Risk management in build-operate-transfer projects

Construction projects are risky. A build-operate-transfer (BOT) project is recognised as one of the most risky project schemes. This scheme has been employed rather frequently in the past few decades, in both developed and developing countries. However, because of its risky nature, there have been failures as well as successes. Risk analysis in an appropriate way is desirable in implementing BOT projects. There are various tools and techniques applicable to risk analysis. The application of these risk analysis tools and techniques (RATTs) to BOT projects depends on an understanding of the contents and contexts of BOT projects, together with a thorough understanding of RATTs. This paper studies key points in their applications through reviews of relevant literatures and discusses the application of RATTs to BOT projects. The application to BOT projects is considered from the viewpoints of the major project participants, i.e. government, lenders and project companies. Discussion is also made with regard to political risks, which are very important in BOT projects. A flow chart has been introduced to select an appropriate tool for risk management in BOT projects. This study contributes to the establishment of a framework for systematic risk management in BOT projects.

A dynamic model for the activated sludge treatment of coke oven effluents

This is an Inter-Disciplinary Higher Degree (IHD) thesis about Water Pollution Control in the Iron and Steel Industry. After examining the compositions, and various treatment methods, for the major effluent streams from a typical Integrated Iron and Steel works, it was decided to concentrate investigative work on the activated-sludge treatment of coke-oven effluents. A mathematical model of this process was developed in an attempt to provide a tool for plant management that would enable improved performance, and enhanced control of Works Units. The model differs from conventional models in that allowance is made for the presence of two genera of microorganisms, each of which utilises a particular type of substrate as its energy source. Allowance is also made for the inhibitive effect of phenol on thiocyanate biodegradation, and for the self-toxicity of the bacteria when present in a high substrate concentration environment. The enumeration of the kinetic characteristics of the two groups of micro-organisms was shown to be of major importance. Laboratory experiments were instigated in an attempt to determine accurate values of these coefficients. The use of the Suspended Solids concentration was found to be too insensitive a measure of viable active mass. Other measures were investigated, and Adenosine Triphosphate concentration was chosen as the most effective measure of bacterial populations. Using this measure, a model was developed for phenol biodegradation from experimental results which implicated the possibility of storage of substate prior to metabolism. A model for thiocyanate biodegradation was also developed, although the experimental results indicate that much work is still required in this area.

Loan loss provisions, earnings management and capital management under IFRS:the case of EU commercial banks

Prior research has shown that loan loss provisions are primarily used as a tool for earnings management and capital management by listed banks. Effective 2005 all listed companies in the European Union (EU) are required to comply with International Financial Reporting Standards (IFRS). Adherence to IFRS, it is claimed, should enhance transparency of reporting practices relative to local General Accepted Accounting Principles (GAAP). The overall objective of this paper is to examine the impact of the implementation of IFRS on the use of loan loss provisions (LLPs) to manage earnings and capital. We use a sample of 91 EU listed commercial banks covering a period of 10 years (before and after implementation of IFRS). Since early adopters may have different incentives and motivations relative to those who adopt mandatorily, we dichotomize our sample into early and late adopters. Overall, we find that earnings management (using loan loss provisions) for both early and late adopters while significant over the estimation window is significantly reduced after implementation of IFRS. We also find that, for risky banks, earnings management behavior is more pronounced when compared to the less risky banks, but is significantly reduced in the post IFRS period. Capital management behavior by bank managers is not significant in both pre and post IFRS regimes. Overall, we conclude that the implementation of IFRS in the EU appears to have improved earnings quality by mitigating the tendency of bank managers of listed commercial banks to engage in earnings management using loan loss provisions.

GIS and optimisation:potential benefits for emergency facility location in humanitarian logistics

Floods are one of the most dangerous and common disasters worldwide, and these disasters are closely linked to the geography of the affected area. As a result, several papers in the academic field of humanitarian logistics have incorporated the use of Geographical Information Systems (GIS) for disaster management. However, most of the contributions in the literature are using these systems for network analysis and display, with just a few papers exploiting the capabilities of GIS to improve planning and preparedness. To show the capabilities of GIS for disaster management, this paper uses raster GIS to analyse potential flooding scenarios and provide input to an optimisation model. The combination is applied to two real-world floods in Mexico to evaluate the value of incorporating GIS for disaster planning. The results provide evidence that including GIS analysis for a decision-making tool in disaster management can improve the outcome of disaster operations by reducing the number of facilities used at risk of flooding. Empirical results imply the importance of the integration of advanced remote sensing images and GIS for future systems in humanitarian logistics.