Abstract: This paper discusses the simulation and experimental work of small Smart Grid containing ten consumers. Smart Grid is characterized by a two-way flow of real-time information and energy. RTP (Real Time Pricing) based tariff is implemented in this work to reduce peak demand, PAR (peak to average ratio) and cost of energy consumed. In the experimental work described here, working of Smart Plug, HEC (Home Energy Controller), HAN (Home Area Network) and communication link between consumers and utility server are explained. Algorithms for Smart Plug, HEC, and utility server are presented and explained in this work. After receiving the Real Time Price for different time slots of the day, HEC interacts automatically by running an algorithm which is based on Linear Programming Problem (LPP) method to find the optimal energy consumption schedule. Algorithm made for utility server can handle more than one off-peak time period during the day. Simulation and experimental work are carried out for different cases. At the end of this work, comparison between simulation results and experimental results are presented to show the effectiveness of the minimization method adopted.
Abstract: The use of QR (Quick Response Codes) codes for customer scanning with mobile phones is a rapidly growing trend. The QR code can provide the consumer with product information, user guides, product use, competitive pricing, etc. One sector for QR use has been in retail, through the use of Electronic Shelf Labeling (henceforth, ESL). In Europe, the use of ESL for pricing has been in practice for a number of years but continues to lag in acceptance in North America. Stated concerns include costs as a key constraint, but there is also evidence that consumer acceptance represents a limitation as well. The purpose of this study is to present the findings of a consumer based study to gage the impact on their use in the retail food sector.
Abstract: This research aims to develop ways of lodging
business management of Bang Khonthi community in Samut
Songkram province that are appropriate with the cultural context of
the Bang Khonthi community.
Eight lodging business owners were interviewed. It was found that
lodging business that are family business must be done with passion,
correct understanding of self, culture, nature, Thai way of life,
thorough, professional development, environmentally concerned,
building partnerships with various networks both community level,
and public sector and business cohorts. Public relations should be
done through media both traditional and modern outlets, such as
websites and social networks to provide customers convenience,
security, happiness, knowledge, love and value when travel to Bang
Khonthi. This will also help them achieve sustainability in business,
in line with the 10 Home Stay Standard Thailand.
Suggestions for operators are as follows: Operators need to
improve their public relations work. They need to use technology in
public relations such as the internet. Management standards must be
improved. Souvenir and local products shops should be arranged in
the compound. Product pricing must be set accordingly. They need to
join hands to help each other. Quality of the business operation
should be raised to meet the standards. Educational measures to
reduce the impact caused by tourism on the community such as
efforts to reduce energy consumption.
Abstract: Critical success factors (CSFs) and the criteria to measure project success have received much attention over the decades and are among the most widely researched topics in the context of project management. However, although there have been extensive studies on the subject by different researchers, to date, there has been little agreement on the CSFs. The aim of this study is to identify the CSFs that influence the performance of construction projects, and determine their relative importance for different objectives across five stages in the project life cycle. A considerable literature review was conducted that resulted in the identification of 179 individual factors. These factors were then grouped into nine major categories. A questionnaire survey was used to collect data from three groups of respondents: client representatives, consultants, and contractors. Out of 164 questionnaires distributed, 93 were returned, yielding a response rate of 56.7%. Using the mean score, relative importance index, and weighted average method, the top 10 critical factors for each category were identified. The agreement of survey respondents on those categorised factors were analysed using Spearman’s rank correlation. A one-way analysis of variance was then performed to determine whether the mean scores among the various groups of respondents were statistically significant. The findings indicate the most CSFs in each category in procurement phase are: proper procurement programming of materials (time), stability in the price of materials (cost), and determining quality in the construction (quality). They are then followed by safety equipment acquisition and maintenance (health and safety), budgeting allowed in a contractual arrangement for implementing environmental management activities (environment), completeness of drawing documents (productivity), accurate measurement and pricing of bill of quantities (risk management), adequate communication among the project team (human resource), and adequate cost control measures (client satisfaction). An understanding of CSFs would help all interested parties in the construction industry to improve project performance. Furthermore, the results of this study would help construction professionals and practitioners take proactive measures for effective project management.
Abstract: The customers use the best compromise criterion
between price and quality of service (QoS) to select or change
their Service Provider (SP). The SPs share the same market and
are competing to attract more customers to gain more profit. Due
to the divergence of SPs interests, we believe that this situation is a
non-cooperative game of price and QoS. The game converges to an
equilibrium position known Nash Equilibrium (NE). In this work, we
formulate a game theoretic framework for the dynamical behaviors
of SPs. We use Genetic Algorithms (GAs) to find the price and
QoS strategies that maximize the profit for each SP and illustrate
the corresponding strategy in NE. In order to quantify how this NE
point is performant, we perform a detailed analysis of the price of
anarchy induced by the NE solution. Finally, we provide an extensive
numerical study to point out the importance of considering price and
QoS as a joint decision parameter.
Abstract: In recent years, the power system has been changed
and a flexible power pricing system such as demand response has been
sought in Japan. The demand response system works simply in the
household sector and the owner as the decision-maker, can benefit
from power saving. On the other hand, the execution of demand
response in the office building is more complex than in the household
because various people such as owners, building administrators and
occupants are involved in the decision-making process. While the
owners benefit from demand saving, the occupants are exposed to
restricted benefits of a demand-saved environment. One of the reasons
is that building systems are usually under centralized management and
each occupant cannot choose freely whether to participate in demand
response or not. In addition, it is unclear whether incentives give
occupants the motivation to participate. However, the recent
development of IT and building systems enables the personalized
control of the office environment where each occupant can control the
lighting level or temperature individually. Therefore, it can be possible
to have a system which each occupant can make a decision of whether
or not to participate in demand response in the office building. This study investigates personal responses to demand response
requests, under the condition where each occupant can adjust their
brightness individually in their workspace. Once workers participate
in the demand response, their desk-lights are automatically turned off.
The participation rates in the demand response events are compared
among four groups, which are divided by different motivation, the
presence, or absence of incentives and the method of participation. The
result shows that there are significant differences of participation rates
in demand response event between four groups. The method of
participation has a large effect on the participation rate. The “Opt-out”
groups where the occupants are automatically enrolled in a demand
response event if they do not express non-participation have the
highest participation rate in the four groups. Incentives also have an
effect on the participation rate. This study also reports on the impact of low illumination office
environment on the occupants, such as stress or fatigue. The
electrocardiogram and the questionnaire are used to investigate the
autonomic nervous activity and subjective fatigue symptoms of the
occupants. There is no big difference between dim workspace during
demand response event and bright workspace in autonomic nervous
activity and fatigue.
Abstract: Commercial banks in Nigeria adopted many strategies
to attract fresh deposits including the use of high deposit rate.
However, pricing of banking services moved in favor of the banks at
the expense of customers, resulting in their seeking other investment
alternatives rather than saving their money in the bank. Both deposit
and lending rates were greatly influenced by the Central Bank of
Nigeria (CBN) decision on interest rate. Therefore, commercial bank
effort to attract deposits via manipulation of her rates was greatly
limited, otherwise the banks will be giving out more than it earned.
The study aimed at examining the relationship between interest rate
and fixed fund deposit of commercial banks, how policy-controlled
interest rate affected commercial bank’s fixed fund deposit The
researcher employed ordinary least square technique, using, multiple
linear regression, unrestricted vector auto-regression, correlation
matrix test, granger causality and impulse response graph in the
analysis. Commercial bank’s interest rates affected commercial
bank’s fixed fund deposit significantly while policy-controlled
interest rate did not significantly transmit through the commercial
bank’s interest rates to affect fixed fund deposit. While commercial
banks seek creative ways to expand their fixed fund deposit, policy
authorities in Nigeria should better coordinate interest rate fluctuation
and induce competition in the entire financial sector.
Abstract: This paper is concerned with the single-item
continuous review inventory system in which demand is stochastic
and discrete. The budget consumed for purchasing the ordered items
is not restricted but it incurs extra cost when exceeding specific
value. The unit purchasing price depends on the quantity ordered
under the all-units discounts cost structure. In many actual systems,
the budget as a resource which is occupied by the purchased items is
limited and the system is able to confront the resource shortage by
charging more costs. Thus, considering the resource shortage costs as
a part of system costs, especially when the amount of resource
occupied by the purchased item is influenced by quantity discounts,
is well motivated by practical concerns. In this paper, an optimization
problem is formulated for finding the optimal (r, Q) policy, when the
system is influenced by the budget limitation and a discount pricing
simultaneously. Properties of the cost function are investigated and
then an algorithm based on a one-dimensional search procedure is
proposed for finding an optimal (r, Q) policy which minimizes the
expected system costs.
Abstract: Due to today’s globalization as well as outsourcing
practices of the companies, the Supply Chain (SC) performances
have become more dependent on the efficient movement of material
among places that are geographically dispersed, where there is more
chance for disruptions. One such disruption is the quality and
delivery uncertainties of outsourcing. These uncertainties could lead
the products to be unsafe and, as is the case in a number of recent
examples, companies may have to end up in recalling their products.
As a result of these problems, there is a need to develop a
methodology for selecting suppliers globally in view of risks
associated with low quality and late delivery. Accordingly, we
developed a two-stage stochastic model that captures the risks
associated with uncertainty in quality and delivery as well as a
solution procedure for the model. The stochastic model developed
simultaneously optimizes supplier selection and purchase quantities
under price discounts over a time horizon. In particular, our target is
the study of global organizations with multiple sites and multiple
overseas suppliers, where the pricing is offered in suppliers’ local
currencies. Our proposed methodology is applied to a case study for a
US automotive company having two assembly plants and four
potential global suppliers to illustrate how the proposed model works
in practice.
Abstract: An innovative concept called “Flexy-Energy” is developing at 2iE. This concept aims to produce electricity at lower cost by smartly mix different available energy sources in accordance to the load profile of the region. With a higher solar irradiation and due to the fact that Diesel generator are massively used in sub-Saharan rural areas, PV/Diesel hybrid systems could be a good application of this concept and a good solution to electrify this region, provided they are reliable, cost effective and economically attractive to investors. Presentation of the developed approach is the aims of this paper. The PV/Diesel hybrid system designed consists to produce electricity and/or heat from a coupling between Diesel Diesel generators and PV panels without batteries storage, while ensuring the substitution of gasoil by bio-fuels available in the area where the system will be installed. The optimal design of this system is based on his technical performances; the Life Cycle Cost (LCC) and Levelized Cost of Energy are developed and use as economic criteria. The Net Present Value (NPV), the internal rate of return (IRR) and the discounted payback (DPB) are also evaluated according to dual electricity pricing (in sunny and unsunny hours). The PV/Diesel hybrid system obtained is compared to the standalone Diesel Diesel generators. The approach carried out in this paper has been applied to Siby village in Mali (Latitude 12 ° 23'N 8 ° 20'W) with 295 kWh as daily demand.This approach provides optimal physical characteristics (size of the components, number of component) and dynamical characteristics in real time (number of Diesel generator on, their load rate, fuel specific consumptions, and PV penetration rate) of the system. The system obtained is slightly cost effective; but could be improved with optimized tariffing strategies.
Abstract: Conservation works in Malaysia that is procured by
public organisation usually follow the traditional approach where the
works are tendered based on Bills of Quantities (BQ). One of the
purposes of tendering is to enable the selection of a competent
contractor that offers a competitive price. While competency of the
contractors are assessed by their technical knowledge, experience and
track records, the assessment of pricing will be dependent on the
tender amount. However, the issue currently faced by the
conservation works sector is the difficulty in assessing the
competitiveness and reasonableness of the tender amount due to the
high variance between the tenders amount. Thus, this paper discusses
the factors that cause difficulty to the tenderers in pricing
competitively in a bidding exercise for conservation tenders. Data on
tendering is collected from interviews with conservation works
contractors to gain in-depth understanding of the barriers faced in
pricing tenders of conservation works. Findings from the study lent
support to the contention that the variance of tender amount is very
high amongst tenderers. The factors identified in the survey are the
format of BQ, hidden works, experience and labour and material
costs.
Abstract: This study examines the credibility of the signaling as
explanation for IPO initial underpricing. Findings reveal the initial
underpricing and the long-term underperformance of IPOs in Taiwan.
However, we only find weak support for signaling as explanation of
IPO underpricing.
Abstract: This research paper aimed to identify determinants of airline service quality on passengers’ repeated purchase of service. The population of this study was Thai passengers flying domestic flights with Thai Airways, making a total of 300 samples. These 300 samples participated in this research by answering a collection of questions by means of a questionnaire. An analysis of means score and multiple regression revealed that perceived service quality for tangible elements, reliability, responsiveness, assurance and empathy had determined repeated purchase of flight service of the passengers at a high level. Moreover, reliability and responsiveness factors could predict the passengers’ repeated purchase of flight service at the percentage of 30.6. The findings gave a signal that Thai Airways may consider a development of route network and fleet strategy as well as an establishment of aircraft and seat qualification to meet passengers’ needs and requirements. Passengers’ level of satisfaction could also be maximized by offering service value through various kinds of special deals and programs, whereas value- added pricing strategy should be considered in order to differentiate from and beat other leading airline competitors.
Abstract: It is a critical time to upgrade technology and increase value added with manufacturing skills developing and management strategies that will highly satisfy the customers need in the precision machinery global market. In recent years, the supply side, each precision machinery manufacturers in each country are facing the pressures of price reducing from the demand side voices that pushes the high-end precision machinery manufacturers adopts low-cost and high-quality strategy to retrieve the market. Because of the trend of the global market, the manufacturers must take price reducing strategies and upgrade technology of low-end machinery for differentiations to consolidate the market.By using six key success factors (KSFs), customer perceived value, customer satisfaction, customer service, product design, product effectiveness and machine structure quality are causal conditions to explore the impact of competitive advantage of the enterprise, such as overall profitability and product pricing power. This research uses key success paths (KSPs) approach and f/s QCA software to explore various combinations of causal relationships, so as to fully understand the performance level of KSFs and business objectives in order to achieve competitive advantage. In this study, the combination of a causal relationships, are called Key Success Paths (KSPs). The key success paths guide the enterprise to achieve the specific outcomes of business. The findings of this study indicate that there are thirteen KSPs to achieve the overall profitability, sixteen KSPs to achieve the product pricing power and seventeen KSPs to achieve both overall profitability and pricing power of the enterprise. The KSPs provide the directions of resources integration and allocation, improve utilization efficiency of limited resources to realize the continuous vision of the enterprise.
Abstract: The purpose of this paper is to analyze the influence and relative share of underwriting risks in explaining the variation in insurance cycles in subsequent periods. Through the insurance contracts they underwrite, insurance companies assume risks. Underwriting risks include pricing risk, reserve risk, reinsurance risk and occurrence risk. These risks pose major risks for property and liability insurers, and therefore their impact on the insurance cycle is important. The main goal of this paper is to determine the relative proportion of underwriting risks in explaining the variation of insurance cycle. In order to fulfill the main goal of the paper vector autoregressive model, VAR, will be applied.
Abstract: Numerical methods like binomial and trinomial trees and finite difference methods can be used to price a wide range of options contracts for which there are no known analytical solutions. American options are the most famous of that kind of options. Besides numerical methods, American options can be valued with the approximation formulas, like Bjerksund-Stensland formulas from 1993 and 2002. When the value of American option is approximated by Bjerksund-Stensland formulas, the computer time spent to carry out that calculation is very short. The computer time spent using numerical methods can vary from less than one second to several minutes or even hours. However to be able to conduct a comparative analysis of numerical methods and Bjerksund-Stensland formulas, we will limit computer calculation time of numerical method to less than one second. Therefore, we ask the question: Which method will be most accurate at nearly the same computer calculation time?
Abstract: Complex power flow distribution factors, which relate line complex power flows to the bus injected complex powers, have been widely used in various power system planning and analysis studies. In particular, AC distribution factors have been used extensively in the recent power and energy pricing studies in free electricity market field. As was demonstrated in the existing literature, many of the electricity market related costing studies rely on the use of the distribution factors. These known distribution factors, whether the injection shift factors (ISF’s) or power transfer distribution factors (PTDF’s), are linear approximations of the first order sensitivities of the active power flows with respect to various variables. This paper presents a novel model for evaluating the universal distribution factors (UDF’s), which are appropriate for an extensive range of power systems analysis and free electricity market studies. These distribution factors are used for the calculations of lines complex power flows and its independent of bus power injections, they are compact matrix-form expressions with total flexibility in determining the position on the line at which line flows are measured. The proposed approach was tested on IEEE 9-Bus system. Numerical results demonstrate that the proposed approach is very accurate compared with exact method.
Abstract: Restructuring of Electricity supply industry introduced many issues such as transmission pricing, transmission loss allocation and congestion management. Many methodologies and algorithms were proposed for addressing these issues. In this paper a power flow tracing based method is proposed which involves Matrices methodology for the transmission usage and loss allocation for generators and demands. This method provides loss allocation in a direct way because all the computation is previously done for usage allocation. The proposed method is simple and easy to implement in a large power system. Further it is less computational because it requires matrix inversion only a single time. After usage and loss allocation cooperative game theory is applied to results for finding efficient economic signals. Nucleolus and Shapely value approach is used for optimal allocation of results. Results are shown for the IEEE 6 bus system and IEEE 14 bus system.
Abstract: Demand response is getting increased attention these days due to the increase in electricity demand and introduction of renewable resources in the existing power grid. Traditionally demand response programs involve large industrial consumers but with technological advancement, demand response is being implemented for small residential and commercial consumers also. In this paper, demand response program aims to reduce the peak demand as well as overall energy consumption of the residential customers. Air conditioners are the major reason of peak load in residential sector in summer, so a dynamic model of air conditioning load with thermostat action has been considered for applying demand response programs. A programmable communicating thermostat (PCT) is a device that uses real time pricing (RTP) signals to control the thermostat setting. A new model incorporating PCT in air conditioning load has been proposed in this paper. Results show that introduction of PCT in air conditioner is useful in reducing the electricity payments of customers as well as reducing the peak demand.
Abstract: Marketing establishes a communication network between producers and consumers. Nowadays, marketing approach is customer-focused and products are directly oriented to meet customer needs. Marketing, which is a long process, needs organization and management. Therefore strategic marketing planning becomes more and more important in today’s competitive conditions. Main focus of this paper is to evaluate pricing strategies and select the best pricing strategy solution while considering internal and external factors influencing the company’s pricing decisions associated with new product development. To reflect the decision maker’s subjective preference information and to determine the weight vector of factors (attributes), the fuzzy linear programming technique for multidimensional analysis of preference (LINMAP) under intuitionistic fuzzy (IF) environments is used.