Search results for: cost reduction.

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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Authors: Futoshi Kakuta, Takashi Ishida

Abstract:

Sewage sludge is a biomass resource that can create a solid fuel and electricity. Utilizing sewage sludge as a renewable energy can contribute to the reduction of greenhouse gases. In Japan, the "National Plan for the Promotion of Biomass Utilization" and the “Priority Plan for Social Infrastructure Development" were approved at cabinet meetings in December 2010 and August 2012, respectively, to promote the energy utilization of sewage sludge. This study investigated costs and greenhouse gas emission in different sewage sludge treatments with technologies for energy from sewage sludge. Expenses were estimated based on capital costs and O&M costs including energy consumption of solid fuel plants and biogas power generation plants for sewage sludge. Results showed that the cost of sludge digestion treatment with solid fuel technologies was 8% lower than landfill disposal. The greenhouse gas emission of sludge digestion treatment with solid fuel technologies was also 6,390t as CO2 smaller than landfill disposal. Biogas power generation reduced the electricity of a wastewater treatment plant by 30% and the cost by 5%.

Keywords: Global warming counter measure, energy technology, solid fuel production, biogas.

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Authors: Priyanka Sen, Kaibalya Prasad Panda, Soumyakanta Samantaray, Sreyasee Rout, Bishnupriya Biswal

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Deregulation in the power system industry and the invention of new technologies for producing electrical energy has led to innovations in power system planning. Distributed generation (DG) is one of the most attractive technologies that bring different kinds of advantages to a lot of entities, engaged in power systems. In this paper, a model for considering DGs in the power system planning problem is presented. Dynamic power system planning for reduction of maintenance and operational cost is presented in this paper. In addition to that, a modified particle swarm optimization (PSO) is used to find the optimal topology solution. Voltage Profile Improvement Index (VPII) and Line Loss Reduction Index (LLRI) are taken as benefit index of employing DG. The effectiveness of this method is demonstrated through examination of IEEE 30 bus test system.

Keywords: Distributed generation, line loss reduction index, particle swarm optimization, power system, voltage profile improvement index.

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Authors: Osama H. Ghazal, Yousef S. Najjar, Kutaeba J. AL-Khishali

Abstract:

The current emission legislations and the large concern about the environment produced very numerous constraints on both governments and car manufacturers. Also the cost of energy increase means a reduction in fuel consumption must be met, without largely affecting the current engine production and performance. It is the intension to contribute towards the development and pursuing, among others on variable valve timing (VVT), for improving the engine performance. The investigation of the effect of (IVO) and (IVC) to optimize engine torque and volumetric efficiency for different engine speeds was considered. Power, BMEP and BSFC were calculated and presented to show the effect of varying inlet valve timing on them for all cases. A special program used to carry out the calculations. The analysis of the results shows that the reduction of 10% of (IVO) angle gave an improvement of around 1.3% in torque, BSFC, and volumetric efficiency, while a 10% decrease in (IVC) caused a 0.1% reduction in power, torque, and volumetric efficiency.

 

Keywords: Green transportation, inlet valve variable timing, performance, spark ignition engines.

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Authors: B. Falah, N. E. Abakouy

Abstract:

Due to its high computational cost, mutation testing has been neglected by researchers. Recently, many cost and mutants’ reduction techniques have been developed, improved, and experimented, but few of them has relied the possibility of reducing the cost of mutation testing on the program type of the application under test. This paper is a comparative study between four operators’ selection techniques (mutants sampling, class level operators, method level operators, and all operators’ selection) based on the program code type of each application under test. It aims at finding an alternative approach to reveal the effect of code type on mutation testing score. The result of our experiment shows that the program code type can affect the mutation score and that the programs using polymorphism are best suited to be tested with mutation testing.

Keywords: Equivalent mutant, killed mutant, mutation score, mutation testing, program code type.

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Authors: F. S. Al-Anzi, M. Sarfraz, A. Elmi, A. R. Khan

Abstract:

Researchers are responding to the environmental challenges of Kuwait in localized, innovative, effective and economic ways. One of the vital and significant examples of the natural challenges is lack or water and desertification. In this research, the project team focuses on redesigning a prototype, using Value Engineering Methodology, which would provide similar functionalities to the well-known technology of Waterboxx kits while reducing the capital and operational costs and simplifying the process of manufacturing and usability by regular farmers. The design employs used tires and recycled plastic sheets as raw materials. Hence, this approach is going to help not just fighting desertification but also helping in getting rid of ever growing huge tire dumpsters in Kuwait, as well as helping in avoiding hazards of tire fires yielding in a safer and friendlier environment. Several alternatives for implementing the prototype have been considered. The best alternative in terms of value has been selected after thorough Function Analysis System Technique (FAST) exercise has been developed. A prototype has been fabricated and tested in a controlled simulated lab environment that is being followed by real environment field testing. Water and soil analysis conducted on the site of the experiment to cross compare between the composition of the soil before and after the experiment to insure that the prototype being tested is actually going to be environment safe. Experimentation shows that the design was equally as effective as, and may exceed, the original design with significant savings in cost. An estimated total cost reduction using the VE approach of 43.84% over the original design. This cost reduction does not consider the intangible costs of environmental issue of waste recycling which many further intensify the total savings of using the alternative VE design. This case study shows that Value Engineering Methodology can be an important tool in innovating new designs for reducing costs.

Keywords: Desertification, functional analysis, scrap tires, value engineering, waste recycling, water irrigation rationing.

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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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Authors: Miroslav Popelka, Jakub Nožička

Abstract:

In this paper we deal with using Lego Mindstorms in simulation of robotic systems with respect to cost reduction. Lego Mindstorms kit contains broad variety of hardware components which are required to simulate, program and test the robotics systems in practice. Algorithm programming went in development environment supplied together with Lego kit as in programming language C# as well. Algorithm following the line, which we dealt with in this paper, uses theoretical findings from area of controlling circuits. PID controller has been chosen as controlling circuit whose individual components were experimentally adjusted for optimal motion of robot tracking the line. Data which are determined to process by algorithm are collected by sensors which scan the interface between black and white surfaces followed by robot. Based on discovered facts Lego Mindstorms can be considered for low-cost and capable kit to simulate real robotics systems.

Keywords: LEGO Mindstorms, PID controller, low-cost robotics systems, line follower, sensors, programming language C#, EV3 Home Edition Software.

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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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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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Authors: Sanjoy Mukherjee

Abstract:

Discussions on concepts of Single Axis Tracker (SAT) are becoming more and more apt for developing countries like India not just as an advancement in racking technology but due to the utmost necessity of reaching at the lowest Levelized Cost of Energy (LCOE) targets. With this increasing competition and significant fall in feed-in tariffs of solar PV projects, developers are under constant pressure to secure investment for their projects and eventually earn profits from them. Moreover, being the second largest populated country, India suffers from scarcity of land because of higher average population density. So, to mitigate the risk of this dual edged sword with reducing trend of unit (kWh) cost at one side and utilization of land on the other, tracking evolved as the call of the hour. Therefore, the prime objectives of this paper are not only to showcase how STT proves to be an effective mechanism to get more gain in Global Incidence in collector plane (G_inc) with respect to traditional mounting systems but also to introduce Seasonally Tilted Tracker (STT) technology as a possible option for high latitude locations.

Keywords: Tracking system, grid-connected PV systems, cost reduction.

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Authors: K. C. Meher, R. K. Swain, C. K. Chanda

Abstract:

This paper presents the performance analysis of dynamic search space reduction (DSR) based gravitational search algorithm (GSA) to solve dynamic economic dispatch of thermal generating units with valve point effects. Dynamic economic dispatch basically dictates the best setting of generator units with anticipated load demand over a definite period of time. In this paper, the presented technique is considered that deals an inequality constraints treatment mechanism known as DSR strategy to accelerate the optimization process. The presented method is demonstrated through five-unit test systems to verify its effectiveness and robustness. The simulation results are compared with other existing evolutionary methods reported in the literature. It is intuited from the comparison that the fuel cost and other performances of the presented approach yield fruitful results with marginal value of simulation time.

Keywords: Dynamic economic dispatch, dynamic search space reduction strategy, gravitational search algorithm, ramp rate limits, valve-point effects.

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Authors: A. K. Pradhan, M. K. Mohanty, S. K. Kar

Abstract:

The power system utility has started to think about the green power technology in order to have an eco-friendly environment. The green power technology utilizes renewable energy sources for reduction of GHG emissions. Odisha state (India) is very rich in potential of renewable energy sources especially in solar energy (about 300 solar days), for installation of grid connected photovoltaic system. This paper focuses on the utilization of photovoltaic systems in an Institute building of Bhubaneswar city, Odisha. Different data like solar insolation (kW/m²/day), sunshine duration has been collected from metrological stations for Bhubaneswar city. The required electrical power and cost are calculated for daily load of 1.0 kW. The HOMER (Hybrid Optimization Model of Electric Renewable) software is used to estimate system size and its performance analysis. The simulation result shows that the cost of energy (COE) is $ 0.194/kWh, the Operating cost is $63/yr and the net present cost (NPC) is $3,917. The energy produced from PV array is 1,756kWh/yr and energy purchased from grid is 410kWh/yr. The AC primary load consumption is 1314 kWh/yr and the Grid sales are 746 kWh/yr. One battery is connected in parallel with 12V DC Bus and the usable nominal capacity 2.4 kWh with 9.6 h autonomy capacity.

Keywords: Economic assessment, HOMER, Optimization, Photovoltaic (PV), Renewable energy.

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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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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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Authors: Gautham Das, Edward Morrone, Erik Treble, Clinton Binder

Abstract:

The purpose of this study was to evaluate the efficacy of a low-cost filter regarding per- and polyfluoroalkyl substances (PFAS). PFAS is a commonly used man-made chemical that can be found in a variety of household and industrial products with deleterious effects on humans. The filter consists of a combination of low-cost materials which could be locally procured. Water testing results for 4 different PFAS contaminants indicated that for Perfluorooctane sulfonic acid (PFOS), the Agency for Toxic Substances and Disease Registry (ATSDR) regulation is 7 ppt, the initial concentration was 15 ppt, and the final concentration was 3.9 ppt. For Perfluorononanoic acid (PFNA), the ATSDR regulation is 10.5 ppt, the initial concentration was 15 ppt, and the final concentration was 3.9 ppt. For Perfluorooctanoic acid (PFOA), the ATSDR regulation is 11 ppt, the initial concentration was 15 ppt, and the final concentration was 3.9 ppt. For Perfluorohexane sulfonic acid (PFHxS), the ATSDR regulation is 70 ppt, the initial concentration was 15 ppt, and the final concentration was 3.9 ppt. The results indicated a 74% reduction in PFAS concentration in filtered samples. Statistical data through regression analysis showed 0.9 validity of the sample data. Initial tests show the efficiency of the proposed filter described could be far greater if tested at a greater scale. It is highly recommended further testing to be conducted to validate the data for an innovative solution to a ubiquitous problem.

Keywords: PFAS, PFOS, PFOA, PFHxS, low-cost filter.

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Authors: N.Setoudeh, M. Ali Askari Zamani, N.J.Welham

Abstract:

The effect of dry milling on the carbothermic reduction of celestite was investigated. Mixtures of celestite concentrate (98% SrSO4) and activated carbon (99% carbon) was milled for 1 and 24 hours in a planetary ball mill. Un-milled and milled mixtures and their products after carbothermic reduction were studied by a combination of XRD and TGA/DTA experiments. The thermogravimetric analyses and XRD results showed that by milling celestite-carbon mixtures for one hour, the formation temperature of strontium sulfide decreased from about 720°C (in un-milled sample) to about 600°C, after 24 hours milling it decreased to 530°C. It was concluded that milling induces increasingly thorough mixing of the reactants to reduction occurring at lower temperatures

Keywords: Activated carbon, Celestite, Ball milling, Carbothermic reduction, Strontium sulfide.

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Authors: Omolola A. Tajelawi, Hari L. Garbharran

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Revenue leakages are one of the major challenges manufacturers face in production processes, as most of the input materials that should emanate as products from the lines are lost as waste. Rather than generating income from material input which is meant to end-up as products, losses are further incurred as costs in order to manage waste generated. In addition, due to the lack of a clear view of the flow of resources on the lines from input to output stage, acquiring information on the true cost of waste generated have become a challenge. This has therefore given birth to the conceptualization and implementation of waste minimization strategies by several manufacturing industries. This paper reviews the principles and applications of three environmental management accounting tools namely Activity-based Costing (ABC), Life-Cycle Assessment (LCA) and Material Flow Cost Accounting (MFCA) in the manufacturing industry and their effectiveness in curbing revenue leakages. The paper unveils the strengths and limitations of each of the tools; beaming a searchlight on the tool that could allow for optimal resource utilization, transparency in production process as well as improved cost efficiency. Findings from this review reveal that MFCA may offer superior advantages with regards to the provision of more detailed information (both in physical and monetary terms) on the flow of material inputs throughout the production process compared to the other environmental accounting tools. This paper therefore makes a case for the adoption of MFCA as a viable technique for the identification and reduction of waste in production processes, and also for effective decision making by production managers, financial advisors and other relevant stakeholders.

Keywords: MFCA, environmental management accounting, resource efficiency, waste reduction, revenue losses.

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Authors: Toshiaki Yanada, Kazumi Ishikawa

Abstract:

The present paper deals with the analysis and development of noise-reduction transformer that has a filter function for conductive noise transmission. Two types of prototype noise-reduction transformers with two different output voltages are proposed. To determine an optimum design for the noise-reduction transformer, noise attenuation characteristics are discussed based on the experiments and the equivalent circuit analysis. The analysis gives a relation between the circuit parameters and the noise attenuation. High performance step-down noise-reduction transformer for direct power supply to electronics equipment is developed. The input voltage of the transformer is 100 V and the output voltage is 5 V. Frequency characteristics of noise attenuation are discussed, and prevention of pulse noise transmission is demonstrated. Normal mode noise attenuation of this transformer is –80 dB, and common mode exceeds –90 dB. The step-down noise-reduction transformer eliminates pulse noise efficiently.

Keywords: conductive noise, EMC, EMI, noise attenuation, transformer.

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Authors: N. Phanthuna V. Phupha N. Rugthaicharoencheep, S. Lerdwanittip

Abstract:

This paper presents an optimization technique to economic load dispatch (ELD) problems with considering the daily load patterns and generator constraints using a particle swarm optimization (PSO). The objective is to minimize the fuel cost. The optimization problem is subject to system constraints consisting of power balance and generation output of each units. The application of a constriction factor into PSO is a useful strategy to ensure convergence of the particle swarm algorithm. The proposed method is able to determine, the output power generation for all of the power generation units, so that the total constraint cost function is minimized. The performance of the developed methodology is demonstrated by case studies in test system of fifteen-generation units. The results show that the proposed algorithm scan give the minimum total cost of generation while satisfying all the constraints and benefiting greatly from saving in power loss reduction

Keywords: Particle Swarm Optimization, Economic Load Dispatch, Generator Constraints.

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Authors: Haj Najafi Leila, Tehranizadeh Mohsen

Abstract:

Dependencies between diverse factors involved in probabilistic seismic loss evaluation are recognized to be an imperative issue in acquiring accurate loss estimates. Dependencies among component damage costs could be taken into account considering two partial distinct states of independent or perfectly-dependent for component damage states; however, in our best knowledge, there is no available procedure to take account of loss dependencies in story level. This paper attempts to present a method called "modal cost superposition method" for decoupling story damage costs subjected to earthquake ground motions dealt with closed form differential equations between damage cost and engineering demand parameters which should be solved in complex system considering all stories' cost equations by the means of the introduced "substituted matrixes of mass and stiffness". Costs are treated as probabilistic variables with definite statistic factors of median and standard deviation amounts and a presumed probability distribution. To supplement the proposed procedure and also to display straightforwardness of its application, one benchmark study has been conducted. Acceptable compatibility has been proven for the estimated damage costs evaluated by the new proposed modal and also frequently used stochastic approaches for entire building; however, in story level, insufficiency of employing modification factor for incorporating occurrence probability dependencies between stories has been revealed due to discrepant amounts of dependency between damage costs of different stories. Also, more dependency contribution in occurrence probability of loss could be concluded regarding more compatibility of loss results in higher stories than the lower ones, whereas reduction in incorporation portion of cost modes provides acceptable level of accuracy and gets away from time consuming calculations including some limited number of cost modes in high mode situation.

Keywords: Dependency, story-cost, cost modes, engineering demand parameter.

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Authors: Ghaleb Y. Abbasi, Sufyan Al-Mrayat

Abstract:

This study examined the contribution of 36 factors to building construction project’s cost overrun in Jordan. A questionnaire was distributed to a random sample of 350 stakeholders comprised of owners, consultants, and contractors, of which 285 responded. SPSS analysis was conducted to identify the top five causes of cost overrun, which were a large number of variation orders, inadequate quantities provided in the contract, misunderstanding of the project plan, incomplete bid documents, and choosing the lowest price in the contract bidding. There was an agreement among the study participants in ranking the factors contributing to cost overrun, which indicated that these factors were very commonly encountered in most construction projects in Jordan. Thus, it is crucial to enhance the collaboration among the different project stakeholders to understand the project’s objectives and set a realistic plan that takes into consideration all the factors that might influence the project cost, which might eventually prevent cost overrun.

Keywords: Cost, overrun, building construction projects, Jordan.

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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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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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Authors: Roli Saini, Pradeep Kumar

Abstract:

A coagulation/flocculation process was adopted for the reduction of carbamate insecticide (carbofuran) from aqueous solution. Ferric chloride (FeCl₃) was used as a coagulant to treat the carbofuran. To exploit the reduction efficiency of pesticide concentration and COD, the jar-test experiments were carried out and process was optimized through response surface methodology (RSM). The effects of two independent factors; i.e., FeCl₃ dosage and pH on the reduction efficiency were estimated by using central composite design (CCD). The initial COD of the 30 mg/L concentrated solution was found to be 510 mg/L. Results exposed that the maximum reduction occurred at an optimal condition of FeCl₃ = 80 mg/L, and pH = 5.0, from which the reduction of concentration and COD 75.13% and 65.34%, respectively. The present study also predicted that the obtained regression equations could be helpful as the theoretical basis for the coagulation process of pesticide wastewater.

Keywords: Carbofuran, coagulation, optimization, response surface methodology.

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Authors: L. Bertola, T. Cox, P. Wheeler, S. Garvey, H. Morvan

Abstract:

Electromagnetic Launch (EML) systems have been proposed for military applications to accelerate jet planes on aircraft carriers. This paper proposes the implementation of similar technology to aid civil aircraft take-off, which can provide significant economic, environmental and technical benefits. Assisted launch has the potential of reducing on ground noise and emissions near airports and improving overall aircraft efficiency through reducing engine thrust requirements. This paper presents a take-off performance analysis for an Airbus A320-200 taking off with and without the assistance of the electromagnetic catapult. Assisted take-off allows for a significant reduction in take-off field length, giving more capacity with existing airport footprints and reducing the necessary footprint of new airports, which will both reduce costs and increase the number of suitable sites. The electromagnetic catapult may allow the installation of smaller engines with lower rated thrust. The consequent fuel consumption and operational cost reduction is estimated. The potential of reducing the aircraft operational costs and the runway length required make EML system an attractive solution to the air traffic growth in busy airports.

Keywords: EML system, fuel consumption, take-off analysis, weight reduction.

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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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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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Authors: K. M. Oba

Abstract:

The transportation modelling technique was adopted in the solution of the problem of transportation of Plaster of Paris (POP) cement from three supply locations (construction materials markets) to three demand locations (construction sites) in Port Harcourt. The study was carried out for 40 kg bags of POP cement fully loaded on 600 bags per truck from the three selected construction materials markets in Port Harcourt. The costs of transporting the POP cement were determined and subjected to the North-West Corner, Least Cost, and Vogel’s approximation methods to determine the initial feasible solution. Of the three results, the Least Cost Method turned out to have the lowest cost. Using the Stepping Stone Method, the optimum shipping cost was finally attained after two successive iterations. The optimum shipping cost was calculated to be $1,690 or ₦1,774,500 as of October 2023. As a result of this study, the application of transportation modelling can boost the effective management of the transportation of POP cement in construction projects.

Keywords: Cost of POP cement, management of transportation, optimization of shipping cost, Plaster of Paris, transportation model.

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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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