Construction supply chain modeling : a research review and interdisciplinary research agenda

Supply chain management has emerged as a popular and useful concept in the construction industry and research community since the mid 1990s. Research in construction supply chain management draws from a broad range of disciplines, notably: (1) Industrial organization economics to better understand market structure and forces and their effect on firm and supply chain behavior and (2) Analytic modeling of supply chains to improve supply chain performance along metrics such as speed, cost, reliability, quality, etc. Both industrial organization and analytic modeling provide useful but ultimately incomplete perspectives and prescriptions for construction supply chain management. As such, this paper proposes development of an interdisciplinary research agenda that draws from both fields. Towards that agenda, a review of research is presented to introduce the main ideas, relevant literature, and theory and methods in each of the two areas. From these independent reviews, applications that could benefit from a combined perspective are identified and used as a basis for development of an interdisciplinary research agenda.

Construction supply chain modeling : a research review and interdisciplinary research agenda

Supply chain management has emerged as a popular and useful concept in the construction industry and research community since the mid 1990s. Research in construction supply chain management draws from a broad range of disciplines, notably: (1) industrial organization economics to better understand market structure and forces and their effect on firm and supply chain behavior and (2) Analytic modeling of supply chains to improve supply chain performance along metrics such as speed, cost, reliability, quality, etc. Both industrial organization and analytic modeling provide useful but
ultimately incomplete perspectives and prescriptions for construction supply chain management. As such, this paper proposes development of an interdisciplinary research agenda that draws from both fields. Towards that agenda, a review of research is presented to introduce the main ideas, relevant literature, and theory and methods in each of the two areas. From these independent reviews, applications that could benefit from a combined perspective are identified and used as a basis for development of an
interdisciplinary research agenda.

Construction supply chain management : a research review and interdisciplinary research agenda

Supply chain management has emerged as a popular and useful concept in the construction industry and research community since the mid 1990s. Research in construction supply chain management draws from a broad range of disciplines, notably: (1) industrial organization economics to better understand market structure and forces and their effect on firm and supply chain behavior and (2) Analytic modeling of supply chains to improve supply chain performance along metrics such as speed, cost, reliability, quality, etc. Both industrial organization and analytic modeling provide useful but ultimately incomplete perspectives and prescriptions for construction supply chain management. As such, this paper proposes development of an interdisciplinary research agenda that draws from both fields. Towards that agenda, a review of research is presented to introduce the main ideas, relevant literature, and theory and methods in each of the two areas. From these independent reviews, applications that could benefit from a combined perspective are identified and used as a basis for development of an interdisciplinary research agenda.

Paradigm shift to enhanced water supply planning through augmented grids, scarcity pricing and adaptive factory water : a system dynamics approach

This paper details a system dynamics model developed to simulate proposed changes to water governance through the integration of supply, demand and asset management processes. To effectively accomplish this, interconnected feedback loops in tariff structures, demand levels and financing capacity are included in the model design, representing the first comprehensive life-cycle modelling of potable water systems. A number of scenarios were applied to Australia's populated South-east Queensland region, demonstrating that introducing temporary drought pricing (i.e. progressive water prices set inverse with availability), in conjunction with supply augmentation through rain-independent sources, is capable of efficiently providing water security in the future. Modelling demonstrated that this alternative tariff structure reduced demand in scarcity periods thereby preserving supply, whilst revenues are maintained to build new water supply infrastructure. In addition to exploring alternative tariffs, the potential benefits of using adaptive pressure-retarded osmosis desalination plants for both potable water and power generation was explored. This operation of these plants for power production, when they would otherwise be idle, shows promise in reducing their net energy and carbon footprints. Stakeholders in industry, government and academia were engaged in model development and validation. The constructed model displays how water resource systems can be reorganised to cope with systemic change and uncertainty.

Securing participation : experiments in a one-day introduction to economics

Classroom experiments and exercises served as a one-day introduction to economics for students who felt insecure about taking first-year business classes. The first experiment addresses demand in isolation, while the second addresses supply. Supply, demand and equilibrium are integrated in a pit market in which all students have equal expected profits. A monopoly pricing exercise addresses market failure. Exercises use many incremental questions to reveal principles of microeconomics. Evaluations show that at the end of the program, students were familiar with economic results and concepts, and were more comfortable with talking economics.

Residential auction clearance rates – what do they really mean?

The residential market in Melbourne is often referred to as the ‘auction capital of the world’ with approximately 30-35% of housing transfers undertaken via the auction process, most of which are conducted on the weekend and then reported in the media the following day. The most quoted measurement of auction success is via the clearance rate which simply indicates the proportion of signed contracts of sale within the auction process. At the same time the clearance rate can have a relatively large variance where the residential market can traditionally range from very good (i.e. a high clearance rate) to very poor (i.e. a low clearance rate). The subsequent effect on the market can directly increase or decrease demand, predominantly based only on this single measure of the perceived level of auction clearance rates only.

This paper examines the concept of the auction clearance rates and the heavy reliance on the only one measure of success (i.e. the clearance rates), regardless of other variables. The emphasis is placed on the auction clearance rate as one measure of demand in the housing market but within the context of the definition of market value i.e. willing buyer-willing seller. This is supported by a discussion about other variables including the asking price, the auction process itself, marketing considerations and seasonal adjustments. The findings provide an insight into how to correctly interpret the auction clearance rate in the context of the overall supply-demand interactions. Whilst the auction process is clearly an integral part of the residential transfer process it is essential that the auction clearance rate is used with caution and also in conjunction with other variables.

Factories of the future : a system of systems engineering perspective

Factories of the Future will be distinguished by intelligent machines, automation, human factors integration and knowledge management. Modelling and simulation is recognised as a key enabling technology essential to economic, social and environmental sustainability of future manufacturing systems. This talk will explore the history, recent achievements and directions in modelling and simulation for 21st century factories and supply chains. A systems science approach is employed, from stakeholder engagement through participative modelling to self-tuning and self-assembling simulations. Our contributions lower the cost of the application of modelling and simulation to manufacturing processes, enabling real time planning, dynamic risk analysis, dashboards and 3D visualisation. This realisation of the virtual factory integrates human factors and decisions into the core technology platform. The implications to future manufacturing enterprises are explored through a series of case studies from aerospace, mining and small and medium manufacturing enterprises.

A dynamic pricing reverse auction-based resource allocation mechanism in cloud workflow systems

Market-oriented reverse auction is an efficient and cost-effective method for resource allocation in cloud workflow systems since it can dynamically allocate resources depending on the supply-demand relationship of the cloud market. However, during the auction the price of cloud resource is usually fixed, and the current resource allocation mechanisms cannot adapt to the changeable market properly which results in the low efficiency of resource utilization. To address such a problem, a dynamic pricing reverse auction-based resource allocation mechanism is proposed. During the auction, resource providers can change prices according to the trading situation so that our novel mechanism can increase the chances of making a deal and improve efficiency of resource utilization. In addition, resource providers can improve their competitiveness in the market by lowering prices, and thus users can obtain cheaper resources in shorter time which would decrease monetary cost and completion time for workflow execution. Experiments with different situations and problem sizes are conducted for dynamic pricing-based allocation mechanism (DPAM) on resource utilization and the measurement of Time∗Cost (TC). The results show that our DPAM can outperform its representative in resource utilization, monetary cost, and completion time and also obtain the optimal price reduction rates.

Modeling the relationship between budget deficits, money supply and inflation in Fiji

For Fiji, which has been suffering persistent deficits since independence, determining the relationships between inflation, budget deficits, money supply, output, and import prices is essential. We find that inflation, deficits and money supply are cointegrated when inflation is the endogenous variable, and the long-run elasticities confirm that money supply and deficits induce inflation. While there is a short-run, unidirectional causality running from money supply to inflation and a bi-directional causality between money supply and budget deficits, in the long run both money supply and deficits ?Granger-cause? inflation.

The role of agregate demand and supply shocks in a low-income country : evidence from Bangladesh

This paper explores the relative role of aggregate demand and supply shocks in affecting the output level and inflation rate in a low-income country vulnerable to various economic shocks. The study uses Bangladesh data, and following Cover et al (2006), employs a modification of the Blanchard-Quah (BQ) approach, in which the two shocks are allowed to be correlated. Strong evidence is found for the hypothesis that aggregate demand and supply shocks are interrelated in Bangladesh. For the case in which causality is assumed to be running from demand to supply shocks, it was found that an independent supply shock plays significant role for fluctuations in inflation, which was absent in the standard BQ model. The results suggest that a tightening of monetary policy may lead to an adverse effect on the long-run growth potential and some supply-side policies may be required to supplement contractionary monetary policy in combating inflation in Bangladesh.

Auditor independence : shared meaning between the demand and supply sides of the audit services market?

Purpose – The purpose of the paper is to examine the extent to which there is shared meaning of the concept of auditor independence between the three major groups of parties on the demand and supply sides of the audit services market – auditors, financial report preparers and financial report users.

Design/methodology/approach – The paper utilises the measurement of meaning framework (semantic differential analysis) originally proposed by Osgood et al. in 1957. The framework is used to investigate the extent to which there is shared meaning (agreement in interpretations) of the independence concept, in response to alternative audit engagement case contexts, between key parties to the financial reporting communication process. The study's research data was collected in the period March 2004-May 2005.

Findings – Findings indicate a robust and stable single-factor cognitive structure within which the research participants interpret the connotative meaning of the auditor independence concept. An analysis of the experimental cases finds similarities in connotations (interpretations) of an audit firm's independence for the participant groups for most cases, with the exception of cases involving the joint provision of audit and non-audit (taxation) services.

Research limitations/implications – The usual external validity threat that applies to experimental research generally applies to the study. That is, the results may not be generalisable to settings beyond those examined in the study. An important implication of the study is that it emphasises the continuing problematic nature of the joint provision of audit and non-audit services, even in situations where the non-audit services comprise only traditional taxation services.

Originality/value – The study is the first to examine the concept of auditor independence by means of the Osgood et al. measurement of meaning research framework using, as research participants, the three major groups on the demand and supply sides of the audit services market.