Epävarmuuden mallintaminen investointilaskelmissa ja irtautumispäätöksen ajoittaminen: Case Paroc

Tässä diplomityössä on tutkittu epävarmuuden mallintamista investointilaskelmissa. Kirjallisuuden perusteella luotiin prosessimalli, jolla voidaan strukturoidusti tehdä yritysinvestointi- tai yritysirtaantumispäätös. Malli koostuu neljästä päävaiheesta, mutta pääpainopiste mallissa on laskentamenetelmissä. Luotua prosessimallia sekä erityisesti laskentamenetelmiä on sovellettu yritysesimerkin avulla. Epävarmuuden mallintamisongelmaa on käsitelty sekä perinteisten klassillisten investointiteorioiden että reaalioptioajatteluun pohjautuvien menetelmien avulla. Reaalioptioteoriaan perustuvien menetelmien avulla voidaan ottaa huomioon tulevat epävarmuudet ja päätöksentekomahdollisuudet. Perinteisten reaalioptioteorioiden käytännön elämän vastaisten taustaoletuksien vuoksi tutkittiin erityisesti uusimpia malleja. Diplomityössä yritysesimerkiksi valittiin Paroc Group, jonka yritysjärjestelytilannetta tutkittiin sen nykyisen omistajan eli pankin näkökulmasta. Diplomityön yhtenä keskeisenä tavoitteena oli selvittää, että kannattaako pankin myydä yhtiö tämän hetkisellä markkinahinnalla vai odottaa parempaa myyntiajankohtaa.

Optimization as a method of search engine marketing

This study is dedicated to search engine marketing (SEM). It aims for developing a business model of SEM firms and to provide explicit research of trustworthy practices of virtual marketing companies. Optimization is a general term that represents a variety of techniques and methods of the web pages promotion. The research addresses optimization as a business activity, and it explains its role for the online marketing. Additionally, it highlights issues of unethical techniques utilization by marketers which created relatively negative attitude to them on the Internet environment. Literature insight combines in the one place both technical and economical scientific findings in order to highlight technological and business attributes incorporated in SEM activities. Empirical data regarding search marketers was collected via e-mail questionnaires. 4 representatives of SEM companies were engaged in this study to accomplish the business model design. Additionally, the fifth respondent was a representative of the search engine portal, who provided insight on relations between search engines and marketers. Obtained information of the respondents was processed qualitatively. Movement of commercial organizations to the online market increases demand on promotional programs. SEM is the largest part of online marketing, and it is a prerogative of search engines portals. However, skilled users, or marketers, are able to implement long-term marketing programs by utilizing web page optimization techniques, key word consultancy or content optimization to increase web site visibility to search engines and, therefore, user’s attention to the customer pages. SEM firms are related to small knowledge-intensive businesses. On the basis of data analysis the business model was constructed. The SEM model includes generalized constructs, although they represent a wider amount of operational aspects. Constructing blocks of the model includes fundamental parts of SEM commercial activity: value creation, customer, infrastructure and financial segments. Also, approaches were provided on company’s differentiation and competitive advantages evaluation. It is assumed that search marketers should apply further attempts to differentiate own business out of the large number of similar service providing companies. Findings indicate that SEM companies are interested in the increasing their trustworthiness and the reputation building. Future of the search marketing is directly depending on search engines development.

Impact of ivermectin-resistant gastrointestinal nematodes in feedlot cattle in Argentina

The aim was to evaluate for 75 days the impact on production of the remaining burden of ivermectin (IVM)-resistant parasites in naturally infected feedlot calves. The herds came from tick-infested areas of cattle breeding where the systematic use of IVM to control tick increases the gastrointestinal parasites resistant to this drug. This investigation was carried out in two commercial feedlots in Buenos Aires province. In feedlot A, two groups of 35 animal each received IVM 1% and the other received ricobendazole (RBZ) 10% respectively. The same was done in feedlot B. On day 0, two groups of 35 animals were made in feedlots A and B. Fecal samples were taken on days 0, 22, 54 and 75 pos-treatment (PT), and body weight was registered, from each animal. Fecal samples were processed for individual count of eggs per gram (EPG) and pooled fecal culture was carried out for identification of the parasite genus in each sampling. Fecal egg count reduction test (FECR) was calculated on day 22 PT. The study design used was a totally randomized block, with commercial feedlot and sex as block variables. For data analysis, a mixed model of the SAS statistical program was used. The FECR average on day 22 was 28.4% in the IVM group, and 94,2 % in the RBZ group . From this date on, significant differences in EPG were kept until day 54. EPG counts were only equal near the end of the trial, on day 75 (p=0.16). In both commercial feedlots, especially in the IVM group, Cooperia spp. was the most prevalent parasite in the fecal cultures. Significant differences in weight (P<0.01) on post-treatment day 75 was found between the average weight in the RBZ and the IVM group (246 vs. 238 kg respectively), what means a difference of 8.3% in gains. The importance for production in the antiparasite failure treatment in commercial feedlots was demonstrated, and the need of pos-treatment controls to evaluate the efficacy of the antiparasitic administered is emphasized.

Molecular confirmation of ovine herpesvirus 2-induced malignant catarrhal fever lesions in cattle from Rio Grande do Norte, Brazil

Molecular findings that confirmed the participation of ovine herpesvirus 2 (OVH-2) in the lesions that were consistent with those observed in malignant catarrhal fever of cattle are described. Three mixed-breed cattle from Rio Grande do Norte state demonstrated clinical manifestations that included mucopurulent nasal discharge, corneal opacity and motor incoordination. Routine necropsy examination demonstrated ulcerations and hemorrhage of the oral cavity, corneal opacity, and lymph node enlargement. Significant histopathological findings included widespread necrotizing vasculitis, non-suppurative meningoencephalitis, lymphocytic interstitial nephritis and hepatitis, and thrombosis. PCR assay performed on DNA extracted from kidney and mesenteric lymph node of one animal amplified a product of 423 base pairs corresponding to a target sequence within the ovine herpesvirus 2 (OVH-2) tegument protein gene. Direct sequencing of the PCR products, from extracted DNA of the kidney and mesenteric lymph node of one cow, amplified the partial nucleotide sequences (423 base pairs) of OVH-2 tegument protein gene. Blast analysis confirmed that these sequences have 98-100% identity with similar OVH-2 sequences deposited in GenBank. Phylogenetic analyses, based on the deduced amino acid sequences, demonstrated that the strain of OVH-2 circulating in ruminants from the Brazilian states of Rio Grande do Norte and Minas Gerais are similar to that identified in other geographical locations. These findings confirmed the active participation of OVH-2 in the classical manifestations of sheep associated malignant catarrhal fever.

Estimating Attractor Dimension on the Nonlinear Pendulum Time Series

Chaotic dynamical systems exhibit trajectories in their phase space that converges to a strange attractor. The strangeness of the chaotic attractor is associated with its dimension in which instance it is described by a noninteger dimension. This contribution presents an overview of the main definitions of dimension discussing their evaluation from time series employing the correlation and the generalized dimension. The investigation is applied to the nonlinear pendulum where signals are generated by numerical integration of the mathematical model, selecting a single variable of the system as a time series. In order to simulate experimental data sets, a random noise is introduced in the time series. State space reconstruction and the determination of attractor dimensions are carried out regarding periodic and chaotic signals. Results obtained from time series analyses are compared with a reference value obtained from the analysis of mathematical model, estimating noise sensitivity. This procedure allows one to identify the best techniques to be applied in the analysis of experimental data.

Modelling of hydrogen stratification and gas mixing in containment using the APROS code

Hydrogen stratification and atmosphere mixing is a very important phenomenon in nuclear reactor containments when severe accidents are studied and simulated. Hydrogen generation, distribution and accumulation in certain parts of containment may pose a great risk to pressure increase induced by hydrogen combustion, and thus, challenge the integrity of NPP containment. The accurate prediction of hydrogen distribution is important with respect to the safety design of a NPP. Modelling methods typically used for containment analyses include both lumped parameter and field codes. The lumped parameter method is universally used in the containment codes, because its versatility, flexibility and simplicity. The lumped parameter method allows fast, full-scale simulations, where different containment geometries with relevant engineering safety features can be modelled. Lumped parameter gas stratification and mixing modelling methods are presented and discussed in this master’s thesis. Experimental research is widely used in containment analyses. The HM-2 experiment related to hydrogen stratification and mixing conducted at the THAI facility in Germany is calculated with the APROS lump parameter containment package and the APROS 6-equation thermal hydraulic model. The main purpose was to study, whether the convection term included in the momentum conservation equation of the 6-equation modelling gives some remarkable advantages compared to the simplified lumped parameter approach. Finally, a simple containment test case (high steam release to a narrow steam generator room inside a large dry containment) was calculated with both APROS models. In this case, the aim was to determine the extreme containment conditions, where the effect of convection term was supposed to be possibly high. Calculation results showed that both the APROS containment and the 6-equation model could model the hydrogen stratification in the THAI test well, if the vertical nodalisation was dense enough. However, in more complicated cases, the numerical diffusion may distort the results. Calculation of light gas stratification could be probably improved by applying the second order discretisation scheme for the modelling of gas flows. If the gas flows are relatively high, the convection term of the momentum equation is necessary to model the pressure differences between the adjacent nodes reasonably.

Acetylcholinesterase activity in the pons and medulla oblongata of rats after chronic electroconvulsive shock

An imbalance between cholinergic and noradrenergic neurotransmission has been proposed for the etiology of affective disorders. According to this hypothesis, depression would be the result of enhanced cholinergic and reduced noradrenergic neurotransmission. Repeated electroconvulsive shock (ECS) is an effective treatment for depression; moreover, in laboratory animals it induces changes in brain noradrenergic neurotransmission similar to those obtained by chronic treatment with antidepressant drugs (down-regulation of beta-adrenergic receptors). The aim of the present study was to determine whether repeated ECS in rats changes acetylcholinesterase (Achase) activity. Achase controls the level of acetylcholine (Ach) in the synaptic cleft and its levels seem to be regulated by the interaction between Ach and its receptor. Thus, a decrease in Achase activity would suggest decreased cholinergic activity. Adult male Wistar rats received one ECS (80 mA, 0.2 s, 60 Hz) daily for 7 days. Control rats were handled in the same way without receiving the shock. Rats were sacrificed 24 h after the last ECS and membrane-bound and soluble Achase activity was assayed in homogenates obtained from the pons and medulla oblongata. A statistically significant decrease in membrane-bound Achase activity (nmol thiocholine formed min-1 mg protein-1) (control 182.6 ± 14.8, ECS 162.2 ± 14.2, P<0.05) and an increase in soluble Achase activity in the medulla oblongata (control 133.6 ± 4.2, ECS 145.8 ± 12.3, P<0.05) were observed. No statistical differences were observed in Achase activity in the pons. Although repeated ECS induced a decrease in membrane-bound Achase activity, the lack of changes in the pons (control Achase activity: total 231.0 ± 34.5, membrane-bound 298.9 ± 18.5, soluble 203.9 ± 30.9), the region where the locus coeruleus, the main noradrenergic nucleus, is located, does not seem to favor the existence of an interaction between cholinergic and noradrenergic neurotransmission after ECS treatment

The photodynamic and non-photodynamic actions of porphyrins

Porphyrias are a family of inherited diseases, each associated with a partial defect in one of the enzymes of the heme biosynthetic pathway. In six of the eight porphyrias described, the main clinical manifestation is skin photosensitivity brought about by the action of light on porphyrins, which are deposited in the upper epidermal layer of the skin. Porphyrins absorb light energy intensively in the UV region, and to a lesser extent in the long visible bands, resulting in transitions to excited electronic states. The excited porphyrin may react directly with biological structures (type I reactions) or with molecular oxygen, generating excited singlet oxygen (type II reactions). Besides this well-known photodynamic action of porphyrins, a novel light-independent effect of porphyrins has been described. Irradiation of enzymes in the presence of porphyrins mainly induces type I reactions, although type II reactions could also occur, further increasing the direct non-photodynamic effect of porphyrins on proteins and macromolecules. Conformational changes of protein structure are induced by porphyrins in the dark or under UV light, resulting in reduced enzyme activity and increased proteolytic susceptibility. The effect of porphyrins depends not only on their physico-chemical properties but also on the specific site on the protein on which they act. Porphyrin action alters the functionality of the enzymes of the heme biosynthetic pathway exacerbating the metabolic deficiencies in porphyrias. Light energy absorption by porphyrins results in the generation of oxygen reactive species, overcoming the protective cellular mechanisms and leading to molecular, cell and tissue damage, thus amplifying the porphyric picture.

Raskaita teräsrakenteita valmistavan tilauskonepajan tuotannon kehittäminen

Diplomityössä tarkastellaan raskaita teräsrakenteita valmistavan tilauskonepajan tuotannon kehittämiskohteita. Tuotannon kehittämisellä halutaan nopeuttaa tuotannon läpimenoaikoja, vähentää laatukustannuksia ja parantaa yrityksen tiedonkulkua. Näillä toimenpiteillä pyritään vaikuttamaan yrityksen kilpailukykyyn, jolloin se voi nousta suomalaisessa toimittajaverkostossa korkeammalle portaalle. Työn teoriaosassa paneudutaan tuottavuus- ja laatuajatteluun hitsaavassa konepajassa. Samalla esitellään eräitä konepajoissa tyypillisimmin käytettyjä laatustandardeja, joita ovat: SFS-EN ISO 9001, SFS-EN ISO 3834 ja SFS-EN 1090. Lisäksi teoriaosiossa on kerrottu erilaisista tuotannonohjausjärjestelmistä ja layout-teorioista. Tämän diplomityön kohdeyritys on Karjalan Konepaja Oy. Yrityksen nykytilanteen kartoittamiseksi suoritettiin useita haastatteluita sekä laadittiin koko organisaatiota koskeva kysely. Tilauskonepajan haasteena ovat alati muuttuvat tilaukset. Tilauskonepajan tuotannon kehittäminen tulee aloittaa sopivien tuotannontehokkuutta mittaavien mittareiden määrittämisellä. Usein kapasiteetti ja tuottavuus kuvastavat parhaiten työvaiheiden tehokkuutta. Mittareiden tarkoitus on auttaa konepajaa löytämään ne tuotannon pullonkaulat, joista yrityksen kehittäminen tulisi aloittaa. Lean-filosofian avulla tulee kehittää tuotannosta hitaimmin suoriutuvia työvaiheita. Tarkoituksena on poistaa valmistusketjusta sellaiset työvaiheet, jotka eivät anna tuotteelle lisäarvoa. Lisäksi työpisteiden layout kannattaa kyseenalaistaa aika ajoin, sillä jo pienilläkin muutoksilla voidaan saada parannuksia työpisteiden tuottavuuteen ja kapasiteettiin.

Tuotannonohjausmallin kehitys asiantuntijaorganisaatioon

Tässä diplomityössä tutkitaan sitä, miten kehitetään asiantuntijaorganisaatioon soveltuvaa tuotannonohjausmallia, jota käytettäisiin pääasiassa työkaluna asiantuntijatyön ohjauksessa. Kehitettävän mallin logiikan ja rakenteen tulisi tuottaa mitattavissa olevaa tietoa, jota pystytään käyttämään päätöksenteon tukena. Tutkimuksen tuloksena havaittiin, että asiantuntijatuotannon johtamisessa vanhojen perinteisten teollisuuden johtamismallien avulla johtaminen voi tuoda pelkkää haittaa ja työntekijöiden motivaatio laskee. Asiantuntija tarvitsee signaaleja työn tuottavuudesta ja säännöllistä läpikäyntiä johtajansa kanssa. Tuloksena saatiin erilaisia Excel-pohjaisia työkaluja, joiden malleja voidaan käyttää myös tulevaisuudessa yrityksen tuotantojärjestelmissä.

Liver oxidative stress of the grey mullet Mugil cephalus presents seasonal variations in Ennore estuary

The objective of this study was to determine the liver oxidative stress status of grey mullets living in heavy-metal-rich polluted Ennore estuary compared with unpolluted Kovalam estuary. Fish were collected from both estuaries during the monsoon and summer seasons from October 2004 to September 2006. Fish liver homogenate (N = 20 per group) was prepared for evaluating oxidative stress parameters. Fish living in the polluted estuary had significantly higher lipid oxidation products, conjugated dienes (0.346 ± 0.017 vs 0.141 ± 0.012 DA233/mg protein), lipid hydroperoxides (0.752 ± 0.032 vs 0.443 ± 0.03 nmol/mg protein), and lipid peroxides (3.447 ± 0.14vs 1.456 ± 0.096 nmol MDA/mg protein) than those of the unpolluted estuary during the summer. In contrast, significantly lower levels of superoxide dismutase (20.39 ± 1.14 vs 53.63 ± 1.48 units/mg protein) and catalase (116 ± 6.87vs 153 ± 8.92 units/mg protein) were detected in the liver of fish from the polluted estuary (Ennore) compared to fish from the unpolluted estuary (Kovalam) during the summer. Variations in most of the oxidative stress parameters were observed between the summer and monsoon seasons, indicating the importance of seasonal variation for estuaries and their inhabitants.

Verkostoskenaarioiden arviointi sähkön jakeluverkkotoiminnan valvontamenetelmien kannalta

Tämän työn tavoitteena oli selvittää sähkön jakeluverkkotoiminnan valvontamenetelmien muutoksien vaikutuksia Loiste Sähköverkko Oy:n talouteen neljännellä ja viidennellä valvontajaksolla. Tarkastelua varten tehtiin talousmalli, joka mallintaa verkkoyhtiön taloutta vuoteen 2040 asti. Talousmallissa mallinnettiin kaikkien kannustimien vaikutus paitsi innovaatio- ja toimitusvarmuuskannustimien vaikutus. Talousmallinnuksen perusperiaate oli, että mitä ei pystytä kattamaan siirtotuloilla, rahoitetaan vieraalla pääomalla, kun kassavirran minimitaso ja investointitaso ovat valittu. Talousmallilla tarkasteltiin neljää erilaista verkostoskenaariota. Tarkasteltavat verkostoskenaariot olivat kehittämissuunnitelman mukainen skenaario, nopeutettu kehittämissuunnitelman mukainen skenaario, kaapelointipainotteinen skenaario ja kunnossapitopainotteinen skenaario. Verkon arvon kehittyminen verkostoskenaarioissa mallinnettiin Loiste Sähköverkko Oy:n investointimallilla ja kuvattiin talousmallinnusta varten jälleenhankinta-arvon, nykykäyttöarvon, investointien ja tasapoistojen kehittymisellä vuoteen 2029 asti. Työn tulosten perusteella kehittämissuunnitelman mukaisessa skenaariossa vieraan pääoman määrä pysyy kohtuullisena ja mahdollistaa kohtuullisen kassavirran tarkastelujakson lopussa. Nopeutetussa kehittämissuunnitelman mukaisessa skenaariossa ja kaapelointipainotteisissa skenaariossa vieraan pääoman määrä kasvaa merkittävästi, mikä voi lisätä liiketaloudellisia riskejä, mutta toisaalta mahdollistavat korkeamman kassavirran tarkastelujakson lopussa. Kunnossapitopainotteisessa skenaariossa vieraan pääoman määrä on matala, mutta kassavirta myös pysyy matalana tarkastelujakson loppuun asti.

Motives and barriers for engaging in collaborative consumption in Finland

In this thesis the consumers’ expected motives and barriers for engaging in collaborative consumption in Finland are studied. The phenomenon is observed through the lens of consumer theory and it is connected to the context using Hofstede’s 6-D model. The phenomenon is new and there are almost no recorded results in the background research, and when considering the limitations of this study, there are no results at all. Therefore, combining different kinds of literature, as well as taking along consumer theory and Hofstede’s model that explains cultural factors, it was possible to compile a comprehensive general view of the present state of the phenomenon. The actual study was conducted using qualitative methods and the solution was sought collecting data from six in-depth interviews with interviewees having experience from using, or offering resources, or both. According to the results, the primary motive in all modes of consumption was economic. Anti-materialism, anti-consumption, and expanding lifestyle were another a bit more general motives. Perceived barriers were, especially as a new result, the amount of trouble one has to see and in single modes, a lack of trust, the used platform and too expensive prices.

Crystal growth, Raman scattering and optical properties of the superconductor Cd2Re2O7(16O, 18O)/

Using the Physical Vapor Transport method, single crystals of Cd2Re207 have been grown, and crystals of dimensions up to 8x6x2 mm have been achieved. X-ray diffraction from a single crystal of Cd2Re207 has showed the crystal growth in the (111) plane. Powder X-ray diffraction measurements were performed on ^^O and ^^O samples, however no difference was observed. Assigning the space group Fd3m to Cd2Re207 at room temperature and using structure factor analysis, the powder X-ray diffraction pattern of the sample was explained through systematic reflection absences. The temperatiure dependence of the resistivity measurement of ^^O has revealed two structural phase transitions at 120 and 200 K, and the superconducting transition at 1.0 K. Using Factor Group Analysis on three different structiures of Cd2Re207, the number of IR and Raman active phonon modes close to the Brillouin zone centre have been determined and the results have been compared to the temperature-dependence of the Raman shifts of ^^O and ^*0 samples. After scaling (via removing Bose-Einstein and Rayleigh scattering factors from the scattered light) all spectra, each spectrum was fitted with a number of Lorentzian peaks. The temperature-dependence of the FWHM and Raman shift of mode Eg, shows the effects of the two structurjil phase transitions above Tc. The absolute reflectance of Cd2Re207 - '^O single crystals in the far-infrared spectral region (7-700 cm~^) has been measured in the superconducting state (0.5 K), right above the superconducting state (1.5 K), and in the normal state (4.2 K). Thermal reflectance of the sample at 0.5 K and 1.5 K indicates a strong absorption feature close to 10 cm~^ in the superconducting state with a reference temperature of 4.2 K. By means of Kramers-Kronig analysis, the absolute reflectance was used to calculate the optical conductivity and dielectric function. The real part of optical conductivity shows five distinct active phonon modes at 44, 200, 300, 375, and 575 cm~' at all temperatures including a Drude-like behavior at low frequencies. The imaginary part of the calculated dielectric function indicates a mode softening of the mode 44 cm~' below Tc.

Effects of large anphiphilic ligands upon the spectra and kinetics of cytochrome C oxidase

Cytoch ro me c oxidase (ferrocytochrome c : 02 oxidoreductase ; EC 1.9. 3.1) is the terminal enzyme in the mitochondrial electron transport chain, catalyzing the transfer of electrons from ferrocytochrome c to molecular oxygen. The effects of two large amphiphilic molecules .. valinomycin and dibucaine upon the spectra of the isolated enzyme and upon the activity of both isolated enzyme and enzyme in membrane systems are investigated by using spectrophotometric and oxygen electrode techniques. The results show that both valinomycin and dibucaine change the Soret region of the spectrum and cause a partial inhibition in a concentration range higher than that in which they act as ionophores. It is concluded that both valinomycin and dibucain~ binding induce a conformational change of the protein structure which modifies the spectrum of the a3 CUB centre and diminishes the rate of electron transfer between cytochrome a and the binuclear centre.