Search results for: hotel-keeper's contract.

Authors: Teh Raihana Nazirah Roslan, Siti Zulaiha Ibrahim, Sharmila Karim

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A warrant is a financial contract that confers the right but not the obligation, to buy or sell a security at a certain price before expiration. The standard procedure to value equity warrants using call option pricing models such as the Black–Scholes model had been proven to contain many flaws, such as the assumption of constant interest rate and constant volatility. In fact, existing alternative models were found focusing more on demonstrating techniques for pricing, rather than empirical testing. Therefore, a mathematical model for pricing and analyzing equity warrants which comprises stochastic interest rate and stochastic volatility is essential to incorporate the dynamic relationships between the identified variables and illustrate the real market. Here, the aim is to develop dynamic pricing formulations for hybrid equity warrants by incorporating stochastic interest rates from the Cox-Ingersoll-Ross (CIR) model, along with stochastic volatility from the Heston model. The development of the model involves the derivations of stochastic differential equations that govern the model dynamics. The resulting equations which involve Cauchy problem and heat equations are then solved using partial differential equation approaches. The analytical pricing formulas obtained in this study comply with the form of analytical expressions embedded in the Black-Scholes model and other existing pricing models for equity warrants. This facilitates the practicality of this proposed formula for comparison purposes and further empirical study.

Keywords: Cox-Ingersoll-Ross model, equity warrants, Heston model, hybrid models, stochastic.

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Authors: Othoman Elsayah, Naren Gupta, Binsheng Zhang

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The construction sector constitutes one of the most important sectors in the economy of any country. Contractor selection is a critical decision that is undertaken by client organizations and is central to the success of any construction project. Contractor selection (CS) is a process which involves investigating, screening and determining whether candidate contractors have the technical and financial capability to be accepted to formally tender for construction work. The process should be conducted prior to the award of contract, characterized by many factors such as: contactor’s skills, experience on similar projects, track- record in the industry, and financial stability. However, this paper evaluates the current state of knowledge in relation to contractor selection process and demonstrates the findings from the analysis of the data collected from the Delphi questionnaire survey. The survey was conducted with a group of 12 experts working in the Libyan construction industry (LCI). The paper starts by briefly explaining the general outline of the questionnaire including the survey participation rate, the different fields the experts came from, and the business titles of the participants. Then the paper describes the tests used to determine when the experts had reached consensus. The paper is based on research which aims to develop rank contractor selection criteria with specific application to make construction projects in the Libyan context. The findings of this study will be utilized to establish the scope of work that will be used as part of a PhD research.

Keywords: Contractor selection, Libyan construction industry, Decision experts and Delphi technique.

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Authors: Tien-Shun Chan, Yung-Chung Chang, Cheng-Yu Chu, Wen-Hui Chen, Yuan-Lin Chen, Shun-Chong Wang, Chang-Chun Wang

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98% of the energy needed in Taiwan has been imported. The prices of petroleum and electricity have been increasing. In addition, facility capacity, amount of electricity generation, amount of electricity consumption and number of Taiwan Power Company customers have continued to increase. For these reasons energy conservation has become an important topic. In the past linear regression was used to establish the power consumption models for chillers. In this study, grey prediction is used to evaluate the power consumption of a chiller so as to lower the total power consumption at peak-load (so that the relevant power providers do not need to keep on increasing their power generation capacity and facility capacity). In grey prediction, only several numerical values (at least four numerical values) are needed to establish the power consumption models for chillers. If PLR, the temperatures of supply chilled-water and return chilled-water, and the temperatures of supply cooling-water and return cooling-water are taken into consideration, quite accurate results (with the accuracy close to 99% for short-term predictions) may be obtained. Through such methods, we can predict whether the power consumption at peak-load will exceed the contract power capacity signed by the corresponding entity and Taiwan Power Company. If the power consumption at peak-load exceeds the power demand, the temperature of the supply chilled-water may be adjusted so as to reduce the PLR and hence lower the power consumption.

Keywords: Gery system theory, grey prediction, chller.

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Authors: Shutchapol Chopvitayakun

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Internship program is a compulsory course of many undergraduate programs in Thailand. It gives opportunities to a lot of senior students as interns to practice their working skills in the real organizations and also gives chances for interns to face real-world working problems. Interns also learn how to solve those problems by direct and indirect experiences. This program in many schools is a well-structured course with a contract or agreement made with real business organizations. Moreover, this program also offers opportunities for interns to get jobs after completing it from where the internship program takes place. Interns also learn how to work as a team and how to associate with other colleagues, trainers, and superiors of each organization in term of social hierarchy, self-responsibility, and self-disciplinary. This research focuses on senior students of Suan Sunandha Rajabhat University, Thailand whose studying major is information technology program. They practiced their working skills or took internship programs in the real business sector or real operating organizations in 2015-2016. Interns are categorized in to two types: normal program and special program. For special program, students study in weekday evening from Monday to Friday or Weekend and most of them work full-time or part-time job. For normal program, students study in weekday working hours and most of them do not work. The differences of these characters and the outcomes of internship performance were studied and analyzed in this research. This work applied some statistical analytics to find out whether the internship performance of each intern type has different performances statistically or not.

Keywords: Internship, intern, senior student, information technology program.

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Authors: H. Shayeghi, A. Jalili

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This paper presents a new Hybrid Fuzzy (HF) PID type controller based on Genetic Algorithms (GA-s) for solution of the Automatic generation Control (AGC) problem in a deregulated electricity environment. In order for a fuzzy rule based control system to perform well, the fuzzy sets must be carefully designed. A major problem plaguing the effective use of this method is the difficulty of accurately constructing the membership functions, because it is a computationally expensive combinatorial optimization problem. On the other hand, GAs is a technique that emulates biological evolutionary theories to solve complex optimization problems by using directed random searches to derive a set of optimal solutions. For this reason, the membership functions are tuned automatically using a modified GA-s based on the hill climbing method. The motivation for using the modified GA-s is to reduce fuzzy system effort and take large parametric uncertainties into account. The global optimum value is guaranteed using the proposed method and the speed of the algorithm-s convergence is extremely improved, too. This newly developed control strategy combines the advantage of GA-s and fuzzy system control techniques and leads to a flexible controller with simple stricture that is easy to implement. The proposed GA based HF (GAHF) controller is tested on a threearea deregulated power system under different operating conditions and contract variations. The results of the proposed GAHF controller are compared with those of Multi Stage Fuzzy (MSF) controller, robust mixed H2/H∞ and classical PID controllers through some performance indices to illustrate its robust performance for a wide range of system parameters and load changes.

Keywords: AGC, Hybrid Fuzzy Controller, Deregulated Power System, Power System Control, GAs.

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Authors: M. A. Okezue, K. L. Clase, S. R. Byrn, P. Shivanand

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Medicines regulatory authorities expect pharmaceutical companies and contract research organizations to seek ways to certify that their laboratory control measurements are reliable. Establishing and maintaining laboratory quality standards are essential in ensuring the accuracy of test results. ‘ISO/IEC 17025:2017’ and ‘WHO Good Practices for Pharmaceutical Quality Control Laboratories (GPPQCL)’ are two quality standards commonly employed in developing laboratory quality systems. A review was conducted on the two standards to elaborate on areas on convergence and divergence. The goal was to understand how differences in each standard's requirements may influence laboratories' choices as to which document is easier to adopt for quality systems. A qualitative review method compared similar items in the two standards while mapping out areas where there were specific differences in the requirements of the two documents. The review also provided a detailed description of the clauses and parts covering management and technical requirements in these laboratory standards. The review showed that both documents share requirements for over ten critical areas covering objectives, infrastructure, management systems, and laboratory processes. There were, however, differences in standard expectations where GPPQCL emphasizes system procedures for planning and future budgets that will ensure continuity. Conversely, ISO 17025 was more focused on the risk management approach to establish laboratory quality systems. Elements in the two documents form common standard requirements to assure the validity of laboratory test results that promote mutual recognition. The ISO standard currently has more global patronage than GPPQCL.

Keywords: ISO/IEC 17025:2017, laboratory standards, quality control, WHO GPPQCL

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Authors: Ana Lambelho

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In an economic crisis such as the one that shook (and still shake) Europe, one does not question the importance of the measures that encourage the hiring and integration of young people into the labour market. In the mentioned context, enterprises tend to reduce the cost of labour and to seek flexible contracting instruments. The professional internships allow innovation and creativity at low cost, because, as they are not labour contracts, the enterprises do not have to respect the minimum standards related to wages, working time duration and so on. In Portugal, we observe a widespread existence of training contracts in which the trainee worked several hours without salary or was paid below the legally prescribed for the function and the work period. For this reason, under the tripartite agreement for a new system of regulation of labour relations, employment policies and social protection, between the Government and the social partners, in June 2008, foresaw a prohibition of professional internships unpaid and the legal regulation of the mandatory internships for access to an activity. The first Act about private internship contracts, i.e., internships without public funding was embodied in the Decree-Law N. 66/2011, of 1^st June. This work is dedicated to the study of the legal regime of the internship contract in Portugal, by analysing the problems brought by the new set of rules and especially those which remains unresolved. In fact, we can conclude that the number of situations covered by the Act is much lower than what was expected, because of the exclusion of the mandatory internship for access to a profession when the activity is developed autonomously. Since the majority of the activities can be developed both autonomously or subordinated, it is quite easy to out of the Act requirements and, so, out of the protection that it confers to the intern. In order to complete this study, we considered not only the mentioned legal Act, but also the few doctrine and jurisprudence about the theme.

Keywords: Intern, internship contact, labour law, Portugal.

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Authors: Olimpia Matarazzo, Fabrizio Ferrara

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In two studies we tested the hypothesis that the appropriate linguistic formulation of a deontic rule – i.e. the formulation which clarifies the monadic nature of deontic operators - should produce more correct responses than the conditional formulation in Wason selection task. We tested this assumption by presenting a prescription rule and a prohibition rule in conditional vs. proper deontic formulation. We contrasted this hypothesis with two other hypotheses derived from social contract theory and relevance theory. According to the first theory, a deontic rule expressed in terms of cost-benefit should elicit a cheater detection module, sensible to mental states attributions and thus able to discriminate intentional rule violations from accidental rule violations. We tested this prevision by distinguishing the two types of violations. According to relevance theory, performance in selection task should improve by increasing cognitive effect and decreasing cognitive effort. We tested this prevision by focusing experimental instructions on the rule vs. the action covered by the rule. In study 1, in which 480 undergraduates participated, we tested these predictions through a 2 x 2 x 2 x 2 (type of the rule x rule formulation x type of violation x experimental instructions) between-subjects design. In study 2 – carried out by means of a 2 x 2 (rule formulation x type of violation) between-subjects design - we retested the hypothesis of rule formulation vs. the cheaterdetection hypothesis through a new version of selection task in which intentional vs. accidental rule violations were better discriminated. 240 undergraduates participated in this study. Results corroborate our hypothesis and challenge the contrasting assumptions. However, they show that the conditional formulation of deontic rules produces a lower performance than what is reported in literature.

Keywords: Deontic reasoning; Evolutionary, linguistic, logical, pragmatic factors; Wason selection task

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Authors: Monisha Isaac

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Biotechnology is a discipline which explains the use of living organisms and systems to construct a product, or we can define it as an application or technology developed to use biological systems and organisms processes for a specific use. Particularly, it includes cells and its components use for new technologies and inventions. The tools developed can be further used in diverse fields such as agriculture, industry, research and hospitals etc. The 21^st century has seen a drastic development and advancement in biotechnology in India. Significant increase in Government of India’s outlays for biotechnology over the past decade has been observed. A sectoral break up of biotechnology-based companies in India shows that most of the companies are agriculture-based companies having interests ranging from tissue culture to biopesticides. Major attention has been given by the companies in health related activities and in environmental biotechnology. The biopharmaceutical, which comprises of vaccines, diagnostic, and recombinant products is the most reliable and largest segment of the Indian Biotech industry. India has developed its vaccine markets and supplies them to various countries. Then there are the bio-services, which mainly comprise of contract researches and manufacturing services. India has made noticeable developments in the field of bio industries including manufacturing of enzymes, biofuels and biopolymers. Biotechnology is also playing a crucial and significant role in the field of agriculture. Traditional methods have been replaced by new technologies that mainly focus on GM crops, marker assisted technologies and the use of biotechnological tools to improve the quality of fertilizers and soil. It may only be a small contributor but has shown to have huge potential for growth. Bioinformatics is a computational method which helps to store, manage, arrange and design tools to interpret the extensive data gathered through experimental trials, making it important in the design of drugs.

Keywords: Biotechnology, advancement, agriculture, bio-services, bio-industries, bio-pharmaceuticals.

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Authors: Mamoon Mousa Atout

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The industries of construction are in continuous growth not only in Middle East rejoin but almost all over the world. For the last fifteen years, big expansion and increase of different types of projects has been observed. Many infrastructural projects have been developed, high rise buildings, big shopping malls, power sub-stations, roads, bridges, schools, universities and developing many of new cities with full and complete facilities. The growth and enlargement of the mentioned developed projects has been accomplished through many international and local contracting organizations. Senior management of these organizations depend on their qualified and experienced team whom are aware of the implications of project management, construction management, engineering management and resource management during tendering till final completion of the project. This research aims to find out why reasons of principles of construction engineering and management are necessary for contracting firms and their managers. Principles of construction management help contracting organizations to accomplish and deliver projects without delay. This can be maintained by establishing guidelines’ details for updating the adopted system of construction management that they have through qualified and experienced project managers. The research focuses on benefits of other essential skills of projects planning, monitoring and control. Defining roles and responsibilities of contractor project managers during tendering and execution is a part of the investigated factors that will be analyzed. Other skills like optimizing and utilizing the obtainable project resources to deliver the project within time, cost and quality will be also investigated to find out how these factors are affecting the performance of contracting firms, projects managers and projects. The conclusion of the research will help senior management team and the contractors project managers about the benefits of implications and benefits construction management system and its effect upon the performance and knowledge of contract values that they have, and the optimal profit margin of the firm it.

Keywords: Construction management, contracting firms, project managers, planning processes, roles and responsibilities.

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Authors: Rawan A. Abdelrazeq, Ahmed M. Khalafallah, Nabil A. Kartam

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Selection of competent contractors for construction projects is usually accomplished through competitive bidding or negotiated contracting in which the contract bid price is the basic criterion for selection. The evaluation of contractor’s safety performance is still not a typical criterion in the selection process, despite the existence of various safety prequalification procedures. There is a critical need for practical and automated systems that enable owners and decision makers to evaluate contractor safety performance, among other important contractor selection criteria. These systems should ultimately favor safety-conscious contractors to be selected by the virtue of their past good safety records and current safety programs. This paper presents an exploratory sequential mixed-methods approach to develop a framework for an automated decision support system that evaluates contractor safety performance based on a multitude of indicators and metrics that have been identified through a comprehensive review of construction safety research, and a survey distributed to domain experts. The framework is developed in three phases: (1) determining the indicators that depict contractor current and past safety performance; (2) soliciting input from construction safety experts regarding the identified indicators, their metrics, and relative significance; and (3) designing a decision support system using relational database models to integrate the identified indicators and metrics into a system that assesses and rates the safety performance of contractors. The proposed automated system is expected to hold several advantages including: (1) reducing the likelihood of selecting contractors with poor safety records; (2) enhancing the odds of completing the project safely; and (3) encouraging contractors to exert more efforts to improve their safety performance and practices in order to increase their bid winning opportunities which can lead to significant safety improvements in the construction industry. This should prove useful to decision makers and researchers, alike, and should help improve the safety record of the construction industry.

Keywords: Construction safety, contractor selection, decision support system, relational database.

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Authors: Abdelrahman Ahmed Mohamed Osman

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Over the past few years, a number of efforts have been exerted to build parallel processing systems that utilize the idle power of LAN-s and PC-s available in many homes and corporations. The main advantage of these approaches is that they provide cheap parallel processing environments for those who cannot afford the expenses of supercomputers and parallel processing hardware. However, most of the solutions provided are not very flexible in the use of available resources and very difficult to install and setup. In this paper, a multi-level web-based parallel processing system (MWPS) is designed (appendix). MWPS is based on the idea of volunteer computing, very flexible, easy to setup and easy to use. MWPS allows three types of subscribers: simple volunteers (single computers), super volunteers (full networks) and end users. All of these entities are coordinated transparently through a secure web site. Volunteer nodes provide the required processing power needed by the system end users. There is no limit on the number of volunteer nodes, and accordingly the system can grow indefinitely. Both volunteer and system users must register and subscribe. Once, they subscribe, each entity is provided with the appropriate MWPS components. These components are very easy to install. Super volunteer nodes are provided with special components that make it possible to delegate some of the load to their inner nodes. These inner nodes may also delegate some of the load to some other lower level inner nodes .... and so on. It is the responsibility of the parent super nodes to coordinate the delegation process and deliver the results back to the user. MWPS uses a simple behavior-based scheduler that takes into consideration the current load and previous behavior of processing nodes. Nodes that fulfill their contracts within the expected time get a high degree of trust. Nodes that fail to satisfy their contract get a lower degree of trust. MWPS is based on the .NET framework and provides the minimal level of security expected in distributed processing environments. Users and processing nodes are fully authenticated. Communications and messages between nodes are very secure. The system has been implemented using C#. MWPS may be used by any group of people or companies to establish a parallel processing or grid environment.

Keywords: Volunteer computing, Parallel Processing, XMLWebServices, .NET Remoting, Tuplespace.

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

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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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Authors: Sunaitan Al Mutairi

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A perfect start is a key factor for project completion on time. The study examined the effects of delayed mobilization of resources during the initial phases of the project. This paper mainly highlights the identification and categorization of all delays during the initial construction phase and their root cause analysis with corrective/control measures for the Kuwait Oil Company oil and gas projects. A relatively good percentage of the delays identified during the project execution (Contract award to end of defects liability period) attributed to mobilization/preliminary activity delays. Data analysis demonstrated significant increase in average project delay during the last five years compared to the previous period. Contractors had delays/issues during the initial phase, which resulted in slippages and progressively increased, resulting in time and cost overrun. Delays/issues not mitigated on time during the initial phase had very high impact on project completion. Data analysis of the delays for the past five years was carried out using trend chart, scatter plot, process map, box plot, relative importance index and Pareto chart. Construction of any project inside the Gathering Centers involves complex management skills related to work force, materials, plant, machineries, new technologies etc. Delay affects completion of projects and compromises quality, schedule and budget of project deliverables. Works executed as per plan during the initial phase and start-up duration of the project construction activities resulted in minor slippages/delays in project completion. In addition, there was a good working environment between client and contractor resulting in better project execution and management. Mainly, the contractor was on the front foot in the execution of projects, which had minimum/no delays during the initial and construction period. Hence, having a perfect start during the initial construction phase shall have a positive influence on the project success. Our research paper studies each type of delay with some real example supported by statistic results and suggests mitigation measures. Detailed analysis carried out with all stakeholders based on impact and occurrence of delays to have a practical and effective outcome to mitigate the delays. The key to improvement is to have proper control measures and periodic evaluation/audit to ensure implementation of the mitigation measures. The focus of this research is to reduce the delays encountered during the initial construction phase of the project life cycle.

Keywords: Construction activities delays, delay analysis for construction projects, mobilization delays, oil and gas projects delays.

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