoken Arabic words, namely digits from zero to nine. Each isolated spoken word is represented by a single template based on a specific recognition feature, and the recognition is based on the Euclidean distance from those templates. The performance analysis of recognition is based on four parameterization features: the Burg Spectrum Analysis, the Walsh Spectrum Analysis, the Thomson Multitaper Spectrum Analysis and the Mel Frequency Cepstral Coefficients (MFCC) features. The main aim of this paper was to compare, analyze, and discuss the outcomes of spoken Arabic digits recognition systems based on the selected recognition features. The results acqired confirm that the use of MFCC features is a very promising method in recognizing Spoken Arabic digits.

Keywords: Speech Recognition, Spectrum Analysis, Burg Spectrum, Walsh Spectrum Analysis, Thomson Multitaper Spectrum, MFCC.

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10916 Perspectives of Financial Reporting Harmonization

Authors: Sorana M. Manoiu, Razvan V. Mustata, Jiří Strouhal, Carmen G. Bonaci, Dumitru Matis, Jiřina Bokšová

Abstract:

In the current context of globalization, accountability has become a key subject of real interest for both, national and international business areas, due to the need for comparability and transparency of the economic situation, so we can speak about the harmonization and convergence of international accounting. The paper presents a qualitative research through content analysis of several reports concerning the roadmap for convergence. First, we develop a conceptual framework for the evolution of standards’ convergence and further we discuss the degree of standards harmonization and convergence between US GAAP and IAS/IFRS as to October 2012. We find that most topics did not follow the expected progress. Furthermore there are still some differences in the long-term project that are in process to be completed and other that were reassessed as a lower priority project.

Keywords: Convergence, harmonization, FASB, IASB, IFRS, US GAAP.

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10915 Green Building Materials: Hemp Oil Based Biocomposites

Authors: Nathan W. Manthey, Francisco Cardona, Gaston M. Francucci, Thiru Aravinthan

Abstract:

Novel acrylated epoxidized hemp oil (AEHO) based bioresins were successfully synthesised, characterized and applied to biocomposites reinforced with woven jute fibre. Characterisation of the synthesised AEHO consisted of acid number titrations and FTIR spectroscopy to assess the success of the acrylation reaction. Three different matrices were produced (vinylester (VE), 50/50 blend of AEHO/VE and 100% AEHO) and reinforced with jute fibre to form three different types of biocomposite samples. Mechanical properties in the form of flexural and interlaminar shear strength (ILSS) were investigated and compared for the different samples. Results from the mechanical tests showed that AEHO and 50/50 based neat bioresins displayed lower flexural properties compared with the VE samples. However when applied to biocomposites and compared with VE based samples, AEHO biocomposites demonstrated comparable flexural performance and improved ILSS. These results are attributed to improved fibre-matrix interfacial adhesion due to surface-chemical compatibility between the natural fibres and bioresin.

Keywords: Biocomposite, hemp oil based bioresin, green building materials, mechanical properties.

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10914 Sensor Monitoring of the Concentrations of Different Gases Present in Synthesis of Ammonia Based On Multi-Scale Entropy and Multivariate Statistics

Authors: S. Aouabdi, M. Taibi

Abstract:

This paper presents powerful techniques for the development of a new monitoring method based on multi-scale entropy (MSE) in order to characterize the behaviour of the concentrations of different gases present in the synthesis of Ammonia and soft-sensor based on Principal Component Analysis (PCA).

Keywords: Ammonia synthesis, concentrations of different gases, soft sensor, multi-scale entropy, multivariate statistics.

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10913 Recursive Algorithms for Image Segmentation Based on a Discriminant Criterion

Authors: Bing-Fei Wu, Yen-Lin Chen, Chung-Cheng Chiu

Abstract:

In this study, a new criterion for determining the number of classes an image should be segmented is proposed. This criterion is based on discriminant analysis for measuring the separability among the segmented classes of pixels. Based on the new discriminant criterion, two algorithms for recursively segmenting the image into determined number of classes are proposed. The proposed methods can automatically and correctly segment objects with various illuminations into separated images for further processing. Experiments on the extraction of text strings from complex document images demonstrate the effectiveness of the proposed methods.1

Keywords: image segmentation, multilevel thresholding, clustering, discriminant analysis

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10912 Complementary Energy Path Adiabatic Logic based Full Adder Circuit

Authors: Shipra Upadhyay , R. K. Nagaria, R. A. Mishra

Abstract:

In this paper, we present the design and experimental evaluation of complementary energy path adiabatic logic (CEPAL) based 1 bit full adder circuit. A simulative investigation on the proposed full adder has been done using VIRTUOSO SPECTRE simulator of cadence in 0.18μm UMC technology and its performance has been compared with the conventional CMOS full adder circuit. The CEPAL based full adder circuit exhibits the energy saving of 70% to the conventional CMOS full adder circuit, at 100 MHz frequency and 1.8V operating voltage.

Keywords: Adiabatic, CEPAL, full adder, power clock

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10911 Efficient Frontier - Comparing Different Volatility Estimators

Authors: Tea Poklepović, Zdravka Aljinović, Mario Matković

Abstract:

Modern Portfolio Theory (MPT) according to Markowitz states that investors form mean-variance efficient portfolios which maximizes their utility. Markowitz proposed the standard deviation as a simple measure for portfolio risk and the lower semi-variance as the only risk measure of interest to rational investors. This paper uses a third volatility estimator based on intraday data and compares three efficient frontiers on the Croatian Stock Market. The results show that range-based volatility estimator outperforms both mean-variance and lower semi-variance model.

Keywords: Variance, lower semi-variance, range-based volatility.

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