Search results for: cash-generating assets

Authors: S. Hasan, I. Beshara

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Infrastructure maintenance is a great challenge facing sustainable development of infrastructure assets due to the high cost of passive implementation of a sustainable maintenance plan. An assessment model of sustainable maintenance for highway infrastructure projects in Egypt is developed in this paper. It helps in improving the implementation of sustainable maintenance criteria. Thus, this paper has applied the analytical hierarchy processes (AHP) to rank and explore the weight of 26 assessment indicators using three hierarchy levels containing the main sustainable categories and subcategories with related indicators. Overall combined weight of each indicator for sustainable maintenance evaluation has been calculated to sum up to a sustainable maintenance performance index (SMI). The results show that the factor "Preventive maintenance cost" has the highest relative contribution factor among others (13.5%), while two factors of environmental performance have the least weights (0.7%). The developed model aims to provide decision makers with information about current maintenance performance and support them in the decision-making process regarding future directions of maintenance activities. It can be used as an assessment performance tool during the operation and maintenance stage. The developed indicators can be considered during designing the maintenance plan. Practices for successful implementation of the model are also presented.

Keywords: Analytical Hierarchy Process, AHP, assessment performance model, KPIs for sustainable maintenance, sustainable maintenance index.

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

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

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

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Authors: B. Stroetmann, A. Aisenbrey

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The Siemens Healthcare Sector is one of the world's largest suppliers to the healthcare industry and a trendsetter in medical imaging and therapy, laboratory diagnostics, medical information technology, and hearing aids. Siemens offers its customers products and solutions for the entire range of patient care from a single source – from prevention and early detection to diagnosis, and on to treatment and aftercare. By optimizing clinical workflows for the most common diseases, Siemens also makes healthcare faster, better, and more cost effective. The optimization of clinical workflows requires a multidisciplinary focus and a collaborative approach of e.g. medical advisors, researchers and scientists as well as healthcare economists. This new form of collaboration brings together experts with deep technical experience, physicians with specialized medical knowledge as well as people with comprehensive knowledge about health economics. As Charles Darwin is often quoted as saying, “It is neither the strongest of the species that survive, nor the most intelligent, but the one most responsive to change," We believe that those who can successfully manage this change will emerge as winners, with valuable competitive advantage. Current medical information and knowledge are some of the core assets in the healthcare industry. The main issue is to connect knowledge holders and knowledge recipients from various disciplines efficiently in order to spread and distribute knowledge.

Keywords: Business Excellence, Clinical Knowledge, Knowledge Management, Knowledge Services, Learning Organizations, Trust.

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Authors: Nieto B. W, Luna A. C, Ramos R. J.

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This paper describes an experience of research, development and innovation applied in Industrial Naval at (Science and Technology Corporation for the Development of Shipbuilding Industry, Naval in Colombia (COTECMAR) particularly through processes of research, innovation and technological development, based on theoretical models related to organizational knowledge management, technology management and management of human talent and integration of technology platforms. It seeks ways to facilitate the initial establishment of environments rich in information, knowledge and content-supported collaborative strategies on dynamic processes missionary, seeking further development in the context of research, development and innovation of the Naval Engineering in Colombia, making it a distinct basis for the generation of knowledge assets from COTECMAR. The integration of information and communication technologies, supported on emerging technologies (mobile technologies, wireless, digital content via PDA, and content delivery services on the Web 2.0 and Web 3.0) as a view of the strategic thrusts in any organization facilitates the redefinition of processes for managing information and knowledge, enabling the redesign of workflows, the adaptation of new forms of organization - preferably in networking and support the creation of symbolic-inside-knowledge promotes the development of new skills, knowledge and attitudes of the knowledge worker

Keywords: Management Knowledge, Information andCommunication Technologies, Knowledge Worker.

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Authors: B. Suárez, G. Forman

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Kombucha (a symbiotic culture of bacteria and yeast) produces material capable of acquiring multiple shapes and textures that change significantly under different environment or temperature variations (e.g., when it is exposed to wet conditions), properties that may be explored in the scenic industry. This paper presents an analysis of its specific characteristics, exploring them as a non-conventional material for arts and performance. Costume Design uses surfaces as a powerful way of expression to represent concepts and stories; it may apply the unique features of nano bacterial cellulose (NBC) as assets in this artistic context. A mix of qualitative and quantitative (interventionist) methodology approaches were used such as review of relevant literature to deepen knowledge on the research topic (crossing bibliography from different fields of studies: biology, art, costume design, etc.); as well as descriptive methods: laboratorial experiments, document quantities, observation to identify material properties and possibilities used to express a multiple narrative ideas, concepts and feelings. The results confirmed that NBC is an interactive and versatile material viable to be used in an alternative scenic context; its unique aesthetic and performative qualities, which change in contact to moisture, are resources that can be used to show a visual and poetic impact on stage.

Keywords: Biotechnological materials, contemporary dance, costume design, nano bacterial cellulose, performing arts.

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Authors: Jan Cernohorsky

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This article aims to assess the evolution of imperfect competition in selected banking markets, in particular in the banking markets of Slovakia, Poland, Hungary, Slovenia and Croatia. Another objective is to assess the evolution of the relationship of imperfect competition and profit development in the banking markets. The article first provides an overview of literature on the topic. It then measures the degree of imperfect competition in individual markets using the Herfindahl-Hirschman Index. The commonly used indicator of total assets was chosen as an indicator. Based on this measurement, the individual banking sectors are categorized into theoretical definitions of the various types of imperfect competition - namely all surveyed banking sectors falling within the theoretical definition of monopolistic competition. Subsequently, using correlation analysis, i.e., the Pearson correlation coefficient, or the Spearman correlation coefficient, the connection between the evolution of imperfect competition and the development of the gross profit on selected banking markets was surveyed. It was found that with the exception of the banking market in Slovenia, where there is a positive correlation; there is no correlation between the evolution of imperfect competition and profit development in the selected markets. This means a recommendation for the regulators that it is not appropriate to rationalize a higher degree of regulation in granting banking licenses on the size of the profits attained in the banking market, as the relationship between the degree of concentration in the banking market and the amount of profit according to our measurements does not exist.

Keywords: Banking system, imperfect competition, profitability.

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Authors: Farzad Yavari, Fereydoun Ohadi

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Today, with the development and growth of technology and extreme environmental changes, organizations need to identify opportunities and create creativity and innovation in order to be able to maintain or improve their position in competition with others. In this regard, it is necessary that the resources and assets of the organization are coordinated and reviewed in accordance with the orientation of the strategy. One of the competitive advantages of the present age is knowledge management, which is to equip the organization with the knowledge of the day and disseminate among employees and use it in the development of products and services. Therefore, in the forthcoming research, the impact of dynamic capabilities components (sense, seize, and reconfiguration) has been investigated on knowledge management processes (acquisition, integration and knowledge utilization) in the MAPNA Engineering and Construction Company using a field survey and applied research method. For this purpose, a questionnaire was filled out in the form of 15 questions for dynamic components and 15 questions for measuring knowledge management components and distributed among 46 employees of the knowledge management organization. Validity of the questionnaire was evaluated through content validity and its reliability with Cronbach's coefficient. Pearson correlation test and structural equation technique were used to analyze the data. The results of the research indicate a positive significant correlation between the components of dynamic capabilities and knowledge management.

Keywords: Dynamic capabilities, knowledge management, sense capability, seize capability, reconfigurable capability, knowledge acquisition, knowledge integrity, knowledge utilization.

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Authors: Zhiwen Pan, Jesus Pacheco, Salim Hariri, Yiqiang Chen, Bozhi Liu

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The Internet of Things (IoT) will lead to the development of advanced Smart Home services that are pervasive, cost-effective, and can be accessed by home occupants from anywhere and at any time. However, advanced smart home applications will introduce grand security challenges due to the increase in the attack surface. Current approaches do not handle cybersecurity from a holistic point of view; hence, a systematic cybersecurity mechanism needs to be adopted when designing smart home applications. In this paper, we present a generic intrusion detection methodology to detect and mitigate the anomaly behaviors happened in Smart Home Systems (SHS). By utilizing our Smart Home Context Data Structure, the heterogeneous information and services acquired from SHS are mapped in context attributes which can describe the context of smart home operation precisely and accurately. Runtime models for describing usage patterns of home assets are developed based on characterization functions. A threat-aware action management methodology, used to efficiently mitigate anomaly behaviors, is proposed at the end. Our preliminary experimental results show that our methodology can be used to detect and mitigate known and unknown threats, as well as to protect SHS premises and services.

Keywords: Internet of Things, network security, context awareness, intrusion detection

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Authors: M. Abdelhamid, I. Beshara, M. Ghoneim

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In Egypt, the concept of Asset Management (AM) is new; however, the need for applying it has become crucial because deteriorating or losing an asset is unaffordable in a developing country like Egypt. Therefore the current study focuses on educational buildings as one of the most important assets regarding planning, building, operating and maintenance expenditures. The main objective of this study is to develop a SAMF for educational buildings in Egypt. The General Authority for Educational Buildings (GAEB) was chosen as a case study of the current research as it represents the biggest governmental organization responsible for planning, operating and maintaining schools in Egypt. To achieve the research objective, structured interviews were conducted with senior managers of GAEB using a pre designed questionnaire to explore the current practice of AM. Gab analysis technique was applied against best practices compounded from a vast literature review to identify gaps between current practices and the desired one. The previous steps mainly revealed; limited knowledge about strategic asset management, no clear goals, no training, no real risk plan and lack of data, technical and financial resources. Based on the findings, a SAMF for GAEB was introduced and Framework implementation steps and assessment techniques were explained in detail.

Keywords: Strategic Asset Management, Educational Building, Framework, Gab Analysis, Developing Country.

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Authors: A. Elbaz, K. Spang

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Infrastructure projects are often subjected to delays and cost overruns and mistakenly described as unsuccessful projects. These projects have many peculiarities such as public attention, impact on the environment, subjected to special regulations, etc. They also deal with several stakeholders with different motivations and face unique risks. With this in mind we need to reconsider our approach to manage them, define their success factors and implement these success factors. Infrastructure projects are not only lacking a unified meaning of project success or a definition of success factors, but also a clear method to implement these factors. This paper investigates this gap and introduces a concept to implement success factors in an efficient way, taking into consideration the specific characteristics of infrastructure projects. This concept consists of six enablers such as project organization, project team, project management workflow, contract management, communication and knowledge transfer and project documentations. These enablers allow other success factors to be efficiently implemented in projects. In conclusion, this paper provides project managers as well as company managers with a tool to define and implement success factors efficiently in their projects, along with upgrading their assets for the coming projects. This tool consists of processes and validated checklists to ensure the best use of company resources and knowledge. Due to the special features of infrastructure projects this tool will be tested in the German infrastructure market. However, it is meant to be adaptable to other markets and industries.

Keywords: Infrastructure projects, enablers, project success, success factors, transportation projects.

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Authors: Muhammad Tayyab, Saba Saira

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It is an established fact that organizations across the globe consider employees as their assets and try to advance their well-being. However, the local firms of developing countries are mostly profit oriented and do not have much concern about their employees’ engagement or commitment. Like other developing countries, the local organizations of Pakistan are also less concerned about the well-being of their employees. Especially public sector organizations lack concern regarding engagement, satisfaction or commitment of the employees. Therefore, this study aimed at investigating the impact of job recognition and job motivation on organizational commitment in the mediation role of employee engagement. The data were collected from land record officers of board of revenue, Punjab, Pakistan. Structured questionnaire was used to collect data through physically visiting land record officers and also through the internet. A total of 318 land record officers’ responses were finalized to perform data analysis. The data were analyzed through confirmatory factor analysis and structural equation modeling technique. The findings revealed that job recognition and job motivation have direct as well as indirect positive and significant impact on organizational commitment. The limitations, practical implications and future research indications are also explained.

Keywords: Job motivation, job recognition, employee engagement, employee commitment, public sector, land record officers.

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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: Eisa A. Alsafran, Francis T. Edum-Fotwe, Wayne E. Lord

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The degree to which a public client actively participates in Public Private Partnership (PPP) schemes, is seen as a determinant of the success of the arrangement, and in particular, efficiency in the delivery of the assets of any infrastructure development. The asset delivery is often an early barometer for judging the overall performance of the PPP. Currently, there are no defined descriptors for the degree of such participation. The lack of defined descriptors makes the association between the degree of participation and efficiency of asset delivery, difficult to establish. This is particularly so if an optimum effect is desired. In addition, such an association is important for the strategic decision to embark on any PPP initiative. This paper presents a conceptual model of different levels of participation that characterise PPP schemes. The modelling was achieved by a systematic review of reported sources that address essential aspects and structures of PPP schemes, published from 2001 to 2015. As a precursor to the modelling, the common areas of Public Client Participation (PCP) were investigated. Equity and risk emerged as two dominant factors in the common areas of PCP, and were therefore adopted to form the foundation of the modelling. The resultant conceptual model defines the different states of combined PCP. The defined states provide a more rational basis for establishing how the degree of PCP affects the efficiency of asset delivery in PPP schemes.

Keywords: Asset delivery, infrastructure development, public private partnership, public client participation.

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Authors: Edmond W.M. Lam, Albert P.C. Chan, Daniel W.M. Chan

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Buildings are one of the valuable assets to provide people with shelters for work, leisure and rest. After years of attacks by weather, buildings will deteriorate which need proper maintenance in order to fulfill the requirements and satisfaction of the users. Poorly managed buildings not just give a negative image to the city itself, but also pose potential risk hazards to the health and safety of the general public. As a result, the management of maintenance projects has played an important role in cities like Hong Kong where the problem of urban decay has drawn much attention. However, most research has focused on managing new construction, and little research effort has been put on maintenance projects. Given the short duration and more diversified nature of work, repair and maintenance works are found to be more difficult to monitor and regulate when compared with new works. Project participants may face with problems in running maintenance projects which should be investigated so that proper strategies can be established. This paper aims to provide a thorough analysis on the problems of running maintenance projects. A review of literature on the characteristics of building maintenance projects was firstly conducted, which forms a solid basis for the empirical study. Results on the problems and difficulties of running maintenance projects from the viewpoints of industry practitioners will also be delivered with a view to formulating effective strategies for managing maintenance projects successfully.

Keywords: characteristics, problems, building maintenance, Hong Kong

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Authors: Taylan Kabbani, Ekrem Duman

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Deep Reinforcement Learning (DRL) algorithms can scale to previously intractable problems. The automation of profit generation in the stock market is possible using DRL, by combining  the financial assets price ”prediction” step and the ”allocation” step of the portfolio in one unified process to produce fully autonomous systems capable of interacting with its environment to make optimal decisions through trial and error. This work represents a DRL model to generate profitable trades in the stock market, effectively overcoming the limitations of supervised learning approaches. We formulate the trading problem as a Partially observed Markov Decision Process (POMDP) model, considering the constraints imposed by the stock market, such as liquidity and transaction costs. We then solved the formulated POMDP problem using the Twin Delayed Deep Deterministic Policy Gradient (TD3) algorithm and achieved a 2.68 Sharpe ratio on the test dataset. From the point of view of stock market forecasting and the intelligent decision-making mechanism, this paper demonstrates the superiority of DRL in financial markets over other types of machine learning and proves its credibility and advantages of strategic decision-making.

Keywords: Autonomous agent, deep reinforcement learning, MDP, sentiment analysis, stock market, technical indicators, twin delayed deep deterministic policy gradient.

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Authors: Levan Sabauri

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In this paper, we discuss the deteriorated standing of engineering companies, some of the reasons behind it and the problems facing engineering enterprises during the financial crisis. We show the part that financial analysis plays in the detection of the main factors affecting the standing of a company, classify internal problems and the reasons influencing efficiency thereof. The publication contains the analysis of municipal engineering companies in post-Soviet transitional economies. In the wake of the 2008 world financial crisis the issue became even more poignant. It should be said though that even before the problem had been no less acute for some post-Soviet states caught up in a lengthy transitional period. The paper highlights shortcomings in the management of transportation companies, with new, more appropriate methods suggested. In analyzing the financial stability of a company, three elements need to be considered: current assets, investment policy and structural management of the funding sources leveraging the stability, should be focused on. Inappropriate management of the three may create certain financial problems, with timely and accurate detection thereof being an issue in terms of improved standing of an enterprise. In this connection, the publication contains a diagram reflecting the reasons behind the deteriorated financial standing of a company, as well as a flow chart thereof. The main reasons behind low profitability are also discussed.

Keywords: Efficiency, financial management, financial analysis funding structure, financial sustainability, investment policy, profitability, solvency, working capital.

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Authors: Dimitrios J. Dimitriou, Maria F. Sartzetaki

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Transport infrastructure assets are key components of the national asset portfolio. The decision to invest in a new infrastructure in transports could take from a few years to some decades. This is mainly because of the need to reserve and spent many capitals, the long payback period, the number of the stakeholders involved in decision process and –many times- the investment and business risks are high. Therefore, the decision assessment framework is an essential challenge linked with the key decision factors meet the stakeholder expectations highlighting project trade-offs, financial risks, business uncertainties and market limitations. This paper examines the decision process for new transport infrastructure projects in cross border regions, where a wide range of stakeholders with different expectation is involved. According to a consequences analysis systemic approach, the relationship of transport infrastructure development, economic system development and stakeholder expectation is analyzed. Adopting the on system of system methodological approach, the decision making framework, variables, inputs and outputs are defined, highlighting the key shareholder’s role and expectations. The application provides the methodology outputs presenting the proposed decision framework for a strategic railway project in north Greece deals with the upgrade of the existing railway corridor connecting Greece, Turkey and Bulgaria.

Keywords: System of system approach, decision making, cross-border, infrastructure project.

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Authors: Nadezhda Kvatashidze

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The International Accounting Standards Board updated the conceptual framework for financial reporting. The main reason behind it is to resolve the tasks of the accounting, which are caused by the market development and business-transactions of a new economic content. Also, the investors call for higher transparency of information and responsibility for the results in order to make a more accurate risk assessment and forecast. All these make it necessary to further develop the conceptual framework for financial reporting so that the users get useful information. The market development and certain shortcomings of the conceptual framework revealed in practice require its reconsideration and finding new solutions. Some issues and concepts, such as disclosure and supply of information, its qualitative characteristics, assessment, and measurement uncertainty had to be supplemented and perfected. The criteria of recognition of certain elements (assets and liabilities) of reporting had to be updated, too and all this is set out in the updated edition of the conceptual framework for financial reporting, a comprehensive collection of concepts underlying preparation of the financial statement. The main objective of conceptual framework revision is to improve financial reporting and development of clear concepts package. This will support International Accounting Standards Board (IASB) to set common “Approach & Reflection” for similar transactions on the basis of mutually accepted concepts. As a result, companies will be able to develop coherent accounting policies for those transactions or events that are occurred from particular deals to which no standard is used or when standard allows choice of accounting policy.

Keywords: Conceptual framework, measurement basis, measurement uncertainty, neutrality, prudence, stewardship.

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Authors: Hebberly Ahatlan

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The process of digitizing energy systems involves transforming traditional energy infrastructure into interconnected, data-driven systems that enhance efficiency, sustainability, and responsiveness. As smart grids become increasingly integral to the efficient distribution and management of electricity from both fossil and renewable energy sources, the energy industry faces strategic challenges associated with digitalization and interoperability — particularly in the context of modern energy business models, such as virtual power plants (VPPs). The critical challenge in modern smart grids is to seamlessly integrate diverse technologies and systems, including virtualization, grid computing and service-oriented architecture (SOA), across the entire energy ecosystem. Achieving this requires addressing issues like semantic interoperability, Information Technology (IT) and Operational Technology (OT) convergence, and digital asset scalability, all while ensuring security and risk management. This paper proposes a four-layer digitalization framework to tackle these challenges, encompassing persistent data protection, trusted key management, secure messaging, and authentication of IoT resources. Data assets generated through this framework enable AI systems to derive insights for improving smart grid operations, security, and revenue generation. Furthermore, this paper also proposes a Trusted Energy Interoperability Alliance as a universal guiding standard in the development of this digitalization framework to support more dynamic and interoperable energy markets.

Keywords: Digitalization, IT/OT convergence, semantic interoperability, TEIA alliance, VPP.

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Authors: Jin Fan, M. Ala Saadeghvaziri

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Unmanned aerial vehicles (UAVs), also referred to as drones, equipped with various kinds of advanced detecting or surveying systems, are effective and low-cost in data acquisition, data delivery and sharing, which can benefit the building of infrastructures. This paper will give an overview of applications of drones in planning, designing, construction and maintenance of infrastructures. The drone platform, detecting and surveying systems, and post-data processing systems will be introduced, followed by cases with details of the applications. Challenges from different aspects will be addressed. Opportunities of drones in infrastructure include but not limited to the following. Firstly, UAVs equipped with high definition cameras or other detecting equipment are capable of inspecting the hard to reach infrastructure assets. Secondly, UAVs can be used as effective tools to survey and map the landscape to collect necessary information before infrastructure construction. Furthermore, an UAV or multi-UVAs are useful in construction management. UVAs can also be used in collecting roads and building information by taking high-resolution photos for future infrastructure planning. UAVs can be used to provide reliable and dynamic traffic information, which is potentially helpful in building smart cities. The main challenges are: limited flight time, the robustness of signal, post data analyze, multi-drone collaboration, weather condition, distractions to the traffic caused by drones. This paper aims to help owners, designers, engineers and architects to improve the building process of infrastructures for higher efficiency and better performance.

Keywords: Bridge, construction, drones, infrastructure, information.

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Authors: Hossein Taherian Far, Ali Bazaee

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Achieving continuous sustained economic growth and following economic development can be the target for all countries which are looking for it. In this regard, distribution industry plays an important role in growth and development of any nation. So, estimating the efficiency and productivity of the so called industry and identifying factors influencing it, is very necessary. The objective of the present study is to measure the efficiency and productivity of seven branches of Nina Distribution Company using window data envelopment analysis and Malmquist productivity index from spring 2013 to summer 2015. In this study, using criteria of fixed assets, payroll personnel, operating costs and duration of collection of receivables were selected as inputs and people and net sales, gross profit and percentage of coverage to customers were selected as outputs. Then, the process of performance window data envelopment analysis was driven and process efficiency has been measured using Malmquist index. The results indicate that the average technical efficiency of window Data Envelopment Analysis (DEA) model and fluctuating trend is sustainable. But the average management efficiency in window DEA model is related with negative growth (decline) of about 13%. The mean scale efficiency in all windows, except in the second one which is faced with 8%, shows growth of 18% compared to the first window. On the other hand, the mean change in total factor productivity in all branches of the industry shows average negative growth (decrease) of 12% which are the result of a negative change in technology.

Keywords: Nina Distribution Company branches, window data envelopment analysis, Malmquist productivity index.

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Authors: Bright O. Osu, Edikan E. Akpanibah, Chidinma Olunkwa

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In this paper, mean-variance optimization of portfolios with the return of premium clauses in a defined contribution (DC) pension plan with multiple contributors under constant elasticity of variance (CEV) model is studied. The return clauses which permit death members to claim their accumulated wealth are considered, the remaining wealth is not equally distributed by the remaining members as in literature. We assume that before investment, the surplus which includes funds of members who died after retirement adds to the total wealth. Next, we consider investments in a risk-free asset and a risky asset to meet up the expected returns of the remaining members and obtain an optimized problem with the help of extended Hamilton Jacobi Bellman equation. We obtained the optimal investment strategies for the two assets and the efficient frontier of the members by using a stochastic optimal control technique. Furthermore, we studied the effect of the various parameters of the optimal investment strategies and the effect of the risk-averse level on the efficient frontier. We observed that the optimal investment strategy is the same as in literature, secondly, we observed that the surplus decreases the proportion of the wealth invested in the risky asset.

Keywords: DC pension fund, Hamilton Jacobi Bellman equation, optimal investment strategies, stochastic optimal control technique, return of premiums clauses, mean-variance utility.

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Authors: Andressa S. T. Gomes, Luiza A. Souza, Luciana H. Yamane, Renato R. Siman

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The segregation of waste of electrical and electronic equipment (WEEE) in the generating source, its characterization (quali-quantitative) and identification of origin, besides being integral parts of classification reports, are crucial steps to the success of its integrated management. The aim of this paper was to count WEEE generation at the Federal University of Espírito Santo (UFES), Brazil, as well as to define sources, temporary storage sites, main transportations routes and destinations, the most generated WEEE and its recycling potential. Quantification of WEEE generated at the University in the years between 2010 and 2015 was performed using data analysis provided by UFES’s sector of assets management. EEE and WEEE flow in the campuses information were obtained through questionnaires applied to the University workers. It was recorded 6028 WEEEs units of data processing equipment disposed by the university between 2010 and 2015. Among these waste, the most generated were CRT screens, desktops, keyboards and printers. Furthermore, it was observed that these WEEEs are temporarily stored in inappropriate places at the University campuses. In general, these WEEE units are donated to NGOs of the city, or sold through auctions (2010 and 2013). As for recycling potential, from the primary processing and further sale of printed circuit boards (PCB) from the computers, the amount collected could reach U$ 27,839.23. The results highlight the importance of a WEEE management policy at the University.

Keywords: Solid waste, waste of electric and electronic equipment, waste management, institutional generation of solid waste.

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Authors: Edikan E. Akpanibah Obinichi C. Mandah Imoleayo S. Asiwaju

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In this paper, we studied the effect of supplementary premium on the optimal portfolio policy in a defined contribution (DC) pension scheme with refund of premium clauses. This refund clause allows death members’ next of kin to withdraw their relative’s accumulated wealth during the accumulation period. The supplementary premium is to help sustain the scheme and is assumed to be stochastic. We considered cases when the remaining wealth is equally distributed and when it is not equally distributed among the remaining members. Next, we considered investments in cash and equity to help increase the remaining accumulated funds to meet up with the retirement needs of the remaining members and composed the problem as a continuous time mean-variance stochastic optimal control problem using the actuarial symbol and established an optimization problem from the extended Hamilton Jacobi Bellman equations. The optimal portfolio policy, the corresponding optimal fund size for the two assets and also the efficient frontier of the pension members for the two cases was obtained. Furthermore, the numerical simulations of the optimal portfolio policies with time were presented and the effect of the supplementary premium on the optimal portfolio policy was discussed and observed that the supplementary premium decreases the optimal portfolio policy of the risky asset (equity). Secondly we observed a disparity between the optimal policies for the two cases.

Keywords: Defined contribution pension scheme, extended Hamilton Jacobi Bellman equations, optimal portfolio policies, refund of premium clauses, supplementary premium.

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Authors: Giani Gradinaru

Abstract:

Biodiversity crisis is one of the many crises that started at the turn of the millennia. Concrete form of expression is still disputed, but there is a relatively high consensus regarding the high rate of degradation and the urgent need for action. The strategy of action outlines a strong economic component, together with the recognition of market mechanisms as the most effective policies to protect biodiversity. In this context, biodiversity and ecosystem services are natural assets that play a key role in economic strategies and technological development to promote development and prosperity. Developing and strengthening policies for transition to an economy based on efficient use of resources is the way forward. To emphasize the co-viability specific to the connection economyecosystem services, scientific approach aimed on one hand how to implement policies for nature conservation and on the other hand, the concepts underlying the economic expression of ecosystem services- value, in the context of current technology. Following the analysis of business opportunities associated with changes in ecosystem services was concluded that development of market mechanisms for nature conservation is a trend that is increasingly stronger individualized within recent years. Although there are still many controversial issues that have already given rise to an obvious bias, international organizations and national governments have initiated and implemented in cooperation or independently such mechanisms. Consequently, they created the conditions for convergence between private interests and social interests of nature conservation, so there are opportunities for ongoing business development which leads, among other things, the positive effects on biodiversity. Finally, points out that markets fail to quantify the value of most ecosystem services. Existing price signals reflect at best, only a proportion of the total amount corresponding provision of food, water or fuel.

Keywords: ecosystem services, economic evaluation, nature conservation

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Authors: U. Tumaini, J. Msuya

Abstract:

Food insecurity is a worrying challenge worldwide with sub-Saharan Africa including Tanzania being the most affected. Although factors that influence household food access security status and ways of coping with such factors have been examined, little has been reported on how these coping strategies vary along the urban-rural continuum especially in medium-sized towns. The purpose of this study was to identify food insecurity coping strategies employed by households and assess whether they are similar along the urban-rural continuum. The study was cross-sectional in design whereby a random sample of 279 households was interviewed using structured questionnaire. Data were analysed using Statistical Package for Social Sciences (SPSS) Version 20 software. It was revealed that the proportion of households relying on less preferred and quality foods, eating fewer meals per day, undertaking work for food or money, performing farm and off-farm activities, and selling fall back assets was higher in rural settings compared to urban and peri-urban areas. Similarly, more households in urban and peri-urban areas cope with food access insecurity by having strict food budgets compared to those in rural households (p ≤ 0.001). The study concludes that food insecurity coping strategies vary significantly from one spatial entity to another. It is thereby recommended that poor, particularly rural households should be supported to diversify their income-generating activities not only for food security purposes during times of food shortage but also as businesses aimed at increasing their household incomes.

Keywords: Food coping strategies, household food insecurity, medium-sized towns, urban-rural continuum.

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Authors: P. K. Sarkar, Amit Kumar Jain

Abstract:

The demand for Urban transportation is characterised by a large scale temporal and spatial variations which causes heavy congestion inside metro trains in peak hours near Centre Business District (CBD) of the city. The conventional approach to address peak hour congestion, metro trains has been to increase the supply by way of introduction of more trains, increasing the length of the trains, optimising the time table to increase the capacity of the system. However, there is a limitation of supply side measures determined by the design capacity of the systems beyond which any addition in the capacity requires huge capital investments. The demand side interventions are essentially required to actually spread the demand across the time and space. In this study, an attempt has been made to identify the potential Transport Demand Management tools applicable to Urban Rail Transportation systems with a special focus on differential pricing. A conceptual price elasticity model has been developed to analyse the effect of various combinations of peak and nonpeak hoursfares on demands. The elasticity values for peak hour, nonpeak hour and cross elasticity have been assumed from the relevant literature available in the field. The conceptual price elasticity model so developed is based on assumptions which need to be validated with actual values of elasticities for different segments of passengers. Once validated, the model can be used to determine the peak and nonpeak hour fares with an objective to increase overall ridership, revenue, demand levelling and optimal utilisation of assets.

Keywords: Congestion, differential pricing, elasticity, transport demand management, urban transportation.

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Authors: Yongsheng Guo, Xiaoxian Zhu, Mandella Osei-Assibey Bonsu

Abstract:

This study explores the effects of national culture on consumer behaviour by identifying the characteristics of Chinese consumers’ decision making in Europe. It offers a better understanding of how cultural factors affect consumers’ behaviour, and how consumers make decisions in other nations with different culture. It adopted a grounded theory approach and conducted 24 in-depth interviews. Grounded theory models are developed to link the causal conditions, process, and consequences. Results reveal that some cultural factors including conservatism, emotionality, acquaintance community, long-term orientation and principles affect Chinese consumers when making purchase decisions in Europe. Most Chinese consumers plan and prepare their expenditure and stay in Europe as cultural learners, and purchase durable products or assets as investment, and share their experiences within a community. This study identified potential problems such as political and social environment, complex procedures, and restrictions. This study found that external factors influence internal factors and then internal characters determine consumer behaviour. This study proposes that cultural traits developed in convergence evolution through social selection and Chinese consumers persist most characters but adapt some perceptions and actions overtime in other countries. This study suggests that cultural marketing could be adopted by companies to reflect consumers’ preferences. Agencies, shops, and the authorities could take actions to reduce the complexity and restrictions.

Keywords: National culture, consumer behaviour, cultural marketing, decision making.

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Authors: Akram Mahdaviparsa, Tamera McCuen, Vahideh Karimimansoob

Abstract:

Fire service is responsible for protecting life, assets, and natural resources from fire and other hazardous incidents. Search and rescue in unfamiliar buildings is a vital part of firefighters’ responsibilities. Providing firefighters with precise building information in an easy-to-understand format is a potential solution for mitigating the negative consequences of fire hazards. The negative effect of insufficient knowledge about a building’s indoor environment impedes firefighters’ capabilities and leads to lost property. A data rich building information modeling (BIM) is a potentially useful source in three-dimensional (3D) visualization and data/information storage for fire emergency response. Therefore, this research’s purpose is prioritizing the required information for firefighters from the most important information to the least important. A survey was carried out with firefighters working in the Norman Fire Department to obtain the importance of each building information item. The results show that “the location of exit doors, windows, corridors, elevators, and stairs”, “material of building elements”, and “building data” are the three most important information specified by firefighters. The results also implied that the 2D model of architectural, structural and way finding is more understandable in comparison with the 3D model, while the 3D model of MEP system could convey more information than the 2D model. Furthermore, color in visualization can help firefighters to understand the building information easier and quicker. Sufficient internal consistency of all responses was proven through developing the Pearson Correlation Matrix and obtaining Cronbach’s alpha of 0.916. Therefore, the results of this study are reliable and could be applied to the population.

Keywords: BIM, building fire response, ranking, visualization.

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Authors: P. Jangl, M. Mikuláštík

Abstract:

The objective of the paper is to measure and compare market orientation of Swiss and Czech banks, as well as examine statistically the degree of influence it has on competitiveness of the institutions. The analysis of market orientation is based on the collecting, analysis and correct interpretation of the data. Descriptive analysis of market orientation describe current situation. Research of relation of competitiveness and market orientation in the sector of big international banks is suggested with the expectation of existence of a strong relationship. Partially, the work served as reconfirmation of suitability of classic methodologies to measurement of banks’ market orientation.

Two types of data were gathered. Firstly, by measuring subjectively perceived market orientation of a company and secondly, by quantifying its competitiveness. All data were collected from a sample of small, mid-sized and large banks. We used numerical secondary character data from the international statistical financial Bureau Van Dijk’s BANKSCOPE database.

 Statistical analysis led to the following results. Assuming classical market orientation measures to be scientifically justified, Czech banks are statistically less market-oriented than Swiss banks. Secondly, among small Swiss banks, which are not broadly internationally active, small relationship exist between market orientation measures and market share based competitiveness measures. Thirdly, among all Swiss banks, a strong relationship exists between market orientation measures and market share based competitiveness measures. Above results imply existence of a strong relation of this measure in sector of big international banks. A strong statistical relationship has been proven to exist between market orientation measures and equity/total assets ratio in Switzerland.

Keywords: Market Orientation, Competitiveness, Marketing Strategy, Measurement of Market Orientation, Relation between Market Orientation and Competitiveness, Banking Sector.

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