Mean-variance Vs. full-scale optimization: broad evidence for the UK

This article investigates the performance of a model called Full-Scale Optimisation, which was presented recently and is used for financial investment advice. The investor’s preferences of expected risk and return are entered into the model, and a recommended portfolio is produced. This model is theoretically more accurate than the mainstream investment advice model, called Mean-Variance Optimization, as there are fewer assumptions made. Our investigation of the model’s performance is broader when it comes to investor preferences, and more general when it comes to investment type, as compared to previous studies. Our investigation shows that Full-Scale Optimisation is more widely applicable than earlier known.

Sustainable energy from paper industry wastes

Secondary fibre paper mills are significant users of both heat and electricity which is mainly derived from the combustion of fossil fuels. The cost of producing this energy is increasing year upon year. These mills are also significant producers of fibrous sludge and reject waste material which can contain high amounts of useful energy. Currently the majority of these waste fractions are disposed of by landfill, land-spread or incineration using natural gas. These disposal methods not only present environmental problems but are also very costly. The focus of this work was to utilise the waste fractions produced at secondary fibre paper mills for the on-site production of combined heat and power (CHP) using advanced thermal conversion methods (gasification and pyrolysis), well suited to relatively small scales of throughput. The heat and power can either be used on-site or exported. The first stage of the work was the development of methods to condition selected paper industry wastes to enable thermal conversion. This stage required detailed characterisation of the waste streams in terms of proximate and ultimate analysis and heat content. Suitable methods to dry and condition the wastes in preparation for thermal conversion were also explored. Through trials at pilot scale with both fixed bed downdraft gasification and intermediate pyrolysis systems, the energy recovered from selected wastes and waste blends in the form of product gas and pyrolysis products was quantified. The optimal process routes were selected based on the experimental results, and implementation studies were carried out at the selected candidate mills. The studies consider the pre-processing of the wastes, thermal conversion, and full integration of the energy products. The final stage of work was an economic analysis to quantify economic gain, return on investment and environmental benefits from the proposed processes.

Development of a probabilistic graphical structure from a model of mental health clinical expertise

This thesis explores the process of developing a principled approach for translating a model of mental-health risk expertise into a probabilistic graphical structure. Probabilistic graphical structures can be a combination of graph and probability theory that provide numerous advantages when it comes to the representation of domains involving uncertainty, domains such as the mental health domain. In this thesis the advantages that probabilistic graphical structures offer in representing such domains is built on. The Galatean Risk Screening Tool (GRiST) is a psychological model for mental health risk assessment based on fuzzy sets. In this thesis the knowledge encapsulated in the psychological model was used to develop the structure of the probability graph by exploiting the semantics of the clinical expertise. This thesis describes how a chain graph can be developed from the psychological model to provide a probabilistic evaluation of risk that complements the one generated by GRiST’s clinical expertise by the decomposing of the GRiST knowledge structure in component parts, which were in turned mapped into equivalent probabilistic graphical structures such as Bayesian Belief Nets and Markov Random Fields to produce a composite chain graph that provides a probabilistic classification of risk expertise to complement the expert clinical judgements

An adaptive code position modulation scheme for wireless sensor networks

In this letter, an energy-efficient adaptive code position modulation scheme is proposed for wireless sensor networks to provide the relatively stable bit error ratio (BER) performance expected by the upper layers. The system is designed with focus on the adaptive control of transmission power, which is adjusted based on the measured power density of background noise. Interfaces among the modulation module, packet scheduling module and upper layer are provided for flexible adjustments to adapt to the background noise and deliver expected application quality. Simulations with Signal Processing Worksystem (SPW) validate the effectiveness of the scheme. © 2005 IEEE.

Ethnic differences in health related quality of life for patients with type 2 diabetes

Background - The objective of this study was to investigate the association between ethnicity and health related quality of life (HRQoL) in patients with type 2 diabetes. Methods - The EuroQol EQ-5D measure was administered to 1,978 patients with type 2 diabetes in the UK Asian Diabetes Study (UKADS): 1,486 of south Asian origin (Indian, Pakistani, Bangladeshi or other south Asian) and 492 of white European origin. Multivariate regression using ordinary least square (OLS), Tobit, fractional logit and Censored Least Absolutes Deviations estimators was used to estimate the impact of ethnicity on both visual analogue scale (VAS) and utility scores for the EuroQol EQ-5D. Results - Mean EQ-5D VAS and utility scores were lower among south Asians with diabetes compared to the white European population; the unadjusted effect on the mean EQ-5D VAS score was −7.82 (Standard error [SE] = 1.06, p < 0.01) and on the EQ-5D utility score was −0.06 (SE = 0.02, p < 0.01) (OLS estimator). After controlling for socio-demographic and clinical confounders, the adjusted effect on the EQ-5D VAS score was −9.35 (SE = 2.46, p < 0.01) and on the EQ-5D utility score was 0.06 (SE = 0.04), although the latter was not statistically significant. Conclusions - There was a large and statistically significant association between south Asian ethnicity and lower EQ-5D VAS scores. In contrast, there was no significant difference in EQ-5D utility scores between the south Asian and white European sub-groups. Further research is needed to explain the differences in effects on subjective EQ-5D VAS scores and population-weighted EQ-5D utility scores in this context.

Information and communication technology adoption in the Italian road freight haulage industry

Despite the importance of information and communication technology (ICT) in the management of transport and logistics systems, there is a shortage of studies in the road freight haulage sector. This paper is aimed at filling this void through an exploratory survey on ICT adoption and the influencing factors carried out in the Italian road transport market. The paper provides a review of the previous research on this topic that allows the identification of research gaps that have been addressed through a questionnaire survey. The findings provide evidence of a passive stance on ICT usage characterised by the adoption of isolated applications. The financial risk associated with technology investment and human resources are the main barriers to ICT adoption, while the improvement of service level and the reliability of transport operations emerge as stimulating factors. The results suggest that the potential benefits of technology have not been fully exploited and a risk-sensitive stance on ICT is evident preventing the full incorporation of ICT into business processes.

Project management system for a concurrent engineering framework

Completing projects faster than normal is always a challenge as it often demands many paradigm shifts. Globalization opportunities and competition from private sectors and multinationals are forcing the management of public sector organizations in India's petroleum industry to take various aggressive strategies to maintain profitability. These projects are required to be completed sooner than with a typical schedule to remain competitive, get faster return on investment and give longer project life.

Business case development

Today, focus is shifting to creation of bio-energy, biofuel and bioproducts from cellulosic biomass derived from various sources, including existing and new crops and their residues, trees and forest residues, and municipal or industrial wastes. At present, biomass co-firing in modern coal power plants with efficiencies up to 45% is the most cost-effective biomass use for power generation. Due to feedstock availability issues, dedicated biomass plants for combined heat and power (CHP), are typically of smaller size and lower electrical efficiency compared to coal plants. The financial model discussed in the chapter is suitable for all countries both in the West and in the developing world. From the economic analysis given in the chapter it can be concluded that intermediate pyrolysis technology proves to be very effective in terms of product qualities of the oil produced and also the return on investment is around 4 to 5 years.