Whole life performance assessment: critical success factors

Whole life costing (WLC) has become the best practice in construction procurement and it is likely to be a major issue in predicting whole life costs of a construction project accurately. However, different expectations from different organizations throughout a project's life and the lack of data, monitoring targets, and long-term interest for many key players are obstacles to be overcome if WLC is to be implemented. A questionnaire survey was undertaken to investigate a set of ten common factors and 188 individual factors. These were grouped into eight critical categories (project scope, time, cost, quality, contract/administration, human resource, risk, and health and safety) by project phase, as perceived by the clients, contractors and subcontractors in order to identify critical success factors for whole life performance assessment (WLPA). Using a relative importance index, the top ten critical factors for each category, from the perspective of project participants, were analyzed and ranked. Their agreement on those categories and factors were analyzed using Spearman's rank correlation. All participants identify “Type of Project” as the most common critical factor in the eight categories for WLPA. Using the relative index ranking technique and weighted average methods, it was found that the most critical individual factors in each category were: “clarity of contract” (scope); “fixed construction period” (time); “precise project budget estimate” (cost); “material quality” (quality); “mutual/trusting relationships” (contract/administration); “leadership/team management” (human resource); and “management of work safety on site” (health and safety). There was relatively a high agreement on these categories among all participants. Obviously, with 80 critical factors of WLPA, there is a stronger positive relationship between client and contactor rather than contractor and subcontractor, client and subcontractor. Putting these critical factors into a criteria matrix can facilitate an initial framework of WLPA in order to aid decision making in the public sector in South Korea for evaluation/selection process of a construction project at the bid stage.

Selectivity and timing performance of UK investment trusts

This study examines the selectivity and timing performance of 218 UK investment trusts over the period July 1981 to June 2009. We estimate the Treynor and Mazuy (1966) and Henriksson and Merton (1981) models augmented with the size, value, and momentum factors, either under the OLS method adjusted with the Newey-West procedure or under the GARCH(1,1)-in-mean method following the specification of Glosten et al. (1993; hereafter GJR-GARCH-M). We find that the OLS method provides little evidence in favour of the selectivity and timing ability, consistent with previous studies. Interestingly, the GJR-GARCH-M method reverses this result, showing some relatively strong evidence on favourable selectivity ability, particularly for international funds, as well as favourable timing ability, particularly for domestic funds. We conclude that the GJR-GARCH-M method performs better in evaluating fund performance compared with the OLS method and the non-parametric approach, as it essentially accounts for the time-varying characteristics of factor loadings and hence obtains more reliable results, in particular, when the high frequency data, such as the daily returns, are used in the analysis. Our results are robust to various in-sample and out-of-sample tests and have valuable implications for practitioners in making their asset allocation decisions across different fund styles. © 2012 Elsevier B.V.

Reconfiguration of supply chain network:an ISM-based roadmap to performance

Purpose: Short product life cycle and/or mass customization necessitate reconfiguration of operational enablers of supply chain (SC) from time to time in order to harness high levels of performance. The purpose of this paper is to identify the key operational enablers under stochastic environment on which practitioner should focus while reconfiguring a SC network. Design/methodology/approach: The paper used interpretive structural modeling (ISM) approach that presents a hierarchy-based model and the mutual relationships among the enablers. The contextual relationship needed for developing structural self-interaction matrix (SSIM) among various enablers is realized by conducting experiments through simulation of a hypothetical SC network. Findings: The research identifies various operational enablers having a high driving power towards assumed performance measures. In this regard, these enablers require maximum attention and of strategic importance while reconfiguring SC. Practical implications: ISM provides a useful tool to the SC managers to strategically adopt and focus on the key enablers which have comparatively greater potential in enhancing the SC performance under given operational settings. Originality/value: The present research realizes the importance of SC flexibility under the premise of reconfiguration of the operational units in order to harness high value of SC performance. Given the resulting digraph through ISM, the decision maker can focus the key enablers for effective reconfiguration. The study is one of the first efforts that develop contextual relations among operational enablers for SSIM matrix through integration of discrete event simulation to ISM. © Emerald Group Publishing Limited.

Typical performance of regular low-density parity-check codes over general symmetric channels

Typical performance of low-density parity-check (LDPC) codes over a general binary-input output-symmetric memoryless channel is investigated using methods of statistical mechanics. Relationship between the free energy in statistical-mechanics approach and the mutual information used in the information-theory literature is established within a general framework; Gallager and MacKay-Neal codes are studied as specific examples of LDPC codes. It is shown that basic properties of these codes known for particular channels, including their potential to saturate Shannon's bound, hold for general symmetric channels. The binary-input additive-white-Gaussian-noise channel and the binary-input Laplace channel are considered as specific channel models.

Üzleti teljesítménymérés a sportban, - avagy miként segítheti a sportszervezetek vezetőit a Balanced Scorecard koncepció a stratégia szerinti működésben = Measuring Business Performance in Sports - How the Balanced Scorecard approach can help sports organisations in operating along strategic objectives

Napjainkban egyre nagyobb figyelem fordul a sporttevékenység társadalmi hasznosságára, ugyanakkor számos sportszervezet a túléléséért küzd. A legtöbb sportszervezetnél a sportteljesítmény mérése dominál, s viszonylag kevés figyelmet fordítanak az üzleti teljesítmény és az ezt befolyásoló tényezők mérésére, annak ellenére, hogy a vezetők tudatában vannak a sportteljesítmény és az üzleti teljesítmény kölcsönös összefüggésével. A sportteljesítményt a fogyasztói elégedettségen keresztül bevételre kell váltani, illetve biztosítani kell a finanszírozási forrásokat (gondolhatunk akár a játékosok fizetésére) a megfelelő sportteljesítmény eléréséhez. A sportszervezetek vezetőinek át kell látniuk a sportteljesítmény és az üzleti teljesítmény összefüggéseit, és azonosítaniuk kell a kritikus értékteremtő tényezőket. Ehhez adhat egy megfelelő gondolkodási keretet a Balanced Scorecard alkalmazása. Tanulmányunkban egy rövid áttekintést adunk a Balanced Scorecard alkalmazásának előnyeiről és kihívásairól a non-profit szervezetek esetében, majd egy magyarországi kézilabda klubnál készített esettanulmány segítségével megvizsgáljuk a BSC alkalmazási lehetőségét a sportkluboknál. _____ While performance measurement in the sport industry has a traditionally strong focus on sports results, commercial success of sports clubs needs to gain more ground. Sports results should generate market revenues, by satisfying customer needs, and allow continued investment in the further improvement of sports success (i.e. more funds for player transfers and wages). Club managers need to understand the complex relationship between on-field and off-the-field success, and identify critical success factors for achieving strategic objectives. The Balanced Scorecard approach provides a plausible framework for such analysis. Our paper explains the challenges of and opportunities for implementing a Balanced Scorecard system in non-profit organisations, and provides insights into its application in professional sport through an in-depth case study of a handball club in Hungary. We conclude by providing a model for managing sports organisations in line with strategic objectives, balancing out stakeholder expectations for both sports results and commercial success.

Measuring effectiveness in international financial crime prevention: Can we agree on a performance metric?

The attempts at carrying out terrorist attacks have become more prevalent. As a result, an increasing number of countries have become particularly vigilant against the means by which terrorists raise funds to finance their draconian acts against human life and property. Among the many counter-terrorism agencies in operation, governments have set up financial intelligence units (FIUs) within their borders for the purpose of tracking down terrorists’ funds. By investigating reported suspicious transactions, FIUs attempt to weed out financial criminals who use these illegal funds to finance terrorist activity. The prominent role played by FIUs means that their performance is always under the spotlight. By interviewing experts and conducting surveys of those associated with the fight against financial crime, this study investigated perceptions of FIU performance on a comparative basis between American and non-American FIUs. The target group of experts included financial institution personnel, civilian agents, law enforcement personnel, academicians, and consultants. Questions for the interview and surveys were based on the Kaplan and Norton’s Balanced Scorecard (BSC) methodology. One of the objectives of this study was to help determine the suitability of the BSC to this arena. While FIUs in this study have concentrated on performance by measuring outputs such as the number of suspicious transaction reports investigated, this study calls for a focus on outcomes involving all the parties responsible for financial criminal investigations. It is only through such an integrated approach that these various entities will be able to improve performance in solving financial crime. Experts in financial intelligence strongly believed that the quality and timeliness of intelligence was more important than keeping track of the number of suspicious transaction reports. Finally, this study concluded that the BSC could be appropriately applied to the arena of financial crime prevention even though the emphasis is markedly different from that in the private sector. While priority in the private sector is given to financial outcomes, in this arena employee growth and internal processes were perceived as most important in achieving a satisfactory outcome.

Community college faculty commitment to Florida performance -based funding indicators for academic programs

In 1996, the State of Florida implemented a performance-based funding program for the Associate in Arts degree offered by community colleges. Additional funds are allocated for distribution among public community colleges based on performance indicators. The indicators are comprised of 10 performance goals that refer to productivity indexed by overall degree completions as well as subgroups: special disadvantaged populations, transfers, job placements, and education acceleration. ^ This study examined the level of self-reported commitment of community college faculty to the 10 Florida performance-based funding indicators for academic programs. Also examined were the relationships between commitment and (a) self-efficacy in contributing to the achievement of the indicators and (b) personal financial reward expectation for contributing to the achievement of the indicators. The relationships between commitment and (a) gender, (b) academic rank, and (c) types of courses taught were analyzed based on secondary analyses. ^ The participants were 303 full-time faculty members of Miami-Dade Community College who taught courses taken by students pursuing the Associate in Arts degree. A questionnaire was developed to measure commitment, self-efficacy, and expectation of financial reward for each of the 10 indicators. ^ The mean composite commitment score for faculty members who responded to the survey was 4.07 in a scale of 1 to 5. Greater commitment was reported for indicators closely related to the traditional mission of community colleges (i.e., facilitating progress of special groups in earning the AA degree in preparation for transferring to a four-year university). Lower commitment was reported for indicators oriented to State priorities such as education acceleration mechanisms and job placements. Commitment was correlated with three variables: self-efficacy, expectation of financial reward, and types of courses taught. However, commitment was not related to gender and academic rank. Although a cause-effect relationship cannot be inferred from this study, the findings depict a positive relationship between faculty commitment to performance-based funding indicators and faculty self-efficacy to contribute to the achievement of the indicators. ^

The recent development and performance of ethical investments

In this chapter, we assess the recent development and performance of ethical investments around the world. Ethical investments include both socially responsible investments (following Environmental, Social and Governance criteria) and faith-based investments (following religious principles). After presenting the development of each type of funds in a historical context, we analyse their ethical screening process, highlighting similarities and differences across funds and regions. This leads us to investigate their characteristics in terms of return and risk, and finally evaluate their historical performance using various risk-adjusted performance measures on a small sample of US funds. Hence we are able to not only compare the performance of each fund with each other and with traditional investments, but also assess their relative resilience to the 2007-08 financial crisis.

The impact of the Eurozone sovereign debt crisis on bond fund performance persistence: Evidence from a small market

We evaluate the impact of the Eurozone sovereign debt crisis on the performance and performance persistence of a survivorship bias-free sample of bond funds from a small market, identified as one of the most affected by this event, during the 2001–2012 period. Besides avoiding data mining, we also introduce a methodological innovation in assessing bond fund performance persistence. Our results show that bond funds underperform significantly both during crisis and non-crisis periods. Besides, we find strong evidence of performance persistence, for both short- and longer-term horizons, during non-crisis periods but not during the debt crisis. In this way, the persistence phenomenon in small markets seems to occur only during non-crisis periods and this is valuable information for bond fund investors to exploit.

Manipulation in U.S. REIT Investment Performance Evaluation: Empirical Evidence

We investigate whether Real Estate Investment Trust (REIT) managers actively manipulate performance measures in spite of the strict regulation under the REIT regime. We provide empirical evidence that is consistent with this hypothesis. Specifically, manipulation strategies may rely on the opportunistic use of leverage. However, manipulation does not appear to be uniform across REIT sectors and seems to become more common as the level of competition in the underlying property sector increases. We employ a set of commonly used traditional performance measures and a recently developed manipulation-proof measure (MPPM, Goetzmann, Ingersoll, Spiegel, and Welch (2007)) to evaluate the performance of 147 REITs from seven different property sectors over the period 1991-2009. Our findings suggest that the existing REIT regulation may fail to mitigate a substantial agency conflict and that investors can benefit from evaluating return information carefully in order to avoid potentially manipulative funds.

High performance terahertz resonant tunnelling diode sources and broadband antenna for air-side radiation

Resonant tunnelling diode (RTD) is known to be the fastest electronics device that can be fabricated in compact form and operate at room temperature with potential oscillation frequency up to 2.5 THz. The RTD device consists of a narrow band gap quantum well layer sandwiched between two thin wide band gap barriers layers. It exhibits negative differential resistance (NDR) region in its current-voltage (I-V) characteristics which is utilised in making oscillators. Up to date, the main challenge is producing high output power at high frequencies in particular. Although oscillation frequencies of ~ 2 THz have been already reported, the output power is in the range of micro-Watts. This thesis describes the systematic work on the design, fabrication, and characterisation of RTD-based oscillators in microwave/millimetre-wave monolithic integrated circuits (MMIC) form that can produce high output power and high oscillation frequency at the same time. Different MMIC RTD oscillator topologies were designed, fabricated, and characterised in this project which include: single RTD oscillator which employs one RTD device, double RTDs oscillator which employs two RTD devices connected in parallel, and coupled RTD oscillators which combine the powers of two oscillators over a single load, based on mutual coupling and which can employ up to four RTD devices. All oscillators employed relatively large size RTD devices for high power operation. The main challenge was to realise high oscillation frequency (~ 300 GHz) in MMIC form with the employed large sized RTD devices. To achieve this aim, proper designs of passive structures that can provide small values of resonating inductances were essential. These resonating inductance structures included shorted coplanar wave guide (CPW) and shorted microstrip transmission lines of low characteristics impedances Zo. Shorted transmission line of lower Zo has lower inductance per unit length. Thus, the geometrical dimensions would be relatively large and facilitate fabrication by low cost photolithography. A series of oscillators with oscillation frequencies in the J-band (220 – 325 GHz) range and output powers from 0.2 – 1.1 mW have been achieved in this project, and all were fabricated using photolithography. Theoretical estimation showed that higher oscillation frequencies (> 1 THz) can be achieved with the proposed MMIC RTD oscillators design in this project using photolithography with expected high power operation. Besides MMIC RTD oscillators, reported planar antennas for RTD-based oscillators were critically reviewed and the main challenges in designing high performance integrated antennas on large dielectric constant substrates are discussed in this thesis. A novel antenna was designed, simulated, fabricated, and characterised in this project. It was a bow-tie antenna with a tuning stub that has very wide bandwidth across the J-band. The antenna was diced and mounted on a reflector ground plane to alleviate the effect of the large dielectric constant substrate (InP) and radiates upwards to the air-side direction. The antenna was also investigated for integration with the all types of oscillators realised in this project. One port and two port antennas were designed, simulated, fabricated, and characterised and showed the suitability of integration with the single/double oscillator layout and the coupled oscillator layout, respectively.

Conditional mutual inclusive information enables accurate quantification of associations in gene regulatory networks

International audience

The export performance of the 2004 EU enlargement economies since the 1990s : a constant market share analysis

This study focuses the export performance of the 2004 EU enlargement economies between 1990 and 2013. The long time span analysed allows to capture different stages in the relationship of these new members with the EU before and after accession. The study is based on the Constant Market Share methodology of decomposing an ex-post country’s export performance into different effects. Two different Constant Market Share Analysis (CMSA) were selected in order to disentangle, for the exports of the new members to the EU15, (i) the growth rate of exports and (ii) the growth rate of exports relatively to the world. Both approaches are applied to manufactured products first without disaggregating results by sectors and then grouping all products into two different classification of sectors: one considering the technological intensity of manufactured exports and another evaluating the specialization factors of the products exported. Results provide information not only on the ten economies’ export performance as a group but also individually considered and on the importance of each EU15 destination market to the export performance of these countries.

Reviewing the hedge funds literature I:hedge funds and hedge funds' managerial characteristics

This paper summarizes the literature on hedge funds (HFs) developed over the last two decades, particularly that which relates to managerial characteristics (a companion piece covers the return and risk management characteristics of HFs). It classifies, the current HF literature, suggesting which critical problems have been “solved” and which problems have not been yet adequately addressed. It also discusses the effects of past financial regulation and the prospects for the effect of new financial regulation on the HF industry and its performance and risk management practices, and suggests new avenues for research. Furthermore, it highlights the importance of managerial characteristics for HF performance, and the successes and the shortfalls to date in developing more sophisticated HF-related risk management tools.

Genetic Aspects Of Athletic Performance: The African Runners Phenomenon.

The current dominance of African runners in long-distance running is an intriguing phenomenon that highlights the close relationship between genetics and physical performance. Many factors in the interesting interaction between genotype and phenotype (eg, high cardiorespiratory fitness, higher hemoglobin concentration, good metabolic efficiency, muscle fiber composition, enzyme profile, diet, altitude training, and psychological aspects) have been proposed in the attempt to explain the extraordinary success of these runners. Increasing evidence shows that genetics may be a determining factor in physical and athletic performance. But, could this also be true for African long-distance runners? Based on this question, this brief review proposed the role of genetic factors (mitochondrial deoxyribonucleic acid, the Y chromosome, and the angiotensin-converting enzyme and the alpha-actinin-3 genes) in the amazing athletic performance observed in African runners, especially the Kenyans and Ethiopians, despite their environmental constraints.