25 resultados para buyout option

em Cambridge University Engineering Department Publications Database


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With the concerns over climate change and the escalation in worldwide population, sustainable development attracts more and more attention of academia, policy makers, and businesses in countries. Sustainable manufacturing is an inextricable measure to achieve sustainable development since manufacturing is one of the main energy consumers and greenhouse gas contributors. In the previous researches on production planning of manufacturing systems, environmental factor was rarely considered. This paper investigates the production planning problem under the performance measures of economy and environment with respect to seru production systems, a new manufacturing system praised as Double E (ecology and economy) in Japanese manufacturing industries. We propose a mathematical model with two objectives minimizing carbon dioxide emission and makespan for processing all product types by a seru production system. To solve this mathematical model, we develop an algorithm based on the non-dominated sorting genetic algorithm II. The computation results and analysis of three numeral examples confirm the effectiveness of our proposed algorithm. © 2014 Elsevier Ltd. All rights reserved.

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There is a widespread recognition of the need for better information sharing and provision to improve the viability of end-of-life (EOL) product recovery operations. The emergence of automated data capture and sharing technologies such as RFID, sensors and networked databases has enhanced the ability to make product information; available to recoverers, which will help them make better decisions regarding the choice of recovery option for EOL products. However, these technologies come with a cost attached to it, and hence the question 'what is its value?' is critical. This paper presents a probabilistic approach to model product recovery decisions and extends the concept of Bayes' factor for quantifying the impact of product information on the effectiveness of these decisions. Further, we provide a quantitative examination of the factors that influence the value of product information, this value depends on three factors: (i) penalties for Type I and Type II errors of judgement regarding product quality; (ii) prevalent uncertainty regarding product quality and (iii) the strength of the information to support/contradict the belief. Furthermore, we show that information is not valuable under all circumstances and derive conditions for achieving a positive value of information. © 2010 Taylor & Francis.

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Numerous psychophysical studies suggest that the sensorimotor system chooses actions that optimize the average cost associated with a movement. Recently, however, violations of this hypothesis have been reported in line with economic theories of decision-making that not only consider the mean payoff, but are also sensitive to risk, that is the variability of the payoff. Here, we examine the hypothesis that risk-sensitivity in sensorimotor control arises as a mean-variance trade-off in movement costs. We designed a motor task in which participants could choose between a sure motor action that resulted in a fixed amount of effort and a risky motor action that resulted in a variable amount of effort that could be either lower or higher than the fixed effort. By changing the mean effort of the risky action while experimentally fixing its variance, we determined indifference points at which participants chose equiprobably between the sure, fixed amount of effort option and the risky, variable effort option. Depending on whether participants accepted a variable effort with a mean that was higher, lower or equal to the fixed effort, they could be classified as risk-seeking, risk-averse or risk-neutral. Most subjects were risk-sensitive in our task consistent with a mean-variance trade-off in effort, thereby, underlining the importance of risk-sensitivity in computational models of sensorimotor control.

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The T-Plan fast-start approach provides a template and a set of customization principles that provide benefits in their own right, as well as initiating a longer-term process. The fast-start approach can be used to explore a particular strategic issue without the commitment to continue to develop an ongoing and embedded process. However, the option to do so is one of the outcomes of the approach and can lead to a strong, well-grounded roadmapping process.

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Pile reuse has become an increasingly popular option in foundation design, mainly due to its potential cost and environmental benefits and the problem of underground congestion in urban areas. However, key geotechnical concerns remain regarding the behavior of reused piles and the modeling of foundation systems involving old and new piles to support building loads of the new structure. In this paper, a design and analysis tool for pile reuse projects will be introduced. The tool allows coupling of superstructure stiffness with the foundation model, and includes an optimization algorithm to obtain the best configuration of new piles to work alongside reused piles. Under the concept of Pareto Optimality, multi-objective optimization analyses can also reveal the relationship between material usage and the corresponding foundation performance, providing a series of reuse options at various foundation costs. The components of this analysis tool will be discussed and illustrated through a case history in London, where 110 existing piles are reused at a site to support the proposed new development. The case history reveals the difficulties faced by foundation reuse in urban areas and demonstrates the application of the design tool to tackle these challenges. © ASCE 2011.

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Targets to cut 2050 CO2 emissions in the steel and aluminium sectors by 50%, whilst demand is expected to double, cannot be met by energy efficiency measures alone, so options that reduce total demand for liquid metal production must also be considered. Such reductions could occur through reduced demand for final goods (for instance by life extension), reduced demand for material use in each product (for instance by lightweight design) or reduced demand for material to make existing products. The last option, improving the yield of manufacturing processes from liquid metal to final product, is attractive in being invisible to the final customer, but has had little attention to date. Accordingly this paper aims to provide an estimate of the potential to make existing products with less liquid metal production. Yield ratios have been measured for five case study products, through a series of detailed factory visits, along each supply chain. The results of these studies, presented on graphs of cumulative energy against yield, demonstrate how the embodied energy in final products may be up to 15 times greater than the energy required to make liquid metal, due to yield losses. A top-down evaluation of the global flows of steel and aluminium showed that 26% of liquid steel and 41% of liquid aluminium produced does not make it into final products, but is diverted as process scrap and recycled. Reducing scrap substitutes production by recycling and could reduce total energy use by 17% and 6% and total CO 2 emissions by 16% and 7% for the steel and aluminium industries respectively, using forming and fabrication energy values from the case studies. The abatement potential of process scrap elimination is similar in magnitude to worldwide implementation of best available standards of energy efficiency and demonstrates how decreasing the recycled content may sometimes result in emission reductions. Evidence from the case studies suggests that whilst most companies are aware of their own yield ratios, few, if any, are fully aware of cumulative losses along their whole supply chain. Addressing yield losses requires this awareness to motivate collaborative approaches to improvement. © 2011 Elsevier B.V. All rights reserved.

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Consumer goods manufacturers aiming to reduce the environmental impact associated with their products commonly pursue incremental change strategies, but more radical approaches may be required if we are to address the challenges of sustainable consumption. One strategy to realize step change reductions is to prepare a portfolio of innovations providing different levels of impact reduction in exchange for different levels of organizational resource commitment. In this research a tool is developed to support this strategy, starting with the assumption that through brainstorming or other eco-innovation approaches, a long-list of candidate innovations has been created. The tool assesses the potential greenhouse gas benefit of an innovative option against the difficulty of its implementation. A simple greenhouse gas benefit assessment method based on streamlined LCA was used to analyze impact reduction potential, and a novel measure of implementation difficulty was developed. The predictions of implementation difficulty were compared against expert opinion, and showed similar results indicating the measure can be used sensibly to predict implementation difficulty. The assessment of the environmental gain versus implementation difficulty is visualized in a matrix, showing the trade-offs of several options. The tool is deliberately simple with scalar measures of CO 2 emissions benefits and implementation difficulty so tool users must remain aware of other potential environmental burdens besides greenhouse gases (e.g. water, waste). In addition, although relative life cycle emissions benefits of an option may be low, the absolute impact of an option can be high and there may be other co-benefits, which could justify higher levels of implementation difficulty. Different types of consumer products (e.g. household, personal care, foods) have been evaluated using the tool. Initial trials of the tool within Unilever demonstrate that the tool facilitates rapid evaluation of low-carbon innovations. © 2011 Elsevier Ltd. All rights reserved.

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As a potential poverty reduction and climate change strategy, this paper considers the advantages and disadvantages of using renewable energy technologies for rural electrification in developing countries. Although each case must be considered independently, given a reliable fuel source, renewable energy mini-grids powered by biomass gasifiers or micro-hydro plants appear to be the favoured option due to their lower levelised costs, provision of AC power, potential to provide a 24. h service and ability to host larger capacity systems that can power a wide range of electricity uses. Sustainability indicators are applied to three case studies in order to explore the extent to which sustainable welfare benefits can be created by renewable energy mini-grids. Policy work should focus on raising awareness about renewable energy mini-grids, improving institutional, technical and regulatory frameworks and developing innovative financing mechanisms to encourage private sector investments. Establishing joint technology and community engagement training centres should also be encouraged. © 2011 Elsevier Ltd.

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We study three contractual arrangements—co-development, licensing, and co-development with opt-out options—for the joint development of new products between a small and financially constrained innovator firm and a large technology company, as in the case of a biotech innovator and a major pharma company. We formulate our arguments in the context of a two-stage model, characterized by technical risk and stochastically changing cost and revenue projections. The model captures the main disadvantages of traditional co-development and licensing arrangements: in co-development the small firm runs a risk of running out of capital as future costs rise, while licensing for milestone and royalty (M&R) payments, which eliminates the latter risk, introduces inefficiency, as profitable projects might be abandoned. Counter to intuition we show that the biotech's payoff in a licensing contract is not monotonically increasing in the M&R terms. We also show that an option clause in a co-development contract that gives the small firm the right but not the obligation to opt out of co-development and into a pre-agreed licensing arrangement avoids the problems associated with fully committed co-development or licensing: the probability that the small firm will run out of capital is greatly reduced or completely eliminated and profitable projects are never abandoned.

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Decision-making in the façade design process has a significant influence on several aspects of indoor environment, thereby making it a complex and multi-objective optimisation process. There are two principal barriers in the process of indentifying an optimal façade solution. Firstly, most existing indoor environmental evaluation methods do not account for all the indoor environmental quality (IEQ) aspects relevant to façade design. Secondly, the relationship between the physical properties of a particular façade design option and the resulting economic benefits accrued during its service-life is unknown. In this paper, we introduce the bases for establishing relationships between occupant productivity and the combinatorial effects of four key façade-related IEQ aspects, namely, thermal comfort, aural comfort, visual comfort and air quality, on occupant productivity. The proposed framework's potential is tested against seven existing experimental investigations and its applicability is illustrated by a simple façade design example. The proposed approach ultimately aims to provide a quantitative economic measure of alternative façade design options that would be applicable to early design stage. Aspects of the work that require further experimental validation are identified. © 2012 Elsevier Ltd.

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There is potential to extract energy from wastewater in a number of ways, including: kinetic energy using micro-hydro systems, chemical energy through the incineration of sludge, biomass energy from the biogas produced after anaerobic sludge digestion, and thermal energy as heat. This paper considers the last option and asks how much heat could be recovered under UK climatic conditions and can this heat be used effectively by wastewater treatment plants to reduce their carbon footprint? Four wastewater treatment sites in southern England are investigated and the available heat that can be recovered at those sites is quantified. Issues relating to the environmental, economic and practical constraints on how energy can be realistically recovered and utilised are discussed .The results show there is a definite possibility for thermal energy recovery with potential savings at some sites of up to 35,000 tonnes of total long-cycle carbon equivalent (fossil fuel) emissions per year being achievable. The paper also shows that the financial feasibility of three options for using the heat (either for district heating, sludge drying or thermophilic heating in sludge digestion processes) is highly dependant upon the current shadow price of carbon. Without the inclusion of the cost of carbon, the financial feasibility is significantly limited. An environmental constraint for the allowable discharge temperature of effluent after heat-extraction was found to be the major limitation to the amount of energy available for recovery. The paper establishes the true potential of thermal energy recovery from wastewater in English conditions and the economic feasibility of reducing the carbon footprint of wastewater treatment operations using this approach.

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Quantum key distribution (QKD) uniquely allows distribution of cryptographic keys with security verified by quantum mechanical limits. Both protocol execution and subsequent applications require the assistance of classical data communication channels. While using separate fibers is one option, it is economically more viable if data and quantum signals are simultaneously transmitted through a single fiber. However, noise-photon contamination arising from the intense data signal has severely restricted both the QKD distances and secure key rates. Here, we exploit a novel temporal-filtering effect for noise-photon rejection. This allows high-bit-rate QKD over fibers up to 90 km in length and populated with error-free bidirectional Gb/s data communications. With high-bit rate and range sufficient for important information infrastructures, such as smart cities and 10 Gbit Ethernet, QKD is a significant step closer towards wide-scale deployment in fiber networks.