An exploration of risk management in global industrial investment

This article explores risk management in global industrial investment by identifying linkages and gaps between theories and practices. It identifies opportunities for further development of the field. Three related bodies of literature have been reviewed: risk management, global manufacturing and investment. The review suggests that risk management in global manufacturing is overlooked in the literature; that existing theoretical risk management processes are not well developed in the global manufacturing context and that the investment literature applies mainly to financial risk assessment rather than investment risk management structures. Further, there appears to be a serious lack of systematic industrial risk management in investment decision making. This article highlights the opportunities to deploy current good practices more effectively as well as the need to develop more robust theories of industrial investment risk management. The approach adopted to investigate this multidisciplinary topic included a historical review of literature to understand the diverse background of theoretical development. A case study research approach was adopted to collect data, involving four global manufacturing companies and one risk management advisory company to observe the patterns and rationale of current practices. Supporting arguments from secondary data sources reinforced the findings. The research focuses risk management in global industrial investment. It links theories with practice to understand the existing knowledge gap and proposes key research themes for further research. © 2013 Macmillan Publishers Ltd. 1460-3799 Risk Management.

Air quality and climate impacts of alternative bus technologies in Greater London.

The environmental impact of diesel-fueled buses can potentially be reduced by the adoption of alternative propulsion technologies such as lean-burn compressed natural gas (LB-CNG) or hybrid electric buses (HEB), and emissions control strategies such as a continuously regenerating trap (CRT), exhaust gas recirculation (EGR), or selective catalytic reduction with trap (SCRT). This study assessed the environmental costs and benefits of these bus technologies in Greater London relative to the existing fleet and characterized emissions changes due to alternative technologies. We found a >30% increase in CO2 equivalent (CO2e) emissions for CNG buses, a <5% change for exhaust treatment scenarios, and a 13% (90% confidence interval 3.8-20.9%) reduction for HEB relative to baseline CO2e emissions. A multiscale regional chemistry-transport model quantified the impact of alternative bus technologies on air quality, which was then related to premature mortality risk. We found the largest decrease in population exposure (about 83%) to particulate matter (PM2.5) occurred with LB-CNG buses. Monetized environmental and investment costs relative to the baseline gave estimated net present cost of LB-CNG or HEB conversion to be $187 million ($73 million to $301 million) or $36 million ($-25 million to $102 million), respectively, while EGR or SCRT estimated net present costs were $19 million ($7 million to $32 million) or $15 million ($8 million to $23 million), respectively.

Hybrid-electric propulsion for aircraft

Against a background of increasing energy demand and rising fuel prices, hybrid-electric propulsion systems (HEPS) have the potential to significantly reduce fuel consumption in the aviation industry, particularly in the lighter sectors. By taking advantage of both Electric Motor (EM) and Internal Combustion Engine (ICE), HEPS provide not only a benefit in fuel saving but also a reduction in take-off noise and the emission levels. This research considers the design and sizing process of a hybrid-electric propulsion system for a single-seat demonstrator aircraft, the experimental derivation of the ICE map and the EM parameters. In addition to the experimental data, a novel modeling approach including several linked desktop PC software packages is presented to analyze and optimize hybrid-electric technology for aircraft. Further to the analysis of a parallel hybrid-electric, mid-scale aircraft, this paper also presents a scaling approach for a 20 kg UAV and a 50 tonne inter-city airliner. At the smaller scale, two different mission profiles are analyzed: an ISR mission profile, where the simulation routine optimizes the component size of the hybrid-electric propulsion system with respect to fuel saving, and a maximum duration profile; where the flight endurance is determined as a function of payload weight. At the larger scale, the performance of a 50 tonne inter-city airliner is modeled, based on a hybrid-electric gas-turbine, assuming a range of electric boost powers and battery masses.