Lower partial moment and information entropy-based dynamic electricity purchasing strategy

In the electricity market environment, load-serving entities (LSEs) will inevitably face risks in purchasing electricity because there are a plethora of uncertainties involved. To maximize profits and minimize risks, LSEs need to develop an optimal strategy to reasonably allocate the purchased electricity amount in different electricity markets such as the spot market, bilateral contract market, and options market. Because risks originate from uncertainties, an approach is presented to address the risk evaluation problem by the combined use of the lower partial moment and information entropy (LPME). The lower partial moment is used to measure the amount and probability of the loss, whereas the information entropy is used to represent the uncertainty of the loss. Electricity purchasing is a repeated procedure; therefore, the model presented represents a dynamic strategy. Under the chance-constrained programming framework, the developed optimization model minimizes the risk of the electricity purchasing portfolio in different markets because the actual profit of the LSE concerned is not less than the specified target under a required confidence level. Then, the particle swarm optimization (PSO) algorithm is employed to solve the optimization model. Finally, a sample example is used to illustrate the basic features of the developed model and method.

Course quality assurance at a glance

From 2014, QUT will be adopting a life-cycle approach to Course Quality Assurance informed by a wider and richer range of historic, ‘live’ and ‘predictive’ course data. Key data elements continue to be grouped according to the three broad categories – Viability, Quality of Learning Environment and Outcomes – and are further supported with analytic data presented within tables and charts. Course Quality Assurance and this Consolidated Courses Performance Report illuminate aspects of courses from a data evidence base highlighting the strengths and weaknesses of our courses. It provides the framework and tools to achieve QUT's commitment to excellent graduate outcomes by drawing attention and focus to the quality of our courses and providing a structured approach for bringing about change. Our portfolio of courses forms a vital part of QUT, generating almost $600 million in 2013 alone. Real world courses are fundamental to the strength of the Institution; they are what our many thousands of current and future students are drawn to and invest their time and aspirations in. As we move through a period of some regulatory and deregulatory uncertainty, there is a greater need for QUT to monitor and respond to the needs and expectations of our students. The life-cycle approach, with its rich and predicative data, provides the best source of evidence we have had, to date, to assure the quality of our courses and their relevance in a rapidly changing higher education context.

Why the energy technology revolution hasn't happened

The main thrusts of this TEDx talk are rooted in findings from original research by Rob Perrons concerning the role of industry clockspeed on technology-focused startups. The study involved extensive exposure to five member companies from the Shell Technology Ventures portfolio of companies over a three-year period, and shed new light on the specific mechanics that were contributing to these companies’ inability to get traction for their respective innovations within the marketplace. This evidence is also being coalesced into scholarly and scholarly publications—but this TEDx talk was a first release of a few of these high-level findings.

Correlations and volatility spillovers across commodity and stock markets: Linking energies, food, and gold

This paper employs a VAR-GARCH model to investigate the return links and volatility transmission between the S&P 500 and commodity price indices for energy, food, gold and beverages over the turbulent period from 2000 to 2011. Understanding the price behavior of commodity prices and the volatility transmission mechanism between these markets and the stock exchanges are crucial for each participant, including governments, traders, portfolio managers, consumers, and producers. For return and volatility spillover, the results show significant transmission among the S&P 500 and commodity markets. The past shocks and volatility of the S&P 500 strongly influenced the oil and gold markets. This study finds that the highest conditional correlations are between the S&P 500 and gold index and the S&P 500 and WTI index. We also analyze the optimal weights and hedge ratios for commodities/S&P 500 portfolio holdings using the estimates for each index. Overall, our findings illustrate several important implications for portfolio hedgers for making optimal portfolio allocations, engaging in risk management and forecasting future volatility in equity and commodity markets. © 2013 Elsevier B.V.

Correlates of perceiving human resource management as a 'problem' in smaller firms

In this paper we investigate factors likely to correlate with human resource management (HRM) being perceived as a problem in smaller firms. The owner-manager and firm characteristics identified recognise that managerial ‘problems’ can result from a firm’s phase of growth, as well as the way in which an owner-manager’s capacity and characteristics affect their interpretation of such. From a survey of 1200 smaller firms in south east Melbourne (Australia), we use logistic regression on data from 428 respondents to assess organisational and individual factors correlating with perceiving HRM, broadly defined, to be a problem. The highest odds of this occurring were associated with being a larger manufacturing firm which was in a phase of growth other than diversification and which had a long-tenured manager who based the firm’s competitive success on factors other than the quality of staff. Knowing these correlates means assistance to help solve the perceived ‘problem’ with HRM can be more effectively targeted.

Small firms and health and safety harmonisation : potential regulatory effects of a dominant narrative

Small firms are popularly viewed as resistant to complying with regulation. Harmonisation of Australia’s state-based work health and safety regimes is a significant regulatory change. In this article, we consider the likely responses of small firms to work health and safety harmonisation and argue that a range of choices are open to small firm owner-managers. These choices are shaped by individuals’ world views and are influenced by elements in the firms’ context. A significant element is the public narrative of work health and safety harmonisation, which can be understood by using discourse and sense-making concepts. Our analysis of small firm owner-manager choices takes into account small firms’ embeddedness in their regulatory context and the influence on organisational decision-making of the narrative of work health and safety harmonisation. The dominant narrative is arguably silent on the benefits of the work health and safety regulatory change and therefore the response of small firms is likely to be avoidance or minimalism. Non-compliance could be the result due to poor awareness of opportunities arising from this regulatory change.

Managing growth and entry strategies across borders

Should the firm move successfully into a growth or expansion phase the owner manager will be required to increase the scale and scope of its operations. Part of this expansion will involve hiring additional employees, and increasing the overall complexity of the firm's activities. It is likely that the need for greater levels of professional management will be required to operate the firm, along with the need for enhanced planning and the introduction of systems to support the new levels of complexity. The transition from a small, owner-managed firm to a large systems-managed business will require the development of a team-based management approach with greater specialisation within the management team. Corporate governance is also likely to change as the growth cycle takes place. As it grows, the business will become more formalised in its accounting, management and other systems. The need for greater quantities of capital is likely to lead the business towards equity finance. As new equity partner are taken into the company the original owner managers may find their level of control diminished. The larger the firm becomes the more likely its management structure will become decentralised with greater separation between the owner and the firm in terms of operational and financial matters.

Making optimal and justifiable asset maintenance decisions

Maintenance decisions for large-scale asset systems are often beyond an asset manager's capacity to handle. The presence of a number of possibly conflicting decision criteria, the large number of possible maintenance policies, and the reality of budget constraints often produce complex problems, where the underlying trade-offs are not apparent to the asset manager. This paper presents the decision support tool "JOB" (Justification and Optimisation of Budgets), which has been designed to help asset managers of large systems assess, select, interpret and optimise the effects of their maintenance policies in the presence of limited budgets. This decision support capability is realized through an efficient, scalable backtracking- based algorithm for the optimisation of maintenance policies, while enabling the user to view a number of solutions near this optimum and explore tradeoffs with other decision criteria. To assist the asset manager in selecting between various policies, JOB also provides the capability of Multiple Criteria Decision Making. In this paper, the JOB tool is presented and its applicability for the maintenance of a complex power plant system.

Learning from Eames : six lessons

"Eventually everything connects—people, ideas, objects. The quality of the connections is the key toquality per se.” (Charles Eames) On 8 November, 2007, in a moment charged with serendipity, an Exhibition titled ‘The Gifted Eye of Charles Eames—A Portfolio of 100 images’ was opened exclusively to Brisbane. The Artisan Gallery in Fortitude Valley became the launch point for an international orbit of Fringe locations hosting one of 18 sets of 100 images each...

The urgent need for career preview: Student expectations and graduate realities in music and dance

Unlike the work available in many creative disciplines, musicians and dancers have the possibility of full-time, company-based employment; however, participants far outweigh the number of available positions. As a result, many graduates become ‘enforced entrepreneurs’ as they shape their work to meet personal and professional needs. This paper first explores the career projections of 58 music and dance students who were surveyed in their first week of post-secondary study. It then contrasts these findings with the reality of graduate careers as reported by five of that cohort four years later. In contrast with the students’ overwhelming focus on performance roles, the graduate cohort reported a prevalence of portfolio careers incorporating both creative and non-creative roles. The paper characterises the notion of a performing arts ‘career’ as a messy concept fraught with misunderstanding. Implications include the need to heighten students’ career awareness and position intrinsic satisfaction as a valued career concept.

Integrating ‘role play’ in assessment to strengthen professional conduct and accountability of students : a pilot study

BACKGROUND In a process engineering setting, graduates are frequently allocated reviews of existing operations or required to scope new production processes by their supervisors with a view to improving or expanding on operations and overall productivity. These tasks may be carried out in teams and in consultation with the process engineer’s immediate line manager or a more experienced engineer, such as the Production or Maintenance Manager; ultimately reporting to senior management, which is frequently a non-engineer. Although professional skills development is part of engineering curricula, ‘professional conduct’ and ‘accountability’ required for dealing with peers and superiors in industry is not very well addressed at university. Consequently, upon graduation, many students are, in terms of knowledge and experience in this area, underprepared to work effectively in industry settings. PURPOSE The purpose of this study was to develop and implement a role-play scenario within a core 2nd year process engineering unit, so that students could gain knowledge, skills and experience in different aspects (and nuances) of professional conduct and accountability. DESIGN/METHOD In the role-play scenario, students worked in ‘engineering production teams’ to design a process for an iconic Queensland fruitcake and to present their solution and recommendations (culminating in a poster presentation) to an assessment panel consisting of staff, role-playing as, ‘production and plant managers’. Students were assessed on several areas, including professionalism using a criteria referenced assessment guide by a 3-member cross-disciplinary staff panel consisting of a Business Faculty lecturer, an engineer from industry and the lecturer of the Process Engineering unit. Professional conduct and accountability was gauged through direct questioning by the panel. Feedback was also sought from students on various aspects through a survey questionnaire after the role play activity at the end of semester. RESULTS Overall, the role play was very well performed with students achieving an average score of 79.3/100 (distinction grade). Professional conduct as assessed by panel was on average better than scores given for professional accountability (4.0 compared with 3.6 out of 5). Feedback from students indicated that the learning activities had contributed to their overall understanding of the content and the role of process engineers. Industry involvement was rated very highly as contributing to their learning at 4.8 (on Likert scale from 1 – 5) and the poster presentation was rated at 3.6. CONCLUSIONS This pilot study was successful in implementing a new assessment task for modelling professional conduct and accountability within a 2nd year core unit. This task incorporated a role-play activity and there was evidence to suggest that this and associated learning tasks were successful in broadening students’ understanding and skills in this area required for engineering practice. Following feedback given by students and staff, improvements will be made to the nature of the problem, how it is defined, its assessment, and the approach taken in the role-play scenario when the unit is offered in 2014.

A framework for people capability enhancement to support sustainable facility management practices

Spanning over a considerable length of time, facility management is a key phase in the development cycle of built assets. Therefore facility managers are in a commanding position to maximise the potential of sustainability through the operation, maintenance and upgrade of built facilities leading to decommission and deconstruction. Sustainability endeavours in facility management practices will not only contribute to reducing energy consumption, waste and running costs, but also help improve organisational productivity, financial returns and community standing of the organisation. At the forefront facing sustainability challenge, facility manager should be empowered with the necessary knowledge and capabilities. However, literature studies show a gap between the current level of awareness and the specific knowledge and necessary skills required to pursue sustainability in the profession. People capability is considered as the key enabler in managing the sustainability agenda as well as being central to the improvement of competency and innovation in an organization. This paper aims to identify the critical factors for enhancing people capabilities in promoting the sustainability agenda in facility management practices. Starting with a total of 60 factors identified through literature review, the authors conducted a questionnaire survey to assess the perceived importance of these factors. The findings reveal 23 critical factors as significantly important. They form the basis of a mechanism framework developed to equip facility managers with the right knowledge, to continue education and training and to develop new mind-sets to enhance the implementation of sustainability measures in FM practices.

The effectiveness of psychosocial interventions for cognitive dysfunction in cancer patients who have received chemotherapy : a systematic review

Background: Chemotherapy-related cognitive dysfunction (CRCD) refers to problems with memory,attention span, or concentration, experienced by patients with cancer who have had chemotherapy. CRCD can have a significant negative effect on a patient’s quality of life. The exact cause of CRCD is unknown but is presumed to be multifactorial. Objective: To conduct a systematic review of the effectiveness of psychosocial interventions designed to treat CRCD. Methods: Participants of interest to the review were over 18 years of age, diagnosed with cancer, and receiving chemotherapy or had received chemotherapy in the past. Interventions of interest were methods to improve cognitive function. Included study designs were randomized controlled trials, quasi-experimental trials, and quantitative observational studies. The primary outcome of interest was level of cognitive function. A three-step search strategy was utilized to identify studies published from 1985 to 2011 from a wide range of databases. Joanna Briggs Institute systematic review methods were used but findings were analyzed using the Cochrane Collaboration Review Manager 5.1 program.Weightedmean differences with 95% confidence intervals were calculated from the continuous data. Results: Searching identified 3,109 potentially relevant articles and 120 full-text articles were retrieved. Two further papers were sourced from reference lists of retrieved articles. From 122 papers, six were suitable for critical appraisal and six were included in the analysis. Meta-analysis was conducted on two cognitive behavioral therapy (CBT) trials for the outcome of inability to concentrate. Significant effect was seen for one CBT intervention at 20 weeks (p = .004). Significant effect from CBT on quality of life was seen at 6-month follow-up (p < .05). Conclusions: Despite some evidence of an effect, there is insufficient evidence at this stage to strongly recommend any of the interventions to assist in decreasing the effects of CRCD, except in terms of improving quality of life.

Institutional investors, risk/performance and corporate governance

Modern portfolio theory suggests that investors minimize risk for a given level of expected return by carefully choosing the proportions of various assets. This study sets out to determine the role of the institutional investor in monitoring risk and firm performance. Using a sample of Australian firms from 2006 to 2008, our empirical study shows a positive association between firm-specific risk, risk-management policy, and performance for firms with increasing institutional shareholdings. The study also finds that the significance of this association depends on the institutional investor's ability to influence management, which in turn depends on the size of ownership and whether the investee firm does not have potential business dealings with the investor. We also find that when firms are financially distressed, institutional investors engage in promoting short-term performance or exit rather than support long-term value creation. The results are robust while controlling the potential for endogeneity and using sensitivity tests to control for variants of performance and risk. These findings add to the growing body of literature examining institutional ownership and the importance of understanding the role of risk-management in the risk and return relation.

Bioprocess engineering of microalgae to produce a variety of consumer products

Microalgae biotechnology has recently emerged into the lime light owing to numerous consumer products that can be harnessed from microalgae. Product portfolio stretches from straightforward biomass production for food and animal feed to valuable products extracted from microalgal biomass, including triglycerides which can be converted into biodiesel. For most of these applications, the production process is moderately economically viable and the market is developing. Considering the enormous biodiversity of microalgae and recent developments in genetic and metabolic engineering, this group of organisms represents one of the most promising sources for new products and applications. With the development of detailed culture and screening techniques, microalgal biotechnology can meet the high demands of food, energy and pharmaceutical industries. This review article discusses the technology and production platforms for development and creation of different valuable consumer products from microalgal biomass.