Search results for: European option pricing

Authors: M’hamed Outanoute, Mohamed Baslam, Belaid Bouikhalene

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The customers use the best compromise criterion between price and quality of service (QoS) to select or change their Service Provider (SP). The SPs share the same market and are competing to attract more customers to gain more profit. Due to the divergence of SPs interests, we believe that this situation is a non-cooperative game of price and QoS. The game converges to an equilibrium position known Nash Equilibrium (NE). In this work, we formulate a game theoretic framework for the dynamical behaviors of SPs. We use Genetic Algorithms (GAs) to find the price and QoS strategies that maximize the profit for each SP and illustrate the corresponding strategy in NE. In order to quantify how this NE point is performant, we perform a detailed analysis of the price of anarchy induced by the NE solution. Finally, we provide an extensive numerical study to point out the importance of considering price and QoS as a joint decision parameter.

Keywords: Pricing, QoS, Market share game, Genetic algorithms, Nash equilibrium, Learning, Price of anarchy.

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Authors: K. Masera, A. K. Hossain

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Hardly any neat biodiesel satisfies the European EN14214 standard for compression ignition engine application. To satisfy the EN14214 standard, various additives are doped into biodiesel; however, biodiesel additives might cause other problems such as increase in the particular emission and increased specific fuel consumption. In addition, the additives could be expensive. Considering the increasing level of greenhouse gas GHG emissions and fossil fuel depletion, it is forecasted that the use of biodiesel will be higher in the near future. Hence, the negative aspects of the biodiesel additives will likely to gain much more importance and need to be replaced with better solutions. This study aims to satisfy the European standard EN14214 by blending the biodiesels derived from sustainable feedstocks. Waste Cooking Oil (WCO) and Animal Fat Oil (AFO) are two sustainable feedstocks in the EU (including the UK) for producing biodiesels. In the first stage of the study, these oils were transesterified separately and neat biodiesels (W100 & A100) were produced. Secondly, the biodiesels were blended together in various ratios: 80% WCO biodiesel and 20% AFO biodiesel (W80A20), 60% WCO biodiesel and 40% AFO biodiesel (W60A40), 50% WCO biodiesel and 50% AFO biodiesel (W50A50), 30% WCO biodiesel and 70% AFO biodiesel (W30A70), 10% WCO biodiesel and 90% AFO biodiesel (W10A90). The prepared samples were analysed using Thermo Scientific Trace 1300 Gas Chromatograph and ISQ LT Mass Spectrometer (GC-MS). The GS-MS analysis gave Fatty Acid Methyl Ester (FAME) breakdowns of the fuel samples. It was found that total saturation degree of the samples was linearly increasing (from 15% for W100 to 54% for A100) as the percentage of the AFO biodiesel was increased. Furthermore, it was found that WCO biodiesel was mainly (82%) composed of polyunsaturated FAMEs. Cetane numbers, iodine numbers, calorific values, lower heating values and the densities (at 15 ^oC) of the samples were estimated by using the mass percentages data of the FAMEs. Besides, kinematic viscosities (at 40 °C and 20 °C), densities (at 15 °C), heating values and flash point temperatures of the biomixture samples were measured in the lab. It was found that estimated and measured characterisation results were comparable. The current study concluded that biomixture fuel samples W60A40 and W50A50 were perfectly satisfying the European EN 14214 norms without any need of additives. Investigation on engine performance, exhaust emission and combustion characteristics will be conducted to assess the full feasibility of the proposed biomixture fuels.

Keywords: Biodiesel, blending, characterisation, CI Engine.

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Authors: Chrysoula Karathanasi, Senad Karavdic, Angela Odero, Michèle Baumann

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It is not only the economic determinants that impact on life conditions, but maintaining a good level of life satisfaction (LS) may also be an important challenge currently. In Luxembourg, university students receive financial aid from the government. They are then registered at the Centre for Documentation and Information on Higher Education (CEDIES). Luxembourg is built on migration with almost half its population consisting of foreigners. It is upon this basis that our research aims to analyze the associations with mental health factors (health satisfaction, psychological quality of life, worry), perceived financial situation, career attitudes (adaptability, optimism, knowledge, planning) and LS, for non-Luxembourgish and native postgraduate students. Between 2012 and 2013, postgraduates registered at CEDIES were contacted by post and asked to participate in an online survey with either the option of English or French. The study population comprised of 644 respondents. Our statistical analysis excluded: those born abroad who had Luxembourgish citizenship, or those born in Luxembourg who did not have citizenship. Two groups were formed one consisting 147 non-Luxembourgish and the other 284 natives. A single item measured LS (1=not at all satisfied to 10=very satisfied). Bivariate tests, correlations and multiple linear regression models were used in which only significant relationships (p<0.05) were integrated. Among the two groups no differences were found between LS indicators (7.8/10 non-Luxembourgish; 8.0/10 natives) as both were higher than the European indicator of 7.2/10 (for 25-34 years). In the case of non-Luxembourgish students, they were older than natives (29.3 years vs. 26.3 years) perceived their financial situation as more difficult, and a higher percentage of their parents had an education level higher than a Bachelor's degree (father 59.2% vs 44.6% for natives; mother 51.4% vs 33.7% for natives). In addition, the father’s education was related to the LS of postgraduates and the higher was the score, the greater was the contribution to LS. Whereas for native students, when their scores of health satisfaction and career optimism were higher, their LS’ score was higher. For both groups their LS was linked to mental health-related factors, perception of their financial situation, career optimism, adaptability and planning. The higher the psychological quality of life score was, the greater the LS of postgraduates’ was. Good health and positive attitudes related to the job market enhanced their LS indicator.

Keywords: Career attitudes, fathers’ education level, life satisfaction, mental health.

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Authors: Nesli Aydin

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Waste management decision making in developing countries has moved towards being more pragmatic, transparent, sustainable and comprehensive. Turkey is required to make its waste related legislation compatible with European Legislation as it is a candidate country of the European Union. Improper Turkish practices such as open burning and open dumping practices must be abandoned urgently, and robust waste management systems have to be structured. The determination of an optimum waste management system in any region requires a comprehensive analysis in which many criteria are taken into account by stakeholders. In conducting this sort of analysis, there are two main criteria which are evaluated by waste management analysts; economic viability and environmentally friendliness. From an analytical point of view, a central characteristic of sustainable development is an economic-ecological integration. It is predicted that building a robust waste management system will need significant effort and cooperation between the stakeholders in developing countries such as Turkey. In this regard, this study aims to provide data regarding the cost and environmental burdens of waste treatment technologies such as an incinerator, an autoclave (with different capacities), a hydroclave and a microwave coupled with updated information on calculation methods, and a framework for comparing any proposed scenario performances on a cost and environmental basis.

Keywords: Decision making, economic viability, environmentally friendliness, stakeholder, waste management systems.

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Authors: Yongsheng Guo, Shuchao Li

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This study explores Chinese Foreign Direct Investment (FDI) in Europe and the cross-cultural cooperation between Chinese and European managers. The aim of this research is to shed light on the phenomenon of investments in developed countries from an emerging market and to gain insights into the cooperation process. A grounded theory approach is adopted, and 46 semi-structured interviews were conducted with 10 case companies in Germany and 13 case companies in the UK. Grounded theory models are developed from primary data and interview quotes are used to support the themes. The interviewees perceived differences between the two parties in cultural traits, management concepts, knowledge structure and resource endowment between the two parties. Chinese and European partners can take advantage of different resources and cooperate in innovative ways to improve corporate performance. Moreover, both parties appreciate different ethical and cultural characteristics and complement each other to develop a combined organizational culture. This study proposes an ethical and cultural diversity theory in international management arguing that a team with diversified values and behaviours may be more excited and motivated. This study suggests that “resource complement” and “cross-cultural cooperation” might be an advantage for international investment. Firms are encouraged to open their minds and cooperate with partners with different resources and cultures. The authorities may review the FDI policies to reduce social and political barriers.

Keywords: Cross-culture, FDI, China, Europe.

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Authors: H. Florianová, J. Nešleha

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Financial derivatives are considered to be risky investment instruments which could possibly bring another financial crisis. As prevention, European Union and its member states have released new legal acts adjusting this area of law in recent years. There have been several cases in history of capital markets worldwide where it was shown that legislature may affect behavior of subjects on capital markets. In our paper we analyze main events on selected European stock exchanges in order to apply them on three chosen markets - Czech capital market represented by Prague Stock Exchange, German capital market represented by Deutsche Börse and Polish capital market represented by Warsaw Stock Exchange. We follow time series of development of the sum of listed derivatives on these three stock exchanges in order to evaluate popularity of those exchanges. Afterwards we compare newly listed derivatives in relation to the speed of development of these exchanges. We also make a comparison between trends in derivatives and shares development. We explain how a legal regulation may affect situation on capital markets. If the regulation is too strict, potential investors or traders are not willing to undertake it and move to other markets. On the other hand, if the regulation is too vague, trading scandals occur and the market is not reliable from the prospect of potential investors or issuers. We see that making the regulation stricter usually discourages subjects to stay on the market immediately although making the regulation vaguer to interest more subjects is usually much slower process.

Keywords: Capital markets, financial derivatives, investors' behavior, regulation.

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Authors: I. Mahariq, I. Arpacı

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Dramatic growth in the population requires a parallel increase in the total installed capacity of electricity. Diversity, independency of resources and global warming call for installing renewable and nuclear energy plants. Several types of energy plants exist in Turkey; however, nuclear energy with its several attractive features is not utilized at all. This study presents the available energy resources in Turkey and reviews major challenges and opportunities in nuclear energy. At the end of this paper, some conclusions are stated.

Keywords: Nuclear, energy resources, challenges, opportunities, Turkey.

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Authors: Daniel L. Clinciu, Ikrom Abdulaev, Brian D. Oscar

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Various personality profile tests are used to identify personality strengths and limits in individuals, helping both individuals and managers to optimize work and team effort in organizations. One such test, the Hartman’s personality profile, emphasizes four driving "core motives" influenced or affected by both strengths and limitations classified into four colors: Red - motivated by power; Blue - discipline and loyalty; White - peace; and Yellow – fun loving. Two shortcomings of Hartman’s personality test are noted; 1) only one selection for every item / situation allowed and 2) selection of an item / option even if not applicable. A test taker may be as much nurturing as he is opinionated but since “opinionated” seems less attractive the individual would likely select nurturing, causing a misidentification in personality strengths and limits. Since few individuals have a “strong” personality, it is difficult to assess their true personality strengths and limits allowing only one choice or requiring unwanted choices, undermining the potential of the test. We modified Hartman’s personality profile allowing test takers to make either multiple choices for any item / situation or leave them blank if applicable. Sixty-eight participants (38 males and 30 females), 17 - 49 years old, from countries in Asia, Europe, N. America, CIS, Africa, Latin America, and Oceania were included. 58 participants (85.3%) reported the modified test, allowing multiple / no choices better identified their personality strengths and limits, while 10 participants (14.7%) expressed the original (one choice version) was sufficient. The overall results show that our modified test enhanced the identification and balance of core personalities’ strengths and limits, aiding test takers, managers and organizations to better assess individual characteristics, particularly useful in making task-related, teamwork, and management decisions.

Keywords: Organizational behavior, personality tests, personality limitations, personality strengths, task management, team work.

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Authors: Aleksandre Ergeshidze

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The exchange rate is a pivotal pricing instrument that simultaneously impacts various components of the economy. Depreciation of nominal exchange rate is export promoting, which might be a desired export-led growth policy, and particularly critical to closing-down the widening current account imbalance. However, negative effects resulting from high dollarization and high share of imported intermediate inputs can outweigh positive effect. The aim of this research is to quantify impact of change in nominal exchange rate and test contractionary depreciation hypothesis on Georgian economy using structural and Bayesian vector autoregression. According to the acquired results, appreciation of nominal exchange rate is expected to decrease inflation, monetary policy rate, interest rate on domestic currency loans and economic growth in the medium run; however, impact on economic growth in the short run is statistically not significant.

Keywords: Bayesian vector autoregression, contractionary depreciation, dollarization, nominal exchange rate, structural vector autoregression.

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Authors: Gabor Szendro, Maria Csete

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The effects of the transport sector on the environment are a well-recognized issue in the European Union and around the world. This area is a subject of much discussion as to how these negative effects could be minimized, especially with regards to impacts contributing to climate change. This paper aims to investigate the results of the economic crisis and how its consequences could be exploited to combat air pollution.

Keywords: Air pollution, climate change, recession, transport

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Authors: Ioan Popa, Radu Lupu, Cristiana Tudor

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In this paper, we apply the FM methodology to the cross-section of Romanian-listed common stocks and investigate the explanatory power of market beta on the cross-section of commons stock returns from Bucharest Stock Exchange. Various assumptions are empirically tested, such us linearity, market efficiency, the “no systematic effect of non-beta risk" hypothesis or the positive expected risk-return trade-off hypothesis. We find that the Romanian stock market shows the same properties as the other emerging markets in terms of efficiency and significance of the linear riskreturn models. Our analysis included weekly returns from January 2002 until May 2010 and the portfolio formation, estimation and testing was performed in a rolling manner using 51 observations (one year) for each stage of the analysis.

Keywords: Bucharest Stock Exchange, Fama-Macbeth methodology, systematic risk, non-linear risk-return dependence.

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Authors: Mehrshad Khalaj, Elham Lashkari

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Majority of researches conducted on Iranian urban development plans indicate that they have been almost unsuccessful in terms of draft, execution and goal achievement. Lack or shortage of essential statistics and information can be listed as an important reason of the failure of these plans. Lack of figures and information has turned into an obvious part of the country-s statistics officials. This problem has made urban planner themselves to embark on physical surveys including real estate and land pricing, population and economic census of the city. Apart from the problems facing urban developers, the possibility of errors is high in such surveys. In the present article, applying the interview technique, it has been mentioned that utilizing multipurpose cadastre system as a land information system is essential for urban development plans in Iran. It can minimize or even remove the failures facing urban development plans.

Keywords: Multipurpose Cadastre, Urban Development Plan(UDP), Land Information System (LIS), Interview Technique

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Authors: P. J. Sa sturkar

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Ten simply supported grossly underreinforced tapered concrete beams of full size were tested upto complete collapse under flexural effect .Out of 10 beams, 5 beams were nonfibrous and the remaining beams contained fibres. The beams had a variation in the tapered angle as 2°, 4°, 6°, 8° and 10°. The concrete mix, conventional steel and the type of fibre used were held constant. Flat corrugated steel fibres were utilized as secondary reinforcement. The strength and stability parameters were measured. It is established that the fibrous tapered beams can be used economically in earthquake prone areas.

Keywords: Earthquake, Grossly underreinforced sections, Fibre reinforced concrete, Tapered beams.

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Authors: Samee Ullah Khan, Ishfaq Ahmad

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This paper proposes a novel game theoretical technique to address the problem of data object replication in largescale distributed computing systems. The proposed technique draws inspiration from computational economic theory and employs the extended Vickrey auction. Specifically, players in a non-cooperative environment compete for server-side scarce memory space to replicate data objects so as to minimize the total network object transfer cost, while maintaining object concurrency. Optimization of such a cost in turn leads to load balancing, fault-tolerance and reduced user access time. The method is experimentally evaluated against four well-known techniques from the literature: branch and bound, greedy, bin-packing and genetic algorithms. The experimental results reveal that the proposed approach outperforms the four techniques in both the execution time and solution quality.

Keywords: Auctions, data replication, pricing, static allocation.

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Authors: Hsuan-Ku Liu, Ming Long Liu

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In this paper, we investigate the solution of a two dimensional parabolic free boundary problem. The free boundary of this problem is modelled as a nonlinear integral equation (IE). For this integral equation, we propose an asymptotic solution as time is near to maturity and develop an integral iterative method. The computational results reveal that our asymptotic solution is very close to the numerical solution as time is near to maturity.

Keywords: Integral equation, asymptotic solution, free boundary problem, American exchange option.

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Authors: F. Stazi, C. Di Perna, C. Filiaci, A. Stazi

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Passive systems were born with the purpose of the greatest exploitation of solar energy in cold climates and high altitudes. They spread themselves until the 80-s all over the world without any attention to the specific climate and the summer behavior; this caused the deactivation of the systems due to a series of problems connected to the summer overheating, the complex management and the rising of the dust. Until today the European regulation limits only the winter consumptions without any attention to the summer behavior but, the recent European EN 15251 underlines the relevance of the indoor comfort, and the necessity of the analytic studies validation by monitoring case studies. In the porpose paper we demonstrate that the solar wall is an efficient system both from thermal comfort and energy saving point of view and it is the most suitable for our temperate climates because it can be used as a passive cooling sistem too. In particular the paper present an experimental and numerical analisys carried out on a case study with nine different solar passive systems in Ancona, Italy. We carried out a detailed study of the lodging provided by the solar wall by the monitoring and the evaluation of the indoor conditions. Analyzing the monitored data, on the base of recognized models of comfort (ISO, ASHRAE, Givoni-s BBCC), is emerged that the solar wall has an optimal behavior in the middle seasons. In winter phase this passive system gives more advantages in terms of energy consumptions than the other systems, because it gives greater heat gain and therefore smaller consumptions. In summer, when outside air temperature return in the mean seasonal value, the indoor comfort is optimal thanks to an efficient transversal ventilation activated from the same wall.

Keywords: Building envelope, energy saving, passive solarwall, thermal comfort.

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Authors: Sandhya Dixit, Tilak Raj

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Flexible Manufacturing System (FMS) is seen as an option for industries which want to boost productivity as well as respond quickly to an increasingly changing marketplace. FMS produces in mid variety, mid volume range and can meet the changing market demands very quickly. But still the impact of adoption of FMS on the productivity of any industry is not very clear. In this paper an attempt has been made to model the various factors affecting the productivity of FMS installation using Total Interpretive Structural Modelling (TISM) Technique.

Keywords: Flexible manufacturing system, productivity, total interpretive structural modelling.

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Authors: Y. Obikane, T. Nemoto , K. Ogura, M. Iwata, K. Ono

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The objective of this research was to find the diffusion properties of vehicles on the road by using the V-Sphere Code. The diffusion coefficient and the size of the height of the wake were estimated with the LES option and the third order MUSCL scheme. We evaluated the code with the changes in the moments of Reynolds Stress along the mean streamline. The results show that at the leading part of a bluff body the LES has some advantages over the RNS since the changes in the strain rates are larger for the leading part. We estimated that the diffusion coefficient with the computed Reynolds stress (non-dimensional) was about 0.96 times the mean velocity.

Keywords: Wake , bluff body, V-CAD, turbulence diffusion.

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Authors: Fang Yao, Minglei Chen

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City shrinkage is one of the thorny problems that many European cities have to face with nowadays. It is mainly expressed as the decrease of population in these cities. Eastern Germany is one of the pioneers of European shrinking cities with long shrinking history. The paper selects one representative shrinking city Halle (Saale) in eastern Germany as research objective, collecting and investigating nearly 20 years (1993-2010) municipal data after the reunification of Germany. These data based on five dimensions, which are demographic, economic, social, spatial and environmental and total 16 eligible variables. Factor Analysis is used to deal with these variables in order to assess the most important factors affecting shrinking Halle. The results show that there are three main factors determine the shrinkage of Halle, respectively named “demographical and economical factor”, “social stability factor”, and “city vitality factor”. The three factors act at different time period of Halle’s shrinkage: from 1993 to 1997 the demographical and economical factor played an important role; from 1997 to 2004 the social stability factor is significant to city shrinkage; since 2005 city vitality factor determines the shrinkage of Halle. In recent years, the shrinkage in Halle mitigates that shows the sign of growing population. Thus the city Halle should focus on attaching more importance on the city vitality factor to prevent the city from shrinkage. Meanwhile, the city should possess a positive perspective to shift the growth-oriented development to tap the potential of shrinking cities. This method is expected to apply to further research and other shrinking cities

Keywords: Demography, Factor analysis, Halle, Shrinking cities.

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Authors: Mehdi Seifbarghy, Sajjad Jalali, Seyed Habib A. Rahmati

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Recently studies in area of supply chain network (SCN) have focused on the disruption issues in distribution systems. Also this paper extends the previous literature by providing a new biobjective model for cost minimization of designing a three echelon SCN across normal and failure scenarios with considering multi capacity option for manufacturers and distribution centers. Moreover, in order to solve the problem by means of LINGO software, novel model will be reformulated through a branch of LP-Metric method called Min-Max approach.

Keywords: Scenario programming, Distribution, Multi-echelon supply chain design, Reliable facility

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Authors: Eid Alotaibi

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The purpose of this study is to investigate the impact of tourists’ culture on perception and evaluation of hotel service experience and behavioral intentions. Drawing on Hofested’s cultural dimensions, this study seeks to further contribute towards understanding the effect of culture on perception and evaluation of hotels’ services, and whether there are differences between Saudi and European tourists’ perceptions of hotel services evaluation. A descriptive cross-sectional design was used in this study. Data were collected from tourists staying in five-star hotels in Saudi Arabia using the self-completion technique. The findings show that evaluations of hotel services differ from one culture to another. T-test results reveal that Saudis were more tolerant and reported significantly higher levels of satisfaction, were more likely to return and recommend the hotel, and perceived the price for the hotel stay as being good value for money as compared to their European counterparts. The sample was relatively small and specific to only five-star hotel evaluations. As a result, findings cannot be generalized to the wider tourist population. The results of this research have important implications for management within the Saudi hospitality industry. The study contributes to the tourist cultural theory by emphasizing the relative importance of cultural dimensions in-service evaluation. The author argues that no studies could be identified that compare Saudis and Europeans in their evaluations of their experiences staying at hotels. Therefore, the current study would enhance understanding of the effects of cultural factors on service evaluations and provide valuable input for international market segmentation and resource allocation in the Saudi hotel industry.

Keywords: Culture, tourist, service experience, hotel industry, Hofested’s cultural dimensions.

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Authors: Libor Zachoval, Daire O Broin, Oisin Cawley

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E-learning platforms, such as Blackboard have two major shortcomings: limited data capture as a result of the limitations of SCORM (Shareable Content Object Reference Model), and lack of incorporation of Artificial Intelligence (AI) and machine learning algorithms which could lead to better course adaptations. With the recent development of Experience Application Programming Interface (xAPI), a large amount of additional types of data can be captured and that opens a window of possibilities from which online education can benefit. In a corporate setting, where companies invest billions on the learning and development of their employees, some learner behaviours can be troublesome for they can hinder the knowledge development of a learner. Behaviours that hinder the knowledge development also raise ambiguity about learner’s knowledge mastery, specifically those related to gaming the system. Furthermore, a company receives little benefit from their investment if employees are passing courses without possessing the required knowledge and potential compliance risks may arise. Using xAPI and rules derived from a state-of-the-art review, we identified three learner behaviours, primarily related to guessing, in a corporate compliance course. The identified behaviours are: trying each option for a question, specifically for multiple-choice questions; selecting a single option for all the questions on the test; and continuously repeating tests upon failing as opposed to going over the learning material. These behaviours were detected on learners who repeated the test at least 4 times before passing the course. These findings suggest that gauging the mastery of a learner from multiple-choice questions test scores alone is a naive approach. Thus, next steps will consider the incorporation of additional data points, knowledge estimation models to model knowledge mastery of a learner more accurately, and analysis of the data for correlations between knowledge development and identified learner behaviours. Additional work could explore how learner behaviours could be utilised to make changes to a course. For example, course content may require modifications (certain sections of learning material may be shown to not be helpful to many learners to master the learning outcomes aimed at) or course design (such as the type and duration of feedback).

Keywords: Compliance Course, Corporate Training, Learner Behaviours, xAPI.

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Authors: Aussadavut Dumrongsiri

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Westudy a dual-channel supply chain under decentralized setting in which manufacturer sells to retailer and to customers directly usingan online channel. A customer chooses the purchase-channel based on price and service quality. Also, to buy product from the retail store, the customer incurs a transportation cost influenced by the fluctuating gasoline cost. Both companies are under the revenue sharing contract. In this contract the retailer share a portion of the revenue to the manufacturer while the manufacturer will charge the lower wholesales price. The numerical result shows that the effects of gasoline costs, the revenue sharing ratio and the wholesale price play an important role in determining optimal prices. The result shows that when the gasoline price fluctuatesthe optimal on-line priceis relatively stable while the optimal retail price moves in the opposite direction of the gasoline prices.

Keywords: direct-channel, e-business, pricing model, dualchannel supply chain, gasoline cost, revenue sharing

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Authors: Merab Khokhobaia

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Within the framework of this research, the regulatory documents, which are in force in relation to this industry, were analyzed. The main attention is turned to their modernization and necessity of their compliance with European standards. It is a current issue to direct the efforts of state policy on support of business by implementing infrastructural projects, as well as by development of human resources, which may be possible by supporting the relevant higher and vocational studying-educational programs.

Keywords: Regional Development, Tourism Industry, Tourism Policy, Transition.

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Authors: M. Chobotová, Ž. Rylková

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Time full of changes which is associated with globalization, tougher competition, changes in the structures of markets and economic downturn, that all force companies to think about their competitive advantages. These changes can bring the company a competitive advantage and that can help improve competitive position in the market. Policy of the European Union is focused on the fast growing innovative companies which quickly respond to market demands and consequently increase its competitiveness. To meet those objectives companies need the right conditions and support of their state.

Keywords: Innovation, performance, measurements metrics, indices.

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Authors: Yuka Kawakami, Tomoyuki Yokogawa, Hisashi Miyazaki, Sousuke Amasaki, Yoichiro Sato, Michiyoshi Hayase

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In this paper, we proposed a method for detecting consistency violation between state machine diagrams and a sequence diagram defined in UML 2.0 using SMV. We extended a method expressing these diagrams defined in UML 1.0 with boolean formulas so that it can express a sequence diagram with combined fragments introduced in UML 2.0. This extension made it possible to represent three types of combined fragment: alternative, option and parallel. As a result of experiment, we confirmed that the proposed method could detect consistency violation correctly with SMV.

Keywords: UML, model checking, SMV, sequence diagram.

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Authors: Saurabh Chanana, Monika Arora

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Demand response is getting increased attention these days due to the increase in electricity demand and introduction of renewable resources in the existing power grid. Traditionally demand response programs involve large industrial consumers but with technological advancement, demand response is being implemented for small residential and commercial consumers also. In this paper, demand response program aims to reduce the peak demand as well as overall energy consumption of the residential customers. Air conditioners are the major reason of peak load in residential sector in summer, so a dynamic model of air conditioning load with thermostat action has been considered for applying demand response programs. A programmable communicating thermostat (PCT) is a device that uses real time pricing (RTP) signals to control the thermostat setting. A new model incorporating PCT in air conditioning load has been proposed in this paper. Results show that introduction of PCT in air conditioner is useful in reducing the electricity payments of customers as well as reducing the peak demand. 

Keywords: Demand response, Home energy management Programmable communicating thermostat, Thermostatically controlled appliances.

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Authors: Julio Cesar Lopes de Oliveira, Carlos Henrique Gonc¸alves Treviso

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The shortage of the automotive market in relation to options for sources of high power car audio systems, led to development of this work. Thus, we developed a source with stabilized voltage with 4320 W effective power. Designed to the voltage of 14.4 V and a choice of two currents: 30 A load option in battery banks and 300 A at full load. This source can also be considered as a source of general use dedicated commercial with a simple control circuit in analog form based on discrete components. The assembly of power circuit uses a methodology for higher power than the initially stipulated.

Keywords: DC-DC power converters, converters, power convertion, pulse width modulation converters.

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Authors: Carlos Herrera Sierralta, Husain M. Muslim, Meshal T. Alsaiari, Daniel Fischer

Abstract:

The vast majority of piping vibration problems in the Oil & Gas industry are provoked by the process flow characteristics which are basically related to the fluid properties, the type of service and its different operational scenarios. In general, the corrective actions recommended for flow induced vibration in piping systems can be grouped in two major areas: those which affect the excitation mechanisms typically associated to process variables, and those which affect the response mechanism of the pipework per se. Where possible the first option is to try to solve the flow induced problem from the excitation mechanism perspective. However, in producing facilities the approach of changing process parameters might not always be convenient as it could lead to reduction of production rates or it may require the shutdown of the system. That impediment might lead to a second option, which is to modify the response of the piping system to excitation generated by the process flow. In principle, the action of shifting the natural frequency of the system well above the frequency inherent to the process always favours the elimination, or considerably reduces the level of vibration experienced by the piping system. Tightening up the clearances at the supports (ideally zero gap) and adding new static supports at the system, are typical ways of increasing the natural frequency of the piping system. However, only stiffening the piping system may not be sufficient to resolve the vibration problem, and in some cases, it might not be feasible to implement it at all, as the available piping layout could create limitations on adding supports due to thermal expansion/contraction requirements. In these cases, utilization of viscous damper supports could be recommended as these devices can allow relatively large quasi-static movement of piping while providing sufficient capabilities of dissipating the vibration. Therefore, when correctly selected and installed, viscous damper supports can provide a significant effect on the response of the piping system over a wide range of frequencies. Viscous dampers cannot be used to support sustained, static loads. This paper shows over a real case example, a methodology which allows to determine the selection of the viscous damper supports via a dynamic analysis model. By implementing this methodology, it is possible to resolve piping vibration problems by adding new viscous dampers supports to the system. The methodology applied on this paper can be used to resolve similar vibration issues.

Keywords: dynamic analysis, flow induced vibration, piping supports, turbulent flow, slug flow, viscous damper

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Authors: Rajkishore Nayak, Tarun Panwar, Majo George, Irfan Ulhaq, Soumik Parida

Abstract:

Factors related to the growth of fashion and textile manufacturing in the Sub-Saharan African (SSA) countries are analyzed in this paper. Important factors associated with the growth of fashion and textile manufacturing in the SSA countries are being identified, underlined, and evaluated in this study. This research performed a SWOT analysis of the garment industries in the SSA region by exploring into various literature in the garment manufacturing and export data. SSA countries need to grow a lot in the fashion and textile manufacturing and export to come in par with the developments in the sector globally. Unlike the developing countries such as Vietnam and Bangladesh, the total export to the US, the EU and other parts of the world has declined. On the other hand, the total supply of fashion and textiles to the domestic market has been in rise. However, the local communities still need to rely on other countries to meet their demand. Import of cheaper clothes from countries like Bangladesh China and Vietnam is one of the main challenges local manufacturers are facing as it is very difficult to be competitive in pricing.

Keywords: Sub-Saharan Africa, apparel industry, sustainable fashion, developing countries, fashion, textiles.

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