Search results for: investment

Authors: Stefaan Pauwels, Koen Inghelbrecht, Dries Heyman, Pieter Marius

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Literature reveals that many investors rely on technical trading rules when making investment decisions. If stock markets are efficient, one cannot achieve superior results by using these trading rules. However, if market inefficiencies are present, profitable opportunities may arise. The aim of this study is to investigate the effectiveness of technical trading rules in 34 emerging stock markets. The performance of the rules is evaluated by utilizing White-s Reality Check and the Superior Predictive Ability test of Hansen, along with an adjustment for transaction costs. These tests are able to evaluate whether the best model performs better than a buy-and-hold benchmark. Further, they provide an answer to data snooping problems, which is essential to obtain unbiased outcomes. Based on our results we conclude that technical trading rules are not able to outperform a naïve buy-and-hold benchmark on a consistent basis. However, we do find significant trading rule profits in 4 of the 34 investigated markets. We also present evidence that technical analysis is more profitable in crisis situations. Nevertheless, this result is relatively weak.

Keywords: technical trading rules, Reality Check, Superior Predictive Ability, emerging stock markets, data snooping

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Authors: Sajjad Hashemi, Seyyed Yasser Hashemi

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In today's world, success of most systems depend on the use of new technologies and information technology (IT) which aimed to increase efficiency and satisfaction of users. One of the most important systems that use information technology to deliver services is the education system. But for educational services in the form of E-learning systems, hardware and software equipment should be containing high quality, which requires substantial investment. Because the vast majority of educational establishments can not invest in this area so the best way for them is reducing the costs and providing the E-learning services by using cloud computing. But according to the novelty of the cloud technology, it can create challenges and concerns that the most noted among them are security issues. Security concerns about cloud-based E-learning products are critical and security measures essential to protect valuable data of users from security vulnerabilities in products. Thus, the success of these products happened if customers meet security requirements then can overcome security threats. In this paper tried to explore cloud computing and its positive impact on E- learning and put main focus to identify security issues that related to cloud-based E-learning efforts which have been improve security and provide solutions in management challenges.

Keywords: Cloud computing, E-Learning, Security.

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Authors: Jamie L. Stangel

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Increased popularity and visibility of college athletics has contributed to an environment in which institutions—most of which lack self-sufficient athletics department budgets—reallocate monies from the university general fund and seek additional funding sources to keep up with increasing levels of spending on athletics. Given the prevalence of debates on student debt levels, coach salaries, and athlete pay, empirical evidence on whether this spending yields expected return on investment is necessary. This study considered the relationship between the independent variable of winning percentage of the men’s basketball team at a mid-major university, moderated by National Collegiate Athletic Association (NCAA) tournament appearance, and number of applicants, number of enrollments, average SAT score of students, and donor giving to the university general and athletic funds. The results indicate that, other than a small correlation between athletic success and number of applicants, only when NCAA tournament appearance is used as a moderating variable, these purported benefits are not supported, suggesting the need for a reevaluation of athletic department spending and perceptions on tangible and intangible benefits for universities.

Keywords: Athletic success, enrollment, NCAA, private giving.

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Authors: Edikan E. Akpanibah, Ogunmodimu Dupe Catherine

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The relevance of geometric Brownian motion (GBM) in modelling the behaviour of stock market prices (SMP) cannot be over emphasized taking into consideration the volatility of the SMP. Consequently, there is need to investigate how GBM models are being estimated and used in financial market to predict SMP. To achieve this, the GBM estimation and its application to the SMP of some selected companies are studied. The normal and log-normal distributions were used to determine the expected value, variance and co-variance. Furthermore, the GBM model was used to predict the SMP of some selected companies over a period of time and the mean absolute percentage error (MAPE) were calculated and used to determine the accuracy of the GBM model in predicting the SMP of the four companies under consideration. It was observed that for all the four companies, their MAPE values were within the region of acceptance. Also, the MAPE values of our data were compared to an existing literature to test the accuracy of our prediction with respect to time of investment. Finally, some numerical simulations of the graphs of the SMP, expectations and variance of the four companies over a period of time were presented using MATLAB programming software.

Keywords: Stock Market, Geometric Brownian Motion, normal and log-normal distribution, mean absolute percentage error.

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Authors: Isaac Kofi Mensah, Mi Jianing

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The lack of Information and Communication Technologies (ICT) infrastructure in African countries is hampering the successful adoption, development and implementation of e-government in Africa. Electronic government is the use of ICTs to modernize government public administration processes and to provide government services to citizens with a purpose to enhance efficiency, accountability, and transparency in government’s interaction with the citizenry. ICT application in public administration has the potential to modernize and create smarter government and improvement in public service delivery. China’s Internet Plus policy and One Belt One Road strategy present a golden opportunity for countries in Africa to attract the huge financial investment through Chinese IT companies to develop and close Africa’s ICT infrastructure gap. This study recommends the establishment of One Belt One Road ICT Infrastructure Fund for Africa (OBOR ICT Fund for Africa) to enable countries in Africa to source solely for the purpose of ICT infrastructure development in the public sector/government machinery which would in turn promote the adoption and development of e-government in the public sectors of respective countries in Africa.

Keywords: E-government, public service delivery, internet plus, one belt one road initiative, China, Africa.

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Authors: Slavka Zeković

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A preliminary evaluation of the urban land system is presented in the article together with the instruments of land policy in Serbia. The main reason for the analysis is demand for definition of reform framework for urban land management in Serbia in the period of transition towards market-led system. It is concluded that due to the limitations of the current regulation it will be impossible in the future to apply market principles in the urban land policy (supply and demand of land, land capitalization, investment efficiency, et al.). Based on the estimation that the urban land system and land policy are key factors of competitiveness between regions and towns in Serbia, it is necessary to initiate changes in this field. There are indicated on an option of privatization of urban public land and possible establishment of leasehold land. A comparative analysis of the possibilities of the reform urban land system in Serbia has been carried out in relation to two approaches of market systems: (a) with dominant private ownership of urban land (neo/liberal approach) and (b) with dominant public ownership of urban land (system of leasehold)whose findings can be a basis for further study of the new system in Serbia.. The attanied results are part of studies matter for the making of Strategy of territorial development of Serbia.

Keywords: Urban Land System, Urban Land Management, Instruments of Land Policy, Evaluation, Market.

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Authors: Mujahid S. Alharbi

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The construction of process plants in oil and gas-producing countries, such as Saudi Arabia, necessitates substantial investment in design and building. Each new plant, while unique, includes common building types, suggesting an opportunity for design standardization. This study investigates the adoption of standardized Issue for Construction (IFC) packages for non-process buildings in Saudi Aramco. A SWOT analysis presents the strengths, weaknesses, opportunities, and threats of this approach. The approach's benefits are illustrated using the Hawiyah Unayzah Gas Reservoir Storage Program (HUGRSP) as a case study. Standardization not only offers significant cost savings and operational efficiencies, but also expedites project timelines, reduces the potential for change orders, and fosters local economic growth by allocating building tasks to local contractors. Standardization also improves project management by easing interface constraints between different contractors and promoting adaptability to future industry changes. This research underscores the standardization of non-process buildings as a powerful strategy for cost optimization, efficiency enhancement, and local economic development in process plant construction within the oil and gas sector.

Keywords: Building, construction, management, project, standardization.

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Authors: P. Aragonés-Beltrán, F. Chaparro-González, J. P. Pastor Ferrando, M. García-Melón

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In this paper the Analytic Network Process (ANP) is applied to the selection of photovoltaic (PV) solar power projects. These projects follow a long management and execution process from plant site selection to plant start-up. As a consequence, there are many risks of time delays and even of project stoppage. In the case study presented in this paper a top manager of an important Spanish company that operates in the power market has to decide on the best PV project (from four alternative projects) to invest based on risk minimization. The manager identified 50 project execution delay and/or stoppage risks. The influences among elements of the network (groups of risks and alternatives) were identified and analyzed using the ANP multicriteria decision analysis method. After analyzing the results the main conclusion is that the network model can manage all the information of the real-world problem and thus it is a decision analysis model recommended by the authors. The strengths and weaknesses ANP as a multicriteria decision analysis tool are also described in the paper.

Keywords: Multicriteria decision analysis, Analytic Network Process, Photovoltaic solar power projects.

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Authors: Geoffrey J. Blanford, Christoph Weissbart

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The prospects for the European power sector indicate that it has to almost fully decarbonize in order to reach the economy-wide target of CO₂-emission reduction. We apply the EU-REGEN model to explain the penetration of RES from an economic perspective, their spatial distribution, and the complementary role of conventional generation technologies. Furthermore, we identify economic consequences of national energy and climate targets. Our study shows that onshore wind power will be the most crucial generation technology for the future European power sector. Its geographic distribution is driven by resource quality. Gas power will be the major conventional generation technology for backing-up wind power. Moreover, a complete phase out of coal power proves to be not economically optimal. The paper demonstrates that existing national targets have a negative impact, especially on the German region with higher prices and lower revenues. The remaining regions profit are hardly affected. We encourage an EU-wide coordination on the expansion of wind power with harmonized policies. Yet, this requires profitable market structures for both, RES and conventional generation technologies.

Keywords: European decarbonization pathway, power market investment, public policies, technology choice.

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Authors: Josiane R. Pires, Marco A. S. González, Bruna L. Brenner, Luciana S. Roos

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The concern with sustainability brought the need for optimization of the buildings to reduce consumption of natural resources. Almost 1/3 of energy demanded by Brazilian housings is used to provide thermal solutions. AEC sector may contribute applying bioclimatic strategies on building design. The aim of this research is to investigate the viability of applying some alternative solutions in residential buildings. The research was developed with computational simulation on single family social housing, examining envelope type, absorptance, and insolation. The analysis of the thermal performance applied both Brazilian standard NBR 15575 and degree-hour method, in the scenery of Porto Alegre, a southern Brazilian city. We used BIM modeling through Revit/Autodesk and used Energy Plus to thermal simulation. The payback of the investment was calculated comparing energy savings and building costs, in a period of 50 years. The results shown that with the increment of envelope’s insulation there is thermal comfort improvement and energy economy, with a pay-back period of 24 to 36 years, in some cases.

Keywords: Civil construction, design, thermal performance, energy, economic analysis.

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Authors: Nadira Kaimova

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In this paper it was examined the influence of margin regulation on stock market volatility in EU 1993 – 2014. Regulating margin requirements or haircuts for securities financing transactions has for a long time been considered as a potential tool to limit the build-up of leverage and dampen volatility in financial markets. The margin requirement dictates how much investors can borrow against these securities. Margin can be an important part of investment. Using daily and monthly stock returns and there is no convincing evidence that EU Regulation margin requirements have served to dampen stock market volatility. In this paper was detected the expected negative relation between margin requirements and the amount of margin credit outstanding. Also, it confirmed that changes in margin requirements by the EU regulation have tended to follow than lead changes in market volatility. For the analysis have been used the modified Levene statistics to test whether the standard deviation of stock returns in the 25, 50 and 100 days preceding margin changes is the same as that in the succeeding 25, 50 and 100 days. The analysis started in May 1993 when it was first empowered to set the initial margin requirement and the last sample was in May 2014. To test whether margin requirements influence stock market volatility over the long term, the sample of stock returns was divided into 14 periods, according to the 14 changes in margin requirements.

Keywords: Levene statistic, Margin Regulation, Stock Market, Volatility.

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Authors: Mathias Rossi, Silna Borter, Marie Sansonnens

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Entrepreneurs are important for national labour markets and economies in that they contribute significantly to economic growth as well as provide the majority of jobs and create new ones. According to the Global Entrepreneurship Monitor’s “Report on Women and Entrepreneurship”, investment in women’s entrepreneurship is an important way to exponentially increase the impact of new venture creation finding ways to empower women’s participation and success in entrepreneurship are critical for more sustainable and successful economic development. Our results confirm that they are still differences between men and women entrepreneurs The reasons seems to be the lack of specific business skills, the less extensive social network, and the lack of identification patterns among women. Those differences can be explained by the fact that women still have fewer opportunities to make a career. If this is correct, we can predict an increasing proportion of women among entrepreneurs in the next years. Concerning the development of a favorable environment for developing and enhancing women entrepreneurship activities, our results show the insertion in a network and the role of a model doubtless represent elements determining in the choice to launch an entrepreneurship activity, as well as a precious resource for the success of her company.

Keywords: Women entrepreneurship, entrepreneurship motivation, entrepreneurial behavior.

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Authors: Simeon Karafolas, Maciej Woźniak

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Mostly of public financing programs at national and regional level are funded from European Union sources. EU can participate directly to a national and regional program (example LEADER initiative, URBAN…) or indirectly by funding regional or national funds.Funds from European Union are provided from EU multiannual financial framework form which the annual budget is programmed. The adjusted program 2007-2013 of the EU considered commitments of almost 1 trillion Euros for the EU-28 countries. Provisions of the new program 2014-2020 consider commitments of more than 1 trillion Euros. Sustainable growth, divided to Cohesion and Competitiveness for Growth an Employment, is one of the two principal categories; the other is the preservation and management of natural resources.Through this financing process SMEs benefited of EU and public sources by receiving grants for their investments. Most of the financial instruments are available indirectly through the national financial intermediaries. Part of them is managed by the European Investment Fund.The paper focuses on the public financing to SMEs by examining case studies on divers forms of public help. It tries to distinguish the efficiency of the examined good practices and therefore try to have some conclusions on the possibility of application to other regions.

Keywords: DIFASS, financing, grants, SMEs.

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Authors: Christoph Speer

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Decentralized ventilation systems should combine a small and economical design with high aerodynamic and thermal efficiency. The Counter Flow Heat Recovery Fan (CHRF) provides the ability to meet these requirements by using only one cross flow fan with a large number of blades to generate both airflows and which simultaneously acts as a regenerative counter flow heat exchanger. The successful development of the first laboratory prototype has shown the potential of this ventilation system. Occurring condensate on the surfaces of the fan blades during the cold and dry season can be recovered through the characteristic mode of operation. Hence the CHRF provides the possibility to avoid the need for frost protection and condensate drain. Through the implementation of system-specific solutions for flow balancing and summer bypass the required functionality is assured. The scalability of the CHRF concept allows the use in renovation as well as in new buildings from single-room devices through to systems for office buildings. High aerodynamic and thermal efficiency and the lower number of required mechatronic components should enable a reduction in investment as well as operating costs. The rotor is the key component of the system, the requirements and possible implementation variants are presented.

Keywords: CHRF, counter flow heat recovery fan, decentralized ventilation system, renovation.

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Authors: Okorowo Cyril Agochi

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The Niger Delta Region of Nigeria is home to about 20 million people and 40 different ethnic groups. The region has an area of seventy thousand square kilometers (70,000 KM2) of wetlands, formed primarily by sediments deposition and makes up 7.5 percent of Nigeria's total landmass. The notable ecological zones in this region includes: coastal barrier islands; mangrove swamp forests; fresh water swamps; and lowland rainforests. This incredibly naturally-endowed ecosystem region, which contains one of the highest concentrations of biodiversity on the planet, in addition to supporting abundant flora and fauna, is threatened by the inhuman act known as gas flaring. Gas flaring is the combustion of natural gas that is associated with crude oil when it is pumped up from the ground. In petroleum-producing areas such as the Niger Delta region of Nigeria where insufficient investment was made in infrastructure to utilize natural gas, flaring is employed to dispose of this associated gas. This practice has impoverished the communities where it is practiced, with attendant environmental, economic and health challenges. This paper discusses the adverse environmental and health implication associated with the practice, the role of Government, Policy makers, Oil companies and the Local communities aimed at bring this inhuman practice to a prompt end.

Keywords: Combustion, Emission, Environment, Flaring, Gas, Health, Niger Delta.

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Authors: F. Guspi, E. García

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This exploratory study gives an overview of the evolution of the main financial and performance indicators of the Academic Spin-Off’s and High Growth Academic Spin-Off’s in year 3 and year 6 after its creation in the region of Catalonia in Spain. The study compares and evaluates results of these different measures of performance and the degree of success of these companies for each University. We found that the average Catalonian Academic Spin-Off is small and have not achieved the sustainability stage at year 6. On the contrary, a small group of High Growth Academic Spin-Off’s exhibits robust performance with high profits in year 6. Our results support the need to increase selectivity and support for these companies especially near year 3, because are the ones that will bring wealth and employment. University role as an investor has rigid norms and habits that impede an efficient economic return from their ASO investment. Universities with high performance on sales and employment in year 3 not always could sustain this growth in year 6 because their ASO’s are not profitable. On the contrary, profitable ASO exhibit superior performance in all measurement indicators in year 6. We advocate the need of a balanced growth (with profits) as a way to obtain subsequent continuous growth.

Keywords: Academic Spin-Off (ASO), University Entrepreneurship, Entrepreneurial University, high growth, New Technology Based Companies (NTBC), University Spin-Off.

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Authors: T. Wanyama, B. Far

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Automatic irrigation systems usually conveniently protect landscape investment. While conventional irrigation systems are known to be inefficient, automated ones have the potential to optimize water usage. In fact, there is a new generation of irrigation systems that are smart in the sense that they monitor the weather, soil conditions, evaporation and plant water use, and automatically adjust the irrigation schedule. In this paper, we present an agent based smart irrigation system. The agents are built using a mix of commercial off the shelf software, including MATLAB, Microsoft Excel and KEPServer Ex5 OPC server, and custom written code. The Irrigation Scheduler Agent uses fuzzy logic to integrate the information that affect the irrigation schedule. In addition, the Multi-Agent system uses Open Platform Connectivity (OPC) technology to share data. OPC technology enables the Irrigation Scheduler Agent to communicate over the Internet, making the system scalable to a municipal or regional agent based water monitoring, management, and optimization system. Finally, this paper presents simulation and pilot installation test result that show the operational effectiveness of our system.

Keywords: Community water usage, fuzzy logic, irrigation, multi-agent system.

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Authors: Zamri Noranai, Mohammad Zainal Md Yusof

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Sustainable energy usage has been recognized as one of the important measure to increase the competitiveness of the nation globally. Many strong emphases were given in the Ninth Malaysia Plan (RMK9) to improve energy efficient especially to government buildings. With this in view, a project to investigate the potential of energy saving in selected building in Universiti Tun Hussein Onn Malaysia (UTHM) was carried out. In this project, a case study involving electric energy consumption of the academic staff office building was conducted. The scope of the study include to identify energy consumption in a selected building, to study energy saving opportunities, to analyse cost investment in term of economic and to identify users attitude with respect to energy usage. The MS1525:2001, Malaysian Standard -Code of practice on energy efficiency and use of renewable energy for non-residential buildings was used as reference. Several energy efficient measures were considered and their merits and priority were compared. Improving human behavior can reduce energy consumption by 6% while technical measure can reduce energy consumption by 44%. Two economic analysis evaluation methods were applied; they are the payback period method and net present value method.

Keywords: office building, energy, efficiency, economic analyses

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Authors: Suneel M. Agerwala, Ashley Votta, Briana Hogan, John Yannocone, Steven Samuels, SheilaChiffriller

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Road rage is an increasingly prevalent expression of aggression in our society. Its dangers are apparent and understanding its causes may shed light on preventative measures. This study involved a fifteen-minute survey administered to 147 undergraduate students at a North Eastern suburban university. The survey consisted of a demographics section, questions regarding financial investment in respondents- vehicles, experience driving, habits of driving, experiences witnessing role models driving, and an evaluation of road rage behavior using the Driving Vengeance Questionnaire. The study found no significant differences in driving aggression between respondents who were financially invested in their vehicle compared to those who were not, or between respondents who drove in heavy traffic hours compared to those who did not, suggesting internal factors correlate with aggressive driving habits. The study also found significant differences in driving aggression between males versus females, those with more points on their license versus fewer points, and those who witnessed parents driving aggressively very often versus rarely or never. Additional studies can investigate how witnessing parents driving aggressively is related to future driving behaviors.

Keywords: Aggression, college, driving, road rage.

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Authors: H. Shayeghi, M. Mahdavi, H. Haddadian

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Transmission network expansion planning (TNEP) is an important component of power system planning that its task is to minimize the network construction and operational cost while satisfying the demand increasing, imposed technical and economic conditions. Up till now, various methods have been presented to solve the static transmission network expansion planning (STNEP) problem. But in all of these methods, the lines adequacy rate has not been studied after the planning horizon, i.e. when the expanded network misses its adequacy and needs to be expanded again. In this paper, in order to take transmission lines condition after expansion in to account from the line loading view point, the adequacy of transmission network is considered for solution of STNEP problem. To obtain optimal network arrangement, a decimal codification genetic algorithm (DCGA) is being used for minimizing the network construction and operational cost. The effectiveness of the proposed idea is tested on the Garver's six-bus network. The results evaluation reveals that the annual worth of network adequacy has a considerable effect on the network arrangement. In addition, the obtained network, based on the DCGA, has lower investment cost and higher adequacy rate. Thus, the network satisfies the requirements of delivering electric power more safely and reliably to load centers.

Keywords: STNEP Problem, Network Adequacy, DCGA.

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Authors: Vichada Chokesikarin

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The study aims to determine which factors account for customer satisfaction and to investigate the relationship between entrepreneurial orientation and business success, in particular, context of the information understanding of hostel business in Pranakorn district, Bangkok and the significant element of entrepreneurship in tourism industry. This study covers 352 hostels customers and 61 hostel owners/managers nearby Khao San road. Data collection methods were used by survey questionnaire and a series of hypotheses were developed from services marketing literature. The findings suggest the customer satisfaction most influenced by image, service quality, room quality and price accordingly. Furthermore the findings revealed that significant relationships exist between entrepreneurial orientation and business success; while competitive aggressiveness was found unrelated. The ECSI model’s generic measuring customer satisfaction was found partially mediate the business success. A reconsideration of other variables applicable should be supported with the model of hostel business. The study provides context and overall view of hostel business while discussing from the entrepreneurial orientation to customer satisfaction, thereby reducing decision risk on hostel investment.

Keywords: Customer satisfaction, ECSI Model, entrepreneurial orientation, small hotels, hostel, business performance.

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Authors: Roman Ružarovský, Radovan Holubek, Peter Košťál

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The current trend of increasing quality and demands of the final product is affected by time analysis of the entire manufacturing process. The primary requirement of manufacturing is to produce as many products as soon as possible, at the lowest possible cost, but of course with the highest quality. Such requirements may be satisfied only if all the elements entering and affecting the production cycle are in a fully functional condition. These elements consist of sensory equipment and intelligent control elements that are essential for building intelligent manufacturing systems. The intelligent manufacturing paradigm includes a new approach to production system structure design. Intelligent behaviors are based on the monitoring of important parameters of system and its environment. The flexible reaction to changes. The realization and utilization of this design paradigm as an "intelligent manufacturing system" enables the flexible system reaction to production requirement as soon as environmental changes too. Results of these flexible reactions are a smaller layout space, be decreasing of production and investment costs and be increasing of productivity. Intelligent manufacturing system itself should be a system that can flexibly respond to changes in entering and exiting the process in interaction with the surroundings.

Keywords: Sensory equipment, intelligent manufacturing systems, manufacturing process, control system, smart automation.

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Authors: Raed EL-Khalil, Hussein Zeaiter

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Managing and improving efficiency in the current highly competitive global automotive industry demands that those companies adopt leaner and more flexible systems. During the past 20 years the domestic automotive industry in North America has been focusing on establishing new management strategies in order to meet market demands. The lean management process also known as Toyota Manufacturing Process (TPS) or lean manufacturing encompasses tools and techniques that were established in order to provide the best quality product with the fastest lead time at the lowest cost. The following paper presents a study that focused on improving labor efficiency at one of the Big Three (Ford, GM, Chrysler LLC) domestic automotive facility in North America. The objective of the study was to utilize several lean management tools in order to optimize the efficiency and utilization levels at the “Pre- Marriage” chassis area in a truck manufacturing and assembly facility. Utilizing three different lean tools (i.e. Standardization of work, 7 Wastes, and 5S) this research was able to improve efficiency by 51%, utilization by 246%, and reduce operations by 14%. The return on investment calculated based on the improvements made was 284%.

Keywords: Lean Manufacturing, Standardized Work, Operation Efficiency and Utilization, Operations Management.

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Authors: Andrea Paltrinieri, Alberto Dreassi, Stefano Miani, Alex Sclip

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The financial crises caused a collapse in prices of most asset classes, raising the attention on alternative investments such as sukuk, a smaller, fast growing but often misunderstood market. We study diversification benefits of sukuk, their correlation with other asset classes and the effects of their inclusion in investment portfolios of institutional and retail investors, through a comprehensive comparison of their risk/return profiles during and after the financial crisis. We find a beneficial performance adjusted for the specific volatility together with a lower correlation especially during the financial crisis. The distribution of sukuk returns is positively skewed and leptokurtic, with a risk/return profile similarly to high yield bonds. Overall, our results suggest that sukuk present diversification opportunities, a significant volatility-adjusted performance and lower correlations especially during the financial crisis. Our findings are relevant for a number of institutional investors. Long term investors, such as life insurers would benefit from sukuk’s protective features during financial crisis yet keeping return and growth opportunities, whereas banks would gain due to their role of placers, advisors, market makers or underwriters.

Keywords: Asset allocation, asset performance, sukuk, zero beta asset.

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Authors: MM.Kaykha, A. Kamarei, M. Safari, V. Arbabi

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Semisolid metal processing uses solid–liquid slurries containing fine and globular solid particles uniformly distributed in a liquid matrix, which can be handled as a solid and flow like a liquid. In the recent years, many methods have been introduced for the production of semisolid slurries since it is scientifically sound and industrially viable with such preferred microstructures called thixotropic microstructures as feedstock materials. One such process that needs very low equipment investment and running costs is the cooling slope. In this research by using a mechanical stirrer slurry maker constructed by the authors, the effects of mechanical stirring parameters such as: stirring time, stirring temperature and stirring Speed on micro-structure and mechanical properties of A360 aluminum alloy in semi-solid forming, are investigated. It is determined that mold temperature and holding time of part in temperature of 580ºC have a great effect on micro-structure and mechanical properties(stirring temperature of 585ºC, stirring time of 20 minutes and stirring speed of 425 RPM). By optimizing the forming parameters, dendrite microstructure changes to globular and mechanical properties improves. This is because of breaking and globularzing dendrites of primary α-AL.

Keywords: Semi-Solid Forming, Mechanical properties, Shear Rate.

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Authors: Mohsen Pirdashti, Masoomeh Omidi, Hemmatollah Pidashti

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Today, advantage of biotechnology especially in environmental issues compared to other technologies is irrefragable. Kimia Gharb Gostar Industries Company, as a largest producer of citric acid in Middle East, applies biotechnology for this goal. Citrogypsum is a by–product of citric acid production and it considered as a valid residuum of this company. At this paper summary of acid citric production and condition of Citrogypsum production in company were introduced in addition to defmition of Citrogypsum production and its applications in world. According to these information and evaluation of present conditions about Iran needing to Citrogypsum, the best priority was introduced and emphasized on strategy selection and proper programming for self-sufficiency. The Delphi technique was used to elicit expert opinions about criteria for evaluating the usages. The criteria identified by the experts were profitability, capacity of production, the degree of investment, marketable, production ease and time production. The Analytical Hierarchy Process (ARP) and Expert Choice software were used to compare the alternatives on the criteria derived from the Delphi process.

Keywords: Analytical Hierarchy Process, ARP, Delphi, Multi- criteria decision making, Citrogypsum

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Authors: Armando Cartenì, Ilaria Henke

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Recently, the Italian government has approved a new law for public contracts and has been laying the groundwork for restarting a planning phase. The government has adopted the indications given by the European Commission regarding the estimation of the external costs within the Cost-Benefit Analysis, and has been approved the ‘Guidelines for assessment of Investment Projects’. In compliance with the new Italian law, the aim of this research was to perform a feasibility study applying quantitative methods regarding the revamping of an Italian tourist railway line. A Cost-Benefit Analysis was performed starting from the quantification of the passengers’ demand potentially interested in using the revamped rail services. The benefits due to the external costs reduction were also estimated (quantified) in terms of variations (with respect to the not project scenario): climate change, air pollution, noises, congestion, and accidents. Estimations results have been proposed in terms of the Measure of Effectiveness underlying a positive Net Present Value equal to about 27 million of Euros, an Internal Rate of Return much greater the discount rate, a benefit/cost ratio equal to 2 and a PayBack Period of 15 years.

Keywords: Cost-benefit analysis, evaluation analysis, demand management, external cost, transport planning, quality.

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Authors: Byung-Kon Kim

Abstract:

According as the Architecture, Engineering and Construction (AEC) Industry projects have grown more complex and larger, the number of utilization of BIM for 3D design and simulation is increasing significantly. Therefore, typical applications of BIM such as clash detection and alternative measures based on 3-dimenstional planning are expanded to process management, cost and quantity management, structural analysis, check for regulation, and various domains for virtual design and construction. Presently, commercial BIM software is operated on single-user environment, so initial cost is so high and the investment may be wasted frequently. Cloud computing that is a next-generation internet technology enables simple internet devices (such as PC, Tablet, Smart phone etc) to use services and resources of BIM software. In this paper, we suggested developing method of the BIM software based on cloud computing environment in order to expand utilization of BIM and reduce cost of BIM software. First, for the benchmarking, we surveyed successful case of BIM and cloud computing. And we analyzed needs and opportunities of BIM and cloud computing in AEC Industry. Finally, we suggested main functions of BIM software based on cloud computing environment and developed a simple prototype of cloud computing BIM software for basic BIM model viewing.

Keywords: Construction IT, BIM(Building Information Modeling), Cloud Computing, BIM Service Based Cloud Computing, Viewer Based BIM Server, 3D Design.

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Authors: Vita Strazdina, Aleksandrs Jemeljanovs, Vita Sterna

Abstract:

A game animals – elk (Alces alces), deer (Cervus elaphus), roe deer (Capreolus capreolus) or wild boar (Sus scrofa scrofa) - every autumn and winter period provide an excellent investment, diversification of many consumer meals. In last years consumption and assortiment of game meat products significantly increase. Investigations about biochemical composition of game meat are not very much. The meat of wild animals is more favourable for human health because it has lower saturated fatty acids content, but higher content of protein. Therefore the aim of investigations was to compare biochemical composition of ungulates obtained in Latvia.Investigations were carried out in wild animals different regions of Latvia. In the studied samples protein, intramuscular fat, fatty acids and cholesterol were determined. The biochemical analysis of 54 samples were done. Results of analysis showed that protein content 22.36 – 22.92% of all types of meat samples is not different statistically, significantly lower fat content 1.33 ± 0.88% had elk meat samples and 1.59 ± 0.59% roe deer samples. Content of cholesterol was various 64.41 – 95.07% in the ruminant meat samples of different species. From the dietetic point of view the best composition of fatty acids has meat samples of roe deer.

Keywords: dietic product, game meat, intramuscular fat

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Authors: H. J. Yang, R. Z. Jin, I. J. Park, C. T. Hyun

Abstract:

There has been gradual progress of late in construction projects, particularly in big-scale megaprojects. Due to the long-term construction period, however, with large-scale budget investment, lack of construction management technologies, and increase in the incomplete elements of project schedule management, a plan to conduct efficient operations and to ensure business safety is required. In particular, as the project management information system (PMIS) is meant for managing a single project centering on the construction phase, there is a limitation in the management of program-scale businesses like megaprojects. Thus, a program management information system (PgMIS) that includes program-level management technologies is needed to manage multiple projects. In this study, a support tool was developed for managing the cost and schedule information occurring in the construction phase, at the program level. In addition, a case study on the developed support tool was conducted to verify the usability of the system. With the use of the developed support tool program, construction managers can monitor the progress of the entire project and of the individual subprojects in real time.

Keywords: Cost∙Schedule integration management, Supporting Tool, UI, WBS, CBS, introduce PgMIS (Program Management Information System), PMIS (Project Management Information System)

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