What Next? Future Directions for R&D Investment

Professor Peter Barrett at the 2013 CIB World Building Congress1 (WBC13) presented a timely context for the future of research and development (R&D) investment in the global construction industry (Barrett, 2013). He called for a shift in the focus from lessons learned and doing things better to what is the right thing to do and developing a new paradigm for achieving this. This shift requires empathy with industry and users; a desire to generate and transmit knowledge; an opportunity to study deeply and over the long term; and with an objective stance towards fJositive and negative findings. This shift includes the creation of sta11dards for the holistic impact of spaces through exemplary pilot projects creating evidence for policy makers and clients (Barrett, 2013)...

Improving criteria and feedback in student assessment in law

Spurred on by both the 1987 Pearce Report1 and the general changes to higher education spawned by the “Dawkins revolution” from 1988, there has been much critical self-evaluation leading to profound improvements to the quality of teaching in Australian law schools.2 Despite the changes there are still areas of general law teaching practice which have lagged behind recent developments in our understanding of what constitutes high quality teaching. One such area is assessment criteria and feedback. The project Improving Feedback in Student Assessment in Law is an attempt to remedy this. It aims to produce a manual containing key principles for the design of assessment and the provision of feedback, with practical yet flexible ideas and illustrations which law teachers may adopt or modify. Most of the examples have been developed by teachers at the University of Melbourne Law School. The project was supported in 1996 by a Committee for the Advancement of University Teaching grant and the manual will be published late in 1997.3 This note summarises the core principles which are elaborated further in the manual.

Financial literacy and superannuation investment decision-making in a choice environment : an exploratory study

This thesis examines superannuation fund members' level of financial literacy and its association with investment choice decisions in the setting of the mandatory superannuation system in Australia. It also investigates a range of contextual and socio-demographic factors in explaining financial literacy and investment choice. The empirical analysis shows that while most survey respondents displayed high levels of self-rated and general financial literacy, fewer scored as well in relation to more advanced literacy regarding superannuation investment options. The findings of this study have important implications for policy-makers and the superannuation industry in educating and engaging with fund members.

A systematic review of prescribing criteria to evaluate appropriateness of medications in frail older people

This study systematically reviews the published literature regarding inappropriate prescribing in frail individuals aged at least 65 years. Twenty-five of 466 identified studies met the inclusion criteria. All papers measured some surrogate indicators of frailty, such as performance-based tests, cognitive function and functional dependency. Beers criteria were used in 20 studies (74%) to evaluate inappropriate medication use and 36% (9/25) studies used more than one criterion. The prevalence of inappropriate medications ranged widely from 11 to 92%. Only a few studies reported the relationship between potentially inappropriate medication use and surrogate measures of frailty. These diverse findings indicate the need for a standardized measure for assessing appropriateness of medication in frail older individuals. Prescribing tools should address both medication and patient-related factors such as life expectancy and functional status to minimize inappropriate prescribing in frail individuals.

Investigating how designers collaborate and respond to sustainable design criteria

This research provides a critical link to ensure designers remain at the forefront of developing safe, sustainable and innovative products and services in the future. The four key findings of this research contribute to the advancement of knowledge and provide an understanding of the relationships between designers' co-evolution approach and their use of analogy. The behavioural relationships between sketching and gesture were investigated. The outcome of this research is a Design Activity Framework. This framework demonstrates a novel understanding how designers design by concentrating on co-evolution, problem-framing and solution seeking.

Optimizing preventative maintenance strategies for linear assets

Linear assets are engineering infrastructure, such as pipelines, railway lines, and electricity cables, which span long distances and can be divided into different segments. Optimal management of such assets is critical for asset owners as they normally involve significant capital investment. Currently, Time Based Preventive Maintenance (TBPM) strategies are commonly used in industry to improve the reliability of such assets, as they are easy to implement compared with reliability or risk-based preventive maintenance strategies. Linear assets are normally of large scale and thus their preventive maintenance is costly. Their owners and maintainers are always seeking to optimize their TBPM outcomes in terms of minimizing total expected costs over a long term involving multiple maintenance cycles. These costs include repair costs, preventive maintenance costs, and production losses. A TBPM strategy defines when Preventive Maintenance (PM) starts, how frequently the PM is conducted and which segments of a linear asset are operated on in each PM action. A number of factors such as required minimal mission time, customer satisfaction, human resources, and acceptable risk levels need to be considered when planning such a strategy. However, in current practice, TBPM decisions are often made based on decision makers’ expertise or industrial historical practice, and lack a systematic analysis of the effects of these factors. To address this issue, here we investigate the characteristics of TBPM of linear assets, and develop an effective multiple criteria decision making approach for determining an optimal TBPM strategy. We develop a recursive optimization equation which makes it possible to evaluate the effect of different maintenance options for linear assets, such as the best partitioning of the asset into segments and the maintenance cost per segment.

Investment strategies in retirees' decumulation phase

This thesis consists of three studies on investment strategies for Australian retirees. Specifically, it investigates retirees' preference between alternative drawdown strategies in the presence of government pensions, appropriate management of longevity risk through the use of deferred annuities and asset allocation in retirement. It finds drawdown strategies linked to life expectancy to be the best performers. Deferred annuities are found to improve retirement incomes for risk averse retirees. For retirees who want to meet certain wealth thresholds in retirement, equity dominated portfolios provide superior outcomes for higher threshold levels.

Investigation of the effects of the fatty acid profile on fuel properties using a Multi-Criteria Decision Analysis

The structural features of fatty acids in biodiesel, including degree of unsaturation, percentage of saturated fatty acids and average chain length, influence important fuel properties such as cetane number, iodine value, density, kinematic viscosity, higher heating value and oxidation stability. The composition of fatty acid esters within the fuel should therefore be in the correct ratio to ensure fuel properties are within international biodiesel standards such as ASTM 6751 or EN 14214. This study scrutinises the influence of fatty acid composition and individual fatty acids on fuel properties. Fuel properties were estimated based on published equations, and measured according to standard procedure ASTM D6751 and EN 14214 to confirm the influences of the fatty acid profile. Based on fatty acid profile-derived calculations, the cetane number of the microalgal biodiesel was estimated to be 11.6, but measured 46.5, which emphasises the uncertainty of the method used for cetane number calculation. Multi-criteria decision analysis (MCDA), PROMETHEE-GAIA, was used to determine the influence of individual fatty acids on fuel properties in the GAIA plane. Polyunsaturated fatty acids increased the iodine value and had a negative influence on cetane number. Kinematic viscosity was negatively influenced by some long chain polyunsaturated fatty acids such as C20:5 and C22:6 and some of the more common saturated fatty acids C14:0 and C18:0. The positive impact of average chain length on higher heating value was also confirmed in the GAIA plane

Use ‘4Rs’ criteria to assess papers

We propose a '4R' approach to assessing reported research, underpinned by statistical rigour (see J. T. Leek and R. D. Peng Nature 520, 612; 2015). These 4Rs denote reproduction, replication, robustness and revelation...

Information technology investment governance: What is it and does it matter?

While the growth in the number of IT investments remains strong, research in the IT investment field is limited, resulting in suboptimal practical guidance on effectively governing IT investments. Based on resource-based theory, this paper reports the initial work involved in developing a construct names IT investment governance (ITIG), because it can be used to measure organizations' capability to govern their IT investments. This paper then empirically examines the association of ITIG and corporate performance. The preliminary result is a four-factor, 16-item instrument for assessing the ITIG construct. This method's factors are IT investment value governance, IT investment value monitoring, IT investment appraisals and IT investment project management. The impact of ITIG on corporate performance was demonstrated with a significant and positive relationship found to exist between the ITIG construct and corporate performance, thus supporting the effectiveness of the ITIG construct. Corporations with higher levels of ITIG capability are more likely to maximize the contribution of their IT investments to firm value.

The influence of financial risk tolerance and risk perception on individual investment decision-making in a financial advice context

The aim of this thesis is to examine how risk tolerance and risk perception, two important but often misunderstood constructs, jointly influence client investment decisions in a financial advice context. By distinguishing the roles of these two risk constructs in client decision-making, in this thesis a new direction in studying financial/investment risks is provided while practice and regulation in the financial services industry is potentially informed. Based on the literature relating to risks and individual decision-making, a theoretical framework is developed and relevant hypotheses are tested in two studies with financial adviser clients in Australia. Results reveal that financial risk tolerance influences asset allocation both directly and indirectly through risk perception. The intervening role of risk perception suggests that risk tolerance affects how clients perceive the riskiness of an investment product which influences client decision-making.

Do pollutions deter foreign direct investment in China?

The scale of environmental problems in China is clearly evident. This paper analyses foreign direct investment (FDI) in China with a finite mixture model, also known as latent class model to understand the relationship between FDI and several pollutions. This is used to regresses FDI as function covariates including pollutants. The results reveal that FDI is affected by pollutants. There are cases reducing pollution deters foreign investment in China.

Criteria for interpreting kimberlite as coherent: Insights from the Muskox and Jericho kimberlites (Nunavut, Canada)

The Jurassic Muskox and Jericho kimberlites (Northern Slave Province, Nunavut, Canada) contain a variety of facies exhibiting different geometries, contact relationships, internal organisation, country rock abundance and olivine shapes, although many have similar matrix/groundmass mineralogies and textures. Five facies are examined that either have characteristics consistent with coherent rocks in general (i.e. intrusive and extrusive non-fragmental rocks) or are mineralogically and texturally similar to kimberlite described as coherent (or apparent coherent). Three facies are interpreted as coherent on the basis of: (1) geological setting, (2) apparent-porphyritic texture, (3) sharp contacts with fragmental kimberlite, (4) relative abundance of elongate and unbroken olivine crystals and (5) paucity of country rock xenoliths, while the remaining two facies are interpreted as fragmental on the basis of: (1) the gradational contacts with demonstrably fragmental kimberlite, (2) relative abundance and range of sizes of country rock lithic clasts and (3) numerous broken olivine crystals. Comparisons are made with coherent and apparent-coherent kimberlite from the literature. Our three coherent facies are similar to literature reported coherent kimberlite dykes hosted in country rock (CKd) in terms of internal organisation, low abundance of country rock xenoliths, and apparent-porphyritic texture. Conversely, our two fragmental facies share attributes with previously described pipe-filling coherent and apparent-coherent kimberlite (CKpf) in terms of geometry, internal organisation and abundance of country rock xenoliths. We conclude that CKd and most CKpf, although similar in matrix/groundmass mineralogy and texture, can be distinguished on the basis of internal organisation, country rock lithic clast abundance, texture (e.g. apparent-porphyritic texture) and possibly olivine crystal shapes and suggest that fragmental kimberlite is more common than reported.

Norway's sovereign wealth fund, ethical investment, and climate change

This year, there has been great debate over whether Norway’s Sovereign Wealth Fund should invest in renewable energy; divest from fossil fuels; and engage in ethical investment...