Manufacturing knowledge verification in design support systems

This paper identifies the need for a verification methodology for manufacturing knowledge in design support systems; and proposes a suitable methodology based on the concept of ontological commitment and the PSL ontology (ISO/CD18629). The use of the verification procedures within an overall system development methodology is examined, and an understanding of how various categories of manufacturing knowledge (typical to design support systems) map onto the PSL ontology is developed. This work is also supported by case study material from industrial situations, including the casting and machining of metallic components. The PSL ontology was found to support the verification of most categories of manufacturing knowledge, and was shown to be particularly suited to process planning representations. Additional concepts and verification procedures were however needed to verify relationships between products and manufacturing processes. Suitable representational concepts and verification procedures were therefore developed, and integrated into the proposed knowledge verification methodology.

A review of the rationales for corporate risk management: fashion or the need?

This paper presents the extensive literature survey based both on theoretical rationales for hedging as well as the empirical evidence that support the implications of the theory regarding the arguments for the corporate risk management relevance and its influence on the company’s value. The survey of literature presented in this paper has revealed that there are two chief classes of rationales for corporate decision to hedge - maximisation of shareholder value or maximisation of managers’ private utility. The paper concludes that, the total benefit of hedging is the combination of all these motives and, if the costs of using corporate risk management instruments are less than the benefits provided via the avenues mentioned in this paper, or any other benefit perceived by the market, then risk management is a shareholder-value enhancing activity.