Search results for: credit rating agencies
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 327

Search results for: credit rating agencies

207 The Role of Private Equity during Global Crises

Authors: Libena Cernohorska, Veronika Linhartova, Michal Sinka, Petr Teply

Abstract:

The term private equity usually refers to any type of equity investment in an asset in which the equity is not freely tradable on a public stock market. Some researchers believe that private equity contributed to the extent of the crisis and increased the pace of its spread over the world. We do not agree with this. On the other hand, we argue that during the economic recession private equity might become an important source of funds for firms with special needs (e.g. for firms seeking buyout financing, venture capital, expansion capital or distress debt financing). However, over-regulation of private equity in both the European Union and the US can slow down this specific funding channel to the economy and deepen credit crunch during global crises.

Keywords: scredit lunch, distress debt, global crisis, private equity, regulation

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206 The Effect of Symmetry on the Perception of Happiness and Boredom in Design Products

Authors: Michele Sinico

Abstract:

The present research investigates the effect of symmetry on the perception of happiness and boredom in design products. Three experiments were carried out in order to verify the degree of the visual expressive value on different models of bookcases, wall clocks, and chairs. 60 participants directly indicated the degree of happiness and boredom using 7-point rating scales. The findings show that the participants acknowledged a different value of expressive quality in the different product models. Results show also that symmetry is not a significant constraint for an emotional design project.

Keywords: Product experience, emotional design, symmetry, expressive qualities.

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205 Payment for Pain: Differences between Hypothetical and Real Preferences

Authors: J. Trarbach, S. Schosser, B. Vogt

Abstract:

Decision-makers tend to prefer the first alternative over subsequent alternatives which is called the primacy effect. To reliably measure this effect, we conducted an experiment with real consequences for preference statements. Therefore, we elicit preferences of subjects using a rating scale, i.e. hypothetical preferences, and willingness to pay, i.e. real preferences, for two sequences of pain. Within these sequences, both overall intensity and duration of pain are identical. Hence, a rational decision-maker should be indifferent, whereas the primacy effect predicts a stronger preference for the first sequence. What we see is a primacy effect only for hypothetical preferences. This effect vanishes for real preferences.

Keywords: Decision making, primacy effect, real incentives, willingness to pay.

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204 Italian Central Guarantee Fund: An Analysis of the Guaranteed SMEs’ Default Risk

Authors: M. C. Arcuri, L. Gai, F. Ielasi

Abstract:

Italian Central Guarantee Fund (CGF) has the purpose to facilitate Small and Medium-sized Enterprises (SMEs)’ access to credit. The aim of the paper is to study the evaluation method adopted by the CGF with regard to SMEs requiring its intervention. This is even more important in the light of the recent CGF reform. We analyse an initial sample of more than 500.000 guarantees from 2012 to 2018. We distinguish between a counter-guarantee delivered to a mutual guarantee institution and a guarantee directly delivered to a bank. We investigate the impact of variables related to the operations and the SMEs on Altman Z’’-score and the score consistent with CGF methodology. We verify that the type of intervention affects the scores and the initial condition changes with the new assessment criterions. 

Keywords: Banks, default risk, Italian Guarantee Fund, mutual guarantee institutions.

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203 A Literature Assessment of Multi-Level Inverters

Authors: P. Kiruthika, K. Ramani

Abstract:

Multi-Level Inverter technology has been developed in the area of high-power medium-voltage energy scheme, because of their advantages such as devices of lower rating can be used thereby enabling the schemes to be used for high voltage applications. Reduced Total Harmonic Distortion (THD).Since the dv/dt is low; the Electromagnetic Interference from the scheme is low. To avoid the switching losses Lower switching frequencies can be used. In this paper present a survey of various topologies, control strategy and modulation techniques used by these inverters. Here the regenerative and superior topologies are also discussed.

Keywords: Cascaded H-bridge Multi-Level Inverter, Diode Clamped Multi-Level Inverter, Flying Capacitors Multi- Level Inverter, Multi-Level Inverter, Total Harmonic Distortion.

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202 Factors Affecting Current Ratings for Underground and Air Cables

Authors: S. H. Alwan, J. Jasni, M. Z. A. Ab Kadir, N. Aziz

Abstract:

The aim of this paper is to present a parametric study to determine the major factors that influence the calculations of current rating for both air and underground cables. The current carrying capability of the power cables rely largely on the installation conditions and material properties. In this work, the influences on ampacity of conductor size, soil thermal resistivity and ambient soil temperature for underground installations are shown. The influences on the current-carrying capacity of solar heating (time of day effects and intensity of solar radiation), ambient air temperature and cable size for cables air are also presented. IEC and IEEE standards are taken as reference.

Keywords: Cable ampacity, underground cable, IEC standard, air cables.

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201 Factors Influencing B2c eCommerce Diffusion

Authors: R. Mangiaracina, A. Perego, F. Campari

Abstract:

Despite the fact that B2c eCommerce has become important in numerous economies, its adoption varies from country to country. This paper aims to identify the factors affecting (enabling or inhibiting) B2c eCommerce and to determine their quantitative impact on the diffusion of online sales across countries. A dynamic panel model analyzing the relationship between 13 factors (Macroeconomic, Demographic, Socio-Cultural, Infrastructural and Offer related) stemming from a complete literature analysis and the B2c eCommerce value in 45 countries over 9 years has been developed. Having a positive correlation coefficient, GDP, mobile penetration, Internet user penetration and credit card penetration resulted as enabling drivers of the B2c eCommerce value across countries, whereas, having a negative correlation coefficient,equal distribution of income and the development of traditional retailing network act as inhibiting factors.

Keywords: B2c eCommerce diffusion, influencing factors, dynamic panel model

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200 Increasing the Heterogeneity and Competition of Early Stage Financing: An Analysis of the Role of Crowdfunding in Entrepreneurial Ventures

Authors: Lars Silver, Björn Berggren, Andreas Fili

Abstract:

The financial crisis has decreased the opportunities of small businesses to acquire financing through conventional financial actors, such as commercial banks. This credit constraint is partly the reason for the emergence of new alternatives of financing, in addition to the spreading opportunities for communication and secure financial transfer through Internet. One of the most interesting venues for finance is termed “crowdfunding". As the term suggests crowdfunding is an appeal to prospective customers and investors to form a crowd that will finance projects that otherwise would find it hard to generate support through the most common financial actors. Crowdfunding is in this paper divided into different models; the threshold model, the microfinance model, the micro loan model and the equity model. All these models add to the financial possibilities of emerging entrepreneurs.

Keywords: Entrepreneurship, crowdfunding, equity finance, bank finance.

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199 Spam E-mail: How Malaysian E-mail Users Deal with It?

Authors: Yanti Rosmunie Bujang, Husnayati Hussin

Abstract:

This paper attempts to discuss the spam issue from the Malaysian e-mail users- perspective. The purpose is to discover how Malaysian users handle the spam e-mail problem. From the experiences we hope to discover the necessary effort needed to be undertaken to face this problem in the context of Malaysia. A survey was conducted to understand how Malaysian individual perceived spam and what they actually do with the spam e-mail they received in their daily life. The findings indicate that the level of awareness on spam issue in action is still low and need some extra effort by government and relevant agencies to increase their level of awareness.

Keywords: E-mail, Malaysia, spam, users' perspective.

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198 Automatic Generation Control of an Interconnected Power System with Capacitive Energy Storage

Authors: Rajesh Joseph Abraham, D. Das, Amit Patra

Abstract:

This paper is concerned with the application of small rating Capacitive Energy Storage units for the improvement of Automatic Generation Control of a multiunit multiarea power system. Generation Rate Constraints are also considered in the investigations. Integral Squared Error technique is used to obtain the optimal integral gain settings by minimizing a quadratic performance index. Simulation studies reveal that with CES units, the deviations in area frequencies and inter-area tie-power are considerably improved in terms of peak deviations and settling time as compared to that obtained without CES units.

Keywords: Automatic Generation Control, Capacitive EnergyStorage, Integral Squared Error.

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197 Independent Encryption Technique for Mobile Voice Calls

Authors: Nael Hirzalla

Abstract:

The legality of some countries or agencies’ acts to spy on personal phone calls of the public became a hot topic to many social groups’ talks. It is believed that this act is considered an invasion to someone’s privacy. Such act may be justified if it is singling out specific cases but to spy without limits is very unacceptable. This paper discusses the needs for not only a simple and light weight technique to secure mobile voice calls but also a technique that is independent from any encryption standard or library. It then presents and tests one encrypting algorithm that is based of Frequency scrambling technique to show fair and delay-free process that can be used to protect phone calls from such spying acts.

Keywords: Frequency Scrambling, Mobile Applications, Real- Time Voice Encryption, Spying on Calls.

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196 Comparison of Finite-Element and IEC Methods for Cable Thermal Analysis under Various Operating Environments

Authors: M. S. Baazzim, M. S. Al-Saud, M. A. El-Kady

Abstract:

In this paper, steady-state ampacity (current carrying capacity) evaluation of underground power cable system by using analytical and numerical methods for different conditions (depth of cable, spacing between phases, soil thermal resistivity, ambient temperature, wind speed), for two system voltage level were used 132 and 380 kV. The analytical method or traditional method that was used is based on the thermal analysis method developed by Neher-McGrath and further enhanced by International Electrotechnical Commission (IEC) and published in standard IEC 60287. The numerical method that was used is finite element method and it was recourse commercial software based on finite element method. 

Keywords: Cable ampacity, Finite element method, underground cable, thermal rating.

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195 An Analysis of Variation of Ceiling Height and Window Level for Studio Architecture in Malaysia

Authors: Seyedehzahra Mirrahimi, Nik Lukman Nik Ibrahim, M. Surat

Abstract:

This paper investigated the impact of ceiling height and window head heights variation on daylighting inside architectural teaching studio with a full width window. In architectural education, using the studio is more than normal classroom in most credit hours. Therefore, window position, size and dimension of studio have direct influence on level of daylighting. Daylighting design is a critical factor that improves student learning, concentration and behavior, in addition to these, it also reduces energy consumption. The methodology of analysis involves using Radiance in IES software under overcast and cloudy sky in Malaysia. It has been established that presentation of daylighting of architecture studio can be enhanced by changing the ceiling heights and window level, because, different ceiling heights and window head heights can contribute to different range of daylight levels.

Keywords: Ceiling height, window head height, daylighting, studio architecture, simulation.

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194 Experimental Investigation on Over-Cut in Ultrasonic Machining of WC-Co Composite

Authors: Ravinder Kataria, Jatinder Kumar, B. S. Pabla

Abstract:

Ultrasonic machining is one of the most widely used non-traditional machining processes for machining of materials that are relatively brittle, hard, and fragile such as advanced ceramics, refractories, crystals, quartz etc. Present article has been targeted at investigating the impact of different experimental conditions (power rating, cobalt content, tool material, thickness of work piece, tool geometry, and abrasive grit size) on over cut in ultrasonic drilling of WC-Co composite material. Taguchi’s L-36 orthogonal array has been employed for conducting the experiments. Significant factors have been identified using analysis of variance (ANOVA) test. The experimental results revealed that abrasive grit size and tool material are most significant factors for over cut.

Keywords: ANOVA, Abrasive grit size, Taguchi, WC-Co, ultrasonic machining.

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193 A Comparative Study of Various Tone Mapping Methods

Authors: YasirSalih, AamirSaeed Malik, Wazirahbt.Md-Esa

Abstract:

In the recent years, high dynamic range imaging has gain popularity with the advancement in digital photography. In this contribution we present a subjective evaluation of various tone production and tone mapping techniques by a number of participants. Firstly, standard HDR images were used and the participants were asked to rate them based on a given rating scheme. After that, the participant was asked to rate HDR image generated using linear and nonlinear combination approach of multiple exposure images. The experimental results showed that linearly generated HDR images have better visualization than the nonlinear combined ones. In addition, Reinhard et al. and the exponential tone mapping operators have shown better results compared to logarithmic and the Garrett et al. tone mapping operators.

Keywords: tone mapping, high dynamic range, low dynamic range, bits per pixel.

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192 Field Experience with Sweep Frequency Response Analysis for Power Transformer Diagnosis

Authors: Ambuj Kumar, Sunil Kumar Singh, Shrikant Singh

Abstract:

Sweep frequency response analysis has been turning out a powerful tool for investigation of mechanical as well as electrical integration of transformers. In this paper various aspect of practical application of SFRA has been studied. Open circuit and short circuit measurement were done on different phases of high voltage and low voltage winding. A case study was presented for the transformer of rating 31.5 MVA for various frequency ranges. A clear picture was presented for sub- frequency ranges for HV as well as LV winding. The main motive of work is to investigate high voltage short circuit response. The theoretical concept about SFRA responses is validated with expert system software results.

Keywords: Frequency deviation, OCT & SCT, SFRA, Transformer winding.

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191 Into the Bank Lending Channel of SEE: Greek Banks- Buffering Effects

Authors: Stefanos V. Fotopoulos, Harry V. Papapanagos, Fotios M. Siokis

Abstract:

This paper tries to shed light on the existence of a bank lending channel (BLC) in South Eastern European countries (SEE). Based on a VAR framework we test the responsiveness of credit supply to monetary policy shocks. By compiling a new data set and using the reserve requirement ratio, among others, as the policy instrument we measure the effectiveness of the BLC and the buffering effect of the banks in the SEE countries. The results indicate that loan supply is significantly affected by shifts in monetary policy, when demand factors are controlled. Furthermore, by analyzing the effect of the Greek banks in the region we conclude that Greek banks do buffer the negative effects of monetary policy transmission. By having a significant market share of the SEE-s banking markets we argue that Greek banks influence positively the economic growth of SEE countries.

Keywords: Bank Lending Channel, Monetary Policy Transmission, Policy Buffering, South Eastern Europe

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190 Students´ Knowledge, or Random Choice in ESP?

Authors: Ivana Šimonová

Abstract:

As widely accepted, didactic multiple-choice tests are referred as a tool providing feedback easily and quickly. Despite the final test scores are corrected by a special formula and number of high plausibility distractors is taken into consideration, the results may be influenced by the random choice. The survey was held in three academic years at the Faculty of Informatics and Management, University of Hradec Kralove, Czech Republic, where the multiple-choice test scores were compared to the open-answer ones. The research sample included 567 respondents. The collected data were processed by the NCSS2007 statistic software by the method of frequency and multiple regression analysis and presented in the form of figures and tables. The results proved statistically significant differences in test scores in academic years 2 and 3, and were discussed from the point of the credit system and conditions for teaching/learning English in the Czech education system.

Keywords: ESP, higher education, multiple-choice test, open-answer test.

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189 Decision Tree Modeling in Emergency Logistics Planning

Authors: Yousef Abu Nahleh, Arun Kumar, Fugen Daver, Reham Al-Hindawi

Abstract:

Despite the availability of natural disaster related time series data for last 110 years, there is no forecasting tool available to humanitarian relief organizations to determine forecasts for emergency logistics planning. This study develops a forecasting tool based on identifying probability of disaster for each country in the world by using decision tree modeling. Further, the determination of aggregate forecasts leads to efficient pre-disaster planning. Based on the research findings, the relief agencies can optimize the various resources allocation in emergency logistics planning.

Keywords: Decision tree modeling, Forecasting, Humanitarian relief, emergency supply chain.

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188 Banks Profitability Indicators in CEE Countries

Authors: I. Erins, J. Erina

Abstract:

The aim of the present article is to determine the impact of the external and internal factors of bank performance on the profitability indicators of the CEE countries banks in the period from 2006 to 2012. On the basis of research conducted abroad on bank and macroeconomic profitability indicators, in order to obtain research results, the authors evaluated return on average assets (ROAA) and return on average equity (ROAE) indicators of the CEE countries banks. The authors analyzed profitability indicators of banks using descriptive methods, SPSS data analysis methods, as well as data correlation and linear regression analysis. The authors concluded that most internal and external indicators of bank performance have no direct influence the profitability of the banks in the CEE countries. The only exceptions are credit risk and bank size, which affect one of the measures of bank profitability – return on average equity.

Keywords: Banks, CEE countries, Profitability ROAA, ROAE.

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187 A Thirteen-Level Asymmetrical Cascaded H-Bridge Single Phase Inverter

Authors: P. Varalaxmi, A. Kirubakaran

Abstract:

This paper presents a thirteen-level asymmetrical cascaded H-bridge single phase inverter. In this configuration, the desired output voltage level is achieved by connecting the DC sources in different combinations by triggering the switches. The modes of operation are explained well for positive level generations. Moreover, a comparison is made with conventional topologies of diode clamped, flying capacitors and cascaded-H-bridge and some recently proposed topologies to show the significance of the proposed topology in terms of reduced part counts. The simulation work has been carried out in MATLAB/Simulink environment. The experimental work is also carried out for lower rating to verify the performance and feasibility of the proposed topology. Further the results are presented for different loading conditions.

Keywords: Multilevel inverter, pulse width modulation, total harmonic distortion, THD.

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186 Positioning Analysis of Atlantic Canadian Provinces as Travel Destinations by Americans

Authors: Dongkoo Yun, Melissa James-MacEachern

Abstract:

This study analyzes Americans’ views of four Atlantic Canadian provinces as travel destinations regarding specific destination attributes for a pleasure trip, awareness (heard) of the destinations, past visit to the destinations during the prior two years, and intention to visit in the next two years. Results indicate that American travellers perceived the four Atlantic Canadian provinces as separate and distinct when rating best-fit destination attributes to each destination. The results suggest that travel destinations, specifically the four selected destinations, must be prepared to differentiate their destination’s image and the range of experiences and services to appeal and attract more American travellers.

Keywords: Atlantic Canadian provinces (travel destinations), American perceptions, competitiveness, positioning analysis.

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185 Teaching for Change: Instructional Support in a Bilingual Setting

Authors: S. J. Hachar

Abstract:

The goal of this paper is to provide educators an overview of international practices supporting young learners, arming us with adequate information to lead effective change. We will report on research and observations of Service Learning Projects conducted by one South Texas University. The intent of the paper is also to provide readers an overview of service learning in the preparation of teacher candidates pursuing a Bachelor of Science in Elementary Education. The objective of noting the efficiency and effectiveness of programs leading to literacy and oral fluency in a native language and second language will be discussed. This paper also highlights experiential learning for academic credit that combines community service with student learning. Six weeks of visits to a variety of community sites, making personal observations with faculty members, conducting extensive interviews with parents and key personnel at all sites will be discussed. The culminating Service Learning Expo will be reported as well.

Keywords: Elementary education, junior achievement, service learning.

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184 Traditional Grocery Stores and Business Management in Bangkok

Authors: Suppara Charoenpoom

Abstract:

This paper was aimed to survey the level of awareness of traditional grocery stores in Bangkok in these categories: location, service quality, risk, shopping, worthwhile, shopping satisfaction, and future shopping intention. The paper was also aimed to survey factors influencing the decision to shop at traditional grocery stores in Bangkok in the future. The findings revealed that consumers had a high level of awareness of traditional grocery stores in Bangkok. Consumers were aware that the price was higher and it was riskier to buy goods and services at traditional grocery stores but they still had a high level of preference to patronage traditional grocery stores. This was due to the reasons that there was a high level of satisfaction from the factors of the friendliness of the owner, the ability to negotiate the price, the ability to buy on credit, free delivery, and the enjoyment to meet with other customers in the same neighborhood.

Keywords: Business Management, Thai Economy, Traditional Grocery Store.

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183 Energy Consumption and Surface Finish Analysis of Machining Ti6Al4V

Authors: Salman Pervaiz, Ibrahim Deiab, Amir Rashid, Mihai Nicolescu, Hossam Kishawy

Abstract:

Greenhouse gases (GHG) emissions impose major threat to global warming potential (GWP). Unfortunately manufacturing sector is one of the major sources that contribute towards the rapid increase in greenhouse gases (GHG) emissions. In manufacturing sector electric power consumption is the major driver that influences CO2 emission. Titanium alloys are widely utilized in aerospace, automotive and petrochemical sectors because of their high strength to weight ratio and corrosion resistance. Titanium alloys are termed as difficult to cut materials because of their poor machinability rating. The present study analyzes energy consumption during cutting with reference to material removal rate (MRR). Surface roughness was also measured in order to optimize energy consumption.

Keywords: Energy Consumption, CO2 Emission, Ti6Al4V.

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182 Simulink Model of Reference Frame Theory Based Three Phase Shunt Active Filter

Authors: P. Nammalvar, P. Meganathan, A. Balamuguran

Abstract:

Among various active filters, shunt active filter is a viable solution for reactive power and harmonics compensation. In this paper, the SRF plan is used to generate current reference for compensation and conventional PI controllers were used as the controller to compensate the reactive power. The design of the closed loop controllers is reserved simple by modeling them as first order systems. Computationally uncomplicated and efficient SVM system is used in the present work for better utilization of dc bus voltage. The rating of shunt active filter has been finalized based on the reactive power demand of the selected reactive load. The proposed control and SVM technique are validated by simulating in MATLAB software.

Keywords: Shunt Active Filter, Space vector pulse width modulation, Voltage Source Converter, Reactive Power, Synchronous Reference Frame, Point of common coupling.

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181 SMEs Access to Finance in Croatia – Model Approach

Authors: Vinko Vidučić, Ljiljana Vidučić, Damir Boras

Abstract:

The goals of the research include the determination of the characteristics of SMEs finance in Croatia, as well as the determination of indirect growth rates of the information model of the entrepreneurs` perception of business environment. The research results show that cost of finance and access to finance are most important constraining factor in setting up and running the business of small entrepreneurs in Croatia. Furthermore, small entrepreneurs in Croatia are significantly dissatisfied with the administrative barriers although relatively to a lesser extent than was the case in the pre crisis time. High collateral requirement represents the main characteristic of bank lending concerning SMEs followed by long credit elaboration process. Formulated information model has defined the individual impact of indirect growth rates of the remaining variables on the model’s specific variable.

Keywords: Business environment, information model, indirect growth rates, SME finance.

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180 A Comparative Analysis of E-Government Quality Models

Authors: Abdoullah Fath-Allah, Laila Cheikhi, Rafa E. Al-Qutaish, Ali Idri

Abstract:

Many quality models have been used to measure egovernment portals quality. However, the absence of an international consensus for e-government portals quality models results in many differences in terms of quality attributes and measures. The aim of this paper is to compare and analyze the existing e-government quality models proposed in literature (those that are based on ISO standards and those that are not) in order to propose guidelines to build a good and useful e-government portals quality model. Our findings show that, there is no e-government portal quality model based on the new international standard ISO 25010. Besides that, the quality models are not based on a best practice model to allow agencies to both; measure e-government portals quality and identify missing best practices for those portals.

Keywords: E-government, portal, best practices, quality model, ISO, standard, ISO 25010, ISO 9126.

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179 Technological Analysis Questionnaire for Preliminary Feasibility Study on R&D Program

Authors: Seongmin Yim

Abstract:

The Korean government has applied preliminary feasibility study for a new R&D program over about $50 Million since 2008 as a part of official process in budget planning. The investigations of technology, policy, and economics are carried out separately to arrive at a definite result: whether a program is feasible or unfeasible. This paper describes the concept and check-points related to technological analysis from a preliminary evaluation’s stand-point. First of all, the fundamental concept of technological analysis in evaluation systems such as Program Assessment Rating Tool (PART) by Office of Management and Budget (OMB) and Evaluation Methods by Department of Energy (DOE) in the United States, the Green Book in the United Kingdom are reviewed. After the review, customized questionnaire for technological analysis are developed. Conclusively, limitations and further research directions are provided.

Keywords: Preliminary Feasibility Study, R&D Program, Evaluation System, Technological analysis, R&D Logic Analysis.

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178 Automatic Classification of Initial Categories of Alzheimer's Disease from Structural MRI Phase Images: A Comparison of PSVM, KNN and ANN Methods

Authors: Ahsan Bin Tufail, Ali Abidi, Adil Masood Siddiqui, Muhammad Shahzad Younis

Abstract:

An early and accurate detection of Alzheimer's disease (AD) is an important stage in the treatment of individuals suffering from AD. We present an approach based on the use of structural magnetic resonance imaging (sMRI) phase images to distinguish between normal controls (NC), mild cognitive impairment (MCI) and AD patients with clinical dementia rating (CDR) of 1. Independent component analysis (ICA) technique is used for extracting useful features which form the inputs to the support vector machines (SVM), K nearest neighbour (kNN) and multilayer artificial neural network (ANN) classifiers to discriminate between the three classes. The obtained results are encouraging in terms of classification accuracy and effectively ascertain the usefulness of phase images for the classification of different stages of Alzheimer-s disease.

Keywords: Biomedical image processing, classification algorithms, feature extraction, statistical learning.

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