Search results for: Financial decision making

Authors: M. Bogers, R. Beeres

Abstract:

This paper contributes to the literature concerning burden sharing. We provide a quantitative expression of the burden sharing behaviour of 174 states in the case of combating terrorist financing and address specific burden sharing issues in this context (i.e., weakest link; no substitutability). We conclude that advanced states have shown more effort to control terrorist financing than developing states. In this particular case, there is an incentive for advanced states to support developing states. Failing to do so will make the total financial system worse off.

Keywords: Burden sharing, combating terrorist financing, weakest link.

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Authors: B. Farhadinia

Abstract:

Although so far, many methods for ranking fuzzy numbers have been discussed broadly, most of them contained some shortcomings, such as requirement of complicated calculations, inconsistency with human intuition and indiscrimination. The motivation of this study is to develop a model for ranking fuzzy numbers based on the lexicographical ordering which provides decision-makers with a simple and efficient algorithm to generate an ordering founded on a precedence. The main emphasis here is put on the ease of use and reliability. The effectiveness of the proposed method is finally demonstrated by including a comprehensive comparing different ranking methods with the present one.

Keywords: Ranking fuzzy numbers, Lexicographical ordering.

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Authors: I. Ionascu, M. Ionascu, D.-A. Calu, L. Olimid

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This paper investigates several factors affecting the cost of capital for listed Romanian companies. Although there is a large amount of literature investigating the drivers of the cost of capital internationally, there is currently little evidence from emergent markets. Based on a sample of 19 Romanian listed companies followed by financial analysts for the years 2008-2010, according to Thomson Reuters- I/B/E/S data base, the paper confirms the international trends, showing that size, corporate governance policies, and growth are negatively correlated with the cost of capital.

Keywords: Corporate governance, determinants of the cost of capital, emergent markets.

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Authors: Nitesh Pandey, Manish Kumar, Pankaj Gupta, Amit Kumar Srivastava

Abstract:

The convertible table is a versatile and adaptable item designed to provide numerous solutions in one. The design incorporates numerous features that offer both ease and functionality. The description of the versatile convertible table in this overview encompasses a range of features that can be tailored to accommodate various user requirements. With its changeable functionality, this piece can easily transform into a workstation, dining table, or coffee table to suit various needs. Significantly, this multipurpose convertible laptop table includes a specific section for electronic devices such as computers and tablets, offering convenience for remote workers and online learners. In addition, providing storage space for essential equipment promotes a tidy workspace by facilitating the organization of many items. The integrated flash system offers supplementary illumination for dimly lit surroundings, while the cooling fans prevent the table's surface from overheating in hot weather or during prolonged laptop usage, making it an optimal and superior choice for laptop users. In order to cater to the needs of students, painters, and other individuals who require writing tools on a regular basis, a pencil and pen stand is included, hence enhancing the versatility of the table. The scissor lift mechanism allows for easy modifications in height, making it convenient to customize usage and providing the option of using it as a standing desk. Overall, this convertible table exemplifies its ability to adapt, its user-friendly nature, and its usefulness in a wide range of situations and settings.

Keywords: Furniture design, laptop stand, study table, learning tool, furniture manufacturing, contemporary design.

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Authors: Astrid Bagireanu, Julio Bros-Williamson, Mila Duncheva, John Currie

Abstract:

Digital Twins (DTs) have entered the built environment from more established industries like aviation and manufacturing, although there has never been a common goal for utilising DTs at scale. Their assimilation into the built environment lacked its very own handover documentation: how should DTs be implemented into a project and what responsibilities should each project stakeholder hold in the realisation of a DT vision. What is needed is an approach to translate these requirements into actionable DT dimensions. This paper presents a foundation for an overarching framework specific to the built environment. For the purposes of this research, the project timeline is established by referencing the Royal Institute of British Architects (RIBA) Plan of Work from 2020, providing a foundation for delineating project stages. The RIBA Plan of Work consists of eight stages designed to inform on the definition, briefing, design, coordination, construction, handover, and use of a built asset. Similar project stages are utilised in other countries; therefore, the recommendations from the interviews presented in this paper are applicable internationally. Simultaneously, there is not a single mainstream software resource that leverages DT abilities. This ambiguity meets an unparalleled ambition from governments and industries worldwide to achieve a national grid of interconnected DTs. For the construction industry to access these benefits, it necessitates a defined starting point. This research aims to provide a comprehensive understanding of the potential applications and ramifications of DT in the context of the built environment. This paper is an integral part of a larger research aimed at developing a conceptual framework for the Architecture, Engineering, and Construction (AEC) sector following a conventional project timeline. Therefore, this paper plays a pivotal role in providing practical insights and a tangible foundation for developing a stage-by-stage approach to assimilate the potential of DT within the built environment. First, the research focuses on a review of relevant literature, albeit acknowledging the inherent constraint of limited sources available. Secondly, a qualitative study compiling the views of 14 DT experts is presented, concluding with an inductive analysis of the interview findings - ultimately highlighting the barriers and strengths of DT in the context of framework development. As parallel developments aim to progress net-zero-centred design and improve project efficiencies across the built environment, the limited resources available to support DTs should be leveraged to propel the industry to reach its digitalisation era, in which AEC stakeholders have a fundamental role in understanding this, from the earliest stages of a project.

Keywords: Digital twins, decision making, design, net-zero, built environment.

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Authors: M. Salehi, R. Tavakkoli-Moghaddam

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Selection of a project among a set of possible alternatives is a difficult task that the decision maker (DM) has to face. In this paper, by using a fuzzy TOPSIS technique we propose a new method for a project selection problem. After reviewing four common methods of comparing investment alternatives (net present value, rate of return, benefit cost analysis and payback period) we use them as criteria in a TOPSIS technique. First we calculate the weight of each criterion by a pairwise comparison and then we utilize the improved TOPSIS assessment for the project selection.

Keywords: Fuzzy Theory, Pairwise Comparison, ProjectSelection, TOPSIS Technique.

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Authors: Chimaobi V. Okolo, Afamefuna J. Ani, Ebere U. Okolo

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This paper seeks to assess the implications of insurance to foreign direct investment inflow in Nigeria. Multiple linear regression technique and correlation matrix test were employed to measure the extent to which foreign direct investment was influenced. The result showed that insurance premium (IP), asset size of insurance industry (AS), and total investment of the industry (TI) impacted significantly and positively on foreign direct investment inflow in Nigeria. There should be effective risk transfer mechanism and financial intermediation, which gives the investor confidence in the risk management strength of the host country.

Keywords: Foreign direct investment, insurance.

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Authors: Petra Horváthová, Irena Durdová

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The article is aimed at bringing information on the scope and the level of use of talent management by organizations in one of the Czech Republic regions, in the Moravian-Silesian Region. On the basis of data acquired by a questionnaire survey it has been found out that organizations in the above-mentioned region are implementing the system of talent management on a small scale: this approach is used by 3.8 % of organizations only that is 9 from 237 (100 %) of the approached respondents. The main reasons why this approach is not used is either that organizations have no knowledge of it or there is lack of financial and personnel resources. In the article recommendations suggested by the author can be found for a wider application of talent management in the Czech practice.

Keywords: Talent, talent management, use, mind map of talent management.

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Authors: Lindiwe O. K. Mabuza, Alan C. Brent, Maxwell Mapako

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Technology transfer of renewable energy technologies is very often unsuccessful in the developing world. Aside from challenges that have social, economic, financial, institutional and environmental dimensions, technology transfer has generally been misunderstood, and largely seen as mere delivery of high tech equipment from developed to developing countries or within the developing world from R&D institutions to society. Technology transfer entails much more, including, but not limited to: entire systems and their component parts, know-how, goods and services, equipment, and organisational and managerial procedures. Means to facilitate the successful transfer of energy technologies, including the sharing of lessons are subsequently extremely important for developing countries as they grapple with increasing energy needs to sustain adequate economic growth and development. Improving the success of technology transfer is an ongoing process as more projects are implemented, new problems are encountered and new lessons are learnt. Renewable energy is also critical to improve the quality of lives of the majority of people in developing countries. In rural areas energy is primarily traditional biomass. The consumption activities typically occur in an inefficient manner, thus working against the notion of sustainable development. This paper explores the implementation of technology transfer in the developing world (sub-Saharan Africa). The focus is necessarily on RETs since most rural energy initiatives are RETs-based. Additionally, it aims to highlight some lessons drawn from the cited RE projects and identifies notable differences where energy technology transfer was judged to be successful. This is done through a literature review based on a selection of documented case studies which are judged against the definition provided for technology transfer. This paper also puts forth research recommendations that might contribute to improved technology transfer in the developing world. Key findings of this paper include: Technology transfer cannot be complete without satisfying pre-conditions such as: affordability, maintenance (and associated plans), knowledge and skills transfer, appropriate know how, ownership and commitment, ability to adapt technology, sound business principles such as financial viability and sustainability, project management, relevance and many others. It is also shown that lessons are learnt in both successful and unsuccessful projects.

Keywords: Technology transfer, technology management, renewable energy, sustainable development.

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Authors: Huei-Wen Lin

Abstract:

This study explored the relationship between psychological traits, demographics and financial behavioral biases for individual investors in Taiwan stock market. By using questionnaire survey method conducted in 2010, there are 554 valid convenient samples collected to examine the determinants of three types of behavioral biases. Based on literature review, two hypothesized models are constructed and further used to evaluate the effects of big five personality traits and demographic variables on investment biases through Structural Equation Model (SEM) analysis. The results showed that investment biases of individual investors are significantly related to four personality traits as well as some demographics.

Keywords: Behavioral finance, Big Five, Disposition effect, Herding, Overconfidence, Personality traits.

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Authors: Feddaoui Amina

Abstract:

This paper aimed to help researchers and international companies to the differences and similarities between IFRS (International financial reporting standards) and UK GAAP or UK accounting principles, and to the accounting changes between standard setting of the International Accounting Standards Board and the Accounting Standards Board in United Kingdom. We will use in this study statistical methods to calculate similarities and difference frequencies between the UK standards and IFRS standards, according to the PricewaterhouseCoopers report in 2005. We will use the one simple test to confirm or refuse our hypothesis. In conclusion, we found that the gap between UK GAAP and IFRS is small.

Keywords: Accounting, UK GAAP, IFRS, similarities, differences.

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Authors: D. Jakovčević, M. Mihelja Žaja

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This paper provides an analysis of the insurance cycle in the Republic of Croatia and whether they are affected by catastrophic losses on a global level. In general, it is considered that insurance cycles are particularly pronounced in periods of financial crisis, but are also affected by the growing number of catastrophic losses. They cause the change of insurance cycle and premium growth and intensification and narrowing of the coverage conditions, so these variables move in the same direction and these phenomena point to a new cycle. The main goal of this paper is to determine the existence of insurance cycle in the Republic of Croatia and investigate whether catastrophic losses have an influence on insurance cycles.

Keywords: Catastrophic loss, insurance cycle, premium, Republic of Croatia.

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Authors: E. Abustam, M. Yusuf, M. I. Said

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One of functional properties of the meat is decrease of water holding capacity (WHC) during rigor mortis. At the time of pre-rigor, WHC is higher than post-rigor. The decline of WHC has implication to the other functional properties such as decreased cooking lost and yields resulting in lower elasticity and compactness of processed meat product. In many cases, the addition of phosphate in the meat will increase the functional properties of the meat such as WHC. Furthermore, liquid smoke has also been known in increasing the WHC of fresh meat. For food safety reasons, liquid smoke in the present study was used as a substitute to phosphate in production of chicken nuggets. This study aimed to know the effect of substitution of phosphate with liquid smoke on the quality of nuggets made from post-rigor chicken thigh and breast. The study was arranged using completely randomized design of factorial pattern 2x3 with three replications. Factor 1 was thigh and breast parts of the chicken, and factor 2 was different levels of liquid smoke in substitution to phosphate (0%, 50%, and 100%). The thigh and breast post-rigor broiler aged 40 days were used as the main raw materials in making nuggets. Auxiliary materials instead of meat were phosphate, liquid smoke at concentration of 10%, tapioca flour, salt, eggs and ice. Variables measured were flexibility, shear force value, cooking loss, elasticity level, and preferences. The results of this study showed that the substitution of phosphate with 100% liquid smoke resulting high quality nuggets. Likewise, the breast part of the meat showed higher quality nuggets than thigh part. This is indicated by high elasticity, low shear force value, low cooking loss, and a high level of preference of the nuggets. It can be concluded that liquid smoke can be used as a binder in making nuggets of chicken post-rigor.

Keywords: Liquid smoke, nugget quality, phosphate, post-rigor.

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Authors: Shu-Hsien. Liao, Chi-Chuan. Wu, Da-Chian. Hu, Guang An. Tsuei

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This study investigates the roles of knowledge acquisition, absorptive capacity, and innovation capability in finance and manufacturing industries. With 362 valid questionnaires from manufactures and financial industries in Taiwan, we examine the relationships between absorptive capacity, knowledge acquisition and innovation capability using a structural equation model. The results indicate that absorptive capacity is the mediator between knowledge acquisition and innovation capability, and that knowledge acquisition has a positive effect on absorptive capacity.

Keywords: Absorptive capacity, knowledge acquisition, innovation capability.

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Authors: Petr Teply

Abstract:

Liquidity risk management ranks to key concepts applied in finance. Liquidity is defined as a capacity to obtain funding when needed, while liquidity risk means as a threat to this capacity to generate cash at fair costs. In the paper we present challenges of liquidity risk management resulting from the 2007- 2009 global financial upheaval. We see five main regulatory liquidity risk management issues requiring revision in coming years: liquidity measurement, intra-day and intra-group liquidity management, contingency planning and liquidity buffers, liquidity systems, controls and governance, and finally models testing the viability of business liquidity models.

Keywords: liquidity, risk management, regulation, global crisis

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Authors: Ahmed Abbas Helmy, M. R. M. Rizk, Mohamed El-Sayed

Abstract:

A model predictive controller based on recursive learning is proposed. In this SISO adaptive controller, a model is automatically updated using simple recursive equations. The identified models are then stored in the memory to be re-used in the future. The decision for model update is taken based on a new control performance index. The new controller allows the use of simple linear model predictive controllers in the control of nonlinear time varying processes.

Keywords: Adaptive control, model predictive control, dynamic matrix control, online model identification

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Authors: Luka Pavlič, Marjan Heričko

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E-services have significantly changed the way of doing business in recent years. We can, however, observe poor use of these services. There is a large gap between supply and actual eservices usage. This is why we started a project to provide an environment that will encourage the use of e-services. We believe that only providing e-service does not automatically mean consumers would use them. This paper shows the origins of our project and its current position. We discuss the decision of using semantic web technologies and their potential to improve e-services usage. We also present current knowledge base and its real-world classification. In the paper, we discuss further work to be done in the project. Current state of the project is promising.

Keywords: E-Services, E-Services Repository, Ontologies, Semantic Web

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Authors: M. Kargar, R. Mirmiran, F. Fartash, T. Saderi

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In this paper a new method is suggested for risk management by the numerical patterns in data-mining. These patterns are designed using probability rules in decision trees and are cared to be valid, novel, useful and understandable. Considering a set of functions, the system reaches to a good pattern or better objectives. The patterns are analyzed through the produced matrices and some results are pointed out. By using the suggested method the direction of the functionality route in the systems can be controlled and best planning for special objectives be done.

Keywords: Analysis, Data-mining, Pattern, Risk Management.

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Authors: T. Solonchak, S. Pesina

Abstract:

Lexical invariants, being a sort of stereotypes within the frames of ordinary consciousness, are created by the members of a language community as a result of uniform division of reality. The invariant meaning is formed in person’s mind gradually in the course of different actualizations of secondary meanings in various contexts. We understand lexical the invariant as abstract language essence containing a set of semantic components. In one of its configurations it is the basis or all or a number of the meanings making up the semantic structure of the word.

Keywords: Lexical invariant, invariant theories, polysemantic word, cognitive linguistics.

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Authors: S. Pechpoothong, M. Kopystecki

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The eco-efficient use of “waste" makes sense from economic, social, and environmental perspectives. By efficiency diverting “waste" products back into useful and/or profitable inputs, industries and entire societies can reap the benefits of improved financial profit, decreased environmental degradation, and overall well-being of humanity. In this project, several material flows at Company Limited were investigated. Principles of "industrial ecology" were applied to improve the management of waste rubbers that are used in the jewelry manufacturing process. complete this project, a brief engineering analysis stream, and investigated eco-efficient principles for more efficient handling of the materials and wastes were conducted, and the result were used to propose implementation strategies.

Keywords: Rubber, ecology, waste.

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Authors: Ayelet Gur

Abstract:

Background: In recent years we are witnessing a welcome trend in which more children/persons with disabilities are living at home with their families and within their communities. This trend is related to various policy innovations as the UN Convention on the Rights of People with Disabilities that reflect a shift from the medical-institutional model to a human rights approach. We also witness the emergence of family centered approaches that perceive the family and not just the individual with the disability as a worthy target of policy planning, implementation and evaluation efforts. The current investigation aims to explore economic, psychological and social factors among households of families of children or adults with intellectual disabilities in Israel and to present policy recommendation. Methods: A national sample of 301 households was recruited through the education and employment settings of persons with intellectual disability. The main caregiver of the person with the disability (a parent) was interviewed. Measurements included the income and expense surveys; assets and debts questionnaire; the questionnaire on resources and stress; the social involvement questionnaire and Personal Wellbeing Index. Results: Findings indicate significant gaps in financial circumstances between households of families of children with intellectual disabilities and households of the general Israeli society. Households of families of children with intellectual disabilities report lower income and higher expenditures and loans than the general society. They experience difficulties in saving and coping with unexpected expenses. Caregivers (the parents) experience high stress, low social participation, low financial support from family, friend and non-governmental organizations and decreased well-being. They are highly dependent on social security allowances which constituted 40% of the household's income. Conclusions: Households' dependency on social security allowances may seem contradictory to the encouragement of persons with intellectual disabilities to favor independent living in light of the human rights approach to disability. New policy should aim at reducing caregivers' stress and enhance their social participation and support, with special emphasis on families of lower socio-economic status. Finally, there is a need to continue monitoring the economic and psycho-social needs of households of families of children with intellectual disabilities and other developmental disabilities.

Keywords: Disability policy, family policy, intellectual and developmental disabilities, Israel, households study, parents of children with disabilities.

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Authors: Martha E. Ikome, John M. Ikome

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Intellectual property should be a day-to-day business decision due to its value, but increasingly, a number of institution are still not aware of the importance. Intellectual Property (IP) and its value are often not adequately appreciated. In the increasingly knowledge-driven economy, IP is a key consideration in day-to-day business decisions because new ideas and products appear almost daily in the market, which results in continuous innovation and research. Therefore, this paper will focus on the importance of IP for universities of technology and also further demonstrates how IP can become an economic tool and the challenges faced by these universities in implementing an IP system.

Keywords: Intellectual property, institutions, challenges, protection.

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Authors: ChangWoo Lee, Young Kow Lee, Sung Jun Ban, SungHoo Choi, Sang Woo Kim

Abstract:

This paper suggests a new Affine Projection (AP) algorithm with variable data-reuse factor using the condition number as a decision factor. To reduce computational burden, we adopt a recently reported technique which estimates the condition number of an input data matrix. Several simulations show that the new algorithm has better performance than that of the conventional AP algorithm.

Keywords: Affine projection algorithm, variable data-reuse factor, condition number, convergence rate, misalignment.

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Authors: Yoshihiro Ochiai

Abstract:

Globin superfamily proteins including myoglobin and hemoglobin, have welcome new members recently, namely, cytoglobin, neuroglobin and globin X, though their physiological functions are still to be addressed. Fish are the excellent models for the study of these globins, but their characteristics have not yet been discussed to date. In the present study, attempts have been made to characterize their structural uniqueness by making use of proteomics approach. This is the first comparative study on the characterization of globin superfamily proteins from fish.

Keywords: Globin, Superfamily, Protein, Fish, Structure

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Authors: Craig Loschmann

Abstract:

With the global financial crisis turning into what more and more appears to be a prolonged “Great Recession", we are witnessing marked reductions in remittance transfers to developing countries with the likely possibility that overall flows will decline even further in the near future. With countless families reliant on remittance inflows as a source of income maintaining their economic livelihood, a reduction would put many at risk of falling below or deeper into poverty. Recognizing the importance of remittance inflows as a lifeline to the poor, policy should aim to (1) reduce the barriers to remit in both sending and receiving nations thus easing the decline in transfers; (2) leverage the development impacts of remittances; and (3) buffer vulnerable groups dependent on remittance transfers as a source of livelihood through sound countercyclical macroeconomic policies.

Keywords: crisis, migration, remittance, livelihood.

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Authors: Anwar Kashgari

Abstract:

COVID-19 has severe impacts on business all over the world. The great lockdown of many business owners requires a sage deal with this pandemic. This paper seeks to support business leaders with a standpoint about the COVID-19 situation and provides implications for the SMEs (Small and Medium Enterprises) and companies. The paper reflects the author's view about the impact of COVID-19 on business activities. We discussed the impact of COVID-19 upon three aspects, namely, startups, SMEs, and e-commerce. The KSA is taken as an example of the developing countries about which we present the current situation. Finally, recommendations to policy and decision-makers are given.

Keywords: COVID-19, business networking, globalization, Saudi Arabia.

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Authors: S. Rathilal

Abstract:

Numeracy, like Literacy is considered to be a core value of modern societies. Most higher education institutions in South Africa include being numerate as an important graduate attribute. It is argued that a suitability numerate society contributes to social justice, empowerment, financial and environmental sustainability and a lack of numeracy practices can contribute to disempowerment. Numeracy is commonly misconstrued as a basic and simple practice, similar in nature to basic arithmetic. This study highlights the complexities of higher education numeracy practices by analyzing a programme in a higher education institution in South Africa using the New Literacies Studies perspective.

Keywords: Higher Education, New Literacy Studies, Numeracy Practices.

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Authors: Yue-Yang Chen, Hui-Ling Huang, Wan-Yu Yu, Chung-Lun Wei

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In recent years, though, the concept of fit has been now in widespread used in strategic management research, it is in its infancy for applying fit concept to service innovation issue. Therefore, drawing on the concept of fit, this present research proposed an innovation service fit model within service innovation, market orientation, marketing strategy, and IT adoption are coexisted. The perspective of fit as covariation will be employed to test the hypothesis and identify the effects of fit. We contend that the fit among these four factors will contribution to business performance. Finally, according to the empirical data collected from manufacturing, service, and financial industry in Taiwan, meaningful findings and conclusions will be proposed and discussed.

Keywords: Service innovation, market orientation, IT adoption, marketing strategy, fit

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Authors: Sansanee Sansiribhan, Anusorn Rattanathanaophat, Chirapan Nuengchaknin

Abstract:

The potential feasibility of a 9.5 MW_e capacity rice straw power plant project in Thailand was studied by evaluating the rice straw resource. The result showed that Thailand had a high rice straw biomass potential at the provincial level, especially, the provinces in the central, northeastern and western Thailand, which could feasibly develop plants. The economic feasibility of project was also investigated. The financial feasibility is also evaluated based on two important factors in the project, i.e., NPV ≥ 0 and IRR ≥ 11%. It was found that the rice straw power plant project at 9.5 MW_e was financially feasible with the cost of fuel in the range of 30.6-47.7 USD/t.

Keywords: Power plant, Project feasibility, Rice straw, Thailand.

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Authors: Mathilde Kirkegaard

Abstract:

The paper will focus on management of heritage that integrates the local community, and argue towards an obligation to integrate this social aspect in heritage management. By broadening the understanding of heritage, a sustainable heritage management takes its departure in more than a continual conservation of the physicality of heritage. The social aspect, or the local community, is in many govern heritage management situations being overlooked and it is not managed through community based urban planning methods, e.g.: citizen-inclusion, a transparent process, informative and inviting initiatives, etc. Historical sites are often being described by embracing terms such as “ours” and “us”: “our history” and “a history that is part of us”. Heritage is not something static, it is a link between the life that has been lived in the historical frames, and the life that is defining it today. This view on heritage is rooted in the strive to ensure that heritage sites, besides securing the national historical interest, have a value for those people who are affected by it: living in it or visiting it. Antigua Guatemala is a UNESCO-defined heritage site and this site is being ‘threatened’ by tourism, habitation and recreation. In other words: ‘the use’ of the site is considered a threat of the preservation of the heritage. Contradictory the same types of use (tourism and habitation) can also be considered development ability, and perhaps even a sustainable management solution. ‘The use’ of heritage is interlinked with the perspective that heritage sites ought to have a value for people today. In other words, the heritage sites should be comprised of a contemporary substance. Heritage is entwined in its context of physical structures and the social layer. A synergy between the use of heritage and the knowledge about the heritage can generate a sustainable preservation solution. The paper will exemplify this symbiosis with different examples of a heritage management that is centred around a local community inclusion. The inclusive method is not new in architectural planning and it refers to a top-down and bottom-up balance in decision making. It can be endeavoured through designs of an inclusive nature. Catalyst architecture is a planning method that strives to move the process of design solutions into the public space. Through process-orientated designs, or catalyst designs, the community can gain an insight into the process or be invited to participate in the process. A balance between bottom-up and top-down in the development process of a heritage site can, in relation to management measures, be understood to generate a socially sustainable solution. The ownership and engagement that can be created among the local community, along with the use that ultimately can gain an economic benefit, can delegate the maintenance and preservation. Informative, inclusive and transparent planning methods can generate a heritage management that is long-term due to the collective understanding and effort. This method handles sustainable management on two levels: the current preservation necessities and the long-term management, while ensuring a value for people today.

Keywords: Community, intangible, inclusion, planning, heritage.

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