Avaliação da performance empresarial: o economic value added (EVA®) e a sua relação com o valor da empresa

Mestrado em Contabilidade e Gestão das Instituições Financeiras

Constructing Cultural Policies in Romania. A possible model for communicating the national value system

The premise of this paper is that a model for communicating the national value system must start from a strategy aimed at the identification, the cultivation and communication of values that give consistency to the value system. The analysis concentrates on the elements of such strategies and on the implications of applying a value communication program on the identity architecture of the community. The paper will also discuss the role of the national value system in the context of the emerging global culture, where the individual has the power to create his/her own hybrid cultural model.

Simultaneous distillation–extraction of high-value volatile compounds from Cistus ladanifer L.

The present paper describes a procedure to isolate volatiles from rock-rose (Cistus ladanifer L.) using simultaneous distillation–extraction (SDE). High-value volatile compounds (HVVC) were selected and the influence of the extraction conditions investigated. The effect of the solvent nature and extraction time on SDE efficiency was studied. The best performance was achieved with pentane in 1 h operation. The extraction efficiencies ranged from 65% to 85% and the repeatability varied between 4% and 6% (as a CV%). The C. ladanifer SDE extracts were analysed by headspace solid phase microextraction (HS-SPME) followed by gas chromatography with flame ionization detection (GC-FID). The HS-SPME sampling conditions such as fiber coating, temperature, ionic strength and exposure time were optimized. The best results were achieved with an 85 µm polyacrylate fiber for a 60 min headspace extraction at 40ºC with 20% (w/v) of NaCl. For optimized conditions the recovery was in average higher than 90% for all compounds and the intermediate precision ranged from 4 to 9% (as CV %). The volatiles α-pinene (22.2 mg g−1 of extract), 2,2,6-trimethylcyclohexanone (6.1 mg g−1 of extract), borneol (3.0 mg g−1 of extract) and bornyl acetate (3.9 mg g−1 of extract) were identified in the SDE extracts obtained from the fresh plant material.

Adding value [valorization] to tannery fleshings: part II – effect of protein hydrolysates on leather dyeing

The tanning industry generates a high quantity of solid wastes. Therefore, there is a need to create valorization [added value] options for these wastes. The main objective of the present work was to study the effect of protein hydrolysates (HP) prepared from fleshings on leather dyeing. During previous studies it was found that the application of HP products, obtained from fleshings, in leather retannage intensified the colour of crust leather. In this work the CIELAB colour system was used to evaluate the effect of HP on retannage processes. The main conclusions of this study were: (i) HP can be used instead of a dicyanodiamide resin (Fortan DC) if the colour parameters of the standard procedure are to be maintained, and (ii) the replacement of an acrylic resin (Fortan A40) by glutaraldehyde-modified HP (GHP) results in a darker skin, and can therefore be interesting for the reduction of the quantity of dye used.

Criação de valor - O Cash Value Added como métrica de avaliação da Performance empresarial

Mestrado em Contabilidade e Gestão das Instituições Financeiras

O contributo do Value For Money na análise da atividade do transporte não urgente de doentes

Mestrado em Auditoria

Communication response time in P-NET networks: worst-case analysis considering the actual token utilisation

Fieldbus networks aim at the interconnection of field devices such as sensors, actuators and small controllers. Therefore, they are an effective technology upon which Distributed Computer Controlled Systems (DCCS) can be built. DCCS impose strict timeliness requirements to the communication network. In essence, by timeliness requirements we mean that traffic must be sent and received within a bounded interval, otherwise a timing fault is said to occur. P-NET is a multi-master fieldbus standard based on a virtual token passing scheme. In P-NET each master is allowed to transmit only one message per token visit, which means that in the worst-case the communication response time could be derived considering that the token is fully utilised by all stations. However, such analysis can be proved to be quite pessimistic. In this paper we propose a more sophisticated P-NET timing analysis model, which considers the actual token utilisation by different masters. The major contribution of this model is to provide a less pessimistic, and thus more accurate, analysis for the evaluation of the worst-case communication response time in P-NET fieldbus networks.

Short-term Value for the Water Stored in Headsensitivity Power System Reservoirs

As it is well known, competitive electricity markets require new computing tools for generation companies to enhance the management of its resources. The economic value of the water stored in a power system reservoir is crucial information for enhancing the management of the reservoirs. This paper proposes a practical deterministic approach for computing the short-term economic value of the water stored in a power system reservoir, emphasizing the need to considerer water stored as a scarce resource with a short-term economic value. The paper addresses a problem concerning reservoirs with small storage capacities, i.e., the reservoirs considered as head-sensitivity. More precisely, the respective hydro plant is head-dependent and a pure linear approach is unable to capture such consideration. The paper presents a case study supported by the proposed practical deterministic approach and applied on a real multi-reservoir power system with three cascaded reservoirs, considering as input data forecasts for the electric energy price and for the natural inflow into the reservoirs over the schedule time horizon. The paper presents various water schedules due to different final stored water volume conditions on the reservoirs. Also, it presents the respective economic value of the water for the reservoirs at different stored water volume conditions.

An evaluation of SAFIRE’s potential to reduce the dose received by paediatric patients undergoing CT: a narrative review

Introduction: The purpose of this review is to gather and analyse current research publications to evaluate Sinogram-Affirmed Iterative Reconstruction (SAFIRE). The aim of this review is to investigate whether this algorithm is capable of reducing the dose delivered during CT imaging while maintaining image quality. Recent research shows that children have a greater risk per unit dose due to increased radiosensitivity and longer life expectancies, which means it is particularly important to reduce the radiation dose received by children. Discussion: Recent publications suggest that SAFIRE is capable of reducing image noise in CT images, thereby enabling the potential to reduce dose. Some publications suggest a decrease in dose, by up to 64% compared to filtered back projection, can be accomplished without a change in image quality. However, literature suggests that using a higher SAFIRE strength may alter the image texture, creating an overly ‘smoothed’ image that lacks contrast. Some literature reports SAFIRE gives decreased low contrast detectability as well as spatial resolution. Publications tend to agree that SAFIRE strength three is optimal for an acceptable level of visual image quality, but more research is required. The importance of creating a balance between dose reduction and image quality is stressed. In this literature review most of the publications were completed using adults or phantoms, and a distinct lack of literature for paediatric patients is noted. Conclusion: It is necessary to find an optimal way to balance dose reduction and image quality. More research relating to SAFIRE and paediatric patients is required to fully investigate dose reduction potential in this population, for a range of different SAFIRE strengths.

Value of a lower limb immobilization device for SPECT/CT image fusion optimization

The foot and the ankle are small structures commonly affected by disorders, and their complex anatomy represent significant diagnostic challenges. SPECT/CT Image fusion can provide missing anatomical and bone structure information to functional imaging, which is particularly useful to increase diagnosis certainty of bone pathology. However, due to SPECT acquisition duration, patient’s involuntary movements may lead to misalignment between SPECT and CT images. Patient motion can be reduced using a dedicated patient support. We aimed at designing an ankle and foot immobilizing device and measuring its efficacy at improving image fusion. Methods: We enrolled 20 patients undergoing distal lower-limb SPECT/CT of the ankle and the foot with and without a foot holder. The misalignment between SPECT and CT images was computed by manually measuring 14 fiducial markers chosen among anatomical landmarks also visible on bone scintigraphy. Analysis of variance was performed for statistical analysis. Results: The obtained absolute average difference without and with support was 5.1±5.2 mm (mean±SD) and 3.1±2.7 mm, respectively, which is significant (p<0.001). Conclusion: The introduction of the foot holder significantly decreases misalignment between SPECT and CT images, which may have clinical influence in the precise localization of foot and ankle pathology.

A importância da gestão baseada na criação de valor para o acionista (Value-Based Management): o caso do Grupo Galp Energia

A avaliação de empresas sempre constituiu um tema de elevada reflexão, sendo que vários especialistas tentam encontrar os modelos que melhor se adaptam a situações específicas e para as quais precisam de determinar um valor. No contexto empresarial português começa a ganhar significância a prática da gestão orientada para a criação de valor (Value-Based Management). O conceito de Value-Based Management assistiu a um particular desenvolvimento nos últimos 20 anos como resultado da globalização e desregulamentação dos mercados financeiros, dos avanços nas tecnologias de informação e do aumento da importância dos investidores institucionais. Vários analistas apresentaram evidência de que as empresas que adotam sistemas VBM melhoram o seu desempenho económico em relação a outras de dimensão semelhante no mesmo setor. É neste contexto que o EVA (Economic Value Added) se apresenta como uma métrica de desempenho privilegiada nos processos de controlo das decisões estratégicas tomadas. No presente trabalho pretendemos abordar o conceito da gestão baseada na criação de valor e a sua importância para o acionista, o que implica rever outros modelos de avaliação tradicionais baseados no valor contabilístico. Como métrica de avaliação do desempenho passado da empresa ao nível da criação de valor vamos dar particular importância ao estudo do EVA, fazendo referência à possível correlação entre esta métrica e o MVA (Market Value Added). O objetivo principal é analisar empiricamente a relação do EVA como medida de desempenho associada à criação de valor para os acionistas com a performance da empresa. Com efeito, vamos efetuar um estudo de caso, que vai incidir sobre um grupo empresarial português, referência no seu setor de atividade, o Grupo Galp Energia, cotado na Euronext Lisbon. Pensamos que a crescente prática da gestão baseada na criação de valor nas empresas cotadas em Portugal e a necessidade de aferir os resultados desta, tornam esta investigação pertinente, para além do facto de serem poucos os estudos empíricos à questão da criação de valor e a sua correlação com o valor acrescentado de mercado e com o valor de mercado dos capitais próprios das empresas cotadas em Portugal.

A new approach to the initial value problem

5th Portuguese Conference on Automatic Control, September, 5-7, 2002, Aveiro, Portugal

Effect of peel and seed removal on the nutritional value and antioxidant activity of tomato (Lycopersicon esculentum L.) fruits

The effect of peel and seed removal, two commonly practiced procedures either at home or by the processing industry, on the physicochemical properties, bioactive compounds contents and antioxidant capacity of tomato fruits of four typical Portuguese cultivars (cereja, chucha, rama and redondo) were appraised. Both procedures caused significant nutritional and antioxidant activity losses in fruits of every cultivar. In general, peeling was more detrimental, since it caused a higher decrease in lycopene, bcarotene, ascorbic acid and phenolics contents (averages of 71%, 50%, 14%, and 32%, respectively) and significantly lowered the antioxidant capacity of the fruits (8% and 10%, using DPPH. and b-carotene linoleate model assays, correspondingly). Although seeds removal favored the increase of both color and sweetness, some bioactive compounds (11% of carotenoids and 24% of phenolics) as well as antioxidant capacity (5%) were loss. The studied cultivars were differently influenced by these procedures. The fruits most affected by peeling were those from redondo cultivar (-66% lycopene, -44% b-carotene, -26% ascorbic acid and -38% phenolics). Seeds removal, in turn, was more injurious for cereja tomatoes (-10% lycopene, -38% b-carotene, -25% ascorbic acid and -63% phenolics). Comparatively with the remaining ones, the rama fruits were less affected by the trimming procedures.

Conceção e implementação do método das secções homogéneas numa empresa industrial de metalomecânica

Trabalho de projeto apresentado ao Instituto Superior de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob a orientação do Mestre Paulino Manuel Leite da Silva