Leveraging R&D investment for the Australian built environment

This paper discusses a current research project building new understandings and knowledge relevant to R&D funding strategies in Australia. Building on a retrospective analysis of R&D trends and industry outcomes, an industry roadmap will be developed to inform R&D policies more attuned to future industry needs to improve research investment effectiveness. The project will also include analysis of research team formation and management (involving end users from public and private sectors together with research and knowledge institutions), and dissemination of outcomes and uptake in the Australian building and construction industry. The project will build on previous research extending open innovation system theory and network analysis and procurement, focused on R&D. Through the application of dynamic capabilities and strategic foresighting theory, an industry roadmap for future research investment will be developed, providing a stronger foundation for more targeted policy recommendations. This research will contribute to more effective construction processes in the future through more targeted research funding and more effective research partnerships between industry and researchers.

Prioritizing land and sea conservation investments to protect coral reefs

Background: Coral reefs have exceptional biodiversity, support the livelihoods of millions of people, and are threatened by multiple human activities on land (e.g. farming) and in the sea (e.g. overfishing). Most conservation efforts occur at local scales and, when effective, can increase the resilience of coral reefs to global threats such as climate change (e.g. warming water and ocean acidification). Limited resources for conservation require that we efficiently prioritize where and how to best sustain coral reef ecosystems.----- ----- Methodology/Principal Findings: Here we develop the first prioritization approach that can guide regional-scale conservation investments in land-and sea-based conservation actions that cost-effectively mitigate threats to coral reefs, and apply it to the Coral Triangle, an area of significant global attention and funding. Using information on threats to marine ecosystems, effectiveness of management actions at abating threats, and the management and opportunity costs of actions, we calculate the rate of return on investment in two conservation actions in sixteen ecoregions. We discover that marine conservation almost always trumps terrestrial conservation within any ecoregion, but terrestrial conservation in one ecoregion can be a better investment than marine conservation in another. We show how these results could be used to allocate a limited budget for conservation and compare them to priorities based on individual criteria.----- ----- Conclusions/Significance: Previous prioritization approaches do not consider both land and sea-based threats or the socioeconomic costs of conserving coral reefs. A simple and transparent approach like ours is essential to support effective coral reef conservation decisions in a large and diverse region like the Coral Triangle, but can be applied at any scale and to other marine ecosystems.

Communicating assessment criteria is not sufficient for influencing students' approaches to assessment tasks – perspectives from a differential equations class

This report presents the findings of an exploratory study into the perceptions held by students regarding the use of criterion-referenced assessment in an undergraduate differential equations class. Students in the class were largely unaware of the concept of criterion referencing and of the various interpretations that this concept has among mathematics educators. Our primary goal was to investigate whether explicitly presenting assessment criteria to students was useful to them and guided them in responding to assessment tasks. Quantitative data and qualitative feedback from students indicates that while students found the criteria easy to understand and useful in informing them as to how they would be graded, the manner in which they actually approached the assessment activity was not altered as a result of the use of explicitly communicated grading criteria.

Ethics and Socially Responsible Investment : A Philosophical Approach

This volume breaks new ground by approaching Socially Responsible Investment (SRI) as an explicitly ethical practice in financial markets. The work explains the philosophical and practical shortcomings of ‘long term shareholder value’ and the origins and conceptual structure of SRI, and links its pursuit to both its deeper philosophical foundations and the broader, multi-dimensional global movement towards greater social responsibility in global markets. Interviews with fund managers in the Australian SRI sector generate recommendations for better integrating ethics into SRI practice via ethically informed engagement with invested companies, and an in-depth discussion of the central practical SRI issue of fiduciary responsibility strengthens the case in favour of SRI. The practical and ethical theoretical perspectives are then brought together to sketch out an achievable ideal for SRI worldwide, in which those who are involved in investment and business decisions become part of an ‘ethical chain’ of decision makers linking the ultimate owners of capital with the business executives who frame, advocate and implement business strategies. In between there are investment advisors, fund managers, business analysts and boards. The problem lies in the fact that the ultimate owners are discouraged from considering their own values, or even their own long term interests, whilst the others often look only to short term interests. The solution lies in the latter recognising themselves as links in the ethical chain.

Framework for assessing financial literacy and superannuation investment choice decisions

There is a worldwide trend towards rapidly growing defined contribution pension funds in terms of assets and membership, and the choices available to individuals. This has shifted the decisionmaking responsibility to fund members for managing the investment of their retirement savings. This change has given rise to a phenomenon where most superannuation fund members are responsible for either actively choosing or passively relying on their funds’ default investment options. Prior research identifies that deficiencies in financial literacy is one of the causes of inertia in financial decision-making and findings from international and Australian studies show that financial illiteracy is wide-spread. Given the potential significant economic and social consequences of poor financial decision-making in superannuation matters, this paper proposes a framework by which the various demographic, social and contextual factors that influence fund members’ financial literacy and its association with investment choice decisions are explored. Enhanced theoretical and empirical understanding of the factors that are associated with active/passive investment choice decisions would enable development of well-targeted financial education programs.

Financial literacy and pension investment decisions

The call for enhanced financial literacy amongst consumers is a global phenomenon, driven by the growing complexity of financial markets and products, and government concerns about the affordability of supporting an ageing population. Worldwide, defined benefit pensions are giving way to the risk and uncertainty of defined contribution superannuation/pension funds where fund members now make choices and decisions that were once made on their behalf. An important prerequisite for informed financial decision-making is adequate financial knowledge and skills to make competent investment decisions. This paper reports the findings of an online survey of the members of a large Australian public sector-based superannuation fund and shows that although respondents generally understand basic financial matters, on average, their understanding of investments concepts, such as the relationship between risk and returns, is inadequate. These results highlight the need for education programs focusing specifically on developing fund members’ investment knowledge and skills to facilitate informed retirement savings decisions.

Damage detection in truss bridges using vibration based multi-criteria approach

This paper uses dynamic computer simulation techniques to develop and apply a multi-criteria procedure using non-destructive vibration-based parameters for damage assessment in truss bridges. In addition to changes in natural frequencies, this procedure incorporates two parameters, namely the modal flexibility and the modal strain energy. Using the numerically simulated modal data obtained through finite element analysis of the healthy and damaged bridge models, algorithms based on modal flexibility and modal strain energy changes before and after damage are obtained and used as the indices for the assessment of structural health state. The application of the two proposed parameters to truss-type structures is limited in the literature. The proposed multi-criteria based damage assessment procedure is therefore developed and applied to truss bridges. The application of the approach is demonstrated through numerical simulation studies of a single-span simply supported truss bridge with eight damage scenarios corresponding to different types of deck and truss damage. Results show that the proposed multi-criteria method is effective in damage assessment in this type of bridge superstructure.

Selection of solar energy for green building using superiority and inferiority multi-criteria ranking (SIR) method

Green energy is one of the key factors, driving down electricity bill and zero carbon emission generating electricity to green building. However, the climate change and environmental policies are accelerating people to use renewable energy instead of coal-fired (convention type) energy for green building that energy is not environmental friendly. Therefore, solar energy is one of the clean energy solving environmental impact and paying less in electricity fee. The method of solar energy is collecting sun from solar array and saves in battery from which provides necessary electricity to whole house with zero carbon emission. However, in the market a lot of solar arrays suppliers, the aims of this paper attempted to use superiority and inferiority multi-criteria ranking (SIR) method with 13 constraints establishing I-flows and S-flows matrices to evaluate four alternatives solar energies and determining which alternative is the best, providing power to sustainable building. Furthermore, SIR is well-known structured approach of multi-criteria decision support tools and gradually used in construction and building. The outcome of this paper significantly gives an indication to user selecting solar energy.

Sustainability criteria for Industrialised Building System (IBS) in Malaysia

As the sustainability awareness rises globally, the construction industry is under increasing pressure to improve efficiency and project delivery. The implementation of Industrialised Building Systems (IBS), for which utility components are built offsite, has the potential of promoting sustainability deliverables. This can be achieved by better control of production environment, minimising construction waste, using efficient building material energy, and stabilising work conditions. As a unique building technology, IBS has not been effectively implemented in Malaysia. Possible reasons may include limited understanding among stakeholders on the IBS potential and its relevance to sustainability. This warrants studies on the sustainability issues of IBS design, construction, operation and maintenance, A framework is being developed through research to assess performance criteria related to sustainability, which should be considered during IBS design and application in the most consistent and systematic way. This paper discusses how these sustainability performance criteria are examined in a continuing research project and the processes conducive to implementing sustainable IBS in Malaysia. Existing tools, indicators and guidelines are reviewed, analysed and grouped according to characteristics and application. The research also hopes to produce guidelines for stakeholders to incorporate sustainability issues and concepts into IBS applications.