Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 1968

Search results for: cost overruns

1968 Chaotic Dynamics of Cost Overruns in Oil and Gas Megaprojects: A Review

Authors: O. J. Olaniran, P. E. D. Love, D. J. Edwards, O. Olatunji, J. Matthews

Abstract:

Cost overruns are a persistent problem in oil and gas megaprojects. Whilst the extant literature is filled with studies on incidents and causes of cost overruns, underlying theories to explain their emergence in oil and gas megaprojects are few. Yet, a way to contain the syndrome of cost overruns is to understand the bases of ‘how and why’ they occur. Such knowledge will also help to develop pragmatic techniques for better overall management of oil and gas megaprojects. The aim of this paper is to explain the development of cost overruns in hydrocarbon megaprojects through the perspective of chaos theory. The underlying principles of chaos theory and its implications for cost overruns are examined and practical recommendations proposed. In addition, directions for future research in this fertile area provided.

Keywords: Chaos theory, oil and gas, cost overruns, megaprojects.

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1967 A Conceptual Framework and a Mathematical Equation for Managing Construction-Material Waste and Cost Overruns

Authors: Saidu Ibrahim, Winston M. W. Shakantu

Abstract:

The problem of construction material waste remains unresolved, as a significant percentage of the materials delivered to some project sites end up as waste which might result in additional project cost. Cost overrun is a problem which affects 90% of the completed projects in the world. The argument on how to eliminate it has been on-going for the past 70 years, but there is neither substantial improvement nor significant solution for mitigating its detrimental effects. Research evidence has proposed various construction cost overruns and material-waste management approaches; nonetheless, these studies failed to give a clear indication on the framework and the equation for managing construction material waste and cost overruns. Hence, this research aims to develop a conceptual framework and a mathematical equation for managing material waste and cost overrun in the construction industry. The paper adopts the desktop methodological approach. This involves comparing the causes of material waste and those of cost overruns from the literature to determine the possible relationship. The review revealed a relationship between material waste and cost overrun that; increase in material waste would result to a corresponding increase in the amount of cost overrun at both the pre-contract and the post contract stages of a project. It was found from the equation that achieving an effective construction material waste management must ensure a “Good Quality-of-Planning, Estimating, and Design Management” and a “Good Quality- of-Construction, Procurement and Site Management”; a decrease in “Design Complexity” which would reduce “Material Waste” and subsequently reduce the amount of cost overrun by 86.74%. The conceptual framework and the mathematical equation developed in this study are recommended to the professionals of the construction industry.

Keywords: Conceptual framework, cost overrun, material waste, project stags.

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1966 Building Information Modelling for Construction Delay Management

Authors: Essa Alenazi, Zulfikar Adamu

Abstract:

The Kingdom of Saudi Arabia (KSA) is not an exception in relying on the growth of its construction industry to support rapid population growth. However, its need for infrastructure development is constrained by low productivity levels and cost overruns caused by factors such as delays to project completion. Delays in delivering a construction project are a global issue and while theories such as Optimism Bias have been used to explain such delays, in KSA, client-related causes of delays are also significant. The objective of this paper is to develop a framework-based approach to explore how the country’s construction industry can manage and reduce delays in construction projects through building information modelling (BIM) in order to mitigate the cost consequences of such delays.  It comprehensively and systematically reviewed the global literature on the subject and identified gaps, critical delay factors and the specific benefits that BIM can deliver for the delay management.  A case study comprising of nine hospital projects that have experienced delay and cost overruns was also carried out. Five critical delay factors related to the clients were identified as candidates that can be mitigated through BIM’s benefits. These factors are: Ineffective planning and scheduling of the project; changes during construction by the client; delay in progress payment; slowness in decision making by the client; and poor communication between clients and other stakeholders. In addition, data from the case study projects strongly suggest that optimism bias is present in many of the hospital projects. Further validation via key stakeholder interviews and documentations are planned.

Keywords: BIM, client perspective, delay management, optimism bias, public sector projects.

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1965 Template Design Packages for Repetitive Construction Projects

Authors: Ali Youniss Aidbaiss, G. Unnikrishnan, Anoob Hakim

Abstract:

Scope changes, scope creeps, cost and time overruns have become common in projects in the oil and gas sector. Even in repetitive projects, failure to implement lessons learnt and correct past mistakes have resulted in various setbacks. This paper describes the concept of reusing successfully implemented design packages as templates for repetitive projects, and thereby lowering the instances of project failures. Units or systems successfully installed in projects can be identified and taken up for preparing template design packages. Standardization of units and systems helps to develop templates from successful designs which can be repeatedly used with confidence. These packages can be used with minimum modifications for developing FEED packages faster, saving cost and other valuable resources. Lessons learnt from the completed project incorporated in the templates avoid repeating past mistakes during detailed design, procurement and execution. With template packages, consistent quality can be maintained for similar projects, avoiding scope creep and scope changes which will ultimately result in cost and time savings.

Keywords: Engineering work package, repetitive construction, template design package, time saving in projects.

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1964 Wafer Fab Operational Cost Monitoring and Controlling with Cost per Equivalent Wafer Out

Authors: Ian Kree, Davina Chin Lee Yien

Abstract:

This paper presents Cost per Equivalent Wafer Out, which we find useful in wafer fab operational cost monitoring and controlling. It removes the loading and product mix effect in the cost variance analysis. The operation heads, therefore, could immediately focus on identifying areas for cost improvement. Without this, they would have to measure the impact of the loading variance and product mix variance between actual and budgeted prior to make any decision on cost improvement. Cost per Equivalent Wafer Out, thereby, increases efficiency in wafer fab operational cost monitoring and controlling.

Keywords: Cost Control, Cost Variance, Operational Expenditure, Semiconductor.

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1963 Reliability-Based Life-Cycle Cost Model for Engineering Systems

Authors: Reza Lotfalian, Sudarshan Martins, Peter Radziszewski

Abstract:

The effect of reliability on life-cycle cost, including initial and maintenance cost of a system is studied. The failure probability of a component is used to calculate the average maintenance cost during the operation cycle of the component. The standard deviation of the life-cycle cost is also calculated as an error measure for the average life-cycle cost. As a numerical example, the model is used to study the average life-cycle cost of an electric motor.

Keywords: Initial Cost, Life-cycle cost, Maintenance Cost, Reliability.

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1962 Scheduled Maintenance and Downtime Cost in Aircraft Maintenance Management

Authors: Remzi Saltoglu, Nazmia Humaira, Gokhan Inalhan

Abstract:

During aircraft maintenance scheduling, operator calculates the budget of the maintenance. Usually, this calculation includes only the costs that are directly related to the maintenance process such as cost of labor, material, and equipment. In some cases, overhead cost is also included. However, in some of those, downtime cost is neglected claiming that grounding is a natural fact of maintenance; therefore, it is not considered as part of the analytical decision-making process. Based on the normalized data, we introduce downtime cost with its monetary value and add its seasonal character. We envision that the rest of the model, which works together with the downtime cost, could be checked with the real life cases, through the review of MRO cost and airline spending in the particular and scheduled maintenance events.

Keywords: Aircraft maintenance, downtime, downtime cost, maintenance cost.

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1961 Main Elements of Soft Cost in Green Buildings

Authors: Nurul Zahirah M.A., N. Zainul Abidin

Abstract:

Green buildings have been commonly cited to be more expensive than conventional buildings. However, limited research has been conducted to clearly identify elements that contribute to this cost differential. The construction cost of buildings can be typically divided into “hard" costs and “soft" cost elements. Using a review analysis of existing literature, the study identified six main elements in green buildings that contribute to the general cost elements that are “soft" in nature. The six elements found are insurance, developer-s experience, design cost, certification, commissioning and energy modeling. Out of the six elements, most literatures have highlighted the increase in design cost for green design as compared to conventional design due to additional architectural and engineering costs, eco-charettes, extra design time, and the further need for a green consultant. The study concluded that these elements of soft cost contribute to the green premium or cost differential of green buildings.

Keywords: Green building, cost differential, soft cost, intangible cost.

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1960 Achieving Design-Stage Elemental Cost Planning Accuracy: Case Study of New Zealand

Authors: Johnson Adafin, James O. B. Rotimi, Suzanne Wilkinson, Abimbola O. Windapo

Abstract:

An aspect of client expenditure management that requires attention is the level of accuracy achievable in design-stage elemental cost planning. This has been a major concern for construction clients and practitioners in New Zealand (NZ). Pre-tender estimating inaccuracies are significantly influenced by the level of risk information available to estimators. Proper cost planning activities should ensure the production of a project’s likely construction costs (initial and final), and subsequent cost control activities should prevent unpleasant consequences of cost overruns, disputes and project abandonment. If risks were properly identified and priced at the design stage, observed variance between design-stage elemental cost plans (ECPs) and final tender sums (FTS) (initial contract sums) could be reduced. This study investigates the variations between design-stage ECPs and FTS of construction projects, with a view to identifying risk factors that are responsible for the observed variance. Data were sourced through interviews, and risk factors were identified by using thematic analysis. Access was obtained to project files from the records of study participants (consultant quantity surveyors), and document analysis was employed in complementing the responses from the interviews. Study findings revealed the discrepancies between ECPs and FTS in the region of -14% and +16%. It is opined in this study that the identified risk factors were responsible for the variability observed. The values obtained from the analysis would enable greater accuracy in the forecast of FTS by Quantity Surveyors. Further, whilst inherent risks in construction project developments are observed globally, these findings have important ramifications for construction projects by expanding existing knowledge on what is needed for reasonable budgetary performance and successful delivery of construction projects. The findings contribute significantly to the study by providing quantitative confirmation to justify the theoretical conclusions generated in the literature from around the world. This therefore adds to and consolidates existing knowledge.

Keywords: Accuracy, design-stage, elemental cost plan, final tender sum, New Zealand.

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1959 Methodology of Estimating Assembly Cost by MODAPTS

Authors: Heung Jae Cho, Jae Il Park

Abstract:

This paper presents the development of an MODAPTS based cost estimating system to help designers in estimating the manufacturing cost of a assembly products which is belonged from the workers in working fields. Competitiveness of manufacturing cost is getting harder because of the development of Information and telecommunication, but also globalization. Therefore, the accuracy of the assembly cost estimation is getting important. DFA and MODAPTS is useful method for measuring the working hour. But these two methods are used just as a timetable. Therefore, in this paper, we suggest the process of measuring the working hours by MODAPTS which includes the working field-s accurate information. In addition, we adduce the estimation method of accuracy assembly cost with the real information. This research could be useful for designers that can estimate the assembly cost more accurately, and also effective for the companies that which are concerned to reduce the product cost.

Keywords: Cost estimation, DFA, MODAPTS, Assembly cost

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1958 Analysis of Causality between Defect Causes Using Association Rule Mining

Authors: Sangdeok Lee, Sangwon Han, Changtaek Hyun

Abstract:

Construction defects are major components that result in negative impacts on project performance including schedule delays and cost overruns. Since construction defects generally occur when a few associated causes combine, a thorough understanding of defect causality is required in order to more systematically prevent construction defects. To address this issue, this paper uses association rule mining (ARM) to quantify the causality between defect causes, and social network analysis (SNA) to find indirect causality among them. The suggested approach is validated with 350 defect instances from concrete works in 32 projects in Korea. The results show that the interrelationships revealed by the approach reflect the characteristics of the concrete task and the important causes that should be prevented.

Keywords: Causality, defect causes, social network analysis, association rule mining.

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1957 Identification of Factors Influencing Costs in Green Projects

Authors: Nazirah Zainul Abidin, Nurul Zahirah Mokhtar Azizi

Abstract:

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

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

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1956 Soft Cost Elements That Affect Developers’ Decision to Build Green

Authors: Nurul Zahirah M.A., N. Zainul Abidin, Azlan Raofuddin Nuruddin

Abstract:

Despite all the hype about green building, many developers are still resistant to the idea of building green due to the common perception that green building construction is expensive. This contradicts with scholarly findings that identify only a marginal cost premium or none at all given that green design is considered during the design process and planning stage. Nevertheless, cost implications continue to become an issue when deciding to build green. The planning stage is of strategic importance as decisions made at this early stage would influence the project cost thereafter. Using analysis of existing literature, the paper identifies six elements of soft cost that are considered in the planning stage. The elements include consultants, green building consultant, certification, commissioning, market, and tax. Out of the six elements, commissioning represents the bulk of soft cost for buildings seeking green certification. The study concluded that, although hard cost may have a bigger impact on the project cost, but soft cost is the hidden cost which people tend to ignore. Poor consideration of soft cost during planning stage may lead to over-realistic expectations and ultimately, overlooked cost additions.

Keywords: Green building, cost element, soft cost, developer decision.

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1955 Modeling Cost Structure for Assessment Production Cost of Algal - Biofue

Authors: A. Eman Mohammed

Abstract:

Algae-based fuel are considered a promising sources of clean energy, and because it has many advantages over traditional biofuel, research and business ventures have driven into developing and producing Algal-biofuel. But its production stages create a cost structure that it is not competitive with traditional fuels. Therefore, cost becomes the main obstacle in commercial production purpose. However, the present research which aims at using cost structure model, and designed MS-Dose program, to investigate the a mount of production cost and determined the parameter had great effect on it, second to measured the amount of contribution rate of algae in process the pollution by capturing Co2 from air . The result generated from the model shows that the production cost of biomass is between $0.137 /kg for 100 ha and $0.132 /kg for 500 ha which was less than cost of other studies, while gallon costs between $3.4 - 3.5, more than traditional sources of oil about $1 ,which regarded as a rate of contribution of algal in capturing CO2 from air.

Keywords: Cost Structure Model, Operation Costs(Production Cost), Capital Costs, Algae.

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1954 Maintenance Alternatives Related to Costs of Wind Turbines Using Finite State Markov Model

Authors: Boukelkoul Lahcen

Abstract:

The cumulative costs for O&M may represent as much as 65%-90% of the turbine's investment cost. Nowadays the cost effectiveness concept becomes a decision-making and technology evaluation metric. The cost of energy metric accounts for the effect replacement cost and unscheduled maintenance cost parameters. One key of the proposed approach is the idea of maintaining the WTs which can be captured via use of a finite state Markov chain. Such a model can be embedded within a probabilistic operation and maintenance simulation reflecting the action to be done. In this paper, an approach of estimating the cost of O&M is presented. The finite state Markov model is used for decision problems with number of determined periods (life cycle) to predict the cost according to various options of maintenance.

Keywords: Cost, finite state, Markov model, operation, maintenance.

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1953 Structural Cost of Optimized Reinforced Concrete Isolated Footing

Authors: Mohammed S. Al-Ansari

Abstract:

This paper presents an analytical model to estimate the cost of an optimized design of reinforced concrete isolated footing base on structural safety. Flexural and optimized formulas for square and rectangular footingare derived base on ACI building code of design, material cost and optimization. The optimization constraints consist of upper and lower limits of depth and area of steel. Footing depth and area of reinforcing steel are to be minimized to yield the optimal footing dimensions. Optimized footing materials cost of concrete, reinforcing steel and formwork of the designed sections are computed. Total cost factor TCF and other cost factors are developed to generalize and simplify the calculations of footing material cost. Numerical examples are presented to illustrate the model capability of estimating the material cost of the footing for a desired axial load.

Keywords: Footing, Depth, Concrete, Steel, Formwork, Optimization, Material cost, Cost Factors.

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1952 Work Structuring and the Feasibility of Application to Construction Projects in Vietnam

Authors: Viet-Hung Nguyen, Luh-Maan Chang

Abstract:

Design should be viewed concurrently by three ways as transformation, flow and value generation. An innovative approach to solve design – related problems is described as the integrated product - process design. As a foundation for a formal framework consisting of organizing principles and techniques, Work Structuring has been developed to guide efforts in the integration that enhances the development of operation and process design in alignment with product design. Vietnam construction projects are facing many delays, and cost overruns caused mostly by design related problems. A better design management that integrates product and process design could resolve these problems. A questionnaire survey and in – depth interviews were used to investigate the feasibility of applying Work Structuring to construction projects in Vietnam. The purpose of this paper is to present the research results and to illustrate the possible problems and potential solutions when Work Structuring is implemented to construction projects in Vietnam.

Keywords: integrated product – process design, Work Structuring, construction projects, Vietnam

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1951 Low Cost Chip Set Selection Algorithm for Multi-way Partitioning of Digital System

Authors: Jae Young Park, Soongyu Kwon, Kyu Han Kim, Hyeong Geon Lee, Jong Tae Kim

Abstract:

This paper considers the problem of finding low cost chip set for a minimum cost partitioning of a large logic circuits. Chip sets are selected from a given library. Each chip in the library has a different price, area, and I/O pin. We propose a low cost chip set selection algorithm. Inputs to the algorithm are a netlist and a chip information in the library. Output is a list of chip sets satisfied with area and maximum partitioning number and it is sorted by cost. The algorithm finds the sorted list of chip sets from minimum cost to maximum cost. We used MCNC benchmark circuits for experiments. The experimental results show that all of chip sets found satisfy the multiple partitioning constraints.

Keywords: lowest cost chip set, MCNC benchmark, multi-way partitioning.

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1950 Cost of Road Traffic Accidents in Egypt

Authors: Mohamed A. Ismail, Samar M. M. Abdelmageed

Abstract:

The main objective of this paper is to estimate the cost of road traffic accidents in Egypt. The Human Capital (HC) approach, specifically the Gross-Loss-of-Output methodology, is adopted for estimation. Moreover, cost values obtained by previous national literature are updated using the inflation rates. The results indicate an estimated cost of road traffic accidents in Egypt of approximately 10 billion Egyptian Pounds (about $US 1.8 billion) for the year 2008. In addition, it is expected that this cost will rise in 2009 to 11.8 billion Egyptian Pounds (about $US 2.1 billion).

Keywords: Cost, Gross-Loss-of-Output, Human CapitalApproach, Road Traffic Accidents.

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1949 Genetic Algorithms Multi-Objective Model for Project Scheduling

Authors: Elsheikh Asser

Abstract:

Time and cost are the main goals of the construction project management. The first schedule developed may not be a suitable schedule for beginning or completing the project to achieve the target completion time at a minimum total cost. In general, there are trade-offs between time and cost (TCT) to complete the activities of a project. This research presents genetic algorithms (GAs) multiobjective model for project scheduling considering different scenarios such as least cost, least time, and target time.

Keywords: Genetic algorithms, Time-cost trade-off.

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1948 Optimizing Turning Parameters for Cylindrical Parts Using Simulated Annealing Method

Authors: Farhad Kolahan, Mahdi Abachizadeh

Abstract:

In this paper, a simulated annealing algorithm has been developed to optimize machining parameters in turning operation on cylindrical workpieces. The turning operation usually includes several passes of rough machining and a final pass of finishing. Seven different constraints are considered in a non-linear model where the goal is to achieve minimum total cost. The weighted total cost consists of machining cost, tool cost and tool replacement cost. The computational results clearly show that the proposed optimization procedure has considerably improved total operation cost by optimally determining machining parameters.

Keywords: Optimization, Simulated Annealing, Machining Parameters, Turning Operation.

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1947 The Model to Calculate the Cost of Money to the Breakdown of Deposits and Banking Service

Authors: Javad Elkaie Behjati, Mehrzad Minouei

Abstract:

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

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

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1946 Low-Cost Eco-Friendly Building Material: A Case Study in Ethiopia

Authors: W. Z. Taffese

Abstract:

This work presents a low-cost and eco-friendly building material named Agrostone panel. Africa-s urban population is growing at an annual rate of 2.8% and 62% of its population will live in urban areas by 2050. As a consequence, many of the least urbanized and least developed African countries- will face serious challenges in providing affordable housing to the urban dwellers. Since the cost of building materials accounts for the largest proportion of the overall construction cost, innovating low-cost building material is vital. Agrostone panel is used in housing projects in Ethiopia. It uses raw materials of agricultural/industrial wastes and/or natural minerals as a filler, magnesium-based chemicals as a binder and fiberglass as reinforcement. Agrostone panel reduces the cost of wall construction by 50% compared with the conventional building materials. The pros and cons of Agrostone panel as well as the use of other waste materials as a raw material to make the panel more sustainable, low-cost and better properties are discussed.

Keywords: Agrostone Panel, Low-cost and sustainable Building Materials, Agro-waste for construction

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1945 Analysing the Cost of Immigrants to the National Health System in Eastern Macedonia and Thrace

Authors: T. Theodosiou, P. Polychronidou, A. G. Karasavvoglou

Abstract:

The latest years the number of immigrants at Greece has increased dramatically. Their impact on the National Health System (NHS) has not been yet thoroughly investigated. This paper analyses the cost of immigrants to the NHS hospitals of the region of Eastern Macedonia and Thrace. The data are collected from 2005 to 2011 from five different hospitals and are analysed using linear mixed effects models in order to investigate the effects of nationality and year on the cost of hospitalization and treatment. The results show that generally the Greek nationality patients have a higher mean cost of hospitalization compared to the immigrants and that there is an increasing trend for the cost except for the year 2010.

Keywords: Cost, Eastern Macedonia, Thrace, immigrants, national health system.

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1944 Transmission Expansion Planning Considering Network Adequacy and Investment Cost Limitation using Genetic Algorithm

Authors: M. Mahdavi, E. Mahdavi

Abstract:

In this research, STNEP is being studied considering network adequacy and limitation of investment cost by decimal codification genetic algorithm (DCGA). The goal is obtaining the maximum of network adequacy with lowest expansion cost for a specific investment. Finally, the proposed idea is applied to the Garvers 6-bus network. The results show that considering the network adequacy for solution of STNEP problem is caused that among of expansion plans for a determined investment, configuration which has relatively lower expansion cost and higher adequacy is proposed by GA based method. Finally, with respect to the curve of adequacy versus expansion cost it can be said that more optimal configurations for expansion of network are obtained with lower investment costs.

Keywords: TNEP, Network Adequacy, Investment Cost, GA

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1943 Preliminary Views on the Determinants of the Cost of Capital for the Emergent Market of Romania

Authors: I. Ionascu, M. Ionascu, D.-A. Calu, L. Olimid

Abstract:

This paper investigates several factors affecting the cost of capital for listed Romanian companies. Although there is a large amount of literature investigating the drivers of the cost of capital internationally, there is currently little evidence from emergent markets. Based on a sample of 19 Romanian listed companies followed by financial analysts for the years 2008-2010, according to Thomson Reuters- I/B/E/S data base, the paper confirms the international trends, showing that size, corporate governance policies, and growth are negatively correlated with the cost of capital.

Keywords: Corporate governance, determinants of the cost of capital, emergent markets.

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1942 Integrating Life Cycle Uncertainties for Evaluating a Building Overall Cost

Authors: M. Arja, G. Sauce, B. Souyri

Abstract:

Overall cost is a significant consideration in any decision-making process. Although many studies were carried out on overall cost in construction, little has treated the uncertainties of real life cycle development. On the basis of several case studies, a feedback process was performed on the historical data of studied buildings. This process enabled to identify some factors causing uncertainty during the operational period. As a result, the research proposes a new method for assessing the overall cost during a part of the building-s life cycle taking account of the building actual value, its end-of-life value and the influence of the identified life cycle uncertainty factors. The findings are a step towards a higher level of reliability in overall cost evaluation taking account of some usually unexpected uncertainty factors.

Keywords: Asset management, building life cycle uncertainty, building value, overall cost.

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1941 An Analysis of Activity-Based Costing in a Manufacturing System

Authors: Derya Eren Akyol, Gonca Tuncel, G. Mirac Bayhan

Abstract:

Activity-Based Costing (ABC) represents an alternative paradigm to traditional cost accounting system and it often provides more accurate cost information for decision making such as product pricing, product mix, and make-orbuy decisions. ABC models the causal relationships between products and the resources used in their production and traces the cost of products according to the activities through the use of appropriate cost drivers. In this paper, the implementation of the ABC in a manufacturing system is analyzed and a comparison with the traditional cost based system in terms of the effects on the product costs are carried out to highlight the difference between two costing methodologies. By using this methodology, a valuable insight into the factors that cause the cost is provided, helping to better manage the activities of the company.

Keywords: Activity-based costing, manufacturing systems, product costs, traditional costing.

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1940 Optimizing the Project Delivery Time with Time Cost Trade-offs

Authors: Wei Lo, Ming-En Kuo

Abstract:

While to minimize the overall project cost is always one of the objectives of construction managers, to obtain the maximum economic return is definitely one the ultimate goals of the project investors. As there is a trade-off relationship between the project time and cost, and the project delivery time directly affects the timing of economic recovery of an investment project, to provide a method that can quantify the relationship between the project delivery time and cost, and identify the optimal delivery time to maximize economic return has always been the focus of researchers and industrial practitioners. Using genetic algorithms, this study introduces an optimization model that can quantify the relationship between the project delivery time and cost and furthermore, determine the optimal delivery time to maximize the economic return of the project. The results provide objective quantification for accurately evaluating the project delivery time and cost, and facilitate the analysis of the economic return of a project.

Keywords: Time-Cost Trade-Off, Genetic Algorithms, Resource Integration, Economic return.

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1939 Adoption of Appropriate and Cost Effective Technologies in Housing: Indian Experience

Authors: A. K. Jain, M. C. Paliwal

Abstract:

Construction cost in India is increasing at around 50 per cent over the average inflation levels. It have registered increase of up to 15 per cent every year, primarily due to cost of basic building materials such as steel, cement, bricks, timber and other inputs as well as cost of labour. As a result, the cost of construction using conventional building materials and construction is becoming beyond the affordable limits particularly for low-income groups of population as well as a large cross section of the middle - income groups. Therefore, there is a need to adopt cost-effective construction methods either by up-gradation of traditional technologies using local resources or applying modern construction materials and techniques with efficient inputs leading to economic solutions. This has become the most relevant aspect in the context of the large volume of housing to be constructed in both rural and urban areas and the consideration of limitations in the availability of resources such as building materials and finance. This paper makes an overview of the housing status in India and adoption of appropriate and cost effective technologies in the country.

Keywords: Appropriate, Cost Effective, Ekra, Five year plan, Poverty

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