Integrated approach to optimize open-pit mine block sequencing

Critical stage in open-pit mining is to determine the optimal extraction sequence of blocks, which has significant impacts on mining profitability. In this paper, a more comprehensive block sequencing optimisation model is developed for the open-pit mines. In the model, material characteristics of blocks, grade control, excavator and block sequencing are investigated and integrated to maximise the short-term benefit of mining. Several case studies are modeled and solved by CPLEX MIP and CP engines. Numerical investigations are presented to illustrate and validate the proposed methodology.

The future passenger experience: A shift from physical to virtual design

The importance of passenger experience in aviation has become well understood in the last several years. It is now generally accepted that the provision of good passenger experience is not an option, but a necessity, from an aviation profitability perspective. In this paper, we paint a picture of the future passenger experience by consolidating a number of industry and research perspectives. Using the future passenger experience as a starting point, we explore the components needed to enable this future vision. From this bottom-up approach, we identify the need to resolve data formatting and data ownership issues. The resolution of these data integration issues is necessary to enable the seamless future travel experience that is envisioned by the aviation industry. By looking at the passenger experience from this bottom-up, data centric perspective, we identify a potential shift in the way that future passenger terminals will be designed. Whereas currently the design of terminals is largely an architectural practice, in the near future, the design of the terminal building may become more of a virtual technology practice. This of course will pose a new set of challenges to designers of airport terminal environments.

Deconstructing expected passenger experience in airports

The effect of passenger satisfaction on airport profitability has been widely acknowledged in the aviation industry. As a result, there has been much attention directed towards developing a deeper understanding of the factors that influence the passenger experience. In this paper, we explore passenger experience from a novel perspective - that of the activities expected to be undertaken by passengers while in the airport terminal building. Using the Taxonomy of Passenger Experience (TOPA) as our framework, we look at the pre-travel interview data of 48 participants. The results of our analysis are used to construct an activity-centred account of the expected passenger experience for international departures. Our exploration of the expected passenger experienced revealed that not all of the TOPA activities have an equal impact on the passengers' expected experience. The processing, consumptive, preparatory and queuing activity groups featured most prominently in passengers' accounts of their upcoming airport experiences. Of these, the preparatory category was found to have the most direct impact on passenger satisfaction. Additionally, our analysis indicated that utilising queue time to prepare passengers for upcoming processing activities could have a positive effect on both satisfaction and processing efficiency. A further outcome of this research was the observation that "shopping" did not form a part of the expected experience of any of the interviewed participants. The outcomes of this study can be used by airports to assist in the management of passengers' expected experience in the terminal building. As passenger expectations and passenger satisfaction are intrinsically linked, understanding which activities have the most impact on satisfaction provides a basis from which alternate design choices can be evaluated when constructing, or fine-tuning, airport terminal designs.

Four years on: Are the gazelles still running? A longitudinal study of firm performance after a period of rapid growth

This article examines variations in performance between fast-growth – the so-called gazelle – firms. Specifically, we investigate how the level of growth affects future profitability and how this relationship is moderated by firm strategy. Hypotheses are developed regarding the moderated growth–profitability relationship and are tested using longitudinal data from a sample of 964 Danish gazelle firms. We find a positive relationship between growth and profitability among gazelle firms. This relationship is moderated, however, by market strategy; it is stronger for firms pursuing a broad market strategy rather than a niche strategy. This study contributes to the current literature by providing a more nuanced view of the growth–profitability relationship and investigating the potential for the future performance of gazelle firms.

Understanding the business case for infrastructure sustainability

The relationship between corporate and sustainability performance continues to be controversial and unclear, not withstanding numerous theoretical and empirical studies. Despite this, views on corporate responsibilities “meet where management can show how voluntary social and environmental management contributes to the competitiveness and economic success of the company.” This approach is fundamental to the business case for infrastructure sustainability. It suggests that beyond-compliance activities undertaken by companies are commercially justified if they can be shown to contribute to profitability and shareholder value. Potential public good benefits range across a wide spectrum of economic (for example employment, local purchasing, reduced demand for electricity generation), social (indigenous employment and development, equity of access), and environmental (lower greenhouse gas emission, reduced use of non-renewable resources and potable water, less waste, enhanced biodiversity). Some of these benefits have impacts that lie in more than one of the economic, social, and environmental areas of public goods. Using a sustainability rating schemes and potential business benefits from sustainability initiatives, this paper presents a brief summary of an online survey of industry that identifies how rating scheme themes and business benefits relate. This allows for a case to be built demonstrating which sustainability themes offer particular business benefits.

Delisted stocks and momentum: Evidence from a new Australian dataset

We explore the impact of delisting on the performance of the momentum trading strategy in Australia. We employ a new dataset of hand-collected delisting returns for all Australian stocks and provide the first study outside the U.S. to jointly examine the effects of delisting and missing returns on the magnitude of momentum profits. In the sample of all stocks, we find that the profitability of momentum strategies depends crucially on the returns of delisted stocks, especiallyon bankrupt firms. In the sample of large stocks, however, the momentum effect remains strong after controlling for the effect of delisted stocks, in contrast to the U.S. evidence in which delisting returns can explain 40% of momentum profits. As these large stocks are less exposed to liquidity risks, the momentum effect in Australia is even more puzzling than in the U.S.

Integrating customer orientation, employee compensation and performance management: A conceptual framework

Compensation systems are an essential tool to link corporate goals such as customer orientation with individual and organisational performance. While some authors demonstrate the positive effects of incorporating nonfinancial measures into the compensation system empirically, companies have encountered problems after linking pay to customer satisfaction. We argue that reasons for this can be attributed to the measurement of customer satisfaction as well as to the missing link between customer satisfaction and customer retention and profitability in theses cases. Hence, there is a strong need for the development of an holistic reward and performance measurement model enabling an organisation to identify cause-and-effect relationships when linking rewards to nonfinancial performance measures. We present a conceptual framework of a success chain driven reward system that enables organisations to systematically derive a customer-oriented reward strategy. In the context of performance evaluation, we propose to rely on integrated and multidimensional measurement methods.

An Uber for apartments could solve some common housing problems

Speculative property developers, criticised for building dog boxes and the slums of tomorrow, are generally hated by urban planners and the public alike. But the doors of state governments are seemingly always open to developers and their lobbyists. Politicians find it hard to say no to the demands of the development industry for concessions because of the contribution housing construction makes to the economic bottom line and because there is a need for well located housing. New supply is also seen as a solution to declining housing affordability. Classical economic theory however is too simplistic for housing supply. Instead, an offshoot of Game Theory - Market Design – not only offers greater insight into apartment supply but also can simultaneously address price, design and quality issues. New research reveals the most significant risk in residential development is settlement risk – when buyers fail to proceed with their purchase despite there being a pre-sale contract. At the point of settlement, the developer has expended all the project funds only to see forecast revenue evaporate. While new buyers may be found, this process is likely to strip the profitability out of the project. As the global financial crisis exposed, buyers are inclined to walk if property values slide. This settlement problem reflects a poor legal mechanism (the pre-sale contract), and a lack of incentive for truthfulness. A second problem is the search costs of finding buyers. At around 10% of project costs, pre-sales are more expensive to developers than finance. This is where Market Design comes in.

A review of efficiency measures for REITs and their specific application for Malaysian Islamic REITs

Purpose This paper aims to present a conceptual model on the efficiency of Islamic Real Estate Trusts (I-REITs) available in Malaysia. The key difference between the Islamic and their conventional investment vehicle part is mainly its own Shariah framework. Design/methodology/approach The paper reviews and synthesises the relevant literature on the performance analysis and efficiency measurements of Real Estate Investment Trusts. The paper then develops and proposes a conceptual model to measure the efficiency of Malaysian Islamic REITs. Findings The paper identifies and examines the appropriate methods and instruments to measure the efficiency in relation to the risk and profitability of Islamic REITs. The efficiency measure is important for the fund managers in order to maximise the shareholders’ return in an investment of property portfolio as well as proposing the best way to allocate resources efficiently. Research limitation/implications This is a preliminary review of current work that identifies the issues that will be addressed in future empirical research. The authors will be undertaking this future empirical research in measuring the efficiency of Malaysian REITs particularly the Islamic REITs using the non-parametric approach of Data Envelopment Analysis. Originality/value To date, there has been very limited research on the efficiency measurement of Islamic REITs. The current analysis of REIT has been focused on traditional non-Islamic funds. This paper will review and discuss the current literature on efficiency measurement to determine the most appropriate approaches and methodologies for future application in performance analysis of efficiency measure for Malaysian Islamic REITs.

Facing the wave of change: Stakeholder perspectives on climate adaptation for Australian seafood supply chains

Climate change is one of the most important issues confronting the sustainable supply of seafood, with projections suggesting major effects on wild and farmed fisheries worldwide. While climate change has been a consideration for Australian fisheries and aquaculture management, emphasis in both research and adaptation effort has been at the production end of supply chains—impacts further along the chain have been overlooked to date. A holistic biophysical and socio-economic system view of seafood industries, as represented by end-to-end supply chains, may lead to an additional set of options in the face of climate change, thus maximizing opportunities for improved fishery profitability, while also reducing the potential for maladaptation. In this paper, we explore Australian seafood industry stakeholder perspectives on potential options for adaptation along seafood supply chains based on future potential scenarios. Stakeholders, representing wild capture and aquaculture industries, provided a range of actions targeting different stages of the supply chain. Overall, proposed strategies were predominantly related to the production end of the supply chain, suggesting that greater attention in developing adaptation options is needed at post-production stages. However, there are chain-wide adaptation strategies that can present win–win scenarios, where commercial objectives beyond adaptation can also be addressed alongside direct or indirect impacts of climate. Likewise, certain adaptation strategies in place at one stage of the chain may have varying implications on other stages of the chain. These findings represent an important step in understanding the role of supply chains in effective adaptation of fisheries and aquaculture industries to climate change.

Linking spatial stock dynamics and economics: Evaluation of indicators and fishery management for the travelling eastern king prawn (Melicertus plebejus)

Reduced economic circumstances havemoved management goals towards higher profit, rather than maximum sustainable yields in several Australian fisheries. The eastern king prawn is one such fishery, for which we have developed new methodology for stock dynamics, calculation of model-based and data-based reference points and management strategy evaluation. The fishery is notable for the northward movement of prawns in eastern Australian waters, from the State jurisdiction of New South Wales to that of Queensland, as they grow to spawning size, so that vessels fishing in the northern deeper waters harvest more large prawns. Bioeconomic fishing data were standardized for calibrating a length-structured spatial operating model. Model simulations identified that reduced boat numbers and fishing effort could improve profitability while retaining viable fishing in each jurisdiction. Simulations also identified catch rate levels that were effective for monitoring in simple within-year effort-control rules. However, favourable performance of catch rate indicators was achieved only when a meaningful upper limit was placed on total allowed fishing effort. Themethods and findings will allow improved measures for monitoring fisheries and inform decision makers on the uncertainty and assumptions affecting economic indicators.

Modelling growth rate of Penaeus monodon Fabricius in intensively managed ponds: effects of temperature, pond age and stocking density

Records of shrimp growth and water quality made during 12 crops from each of 48 ponds, over a period of 6.5 years, were provided by a Queensland, Australia, commercial shrimp farm, These data were analysed with a new growth model derived from the Gompertz model. The results indicate that water temperature, mortality and pond age significantly affect growth rates. After 180 days, shrimp reach 34 g at constant 30 degrees C, but only 15 g after the same amount of time at 20 degrees C. Mortality, through thinning the density of shrimp in the ponds, increased the growth rate, but the effect is small. With continual production, growth rates at first remained steady, then appeared to decrease for the sixth and seventh crop, after which they have increased steadily with each crop. It appears that conservative pond management, together with a gradual improvement in husbandry techniques, particularly feed management, brought about this change. This has encouraging implications for the long-term sustainability of the farming methods used. The growth model can be used to predict productivity, and hence, profitability, of new aquaculture locations or new production strategies.

Adaptability of Damara, Dorper and Traditional Meat Sheep Breeds in Semi-Arid Queensland

Reproductive rate is a major contributing factor to the profitability of a sheep meat enterprise. Low reproduction rate is a feature of sheep husbandry in semi-arid Queensland. High ambient temperatures are implicated in poor fertility (Moule 1970) where variation in response can be due to breed and to animals within a breed (Hopkins and Stephenson 1978). Breeds recently imported from South Africa were selected in arid environments and may be better adapted to pastoral conditions of northern Australia than traditional breeds. Animal production for a consuming world : proceedings of 9th Congress of the Asian-Australasian Association of Animal Production Societies [AAAP] and 23rd Biennial Conference of the Australian Society of Animal Production [ASAP] and 17th Annual Symposium of the University of Sydney, Dairy Research Foundation, [DRF]. 2-7 July 2000, Sydney, Australia. This study will investigate (a) the thermoregulatory ability of Damara, Dorper, Poll Dorset, Rambouillet, South African Meat Merino and Queensland medium wool Merino rams prior to joinings in the autumn and spring of 1999, 2000 and 2001 and (b) the association between thermoregulatory parameters (rectal temperature and respiration rate) and ewe fertility. Results for the initial autumn joining are reported in this paper.

Variation in liveweight gain of feedlot steers in southern Queensland

The rise in demand by domestic and export markets for a high quality uniform beef carcase has led to more steers being finished in feedlots. However, the profitability of feedlotting is small and economic survival hinges on efficiency (Ryan 1990). Lack of published data prevents conclusions being drawn about the level of efficiency of Australian feedlotting operations but the few studies reported show considerable variation in liveweight performance and carcase characteristics such as fat depth and marbling (Baud et al.) 21st Biennial Conference. 8-12 July, University of Queensland, Brisbane.

Improving sheep feedlot management

This paper summarise six studies undertaken by the Sheep CRC to elucidate certain aspects of confinement feeding of sheep. A review of confinement feeding highlighted the variability of growth rate and feed conversion of sheep and revealed that little is known about the use of sorghum for feeding sheep. The review indicated that the main factors responsible for variation of growth rate and feed conversion were adaptation to grain and feeding system, including the preparation and presentation of feed. The importance of social and physiological adaptation to grain feeding was confirmed. Factors identified as responsible for safe induction and uniform growth rates included prior exposure to grain as lambs, gradual introduction of grain and, when concentrate was provided ad libitum from the first day, the use of either virginiamycin, a pelleted feed, a total mixed ration or a step-wise increase of high-starch grain components. Separate feeding of hay and grain resulted in performance comparable with that of a pelleted diet and that of a total mixed ration. Sorghum-based concentrate diets resulted in growth rates and carcase weights similar to that for winter cereal grains or pellets. Steam flaking or expanding of sorghum had no significant effect on growth rates or carcase weights. These results can be used to determine the profitability of various feedlotting options.