Search results for: Financial Ratios

Authors: Salah Gariani, Taher Dao, Ahmed Lajili

Abstract:

This paper presents an experimental optimisation of surface roughness (Ra) and tool wear in the precision turning of AISI 304L alloy using a wiper and conventional cutting tools under wet cutting conditions. The machining trials were conducted based on Taguchi methodology employing an L9 orthogonal array design with four process parameters: feed rate, spindle speed, depth of cut, and cutting tool type. The experimental results were utilised to characterise the main factors affecting Ra and tool wear using the analyses of means (AOM) and variance (ANOVA). The results show that the wiper tools outperformed conventional tools in terms of surface quality and tool wear at optimal cutting conditions. The ANOVA results indicate that the main factors contributing to lower Ra are cutting tool type and feed rate, with percentage contribution ratios (PCRs) of 58.69% and 25.18% respectively. This confirms that tool type is the most significant factor affecting surface quality when turning AISI 304L. Additionally, a substantial reduction in tool wear was observed when a wiper insert was used, whereas noticeable increases in tool wear occurred when higher cutting speeds were employed for both tool types. These trends confirm the ANOVA outcomes that cutting speed has a significant effect on tool wear, with a PCR value of 39.22%, followed by tool type with a PCR of 27.40%. All machining trials generated similar continuous spiral or curl-shaped chips. A noticeable difference was found in the radius of the produced curl-shaped chips at different cutting speeds when turning AISI 304L under wet cutting conditions.

Keywords: AISI 304L alloy, conventional and wiper carbide tools, wet turning, average surface roughness, tool wear.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 96

Authors: R. D. Kulkarni, Mayur Chaudhari, S. Mishra

Abstract:

Curing of paints by exposure to UV radiations is emerging as one of the best film forming technique as an alternative to traditional solvent borne oxidative and thermal curing coatings. The composition and chemistry of UV curable coatings and role of multifunctional and monofunctional monomers, oligomers, and photoinitiators have been discussed. The limitations imposed by thermodynamic equilibrium and tendency for acrylic double bond polymerizations during synthesis of multifunctional acrylates have been presented. Aim of present investigation was thus to explore the reaction variables associated with synthesis of multifunctional acrylates. Zirconium oxychloride was evaluated as catalyst against regular acid functional catalyst. The catalyzed synthesis of glyceryl acrylate and neopentyl glycol acrylate was conducted by variation of following reaction parameters: two different reactant molar ratios- 1:4 and 1:6; catalyst usage in % by moles on polyol- 2.5, 5.0 and 7.5 and two different reaction temperatures- 45 and 75 0C. The reaction was monitored by determination of acid value and hydroxy value at regular intervals, besides TLC, HPLC, and FTIR analysis of intermediates and products. On the basis of determination of reaction progress over 1-60 hrs, the esterification reaction was observed to follow 2nd order kinetics with rate constant varying from 1*10-4 to 7*10-4. The thermal and catalytic components of second order rate constant and energy of activation were also determined. Uses of these kinetic and thermodynamic parameters in design of reactor for manufacture of multifunctional acrylate ester have been presented. The synthesized multifunctional acrylates were used to formulate and apply UV curable clear coat followed by determination of curing characteristics and mechanical properties of cured film. The overall curing rates less than 05 min. were easily attained indicating economical viability of radiation curable system due to faster production schedules

Keywords: glyceryl acrylate, neopentyl glycol acrylate, kinetic modeling, zirconium oxychloride.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2260

Authors: N. Zainul Abidin, N. Yusof, H. Awang

Abstract:

Bringing change to the housing industry requires multiple efforts from various angles especially to overcome any resistances in the form of technology, human aspects, financial and resources. The transition from conventional to sustainable approach consumes time as it requires changes from different facets in the industry ranging from individual, organisational to industry level. In Malaysia, there are various efforts to bring green into the industry but the progress is low-moderate. Will the current efforts bear larger fruits in the near future? This study examines the perceptions of the developers in Malaysia on the future of the green housing sector for the next 5 years. The introduction of GBI rating system, improvement of awareness and knowledge among the stakeholders, support from the government and local industry and the effect of competitive advantage would support brighter future. Meanwhile, the status quo in rules and regulation, lack of public interest and demand, organization disinterest, local authority enforcement and project cost escalation would hinder a faster progress.

Keywords: Developers, Green Concept, Housing Industry, Sustainable Construction

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 4521

Authors: Wuthichai Wongthatsanekorn

Abstract:

Plastic waste is a big issue in Thailand, but the amount of recycled plastic in Thailand is still low due to the high investment and operating cost. Hence, the rest of plastic waste are burnt to destroy or sent to the landfills. In order to be financial viable, an effective reverse logistics infrastructure is required to support the product recovery activities. However, there is a conflict between reducing the cost and raising environmental protection level. The purpose of this study is to build a goal programming (GP) so that it can be used to help analyze the proper planning of the Thailand-s plastic recycling system that involves multiple objectives. This study considers three objectives; reducing total cost, increasing the amount of plastic recovery, and raising the desired plastic materials in recycling process. The results from two priority structures show that it is necessary to raise the total cost budget in order to achieve targets on amount of recycled plastic and desired plastic materials.

Keywords: Goal Programming, Plastic Recycling, Thailand.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2598

Authors: Karam Y. Maalawi

Abstract:

This paper presents a generalized formulation for the problem of buckling optimization of anisotropic, radially graded, thin-walled, long cylinders subject to external hydrostatic pressure. The main structure to be analyzed is built of multi-angle fibrous laminated composite lay-ups having different volume fractions of the constituent materials within the individual plies. This yield to a piecewise grading of the material in the radial direction; that is the physical and mechanical properties of the composite material are allowed to vary radially. The objective function is measured by maximizing the critical buckling pressure while preserving the total structural mass at a constant value equals to that of a baseline reference design. In the selection of the significant optimization variables, the fiber volume fractions adjoin the standard design variables including fiber orientation angles and ply thicknesses. The mathematical formulation employs the classical lamination theory, where an analytical solution that accounts for the effective axial and flexural stiffness separately as well as the inclusion of the coupling stiffness terms is presented. The proposed model deals with dimensionless quantities in order to be valid for thin shells having arbitrary thickness-to-radius ratios. The critical buckling pressure level curves augmented with the mass equality constraint are given for several types of cylinders showing the functional dependence of the constrained objective function on the selected design variables. It was shown that material grading can have significant contribution to the whole optimization process in achieving the required structural designs with enhanced stability limits.

Keywords: Buckling instability, structural optimization, functionally graded material, laminated cylindrical shells, externalhydrostatic pressure.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2314

Authors: Nazirah Zainul Abidin, Nurul Zahirah Mokhtar Azizi

Abstract:

Cost has always been the leading concern in green building development. The perception that construction cost for green building is higher than conventional buildings has only made the discussion of green building cost more difficult. Understanding the factors that will influence the cost of green construction is expected to shed light into what makes green construction more or at par with conventional projects, or perhaps, where cost can be optimised. This paper identifies the elements of cost before shifting the attention to the influencing factors. Findings from past studies uncovered various factors related to cost which are grouped into five focal themes i.e. awareness, knowledge, financial, technical, and government support. A conceptual framework is produced in a form of a flower diagram indicating the cost influencing factors of green building development. These factors were found to be both physical and non-physical aspects of a project. The framework provides ground for the next stage of research that is to further explore how these factors influence the project cost and decision making.

Keywords: Green project, factors influencing cost, hard cost, soft cost.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1444

Authors: S. Mahmoodzadeh, J. Shahrabi, M. A. Torkamani, J. Sabaghzadeh Ghomi

Abstract:

Recognizing behavioral patterns of financial markets is essential for traders. Japanese candlestick chart is a common tool to visualize and analyze such patterns in an economic time series. Since the world was introduced to Japanese candlestick charting, traders saw how combining this tool with intelligent technical approaches creates a powerful formula for the savvy investors. This paper propose a generalization to box counting method of Grassberger-Procaccia, which is based on computing the correlation dimension of Japanese candlesticks instead commonly used 'close' points. The results of this method applied on several foreign exchange rates vs. IRR (Iranian Rial). Satisfactorily show lower chaotic dimension of Japanese candlesticks series than regular Grassberger-Procaccia method applied merely on close points of these same candles. This means there is some valuable information inside candlesticks.

Keywords: Chaos, Japanese candlestick, generalized box counting, strange attractor.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2398

Authors: Jürgen Roßmann, Gerrit Alves

Abstract:

In today-s world, the efficient utilization of wood resources comes more and more to the mind of forest owners. It is a very complex challenge to ensure an efficient harvest of the wood resources. This is one of the scopes the project “Virtual Forest II" addresses. Its core is a database with data about forests containing approximately 260 million trees located in North Rhine-Westphalia (NRW). Based on this data, tree growth simulations and wood mobilization simulations can be conducted. This paper focuses on the latter. It describes a discrete-event-simulation with an attached 3-D real time visualization which simulates timber harvest using trees from the database with different crop resources. This simulation can be displayed in 3-D to show the progress of the wood crop. All the data gathered during the simulation is presented as a detailed summary afterwards. This summary includes cost-benefit calculations and can be compared to those of previous runs to optimize the financial outcome of the timber harvest by exchanging crop resources or modifying their parameters.

Keywords: Timber harvest, simulation, 3-D, optimization.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1339

Authors: Elizabeth Stojanovski

Abstract:

Associations between life events and various forms of cancers have been identified. The purpose of a recent random-effects meta-analysis was to identify studies that examined the association between adverse events associated with changes to financial status including decreased income and breast cancer risk. The same association was studied in four separate studies which displayed traits that were not consistent between studies such as the study design, location, and time frame. It was of interest to pool information from various studies to help identify characteristics that differentiated study results. Two random-effects Bayesian meta-analysis models are proposed to combine the reported estimates of the described studies. The proposed models allow major sources of variation to be taken into account, including study level characteristics, between study variance and within study variance, and illustrate the ease with which uncertainty can be incorporated using a hierarchical Bayesian modelling approach.

Keywords: Random-effects, meta-analysis, Bayesian, variation.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 618

Authors: T.C. Manjunath, B. Bandyopadhyay

Abstract:

This paper features the proposed modeling and design of a Robust Decentralized Periodic Output Feedback (RDPOF) control technique for the active vibration control of smart flexible multimodel Euler-Bernoulli cantilever beams for a multivariable (MIMO) case by retaining the first 6 vibratory modes. The beam structure is modeled in state space form using the concept of piezoelectric theory, the Euler-Bernoulli beam theory and the Finite Element Method (FEM) technique by dividing the beam into 4 finite elements and placing the piezoelectric sensor / actuator at two finite element locations (positions 2 and 4) as collocated pairs, i.e., as surface mounted sensor / actuator, thus giving rise to a multivariable model of the smart structure plant with two inputs and two outputs. Five such multivariable models are obtained by varying the dimensions (aspect ratios) of the aluminum beam, thus giving rise to a multimodel of the smart structure system. Using model order reduction technique, the reduced order model of the higher order system is obtained based on dominant eigen value retention and the method of Davison. RDPOF controllers are designed for the above 5 multivariable-multimodel plant. The closed loop responses with the RDPOF feedback gain and the magnitudes of the control input are observed and the performance of the proposed multimodel smart structure system with the controller is evaluated for vibration control.

Keywords: Smart structure, Euler-Bernoulli beam theory, Periodic output feedback control, Finite Element Method, State space model, SISO, Embedded sensors and actuators, Vibration control, Reduced order model

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2000

Authors: Hamada A. Ahmed, Kadry M. Sadek, Ayman E. Taha

Abstract:

The effects of basil and/or chamomile seed supplementation on the growth of Hubbard broiler chicks were evaluated. The antioxidant effects of these supplements were also assessed. 120 1-day-old broiler chicks were randomly divided into four equal groups. The control group (group 1) was fed a basal diet (BD) without supplementation. Groups 2, 3, and 4 were fed the BD supplemented with 10g basil, 10g chamomile, and 5g basil plus 5g chamomile per kg of food, respectively. Basil supplementation alone or in combination with chamomile non-significantly (P≥0.05) increased final body weight (3.2% and 0.3%, respectively) and weight gain (3.5% and 3.6%, respectively) over the experimental period. Chamomile supplementation alone non-significantly (P≥0.05) reduced final body weight and weight gain over the experimental period by 1.7% and 1.7%, respectively. In comparison to the control group, herbal seed supplementation reduced feed intake and improved the feed conversion and protein efficiency ratios. In general, basil seed supplementation stimulated chicken growth and improved the feed efficiency more effectively than chamomile seed supplementation. The antioxidant activities of basil and/or chamomile supplementation were examined in the thymus, bursa, and spleen. In chickens that received supplements, the level of malondialdehyde was significantly decreased, whereas the activities of glutathione, superoxide dismutase, and catalase were significantly increased (P<0.05). Supplementation of basil and/or chamomile did not affect blood protein levels, but had lipid-lowering effects as evidenced by reduced serum levels of total lipids, triglycerides, and cholesterol. In conclusion, supplementation of basil and/or chamomile improved growth parameters in broiler chicks and had antioxidant and blood lipid-lowering effects. These beneficial effects of basil and/or chamomile supplementation resulted in economically viable production of high-quality white meat containing no harmful residues.

Keywords: Herbal additives, basil, chamomile, broiler, growth performance, antioxidant.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3318

Authors: S.H. Zulkarnain, E.M.A Zawawi, M.Y. A. Rahman, N.K.F. Mustafa

Abstract:

Building maintenance plays an important role among other activities in building operation. Building defect and damages are part of the building maintenance 'bread and butter' as their input indicated in the building inspection is very much justified, particularly as to determine the building performance. There will be no escape route or short cut from building maintenance work. This study attempts to identify a competitive performance that translates the Critical Success Factor achievements and satisfactorily meet the university-s expectation. The quality and efficiency of maintenance management operation of building depends, to some extent, on the building condition information, the expectation from the university sector and the works carried out for each maintenance activity. This paper reviews the critical success factor in building maintenance management practice for university sectors from four (4) perspectives which include (1) customer (2) internal processes (3) financial and (4) learning and growth perspective. The enhancement of these perspectives is capable to reach the maintenance management goal for a better living environment in university campus.

Keywords: Building maintenance, Critical Success Factor, Management, University

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 5648

Authors: Krasimira Georgieva, Yordan Denev

Abstract:

Many of thermosetting resins have application only in filled state, reinforced with different mineral fillers. The co-filling of polymers with mineral filler and gases creates a possibility for production of polymer composites materials with low density. This processing leads to forming of new materials – gas-filled plastics (polymer foams). The properties of these materials are determined mainly by the shape and size of internal structural elements (pores). The interactions on the phase boundaries have influence on the materials properties too. In the present work, the gas-filled urea-formaldehyde resins were reinforced by waste phosphogypsum. The waste phosphogypsum (CaSO₄.2H₂O) is a solid by-product in wet phosphoric acid production processes. The values of the interactions polymer-filler were increased by using two modifying agents: polyvinyl acetate for polymer matrix and sodium metasilicate for filler. Technological methods for gas-filling and recipes of urea-formaldehyde based materials with apparent density 20-120 kg/m³ were developed. The heat conductivity of the samples is between 0.024 and 0.029 W/m^oK. Tensile analyses were carried out at 10 and 50% deformation and show values 0.01-0.14 MPa and 0.01-0.09 MPa, respectively. The apparent density of obtained materials is between 20 and 92 kg/m³. The changes in the tensile properties and density of these materials according to sodium metasilicate content were studied too. The mechanism of phosphogypsum adsorption modification was studied using methods of FT-IR spectroscopy. The structure of the gas-filled urea-formaldehyde resins was described by results of electron scanning microscopy at three different magnification ratios – x50, x150 and x 500. The aim of present work is to study the possibility of the usage of phosphogypsum as mineral filler for urea-formaldehyde resins and development of a technology for the production of gas-filled reinforced polymer composite materials. The structure and the properties of obtained composite materials are suitable for thermal and sound insulation applications.

Keywords: Gas-filled thermosets, mechanical properties, phosphogypsum, urea-formaldehyde resins.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 667

Authors: Sattam Allahawiah, Haroon Altarawneh, Sameer Alamro

Abstract:

Because of its global reach, reduction of time restraints, and ability to reduce costs and increase sales, use of the Internet, the World Wide Web (WWW), and related technologies can be a competitive tool in the arsenal of small and medium-sized enterprises (SMEs). Countries the world over are interested in the successful adoption of the Internet by SMEs. Because a vast majority of jobs come from that sector, greater financial success of SMEs translates into greater job growth and, subsequently, higher tax revenue to the government. This research investigated the level of Internet usage for business solutions by small and medium enterprises in Jordan. Through the survey of a random sample of 100 firms with less than 500 employees and from data obtained from this survey that formed the basis for our study, we found that a majority of respondents use the Internet in business activities , the adoption of the Internet as a business tool is limited to a brochure where Web site which primarily provides one way. As such, there wasn't interactive information about the company and its products and services.

Keywords: Internet, SMEs, e-commerce, website, e-business, IT.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3484

Authors: Chen-Yin Kuo

Abstract:

This paper fist examines three set of bivariate cointegrations between any two of current accounts, stock markets, and currency exchange markets in ten Asian countries. Furthermore, we examined the effect of country characters on this bivariate cointegration. Our findings suggest that for three sets of cointegration test, each sample country at least exists one cointegration. India consistently exhibited a bi-directional causal relationship between any two of three indicators. Unlike Pan et al. (2007) and Phylaktis and Ravazzolo (2005), we found that such cointegration is influenced by three characteristics: capital control; flexibility in foreign exchange rates; and the ratio of trade to GDP. These characteristics are the result of liberalization in each Asian country. This implies that liberalization policies are effective on improving the cointegration between any two of financial markets and current account for ten Asian countries.

Keywords: Current account, stock price, foreign exchange rate, country characteristics, bivariate cointegration, bi-directional causal relationships.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1438

Authors: Muhammad Mazhar Manzoor, Muhammad Aqeel, Abdul Sattar

Abstract:

Islamic banking is one the most blossoming doctrine in economic system of the world. The Fast growing awareness about Islamic financial system has brought strong feeling to Muslims to confront the western interest-based economic cycle. The Islamic economic system is emerging as a reliable alternative to the interest based system. This study is proposed to ascertain the motivational factors encouraging people to go for Islamic banking in Pakistan. These pulsing factors are determined by generation of hypothesis that there are certain factors which are urging people to opt Islamic banking system and to see the differences in their ranking by applying Friedman test. These factors include: Economically derived factors such as stability of Islamic banks in crisis, profit and loss sharing doctrine and equity sharing etc. This study also highlights the religiously derived factors such as interest free banking, Shariah tenets and supervisory of Islamic Shariah board and sociopsychological factors.

Keywords: Islamic banking, motivational factors, religiousfactors, socio-psychological factors and economic factors

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2324

Authors: F. Gökgöz, M. E. Atmaca

Abstract:

Electricity plays an indispensable role in human life and the economy. It is a unique product or service that must be balanced instantaneously, as electricity is not stored, generation and consumption should be proportional. Effective and efficient use of electricity is very important not only for society, but also for the environment. A competitive electricity market is one of the best ways to provide a suitable platform for effective and efficient use of electricity. On the other hand, it carries some risks that should be carefully managed by the market players. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Markowitz’s Mean-variance, Down-side and Semi-variance methods for a case study. Performance of optimal electricity sale solutions are measured and evaluated via Sharpe-Ratio, and the optimal portfolio solutions are improved. Two years of historical weekdays’ price data of the Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: Electricity market, portfolio optimization, risk management in electricity market, Sharpe ratio.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1438

Authors: Beata Czarnacka-Chrobot

Abstract:

Execution of Business Software Systems (BSS) Development and Enhancement Projects (D&EP) is characterized by the exceptionally low effectiveness, leading to considerable financial losses. The general reason for low effectiveness of such projects is that they are inappropriately managed. One of the factors of proper BSS D&EP management is suitable (reliable and objective) method of project work effort estimation since this is what determines correct estimation of its major attributes: project cost and duration. BSS D&EP is usually considered to be accomplished effectively if product of a planned functionality is delivered without cost and time overrun. The goal of this paper is to prove that choosing approach to the BSS D&EP work effort estimation has a considerable influence on the effectiveness of such projects execution.

Keywords: Business software systems, development and enhancement projects, effectiveness, work effort estimation methods, software product size, software product functionality, project duration, project cost.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2043

Authors: Pulak Mishra, P V Kiran Kumar

Abstract:

In the context of introduction of deregulatory policy measures and subsequent wave of mergers and acquisitions (M&A) in Indian corporate sector since 1991, the present paper attempts to examine the welfare implications of this wave. It is found that M&A do not have any significant impact on consumers- welfare. Instead, consumers- welfare is significantly influenced by exports intensity, imports intensity, advertising intensity, technology related efforts, and past profitability of the firms. While the industries with higher exports orientation or greater product differentiation or better financial performance experience greater loss in consumers- welfare, it is less in the industries with greater competition from imports or better technology. Hence, the wave of M&A in Indian manufacturing sector in the post-liberalization era may not be a matter of serious concern from consumers- welfare point of view. Instead, in many cases, M&A can help the firms in consolidating their business and enhancing competitiveness, and this may benefit the consumers in the form of greater efficiency and lower prices.

Keywords: Mergers, acquisitions, concentration, welfare, IndiaJEL CodesÔÇöL1, L2, L4, L5

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3546

Authors: Dany Ng Cheong Vee, Preethee Nunkoo Gonpot, Noor-Ul-Hacq Sookia

Abstract:

In this paper, we consider the application of Extreme Value Theory as a risk measurement tool. The Value at Risk, for a set of indices, from six Stock Exchanges of Frontier markets is calculated using the Peaks over Threshold method and the performance of the model index-wise is evaluated using coverage tests and loss functions. Our results show that “fattailedness” alone of the data is not enough to justify the use of EVT as a VaR approach. The structure of the returns dynamics is also a determining factor. This approach works fine in markets which have had extremes occurring in the past thus making the model capable of coping with extremes coming up (Colombo, Tunisia and Zagreb Stock Exchanges). On the other hand, we find that indices with lower past than present volatility fail to adequately deal with future extremes (Mauritius and Kazakhstan). We also conclude that using EVT alone produces quite static VaR figures not reflecting the actual dynamics of the data.

Keywords: Extreme Value theory, Financial Crisis 2008, Frontier Markets, Value at Risk.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2347

Authors: Iveta Řepková

Abstract:

The aim of this paper is to estimate the efficiency of the Slovak commercial banks employing the Data Envelopment Analysis (DEA) window analysis approach during the period 2003-2012. The research is based on unbalanced panel data of the Slovak commercial banks. Undesirable output was included into analysis of banking efficiency. It was found that most efficient banks were Postovabanka, UniCredit Bank and Istrobanka in CCR model and the most efficient banks were Slovenskasporitelna, Istrobanka and UniCredit Bank in BCC model. On contrary, the lowest efficient banks were found Privatbanka and CitiBank. We found that the largest banks in the Slovak banking market were lower efficient than medium-size and small banks. Results of the paper is that during the period 2003-2008 the average efficiency was increasing and then during the period 2010-2011 the average efficiency decreased as a result of financial crisis.

Keywords: Data Envelopment Analysis, efficiency, Slovak banking sector, window analysis.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2613

Authors: Dipak Sen, Rajdeep Ghosh

Abstract:

This paper presents a computational study of steady state three dimensional very high turbulent flow and heat transfer characteristics in a constant temperature-surfaced circular duct fitted with 900 hemispherical inline baffles. The computations are based on realizable k-ɛ model with standard wall function considering the finite volume method, and the SIMPLE algorithm has been implemented. Computational Study are carried out for Reynolds number, Re ranging from 80000 to 120000, Prandtl Number, Pr of 0.73, Pitch Ratios, PR of 1,2,3,4,5 based on the hydraulic diameter of the channel, hydrodynamic entry length, thermal entry length and the test section. Ansys Fluent 15.0 software has been used to solve the flow field. Study reveals that circular pipe having baffles has a higher Nusselt number and friction factor compared to the smooth circular pipe without baffles. Maximum Nusselt number and friction factor are obtained for the PR=5 and PR=1 respectively. Nusselt number increases while pitch ratio increases in the range of study; however, friction factor also decreases up to PR 3 and after which it becomes almost constant up to PR 5. Thermal enhancement factor increases with increasing pitch ratio but with slightly decreasing Reynolds number in the range of study and becomes almost constant at higher Reynolds number. The computational results reveal that optimum thermal enhancement factor of 900 inline hemispherical baffle is about 1.23 for pitch ratio 5 at Reynolds number 120000.It also shows that the optimum pitch ratio for which the baffles can be installed in such very high turbulent flows should be 5. Results show that pitch ratio and Reynolds number play an important role on both fluid flow and heat transfer characteristics.

Keywords: Friction factor, heat transfer, turbulent flow, circular duct, baffle, pitch ratio.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2090

Authors: Yung C. Ho, Hui C. Fang, Ming J. Hsieh

Abstract:

When consistently innovative business-models can give companies a competitive advantage, longitudinal empirical research, which can reflect dynamic business-model changes, has yet to prove a definitive connection. This study consequently employs a dynamic perspective in conjunction with innovation theory to examine the relationship between the types of business-model innovation and firm value. This study tries to examine various types of business-model innovation in high-end and low-end technology industries such as HTC and the 7-Eleven chain stores with research periods of 14 years and 32 years, respectively. The empirical results suggest that adopting radical business-model innovation in addition to expanding new target markets can successfully lead to a competitive advantage. Sustained advanced technological competences and service/product innovation are the key successful factors in high-end and low-end technology industry business-models respectively. In sum up, the business-model innovation can yield a higher market value and financial value in high-end technology industries than low-end ones.

Keywords: Business-model, Dynamic Perspective, Firm Value, Innovation

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2703

Authors: Rodrigo Barreiros Leal, Aracéli Cristina de Sousa Ferreira

Abstract:

This study examines the possibility to apply the theory of multidimensional accounting (momentum accounting) in a Brazilian Navy-s Services Provider Military Organization (Organização Militar Prestadora de Serviços - OMPS). In general, the core of the said theory is the fact that Accounting does not recognize the inertia of transactions occurring in an entity, and that occur repeatedly in some cases, regardless of the implementation of new actions by its managers. The study evaluates the possibility of greater use of information recorded in the financial statements of the unit of analysis, within the strategic decisions of the organization. As a research strategy, we adopted the case study. The results infer that it is possible to use the theory in the context of a multidimensional OMPS, promoting useful information for decision-making and thereby contributing to the strengthening of the necessary alignment of its administration with the current desires of the Brazilian society.

Keywords: Multidimensional Accounting, Public Management, Decision Making.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2837

Authors: F. Gökgöz, M. E. Atmaca

Abstract:

Electricity has an indispensable role in human daily life, technological development and economy. It is a special product or service that should be instantaneously generated and consumed. Sources of the world are limited so that effective and efficient use of them is very important not only for human life and environment but also for technological and economic development. Competitive electricity market is one of the important way that provides suitable platform for effective and efficient use of electricity. Besides benefits, it brings along some risks that should be carefully managed by a market player like Electricity Generation Company. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Value at Risk methods for case studies. Performance of optimal electricity sale solutions are measured and the portfolio performance has been evaluated via Sharpe-Ratio, and compared with conventional approach. Biennial historical electricity price data of Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: Electricity market, portfolio optimization, risk management, Sharpe ratio, value at risk.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1010

Authors: Alireza Azimi Sani , Mahdi Allahverdizadeh

Abstract:

increased competition and increased costs of designing made it important for the firms to identify the right products and the right methods for manufacturing the products. Firms should focus on customers and identify customer demands directly to design the right products. Several management methods and techniques that are currently available improve one or more functions or processes in an industry and do not take the complete product life cycle into consideration. On the other hand target costing is a method / philosophy that takes financial, manufacturing and customer aspects into consideration during designing phase and helps firms in making product design decisions to increase the profit / value of the company. It uses various techniques to identify customer demands, to decrease costs of manufacturing and finally to achieve strategic goals. Target Costing forms an integral part of total product design / redesign based on strategic plans.

Keywords: Target Costing, Target Cost Management, Cost Management, Activity Based Costing, New product design

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 10111

Authors: Mohammad Irfan

Abstract:

The purpose of this paper is to investigate the relationship among the key macroeconomic variables and Islamic stock market in India. This study is based on the time series data of financial years 2009-2015 to explore the consistency of relationship between macroeconomic variables and Shariah Indices. The ADF (Augmented Dickey–Fuller Test Statistic) and PP (Phillips–Perron Test Statistic) tests are employed to check stationarity of the data. The study depicts the long run relationship between Shariah indices and macroeconomic variables by using the Johansen Co-integration test. BSE Shariah and Nifty Shariah have uni-direct Granger causality. The outcome of VECM is significantly confirming the applicability of best fitted model. Thus, Islamic stock indices are proficiently working for the development of Indian economy. It suggests that by keeping eyes on Islamic stock market which will be more interactive in the future with other macroeconomic variables.

Keywords: Indian shariah indices, macroeconomic variables, co-integration, Granger causality, Vector error correction model.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1159

Authors: Seyed Mohammad Reza Hosseini

Abstract:

The new institutional Economics helps generalization and expansion of new classic by adding the institution theories to Economic. It is clear that the appropriate institution is among the factors that lead to success in Economic programs. If the institutional are appropriate, the society will save the source and when we make use of time to apply the program, there will be welfare and average revenue product will also increase. In Economy, one should not expect the real manifestation of Economic programs only with a model for estimating and predicting rather institutions of the same purpose and along with production are needed to form the process of growth and development costs. In this research, the institution role in transaction costs, financial markets, distribution of revenue and capital and its influence on the process of growth and development are investigated so that handicaps and problems of Iran Economic Institutions can be recognized. In other words, incapability, non productivity and ambiguity of the institution in Iran Economic are some of the factors that handicap Economic growth and development. For example, Iran government as an important institution while having 20 ministries,83 organizations and 60 years of programming could not go along the growth and development but why?

Keywords: Institution, New institutional economics, Transaction costs.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1575

Authors: Javad Elkaie Behjati, Mehrzad Minouei

Abstract:

The present study aimed to assess the cost of money based on separating deposits and identifying actions and costs affecting in the process of cost of money in EN Bank of Iran (also known as Eghtesad Novin Bank). The method to calculate the cost of money is based on Activity-Based Costing (ABC). To conduct the study, the required data including deposits in banks and absorbed costs related to the same deposits were extracted from the financial statements of the bank. In order to cost the bank services properly as well as determining the commercial strategies required by commercial units, the data are precisely studied and the cost of each deposit is calculated according to the ABC. Eventually, the factors helping to improve the cost management and also a new model to calculate the cost of money in the bank are presented by some applicable formulas. Furthermore, some offers have been provided for users of both sections, in the practical section in commercial units and the theoretical one in universities.

Keywords: The cost of money, activity-based costing, banking, bank deposits, bank fees, services bank.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 816

Authors: J. Uka, B. McKay, T. Minton, O. Adole, R. Lewis, S. J. Glanvill, L. Anguilano

Abstract:

Effective heat treatment conditions to obtain maximum aluminium swarf recycling are investigated in this work. Aluminium swarf briquettes underwent treatments at different temperatures and cooling times to investigate the improvements obtained in the recovery of aluminium metal. The main issue for the recovery of the metal from swarfs is to overcome the constraints due to the oxide layers present in high concentration in the swarfs since they have a high surface area. Briquettes supplied by Renishaw were heat treated at 650, 700, 750, 800 and 850 ℃ for 1-hour and then cooled at 2.3, 3.5 and 5 ℃/min. The resulting material was analysed using SEM EDX to observe the oxygen diffusion and aluminium coalescence at the boundary between adjacent swarfs. Preliminary results show that, swarf needs to be heat treated at a temperature of 850 ℃ and cooled down slowly at 2.3 ℃/min to have thin and discontinuous alumina layers between the adjacent swarf and consequently allowing aluminium coalescence. This has the potential to save energy and provide maximum financial profit in preparation of swarf briquettes for recycling.

Keywords: Aluminium, swarf, oxide layers, recycle, reuse.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 507