Search results for: Safety stocks

Authors: Yousef Abu Nahleh, Alhasan Hakami, Arun Kumar, Fugen Daver

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This study considers the problem of calculating safety stocks in disaster situations inventory systems that face demand uncertainties. Safety stocks are essential to make the supply chain, which is controlled by forecasts of customer needs, in response to demand uncertainties and to reach predefined goal service levels. To solve the problem of uncertainties due to the disaster situations affecting the industry sector, the concept of Emergency Safety Stock (ESS) was proposed. While there exists a huge body of literature on determining safety stock levels, this literature does not address the problem arising due to the disaster and dealing with the situations. In this paper, the problem of improving the Order Quantity Model to deal with uncertainty of demand due to disasters is managed by incorporating a new idea called ESS which is based on the probability of disaster occurrence and uses probability matrix calculated from the historical data. 

Keywords: Emergency Safety Stocks, Safety stocks, Order Quantity Model, Supply chain.

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Authors: Sang Hoon Kang, Seong-Min Yoon

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Little attention has been paid to information transmission between the portfolios of large stocks and small stocks in the Korean stock market. This study investigates the return and volatility transmission mechanisms between large and small stocks in the Korea Exchange (KRX). This study also explores whether bad news in the large stock market leads to a volatility of the small stock market that is larger than the good news volatility of the large stock market. By employing the Granger causality test, we found unidirectional return transmissions from the large stocks to medium and small stocks. This evidence indicates that pat information about the large stocks has a better ability to predict the returns of the medium and small stocks in the Korean stock market. Moreover, by using the asymmetric GARCH-BEKK model, we observed the unidirectional relationship of asymmetric volatility transmission from large stocks to the medium and small stocks. This finding suggests that volatility in the medium and small stocks following a negative shock in the large stocks is larger than that following a positive shock in the large stocks.

Keywords: Asymmetric GARCH-BEKK model, Asymmetric volatility transmission, Causality, Korean stock market, Spillover effect

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Authors: Chih-Hsiang Chang, Fang-Jyun Su

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This paper explores whether stock characteristics influence the herding formation among investors in the US equity market. To extend the research scope of the existing literature, this paper further examines the role that stock risk characteristics play in the US equity market, and the way they influence investors’ decision-making. First, empirical results show that whether general stocks or high-risk stocks, there are no herding behaviors among the investors in the US equity market during the whole research period or during four great events. Moreover, stock characteristics have great influence on investors’ trading decisions. Finally, there is a bidirectional lead-lag relationship of the herding formation between high-risk stocks and low-risk stocks, but the influence of high-risk stocks on the low-risk stocks is stronger than that of low-risk stocks on the high-risk stocks.

Keywords: Stock characteristics, herding formation, investment decision, US equity market, lead-lag relationship.

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Authors: Zahra Hatami, Hesham Ali, David Volkman

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Selecting a portfolio for investing is a crucial decision for individuals and legal entities. In the last two decades, with economic globalization, a stream of financial innovations has rushed to the aid of financial institutions. The importance of selecting stocks for the portfolio is always a challenging task for investors. This study aims to create a financial network to identify optimal portfolios using network centralities metrics. This research presents a community detection technique of superior stocks that can be described as an optimal stock portfolio to be used by investors. By using the advantages of a network and its property in extracted communities, a group of stocks was selected for each of the various time periods. The performance of the optimal portfolios was compared to the famous index. Their Sharpe ratio was calculated in a timely manner to evaluate their profit for making decisions. The analysis shows that the selected potential portfolio from stocks with low centrality measurement can outperform the market; however, they have a lower Sharpe ratio than stocks with high centrality scores. In other words, stocks with low centralities could outperform the S&P500 yet have a lower Sharpe ratio than high central stocks.

Keywords: Portfolio management performance, network analysis, centrality measurements, Sharpe ratio.

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Authors: Azwadi Ali

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The survival of publicly listed companies largely depends on their stocks being liquidly traded. This goal can be achieved when new investors are attracted to invest on companies- stocks. Among different groups of investors, individual investors are generally less able to objectively evaluate companies- risks and returns, and tend to be emotionally biased in their investing decisions. Therefore their decisions may be formed as a result of perceived risks and returns, and influenced by companies- images. This study finds that perceived risk, perceived returns and trust directly affect individual investors- trading decisions while attitude towards brand partially mediates the relationships. This finding suggests that, in courting individual investors, companies still need to perform financially while building a good image can result in their stocks being accepted quicker than the stocks of good performing companies with hidden images.

Keywords: Behavioral Finance, Investment, Attitude towardsBrand, Partial Least Squares

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Authors: Changju Lee, Seungmo Ku, Sondo Kim, Woojin Chang

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How to detecting financial bubble? Addressing this simple question has been the focus of a vast amount of empirical research spanning almost half a century. However, financial bubble is hard to observe and varying over the time; there needs to be more research on this area. In this paper, we used abnormal difference between common stocks price and those preferred stocks price to explain financial bubble. First, we proposed the ‘W-index’ which indicates spread between common stocks and those preferred stocks in stock market. Second, to prove that this ‘W-index’ is valid for measuring financial bubble, we showed that there is an inverse relationship between this ‘W-index’ and S&P500 rate of return. Specifically, our hypothesis is that when ‘W-index’ is comparably higher than other periods, financial bubbles are added up in stock market and vice versa; according to our hypothesis, if investors made long term investments when ‘W-index’ is high, they would have negative rate of return; however, if investors made long term investments when ‘W-index’ is low, they would have positive rate of return. By comparing correlation values and adjusted R-squared values of between W-index and S&P500 return, VIX index and S&P500 return, and TED index and S&P500 return, we showed only W-index has significant relationship between S&P500 rate of return. In addition, we figured out how long investors should hold their investment position regard the effect of financial bubble. Using this W-index, investors could measure financial bubble in the market and invest with low risk.

Keywords: Financial bubbles, detection, preferred stocks, pairs trading, future return, forecast.

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Authors: Mohammad Rajabalinejad

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Safety is often seen as a requirement or a performance indicator through the design process, and this does not always result in optimally safe products or systems. This paper suggests integrating the best safety practices with the design process to enrich the exploration experience for designers and add extra values for customers. For this purpose, the commonly practiced safety standards and design methods have been reviewed and their common blocks have been merged forming Safety Cube. Safety Cube combines common blocks for design, hazard identification, risk assessment and risk reduction through an integral approach. An example application presents the use of Safety Cube for design of machinery.

Keywords: Safety, safety cube, design, product, system, machinery.

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Authors: Chih-Hsiang Chang

Abstract:

This study aims to explore the relationship between the disposition effect and herding behavior of investors trading Taiwanese information technology stocks. This study differs from previous literature in two aspects. First, in contrast with the earlier studies that focused on investigating investors’ herding behavior, this study explores the possibility that the disposition effect drives investors’ herding behavior. Additionally, it takes an in-depth look at the interdependence between the disposition effect and herding behavior of investors, including lead-lag relationship and volatility transmission effect. Empirical results show that investors trading Taiwan’s information technology stocks exhibit pronounced herding behavior and that the disposition effect has a great impact on their herding behavior.

Keywords: Herding behavior, Disposition effect, Behavioral finance.

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Authors: J. Arneric, A. Rozga

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In this paper usefulness of quasi-Newton iteration procedure in parameters estimation of the conditional variance equation within BHHH algorithm is presented. Analytical solution of maximization of the likelihood function using first and second derivatives is too complex when the variance is time-varying. The advantage of BHHH algorithm in comparison to the other optimization algorithms is that requires no third derivatives with assured convergence. To simplify optimization procedure BHHH algorithm uses the approximation of the matrix of second derivatives according to information identity. However, parameters estimation in a/symmetric GARCH(1,1) model assuming normal distribution of returns is not that simple, i.e. it is difficult to solve it analytically. Maximum of the likelihood function can be founded by iteration procedure until no further increase can be found. Because the solutions of the numerical optimization are very sensitive to the initial values, GARCH(1,1) model starting parameters are defined. The number of iterations can be reduced using starting values close to the global maximum. Optimization procedure will be illustrated in framework of modeling volatility on daily basis of the most liquid stocks on Croatian capital market: Podravka stocks (food industry), Petrokemija stocks (fertilizer industry) and Ericsson Nikola Tesla stocks (information-s-communications industry).

Keywords: Heteroscedasticity, Log-likelihood Maximization, Quasi-Newton iteration procedure, Volatility.

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Authors: N. Behidj-Benyounes, S. Bennaamane, F. Zohra Bissaad, N. Chebouti, H. Mohandkaci, N. Abdalaziz, S. Iddou

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In this study, we are interested in a species of the family of Asteraceae (Tagetes erecta). This family is considered as a source of antimicrobial extracts with strong capacity. The extraction of the flavonoids is carried out by the method of liquid/liquid with the use of successive solvents. Afterwards, we evaluated the biological activity of the flavonoids on five pathogenic bacterial stocks such as Escherichia coli, Bacillus subtilis, Klebsiella pneumoniae, Pseudomonas aeruginosa and Staphylococcus aureus and two stocks of yeasts to knowing Candida albicans) and Saccharomyces cerevisiae, by employing the method of the aromatogramme starting from a solid disc. The result of the antimicrobial activity shows an action and a variable degree of sensitivity according to bacterial stocks tested. It will be noted that the flavonoids have an inhibiting effect on E. coli, B. subtilis, K. pneumoniae and S. aureus. But a resistance with respect to the extract by P. aeruginosa, C. albicans and S. cerevisiae is to be mentioned.

Keywords: Antimicrobial activity, flavonoids, microbial strains, Tagetes erecta L.

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Authors: Oluwatosin A. Ijabadeniyi

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The fact that traditional food safety system in the absence of food safety culture is inadequate has recently become a cause of concern for food safety professionals and other stakeholders. Focusing on implementation of traditional food safety system i.e HACCP prerequisite program and HACCP without the presence of food safety culture in the food industry has led to the processing, marketing and distribution of contaminated foods. The results of this are regular out breaks of food borne illnesses and recalls of foods from retail outlets with serious consequences to the consumers and manufacturers alike. This article will consider the importance of food safety culture, the cases of outbreaks and recalls that occurred when companies did not make food safety culture a priority. Most importantly, the food safety cultures of some food industries in South Africa were assessed from responses to questionnaires from food safety/food industry professionals in Durban South Africa. The article was concluded by recommending that both food industry employees and employers alike take food safety culture seriously.

Keywords: Good Manufacturing Practices (GMPs), food borne illnesses, food safety culture, food safety system, HACCP.

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Authors: Siddhant Sahu, P. James Daniel Paul

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Technical analysis comprised by various technical indicators is a holistic way of representing price movement of stocks in the market. Various forms of indicators have evolved from the primitive ones in the past decades. There have been many attempts to introduce volume as a major determinant to determine strong patterns in market forecasting. The law of demand defines the relationship between the volume and price. Most of the traders are familiar with the volume game. Including the time dimension to the law of demand provides a different visualization to the theory. While attempting the same, it was found that there are different thresholds in the market for different companies. These thresholds have a significant influence on the price. This article is an attempt in determining the thresholds for companies using the three dimensional graphs for optimizing the portfolios. It also emphasizes on the magnitude of importance of volumes as a key factor for determining of predicting strong price movements, bullish and bearish markets. It uses a comprehensive data set of major companies which form a major chunk of the Indian automotive sector and are thus used as an illustration.

Keywords: Technical Analysis, Expert System, Law of demand, Stocks, Portfolio Analysis, Indian Automotive Sector.

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Authors: Carol Anne Hargreaves

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A key issue in stock investment is how to select representative features for stock selection. The objective of this paper is to firstly determine whether an automated stock investment system, using machine learning techniques, may be used to identify a portfolio of growth stocks that are highly likely to provide returns better than the stock market index. The second objective is to identify the technical features that best characterize whether a stock’s price is likely to go up and to identify the most important factors and their contribution to predicting the likelihood of the stock price going up. Unsupervised machine learning techniques, such as cluster analysis, were applied to the stock data to identify a cluster of stocks that was likely to go up in price – portfolio 1. Next, the principal component analysis technique was used to select stocks that were rated high on component one and component two – portfolio 2. Thirdly, a supervised machine learning technique, the logistic regression method, was used to select stocks with a high probability of their price going up – portfolio 3. The predictive models were validated with metrics such as, sensitivity (recall), specificity and overall accuracy for all models. All accuracy measures were above 70%. All portfolios outperformed the market by more than eight times. The top three stocks were selected for each of the three stock portfolios and traded in the market for one month. After one month the return for each stock portfolio was computed and compared with the stock market index returns. The returns for all three stock portfolios was 23.87% for the principal component analysis stock portfolio, 11.65% for the logistic regression portfolio and 8.88% for the K-means cluster portfolio while the stock market performance was 0.38%. This study confirms that an automated stock investment system using machine learning techniques can identify top performing stock portfolios that outperform the stock market.

Keywords: Machine learning, stock market trading, logistic principal component analysis, automated stock investment system.

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Authors: Cheng-Chia Yang , Yi-Shun Wang , Sue-Ting Chang, Suh-Er Guo, Mei-Fen Huang

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Object: Review recent publications of patient safety culture to investigate the relationship between leadership behavior, safety culture, and safety performance in the healthcare industry. Method: This study is a cross-sectional study, 350 questionnaires were mailed to hospital workers with 195 valid responses obtained, and a 55.7% valid response rate. Confirmatory factor analysis (CFA) was carried out to test the factor structure and determine if the composite reliability was significant with a factor loading of >0.5, resulting in an acceptable model fit. Results: Through the analysis of One-way ANOVA, the results showed that physicians significantly have more negative patient safety culture perceptions and safety performance perceptions than non- physicians. Conclusions: The path analysis results show that leadership behavior affects safety culture and safety performance in the health care industry. Safety performance was affected and improved with contingency leadership and a positive patient safety organization culture. The study suggests improving safety performance by providing a well-managed system that includes: consideration of leadership, hospital worker training courses, and a solid safety reporting system.

Keywords: Leadership Behavior, Patient Safety, Safety Culture, Safety Performance

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Authors: Benson Chizubem

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Because of the severe hazards that substantially impact workers' lives and assets lost, the oil and gas industry has established a goal of establishing zero occurrences or accidents in operations. Using leading indicators to measure and assess an organization's safety performance is a proactive approach to safety management. Also, it will provide early warning signals to solve inherent safety issues before they lead to an accident in the study industry. The analysis of these indicators' performance was based on a questionnaire-based methodology. A total number of 1000 questionnaires were disseminated to the workers, of which 327 were returned to the researcher team. The data collected were analysed to evaluate their safety perceptions on indicators performance. Data analysis identified safety training, safety system, safety supervision, safety rules and procedures, safety auditing, strategies and policies, management commitment, safety meeting and safety behaviour, as potential leading indicators that are capable of measuring organizational safety performance and as capable of providing early warning signals of weak safety area in an operational environment. The findings of this study have provided safety researchers and industrial safety practitioners with helpful information on the improvement of the existing safety monitoring process in the oil and gas industry, both locally and globally, as proactive actions.

Keywords: Early warning, safety, accident risks, oil and gas industry.

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Authors: Satjaporn Tungsong, Gun Srijuntongsiri

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This research seeks to investigate the frequency and profitability of index arbitrage opportunities involving the SET50 futures, SET50 component stocks, and the ThaiDEX SET50 ETF (ticker symbol: TDEX). In particular, the frequency and profit of arbitrage are measured in the following three arbitrage tests: (1) SET50 futures vs. ThaiDEX SET50 ETF, (2) SET50 futures vs. SET50 component stocks, and (3) ThaiDEX SET50 ETF vs. SET50 component stocks are investigated. For tests (2) and (3), the problems involve conic optimization and quadratic programming as subproblems. This research is first to apply conic optimization and quadratic programming techniques in the context of index arbitrage and is first to investigate such index arbitrage in the Thai equity and derivatives markets. Thus, the contribution of this study is twofold. First, its results would help understand the contribution of the derivatives securities to the efficiency of the Thai markets. Second, the methodology employed in this study can be applied to other geographical markets, with minor adjustments.

Keywords: Conic optimization, Equity index arbitrage, Executionlags, Quadratic programming, SET50 index futures, ThaiDEX SET50ETF, Transaction costs

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Authors: S. Al Wadi, Mohd Tahir Ismail, Samsul Ariffin Abdul Karim

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It is well known that during the developments in the economic sector and through the financial crises occur everywhere in the whole world, volatility measurement is the most important concept in financial time series. Therefore in this paper we discuss the volatility for Amman stocks market (Jordan) for certain period of time. Since wavelet transform is one of the most famous filtering methods and grows up very quickly in the last decade, we compare this method with the traditional technique, Fast Fourier transform to decide the best method for analyzing the volatility. The comparison will be done on some of the statistical properties by using Matlab program.

Keywords: Fast Fourier transforms, Haar wavelet transform, Matlab (Wavelet tools), stocks market, Volatility.

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Authors: Charita Jashi

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The aim of the paper is to explore the role of social marketing in changing the behavior of consumers on road safety, identify critical aspects and priority needs which impede the implementation of road safety program in Georgia. Given the goals of the study, a quantitative method was used to carry out interviews for primary data collection. This research identified the awareness level of road safety, legislation base, and marketing interventions to change behavior of drivers and pedestrians. During several years the non-governmental sector together with the local authorities and media have been very intensively working on the road safety issue in Georgia, but only seat-belts campaign should be considered rather successful. Despite achievements in this field, efficiency of road safety programs far from fulfillment and needs strong empowering.

Keywords: Road safety, social marketing interventions, behavior change, well-being.

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Authors: Efua Ehiaguina, Haruna Moda

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Interest in the development of appropriate safety culture in the oil and gas industry has taken centre stage among stakeholders in the industry. Human behaviour has been identified as a major contributor to occupational accidents, where abnormal activities associated with safety management are taken as normal behaviour. Poor safety culture is one of the major factors that influence employee’s safety behaviour at work, which may consequently result in injuries and accidents and strengthening such a culture can improve workers safety performance. Nigeria oil and gas industry has contributed to the growth and development of the country in diverse ways. However, in terms of safety and health of workers, this industry is a dangerous place to work as workers are often exposed to occupational safety and health hazard. To ascertain the impact of employees’ safety and how it impacts health and safety compliance within the local industry, online safety culture survey targeting frontline workers within the industry was administered covering major subjects that include; perception of management commitment and style of leadership; safety communication method and its resultant impact on employees’ behaviour; employee safety commitment and training needs. The preliminary result revealed that 54% of the participants feel that there is a lack of motivation from the management to work safely. In addition, 55% of participants revealed that employers place more emphasis on work delivery over employee’s safety on the installation. It is expected that the study outcome will provide measures aimed at strengthening and sustaining safety culture in the Nigerian oil and gas industry.

Keywords: Oil and gas safety, safety behaviour, safety culture, safety compliance.

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Authors: Zulhisyam Salleh, Erita M. Mazlan, Saiful A. Mazlan, Norzainariah A. Hassan, Fizatul A. Patakor

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Technical laboratories are typically considered as highly hazardous places in the polytechnic institution when addressing the problems of high incidences and fatality rates. In conjunction with several topics covered in the technical curricular, safety and health precaution should be highlighted in order to connect to few key ideas of being safe. Therefore the assessment of safety awareness in terms of safety and health about hazardous and risks at laboratories is needed and has to be incorporated with technical education and other training programmes. The purpose of this study was to determine the efficacy of technical laboratory safety in one of the polytechnics in northern region. The study examined three related issues that were; the availability of safety material and equipment, safety practice adopted by technical teachers and administrator-s safety attitudes in enforcing safety to the students. A model of efficacy technical laboratory was developed to test the linear relationship between existing safety material and equipment, teachers- safety practice and administrators- attitude in enforcing safety and to identify which of technical laboratory safety issues was the most pertinent factor to realize safety in technical laboratory. This was done by analyzing survey-based data sets particularly those obtained from samples of 210 students in the polytechnic. The Pearson Correlation was used to measure the association between the variables and to test the research hypotheses. The result of the study has found that there was a significant correlation between existing safety material and equipment, safety practice adopted by teacher and administrator-s attitude. There was also a significant relationship between technical laboratory safety and safety practice adopted by teacher and between technical laboratory safety and administrator attitude. Hence, safety practice adopted by teacher and administrator attitude is vital in realizing technical laboratory safety.

Keywords: Polytechnic, Safety attitudes, Safety practices, Technical laboratory

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Authors: Pimmada Wichasin, Nuntiya Doungphummes

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While service quality is acceptably most valued in the tourism industry, the issue of safety and security plays a key role in sustaining the industry success. Such an issue has been part of Thailand-s tourism development and promotion for several years. Evidently, the Tourist Police Department was set up for this purpose. Its main responsibility is to deal with international tourists- safety and confidence in travelling within Thai territory. However, to strengthen the tourism safety of the country, it is important to better understand international tourists- safety concerns about Thailand. This article seeks to compare international tourists- safety needs and Thai tourist polices- perception towards the tourists- safety concern to determine what measure should be taken to assure the tourist of Thailand-s secure environment. Through the employment of quantitative and qualitative methodological approaches, the tourism safety need of international tourists from Europe, North America and Asia was excavated, how Thai tourist polices and local polices perceived the international tourist-s safety concern was investigated, and opinion and experiences about how the police deal with international tourists- problems in eight touristic areas were also explored. A comparative result reveals a certain degrees of differences in international tourists- safety needs and Thai polices- perception towards their needs. The tourism safety prevention and protection measure and practice are also suggested.

Keywords: Tourism risk, Tourism safety, Travel safety need, Travelling in Thailand

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Authors: Nuray Gökçek Karaca

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This study aims to examine the application of occupational health and safety supervision in Turkey and EU countries in terms of legal regulations. The results of research reveal that occupational health and safety supervision in EU countries, whatever the understanding of welfare state, is effectively carried out and almost all legal regulations on this subject are consistent with the EU directives. On the other hand, there are serious problems in applications, not legal regulations, of occupational health and safety supervision in Turkey by the side of EU countries. Indeed, Turkey has modern regulations on occupational health and safety supervision whereas there are several problems such as ignoring prevention policy on occupational health and safety supervision, understanding of monotype inspector, problems resulting from this understanding and dispersed structure of occupational health and safety organizations in workplaces. As a result, Turkey needs to carry out effective supervision mechanisms.

Keywords: Legal Rules, Occupational Health and Safety, Inspection, Supervision, Legislation.

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Authors: Shahram Jafari, Mohammad-Ali Nikouei Mahani, Mohammad Arabnezhad, Mahdi Sharifi

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Car accident is one of the major causes of death in many countries. Many researchers have attempted to design and develop techniques to increase car safety in the past recent years. In spite of all the efforts, it is still challenging to design a system adaptive to the driver rather than the automotive characteristics. In this paper, the adaptive car safety system is explained which attempts to find a balance.

Keywords: Analog to Digital Converter (ADC), AdaptiveCar Safety System, Multi-Media Card (MMC).

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Authors: Heungsu Lee, Youngseok Kim, Jonghwa Yi, Chul Park

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A landing pier is subjected to safety assessment by visual inspection and design data, but it is difficult to check the damage in real-time. In this study, real - time damage detection and safety evaluation methods were studied. As a result of structural analysis of the arbitrary landing pier structure, the inflection point of deformation and moment occurred at 10%, 50%, and 90% of pile length. The critical value of Fiber Bragg Grating (FBG) sensor was set according to the safety factor, and the FBG sensor application method for real - time safety evaluation was derived.

Keywords: FBG sensor, harbor structure, maintenance, safety evaluation system.

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Authors: Sadia Afroza, Rakiba Rouf

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Road safety and associated behaviors have received significant attention in recent years, reflecting general public concern. This paper portrays a statistical scenario of the young drivers in UAE with emphasis on various concern points of young driver’s behavior and license issuance. Although there are many factors contributing to road accidents, statistically it is evident that age plays a major role in road accidents. Despite ensuring strict road safety laws enforced by the UAE government, there is a staggering correlation among road accidents and young driver’s at UAE. However, private organizations like BMW and RoadSafetyUAE have extended its support on conducting surveys on driver’s behavior with an aim to ensure road safety. Various strategies such as road safety law enforcement, license issuance, adapting new technologies like safety cameras and raising awareness can be implemented to improve the road safety concerns among young drivers.

Keywords: Driving behavior, GLDS, road safety, UAE drivers, young drivers.

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Authors: Josephine Mutwale-Ziko, Nonde Lushinga, Inonge Akakandelwa

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The study discusses the effectiveness of health and safety induction practices on construction sites against the background of the Zambian construction industry experience. The research design included the literature review of relevant literature. Questionnaires and interviews were administered to regulatory bodies, health, and safety personnel. Observation was also employed on construction sites to assess the health and safety practices being used. Health and safety in the construction industry are not something to be ignored or overlooked. The construction industry needs to take heed of the serious consequences of inadequate health and safety induction practices. The implications of inadequate health and safety induction procedures included among others threats to profitability, corporate social responsibility and increased turnover of the workforce leading to poor productivity. Adequate health and safety practices can improve the health and wellbeing of employees, reduce financial implications on firms and encourage productivity on construction sites. Despite this, accidents are still prevalent on construction sites in Zambia. The overall result of this research denotes that the implementation of health and safety induction practices is inadequate, as indicated by the negligent and non-adherent attitude to health and safety induction aspects on the sites by most stakeholders on construction sites. Therefore, health and safety induction practices are ineffective as preventive measures for reduction of accidents on construction sites in Zambia.

Keywords: Accidents, employees, health and safety, inadequate induction.

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Authors: Julian Becker, Wiebke Hartmann, Sebastian Bertsch, Johannes Nywlt, Matthias Schmidt

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In order to ensure a high service level industrial enterprises have to maintain safety-stock that directly influences the economic efficiency at the same time. This paper analyses established mathematical methods to calculate safety-stock. Therefore, the performance measured in stock and service level is appraised and the limits of several methods are depicted. Afterwards, a new dynamic approach is presented to gain an extensive method to calculate safety-stock that also takes the knowledge of future volatility into account.

Keywords: Inventory dimensioning, material requirement planning, safety-stock calculation.

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Authors: Lertchai Ratana-Arporn, Aphisith Angkhanit

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The objective of this study was to develop safety practices which is suitable for Thai industrial operators from Incident and Injury Free, IIF to create safety behavior and reduce the un-safe records in the petroleum industry. A number of 310 technicians i.e., 295 males and 15 females, in service maintenance section participated in this program. The safety attitude level and safety behavior level for pre-attended and post-attended the developed safety practices of the technicians were evaluated using questionnaire procedure and on-site observation. After applied the developed practice program, both of the safety attitudes and safety behavior were increased to be at very good level and good level, respectively. Evaluating the follow-up unsafe records, it was found that the injury was reduced from 0.11 to 0 case/month, the medical treatment case was reduced from 0.22 to 0 case/month and the first aid case was reduced from 1 to 0.33 case/month. The developed safety working practice was successfully implemented to Thai industrial operators.

Keywords: Incident and Injury Free, safety practices, Thai industrial operators, "WeCare".

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Authors: Gyou-tae Park, Young-gyu Kim, Jeong-rock Kwon, Yongwoo Lee, Hiesik Kim

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The gas safety management system using an intelligent gas meter we proposed is to monitor flow and pressure of gas, earthquake, temperature, smoke and leak of methane. Then our system takes safety measures to protect a serious risk by the result of an event, to communicate with a wall-pad including a gateway by zigbee network in buildings and to report the event to user by the safety management program in a server. Also, the inner cutoff valve of an intelligent gas meter is operated if any event occurred or abnormal at each sensor.

Keywords: micom gas-meter, gas safety, zigbee, ubiquitous

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Authors: Sung Kyu Kim, Yong Soo Kim

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Safety instrumented systems (SISs) are becoming increasingly complex and the proportion of programmable electronic parts is growing. The IEC 61508 global standard was established to ensure the functional safety of SISs, but it was expressed in highly macroscopic terms. This study introduces an evaluation process for hardware safety integrity levels through failure modes, effects, and diagnostic analysis (FMEDA).FMEDA is widely used to evaluate safety levels, and it provides the information on failure rates and failure mode distributions necessary to calculate a diagnostic coverage factor for a given component. In our evaluation process, the components of the SIS subsystem are first defined in terms of failure modes and effects. Then, the failure rate and failure mechanism distribution are assigned to each component. The safety mode and detectability of each failure mode are determined for each component. Finally, the hardware safety integrity level is evaluated based on the calculated results.

Keywords: Safety instrumented system; Safety integrity level; Failure modes, effects, and diagnostic analysis; IEC 61508.

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