Price risk management in the copper market using commodity derivatives and options strategies

Metals price risk management is a key issue related to financial risk in metal markets because of uncertainty of commodity price fluctuation, exchange rate, interest rate changes and huge price risk either to metals’ producers or consumers. Thus, it has been taken into account by all participants in metal markets including metals’ producers, consumers, merchants, banks, investment funds, speculators, traders and so on. Managing price risk provides stable income for both metals’ producers and consumers, so it increases the chance that a firm will invest in attractive projects. The purpose of this research is to evaluate risk management strategies in the copper market. The main tools and strategies of price risk management are hedging and other derivatives such as futures contracts, swaps and options contracts. Hedging is a transaction designed to reduce or eliminate price risk. Derivatives are financial instruments, whose returns are derived from other financial instruments and they are commonly used for managing financial risks. Although derivatives have been around in some form for centuries, their growth has accelerated rapidly during the last 20 years. Nowadays, they are widely used by financial institutions, corporations, professional investors, and individuals. This project is focused on the over-the-counter (OTC) market and its products such as exotic options, particularly Asian options. The first part of the project is a description of basic derivatives and risk management strategies. In addition, this part discusses basic concepts of spot and futures (forward) markets, benefits and costs of risk management and risks and rewards of positions in the derivative markets. The second part considers valuations of commodity derivatives. In this part, the options pricing model DerivaGem is applied to Asian call and put options on London Metal Exchange (LME) copper because it is important to understand how Asian options are valued and to compare theoretical values of the options with their market observed values. Predicting future trends of copper prices is important and would be essential to manage market price risk successfully. Therefore, the third part is a discussion about econometric commodity models. Based on this literature review, the fourth part of the project reports the construction and testing of an econometric model designed to forecast the monthly average price of copper on the LME. More specifically, this part aims at showing how LME copper prices can be explained by means of a simultaneous equation structural model (two-stage least squares regression) connecting supply and demand variables. A simultaneous econometric model for the copper industry is built: {█(Q_t^D=e^((-5.0485))∙P_((t-1))^((-0.1868) )∙〖GDP〗_t^((1.7151) )∙e^((0.0158)∙〖IP〗_t ) @Q_t^S=e^((-3.0785))∙P_((t-1))^((0.5960))∙T_t^((0.1408))∙P_(OIL(t))^((-0.1559))∙〖USDI〗_t^((1.2432))∙〖LIBOR〗_((t-6))^((-0.0561))@Q_t^D=Q_t^S )┤ P_((t-1))^CU=e^((-2.5165))∙〖GDP〗_t^((2.1910))∙e^((0.0202)∙〖IP〗_t )∙T_t^((-0.1799))∙P_(OIL(t))^((0.1991))∙〖USDI〗_t^((-1.5881))∙〖LIBOR〗_((t-6))^((0.0717) Where, Q_t^D and Q_t^Sare world demand for and supply of copper at time t respectively. P(t-1) is the lagged price of copper, which is the focus of the analysis in this part. GDPt is world gross domestic product at time t, which represents aggregate economic activity. In addition, industrial production should be considered here, so the global industrial production growth that is noted as IPt is included in the model. Tt is the time variable, which is a useful proxy for technological change. A proxy variable for the cost of energy in producing copper is the price of oil at time t, which is noted as POIL(t ) . USDIt is the U.S. dollar index variable at time t, which is an important variable for explaining the copper supply and copper prices. At last, LIBOR(t-6) is the 6-month lagged 1-year London Inter bank offering rate of interest. Although, the model can be applicable for different base metals' industries, the omitted exogenous variables such as the price of substitute or a combined variable related to the price of substitutes have not been considered in this study. Based on this econometric model and using a Monte-Carlo simulation analysis, the probabilities that the monthly average copper prices in 2006 and 2007 will be greater than specific strike price of an option are defined. The final part evaluates risk management strategies including options strategies, metal swaps and simple options in relation to the simulation results. The basic options strategies such as bull spreads, bear spreads and butterfly spreads, which are created by using both call and put options in 2006 and 2007 are evaluated. Consequently, each risk management strategy in 2006 and 2007 is analyzed based on the day of data and the price prediction model. As a result, applications stemming from this project include valuing Asian options, developing a copper price prediction model, forecasting and planning, and decision making for price risk management in the copper market.

Recommendations for the Management of Hepatitis C Virus Infection Among People Who Inject Drugs

In the developed world, the majority of new and existing hepatitis C virus (HCV) infections occur among people who inject drugs (PWID). The burden of HCV-related liver disease in this group is increasing, but treatment uptake among PWID remains low. Among PWID, there are a number of barriers to care that should be considered and systematically addressed, but these barriers should not exclude PWID from HCV treatment. Furthermore, it has been clearly demonstrated that HCV treatment is safe and effective across a broad range of multidisciplinary healthcare settings. Given the burden of HCV-related disease among PWID, strategies to enhance HCV assessment and treatment in this group are urgently needed. These recommendations demonstrate that treatment among PWID is feasible and provides a framework for HCV assessment, management, and treatment. Further research is needed to evaluate strategies to enhance assessment, adherence, and SVR among PWID, particularly as new treatments for HCV infection become available.

Dynamics of a Tularemia Outbreak in a Closely Monitored Free-Roaming Population of Wild House Mice.

Infectious disease outbreaks can be devastating because of their sudden occurrence, as well as the complexity of monitoring and controlling them. Outbreaks in wildlife are even more challenging to observe and describe, especially when small animals or secretive species are involved. Modeling such infectious disease events is relevant to investigating their dynamics and is critical for decision makers to accomplish outbreak management. Tularemia, caused by the bacterium Francisella tularensis, is a potentially lethal zoonosis. Of the few animal outbreaks that have been reported in the literature, only those affecting zoo animals have been closely monitored. Here, we report the first estimation of the basic reproduction number R0 of an outbreak in wildlife caused by F. tularensis using quantitative modeling based on a susceptible-infected-recovered framework. We applied that model to data collected during an extensive investigation of an outbreak of tularemia caused by F. tularensis subsp. holarctica (also designated as type B) in a closely monitored, free-roaming house mouse (Mus musculus domesticus) population in Switzerland. Based on our model and assumptions, the best estimated basic reproduction number R0 of the current outbreak is 1.33. Our results suggest that tularemia can cause severe outbreaks in small rodents. We also concluded that the outbreak self-exhausted in approximately three months without administrating antibiotics.

The SOLUTIONS project: challenges and responses for present and future emerging pollutants in land and water resources management.

SOLUTIONS (2013 to 2018) is a European Union Seventh Framework Programme Project (EU-FP7). The project aims to deliver a conceptual framework to support the evidence-based development of environmental policies with regard to water quality. SOLUTIONS will develop the tools for the identification, prioritisation and assessment of those water contaminants that may pose a risk to ecosystems and human health. To this end, a new generation of chemical and effect-based monitoring tools is developed and integrated with a full set of exposure, effect and risk assessment models. SOLUTIONS attempts to address legacy, present and future contamination by integrating monitoring and modelling based approaches with scenarios on future developments in society, economy and technology and thus in contamination. The project follows a solutions-oriented approach by addressing major problems of water and chemicals management and by assessing abatement options. SOLUTIONS takes advantage of the access to the infrastructure necessary to investigate the large basins of the Danube and Rhine as well as relevant Mediterranean basins as case studies, and puts major efforts on stakeholder dialogue and support. Particularly, the EU Water Framework Directive (WFD) Common Implementation Strategy (CIS) working groups, International River Commissions, and water works associations are directly supported with consistent guidance for the early detection, identification, prioritisation, and abatement of chemicals in the water cycle. SOLUTIONS will give a specific emphasis on concepts and tools for the impact and risk assessment of complex mixtures of emerging pollutants, their metabolites and transformation products. Analytical and effect-based screening tools will be applied together with ecological assessment tools for the identification of toxicants and their impacts. The SOLUTIONS approach is expected to provide transparent and evidence-based candidates or River Basin Specific Pollutants in the case study basins and to assist future review of priority pollutants under the WFD as well as potential abatement options.

Expectations, and Credibility in a Model of Monetary Policy

Recent monetary history has been characterized by monetary authorities which have been, alternatively hard and soft on inflation. In a vintage capital framework, investment decisions are not easily reversed. Therefore, expectations of policy as well as current policy are important to the investment decision. Here, a vintage capital model is used to assess the value of central bank credibility for a policy change. Policy in this model is assumed to be private information of the central banker. Agents learn about that policy which to study the ensuing transitional dynamics following a change in monetary policy regime.

Territory and Infrastructure : Strategic Identification and Project Pondering

El Territorio hoy es visto como una totalidad organizada que no puede ser pensada separando cada uno de los elementos que la componen; cada uno de ellos es definido por su relación con los otros elementos. Así, un pensamiento que integra diferentes disciplinas y saberes comienza a manejar una realidad que lejos está de definir certezas inamovibles, y comienza a vislumbrar horizontes estratégicos. La adaptación a la no linealidad de las relaciones que se dan sobre el territorio, y la diferencia de velocidades en las que actúan los distintos actores, nos exige hacer de la flexibilidad una característica esencial de la metodología de planificación estratégica. La multi-causalidad de los fenómenos que estructuran el territorio nos obliga a construir criterios cualitativos, entendiendo que nos es imposible la medición de estas cadenas causales y su reconstrucción completa en el tiempo; sin dejar por ello de edificar un marco profundo de acción y transformación que responda a una realidad cierta y veraz. Los fenómenos producidos sobre el territorio nunca actúan de manera aislada, lo que implica una responsabilidad a la hora de comprender las sinergias y la restricción que afectan los resultados de los procesos desatados. La presente ponencia corresponde a la Segunda Fase del proceso de identificación estratégica de los proyectos Plan Estratégico Territorial (PET) que se inició en el año 2005; dicho Plan es llevada a cabo por la Subsecretaría de Planificación Territorial del Ministerio de Planificación Federal y fue abordado sobre la base de tres pretensiones: institucionalizar el ejercicio del pensamiento estratégico, fortalecer la metodología de trabajo transdisciplinaria y multisectorial, y diseñar un sistema de ponderación de proyectos estratégicos de infraestructura, tanto a nivel provincial como nacional, con una fuerte base cualitativa. Este proceso dio como resultado una cartera ponderada de proyectos de infraestructura conjuntamente con una metodología que permitió consolidar los equipos provinciales de planificación, tanto en su relación con los decisores políticos como con los actores de los múltiples sectores del gobierno, y en estos resultados consolidar y reforzar una cultura del pensamiento estratégico sobre el territorio

Territory and Infrastructure : Strategic Identification and Project Pondering

El Territorio hoy es visto como una totalidad organizada que no puede ser pensada separando cada uno de los elementos que la componen; cada uno de ellos es definido por su relación con los otros elementos. Así, un pensamiento que integra diferentes disciplinas y saberes comienza a manejar una realidad que lejos está de definir certezas inamovibles, y comienza a vislumbrar horizontes estratégicos. La adaptación a la no linealidad de las relaciones que se dan sobre el territorio, y la diferencia de velocidades en las que actúan los distintos actores, nos exige hacer de la flexibilidad una característica esencial de la metodología de planificación estratégica. La multi-causalidad de los fenómenos que estructuran el territorio nos obliga a construir criterios cualitativos, entendiendo que nos es imposible la medición de estas cadenas causales y su reconstrucción completa en el tiempo; sin dejar por ello de edificar un marco profundo de acción y transformación que responda a una realidad cierta y veraz. Los fenómenos producidos sobre el territorio nunca actúan de manera aislada, lo que implica una responsabilidad a la hora de comprender las sinergias y la restricción que afectan los resultados de los procesos desatados. La presente ponencia corresponde a la Segunda Fase del proceso de identificación estratégica de los proyectos Plan Estratégico Territorial (PET) que se inició en el año 2005; dicho Plan es llevada a cabo por la Subsecretaría de Planificación Territorial del Ministerio de Planificación Federal y fue abordado sobre la base de tres pretensiones: institucionalizar el ejercicio del pensamiento estratégico, fortalecer la metodología de trabajo transdisciplinaria y multisectorial, y diseñar un sistema de ponderación de proyectos estratégicos de infraestructura, tanto a nivel provincial como nacional, con una fuerte base cualitativa. Este proceso dio como resultado una cartera ponderada de proyectos de infraestructura conjuntamente con una metodología que permitió consolidar los equipos provinciales de planificación, tanto en su relación con los decisores políticos como con los actores de los múltiples sectores del gobierno, y en estos resultados consolidar y reforzar una cultura del pensamiento estratégico sobre el territorio

Territory and Infrastructure : Strategic Identification and Project Pondering

El Territorio hoy es visto como una totalidad organizada que no puede ser pensada separando cada uno de los elementos que la componen; cada uno de ellos es definido por su relación con los otros elementos. Así, un pensamiento que integra diferentes disciplinas y saberes comienza a manejar una realidad que lejos está de definir certezas inamovibles, y comienza a vislumbrar horizontes estratégicos. La adaptación a la no linealidad de las relaciones que se dan sobre el territorio, y la diferencia de velocidades en las que actúan los distintos actores, nos exige hacer de la flexibilidad una característica esencial de la metodología de planificación estratégica. La multi-causalidad de los fenómenos que estructuran el territorio nos obliga a construir criterios cualitativos, entendiendo que nos es imposible la medición de estas cadenas causales y su reconstrucción completa en el tiempo; sin dejar por ello de edificar un marco profundo de acción y transformación que responda a una realidad cierta y veraz. Los fenómenos producidos sobre el territorio nunca actúan de manera aislada, lo que implica una responsabilidad a la hora de comprender las sinergias y la restricción que afectan los resultados de los procesos desatados. La presente ponencia corresponde a la Segunda Fase del proceso de identificación estratégica de los proyectos Plan Estratégico Territorial (PET) que se inició en el año 2005; dicho Plan es llevada a cabo por la Subsecretaría de Planificación Territorial del Ministerio de Planificación Federal y fue abordado sobre la base de tres pretensiones: institucionalizar el ejercicio del pensamiento estratégico, fortalecer la metodología de trabajo transdisciplinaria y multisectorial, y diseñar un sistema de ponderación de proyectos estratégicos de infraestructura, tanto a nivel provincial como nacional, con una fuerte base cualitativa. Este proceso dio como resultado una cartera ponderada de proyectos de infraestructura conjuntamente con una metodología que permitió consolidar los equipos provinciales de planificación, tanto en su relación con los decisores políticos como con los actores de los múltiples sectores del gobierno, y en estos resultados consolidar y reforzar una cultura del pensamiento estratégico sobre el territorio

Biogenic silica and silicic acid benthic fluxes of a North-eastern Atlantic Abyssal Locality

Within the framework of the EU-funded BENGAL programme, the effects of seasonality on biogenic silica early diagenesis have been studied at the Porcupine Abyssal Plain (PAP), an abyssal locality located in the northeast Atlantic Ocean. Nine cruises were carried out between August 1996 and August 1998. Silicic acid (DSi) increased downward from 46.2 to 213 µM (mean of 27 profiles). Biogenic silica (BSi) decreased from ca. 2% near the sediment-water interface to <1% at depth. Benthic silicic acid fluxes as measured from benthic chambers were close to those estimated from non-linear DSi porewater gradients. Some 90% of the dissolution occurred within the top 5.5 cm of the sediment column, rather than at the sediment-water interface and the annual DSi efflux was close to 0.057 mol Si/m**2/yr. Biogenic silica accumulation was close to 0.008 mol Si/m**2/yr and the annual opal delivery reconstructed from sedimentary fluxes, assuming steady state, was 0.065 mol Si/m**2/yr. This is in good agreement with the mean annual opal flux determined from sediment trap samples, averaged over the last decade (0.062 mol Si/m**2/yr). Thus ca. 12% of the opal flux delivered to the seafloor get preserved in the sediments. A simple comparison between the sedimentation rate and the dissolution rate in the uppermost 5.5 cm of the sediment column suggests that there should be no accumulation of opal in PAP sediments. However, by combining the BENGAL high sampling frequency with our experimental results on BSi dissolution, we conclude that non-steady state processes associated with the seasonal deposition of fresh biogenic particles may well play a fundamental role in the preservation of BSi in these sediments. This comes about though the way seasonal variability affects the quality of the biogenic matter reaching the seafloor. Hence it influences the intrinsic dissolution properties of the opal at the seafloor and also the part played by non-local mixing events by ensuring the rapid transport of BSi particles deep into the sediment to where saturation is reached.

Challenges for the comprehensive management of cloud services in a PaaS framework

The 4CaaSt project aims at developing a PaaS framework that enables flexible definition, marketing, deployment and management of Cloud-based services and applications. The major innovations proposed by 4CaaSt are the blueprint and its lifecycle management, a one stop shop for Cloud services and a PaaS level resource management featuring elasticity. 4CaaSt also provides a portfolio of ready to use Cloud native services and Cloud-aware immigrant technologies.

Implementación de algoritmos para la manipulación de curvas concoides en diseño geométrico

Este proyecto se enmarca dentro de la Computación Simbólica y de los fundamentos matemáticos del Diseño Geométrico Asistido por ordenador (CAGD). Se abordara uno de los problemas principales en el ámbito del CAGD y que es la manipulación de las Curvas Concoide. La importancia del avance en la manipulación de las curvas concoide radica en el papel fundamental que desempeñan en múltiples aplicaciones en la actualidad dentro de campos de diversa índole tales como la medicina, la óptica, el electromagnetismo, la construcción, etc. El objetivo principal de este proyecto es el diseño e implementación de algoritmos para el estudio, cálculo y manipulación de curvas concoides, utilizando técnicas propias del Calculo Simbólico. Esta implementación se ha programado utilizando el sistema de computación simbólica Maple. El proyecto consiste en dos partes bien diferenciadas, una parte teórica y otra más practica. La primera incluye la descripción geométrica y definición formal de curvas concoide, así como las ideas y propiedades básicas. De forma más precisa, se presenta un estudio matemático sobre el análisis de racionalidad de estas curvas, explicando los algoritmos que serán implementados en las segunda parte, y que constituye el objetivo principal de este proyecto. Para cerrar esta parte, se presenta una pequeña introducción al sistema y a la programación en Maple. Por otro lado, la segunda parte de este proyecto es totalmente original, y en ella el autor desarrolla las implementaciones en Maple de los algoritmos presentados en la parte anterior, así como la creación de un paquete Maple que las recoge. Por último, se crean las paginas de ayudas en el sistema Maple para la correcta utilización del paquete matemático anteriormente mencionado. Una vez terminada la parte de implementación, se aplican los algoritmos implementados a una colección de curvas clásicas conocidas, recogiendo los datos y resultados obtenidos en un atlas de curvas. Finalmente, se presenta una recopilación de las aplicaciones más destacadas en las que las concoides desempeñan un papel importante así como una breve reseña sobre las concoides de superficies, objeto de varios estudios en la actualidad y a los que se considera que el presente proyecto les puede resultar de gran utilidad. Abstract This project is set up in the framework of Symbolic Computation as well as in the implementation of algebraic-geometric problems that arise from Computer Aided Geometric Design (C.A.G.D.) applications. We address problems related to conchoid curves. The importance of these curves is the fundamental role that they play in current applications as medicine, optics, electromagnetism, construction, etc. The main goal of this project is to design and implement some algorithms to solve problems in studying, calculating and generating conchoid curves with symbolic computation techniques. For this purpose, we program our implementations in the symbolic system “Maple". The project consists of two differentiated parts, one more theoretical part and another part more practical. The first one includes the description of conchoid curves as well as the basic ideas about the concept and its basic properties. More precisely, we introduce in this part the mathematical analysis of the rationality of the conchoids, and we present the algorithms that will be implemented. Furthermore, the reader will be brie y introduced in Maple programming. On the other hand, the second part of this project is totally original. In this more practical part, the author presents the implemented algorithms and a Maple package that includes them, as well as their help pages. These implemented procedures will be check and illustrated with some classical and well known curves, collecting the main properties of the conchoid curves obtained in a brief atlas. Finally, a compilation of the most important applications where conchoids play a fundamental role, and a brief introduction to the conchoids of surfaces, subject of several studies today and where this project could be very useful, are presented.

Participatory modelling to support decision making in water management under uncertainty: Two comparative case studies in the Guadiana river basin, Spain.

A participatory modelling process has been conducted in two areas of the Guadiana river (the upper and the middle sub-basins), in Spain, with the aim of providing support for decision making in the water management field. The area has a semi-arid climate where irrigated agriculture plays a key role in the economic development of the region and accounts for around 90% of water use. Following the guidelines of the European Water Framework Directive, we promote stakeholder involvement in water management with the aim to achieve an improved understanding of the water system and to encourage the exchange of knowledge and views between stakeholders in order to help building a shared vision of the system. At the same time, the resulting models, which integrate the different sectors and views, provide some insight of the impacts that different management options and possible future scenarios could have. The methodology is based on a Bayesian network combined with an economic model and, in the middle Guadiana sub-basin, with a crop model. The resulting integrated modelling framework is used to simulate possible water policy, market and climate scenarios to find out the impacts of those scenarios on farm income and on the environment. At the end of the modelling process, an evaluation questionnaire was filled by participants in both sub-basins. Results show that this type of processes are found very helpful by stakeholders to improve the system understanding, to understand each others views and to reduce conflict when it exists. In addition, they found the model an extremely useful tool to support management. The graphical interface, the quantitative output and the explicit representation of uncertainty helped stakeholders to better understand the implications of the scenario tested. Finally, the combination of different types of models was also found very useful, as it allowed exploring in detail specific aspects of the water management problems.

Metodología de integración de actividades de adaptación al cambio climático en proyectos de desarrollo rural

Hoy en día, ya no se puede pasar por alto la necesidad de una agricultura climáticamente más inteligente para los 500 millones de pequeños agricultores del mundo (Wheeler, 2013). Estos representan aproximadamente el 60 % de la agricultura mundial y proporcionan hasta el 80 % de los alimentos en los países en vías de desarrollo, los pequeños agricultores gestionan vastas extensiones de tierra y lamentablemente incluyen los grupos con mayor proporción de personas en estado de inseguridad alimentaria. El cambio climático está transformando el contexto para la agricultura en pequeña escala. Durante siglos, los pequeños agricultores desarrollaron la capacidad de adaptarse a los cambios ambientales y la variabilidad del clima, pero la velocidad y la intensidad del cambio climático está superando su capacidad de respuesta. Si no se cambia la manera que tenemos de lidiar con el cambio climático, tanto en acciones locales como globales, es muy probable que las personas rurales de entornos vulnerables tengan que adaptarse a un calentamiento global promedio de 4 °C por encima de los niveles preindustriales para el año 2100. Esta alza de las temperaturas aumentará aún más la incertidumbre y provocará desastres naturales como las sequías, la erosión del suelo, la pérdida de biodiversidad y la escasez agua sean mucho más frecuentes. Uno de los factores más importantes para los pequeños agricultores es que ya no pueden depender de los promedios históricos, por lo que es más difícil para ellos para planificar y gestionar la producción debido a los cambios en los patrones climáticos. Algunos de los principales cultivos de cereales (trigo, arroz, maíz, etc.) han alcanzado su umbral de tolerancia al calor y un aumento de la temperatura en torno a 1,5-2 °C podría ser muy perjudicial. Estos efectos a corto plazo podrían ser agravados por otros a medio y largo plazo, los que se refieren al impacto socioeconómico en términos de oportunidades y estabilidad política. El cambio climático está haciendo que el desarrollo de la pequeña agricultura resulte mucho más caro. A nivel de proyectos, los programas resistentes al clima tienen, normalmente, unos costos iniciales más altos, tanto de diseño como de implementación. Por ejemplo, es necesario incluir gastos adicionales en infraestructura, operación y mantenimiento; desarrollo de nuevas capacidades y el intercambio de conocimientos en torno al cambio climático. También se necesita mayor inversión para fortalecer las instituciones frente a los nuevos retos que propone el cambio climático, o generar información que pueda ser de escala reducida y con enfoques que beneficien a la comunidad, el cambio climático es global pero los efectos son locales. Es, por tanto, el momento de redefinir la relación entre agricultura y medio ambiente, ya que se hace cada vez más necesario buscar mejores y más eficientes maneras para responder al cambio climático. Es importante señalar que la respuesta al cambio climático no significa reinventar todo lo que se ha aprendido sobre el desarrollo, significa aplicar un esfuerzo renovado para hacer frente a los cambios en el trabajo de cooperación al desarrollo de una manera más sistemática y más amplia. Una respuesta coherente al cambio climático requiere que la comunidad internacional reconozca la necesidad de aumentar el apoyo financiero para la adaptación así como un mayor énfasis en proporcionar soluciones diseñadas para aumentar la resiliencia1 de los pequeños agricultores a las crisis relacionadas con el clima. Con el fin de responder a algunos de los desafíos mencionados anteriormente, esta investigación pretende contribuir a fortalecer las capacidades de los pequeños productores, aquellos que actualmente están la primera línea frente a los desafíos del cambio climático, promoviendo un desarrollo que tenga un impacto positivo en sus medios de vida. La tesis se compone de cuatro capítulos. El primero define y analiza el marco teórico de las interacciones entre el cambio climático y el impacto en los proyectos de desarrollo rural, especialmente los que tienen por objetivo mejorar la seguridad alimentaria de los pequeños productores. En ese mismo capítulo, se presenta una revisión global de la financiación climática, incluyendo la necesidad de asignar suficientes recursos para la adaptación. Con el fin de lograr una mayor eficacia e impacto en los proyectos de desarrollo, la investigación desarrolla una metodología para integrar actividades de adaptación al cambio climático, presentada en el segundo capítulo. Esta metodología fue implementada y validada durante el periodo 2012-14, trabajando directamente con diferentes equipos gubernamentales en diez proyectos del Fondo Internacional de Desarrollo Agrícola ). El tercero presenta, de manera detallada, la aplicación de la metodología a los estudios de caso de Bolivia y Nicaragua, así como un resumen de las principales conclusiones en la aplicación de los ocho países restantes. Finalmente, en el último capítulo se presentan las conclusiones y un esbozo de futuras líneas de investigación. Actualmente, el tema de la sostenibilidad ambiental y el cambio climático está ganando terreno en la agenda de desarrollo. Es por ello que se alumbra esta investigación, para que a través de los resultados obtenidos y la implementación de la metodología propuesta, sirva como herramienta estratégica para la planificación y la gestión operativa a la hora de integrar iniciativas de adaptación en los proyectos de desarrollo rural. ABSTRACT The need for climate-smart agriculture for the world’s 500 million smallholder farms cannot be overlooked: they account for 60 per cent of global agriculture, provide up to 80 per cent of food in developing countries, manage vast areas of land and make up the largest share of the developing world’s undernourished. Climate change is transforming the context for smallholder agriculture. Over centuries smallholders have developed the capacity to adapt to environmental change and climate variability, but the speed and intensity of climate change is outpacing the speed of historically autonomous actions. In the absence of a profound step-change in local and global action on climate change, it is Increasingly likely that poor rural people would need to contend with an average global warming of 4 degrees above pre-industrial levels by 2100, if not sooner. Such substantial climatic change will further increase uncertainty and exacerbate weather –related disasters, droughts, biodiversity loss, and land and water scarcity. Perhaps most significantly for smallholder farmers, they can no longer rely on historical averages, making it harder for them to plan and manage production when planting seasons and weather patterns are shifting. The major cereal crops (wheat, rice, maize, etc.) are at their heat tolerance threshold and with a 1.5-2°C temperature increase could collapse. These “first-round” effects will be compounded by second-round socio-economic impacts in terms of economic opportunities and political stability. Climate change is making the development of smallholder agriculture more expensive. At project level, climate-resilient programmes typically have higher up-front design and implementation costs – e.g. infrastructure costs and initially increased asset management, operation and maintenance, more capacity-building and knowledge sharing, strengthening institutions, greater project development costs (downscaled data generation and community-based approaches), and greater costs from enhancing cross sectorial and stakeholders collaboration. Consequently it’s time to redefine the relationship between agriculture and environment as we need to look better and more efficient ways to respond to climate change. It is important to note that responding to climate change does not mean to throwing out or reinventing everything that has been learnt about development. It means a renewed effort to tackle wider and well-known development changes in a more systematic way. A coherent response to climate change requires acknowledge of the need to increase the financial support for adaptation and a continued emphasis on provided solutions designed to increase the resilience of smallholders and poor communities to shocks, which are weather related. In order to respond to some of the challenges mentioned before, this research aims to contribute to strengthen the capacities of the smallholders and to promote a development that will positively impact in the rural livelihoods of the most vulnerable smallholders farmers; those who currently are in the first line facing the challenges of climate change. The thesis has four chapters. Chapter one describes and analyses the theoretical framework of the interactions between climate change and the impact on rural development projects, especially those aimed at improving the food security of smallholders producers. In this chapter a comprehensive review of climate financing is presented, including the need to allocate sufficient resources for adaptation. In order to achieve greater effectiveness and impact on development projects, the research develops in the second chapter a methodology to integrate adaptation activities for climate change. This methodology was implemented and validated during the 2012-14 period, working directly with various government teams in ten projects of the International Fund for Agricultural Development (IFAD). The third chapter presents in detail the application of the methodology to the case studies of Bolivia and Nicaragua, as well as a summary of the main conclusions of its implementation in the remaining eight countries. The final chapter exposes the main conclusions and future research topics. At a time when environmental sustainability and climate change issues are gaining more attention, the research and obtained results through the implementation of the model methodology proposed, can be considered a strategic tool for planning and operational management to integrate adaptation initiatives in rural development projects. The use of the proposed methodology will boost incentives to scale up climate resilience programmes and integrate adaptation to climate change into wider smallholder development programmes.

Analysing the complexity of the model-based decision making processes within the industrial management context

PURPOSE The decision-making process plays a key role in organizations. Every decision-making process produces a final choice that may or may not prompt action. Recurrently, decision makers find themselves in the dichotomous question of following a traditional sequence decision-making process where the output of a decision is used as the input of the next stage of the decision, or following a joint decision-making approach where several decisions are taken simultaneously. The implication of the decision-making process will impact different players of the organization. The choice of the decision- making approach becomes difficult to find, even with the current literature and practitioners’ knowledge. The pursuit of better ways for making decisions has been a common goal for academics and practitioners. Management scientists use different techniques and approaches to improve different types of decisions. The purpose of this decision is to use the available resources as well as possible (data and techniques) to achieve the objectives of the organization. The developing and applying of models and concepts may be helpful to solve managerial problems faced every day in different companies. As a result of this research different decision models are presented to contribute to the body of knowledge of management science. The first models are focused on the manufacturing industry and the second part of the models on the health care industry. Despite these models being case specific, they serve the purpose of exemplifying that different approaches to the problems and could provide interesting results. Unfortunately, there is no universal recipe that could be applied to all the problems. Furthermore, the same model could deliver good results with certain data and bad results for other data. A framework to analyse the data before selecting the model to be used is presented and tested in the models developed to exemplify the ideas. METHODOLOGY As the first step of the research a systematic literature review on the joint decision is presented, as are the different opinions and suggestions of different scholars. For the next stage of the thesis, the decision-making process of more than 50 companies was analysed in companies from different sectors in the production planning area at the Job Shop level. The data was obtained using surveys and face-to-face interviews. The following part of the research into the decision-making process was held in two application fields that are highly relevant for our society; manufacturing and health care. The first step was to study the interactions and develop a mathematical model for the replenishment of the car assembly where the problem of “Vehicle routing problem and Inventory” were combined. The next step was to add the scheduling or car production (car sequencing) decision and use some metaheuristics such as ant colony and genetic algorithms to measure if the behaviour is kept up with different case size problems. A similar approach is presented in a production of semiconductors and aviation parts, where a hoist has to change from one station to another to deal with the work, and a jobs schedule has to be done. However, for this problem simulation was used for experimentation. In parallel, the scheduling of operating rooms was studied. Surgeries were allocated to surgeons and the scheduling of operating rooms was analysed. The first part of the research was done in a Teaching hospital, and for the second part the interaction of uncertainty was added. Once the previous problem had been analysed a general framework to characterize the instance was built. In the final chapter a general conclusion is presented. FINDINGS AND PRACTICAL IMPLICATIONS The first part of the contributions is an update of the decision-making literature review. Also an analysis of the possible savings resulting from a change in the decision process is made. Then, the results of the survey, which present a lack of consistency between what the managers believe and the reality of the integration of their decisions. In the next stage of the thesis, a contribution to the body of knowledge of the operation research, with the joint solution of the replenishment, sequencing and inventory problem in the assembly line is made, together with a parallel work with the operating rooms scheduling where different solutions approaches are presented. In addition to the contribution of the solving methods, with the use of different techniques, the main contribution is the framework that is proposed to pre-evaluate the problem before thinking of the techniques to solve it. However, there is no straightforward answer as to whether it is better to have joint or sequential solutions. Following the proposed framework with the evaluation of factors such as the flexibility of the answer, the number of actors, and the tightness of the data, give us important hints as to the most suitable direction to take to tackle the problem. RESEARCH LIMITATIONS AND AVENUES FOR FUTURE RESEARCH In the first part of the work it was really complicated to calculate the possible savings of different projects, since in many papers these quantities are not reported or the impact is based on non-quantifiable benefits. The other issue is the confidentiality of many projects where the data cannot be presented. For the car assembly line problem more computational power would allow us to solve bigger instances. For the operation research problem there was a lack of historical data to perform a parallel analysis in the teaching hospital. In order to keep testing the decision framework it is necessary to keep applying more case studies in order to generalize the results and make them more evident and less ambiguous. The health care field offers great opportunities since despite the recent awareness of the need to improve the decision-making process there are many opportunities to improve. Another big difference with the automotive industry is that the last improvements are not spread among all the actors. Therefore, in the future this research will focus more on the collaboration between academia and the health care sector.