The Pay-Off Method as a Tool for Evaluating the Risk and Profitability of Public Real Estate Investments

Real option valuation, in particular the fuzzy pay-off method, has proven to be useful in defining risk and visualizing imprecision of investments in various industry applications. This study examines whether the evaluation of risk and profitability for public real estate investments can be improved by using real option methodology. Firstly, the context of real option valuation in the real estate industry is examined. Further, an empirical case study is performed on 30 real estate investments of a Finnish government enterprise in order to determine whether the presently used investment analysis system can be complemented by the pay-off method. Despite challenges in the application of the pay-off method to the case company’s large investment base, real option valuation is found to create additional value and facilitate more robust risk analysis in public real estate applications.

Lipase and omega-transaminase catalysis in preparation of alcohol and amine enantiomers

Enantiopure intermediates are of high value in drug synthesis. Biocatalysis alone or combined with chemical synthesis provides powerful tools to access enantiopure compounds. In biocatalysis, chemo-, regio- and enantioselectivity of enzymes are combined with their inherent environmentally benign nature. Enzymes can be applied in versatile chemical reactions with non-natural substrates under synthesis conditions. Immobilization of an enzyme is a crucial part of an efficient biocatalytic synthesis method. Successful immobilization enhances the catalytic performance of an enzyme and enables its reuse in successive reactions. This thesis demonstrates the feasibility of biocatalysis in the preparation of enantiopure secondary alcohols and primary amines. Viability and synthetic usability of the studied biocatalytic methods have been addressed throughout this thesis. Candida antarctica lipase B (CAL-B) catalyzed enantioselective O-acylation of racemic secondary alcohols was successfully incorporated with in situ racemization in the dynamic kinetic resolution, affording the (R)-esters in high yields and enantiopurities. Side reactions causing decrease in yield and enantiopurity were suppressed. CAL-B was also utilized in the solvent-free kinetic resolution of racemic primary amines. This method produced the enantiomers as (R)-amides and (S)-amines under ambient conditions. An in-house sol-gel entrapment increased the reusability of CAL-B. Arthrobacter sp. omega-transaminase was entrapped in sol-gel matrices to obtain a reusable catalyst for the preparation enantiopure primary amines in an aqueous medium. The obtained heterogeneous omega-transaminase catalyst enabled the enantiomeric enrichment of the racemic amines to their (S)-enantiomers. The synthetic usability of the sol-gel catalyst was demonstrated in five successive preparative kinetic resolutions.

Ultrasonic and Electrokinetic Remediation of Low Permeability Soil Contaminated with Persistent Organic Pollutants

Electrokinetics has emerged as a potential technique for in situ soil remediation and especially unique because of the ability to work in low permeability soil. In electrokinetic remediation, non-polar contaminants like most organic compounds are transported primarily by electroosmosis, thus the process is effective only if the contaminants are soluble in pore fluid. Therefore, enhancement is needed to improve mobility of these hydrophobic compounds, which tend to adsorb strongly to the soil. On the other hand, as a novel and rapidly growing science, the applications of ultrasound in environmental technology hold a promising future. Compared to conventional methods, ultrasonication can bring several benefits such as environmental friendliness (no toxic chemical are used or produced), low cost, and compact instrumentation. It also can be applied onsite. Ultrasonic energy applied into contaminated soils can increase desorption and mobilization of contaminants and porosity and permeability of soil through developing of cavitation. The research investigated the coupling effect of the combination of these two techniques, electrokinetics and ultrasonication, in persistent organic pollutant removal from contaminated low permeability clayey soil (with kaolin as a model medium). The preliminary study checked feasibility of ultrasonic treatment of kaolin highly contaminated by persistent organic pollutants (POPs). The laboratory experiments were conducted in various conditions (moisture, frequency, power, duration time, initial concentration) to examine the effects of these parameters on the treatment process. Experimental results showed that ultrasonication has a potential to remove POPs, although the removal efficiencies were not high with short duration time. The study also suggested intermittent ultrasonication over longer time as an effective means to increase the removal efficiencies. Then, experiments were conducted to compare the performances among electrokinetic process alone and electrokinetic processes combined with surfactant addition and mainly with ultrasonication, in designed cylinders (with filtercloth separating central part and electrolyte parts) and in open pans. Combined electrokinetic and ultrasonic treatment did prove positive coupling effect compared to each single process alone, though the level of enhancement is not very significant. The assistance of ultrasound in electrokinetic remediation can help reduce POPs from clayey soil by improving the mobility of hydrophobic organic compounds and degrading these contaminants through pyrolysis and oxidation. Ultrasonication also sustains higher current and increases electroosmotic flow. Initial contaminant concentration is an essential input parameter that can affect the removal effectiveness.

Demand forecasting process design and methods in medium sized enterprise

The purpose of this thesis was to study the design of demand forecasting processes and management of demand. In literature review were different processes found and forecasting methods and techniques interviewed. Also role of bullwhip effect in supply chain was identified and how to manage it with information sharing operations. In the empirical part of study is at first described current situation and challenges in case company. After that will new way to handle demand introduced with target budget creation and how information sharing with 5 products and a few customers would bring benefits to company. Also the new S&OP process created within this study and organization for it.

Benefits of sales force automation to salespeople and to their customers in business-to-business markets

This study applied qualitative case study method for solving what kind of benefits salespeople and their customers perceived to gain when sales reps used a specific sales force automation tool, that defined the values and identified segment that best fit to each customer. The data consisting of four interviews was collected using semi-structured individual method and analyzed with thematic analysis technique. The analysis revealed five salespeople perceived benefits and four customer perceived benefits. Salespeople perceived benefits were improvements in customer knowledge, guidance of sales operations, salesperson-customer relationship building, time management and growing performance. Customer perceived benefits were information transmission, improved customer service, customer-salesperson relationship building and development of operations, which of the last was found as a new previously unrecognized customer benefit.

Pulsed electric field assisted sol-gel preparation of TiO2 particles and their photocatalytic properties

The objective of this thesis was to study the effect of pulsed electric field on the preparation of TiO2 nanoparticles via sol-gel method. The literature part deals with properties of different TiO2 crystal forms, principles of photocatalysis, sol-gel method and pulsed electric field processing. It was expected that the pulsed electric field would have an influence on crystallite size, specific surface area, polymorphism and photocatalytic activity of produced particles. TiO2 samples were prepared by using different frequencies and treatment times of pulsed electric field. The properties of produced TiO2 particles were examined X-ray diffraction (XRD), Raman spectroscopy and BET surface area analysis. The photocatalytic activities of produced TiO2 particles were determined by using them as photocatalysts for the degradation of formic acid under UVA-light. The photocatalytic activities of samples produced with sol-gel method were also compared with the commercial TiO2 powder Aeroxide® (Evonic Degussa GmbH). Pulsed electric field did not have an effect on the morphology of particles. Results from XRD and Raman analysis showed that all produced TiO2 samples were pure anatase. However, pulsed electric field did have an effect on crystallite size, specific surface area and photocatalytic activity of TiO2 particles. Generally, the crystallite sizes were smaller, specific surface areas larger and initial formic acid degradation rates higher for samples that were produced by applying the pulsed electric field. The higher photocatalytic activities were attributed to larger surface areas and smaller crystallite sizes. Though, with all of the TiO2 samples produced by the sol-gel method the initial formic acid degradation rates were significantly slower than with the commercial TiO2 powder.

Tuotannon make or buy– päätöksentekoprosessi kansainvälisessä teknologiayrityksessä Case: Yritys X

Tutkimuksen tarkoituksena tutkia millaisia make or buy- työkaluja on olemassa ja millaiset teoriat vaikuttavat make or buy- päätösten taustalla. Tutkimuksessa tutkittiin myös miten nämä ilmiöt ja mallit vaikuttavat ja toteutuvat käytännössä teknologia-alalla

Evaluating land-use related environmental impacts of biomass value chains for decision-support : Comparison and testing of methodologies proposed for environmental life cycle assessment

Life cycle assessment (LCA) is one of the most established quantitative tools for environmental impact assessment of products. To be able to provide support to environmentally-aware decision makers on environmental impacts of biomass value-chains, the scope of LCA methodology needs to be augmented to cover landuse related environmental impacts. This dissertation focuses on analysing and discussing potential impact assessment methods, conceptual models and environmental indicators that have been proposed to be implemented into the LCA framework for impacts of land use. The applicability of proposed indicators and impact assessment frameworks is tested from practitioners' perspective, especially focusing on forest biomass value chains. The impacts of land use on biodiversity, resource depletion, climate change and other ecosystem services is analysed and discussed and the interplay in between value choices in LCA modelling and the decision-making situations to be supported is critically discussed. It was found out that land use impact indicators are necessary in LCA in highlighting differences in impacts from distinct land use classes. However, many open questions remain on certainty of highlighting actual impacts of land use, especially regarding impacts of managed forest land use on biodiversity and ecosystem services such as water regulation and purification. The climate impact of energy use of boreal stemwood was found to be higher in the short term and lower in the long-term in comparison with fossil fuels that emit identical amount of CO2 in combustion, due to changes implied to forest C stocks. The climate impacts of energy use of boreal stemwood were found to be higher than the previous estimates suggest on forest residues and stumps. The product lifetime was found to have much higher influence on the climate impacts of woodbased value chains than the origin of stemwood either from thinnings or final fellings. Climate neutrality seems to be likely only in the case when almost all the carbon of harvested wood is stored in long-lived wooden products. In the current form, the land use impacts cannot be modelled with a high degree of certainty nor communicated with adequate level of clarity to decision makers. The academia needs to keep on improving the modelling framework, and more importantly, clearly communicate to decision-makers the limited certainty on whether land-use intensive activities can help in meeting the strict mitigation targets we are globally facing.

Formation of nitrates in water in presence of formate and oxalate treated with pulsed corona discharge (PCD)

Tavallisten hapetusmenetelmien sijasta kehittyneitä hapetusmenetelmiä (AOP) on kehitetty yhä enemmän, jotta hapetusprosessista tulisi kannattavampi, tehokkaampi, ympäristöystävällisempi ja sitä voitaisiin hyödyntää laajalti eri paikoissa. Uusi teknologia, joka käyttää otsonia ja hydroksyyliradikaalia sähköimpulssien kanssa, on yksi mahdollinen tehokkaampi vedenkäsittelymentelmä. Kyseistä menetelmää kutsutaa pulsed corona discharge (PCD) -menetelmäksi, joka käyttää prosessissa muodostuvia otsonia ja hydroksyyliradikaalia hapettavina tekijöinä. Tässä työssä tutkittiin nitraatin muodostumista vedessä, kun vettä käsiteltiin PCD-laitteessa ja, kun oksalaatti- ja formaatti-ioneja oli sekoittuneina veteen. Nitraatteja muodostuu PCD–laitteessa veteen, kun ilman typpi reagoi hapettimina toimivien otsonin ja hydroksyyliradikaalin kanssa. Aiemmissa tutkimuksissa nitraatin muodostumisen on todistettu parantuvan, kun karboksyylihapot muurahais- ja oksaalihappo ovat sekoittuneina veteen. Tässä tutkimuksessa tarkoituksena oli tutkia, miten formaatti- ja oksalaatti-ionien, joiden pitoisuudet olivat 0 ppm, 50 ppm ja 100 ppm, läsnäolo vedessä vaikuttaa nitraatin muodostumiseen. PCD-kokeista saadut näytteet analysoitiin ionikromatografilla. Kyseisessä tutkimuksessa nitraatin muodostuminen oli samansuuruista jokaisessa kokeessa hapetusajan kasvaessa samalla, kun otettujen näytteiden pH-arvot laskivat. Tuloksena voitiin pitää sitä, ettei formaatti- tai oksalaatti-ioneilla ollut vaikutusta nitraatti-ionien muodostumiseen.

Customer´s perceptions of value during the lifecycle of concentrate filtration

The objective of this study was to examine how customers purchase complex industrial solutions in mining industry, and what kind of value they perceive during different phases of the solution life cycle. In addition, a systematic method for understanding customer value was developed, which can be applied for other company’s offerings as well. The method includes step-by-step instructions for 1) the collection of customer value data and 2) implementation of the findings. The theoretical part of the study focuses on solution and customer value literature in business-to-business markets. In this study qualitative embedded multiple-case study was used as a research method. The primary data was collected through in-depth interviews in two market areas and by participating in customer meetings as an external observer. The results show that there are two ways of buying solutions that needs to be treated individually. Customers prefer to buy solutions from engineering companies as they think that suppliers still need to work on their solution capabilities. Therefore, Outotec should focus more on marketing itself as a solution provider. Customers buy solutions that create the most value with the lowest risk and they need to be supported throughout the solution lifecycle. References that demonstrate previous experience are the most effective way to reduce customers’ risk. However, the customer-perceived values and challenges differ between the market areas, and thus, suppliers should have divergent strategies for specific market areas.

Lean-projektin kannattavuuden ennalta-arviointi soveltamalla tuottojakauma-menetelmää

Tämän Pro Gradu-tutkielman tavoitteena on muodostaa työkalu Lean-projektin kannattavuuden ennalta-arvioinnin toteuttamiseen soveltamalla tuottojakauma-menetelmää. Lisäksi tutkimus pyrkii selvittämään, minkälaista siihen liittyvää akateemista tutkimusta on aikaisemmin toteutettu sekä mitä haasteita tämänkaltaisen arvion toteuttamiselle on. Tutkimuksen syntymistä on motivoinut Lean-pro-jektien kannattavuuden ennalta-arvioimisen akateemisesta tutkimuksesta tunnistettu tutkimusaukko. Empiirinen tutkimus on toteutettu kvalitatiivisena tapaustutkimuksena, yhteistyössä Lean-projekteihin erikoistuneen konsultointiyrityksen kanssa. Empiiristä tutkimusta on ohjannut sille valittu metodologia, jonka tavoitteena on ollut systemaattisesti muodostaa tutkimuksen tavoitteen mukainen työkalu. Aineistonkeruumenetelmänä on toiminut teemahaastattelu, joka on toteutettu kaksiosaisena. Niiden pohjalta saadut aineistot on analysoitu Grounded theory-menetelmää käyttäen. Tutkimuksen tulokset osoittavat, että muodostetulla tuottojakauma-menetelmää soveltavalla työkalulla on mahdollista toteuttaa Lean-pro¬jektin kannattavuuden ennalta-arviointi. Tulosten perusteella, sen avulla pystytään myös vastaamaan tutkimuksessa tunnistettuihin haasteisiin, jotka ovat aikaisemmin rajoittaneet tämän arvion toteuttamista. Työkalulla on mahdollista, tutkimuksen perusteella, myös tukea sen yhteistyöyrityksen Lean-projektien myyntiä.

Modelling the super-equilibria in thermal biomass conversion : applications and limitations of the constrained free energy method

Bioenergi ses som en viktig del av det nu- och framtida sortimentet av inhemsk energi. Svartlut, bark och skogsavfall täcker mer än en femtedel av den inhemska energianvändningen. Produktionsanläggningar kan fungera ofullständigt och en mängd gas-, partikelutsläpp och tjära produceras samtidigt och kan leda till beläggningsbildning och korrosion. Orsaken till dessa problem är ofta obalans i processen: vissa föreningar anrikas i processen och superjämviktstillstånd är bildas. I denna doktorsavhandling presenteras en ny beräkningsmetod, med vilken man kan beskriva superjämviktstillståndet, de viktigaste kemiska reaktionerna, processens värmeproduktion och tillståndsstorheter samtidigt. Beräkningsmetoden grundar sig på en unik frienergimetod med bivillkor som har utvecklats vid VTT. Den här så kallade CFE-metoden har tidigare utnyttjats i pappers-, metall- och kemiindustrin. Applikationer för bioenergi, vilka är demonstrerade i doktorsavhandlingen, är ett nytt användingsområde för metoden. Studien visade att beräkningsmetoden är väl lämpad för högtemperaturenergiprocesser. Superjämviktstillstånden kan uppstå i dessa processer och det kemiska systemet kan definieras med några bivillkor. Typiska tillämpningar är förbränning av biomassa och svartlut, förgasning av biomassa och uppkomsten av kväveoxider. Också olika sätt att definiera superjämviktstillstånd presenterades i doktorsavhandlingen: empiriska konstanter, empiriska hastighetsuttryck eller reaktionsmekanismer kan användas. Resultaten av doktorsavhandlingen kan utnyttjas i framtiden i processplaneringen och i undersökning av nya tekniska lösningar för förgasning, förbränningsteknik och biobränslen. Den presenterade metoden är ett bra alternativ till de traditionella mekanistiska och fenomenmodeller och kombinerar de bästa delarna av både. --------------------------------------------------------------- Bioenergia on tärkeä osa nykyistä ja tulevaa kotimaista energiapalettia. Mustalipeä, kuori ja metsätähteet kattavat yli viidenneksen kotimaisesta energian kulutuksesta. Tuotantolaitokset eivät kuitenkaan aina toimi täydellisesti ja niiden prosesseissa syntyy erilaisia kaasu- ja hiukkaspäästöjä, tervoja sekä prosessilaitteita kuluttavia saostumia ja ruostumista. Usein syy näihin ongelmiin on prosessissa esiintyvä epätasapainotila: tietyt yhdisteet rikastuvat prosessissa ja muodostavat supertasapainotiloja. Väitöstyössä kehitettiin uusi laskentamenetelmä, jolla voidaan kuvata nämä supertasapainotilat, tärkeimmät niihin liittyvät kemialliset reaktiot, prosessin lämmöntuotanto ja tilansuureet yhtä aikaa. Laskentamenetelmä perustuu VTT:llä kehitettyyn ainutlaatuiseen rajoitettuun vapaaenergiamenetelmään. Tätä niin kutsuttua CFE-menetelmää on aiemmin sovelluttu onnistuneesti muun muassa paperi-, metalli- ja kemianteollisuudessa. Väitöstyössä esitetyt bioenergiasovellukset ovat uusi sovellusalue menetelmälle. Työ osoitti laskentatavan soveltuvan hyvin korkealämpöisiin energiatekniikan prosesseihin, joissa kemiallista systeemiä rajoittavia tekijöitä oli rajallinen määrä ja siten super-tasapainotila saattoi muodostua prosessin aikana. Tyypillisiä sovelluskohteita ovat biomassan ja mustalipeän poltto, biomassan kaasutus ja typpioksidipäästöt. Työn aikana arvioitiin myös erilaisia tapoja määritellä super-tasapainojen muodostumista rajoittavat tekijät. Rajoitukset voitiin tehdä teollisiin mittauksiin pohjautuen, kokeellisia malleja hyödyntäen tai mekanistiseen reaktiokinetiikkaan perustuen. Tulevaisuudessa väitöstyön tuloksia voidaan hyödyntää prosessisuunnittelussa ja tutkittaessa uusia teknisiä ratkaisuja kaasutus- ja polttotekniikoissa sekä biopolttoaineiden tutkimuksessa. Kehitetty menetelmä tarjoaa hyvän vaihtoehdon perinteisille mekanistisille ja ilmiömalleille yhdistäen näiden parhaita puolia.

Novel Cellular Luminescence Probes for Immunological and Toxicological Assessments

Escherichia coli K-12 (pEGFPluxABCDEAmp) (E. coli-lux), constitutively emitting bioluminescence (BL), was constructed and its BL emitting properties tested in different growth and killing conditions. The BL emission directly correlated with the number of viable E. coli-lux cells, and when subjected to the antimicrobial agent, the diminishment of the BL signal was linked directly to the number of killed bacterial cells. The method provided a very convenient application, especially when compared to conventional plate counting assays. This novel real-time based method was utilized in both immunological and toxicological assessments. The parameters such as the activation phase, the lytic phase and the capacity of the killing of the serum complement system were specified not only in humans but also in other species. E. coli-lux was also successfully used to study the antimicrobial activities of insect haemolymph. The mechanisms of neutrophil activity, like that of a myeloperoxidase (MPO)-H2O2-halide system, were studied using the E. coli-lux approach. The fundamental role of MPO was challenged, since during the actual killing in described circumstances in phagolysosome the MPO system was inactivated and chlorination halted. The toxicological test system, assessing indoor air total toxicity, particularly suitable for suspected mold damages, was designed based on the E. coli-lux method. Susceptibility to the vast number of various toxins, both pure chemicals and dust samples from the buildings and extracts from molds, were investigated. The E. coli-lux application was found to possess high sensitivity and specificity attributes. Alongside the analysis system, the sampling kit for indoor dust was engineered based on the swipe stick and the container. The combination of practical specimen collector and convenient analysis system provided accurate toxic data from the dust sample within hours. Neutrophils are good indicators of the pathophysiological state of the individual, and they can be utilized as a toxicological probe due to their ability to emit chemiluminescence (CL). Neutrophils can either be used as probe cells, directly exposed to the agent studied, or they can act as indicators of the whole biological system exposed to the agent. Human neutrophils were exposed to the same toxins as tested with the E. coli-lux system and measured as luminol amplified CL emission. The influence of the toxins on the individuals was investigated by exposing rats with moniliniformin, the mycotoxin commonly present in Finnish grains. The activity of the rat neutrophils was found to decrease significantly during the 28 days of exposure.

The interconnections between customer loyalty, employee engagement and business performance

The interconnections of customer loyalty, employee engagement and business performance have been separately examined in several previous studies but actually a coherent study combining all of these components together has been lacking. This thesis aims to study all of these components and their interrelations at the same time in order to understand the organization as a one whole. The thesis includes an encompassing review of the previous studies related to customer loyalty and employee engagement. The theory presents both the theoretical approaches and the empirical findings from the earlier literature and builds therefore a strong fundament for the empirical part of this thesis. The empirical data in this thesis was provided by three case companies of a Nordic group operating in a business-to-business professional services branch and it used the Net Promoter Score method for measuring both customer loyalty and employee engagement. The thesis left interesting research questions open and provides therefore an intriguing study field for the future researches.

Enzymatic Synthesis, Recovery, and Purification of Ethyl β-ᴅ-glucopyranoside

A method to synthesize ethyl β-ᴅ-glucopyranoside (BEG) was searched. Feasibility of different ion exchange resins was examined to purify the product from the synthetic binary solution of BEG and glucose. The target was to produce at least 50 grams of 99 % pure BEG with a scaled up process. Another target was to transfer the batch process into steady-state recycle chromatography process (SSR). BEG was synthesized enzymatically with reverse hydrolysis utilizing β-glucosidase as a catalyst. 65 % of glucose reacted with ethanol into BEG during the synthesis. Different ion exchanger based resins were examined to separate BEG from glucose. Based on batch chromatography experiments the best adsorbent was chosen between styrene based strong acid cation exchange resins (SAC) and acryl based weak acid cation exchange resins (WAC). CA10GC WAC resin in Na+ form was chosen for the further separation studies. To produce greater amounts of the product the batch process was scaled up. The adsorption isotherms for the components were linear. The target purity was possible to reach already in batch without recycle with flowrate and injection size small enough. 99 % pure product was produced with scaled-up batch process. Batch process was transferred to SSR process utilizing the data from design pulse chromatograms and Matlab simulations. The optimal operating conditions for the system were determined. Batch and SSR separation results were compared and by using SSR 98 % pure products were gained with 40 % higher productivity and 40 % lower eluent consumption compared to batch process producing as pure products.