Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 3844

Search results for: Cash Flow Optimization

3844 Cash Flow Optimization on Synthetic CDOs

Authors: Timothée Bligny, Clément Codron, Antoine Estruch, Nicolas Girodet, Clément Ginet

Abstract:

Collateralized Debt Obligations are not as widely used nowadays as they were before 2007 Subprime crisis. Nonetheless there remains an enthralling challenge to optimize cash flows associated with synthetic CDOs. A Gaussian-based model is used here in which default correlation and unconditional probabilities of default are highlighted. Then numerous simulations are performed based on this model for different scenarios in order to evaluate the associated cash flows given a specific number of defaults at different periods of time. Cash flows are not solely calculated on a single bought or sold tranche but rather on a combination of bought and sold tranches. With some assumptions, the simplex algorithm gives a way to find the maximum cash flow according to correlation of defaults and maturities. The used Gaussian model is not realistic in crisis situations. Besides present system does not handle buying or selling a portion of a tranche but only the whole tranche. However the work provides the investor with relevant elements on how to know what and when to buy and sell.

Keywords: Synthetic Collateralized Debt Obligation (CDO), Credit Default Swap (CDS), Cash Flow Optimization, Probability of Default, Default Correlation, Strategies, Simulation, Simplex.

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3843 Payment Problems, Cash Flow and Profitability of Construction Project: A System Dynamics Model

Authors: Wenhua Hou, Xing Liu, Deqiang Chen

Abstract:

The ubiquitous payment problems within construction industry of China are notoriously hard to be resolved, thus lead to a series of impacts to the industry chain. Among of them, the most direct result is affecting the normal operation of contractors negatively. A wealth of research has already discussed reasons of the payment problems by introducing a number of possible improvement strategies. But the causalities of these problems are still far from harsh reality. In this paper, the authors propose a model for cash flow system of construction projects by introducing System Dynamics techniques to explore causal facets of the payment problem. The effects of payment arrears on both cash flow and profitability of project are simulated into four scenarios by using data from real projects. Simulating results show visible clues to help contractors quantitatively determining the consequences for the construction project that arise from payment delay.

Keywords: payment problems, cash flow, profitability, system dynamics.

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3842 The Conduct of Laundering Money through Transport of Cash in the Middle East and North Africa Region

Authors: Haytham Yassine

Abstract:

This article mainly aims to detect and understand how money laundering activities are executed by transport of cash, identifying the underlying factors and separating legitimate from illegitimate usage of cash and how it is being used. This research provides academics with additional literature and provides bank supervisors and practitioners with a better understanding of sources and uses of cash in criminal activities and how cash is used in the laundering mechanism. Data are gathered through survey in the Middle East and North Africa region and review of the available research. The results of the analysis will help distinguish the factors affecting preference for cash rather other payment instruments in the region, identify what causes the tendency to launder illegal proceeds through cash transportation and how illegal cash is being laundered and moved. On the other hand, this paper sheds the light on major cash generating criminal activities, its sources and main destinations.

Keywords: Illegitimate activities, cash, money laundering, terrorism financing.

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3841 The Determinants of Corporate Cash Holdings in Nigeria: Evidence from General Method of Moments (GMM)

Authors: Sunday E. Ogundipe, Rafiu O. Salawu, Lawrencia O. Ogundipe

Abstract:

The study examines the determinants of corporate cash holding of non-financial quoted firms in Nigeria using a sample of fifty four non-financial quoted firms listed on the Nigeria Stock Exchange for the period 1995-2009. Data were sourced from the Annual reports of the sampled firms and analyzed using Generalized Method of Moments(GMM). The study finds evidence supportive of a target adjustment model and that firms can not instantaneously adjust towards the target cash level owing to the fact that adjustment cost being costly,. Also, the result shows significant negative relationship between cash holdings and firm size, net working capital, return on asset and bank relationship and positive relationship with growth opportunities, leverage, inventories, account receivables and financial distress. Furthermore, there is no significant relationship between cash holdings and cash flow. In Nigerian setting, most of the variables that are relevant for explaining cash holdings in the Developed countries are found by this study to be relevant also in Nigeria.

Keywords: Adjustment Model , Cash holding, Determinant, Generalized Method of Moments(GMM)

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3840 A Research about How the Dividend Policy Influences the Enterprise Value on the Condition of Consecutive Cash Payoff

Authors: Chengxuan Geng, Chenxi Liu

Abstract:

this article conducts a research about the relationship between cash dividend policy and enterprise value based on the data coming from the A-share listed companies over period 2005-2009. In conclusion, the enterprise value has a negative correlation with the incremental and the degressive cash dividend per share, and has a positive correlation with the stable cash dividend per share.

Keywords: Cash dividend policy, enterprise value, stability.

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3839 The Contribution of Edgeworth, Bootstrap and Monte Carlo Methods in Financial Data

Authors: Edlira Donefski, Tina Donefski, Lorenc Ekonomi

Abstract:

Edgeworth Approximation, Bootstrap and Monte Carlo Simulations have a considerable impact on the achieving certain results related to different problems taken into study. In our paper, we have treated a financial case related to the effect that have the components of a Cash-Flow of one of the most successful businesses in the world, as the financial activity, operational activity and investing activity to the cash and cash equivalents at the end of the three-months period. To have a better view of this case we have created a Vector Autoregression model, and after that we have generated the impulse responses in the terms of Asymptotic Analysis (Edgeworth Approximation), Monte Carlo Simulations and Residual Bootstrap based on the standard errors of every series created. The generated results consisted of the common tendencies for the three methods applied, that consequently verified the advantage of the three methods in the optimization of the model that contains many variants.

Keywords: Autoregression, Bootstrap, Edgeworth Expansion, Monte Carlo Method.

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3838 ATM Location Problem and Cash Management in Automated Teller Machines

Authors: M. Erol Genevois, D. Celik, H. Z. Ulukan

Abstract:

Automated Teller Machines (ATMs) can be considered among one of the most important service facilities in the banking industry. The investment in ATMs and the impact on the banking industry is growing steadily in every part of the world. The banks take into consideration many factors like safety, convenience, visibility, and cost in order to determine the optimum locations of ATMs. Today, ATMs are not only available in bank branches but also at retail locations. Another important factor is the cash management in ATMs. A cash demand model for every ATM is needed in order to have an efficient cash management system. This forecasting model is based on historical cash demand data which is highly related to the ATMs location. So, the location and the cash management problem should be considered together. This paper provides a general review on studies, efforts and development in ATMs location and cash management problem.

Keywords: ATM location problem, cash management problem, ATM cash replenishment problem, literature review in ATMs.

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3837 An Efficient Ant Colony Optimization Algorithm for Multiobjective Flow Shop Scheduling Problem

Authors: Ahmad Rabanimotlagh

Abstract:

In this paper an ant colony optimization algorithm is developed to solve the permutation flow shop scheduling problem. In the permutation flow shop scheduling problem which has been vastly studied in the literature, there are a set of m machines and a set of n jobs. All the jobs are processed on all the machines and the sequence of jobs being processed is the same on all the machines. Here this problem is optimized considering two criteria, makespan and total flow time. Then the results are compared with the ones obtained by previously developed algorithms. Finally it is visible that our proposed approach performs best among all other algorithms in the literature.

Keywords: Scheduling, Flow shop, Ant colony optimization, Makespan, Flow time

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3836 Some Issues of Measurement of Impairment of Non-Financial Assets in the Public Sector

Authors: Mariam Vardiashvili

Abstract:

The economic value of the asset impairment process is quite large. Impairment reflects the reduction of future economic benefits or service potentials itemized in the asset. The assets owned by public sector entities bring economic benefits or are used for delivery of the free-of-charge services. Consequently, they are classified as cash-generating and non-cash-generating assets. IPSAS 21 - Impairment of non-cash-generating assets, and IPSAS 26 - Impairment of cash-generating assets, have been designed considering this specificity.  When measuring impairment of assets, it is important to select the relevant methods. For measurement of the impaired Non-Cash-Generating Assets, IPSAS 21 recommends three methods: Depreciated Replacement Cost Approach, Restoration Cost Approach, and  Service Units Approach. Impairment of Value in Use of Cash-Generating Assets (according to IPSAS 26) is measured by discounted value of the money sources to be received in future. Value in use of the cash-generating asserts (as per IPSAS 26) is measured by the discounted value of the money sources to be received in the future. The article provides classification of the assets in the public sector  as non-cash-generating assets and cash-generating assets and, deals also with the factors which should be considered when evaluating  impairment of assets. An essence of impairment of the non-financial assets and the methods of measurement thereof evaluation are formulated according to IPSAS 21 and IPSAS 26. The main emphasis is put on different methods of measurement of the value in use of the impaired Cash-Generating Assets and Non-Cash-Generation Assets and the methods of their selection. The traditional and the expected cash flow approaches for calculation of the discounted value are reviewed. The article also discusses the issues of recognition of impairment loss and its reflection in the financial reporting. The article concludes that despite a functional purpose of the impaired asset, whichever method is used for measuring the asset, presentation of realistic information regarding the value of the assets should be ensured in the financial reporting. In the theoretical development of the issue, the methods of scientific abstraction, analysis and synthesis were used. The research was carried out with a systemic approach. The research process uses international standards of accounting, theoretical researches and publications of Georgian and foreign scientists.

Keywords: Non-cash-generating assets, cash-generating assets, recoverable value, recoverable service amount, value in use.

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3835 Solution of Optimal Reactive Power Flow using Biogeography-Based Optimization

Authors: Aniruddha Bhattacharya, Pranab Kumar Chattopadhyay

Abstract:

Optimal reactive power flow is an optimization problem with one or more objective of minimizing the active power losses for fixed generation schedule. The control variables are generator bus voltages, transformer tap settings and reactive power output of the compensating devices placed on different bus bars. Biogeography- Based Optimization (BBO) technique has been applied to solve different kinds of optimal reactive power flow problems subject to operational constraints like power balance constraint, line flow and bus voltages limits etc. BBO searches for the global optimum mainly through two steps: Migration and Mutation. In the present work, BBO has been applied to solve the optimal reactive power flow problems on IEEE 30-bus and standard IEEE 57-bus power systems for minimization of active power loss. The superiority of the proposed method has been demonstrated. Considering the quality of the solution obtained, the proposed method seems to be a promising one for solving these problems.

Keywords: Active Power Loss, Biogeography-Based Optimization, Migration, Mutation, Optimal Reactive Power Flow.

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3834 Synergistic Impacts and Optimization of Gas Flow Rate, Concentration of CO2, and Light Intensity on CO2 Biofixation in Wastewater Medium by Chlorella vulgaris

Authors: Ahmed Arkoazi, Hussein Znad, Ranjeet Utikar

Abstract:

The synergistic impact and optimization of gas flow rate, concentration of CO2, and light intensity on CO2 biofixation rate were investigated using wastewater as a medium to cultivate Chlorella vulgaris under different conditions (gas flow rate 1-8 L/min), CO2 concentration (0.03-7%), and light intensity (150-400 µmol/m2.s)). Response Surface Methodology and Box-Behnken experimental Design were applied to find optimum values for gas flow rate, CO2 concentration, and light intensity. The optimum values of the three independent variables (gas flow rate, concentration of CO2, and light intensity) and desirability were 7.5 L/min, 3.5%, and 400 µmol/m2.s, and 0.904, respectively. The highest amount of biomass produced and CO2 biofixation rate at optimum conditions were 5.7 g/L, 1.23 gL-1d-1, respectively. The synergistic effect between gas flow rate and concentration of CO2, and between gas flow rate and light intensity was significant on the three responses, while the effect between CO2 concentration and light intensity was less significant on CO2 biofixation rate. The results of this study could be highly helpful when using microalgae for CO2 biofixation in wastewater treatment.

Keywords: Synergistic impact, optimization, CO2 biofixation, airlift reactor.

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3833 Multiple Power Flow Solutions Using Particle Swarm Optimization with Embedded Local Search Technique

Authors: P. Acharjee, S. K. Goswami

Abstract:

Particle Swarm Optimization (PSO) with elite PSO parameters has been developed for power flow analysis under practical constrained situations. Multiple solutions of the power flow problem are useful in voltage stability assessment of power system. A method of determination of multiple power flow solutions is presented using a hybrid of Particle Swarm Optimization (PSO) and local search technique. The unique and innovative learning factors of the PSO algorithm are formulated depending upon the node power mismatch values to be highly adaptive with the power flow problems. The local search is applied on the pbest solution obtained by the PSO algorithm in each iteration. The proposed algorithm performs reliably and provides multiple solutions when applied on standard and illconditioned systems. The test results show that the performances of the proposed algorithm under critical conditions are better than the conventional methods.

Keywords: critical conditions, ill-conditioned systems, localsearch technique, multiple power flow solutions, particle swarmoptimization.

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3832 Modeling and Simulation of Axial Fan Using CFD

Authors: Hemant Kumawat

Abstract:

Axial flow fans, while incapable of developing high pressures, they are well suitable for handling large volumes of air at relatively low pressures. In general, they are low in cost and possess good efficiency, and can have blades of airfoil shape. Axial flow fans show good efficiencies, and can operate at high static pressures if such operation is necessary. Our objective is to model and analyze the flow through AXIAL FANS using CFD Software and draw inference from the obtained results, so as to get maximum efficiency. The performance of an axial fan was simulated using CFD and the effect of variation of different parameters such as the blade number, noise level, velocity, temperature and pressure distribution on the blade surface was studied. This paper aims to present a final 3D CAD model of axial flow fan. Adapting this model to the available components in the market, the first optimization was done. After this step, CFX flow solver is used to do the necessary numerical analyses on the aerodynamic performance of this model. This analysis results in a final optimization of the proposed 3D model which is presented in this article.

Keywords: ANSYS CFX, Axial Fan, Computational Fluid Dynamics (CFD), Optimization.

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3831 A Genetic and Simulated Annealing Based Algorithms for Solving the Flow Assignment Problem in Computer Networks

Authors: Tarek M. Mahmoud

Abstract:

Selecting the routes and the assignment of link flow in a computer communication networks are extremely complex combinatorial optimization problems. Metaheuristics, such as genetic or simulated annealing algorithms, are widely applicable heuristic optimization strategies that have shown encouraging results for a large number of difficult combinatorial optimization problems. This paper considers the route selection and hence the flow assignment problem. A genetic algorithm and simulated annealing algorithm are used to solve this problem. A new hybrid algorithm combining the genetic with the simulated annealing algorithm is introduced. A modification of the genetic algorithm is also introduced. Computational experiments with sample networks are reported. The results show that the proposed modified genetic algorithm is efficient in finding good solutions of the flow assignment problem compared with other techniques.

Keywords: Genetic Algorithms, Flow Assignment, Routing, Computer network, Simulated Annealing.

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3830 Financing - Scheduling Optimization for Construction Projects by using Genetic Algorithms

Authors: Hesham Abdel-Khalek, Sherif M. Hafez, Abdel-Hamid M. el-Lakany, Yasser Abuel-Magd

Abstract:

Investment in a constructed facility represents a cost in the short term that returns benefits only over the long term use of the facility. Thus, the costs occur earlier than the benefits, and the owners of facilities must obtain the capital resources to finance the costs of construction. A project cannot proceed without an adequate financing, and the cost of providing an adequate financing can be quite large. For these reasons, the attention to the project finance is an important aspect of project management. Finance is also a concern to the other organizations involved in a project such as the general contractor and material suppliers. Unless an owner immediately and completely covers the costs incurred by each participant, these organizations face financing problems of their own. At a more general level, the project finance is the only one aspect of the general problem of corporate finance. If numerous projects are considered and financed together, then the net cash flow requirements constitute the corporate financing problem for capital investment. Whether project finance is performed at the project or at the corporate level does not alter the basic financing problem .In this paper, we will first consider facility financing from the owner's perspective, with due consideration for its interaction with other organizations involved in a project. Later, we discuss the problems of construction financing which are crucial to the profitability and solvency of construction contractors. The objective of this paper is to present the steps utilized to determine the best combination of minimum project financing. The proposed model considers financing; schedule and maximum net area .The proposed model is called Project Financing and Schedule Integration using Genetic Algorithms "PFSIGA". This model intended to determine more steps (maximum net area) for any project with a subproject. An illustrative example will demonstrate the feature of this technique. The model verification and testing are put into consideration.

Keywords: Project Management, Large-scale ConstructionProjects, Cash flow, Interest, Investment, Loan, Optimization, Scheduling, Financing and Genetic Algorithms.

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3829 Performance Improvement in Internally Finned Tube by Shape Optimization

Authors: Kyoungwoo Park, Byeong Sam Kim, Hyo-Jae Lim, Ji Won Han, Park Kyoun Oh, Juhee Lee, Keun-Yeol Yu

Abstract:

Predictions of flow and heat transfer characteristics and shape optimization in internally finned circular tubes have been performed on three-dimensional periodically fully developed turbulent flow and thermal fields. For a trapezoidal fin profile, the effects of fin height h, upper fin widths d1, lower fin widths d2, and helix angle of fin ? on transport phenomena are investigated for the condition of fin number of N = 30. The CFD and mathematical optimization technique are coupled in order to optimize the shape of internally finned tube. The optimal solutions of the design variables (i.e., upper and lower fin widths, fin height and helix angle) are numerically obtained by minimizing the pressure loss and maximizing the heat transfer rate, simultaneously, for the limiting conditions of d1 = 0.5~1.5 mm, d2 = 0.5~1.5 mm, h= 0.5~1.5mm, ? = 10~30 degrees. The fully developed flow and thermal fields are predicted using the finite volume method and the optimization is carried out by means of the multi-objective genetic algorithm that is widely used in the constrained nonlinear optimization problem.

Keywords: Computational fluid dynamics, Genetic algorithm, Internally finned tube with helix angle, Optimization.

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3828 Generator Capability Curve Constraint for PSO Based Optimal Power Flow

Authors: Mat Syai'in, Adi Soeprijanto, Takashi Hiyama

Abstract:

An optimal power flow (OPF) based on particle swarm optimization (PSO) was developed with more realistic generator security constraint using the capability curve instead of only Pmin/Pmax and Qmin/Qmax. Neural network (NN) was used in designing digital capability curve and the security check algorithm. The algorithm is very simple and flexible especially for representing non linear generation operation limit near steady state stability limit and under excitation operation area. In effort to avoid local optimal power flow solution, the particle swarm optimization was implemented with enough widespread initial population. The objective function used in the optimization process is electric production cost which is dominated by fuel cost. The proposed method was implemented at Java Bali 500 kV power systems contain of 7 generators and 20 buses. The simulation result shows that the combination of generator power output resulted from the proposed method was more economic compared with the result using conventional constraint but operated at more marginal operating point.

Keywords: Optimal Power Flow, Generator Capability Curve, Particle Swarm Optimization, Neural Network

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3827 Using Multi-Objective Particle Swarm Optimization for Bi-objective Multi-Mode Resource-Constrained Project Scheduling Problem

Authors: Fatemeh Azimi, Razeeh Sadat Aboutalebi, Amir Abbas Najafi

Abstract:

In this paper the multi-mode resource-constrained project scheduling problem with discounted cash flows is considered. Minimizing the makespan and maximization the net present value (NPV) are the two common objectives that have been investigated in the literature. We apply one evolutionary algorithm named multiobjective particle swarm optimization (MOPSO) to find Pareto front solutions. We used standard sets of instances from the project scheduling problem library (PSPLIB). The results are computationally compared respect to different metrics taken from the literature on evolutionary multi-objective optimization.

Keywords: Evolutionary multi-objective optimization makespan, multi-mode, resource constraint, net present value.

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3826 Optimization of Hydraulic Fluid Parameters in Automotive Torque Converters

Authors: S. Venkateswaran, C. Mallika Parveen

Abstract:

The fluid flow and the properties of the hydraulic fluid inside a torque converter are the main topics of interest in this research. The primary goal is to investigate the applicability of various viscous fluids inside the torque converter. The Taguchi optimization method is adopted to analyse the fluid flow in a torque converter from a design perspective. Calculations are conducted in maximizing the pressure since greater the pressure, greater the torque developed. Using the values of the S/N ratios obtained, graphs are plotted. Computational Fluid Dynamics (CFD) analysis is also conducted.

Keywords: Hydraulic fluid, Taguchi's method, optimization, pressure, torque.

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3825 Expert System for Sintering Process Control based on the Information about solid-fuel Flow Composition

Authors: Yendiyarov Sergei, Zobnin Boris, Petrushenko Sergei

Abstract:

Usually, the solid-fuel flow of an iron ore sinter plant consists of different types of the solid-fuels, which differ from each other. Information about the composition of the solid-fuel flow usually comes every 8-24 hours. It can be clearly seen that this information cannot be used to control the sintering process in real time. Due to this, we propose an expert system which uses indirect measurements from the process in order to obtain the composition of the solid-fuel flow by solving an optimization task. Then this information can be used to control the sintering process. The proposed technique can be successfully used to improve sinter quality and reduce the amount of solid-fuel used by the process.

Keywords: sintering process, particle swarm optimization, optimal control, expert system, solid-fuel

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3824 The Effect of Pyramid Structure on Firm Value

Authors: Irfah Najihah Basir Malan, Norhana Salamudin, Noryati Ahmad

Abstract:

Corporate ownership structure is an important factor influencing firm performance. This study aims to answer the question whether pyramid structure has negative effect on firm value. This study is important because the ownership of public listed companies in Malaysia is highly concentrated. The concentrated ownership such as Malaysia, agency conflict is prevalent between controlling shareholders and minority shareholders. Accordingly, the dominant role of shareholders in firms allows the controlling shareholders (including managers) to expropriate the interest of the minority shareholders for their own private advantage. This research is conducted on pyramidal firms in Malaysia. Applying the Attig Model as the underlying statistical test, it is found that firm value is negatively related to pyramid ownership of Malaysian public listed firms due to the mismatch between cash flow rights and control rights. Future research needs to focus on identifying the heterogeneous factors that improve the generalizability of research.

Keywords: Pyramid structure, Cash flow right, Control right, Firm value, Attig model.

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3823 Optimization of Lakes Aeration Process

Authors: Mohamed Abdelwahed

Abstract:

The aeration process via injectors is used to combat the lack of oxygen in lakes due to eutrophication. A 3D numerical simulation of the resulting flow using a simplified model is presented. In order to generate the best dynamic in the fluid with respect to the aeration purpose, the optimization of the injectors location is considered. We propose to adapt to this problem the topological sensitivity analysis method which gives the variation of a criterion with respect to the creation of a small hole in the domain. The main idea is to derive the topological sensitivity analysis of the physical model with respect to the insertion of an injector in the fluid flow domain. We propose in this work a topological optimization algorithm based on the studied asymptotic expansion. Finally we present some numerical results, showing the efficiency of our approach

Keywords: Quasi Stokes equations, Numerical simulation, topological optimization, sensitivity analysis.

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3822 Flow Behavior and Performances of Centrifugal Compressor Stage Vaneless Diffusers

Authors: Y. Galerkin, O. Solovieva

Abstract:

Parameters of flow are calculated in vaneless diffusers with relative width 0,014–0,10. Inlet angles of flow and similarity criteria were varied. There is information on flow separation, boundary layer development, configuration of streamlines. Polytrophic efficiency, loss coefficient and recovery coefficient are used to compare effectiveness of diffusers. The sample of optimization of narrow diffuser with conical walls is presented. Three wide diffusers with narrowing walls are compared. The work is made in the R&D laboratory “Gas dynamics of turbo machines” of the TU SPb.

Keywords: Vaneless diffuser, relative width, flow angle, flow separation, loss coefficient, similarity criteria.

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3821 Enhanced Particle Swarm Optimization Approach for Solving the Non-Convex Optimal Power Flow

Authors: M. R. AlRashidi, M. F. AlHajri, M. E. El-Hawary

Abstract:

An enhanced particle swarm optimization algorithm (PSO) is presented in this work to solve the non-convex OPF problem that has both discrete and continuous optimization variables. The objective functions considered are the conventional quadratic function and the augmented quadratic function. The latter model presents non-differentiable and non-convex regions that challenge most gradient-based optimization algorithms. The optimization variables to be optimized are the generator real power outputs and voltage magnitudes, discrete transformer tap settings, and discrete reactive power injections due to capacitor banks. The set of equality constraints taken into account are the power flow equations while the inequality ones are the limits of the real and reactive power of the generators, voltage magnitude at each bus, transformer tap settings, and capacitor banks reactive power injections. The proposed algorithm combines PSO with Newton-Raphson algorithm to minimize the fuel cost function. The IEEE 30-bus system with six generating units is used to test the proposed algorithm. Several cases were investigated to test and validate the consistency of detecting optimal or near optimal solution for each objective. Results are compared to solutions obtained using sequential quadratic programming and Genetic Algorithms.

Keywords: Particle Swarm Optimization, Optimal Power Flow, Economic Dispatch.

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3820 Risk of Late Payment in the Malaysian Construction Industry

Authors: Kho Mei Ye, Hamzah Abdul Rahman

Abstract:

The purpose of this study is to identify the underlying causes of late payment from the contractors- perspective in the Malaysian construction industry and to recommend effective solutions to mitigate late payment problems. The target groups of respondents in this study were Grades G3, G5, G6 and G7 contractors with specialization in building works and civil engineering works registered with the Construction Industry Development Board (CIDB) in Malaysia. Results from this study were analyzed with Statistical Package for the Social Science (SPSS 15.0). From this study, it was found that respondents have highest ranked five significant variables out of a total of forty-one variables which can caused late payment problems: a) cash flow problems due to deficiencies in client-s management capacity (mean = 3.96); b) client-s ineffective utilization of funds (mean = 3.88); c) scarcity of capital to finance the project (mean = 3.81); d) clients failure to generate income from bank when sales of houses do not hit the targeted amount (mean=3.72); and e) poor cash flow because of lack of proper process implementation, delay in releasing of the retention monies to contractor and delay in the evaluation and certification of interim and final payment (mean = 3.66).

Keywords: Underlying causes, late payment, constructionindustry, Malaysia.

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3819 An Improvement of Flow Forming Process for Pressure Vessels by Four Rollers Machine

Authors: P. Sawitri, S. Cdr. Sittha, T. Kritsana

Abstract:

Flow forming is widely used in many industries, especially in defence technology industries. Pressure vessels requirements are high precision, light weight, seamless and optimum strength. For large pressure vessels, flow forming by 3 rollers machine were used. In case of long range rocket motor case flow forming and welding of pressure vessels have been used for manufacturing. Due to complication of welding process, researchers had developed 4 meters length pressure vessels without weldment by 4 rollers flow forming machine. Design and preparation of preform work pieces are performed. The optimization of flow forming parameter such as feed rate, spindle speed and depth of cut will be discussed. The experimental result shown relation of flow forming parameters to quality of flow formed tube and prototype pressure vessels have been made.

Keywords: Flow forming, Pressure vessel, four rollers, feed rate, spindle speed, cold work.

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3818 Improving the Performance of Gas Turbine Power Plant by Modified Axial Turbine

Authors: Hakim T. Kadhim, Faris A. Jabbar, Aldo Rona, Audrius Bagdanaviciu

Abstract:

Computer-based optimization techniques can be employed to improve the efficiency of energy conversions processes, including reducing the aerodynamic loss in a thermal power plant turbomachine. In this paper, towards mitigating secondary flow losses, a design optimization workflow is implemented for the casing geometry of a 1.5 stage axial flow turbine that improves the turbine isentropic efficiency. The improved turbine is used in an open thermodynamic gas cycle with regeneration and cogeneration. Performance estimates are obtained by the commercial software Cycle – Tempo. Design and off design conditions are considered as well as variations in inlet air temperature. Reductions in both the natural gas specific fuel consumption and in CO2 emissions are predicted by using the gas turbine cycle fitted with the new casing design. These gains are attractive towards enhancing the competitiveness and reducing the environmental impact of thermal power plant.

Keywords: Axial flow turbine, computational fluid dynamics, gas turbine power plant, optimization.

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3817 The Importance of Enterprise Support for Tourism Workers- Successful Use of a Cash Transaction System: An Information Systems Continuance Approach

Authors: Anne M. Sørebø

Abstract:

In this paper we investigate how wide-ranging organizational support and the more specific form of support, namely management support, may influence on tourism workers satisfaction with a cash transaction system. The IS continuance theory, proposed by Bhattacherjee in 2001, is utilized as a theoretical framework. This implies that both perceived usefulness and ease of use is included in the research model, in addition to organizational and management support. The sample consists of 500 workers from 10 cruise and tourist ferries in Scandinavia that use a cash transaction system to perform their work tasks. Using structural equation modelling, results indicate that organizational support and ease of use perceptions is critical for the users- level of satisfaction with the cash transaction system.The findings have implications for business managers and IS practitioners that want to increase the quality of IT-based business processes within the tourism industry.

Keywords: ease of use, IS continuance, organizational support, tourism industry, user satisfaction.

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3816 Flow Modeling and Runner Design Optimization in Turgo Water Turbines

Authors: John S. Anagnostopoulos, Dimitrios E. Papantonis

Abstract:

The incorporation of computational fluid dynamics in the design of modern hydraulic turbines appears to be necessary in order to improve their efficiency and cost-effectiveness beyond the traditional design practices. A numerical optimization methodology is developed and applied in the present work to a Turgo water turbine. The fluid is simulated by a Lagrangian mesh-free approach that can provide detailed information on the energy transfer and enhance the understanding of the complex, unsteady flow field, at very small computing cost. The runner blades are initially shaped according to hydrodynamics theory, and parameterized using Bezier polynomials and interpolation techniques. The use of a limited number of free design variables allows for various modifications of the standard blade shape, while stochastic optimization using evolutionary algorithms is implemented to find the best blade that maximizes the attainable hydraulic efficiency of the runner. The obtained optimal runner design achieves considerably higher efficiency than the standard one, and its numerically predicted performance is comparable to a real Turgo turbine, verifying the reliability and the prospects of the new methodology.

Keywords: Turgo turbine, Lagrangian flow modeling, Surface parameterization, Design optimization, Evolutionary algorithms.

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3815 Application the Queuing Theory in the Warehouse Optimization

Authors: Jaroslav Masek, Juraj Camaj, Eva Nedeliakova

Abstract:

The aim of optimization of store management is not only designing the situation of store management itself including its equipment, technology and operation. In optimization of store management we need to consider also synchronizing of technological, transport, store and service operations throughout the whole process of logistic chain in such a way that a natural flow of material from provider to consumer will be achieved the shortest possible way, in the shortest possible time in requested quality and quantity and with minimum costs. The paper deals with the application of the queuing theory for optimization of warehouse processes. The first part refers to common information about the problematic of warehousing and using mathematical methods for logistics chains optimization. The second part refers to preparing a model of a warehouse within queuing theory. The conclusion of the paper includes two examples of using queuing theory in praxis.

Keywords: Queuing theory, logistics system, mathematical methods, warehouse optimization.

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