Product development process: Using real options for assessments and to support the decision-making at decision gates

Enterprises need continuous product development activities to remain competitive in the marketplace. Their product development process (PDP) must manage stakeholders' needs - technical, financial, legal, and environmental aspects, customer requirements, Corporate strategy, etc. -, being a multidisciplinary and strategic issue. An approach to use real option to support the decision-making process at PDP phases in taken. The real option valuation method is often presented as an alternative to the conventional net present value (NPV) approach. It is based on the same principals of financial options: the right to buy or sell financial values (mostly stocks) at a predetermined price, with no obligation to do so. In PDP, a multi-period approach that takes into account the flexibility of, for instance, being able to postpone prototyping and design decisions, waiting for more information about technologies, customer acceptance, funding, etc. In the present article, the state of the art of real options theory is prospected and a model to use the real options in PDP is proposed, so that financial aspects can be properly considered at each project phase of the product development. Conclusion is that such model can provide more robustness to the decisions processes within PDP.

Os fundamentos keynesianos da decisão de investir

Neste artigo abordam-se os fundamentos da decisão do investimento em Keynes. O objetivo e mostrar o contexto da decisão do investimento diante do futuro incerto. Explorando os aspectos de uma economia monetária, tempo, incerteza e moeda, o artigo recupera o caráter expectacional e instável da decisão de investir.

Modelagem matemática aplicada a precificação de opções

The mathematical models are critical to determine theoretical prices of options and analyze whether they are overrated or underrated. This information strongly influence in operations carried out by the investor. Therefore, it is necessary that the employee model present high degree of reliability and be consistent with the reality of investment to which it is intended. In this sense, this dissertation aims to apply the steps of mathematical modeling in the Pricing of options for decision making in the investment of a hydroelectric power plant. Was used a Monte Carlo simulation, with the Latin Hypercube Method, to determine the volatility of returns of the project. In order to validate the proposed model, compared to the results found by the Binomial Model, which is one of the models most used in this type of investment. The results reinforce the hypothesis that the mathematical modeling with the Binomial Model is critical to investment decision-making in hydroelectric power

Multicollinearity and financial constraint in investment decisions: a bayesian generalized ridge regression

This paper addresses the investment decisions considering the presence of financial constraints of 373 large Brazilian firms from 1997 to 2004, using panel data. A Bayesian econometric model was used considering ridge regression for multicollinearity problems among the variables in the model. Prior distributions are assumed for the parameters, classifying the model into random or fixed effects. We used a Bayesian approach to estimate the parameters, considering normal and Student t distributions for the error and assumed that the initial values for the lagged dependent variable are not fixed, but generated by a random process. The recursive predictive density criterion was used for model comparisons. Twenty models were tested and the results indicated that multicollinearity does influence the value of the estimated parameters. Controlling for capital intensity, financial constraints are found to be more important for capital-intensive firms, probably due to their lower profitability indexes, higher fixed costs and higher degree of property diversification.

From Potential to Implementation: an innovation framework to realize the benefits of soil carbon

This chapter addresses the mismatch between existing knowledge, techniques and management methods for improved soil carbon management and deficits in its implementation. The paper gives a short overview of the evolution of the concept of soil carbon, which illustrates the interactions between scientific, industrial, technical, societal and economic change. It then goes on to show that sufficient techniques are available for the large-scale implementation of soil organic carbon (SOC) sequestration. A subsequent analysis of the bottlenecks that prevent implementation identifies where issues need to be addressed in order to enable robust, integrated and sustainable SOC management strategies.

Microbiological evaluation of different strategies for management of snakes in captivity

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Estudo da evolução dos acidentes do trabalho registrados pela Previdência Social no período de 1995 a 1999, em Botucatu, São Paulo

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Factors determining the structure of fish communities in Pantanal lagoons (MS, Brazil)

The fish communities of lagoons in the Nhecolandia Pantanal were studied to determine the factors which are responsible for the composition and abundance of species. Fishes were collected in 19 lagoons during August 1997, after their isolation from the River Negro, using beach seines (15 x 1.5 m; 2 mm mesh). A total of 51 species were collected. In the lagoons, or in parts with dense macrophytes, a screened box trap was used. Fishing was also accomplished with hooks of several sizes. Species richness was estimated by the jack-knife procedure, after adjustment to the log-normal distribution and with von Bertalanffy's equation (asymptotic). The most important factors in the community organization were macrophyte cover, piscivore abundance and depth of the lagoons. The role of these habitats in the Pantanal ecosystem was discussed.

Model of a game for improving integrated decisions in production management

This paper presents the results obtained with a business game whose model represents the decision making process related to two moments at an industrial company. The first refers to the project of the industrial plant, and the second to its management. The game model was conceived so the player's first decision would establish capacity and other parameters such as quantities of each product to produce, marketing expenses, research and development, quality, advertising, salaries, if purchases will be made in installments or in cash, if there will be credit sales and how many installments will be allowed and the number of workers in the assembly area. An experiment was conducted with employees of a Brazilian company. Data obtained indicate that the players have lack of contents, especially in finances. Although these results cannot be generalized, they confirm prior results with undergraduate and graduate students and they indicate the need for reinforcement in this undergraduate area. © 2012 Springer-Verlag.

Aproveitamento de resíduos na composição de painel sarrafeado amarrado: um estudo econômico

The manufacture of plywood panel already has about eighty years in Brazil. In general, plywood panels differ by their nature, composition and manufacturing; the most common MDF, OSB, particle and the joist. Some of these products can be generated fromindustrial waste, as the panelblockboard, you can use in their training waste destop boards (Battens), from industrial processes or processing of primary wood. This work aims to present the detailed study of the economic viability of utilization of industrial solid waste timber through the acquisition of a machine amarradeira of joists in a wood processing unit in city Itapeva-SP. We studied the application of wastein the composition of kernels blockboard panel tied its commercial acceptance and future prospects market. We noticed great economic advantage in investing in the study, compared with the transformation process of the joists in biomass energy, although the investment decision involves not only financial matters but also the acceptance market the product to be manufactured

Estratégia de Investimento baseada em padrões descobertos por mineração de dados em séries históricas de preços diários do Indice IBOVESPA e das ações da PETROBRAS-PN (PETR4.SA)

With the increase of stakeholders and consequently increase of amount of nancial transaction the study of news investment strategies in the stock market with data mining techniques has been the target of important researches. It allows that great historical data base to be processed and analysed looking for pattern that can be used to take a decision in investments. With the idea of getting pro t more than the real indexs' gain, we propose a strategy method of transactions using rules built by algorithm classi cation. For that, diary historical data of Ibovespa index and Petrobras stocks are organized and processed to nding the most important attribute that act decisively when taking a investment decision.To test the accuracy of proposed rules, a non real portfolio management is created, showing the decisions' performance over the real index and stocks' performance. Following the proposed rules, the results show that the strategy of investment give me back a high return that Stock market's return. The exclusive characteristics of algorithms maximize the gain inside the analysed time allowing to determine the techniques' return and the number of the days necessary to double the initial investment. The best classi er applied on the time series and its use on the propose investments strategy will demand 104 days to double the initial capital

Imunocastração e ractopamina na dieta de suínos: implicações na qualidade de carne fresca e melhorada por injeção (enhancement)

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

An Optimal Control Framework for Resources Management in Agriculture

An optimal control framework to support the management and control of resources in a wide range of problems arising in agriculture is discussed. Lessons extracted from past research on the weed control problem and a survey of a vast body of pertinent literature led to the specification of key requirements to be met by a suitable optimization framework. The proposed layered control structure—including planning, coordination, and execution layers—relies on a set of nested optimization processes of which an “infinite horizon” Model Predictive Control scheme plays a key role in planning and coordination. Some challenges and recent results on the Pontryagin Maximum Principle for infinite horizon optimal control are also discussed.

Os documentos arquivísticos digitais no sistema de informações SIE/UFSM: da produção ao acesso

Pós-graduação em Ciência da Informação - FFC

A Streamlined DNA Tool for Global Identification of Heavily Exploited Coastal Shark Species (Genus Rhizoprionodon)

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)