Abstract: This paper deals with a portfolio selection problem
based on the possibility theory under the assumption that the returns
of assets are LR-type fuzzy numbers. A possibilistic portfolio model
with transaction costs is proposed, in which the possibilistic mean
value of the return is termed measure of investment return, and the
possibilistic variance of the return is termed measure of investment
risk. Due to considering transaction costs, the existing traditional
optimization algorithms usually fail to find the optimal solution
efficiently and heuristic algorithms can be the best method. Therefore,
a particle swarm optimization is designed to solve the corresponding
optimization problem. At last, a numerical example is given to
illustrate our proposed effective means and approaches.
Abstract: The Corporate Social Responsibility (CSR) performance has garnered significant interest during the last two decades as numerous methodologies are proposed by Social Responsible Investment (SRI) indexes. The weight of each indicator is a crucial component of the CSR measurement procedures. Based on a previous study, the appropriate weight of each proposed indicator for the Greek telecommunication sector is specified using the rank reciprocal weighting. The Kendall-s Coefficient of Concordance and Spearman Correlation Coefficient non-parametric tests are adopted to determine the level of consensus among the experts concerning the importance rank of indicators. The results show that there is no consensus regarding the rank of indicators in most of stakeholders- domains. The equal weight for all indicators could be proposed as a solution for the lack of consensus among the experts. The study recommends three different equations concerning the adopted weight approach.
Abstract: The deficit of power for electricity demand reaches
almost 30% for consumers in the last few years. This reflects with
continually increasing the price of electricity, and today the price for
small industry is almost 110Euro/MWh. The high price is additional
problem for the owners in the economy crisis which is reflected with
higher price of the goods.
The paper gives analyses of the energy needs for real agro
complex in Macedonia, private vinery with capacity of over 2 million
liters in a year and with self grapes and fruits fields. The existing
power supply is from grid with 10/04 kV transformer. The
geographical and meteorological condition of the vinery location
gives opportunity for including renewable as a power supply option
for the vinery complex.
After observation of the monthly energy needs for the vinery, the
base scenario is the existing power supply from the distribution grid.
The electricity bill in small industry has three factors: electricity in
high and low tariffs in kWh and the power engaged for the
technological process of production in kW. These three factors make
the total electricity bill and it is over 110 Euro/MWh which is the
price near competitive for renewable option. On the other side
investments in renewable (especially photovoltaic (PV)) has tendency
of decreasing with price of near 1,5 Euro/W. This means that
renewable with PV can be real option for power supply for small
industry capacities (under 500kW installed power).
Therefore, the other scenarios give the option with PV and the last
one includes wind option. The paper presents some scenarios for
power supply of the vinery as the followings:
• Base scenario of existing conventional power supply from the
grid
• Scenario with implementation of renewable of Photovoltaic
• Scenario with implementation of renewable of Photovoltaic and
Wind power
The total power installed in a vinery is near 570 kW, but the
maximum needs are around 250kW. At the end of the full paper some
of the results from scenarios will be presented. The paper also
includes the environmental impacts of the renewable scenarios, as
well as financial needs for investments and revenues from renewable.
Abstract: This paper argues that increased uncertainty, in certain
situations, may actually encourage investment. Since earlier studies
mostly base their arguments on the assumption of geometric Brownian
motion, the study extends the assumption to alternative stochastic
processes, such as mixed diffusion-jump, mean-reverting process, and
jump amplitude process. A general approach of Monte Carlo
simulation is developed to derive optimal investment trigger for the
situation that the closed-form solution could not be readily obtained
under the assumption of alternative process. The main finding is that
the overall effect of uncertainty on investment is interpreted by the
probability of investing, and the relationship appears to be an invested
U-shaped curve between uncertainty and investment. The implication
is that uncertainty does not always discourage investment even under
several sources of uncertainty. Furthermore, high-risk projects are not
always dominated by low-risk projects because the high-risk projects
may have a positive realization effect on encouraging investment.
Abstract: Today-s economy is in a permanent change, causing
merger and acquisitions and co operations between enterprises. As a
consequence, process adaptations and realignments result in systems
integration and software development projects. Processes and
procedures to execute such projects are still reliant on craftsman-ship
of highly skilled workers. A generally accepted, industrialized
production, characterized by high efficiency and quality, seems
inevitable.
In spite of this, current concepts of software industrialization are
aimed at traditional software engineering and do not consider the
characteristics of systems integration. The present work points out
these particularities and discusses the applicability of existing
industrial concepts in the systems integration domain. Consequently
it defines further areas of research necessary to bring the field of
systems integration closer to an industrialized production, allowing a
higher efficiency, quality and return on investment.
Abstract: Environmental conflicts produced by economic development and natural resources exploitation, are discussed. Main causes of conflicts in developing countries were shown to arise from geographically external investments, inefficiency of the Environmental Impact Assessment (EIA), and the lack of communication between government and Non-Government Organizations (NGOs). Citizen participation can only intervene during late stages of the EIA, which is considered as one of the main shortcomings in satisfying demands of local people.
Abstract: Disparity in India has been persisting since independence causing many socioeconomic problems and its removal has become the most prime objective of the planned development in India. Hence the paper attempts to study the disparity at State and Regional level and gives inclusive planning guidelines to achieve balanced regional development. At State level, the relative socioeconomic backwardness of Vidarbha Region based on Interregional analysis using selected indicators like Foreign Direct Investment, Human Development Index, Per Capita District Domestic Product has been assessed and broad guidelines have been proposed. In the later part at Regional level, the relative backwardness of districts based on Intraregional analysis using socioeconomic indicators has been assessed within Nagpur sub region and factors responsible for backwardness & disparity have been indicated. The policy guidelines for Identified sub region have been proposed based on the most significant factor and their extent of relationship explaining backwardness Nagpur sub region.
Abstract: Infrastructure investments are important in developing
countries, it will not only help to foster the economic growth of a
nation, but it will also act as a platform in which new forms of
partnership and collaboration can be developed mainly in East Asian
countries. Since the last two decades, many infrastructure projects
had been completed through build-operate-transfer (BOT) type of
procurement. The developments of BOT have attracted participation
of local and foreign private sector investor to secure funding and to
deliver projects on time, within the budget and to the required
specifications. Private sectors are preferred by the government in
East Asia to participate in BOT projects due to lack of public
funding. The finding has resulted that the private sector or promoter
of the BOT projects is exposed to multiple risks which have been
discussed in this paper. Effective risk management methods and
good managerial skills are required in ensuring the success of the
project. The review indicated that mitigation measures should be
employed by the promoter throughout the concession period and
support from the host government is also required in ensuring the
success of the BOT project.
Abstract: This is an application research presenting the
improvement of production quality using the six sigma solutions and
the analyses of benefit-cost ratio. The case of interest is the
production of tile-concrete. Such production has faced with the
problem of high nonconforming products from an inappropriate
surface coating and had low process capability based on the strength
property of tile. Surface coating and tile strength are the most critical
to quality of this product. The improvements followed five stages of
six sigma solutions. After the improvement, the production yield was
improved to 80% as target required and the defective products from
coating process was remarkably reduced from 29.40% to 4.09%. The
process capability based on the strength quality was increased from
0.87 to 1.08 as customer oriented. The improvement was able to save
the materials loss for 3.24 millions baht or 0.11 million dollars. The
benefits from the improvement were analyzed from (1) the reduction
of the numbers of non conforming tile using its factory price for
surface coating improvement and (2) the materials saved from the
increment of process capability. The benefit-cost ratio of overall
improvement was high as 7.03. It was non valuable investment in
define, measure, analyses and the initial of improve stages after that
it kept increasing. This was due to there were no benefits in define,
measure, and analyze stages of six sigma since these three stages
mainly determine the cause of problem and its effects rather than
improve the process. The benefit-cost ratio starts existing in the
improve stage and go on. Within each stage, the individual benefitcost
ratio was much higher than the accumulative one as there was an
accumulation of cost since the first stage of six sigma. The
consideration of the benefit-cost ratio during the improvement
project helps make decisions for cost saving of similar activities
during the improvement and for new project. In conclusion, the
determination of benefit-cost ratio behavior through out six sigma
implementation period provides the useful data for managing quality
improvement for the optimal effectiveness. This is the additional
outcome from the regular proceeding of six sigma.
Abstract: Information is a critical asset and an important source for gaining competitive advantage in firms. The effective maintenance of IT becomes an important task. In order to better understand the determinants of IT effectiveness, this study employs the Industrial Organization (I/O) and Resource Based View (RBV) theories and investigates the industry effect and several major firmspecific factors in relation to their impact on firms- IT effectiveness. The data consist of a panel data of ten-year observations of firms whose IT excellence had been recognized by the CIO Magazine. The non-profit organizations were deliberately excluded, as explained later. The results showed that the effectiveness of IT management varied significantly across industries. Industry also moderated the effects of firm demographic factors such as size and age on IT effectiveness. Surprisingly, R & D investment intensity had negative correlation to IT effectiveness. For managers and practitioners, this study offers some insights for evaluation criteria and expectation for IT project success. Finally, the empirical results indicate that the sustainability of IT effectiveness appears to be short in duration.
Abstract: Prior research has not effectively investigated how the
profitability of Chinese branches affect FDIs in China [1, 2], so this
study for the first time incorporates realistic earnings information
to systematically investigate effects of innovation, imitation, and
profit factors of FDI diffusions from Taiwan to China. Our nonlinear
least square (NLS) model, which incorporates earnings factors,
forms a nonlinear ordinary differential equation (ODE) in numerical
simulation programs. The model parameters are obtained through
a genetic algorithms (GA) technique and then optimized with the
collected data for the best accuracy. Particularly, Taiwanese regulatory
FDI restrictions are also considered in our modified model to meet
the realistic conditions. To validate the model-s effectiveness, this
investigation compares the prediction accuracy of modified model
with the conventional diffusion model, which does not take account
of the profitability factors.
The results clearly demonstrate the internal influence to be positive,
as early FDI adopters- consistent praises of FDI attract potential firms
to make the same move. The former erects a behavior model for the
latter to imitate their foreign investment decision. Particularly, the
results of modified diffusion models show that the earnings from
Chinese branches are positively related to the internal influence. In
general, the imitating tendency of potential consumers is substantially
hindered by the losses in the Chinese branches, and these firms would
invest less into China. The FDI inflow extension depends on earnings
of Chinese branches, and companies will adjust their FDI strategies
based on the returns. Since this research has proved that earning is
an influential factor on FDI dynamics, our revised model explicitly
performs superior in prediction ability than conventional diffusion
model.
Abstract: Sustainable energy usage has been recognized as one
of the important measure to increase the competitiveness of the
nation globally. Many strong emphases were given in the Ninth
Malaysia Plan (RMK9) to improve energy efficient especially to
government buildings. With this in view, a project to investigate the
potential of energy saving in selected building in Universiti Tun
Hussein Onn Malaysia (UTHM) was carried out. In this project, a
case study involving electric energy consumption of the academic
staff office building was conducted. The scope of the study include to
identify energy consumption in a selected building, to study energy
saving opportunities, to analyse cost investment in term of economic
and to identify users attitude with respect to energy usage. The
MS1525:2001, Malaysian Standard -Code of practice on energy
efficiency and use of renewable energy for non-residential buildings
was used as reference. Several energy efficient measures were
considered and their merits and priority were compared. Improving
human behavior can reduce energy consumption by 6% while
technical measure can reduce energy consumption by 44%. Two
economic analysis evaluation methods were applied; they are the
payback period method and net present value method.
Abstract: A preliminary evaluation of the urban land system is
presented in the article together with the instruments of land policy in
Serbia. The main reason for the analysis is demand for
definition of reform framework for urban land management in
Serbia in the period of transition towards market-led system. It
is concluded that due to the limitations of the current regulation it
will be impossible in the future to apply market principles in the
urban land policy (supply and demand of land, land capitalization,
investment efficiency, et al.). Based on the estimation that the urban
land system and land policy are key factors of competitiveness
between regions and towns in Serbia, it is necessary to initiate
changes in this field. There are indicated on an option of privatization
of urban public land and possible establishment of leasehold land. A
comparative analysis of the possibilities of the reform urban land
system in Serbia has been carried out in relation to two approaches of
market systems: (a) with dominant private ownership of urban land
(neo/liberal approach) and (b) with dominant public ownership of
urban land (system of leasehold)whose findings can be a basis for
further study of the new system in Serbia.. The attanied results are
part of studies matter for the making of Strategy of territorial
development of Serbia.
Abstract: With the development of technology, the growing
trend of fast and safe passenger transport, air pollution, traffic
congestion, increase in problems such as the increasing population
and the high cost of private vehicle usage made many cities around
the world with a population of more or less, start to build rail systems
as a means of urban transport in order to ensure the economic and
environmental sustainability and more efficient use of land in the
city. The implementation phase of rail systems costs much more than
other public transport systems. However, social and economic returns
in the long term made these systems the most popular investment tool
for planned and developing cities.
In our country, the purpose, goals and policies of transportation
plans are away from integrity, and the problems are not clearly
detected. Also, not defined and incomplete assessment of
transportation systems and insufficient financial analysis are the most
important cause of failure. Rail systems and other transportation
systems to be addressed as a whole is seen as the main factor in
increasing efficiency in applications that are not integrated yet in our
country to come to this point has led to the problem.
Abstract: Road rage is an increasingly prevalent expression of
aggression in our society. Its dangers are apparent and understanding
its causes may shed light on preventative measures. This study
involved a fifteen-minute survey administered to 147 undergraduate
students at a North Eastern suburban university. The survey
consisted of a demographics section, questions regarding financial
investment in respondents- vehicles, experience driving, habits of
driving, experiences witnessing role models driving, and an
evaluation of road rage behavior using the Driving Vengeance
Questionnaire. The study found no significant differences in driving
aggression between respondents who were financially invested in
their vehicle compared to those who were not, or between
respondents who drove in heavy traffic hours compared to those who
did not, suggesting internal factors correlate with aggressive driving
habits. The study also found significant differences in driving
aggression between males versus females, those with more points on
their license versus fewer points, and those who witnessed parents
driving aggressively very often versus rarely or never. Additional
studies can investigate how witnessing parents driving aggressively
is related to future driving behaviors.
Abstract: There has been gradual progress of late in construction projects, particularly in big-scale megaprojects. Due to the long-term construction period, however, with large-scale budget investment, lack of construction management technologies, and increase in the incomplete elements of project schedule management, a plan to conduct efficient operations and to ensure business safety is required. In particular, as the project management information system (PMIS) is meant for managing a single project centering on the construction phase, there is a limitation in the management of program-scale businesses like megaprojects. Thus, a program management information system (PgMIS) that includes program-level management technologies is needed to manage multiple projects. In this study, a support tool was developed for managing the cost and schedule information occurring in the construction phase, at the program level. In addition, a case study on the developed support tool was conducted to verify the usability of the system. With the use of the developed support tool program, construction managers can monitor the progress of the entire project and of the individual subprojects in real time.
Abstract: Many new experimental films which were free from conventional movie forms have appeared since Nubellbak Movement in the late 1950s. Forty years after the movement started, on March 13th, 1995, on the 100th anniversary of the birth of film, the declaration called Dogme 95, was issued in Copenhagen, Denmark. It aimed to create a new style of avant-garde film, and showed a tendency toward being anti-Hollywood and anti-genre, which were against the highly popular Hollywood trend of movies based on large-scale investment. The main idea of Dogme 95 is the opposition to 'the writer's doctrine' that a film should be the artist's individual work and to 'the overuse of technology' in film. The key figures declared ten principles called 'Vow of Chastity', by which new movie forms were to be produced. Interview (2000), directed by Byunhyuk, was made in 2000, five years after Dogme 95 was declared. This movie was dedicated as the first Asian Dogme. This study will survey the relationship between Korean film and the Vow of Chastity through the Korean films released in theaters from a viewpoint of technology and content. It also will call attention to its effects on and significance to Korean film in modern society.
Abstract: ERP systems are the largest software applications adopted by universities, along with quite significant investments in their implementation. However, unlike other applications little research has been conducted regarding these systems in a university environment. This paper aims at providing a critical review of previous research in ERP system in higher education with a special focus on higher education in Australia. The research not only forms the basis of an evaluation of previous research and research needs, it also makes inroads in identifying the payoff of ERPs in the sector from different perspectives with particular reference to the user. The paper is divided into two parts, the first part focuses on ERP literature in higher education at large, while the second focuses on ERP literature in higher education in Australia.
Abstract: Plastic waste is a big issue in Thailand, but the amount of recycled plastic in Thailand is still low due to the high investment and operating cost. Hence, the rest of plastic waste are burnt to destroy or sent to the landfills. In order to be financial viable, an effective reverse logistics infrastructure is required to support the product recovery activities. However, there is a conflict between reducing the cost and raising environmental protection level. The purpose of this study is to build a goal programming (GP) so that it can be used to help analyze the proper planning of the Thailand-s plastic recycling system that involves multiple objectives. This study considers three objectives; reducing total cost, increasing the amount of plastic recovery, and raising the desired plastic materials in recycling process. The results from two priority structures show that it is necessary to raise the total cost budget in order to achieve targets on amount of recycled plastic and desired plastic materials.
Abstract: The dramatic increasing of sea-freight container
transportations and the developing trends for using containers in the
multimodal handling systems through the sea, rail, road and land in
nowadays market cause general managers of container terminals to
face challenges such as increasing demand, competitive situation,
new investments and expansion of new activities and need to use new
methods to fulfil effective operations both along quayside and within
the yard. Among these issues, minimizing the turnaround time of
vessels is considered to be the first aim of every container port
system. Regarding the complex structure of container ports, this
paper presents a simulation model that calculates the number of
trucks needed in the Iranian Shahid Rajaee Container Port for
handling containers between the berth and the yard. In this research,
some important criteria such as vessel turnaround time, gantry crane
utilization and truck utilization have been considered. By analyzing
the results of the model, it has been shown that increasing the number
of trucks to 66 units has a significant effect on the performance
indices of the port and can increase the capacity of loading and
unloading up to 10.8%.