Abstract: In this paper, optimal generation expansion planning (GEP) is investigated considering purchase prices, profits of independent power producers (IPPs) and reliability criteria using a new method based on hybrid coded Genetic Algorithm (GA) and Particle Swarm Optimization (PSO). In this approach, optimal purchase price of each IPP is obtained by HCGA and reliability criteria are calculated by PSO technique. It should be noted that reliability criteria and the rate of carbon dioxide (CO2) emission have been considered as constraints of the GEP problem. Finally, the proposed method has been tested on the case study system. The results evaluation show that the proposed method can simply obtain optimal purchase prices of IPPs and is a fast method for calculation of reliability criteria in expansion planning. Also, considering the optimal purchase prices and profits of IPPs in generation expansion planning are caused that the expansion costs are decreased and the problem is solved more exactly.
Abstract: During last decades is widely discussed the
international harmonization of financial reporting. This
harmonization is also affected by national tax systems in analyzed
countries. This paper provides some evidence on current national tax
systems in selected countries in Central and Eastern Europe. The
linkage of accounting profit as a tax base might decrease the
administrative burden for majority of SMEs, which are the most
important engine of each national economy.
Abstract: The use and management of projects has risen to
a new prominence, with projects seen as critical to economic in
both the private and public sectors due challenging and dynamic
business environment. However, failure in managing project is
encountered regularly, which cause the waste of company
resources. The impacts of projects that failed to meet
stakeholders expectations have left behind long lasting negative
consequences in organization. Therefore, this research aims to
investigate on key success factors of project management in an
organization. It is believed that recognizing important factors
that contribute to successful project will help companies to
increase the overall profitability. 150 questionnaires were
distributed to respondents and 110 questionnaires were collected
and used in performing the data analysis. The result has strongly
supported the relationship between independent variables and
project performance.
Abstract: This paper suggests an algorithm for the evaluation
and selection of suppliers. At the beginning, all the needed materials and services used by the organization were identified and categorized
with regard to their nature by ABC method. Afterwards, in order to reduce risk factors and maximize the organization's profit, purchase strategies were determined. Then, appropriate criteria were identified for primary evaluation of suppliers applying to the organization. The output of this stage was a list of suppliers qualified by the organization to participate in its tenders. Subsequently, considering a material in particular, appropriate criteria on the ordering of the
mentioned material were determined, taking into account the particular materials' specifications as well as the organization's needs. Finally, for the purpose of validation and verification of the
proposed model, it was applied to Mobarakeh Steel Company (MSC), the qualified suppliers of this Company are ranked by the means of a Hierarchical Fuzzy TOPSIS method. The obtained results
show that the proposed algorithm is quite effective, efficient and easy to apply.
Abstract: This paper investigates the effect of International
Financial Reporting Standards (IFRS) adoption on the frequency of
earnings managements towards small positive profits. We focus on
two emerging markets IFRS adopters: South Africa and Turkey.
We tested our logistic regression using appropriate panelestimation
techniques over a sample of 330 South African and 210
Turkish firm-year observations over the period 2002-2008. Our
results document that mandatory adoption of IFRS is not associated
with a reduction in earnings management towards small positive
profits in emerging markets. These results contradict most of the
previous findings of the studies conducted in developed countries.
Based on the legal system factor, we compare the intensity of
earnings management between a code law country (Turkey) and a
common law country (South Africa) over the pre and post-adoption
periods. Our findings show that the frequency of such earnings
management practice increases significantly for the code law
country.
Abstract: Co-integration models the long-term, equilibrium relationship of two or more related financial variables. Even if cointegration is found, in the short run, there may be deviations from the long run equilibrium relationship. The aim of this work is to forecast these deviations using neural networks and create a trading strategy based on them. A case study is used: co-integration residuals from Australian Bank Bill futures are forecast and traded using various exogenous input variables combined with neural networks. The choice of the optimal exogenous input variables chosen for each neural network, undertaken in previous work [1], is validated by comparing the forecasts and corresponding profitability of each, using a trading strategy.
Abstract: The eco-efficient use of “waste" makes sense from
economic, social, and environmental perspectives. By efficiency diverting “waste" products back into useful and/or profitable inputs,
industries and entire societies can reap the benefits of improved financial profit, decreased environmental degradation, and overall
well-being of humanity.
In this project, several material flows at
Company Limited were investigated. Principles of "industrial ecology" were applied to improve the management of waste rubbers that are used in the jewelry manufacturing process. complete this project, a brief engineering analysis stream, and investigated eco-efficient principles for more efficient
handling of the materials and wastes were conducted, and the result were used to propose implementation strategies.
Abstract: Electronics Products that achieve high levels of integrated communications, computing and entertainment, multimedia features in small, stylish and robust new form factors are winning in the market place. Due to the high costs that an industry may undergo and how a high yield is directly proportional to high profits, IC (Integrated Circuit) manufacturers struggle to maximize yield, but today-s customers demand miniaturization, low costs, high performance and excellent reliability making the yield maximization a never ending research of an enhanced assembly process. With factors such as minimum tolerances, tighter parameter variations a systematic approach is needed in order to predict the assembly process. In order to evaluate the quality of upcoming circuits, yield models are used which not only predict manufacturing costs but also provide vital information in order to ease the process of correction when the yields fall below expectations. For an IC manufacturer to obtain higher assembly yields all factors such as boards, placement, components, the material from which the components are made of and processes must be taken into consideration. Effective placement yield depends heavily on machine accuracy and the vision of the system which needs the ability to recognize the features on the board and component to place the device accurately on the pads and bumps of the PCB. There are currently two methods for accurate positioning, using the edge of the package and using solder ball locations also called footprints. The only assumption that a yield model makes is that all boards and devices are completely functional. This paper will focus on the Monte Carlo method which consists in a class of computational algorithms (information processed algorithms) which depends on repeated random samplings in order to compute the results. This method utilized in order to recreate the simulation of placement and assembly processes within a production line.
Abstract: Microwave energy can be used for drying purpose. It is unique process. It is distinctly different from conventional drying process. It is advantageous over conventional drying / heating processes. When microwave energy is used for drying purpose, the process can be accelerated with a better control to achieve uniform heating, more conversion efficiency, selective drying and ultimately improved product quality of the output. Also, less floor space and compact system are the added advantages. Existing low power microwave drying system is to be modified with suitable applicator. Appropriate sensors are to be used to measure parameters like moisture, temperature, weight of sample. Suitable high tech controller is to be used to control microwave power continuously from minimum to maximum. Phase - controller, cycle - controller and PWM - controller are some of the advanced power control techniques. It has been proposed to work on turmeric using high-tech phase controller to control the microwave power conveniently. The drying of turmeric with microwave energy employing phase controller gives better results as formulated in this paper and hence new approach of processing turmeric will open future doors of profit making to allied industries and the farmers.
Abstract: Capital structure is one of the most important financial
decisions in corporate financing strategy. It involves the choice of
debt and equity level in financing a company-s operations. This study
aims to investigate whether the capital structure choice of Malaysian
electrical and electronic manufacturing companies that are listed in
the Bursa Malaysia can be explained by factors that have been found
by most studies as dominant determinants of capital structure
(company size, profitability, asset tangibility, liquidity and growth).
Using debt ratio as the proxy for capital structure and applying
pooled ordinary least square multiple regression estimation, the
results showed that on average, Malaysian electrical and electronic
manufacturing companies used less debt in funding their business
operations. The findings also showed that size and asset tangibility
has a significant positive relationship with debt level, while liquidity
has a negative significant relationship with leverage.
Abstract: This paper deals with a periodic-review substitutable
inventory system for a finite and an infinite number of periods. Here
an upward substitution structure, a substitution of a more costly item
by a less costly one, is assumed, with two products. At the beginning
of each period, a stochastic demand comes for the first item only,
which is quality-wise better and hence costlier. Whenever an arriving
demand finds zero inventory of this product, a fraction of unsatisfied
customers goes for its substitutable second item. An optimal ordering
policy has been derived for each period. The results are illustrated
with numerical examples. A sensitivity analysis has been done to
examine how sensitive the optimal solution and the maximum profit
are to the values of the discount factor, when there is a large number
of periods.
Abstract: This paper focuses on robust design and optimization
of industrial production wastes. Past literatures were reviewed to case
study Clamason Industries Limited (CIL) - a leading ladder-tops
manufacturer. A painstaking study of the firm-s practices at the shop
floor revealed that Over-production, Waiting time, Excess inventory,
and Defects are the major wastes that are impeding their progress and
profitability. Design expert8 software was used to apply Taguchi
robust design and response surface methodology in order to model,
analyse and optimise the wastes cost in CIL. Waiting time and overproduction
rank first and second in contributing to the costs of wastes
in CIL. For minimal wastes cost the control factors of overproduction,
waiting-time, defects and excess-inventory must be set at
0.30, 390.70, 4 and 55.70 respectively for CIL. The optimal value of
cost of wastes for the months studied was 22.3679. Finally, a
recommendation was made that for the company to enhance their
profitability and customer satisfaction, they must adopt the Shingeo
Shingo-s Single Minute Exchange of Dies (SMED), which will
immediately tackle the waste of waiting by drastically reducing their
setup time.
Abstract: The need to increase the efficiency of health care
systems is becoming an obligation, and one of area of improvement
is the discharge process. The objective of this work is to minimize
the patients discharge time (for insured patients) to be less than 50
minutes by using six sigma approach, this improvement will also:
lead to an increase in customer satisfaction, increase the number of
admissions and turnover on the rooms, increase hospital
profitability.Three different departments were considered in this
study: Female, Male, and Paediatrics. Six Sigma approach coupled
with simulation has been applied to reduce the patients discharge
time for pediatrics, female, and male departments at hospital. Upon
applying these recommendations at hospital: 60%, 80%, and 22% of
insured female, male, and pediatrics patients respectively will have
discharge time less than the upper specification time i.e. 50 min.
Abstract: This paper applies fuzzy clustering algorithm in classifying real estate companies in China according to some general financial indexes, such as income per share, share accumulation fund, net profit margins, weighted net assets yield and shareholders' equity. By constructing and normalizing initial partition matrix, getting fuzzy similar matrix with Minkowski metric and gaining the transitive closure, the dynamic fuzzy clustering analysis for real estate companies is shown clearly that different clustered result change gradually with the threshold reducing, and then, it-s shown there is the similar relationship with the prices of those companies in stock market. In this way, it-s great valuable in contrasting the real estate companies- financial condition in order to grasp some good chances of investment, and so on.
Abstract: Drilling is the most common machining operation and it forms the highest machining cost in many manufacturing activities including automotive engine production. The outcome of this operation depends upon many factors including utilization of proper cutting tool geometry, cutting tool material and the type of coating used to improve hardness and resistance to wear, and also cutting parameters. With the availability of a large array of tool geometries, materials and coatings, is has become a challenging task to select the best tool and cutting parameters that would result in the lowest machining cost or highest profit rate. This paper describes an algorithm developed to help achieve good performances in drilling operations by automatically determination of proper cutting tools and cutting parameters. It also helps determine machining sequences resulting in minimum tool changes that would eventually reduce machining time and cost where multiple tools are used.
Abstract: This research proposes a Preemptive Possibilistic
Linear Programming (PPLP) approach for solving multiobjective
Aggregate Production Planning (APP) problem with interval demand
and imprecise unit price and related operating costs. The proposed
approach attempts to maximize profit and minimize changes of
workforce. It transforms the total profit objective that has imprecise
information to three crisp objective functions, which are maximizing
the most possible value of profit, minimizing the risk of obtaining the
lower profit and maximizing the opportunity of obtaining the higher
profit. The change of workforce level objective is also converted.
Then, the problem is solved according to objective priorities. It is
easier than simultaneously solve the multiobjective problem as
performed in existing approach. Possible range of interval demand is
also used to increase flexibility of obtaining the better production
plan. A practical application of an electronic company is illustrated to
show the effectiveness of the proposed model.
Abstract: Every commercial bank optimises its asset portfolio
depending on the profitability of assets and chosen or imposed
constraints. This paper proposes and applies a stylized model for
optimising banks' asset and liability structure, reflecting profitability
of different asset categories and their risks as well as costs associated
with different liability categories and reserve requirements. The level
of detail for asset and liability categories is chosen to create a
suitably parsimonious model and to include the most important
categories in the model. It is shown that the most appropriate
optimisation criterion for the model is the maximisation of the ratio
of net interest income to assets. The maximisation of this ratio is
subject to several constraints. Some are accounting identities or
dictated by legislative requirements; others vary depending on the
market objectives for a particular bank. The model predicts variable
amount of assets allocated to loan provision.
Abstract: This paper has presented research in progress
concerning the contribution of target costing approach to
achievement competitive price in the Iraqi firm. The title of the
paper is one of the subjects that get large concerns in the finance and
business world in the present time. That is because many competitive
firms have appeared in the regional and global markets and the rapid
changes that covered all fields of life. On the other hand, this paper
concentrated on lack knowledge of the industrial firms, regarding the
significant role of target cost for achieving the competitive prices.
The paper depends on the main supposition, using the competitive
price to get the target cost in the industrial firms. In order to achieve
competitive advantage in business world the firms should rely on
modern methods to manage cost and profit. From strategic
perspective the target cost achieves a so powerful competitive
advantage represented in cost reduction. Nevertheless the target cost
does not exclude the calculation and survey of costs during the
production process. Products- estimated costs are calculated and
compared with the target costs.
Abstract: How to coordinate the behaviors of the agents through
learning is a challenging problem within multi-agent domains.
Because of its complexity, recent work has focused on how
coordinated strategies can be learned. Here we are interested in using
reinforcement learning techniques to learn the coordinated actions of a
group of agents, without requiring explicit communication among
them. However, traditional reinforcement learning methods are based
on the assumption that the environment can be modeled as Markov
Decision Process, which usually cannot be satisfied when multiple
agents coexist in the same environment. Moreover, to effectively
coordinate each agent-s behavior so as to achieve the goal, it-s
necessary to augment the state of each agent with the information
about other existing agents. Whereas, as the number of agents in a
multiagent environment increases, the state space of each agent grows
exponentially, which will cause the combinational explosion problem.
Profit sharing is one of the reinforcement learning methods that allow
agents to learn effective behaviors from their experiences even within
non-Markovian environments. In this paper, to remedy the drawback
of the original profit sharing approach that needs much memory to
store each state-action pair during the learning process, we firstly
address a kind of on-line rational profit sharing algorithm. Then, we
integrate the advantages of modular learning architecture with on-line
rational profit sharing algorithm, and propose a new modular
reinforcement learning model. The effectiveness of the technique is
demonstrated using the pursuit problem.
Abstract: The aim of this paper is to investigate the influence of
market share and diversification on the nonlife insurers- performance.
The underlying relationships have been investigated in different
industries and different disciplines (economics, management...), still,
no consistency exists either in the magnitude or statistical
significance of the relationship between market share (and
diversification as well) on one side and companies- performance on
the other side. Moreover, the direction of the relationship is also
somewhat questionable. While some authors find this relationship to
be positive, the others reveal its negative association. In order to test
the influence of market share and diversification on companies-
performance in Croatian nonlife insurance industry for the period
from 1999 to 2009, we designed an empirical model in which we
included the following independent variables: firms- profitability
from previous years, market share, diversification and control
variables (i.e. ownership, industrial concentration, GDP per capita,
inflation). Using the two-step generalized method of moments
(GMM) estimator we found evidence of a positive and statistically
significant influence of both, market share and diversification, on
insurers- profitability.