Abstract: Although Europe is on the threshold of a new industrial revolution called Industry 4.0, many believe that this will increase the flexibility of production, the mass adaptation of products to consumers and the speed of their service; it will also improve product quality and dramatically increase productivity. However, as expected, all the benefits of Industry 4.0 face many of the inevitable changes and challenges they pose. One of them is the inevitable transformation of current competition and business models. This article examines the possible results of competitive conversion from the classic Bertrand and Cournot models to qualitatively new competition based on innovation. Ability to deliver a new product quickly and the possibility to produce the individual design (through flexible and quickly configurable factories) by reducing equipment failures and increasing process automation and control is highly important. This study shows that the ongoing transformation of the competition model is changing the game. This, together with the creation of complex value networks, means huge investments that make it particularly difficult for small and medium-sized enterprises. In addition, the ongoing digitalization of data raises new concerns regarding legal obligations, intellectual property, and security.
Abstract: The demand for renewable energy is significantly increasing, major investments are being supplied to the wind power generation industry as a leading source of clean energy. The wind energy sector is entirely dependable and driven by the prediction of wind speed, which by the nature of wind is very stochastic and widely random. This s0tudy employs deep multi-fidelity Gaussian process regression, used to predict wind speeds for medium term time horizons. Data of the RUNE experiment in the west coast of Denmark were provided by the Technical University of Denmark, which represent the wind speed across the study area from the period between December 2015 and March 2016. The study aims to investigate the effect of pre-processing the data by denoising the signal using empirical wavelet transform (EWT) and engaging the vector components of wind speed to increase the number of input data layers for data fusion using deep multi-fidelity Gaussian process regression (GPR). The outcomes were compared using root mean square error (RMSE) and the results demonstrated a significant increase in the accuracy of predictions which demonstrated that using vector components of the wind speed as additional predictors exhibits more accurate predictions than strategies that ignore them, reflecting the importance of the inclusion of all sub data and pre-processing signals for wind speed forecasting models.
Abstract: Most Gulf Cooperation Council (GCC) countries with oil-based economy like Oman are looking for other potential revenue generation options as the crude oil price is regularly fluctuating due to changing geopolitical environment. Oman has advantage of possessing world-heritage nature tourism hotspots around the country and the government is making investments and strategies to uplift the tourism industry following Oman Vision 2040 strategies. Oman’s agriculture is not significantly contributing to the economy, but possesses specific and diversified arid cropping systems. Oman has modern farms; nevertheless some of the agricultural production activities are done with cultural practices and styles that would be attractive to tourists. The aim of this paper is to investigate the potentials for promoting agritourism industry in Oman; recognize potential sites, commodities and activities, and predict potential revenue generation as a projection from that of the tourism sector. Moreover, the study enables to foresee possible auxiliary advantages of agritourism such as, empowerment of women and youth, enhancement in the value-addition industry for agricultural produce through technology transfer and capacity building, and producing export quality products. Agritourism could increase employability, empowerment of women and youth, improve value-addition industry and export-oriented agribusiness. These efforts including provision of necessary technology-transfer and capacity-building should be rendered by the collaboration of academic institutions, relevant ministries and other public and private sector stakeholders.
Abstract: This study estimates the private cost of Humanities and Education programs in public universities in Osun state, Nigeria, as well as the private monetary returns to Humanities and Education programs in public universities in the state. It also estimates the private rates of return to Humanities and Education programmes in public universities in Osun state; with the view of providing information on the relative profitability of investments in Humanities and Education programs in public universities in Osun state. The study adopted a descriptive survey research design. The population for the study consisted of all Humanities and Education students from public universities in Osun State and all Humanities and Education graduates who are workers in Osun state establishments. The sample was made up of 600 students and 120 workers. The students were selected through simple random sampling technique from the two public universities in the state while the workers were purposively selected from Osun state establishments. These workers were graduates of Humanities and Education programs. The selected programs included Bachelor of Arts (B.A.) in English, Bachelor of Education (B.Ed.) in English, B.A. in Religious Studies, B.Ed. in Religious Studies, B.A. in Yoruba and B.Ed. in Yoruba. Two research instruments were used, namely: Private Costs of University Education Questionnaire (PCUEQ) and Age Education Earnings of Workers Questionnaire (AEEWQ). The data were analyzed using compounding and discount cash flow techniques. The results showed that the private costs of Humanities and Education programs in public universities in Osun state were N855,935.59 and N694,269.34 respectively. The private monetary returns to Humanities and Education programs in public universities in the State were N9,052,859.28 and N9,052,859.28, respectively. The private rates of return to Humanities and Education programmes in public universities in Osun state were 27.36% and 34.40% respectively. The study concluded that it was more profitable to invest in Education programs than in Humanities programs at public universities in Osun state, Nigeria.
Abstract: School districts throughout the United States are constantly seeking measures to improve test scores, reduce school absenteeism and improve indoor environmental quality. It is imperative to identify key building investments which will provide the largest benefits to schools in terms of improving the aforementioned factors. This study uses Analysis of Variance (ANOVA) tests to statistically evaluate the impact of a school building’s mechanical and plumbing characteristics on a child’s educational performance. The educational performance is measured via three indicators, i.e. test scores, suspensions, and absenteeism. The study investigated 125 New York City school facilities to determine the potential correlations between 50 mechanical and plumbing variables and the performance indicators. Key findings from the tests revealed that elementary schools with pneumatic systems in “good” condition have 48.8% lower percentages of students scoring at the minimum English Language Arts (ELA) competency level compared with those with no pneumatic system. Additionally, elementary schools with “unit heaters/cabinet heaters” in “good to fair” conditions have 1.1% higher attendance rates compared to schools with no “unit heaters/cabinet heaters” or those in inferior condition. Furthermore, elementary schools with air conditioning have 0.6% higher attendance rates compared to schools with no air conditioning, and those with interior floor drains in “good” condition have 1.8% higher attendance rates compared to schools with interior drains in inferior condition.
Abstract: Economic and population growth in densely-populated urban areas introduce major challenges to distribution system operators, planers, and designers. To supply added loads, utilities are frequently forced to invest in new distribution feeders. However, this is becoming increasingly more challenging due to space limitations and rising installation costs in urban settings. This paper proposes the conversion of critical alternating current (ac) distribution feeders into direct current (dc) feeders to increase the power transfer capacity by a factor as high as four. Current trends suggest that the return of dc transmission, distribution, and utilization are inevitable. Since a total system-level transformation to dc operation is not possible in a short period of time due to the needed huge investments and utility unreadiness, this paper recommends that feeders that are expected to exceed their limits in near future are converted to dc. The increase in power transfer capacity is achieved through several key differences between ac and dc power transmission systems. First, it is shown that underground cables can be operated at higher dc voltage than the ac voltage for the same dielectric stress in the insulation. Second, cable sheath losses, due to induced voltages yielding circulation currents, that can be as high as phase conductor losses under ac operation, are not present under dc. Finally, skin and proximity effects in conductors and sheaths do not exist in dc cables. The paper demonstrates that in addition to the increased power transfer capacity utilities substituting ac feeders by dc feeders could benefit from significant lower costs and reduced losses. Installing dc feeders is less expensive than installing new ac feeders even when new trenches are not needed. Case studies using the IEEE 342-Node Low Voltage Networked Test System quantify the technical and economic benefits of dc feeders.
Abstract: The service of passenger waterway transportation lacks economic models that help in designing and implementing strategies to ensure its sustainability in several aspects (economic, social and environmental). The size of costs, though not the only one, is of particular importance in these models. However, traditionally, cost management has been focused only on reducing production costs, for the purpose of companies to keep prices low and gain market competitiveness. Although, with all the technological advances, and other restrictions imposed by the market in terms of service, in the case of passengers waterway transportation: intermodal competition; quality of service; or by regulatory environment for public concession and; in the aspect of business: to stay in the market with natural, demand and institutional restrictions, this view is not enough. Thus, there is an evolution of a traditional cost accounting to strategic cost management. On the other hand, it is important to consider other important dimensions and recognize that companies no longer exist in isolation, but they are part of highly integrated value and supplies chains. Therefore, this work will explore and analyze the sustainable value chain of passenger waterway transportation service using the tools of strategic cost management. The method will start from three components of analysis: (1) definition of basic elements of sustainable value chain; (2) identification of main restrictions to the chain development and aspects critical for service sustainability; (3) development of a cost model and propositions to overcome the bottlenecks found, to add value. Whether in the internal cost structure of the company; operational cost reduction strategies; in search of new markets, or to establish new partnerships or even; in the broadest level, in terms of investments in infrastructure or recommendations involving governance decisions to improve the current institutional environment. The case study will be developed in passenger transport companies located in the Lower Amazon, consolidated in this market, with defined enterprise structure of business sustainability, and who have already been willing to collaborate with the investigation. As results, it is expected to understand the cost structures that support sustainable value chains, namely, costs of activities and relevant cost objects in order to determine the cost drivers, profitability margins, cost reduction opportunities and conditions conducive to competitive advantages related to the different strategic options to cost leadership, differentiation or approach. Finally, in the model to be developed, the proper characterization of cost structure and value creation in transport processes under study may constitute reference points for future more sophisticated applied works of optimizing the resources involved and supporting the decision making, in particular with regard to operations research and quantitative methods more robust.
Abstract: Recent rapid progress in ICT (Information and Communication Technology) has advanced the penetration of sensor networks (SNs) and their attractive applications. Agriculture is one of the fields well able to benefit from ICT. Plant factories control several parameters related to plant growth in closed areas such as air temperature, humidity, water, culture medium concentration, and artificial lighting by using computers and AI (Artificial Intelligence) is being researched in order to obtain stable and safe production of vegetables and medicinal plants all year anywhere, and attain self-sufficiency in food. By providing isolation from the natural environment, a plant factory can achieve higher productivity and safe products. However, the biggest issue with plant factories is the return on investment. Profits are tenuous because of the large initial investments and running costs, i.e. electric power, incurred. At present, LED (Light Emitting Diode) lights are being adopted because they are more energy-efficient and encourage photosynthesis better than the fluorescent lamps used in the past. However, further cost reduction is essential. This paper introduces experiments that reveal which color of LED lighting best enhances the growth of cultured radish sprouts. Radish sprouts were cultivated in the experimental environment formed by a hydroponics kit with three cultivation shelves (28 samples per shelf) each with an artificial lighting rack. Seven LED arrays of different color (white, blue, yellow green, green, yellow, orange, and red) were compared with a fluorescent lamp as the control. Lighting duration was set to 12 hours a day. Normal water with no fertilizer was circulated. Seven days after germination, the length, weight and area of leaf of each sample were measured. Electrical power consumption for all lighting arrangements was also measured. Results and discussions: As to average sample length, no clear difference was observed in terms of color. As regards weight, orange LED was less effective and the difference was significant (p < 0.05). As to leaf area, blue, yellow and orange LEDs were significantly less effective. However, all LEDs offered higher productivity per W consumed than the fluorescent lamp. Of the LEDs, the blue LED array attained the best results in terms of length, weight and area of leaf per W consumed. Conclusion and future works: An experiment on radish sprout cultivation under 7 different color LED arrays showed no clear difference in terms of sample size. However, if electrical power consumption is considered, LEDs offered about twice the growth rate of the fluorescent lamp. Among them, blue LEDs showed the best performance. Further cost reduction e.g. low power lighting remains a big issue for actual system deployment. An automatic plant monitoring system with sensors is another study target.
Abstract: In the first decades of the 21st century, in the electronic trading environment, algorithmic capital investments became the primary tool to make a profit by speculations in financial markets. A significant number of traders, private or institutional investors are participating in the capital markets every day using automated algorithms. The autonomous trading software is today a considerable part in the business intelligence system of any modern financial activity. The trading decisions and orders are made automatically by computers using different mathematical models. This paper will present one of these models called Price Prediction Line. A mathematical algorithm will be revealed to build a reliable trend line, which is the base for limit conditions and automated investment signals, the core for a computerized investment system. The paper will guide how to apply these tools to generate entry and exit investment signals, limit conditions to build a mathematical filter for the investment opportunities, and the methodology to integrate all of these in automated investment software. The paper will also present trading results obtained for the leading German financial market index with the presented methods to analyze and to compare different automated investment algorithms. It was found that a specific mathematical algorithm can be optimized and integrated into an automated trading system with good and sustained results for the leading German Market. Investment results will be compared in order to qualify the presented model. In conclusion, a 1:6.12 risk was obtained to reward ratio applying the trigonometric method to the DAX Deutscher Aktienindex on 24 months investment. These results are superior to those obtained with other similar models as this paper reveal. The general idea sustained by this paper is that the Price Prediction Line model presented is a reliable capital investment methodology that can be successfully applied to build an automated investment system with excellent results.
Abstract: Capital market is a crucial financial market place where companies and the government can raise long-term funds and, at the same time, investors get the opportunity to invest in the listed companies. Capital markets play a vital role not only in shifting the funds from surplus entity to deficit for investment, but also in the overall economic development of any developing country like Bangladesh. Being the first and biggest capital market of Bangladesh, Dhaka Stock Exchange (DSE) is the prime bourse of the country. The differences in the investment preference— among three broad categories of investors in DSE including individual investors, institutional investors, and government— are easily observed. Authors of this article have used five categories of investors such as sponsors or directors of the company, institutional investors, foreign investors, government, and the general public in order to present a comparative analysis of their investment patterns. Obtaining data on the percentage of investment by these five types of investors in different sectors from the DSE website, this study aims to analyze the sector-wise investment preference of these investors using August 2018 data. The study has found that the sponsors or directors of the company have the highest percentage of investment in the textile industry which is close to 16%. The Bangladesh government, as an investor, has the highest percentage of investment in the fuel & power sector, approximately 32%. It has also found that the mutual funds' sector is mostly financed by institutional investors, nearly 28%. Foreign investors have their most investments in the banking sector, which is close to 22%. It has also revealed that the textile sector is mostly financed by the general public, close to 17%. Nevertheless, general public, surprisingly, has the lowest percentage of investment in the telecommunication sector, which is 0.10%.
Abstract: In this paper, we studied the effect of supplementary premium on the optimal portfolio policy in a defined contribution (DC) pension scheme with refund of premium clauses. This refund clause allows death members’ next of kin to withdraw their relative’s accumulated wealth during the accumulation period. The supplementary premium is to help sustain the scheme and is assumed to be stochastic. We considered cases when the remaining wealth is equally distributed and when it is not equally distributed among the remaining members. Next, we considered investments in cash and equity to help increase the remaining accumulated funds to meet up with the retirement needs of the remaining members and composed the problem as a continuous time mean-variance stochastic optimal control problem using the actuarial symbol and established an optimization problem from the extended Hamilton Jacobi Bellman equations. The optimal portfolio policy, the corresponding optimal fund size for the two assets and also the efficient frontier of the pension members for the two cases was obtained. Furthermore, the numerical simulations of the optimal portfolio policies with time were presented and the effect of the supplementary premium on the optimal portfolio policy was discussed and observed that the supplementary premium decreases the optimal portfolio policy of the risky asset (equity). Secondly we observed a disparity between the optimal policies for the two cases.
Abstract: Conservation and urban investment are a prerequisite to improve the quality of life. Since the historic street is a part of the economic system, it should be able to play an important role in the city development by upgrading all services, public open spaces and reuse of historical buildings and sites. Furthermore, historical conservation enriches the political, economic, social, cultural and functional aspects of the site. Rosetta has been selected as an area of study because it has a unique character due to its possession of a variety of monuments and historical buildings. The aim of this research is to analyze the existing situation of an historic street named El Sheikh Kandil, to be able to identify the potentials and problems. The paper gives a proposal for the redesign and reinvestment of the street and the reuse for the historical buildings to serve the community, users and visitors. Then, it concludes with recommendations to improve quality of life through the rehabilitation of the historical buildings and strengthening of the cultural and historical identity of the street. Rosetta city can benefit from these development proposals by preserving and revitalizing its unique character which leads to tourism development and benefits from the new investments.
Abstract: Current state of foreign direct investment (FDI) in Georgia is analyzed and evaluated in the paper, the existing legislative background for regulating investments and stimulating policies to attract investments are shown. It is noted that in developing countries encouragement of investment activity, support and implementation are of the most important tasks, implying a consistent investment policy, investor-friendly tax regime and the legal system, reducing administrative barriers and restrictions, fare competitive conditions and business development infrastructure. The work deals with the determining factor of FDIs and the main directions of stimulation, as well as prospective industries where new investments are needed. Contributing and hindering factors and stimulating measures are analyzed. As a result of the research, the direct and indirect factors attracting FDI have been identified. Facilitating factors to FDI inflow are as follows: simplicity of starting business, geopolitical location, low taxes, access to credit, ease of ownership registration, natural resources, low burden of regulations, low level of corruption and low crime rates. Hindering factors to FDI inflow are as follows: small market, lack of policy for attracting investments, low qualification of the workforce (despite the large number of unemployed people it is difficult to find workers with necessary special skills and qualifications), high interest rates, instability of national currency exchange rate, presence of conflict zones within the country and so forth.
Abstract: Focus on reducing energy consumption in existing
buildings at large scale, e.g. in cities or countries, has been
increasing in recent years. In order to reduce energy consumption
in existing buildings, political incentive schemes are put in place and
large scale investments are made by utility companies. Prioritising
these investments requires a comprehensive overview of the energy
consumption in the existing building stock, as well as potential
energy-savings. However, a building stock comprises thousands
of buildings with different characteristics making it difficult to
model energy consumption accurately. Moreover, the complexity of
the building stock makes it difficult to convey model results to
policymakers and other stakeholders. In order to manage the complexity of the building stock, building
archetypes are often employed in building stock energy models
(BSEMs). Building archetypes are formed by segmenting the building
stock according to specific characteristics. Segmenting the building
stock according to building type and building age is common, among
other things because this information is often easily available. This
segmentation makes it easy to convey results to non-experts. However, using a single archetypical building to represent all
buildings in a segment of the building stock is associated with
loss of detail. Thermal characteristics are aggregated while other
characteristics, which could affect the energy efficiency of a building,
are disregarded. Thus, using a simplified representation of the
building stock could come at the expense of the accuracy of the
model. The present study evaluates the accuracy of a conventional
archetype-based BSEM that segments the building stock according
to building type- and age. The accuracy is evaluated in terms of the
archetypes’ ability to accurately emulate the average energy demands
of the corresponding buildings they were meant to represent. This is
done for the buildings’ energy demands as a whole as well as for
relevant sub-demands. Both are evaluated in relation to the type- and
the age of the building. This should provide researchers, who use
archetypes in BSEMs, with an indication of the expected accuracy
of the conventional archetype model, as well as the accuracy lost in
specific parts of the calculation, due to use of the archetype method.
Abstract: In the contemporary global political economy, foreign direct investment (FDI) is gaining currency on daily basis. Notably, the end of the Cold War has brought about the dominance of neoliberal ideology with its mantra of private-sector-led economy. As such, nation-states now see FDI attraction as an important element in their approach to national development. Governments and policy makers are preoccupying themselves with unraveling the best strategies to not only attract more FDI but also to attain the desired socio-economic development status. In Nigeria, the perceived development potentials of FDI have brought about aggressive hunt for foreign investors, most especially since transition to civilian rule in May 1999. Series of liberal and market oriented strategies are being adopted not only to attract foreign investors but largely to stimulate private sector participation in the economy. It is on this premise that this study interrogates the politics of FDI attraction for domestic development in Nigeria between 1999 and 2014, with the ultimate aim of examining the nexus between regime type and the ability of a state to attract and benefit from FDI. Building its analysis within the framework of institutional utilitarianism, the study posits that the essential FDI strategies for achieving the greatest happiness for the greatest number of Nigerians are political not economic. Both content analysis and descriptive survey methodology were employed in carrying out the study. Content analysis involves desk review of literatures that culminated in the development of the study’s conceptual and theoretical framework of analysis. The study finds no significant relationship between transition to democracy and FDI inflows in Nigeria, as most of the attracted investments during the period of the study were market and resource seeking as was the case during the military regime, thereby contributing minimally to the socio-economic development of the country. It is also found that the country placed much emphasis on liberalization and incentives for FDI attraction at the neglect of improving the domestic investment environment. Consequently, poor state of infrastructure, weak institutional capability and insecurity were identified as the major factors seriously hindering the success of Nigeria in exploiting FDI for domestic development. Given the reality of the currency of FDI as a vector of economic globalization and that Nigeria is trailing the line of private-sector-led approach to development, it is recommended that emphasis should be placed on those measures aimed at improving the infrastructural facilities, building solid institutional framework, enhancing skill and technological transfer and coordinating FDI promotion activities by different agencies and at different levels of government.
Abstract: In this paper, mean-variance optimization of portfolios with the return of premium clauses in a defined contribution (DC) pension plan with multiple contributors under constant elasticity of variance (CEV) model is studied. The return clauses which permit death members to claim their accumulated wealth are considered, the remaining wealth is not equally distributed by the remaining members as in literature. We assume that before investment, the surplus which includes funds of members who died after retirement adds to the total wealth. Next, we consider investments in a risk-free asset and a risky asset to meet up the expected returns of the remaining members and obtain an optimized problem with the help of extended Hamilton Jacobi Bellman equation. We obtained the optimal investment strategies for the two assets and the efficient frontier of the members by using a stochastic optimal control technique. Furthermore, we studied the effect of the various parameters of the optimal investment strategies and the effect of the risk-averse level on the efficient frontier. We observed that the optimal investment strategy is the same as in literature, secondly, we observed that the surplus decreases the proportion of the wealth invested in the risky asset.
Abstract: Food contaminated with biological, chemical and physical hazards usually leads to foodborne illnesses which in turn increase the disease burden of developing and developed economies. Restaurants play a key role in the food service industry and violations in application of standardized food safety management systems in these establishments have been associated with foodborne disease outbreaks. This study was undertaken to assess the level of compliance to the Code of practice that was developed and implemented after conducting needs assessment of the food safety management systems employed by the Food Service Establishments in Ghana. Data on pre-licence inspections were reviewed to assess the compliance of the Food Service Establishments. During the period under review (2012-2016), 74.52% of the food service facilities in the hospitality industry were in compliance with the FDA’s code of practice. Main violations observed during the study bordered on facility layout and fabrication (61.8%) and this is because these facilities may not have been built for use as a food service establishment. Another fact that came to the fore was that the redesigning of the facilities to bring them into compliance required capital intensive investments, which some establishments are not prepared for. Other challenges faced by the industry regarded issues on records and documentations, personnel facilities and hygiene, raw materials acquisition, storage and control, and cold storage.
Abstract: In this paper, we studied the optimal portfolio selection in a defined contribution (DC) pension scheme with multiple contributors under constant elasticity of variance (CEV) model and the impact of stochastic additional voluntary contribution on the investment strategies. We assume that the voluntary contributions are stochastic and also consider investments in a risk free asset and a risky asset to increase the expected returns of the contributing members. We derived a stochastic differential equation which consists of the members’ monthly contributions and the invested fund and obtained an optimized problem with the help of Hamilton Jacobi Bellman equation. Furthermore, we find an explicit solution for the optimal investment strategy with stochastic voluntary contribution using power transformation and change of variables method and the corresponding optimal fund size was obtained. We discussed the impact of the voluntary contribution on the optimal investment strategy with numerical simulations and observed that the voluntary contribution reduces the optimal investment strategy of the risky asset.
Abstract: The Extended Enterprise Resource Planning (ERPII)
system usually requires massive amounts of storage space, powerful
servers, and large upfront and ongoing investments to purchase and
manage the software and the related hardware which are not
affordable for organizations. In recent decades, organizations prefer
to adapt their business structures with new technologies for
remaining competitive in the world economy. Therefore, cloud
computing (which is one of the tools of information technology (IT))
is a modern system that reveals the next-generation application
architecture. Also, cloud computing has had some advantages that
reduce costs in many ways such as: lower upfront costs for all
computing infrastructure and lower cost of maintaining and
supporting. On the other hand, traditional ERPII is not responding for
huge amounts of data and relations between the organizations. In this
study, based on a literature study, ERPII is investigated in the context
of cloud computing where the organizations operate more efficiently.
Also, ERPII conditions have a response to needs of organizations in
large amounts of data and relations between the organizations.
Abstract: The energy audit is the essential initial step to ensure a good definition of energy control actions. The in-depth study of the various energy-consuming equipments makes it possible to determine the actions and investments with best cost for the company. The analysis focuses on the energy consumption of production equipment and utilities (lighting, heating, air conditioning, ventilation, transport). Successful implementation of this approach requires, however, to take into account a number of prerequisites. This paper proposes a number of useful recommendations concerning the energy audit in order to achieve better results, and a case study concerning the lighting audit of a Moroccan company by showing the gains that can be made through this audit.