Search results for: Capital Costs

Authors: Jamaa Salih, Francis Edum-Fotwe, Andrew Price

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One of the most critical aspects of the management of road infrastructure is the type and scale of maintenance systems adopted and the consequences of their inadequacy. The performance of road maintenance systems can be assessed by a number of important indicators such as: cost, safety, environmental impact, and level of complaints by users. A review of practice reveals that insufficient level of expenditure or poor management of the road network often has serious consequences for the economic and social life of a country in terms of vehicle operating costs (VOC), travel time costs, accident costs and environmental impact. Despite an increase in the attention paid by global road agencies to the environmental and the road users’ satisfaction, the overwhelming evidence from the available literature agree on the lack of similar levels of attention for the two factors in many developing countries. While many sources agree that the road maintenance backlog is caused by either the shortage of expenditures or lack of proper management or both, it appears that managing the available assets particularly in the developing countries is the main issue. To address this subject, this paper will concentrate on exposing the various issues related to this field.  

Keywords: Environmental impact, performance indicators, road maintenance, users’ satisfaction.

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Authors: Haj Najafi Leila, Tehranizadeh Mohsen

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Dependencies between diverse factors involved in probabilistic seismic loss evaluation are recognized to be an imperative issue in acquiring accurate loss estimates. Dependencies among component damage costs could be taken into account considering two partial distinct states of independent or perfectly-dependent for component damage states; however, in our best knowledge, there is no available procedure to take account of loss dependencies in story level. This paper attempts to present a method called "modal cost superposition method" for decoupling story damage costs subjected to earthquake ground motions dealt with closed form differential equations between damage cost and engineering demand parameters which should be solved in complex system considering all stories' cost equations by the means of the introduced "substituted matrixes of mass and stiffness". Costs are treated as probabilistic variables with definite statistic factors of median and standard deviation amounts and a presumed probability distribution. To supplement the proposed procedure and also to display straightforwardness of its application, one benchmark study has been conducted. Acceptable compatibility has been proven for the estimated damage costs evaluated by the new proposed modal and also frequently used stochastic approaches for entire building; however, in story level, insufficiency of employing modification factor for incorporating occurrence probability dependencies between stories has been revealed due to discrepant amounts of dependency between damage costs of different stories. Also, more dependency contribution in occurrence probability of loss could be concluded regarding more compatibility of loss results in higher stories than the lower ones, whereas reduction in incorporation portion of cost modes provides acceptable level of accuracy and gets away from time consuming calculations including some limited number of cost modes in high mode situation.

Keywords: Dependency, story-cost, cost modes, engineering demand parameter.

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Authors: Francis O. Iyoha, Daniel E. Gberevbie, Charles T. Iruonagbe, Matthew E. Egharevba

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Cost of governance in Nigeria has become a challenge to development and concern to practitioners and scholars alike in the field of business and social science research. In the 2010 national budget of NGN4.6 trillion or USD28.75billion for instance, only a pantry sum of NGN1.8trillion or USD11.15billion was earmarked for capital expenditure. Similarly, in 2013, out of a total national budget of NGN4.92trillion or USD30.75billion, only the sum of NGN1.50trllion or USD9.38billion was voted for capital expenditure. Therefore, based on the data sourced from the Nigerian Office of Statistics, Central bank of Nigeria Statistical Bulletin as well as from the United Nations Development Programme, this study examined the causes of high cost of governance in Nigeria. It found out that the high cost of governance in the country is in the interest of the ruling class, arising from their unethical behaviour – corrupt practices and the poor management of public resources. As a result, the study recommends the need to intensify the war against corruption and mismanagement of public resources by government officials as possible solution to overcome the high cost of governance in Nigeria. This could be achieved by strengthening the constitutional powers of the various anti-corruption agencies in the area of arrest, investigation and prosecution of offenders without the interference of the executive arm of government either at the local, state or federal level.

Keywords: Capital expenditure, Cost of governance, recurrent expenditure, unethical behaviour.

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Authors: Jasna Prester, Najla Podrug, Davor Filipović

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Manufacturing companies invest a significant amount of sales into material resources for production. In our sample, 58% of sales is used for manufacturing inputs, while only 24% of sales is used for salaries. This means that if a company is looking to reduce costs, the greater potential is in reduction of material costs than downsizing. This research shows that manufacturing companies in Croatia did realize material savings in last three years. It is also shown by which technologies they achieved materials cost savings. Through literature research, we found research gap as to which technologies reduce material consumption. As methodology of research four regression analyses are used to prove our findings.

Keywords: Croatia, materials savings strategies, technologies, return on sales.

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Authors: Babak H. Tabrizi, Seyed Farid Ghaderi

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Concurrent planning of project scheduling and material ordering has been increasingly addressed within last decades as an approach to improve the project execution costs. Therefore, we have taken the problem into consideration in this paper, aiming to maximize schedules quality robustness, in addition to minimize the relevant costs. In this regard, a bi-objective mathematical model is developed to formulate the problem. Moreover, it is possible to utilize the all-unit discount for materials purchasing. The problem is then solved by the E-constraint method, and the Pareto front is obtained for a variety of robustness values. The applicability and efficiency of the proposed model is tested by different numerical instances, finally.

Keywords: E-constraint method, material ordering, project management, project scheduling.

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Authors: Pupong Pongcharoen, Aphirak Khadwilard, Anothai Klakankhai

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The importance of supply chain and logistics management has been widely recognised. Effective management of the supply chain can reduce costs and lead times and improve responsiveness to changing customer demands. This paper proposes a multi-matrix real-coded Generic Algorithm (MRGA) based optimisation tool that minimises total costs associated within supply chain logistics. According to finite capacity constraints of all parties within the chain, Genetic Algorithm (GA) often produces infeasible chromosomes during initialisation and evolution processes. In the proposed algorithm, chromosome initialisation procedure, crossover and mutation operations that always guarantee feasible solutions were embedded. The proposed algorithm was tested using three sizes of benchmarking dataset of logistic chain network, which are typical of those faced by most global manufacturing companies. A half fractional factorial design was carried out to investigate the influence of alternative crossover and mutation operators by varying GA parameters. The analysis of experimental results suggested that the quality of solutions obtained is sensitive to the ways in which the genetic parameters and operators are set.

Keywords: Genetic Algorithm, Logistics, Optimisation, Supply Chain.

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Authors: Chanchai Supaartagorn

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E-retailing is the sale of goods online that takes place over the Internet. The Internet has shrunk the entire World. World eretailing is growing at an exponential rate in the Americas, Europe and Asia. However, e-retailing costs require expensive investment, such as hardware, software, and security systems. Cloud computing technology is internet-based computing for the management and delivery of applications and services. Cloud-based e-retailing application models allow enterprises to lower their costs with their effective implementation of e-retailing activities. In this paper, we describe the concept of cloud computing and present the architecture of cloud computing, combining the features of e-retailing. In addition, we propose a strategy for implementing cloud computing with e-retailing. Finally, we explain the benefits from the architecture.

Keywords: Architecture, cloud computing, e-retailing, internet-based.

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Authors: Ketevan Kokrashvili, Rusudan Kutateladze, Nino Pailodze

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Importance of management of legal entities under private law of which especially corporate management, as well as looking for ways of its improvement and perfection has become especially relevant in the twenty-first century, which was greatly contributed to by the global economic crisis. Some states have adopted Corporate Governance Codes; the European Union has set to work on a series of directives the main purpose of which is an improvement of corporate governance, provision of greater transparency and implementation of an effective control mechanism. This process is not yet completed, and various problematic issues associated with management of legal persons are still being debated among practitioner experts and scholars. Georgia is not an exception in this regard. The article discusses the legislative gaps, and in some cases, discrepancies having arisen in legal relationships under private law and having caused many practical problems. This especially applies to the management of capital companies.

Keywords: Business entities, corporate management, public capital management, collective norms, existing problems, legal discrepancies.

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Authors: Sidharth Talan, Devendra Kumar Yadav, Yuvraj Singh Rajput, Subhajit Bhattacharjee

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Mining industry is known for its appetite to spend sizeable capital on mine equipment. However, in the current scenario, the mining industry is challenged by daunting factors of non-uniform geological conditions, uneven ore grade, uncontrollable and volatile mineral commodity prices and the ever increasing quest to optimize the capital and operational costs. Thus, the role of equipment reliability and maintenance planning inherits a significant role in augmenting the equipment availability for the operation and in turn boosting the mine productivity. This paper presents the Risk Based Maintenance (RBM) planning conducted on mine loading equipment namely Load Haul Dumpers (LHDs) at Vedanta Resources Ltd subsidiary Hindustan Zinc Limited operated Sindesar Khurd Mines, an underground zinc and lead mine situated in Dariba, Rajasthan, India. The mining equipment at the location is maintained by the Original Equipment Manufacturers (OEMs) namely Sandvik and Atlas Copco, who carry out the maintenance and inspection operations for the equipment. Based on the downtime data extracted for the equipment fleet over the period of 6 months spanning from 1^st January 2017 until 30^th June 2017, it was revealed that significant contribution of three downtime issues related to namely Engine, Hydraulics, and Transmission to be common among all the loading equipment fleet and substantiated by Pareto Analysis. Further scrutiny through Bubble Matrix Analysis of the given factors revealed the major influence of selective factors namely Overheating, No Load Taken (NTL) issues, Gear Changing issues and Hose Puncture and leakage issues. Utilizing the equipment wise analysis of all the downtime factors obtained, spares consumed, and the alarm logs extracted from the machines, technical design changes in the equipment and pre shift critical alarms checklist were proposed for the equipment maintenance. The given analysis is beneficial to allow OEMs or mine management to focus on the critical issues hampering the reliability of mine equipment and design necessary maintenance strategies to mitigate them.

Keywords: Bubble matrix analysis, LHDs, OEMs, pareto chart analysis, spares consumption matrix, critical alarms checklist.

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Authors: Sarah K. Taylor, Miratun M. Saharuddin, Zabri A. Talib

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Cybercrime is on the rise, and yet many Law Enforcement Agencies (LEAs) in Malaysia have no Digital Forensics Laboratory (DFL) to assist them in the attrition and analysis of digital evidence. From the estimated number of 30 LEAs in Malaysia, sadly, only eight of them owned a DFL. All of the DFLs are concentrated in the capital of Malaysia and none at the state level. LEAs are still depending on the national DFL (CyberSecurity Malaysia) even for simple and straightforward cases. A survey was conducted among LEAs in Malaysia owning a DFL to understand their history of establishing the DFL, the challenges that they faced and the significance of the DFL to their case investigation. The results showed that the while some LEAs faced no challenge in establishing a DFL, some of them took seven to 10 years to do so. The reason was due to the difficulty in convincing their management because of the high costs involved. The results also revealed that with the establishment of a DFL, LEAs were better able to get faster forensic result and to meet agency’s timeline expectation. It is also found that LEAs were also able to get more meaningful forensic results on cases that require niche expertise, compared to sending off cases to the national DFL. Other than that, cases are getting more complex, and hence, a continuous stream of budget for equipment and training is inevitable. The result derived from the study is hoped to be used by other LEAs in justifying to their management the benefits of establishing an in-house DFL.

Keywords: Digital forensics, digital forensics laboratory, digital evidence, law enforcement agency.

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Authors: Boukelkoul Lahcen

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The cumulative costs for O&M may represent as much as 65%-90% of the turbine's investment cost. Nowadays the cost effectiveness concept becomes a decision-making and technology evaluation metric. The cost of energy metric accounts for the effect replacement cost and unscheduled maintenance cost parameters. One key of the proposed approach is the idea of maintaining the WTs which can be captured via use of a finite state Markov chain. Such a model can be embedded within a probabilistic operation and maintenance simulation reflecting the action to be done. In this paper, an approach of estimating the cost of O&M is presented. The finite state Markov model is used for decision problems with number of determined periods (life cycle) to predict the cost according to various options of maintenance.

Keywords: Cost, finite state, Markov model, operation, maintenance.

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Authors: Paitoon Kraipornsak

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The recent global financial problem urges government to play role in stimulating the economy due to the fact that private sector has little ability to purchase during the recession. A concerned question is whether the increased government spending crowds out private consumption and whether it helps stimulate the economy. If the government spending policy is effective; the private consumption is expected to increase and can compensate the recent extra government expense. In this study, the government spending is categorized into government consumption spending and government capital spending. The study firstly examines consumer consumption along the line with the demand function in microeconomic theory. Three categories of private consumption are used in the study. Those are food consumption, non food consumption, and services consumption. The dynamic Almost Ideal Demand System of the three categories of the private consumption is estimated using the Vector Error Correction Mechanism model. The estimated model indicates the substituting effects (negative impacts) of the government consumption spending on budget shares of private non food consumption and of the government capital spending on budget share of private food consumption, respectively. Nevertheless the result does not necessarily indicate whether the negative effects of changes in the budget shares of the non food and the food consumption means fallen total private consumption. Microeconomic consumer demand analysis clearly indicates changes in component structure of aggregate expenditure in the economy as a result of the government spending policy. The macroeconomic concept of aggregate demand comprising consumption, investment, government spending (the government consumption spending and the government capital spending), export, and import are used to estimate for their relationship using the Vector Error Correction Mechanism model. The macroeconomic study found no effect of the government capital spending on either the private consumption or the growth of GDP while the government consumption spending has negative effect on the growth of GDP. Therefore no crowding out effect of the government spending is found on the private consumption but it is ineffective and even inefficient expenditure as found reducing growth of the GDP in the context of Thailand.

Keywords: government consumption spending, governmentcapital spending, private consumption on food, non food, andservices, Vector Error Correction Mechanism, Almost Ideal DemandSystem, substitution effect, complementary effect, consumer demand, aggregate demand

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Authors: Noor Azryani Auzairy, Rubi Ahmad

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To strengthen the capital market, there is a need to integrate the capital markets within the region by removing legal or informal restriction, specifically, stock market liberalization. Thus the paper is to investigate the effects of the subsequent stock market liberalization on stock market integration in 4 ASEAN countries (Malaysia, Indonesia, Thailand, Singapore) and Korea from 1997 to 2007. The correlation between stock market liberalization and stock market integration are to be examined by analyzing the stock prices and returns within the region and in comparison with the world MSCI index. Event study method is to be used with windows of ±12 months and T-7 + T. The results show that the subsequent stock market liberalization generally, gives minor positive effects to stock returns, except for one or two countries. The subsequent liberalization also integrates the markets short-run and long-run.

Keywords: ASEAN, event method, stock market integration, stock market liberalization.

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Authors: S. Turkan

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In this paper, the Turkey’s Top 500 Industrial Enterprises data in 2014 were analyzed by data envelopment analysis. Data envelopment analysis is used to detect efficient decision-making units such as universities, hospitals, schools etc. by using inputs and outputs. The decision-making units in this study are enterprises. To detect efficient enterprises, some financial ratios are determined as inputs and outputs. For this reason, financial indicators related to productivity of enterprises are considered. The efficient foreign weighted owned capital enterprises are detected via super efficiency model. According to the results, it is said that Mercedes-Benz is the most efficient foreign weighted owned capital enterprise in Turkey.

Keywords: Data envelopment analysis, super efficiency, financial ratios, BCC model.

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Authors: Ali Abdi Kordani, Meysam Rooyintan, Sid Mohammad Boroomandrad

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Nowadays, one the most important problems in megacities is public transportation and satisfying citizens from this system in order to decrease the traffic congestions and air pollution. Accordingly, to improve the transit passengers and increase the travel safety, new transportation systems such as Bus Rapid Transit (BRT), tram, and monorail have expanded that each one has different merits and demerits. That is why comparing different systems for a systematic selection of public transportation systems in a big city like Tehran, which has numerous problems in terms of traffic and pollution, is essential. In this paper, it is tried to investigate the advantages and feasibility of using monorail, tram and BRT systems, which are widely used in most of megacities in all over the world. In Tehran, by using SPSS statistical analysis software and TOPSIS method, these three modes are compared to each other and their results will be assessed. Experts, who are experienced in the transportation field, answer the prepared matrix questionnaire to select each public transportation mode (tram, monorail, and BRT). The results according to experts’ judgments represent that monorail has the first priority, Tram has the second one, and BRT has the third one according to the considered indices like execution costs, wasting time, depreciation, pollution, operation costs, travel time, passenger satisfaction, benefit to cost ratio and traffic congestion.

Keywords: Bus Rapid Transit, Costs, Monorail, Pollution, Tram.

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

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Activity-Based Costing (ABC) represents an alternative paradigm to traditional cost accounting system and it often provides more accurate cost information for decision making such as product pricing, product mix, and make-orbuy decisions. ABC models the causal relationships between products and the resources used in their production and traces the cost of products according to the activities through the use of appropriate cost drivers. In this paper, the implementation of the ABC in a manufacturing system is analyzed and a comparison with the traditional cost based system in terms of the effects on the product costs are carried out to highlight the difference between two costing methodologies. By using this methodology, a valuable insight into the factors that cause the cost is provided, helping to better manage the activities of the company.

Keywords: Activity-based costing, manufacturing systems, product costs, traditional costing.

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Authors: C. Scott-Young, D. Samson

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Team efficacy beliefs show promise in enhancing team performance. Using a model-based quantitative research design, we investigated the antecedents and performance consequences of generalized team efficacy (potency) in a sample of 56 capital projects executed by 15 Fortune 500 companies in the process industries. Empirical analysis of our field survey identified that generalized team efficacy beliefs were positively associated with an objective measure of project cost performance. Regression analysis revealed that team competence, empowering leadership, and performance feedback all predicted generalized team efficacy beliefs. Tests of mediation revealed that generalized team efficacy fully mediated between these three inputs and project cost performance.

Keywords: Team efficacy, Potency, Leadership, Feedback, Project cost.

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Authors: Juha Korpijärvi, Jari Kortelainen

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The paper presents dynamic programming based model as a planning tool for the maintenance of electric power systems. Every distribution component has an exponential age depending reliability function to model the fault risk. In the moment of time when the fault costs exceed the investment costs of the new component the reinvestment of the component should be made. However, in some cases the overhauling of the old component may be more economical than the reinvestment. The comparison between overhauling and reinvestment is made by optimisation process. The goal of the optimisation process is to find the cost minimising maintenance program for electric power distribution system.

Keywords: Dynamic programming, Electric distribution system, Maintenance

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Authors: Moneeb Gohar, Seok Joo Koh, Tae-Won Um, Hyun-Woo Lee

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This paper proposes a fast tree join scheme to provide seamless multicast handover in the mobile networks based on the Fast Mobile IPv6 (FMIPv6). In the existing FMIPv6-based multicast handover scheme, the bi-directional tunnelling or the remote subscription is employed with the packet forwarding from the previous access router (AR) to the new AR. In general, the remote subscription approach is preferred to the bi-directional tunnelling one, since in the remote subscription scheme we can exploit an optimized multicast path from a multicast source to many mobile receivers. However, in the remote subscription scheme, if the tree joining operation takes a long time, the amount of data packets to be forwarded and buffered for multicast handover will increase, and thus the corresponding buffer may overflow, which results in severe packet losses. In order to reduce these costs associated with packet forwarding and buffering, this paper proposes the fast join to multicast tree, in which the new AR will join the multicast tree as fast as possible, so that the new multicast data packets can also arrive at the new AR, by which the packet forwarding and buffering costs can be reduced. From numerical analysis, it is shown that the proposed scheme can give better performance than the existing FMIPv6-based multicast handover schemes in terms of the multicast packet delivery costs.

Keywords: Mobile Multicast, FMIPv6, Seamless Handover, Fast Tree Join.

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Authors: E. Feizi Ashtiani, S. Jamshidi, M.H Niksokhan, A. Feizi Ashtiani

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Waste load allocation (WLA) policies may use multiobjective optimization methods to find the most appropriate and sustainable solutions. These usually intend to simultaneously minimize two criteria, total abatement costs (TC) and environmental violations (EV). If other criteria, such as inequity, need for minimization as well, it requires introducing more binary optimizations through different scenarios. In order to reduce the calculation steps, this study presents value index as an innovative decision making approach. Since the value index contains both the environmental violation and treatment costs, it can be maximized simultaneously with the equity index. It implies that the definition of different scenarios for environmental violations is no longer required. Furthermore, the solution is not necessarily the point with minimized total costs or environmental violations. This idea is testified for Haraz River, in north of Iran. Here, the dissolved oxygen (DO) level of river is simulated by Streeter-Phelps equation in MATLAB software. The WLA is determined for fish farms using multi-objective particle swarm optimization (MOPSO) in two scenarios. At first, the trade-off curves of TC-EV and TC-Inequity are plotted separately as the conventional approach. In the second, the Value-Equity curve is derived. The comparative results show that the solutions are in a similar range of inequity with lower total costs. This is due to the freedom of environmental violation attained in value index. As a result, the conventional approach can well be replaced by the value index particularly for problems optimizing these objectives. This reduces the process to achieve the best solutions and may find better classification for scenario definition. It is also concluded that decision makers are better to focus on value index and weighting its contents to find the most sustainable alternatives based on their requirements.

Keywords: Waste load allocation (WLA), Value index, Multi objective particle swarm optimization (MOPSO), Haraz River, Equity.

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Authors: Hussam Al-Shorman, Yosef Hasan Jbara

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A business case is a proposal for an investment initiative to satisfy business and functional requirements. The business case provides the foundation for tactical decision making and technology risk management. It helps to clarify how the organization will use its resources in the best way by providing justification for investment of resources. This paper describes how simulation was used for business case benefits and return on investment for the procurement of 8 production machines. With investment costs of about 4.7 million dollars and annual operating costs of about 1.3 million, we needed to determine if the machines would provide enough cost savings and cost avoidance. We constructed a model of the existing factory environment consisting of 8 machines and subsequently, we conducted average day simulations with light and heavy volumes to facilitate planning decisions required to be documented and substantiated in the business case.

Keywords: Investment cost, business case, return on investment, simulation.

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Authors: Kati Skarp, Keijo Varis, Juha Kettunen

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The purpose of this paper is to examine and evaluate the top-down and bottom-up leadership development programs focused on human capital that improve the performance of a company. This study reports on the external top-down leadership development program supported by a consulting company and the internal participatory action research of the bottom-up program. The sickness rate and the lost time incident failure rate decreased and the ideas produced for cost savings improved, leading to increased earnings during the top-down program. The estimated cost savings potential of the bottom-up program was 3.8 million euro based on the cost savings of meeting habits, maintenance practices and the way of working in production. The results of this study are useful for those who plan and evaluate leadership development and human capital productivity consultation programs to improve the performance of a company.

Keywords: Leadership, development, human resources, company, indicators, evaluation.

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Authors: Subramaniam Chandran

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This paper explores the features of political economy in the dynamics of representative politics in India. Politics is seen as enhancing economic benefits through acquiring and maintenance of power in the realm of democratic set up. The system of representation is riddled with competitive populism. Emerging leaders and parties are forced to accommodate their ideologies in coping with competitive politics. Electoral politics and voting behaviour reflect series of influences mooted by the politicians. Voters are accustomed to expect benefits outs of state exchequer. The electoral competitors show a changing phase of investment and return policy. Every elector has to spend and realize his costs in his tenure. In the case of defeated electors, even the cost recovery is not possible directly; there are indirect means to recover their costs. The series of case studies show the method of party funding, campaign financing, electoral expenditure, and cost recovery. Regulations could not restrict the level of spending. Several cases of disproportionate accumulation of wealth by the politicians reveal that money played a major part in electoral process. The political economy of representative politics hitherto ignores how a politician spends and recovers his cost and multiples his wealth. To be sure, the acquiring and maintenance of power is to enhance the wealth of the electors.

Keywords: Political economy, representative politics, costrecovery, electoral politics

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Authors: V. Sulakatko, F. U. Vogdt, I. Lill

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Construction technology and on-site construction activities have a direct influence on the life cycle costs of energy efficiently renovated apartment buildings. The systematic inadequacies of the External Thermal Insulation Composite System (ETICS) which occur during the construction phase increase the risk for all stakeholders, reduce mechanical durability and increase the life cycle costs of the building. The economic effect of these shortcomings can be minimised if the risk of the most significant on-site activities is recognised. The objective of the presented ETICS economic assessment concept is to evaluate the economic influence of on-site shortcomings and reveal their significance to the foreseeable future repair costs. The model assembles repair techniques, discusses their direct cost calculation methods, argues over the proper usage of net present value over the life cycle of the building, and proposes a simulation tool to evaluate the risk of on-site activities. As the technique is dependent on the selected real interest rate, a sensitivity analysis is anticipated to determine the validity of the recommendations. After the verification of the model on the sample buildings by the industry, it is expected to increase economic rationality of resource allocation and reduce high-risk systematic shortcomings during the construction process of ETICS.

Keywords: Activity-based cost estimating, Cost estimation, ETICS, Life cycle costing.

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Authors: Panida Jongsuksomsakul

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This study of the ‘happiness’ and ‘sustainability’ in the community of Donkeaw, Amphoe Mae Rim, Chiang Mai Province during the non-election period in Thailand, noted that their happiness levels are in the middle-average range. This was found using a mixed approach of qualitative and quantitative methods (N = 386, α = 0.05). The study explores indicators for six aspects of well-being and happiness, including, good local governance, administrative support for the health system that maintains people’s mental and physical health, environment and weather, job security and a regular income aids them in managing a sustainable lifestyle. The impact of economic security and community relationships on social and cultural capital, and the way these aspects impact on the life style of the community, affects the sustainable well-being of people. Moreover, living with transparency and participatory communication led to diverse rewards in many areas.

Keywords: Communication, happiness, well-being, Donkeaw community, social and cultural capital.

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Authors: S. Mahalakshmi, B. Senthil Arasu

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As per the recent changes happening in the global policies, climate related changes and the impact it causes across every sector are viewed as green swan events – in essence, climate related changes can happen often and lead to risk and lot of uncertainty, but need to be mitigated instead of considering them as black swan events. This brings about a question on how this risk can be computed, so that the financial institutions can plan to mitigate it. Climate related changes impact all risk types – credit risk, market risk, operational risk, liquidity risk, reputational risk and others. And the models required to compute this have to consider the different industrial needs of the counterparty, as well as the factors that are contributing to this – be it in the form of different risk drivers, or the different transmission channels or the different approaches and the granular form of data availability. This brings out to the suggestion that the climate related changes, though it affects Pillar I risks, will be a Pillar II risk. This has to be modeled specifically based on the financial institution’s actual exposure to different industries, instead of generalizing the risk charge. And this will have to be considered as the additional capital to be met by the financial institution in addition to their Pillar I risks, as well as the existing Pillar II risks. In this paper, we present a risk assessment framework to model and assess climate change risks - for both credit and market risks. This framework helps in assessing the different scenarios, and how the different transition risks affect the risk associated with the different parties. This research paper delves on the topic of increase in concentration of greenhouse gases, that in turn causing global warming. It then considers the various scenarios of having the different risk drivers impacting credit and market risk of an institution, by understanding the transmission channels, and also considering the transition risk. The paper then focuses on the industry that’s fast seeing a disruption: automobile industry. The paper uses the framework to show how the climate changes and the change to the relevant policies have impacted the entire financial institution. Appropriate statistical models for forecasting, anomaly detection and scenario modeling are built to demonstrate how the framework can be used by the relevant agencies to understand their financial risks. The paper also focuses on the climate risk calculation for the Pillar II capital calculations, and how it will make sense for the bank to maintain this in addition to their regular Pillar I and Pillar II capital.

Keywords: Capital calculation, climate risk, credit risk, pillar II risk, scenario modeling.

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Authors: Amer Momani, Tarek Al-Hawari, Abdallah Alakayleh

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This study explains how to construct an actionable activity-based costing and management system to accurately track and account the total costs of architectural aluminum projects. Two Activity-Based Costing (ABC) models were proposed to accomplish this purpose. First, the learning and development model was introduced to examine how to apply an ABC model in an architectural aluminum firm for the first time and to be familiar with ABC concepts. Second, an actual ABC model was built on the basis of the results of the previous model to accurately trace the actual costs incurred on each project in a year, and to be able to provide a quote with the best trade-off between competitiveness and profitability. The validity of the proposed model was verified on a local architectural aluminum company.

Keywords: Activity-based costing, activity-based management, construction, architectural aluminum.

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Authors: E. Mulliner, V. Maliene

Abstract:

The concept of housing affordability is a contested issue, but a pressing and widespread problem for many countries. Simple ratio measures based on housing expenditure and income are habitually used to defined and assess housing affordability. However, conceptualising and measuring affordability in this manner focuses only on financial attributes and fails to deal with wider issues such as housing quality, location and access to services and facilities. The research is based on the notion that the housing affordability problem encompasses more than the financial costs of housing and a households ability to meet such costs and must address larger issues such as social and environmental sustainability and the welfare of households. Therefore, the need arises for a broad and more encompassing set of attributes by which housing affordability can be assessed. This paper presents a system of criteria by which the affordability of different housing locations could be assessed in a comprehensive and sustainable manner. Moreover, the paper explores the way in which such criteria could be measured.

Keywords: Affordable housing, attributes, housing affordability, sustainable communities

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Authors: A. Azadeh, Z. Raoofi

Abstract:

Natural gas, as one of the most important sources of energy for many of the industrial and domestic users all over the world, has a complex, huge supply chain which is in need of heavy investments in all the phases of exploration, extraction, production, transportation, storage and distribution. The main purpose of supply chain is to meet customers’ need efficiently and with minimum cost. In this study, with the aim of minimizing economic costs, different levels of natural gas supply chain in the form of a multi-echelon, multi-period fuzzy linear programming have been modeled. In this model, different constraints including constraints on demand satisfaction, capacity, input/output balance and presence/absence of a path have been defined. The obtained results suggest efficiency of the recommended model in optimal allocation and reduction of supply chain costs.

Keywords: Cost Approach, Fuzzy Theory, Linear Programming, Natural Gas Supply Chain.

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Authors: Piotr Prewysz-Kwinto

Abstract:

A dynamic development of financial market is accompanied by the emergence of new products on stock exchanges which give absolutely new possibilities of investing money. Currently, the most innovative financial instruments offered to investors are exchange traded products (ETP). They can be defined as financial instruments whose price depends on the value of the underlying instrument. Thus, they offer investors a possibility of making a profit that results from the change in value of the underlying instrument without having to buy it. Currently, the Warsaw Stock Exchange offers many types of ETPs. They are investment products with full or partial capital protection, products without capital protection as well as leverage products, issued on such underlying instruments as indices, sector indices, commodity indices, prices of energy commodities, precious metals, agricultural produce or prices of shares of domestic and foreign companies. This paper presents the mechanism of functioning of ETP available on the Warsaw Stock Exchange and the results of the analysis of statistical data on these financial instruments.

Keywords: Exchange traded products, financial market, investment, stock exchange.

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