A decision support framework for infrastructure maintenance investment decision-making

Infrastructure management agencies are facing multiple challenges, including aging infrastructure, reduction in capacity of existing infrastructure, and availability of limited funds. Therefore, decision makers are required to think innovatively and develop inventive ways of using available funds. Maintenance investment decisions are generally made based on physical condition only. It is important to understand that spending money on public infrastructure is synonymous with spending money on people themselves. This also requires consideration of decision parameters, in addition to physical condition, such as strategic importance, socioeconomic contribution and infrastructure utilization. Consideration of multiple decision parameters for infrastructure maintenance investments can be beneficial in case of limited funding. Given this motivation, this dissertation presents a prototype decision support framework to evaluate trade-off, among competing infrastructures, that are candidates for infrastructure maintenance, repair and rehabilitation investments. Decision parameters' performances measured through various factors are combined to determine the integrated state of an infrastructure using Multi-Attribute Utility Theory (MAUT). The integrated state, cost and benefit estimates of probable maintenance actions are utilized alongside expert opinion to develop transition probability and reward matrices for each probable maintenance action for a particular candidate infrastructure. These matrices are then used as an input to the Markov Decision Process (MDP) for the finite-stage dynamic programming model to perform project (candidate)-level analysis to determine optimized maintenance strategies based on reward maximization. The outcomes of project (candidate)-level analysis are then utilized to perform network-level analysis taking the portfolio management approach to determine a suitable portfolio under budgetary constraints. The major decision support outcomes of the prototype framework include performance trend curves, decision logic maps, and a network-level maintenance investment plan for the upcoming years. The framework has been implemented with a set of bridges considered as a network with the assistance of the Pima County DOT, AZ. It is expected that the concept of this prototype framework can help infrastructure management agencies better manage their available funds for maintenance.

Prácticas para el mejoramiento de la gerencia estratégica de proyectos de crecimiento corporativo. Una propuesta desde los estándares del PMI para una empresa del sector eléctrico colombiano

El presente proyecto de grado busca contribuir a una efectiva gerencia estratégica de proyectos de inversión orientados a incrementar el valor de empresa en una compañía del sector eléctrico colombiano -- Con el fin de conocer el estado actual de las prácticas de gerencia estratégica de proyectos, se realizó un diagnóstico para medir el nivel de madurez; también se entrevistaron ejecutivos involucrados en el actual proceso de crecimiento, todo lo anterior con el fin de señalar las brechas y oportunidades de mejoramiento en la organización en estudio -- Para conocer la identificación de prácticas que se han implementado en el sector, se entrevistaron expertos que han hecho parte de los procesos de transformación organizacional originados a partir de los procesos de crecimiento corporativo en tres de las principales organizaciones del sector eléctrico colombiano, esto con el propósito de retomar sus experiencias de éxito -- Como marco teórico-metodológico se trabajó con los estándares del PMI para fundamentar los conceptos alrededor de las prácticas a proponer como resultado de esta investigación -- Finalmente se realizó una triangulación de información a través de la cual se integraron los conceptos teóricos y prácticos que permitieron elaborar una propuesta de mejoramiento de la gerencia estratégica de proyectos de crecimiento corporativo

Development of Imatra`s logistics hub as a part of Nordic region

This thesis is dedicated to enhancement and development of Imatra`s logistics potential in order to increase its key parameters and improve the efficiency of the region. To find out the most promising logistics projects was proposed a tool “integral-matrix analysis” which enables to make the priority among the list of proposed projects. Description and functionality of the tool are explained in detail. As a result of analysis, the list of priority projects for the development of the region is presented. Project with the greatest potential is implemented in the thesis work. In conclusion, recommendations for the further development of economic potential of the region are given. The thesis is basically focused on literature review, overlook of secondary and primary data (including the results of the interviews, which were carried out among companies that represent the logistics market). Primary data was collected in interviews with the representatives of the companies, who regularly use logistics services. Total effects that make various Russian regions and companies on the Finnish logistics is summed up and discussed.

Active versus passive management : the case of BOVESPA

Mestrado em Finanças

Risk management in research and development (R&D) projects: the case of South Australia

A definition of the effective methods of risk management in R&D projects has remained elusive. Similarly, there have been calls to devise effective risk management methods in R&D projects. To develop this area further, the purpose of this study is twofold. First, it validates the veracity of claims about the urgency of introducing effective methods of risk management to R&D projects in South Australia based on nine unstructured interviews with experts. Second, the study presents the outcomes of two case studies that deployed the extended version of the failure mode and effect analysis, namely, the RFMEA method in a South Australian organisation, to investigate how the method can facilitate the identification of effective contingency plans to mitigate high-priority risks. The findings showed that the RFMEA method would be effective for project managers in dealing with risk management issues in R&D projects. The discussions presented will provide guidelines for practitioners in the industry.

Decision - Support Software Tool Handbook

The road and transport industry in Australia and overseas has come a long way to understanding the impact of road traffic noise on the urban environment. Most road authorities now have guidelines to help assess and manage the impact of road traffic noise on noise-sensitive areas and development. While several economic studies across Australia and overseas have tried to value the impact of noise on property prices, decision-makers investing in road traffic noise management strategies have relatively limited historic data and case studies to go on. The perceived success of a noise management strategy currently relies largely on community expectations at a given time, and is not necessarily based on the analysis of the costs and benefits, or the long-term viability and value to the community of the proposed treatment options. With changing trends in urban design, it is essential that the 'whole-of-life' costs and benefits of noise ameliorative treatment options and strategies be identified and made available for decisionmakers in future investment considerations. For this reason, CRC for Construction Innovation Australia funded a research project, Noise Management in Urban Environments to help decision-makers with future road traffic noise management investment decisions. RMIT University and the Queensland Department of Main Roads (QDMR) have conducted the research work, in collaboration with the Queensland Department of Public Works, ARUP Pty Ltd, and the Queensland University of Technology. The research has formed the basis for the development of a decision-support software tool, and helped collate technical and costing data for known noise amelioration treatment options. We intend that the decision support software tool (DST) should help an investment decision-maker to be better informed of suitable noise ameliorative treatment options on a project-by-project basis and identify likely costs and benefits associated with each of those options. This handbook has been prepared as a procedural guide for conducting a comparative assessment of noise ameliorative options. The handbook outlines the methodology and assumptions adopted in the decision-support framework for the investment decision-maker and user of the DST. The DST has been developed to provide an integrated user-friendly interface between road traffic noise modelling software, the relevant assessment criteria and the options analysis process. A user guide for the DST is incorporated in this handbook.

Service aggregators in business networks

This position paper examines the development of a dedicated service aggregator role in business networks. We predict that these intermediaries will soon emerge in service ecosystems and add value through the application of dedicated domain knowledge in the process of creating new, innovative services or service bundles based on the aggregation, composition, integration or orchestration of existing services procured from different service providers in the service ecosystem. We discuss general foundations of service aggregators and present Fourth-Party Logistics Providers as a real-world example of emerging business service aggregators. We also point out a demand for future research, e.g. into governance models, risk management tools, service portfolio management approaches and service bundling techniques, to be able to better understand core determinants of competitiveness and success of service aggregators.

Supporting the mature aged workforce

This article presents findings from an Australian research project regarding management of the mature aged workforce and ageing demographic issues. Semi structured interviews were used to discuss perceptions of older workers, ageing demography, informal work practices, formal work practices and business development. The sample included 25 employees from three local governments from the Queensland State in Australia. Four main themes emerged from the analysis regarding the current setting. These were: (1) Despite negative stereotyping, respondents had a positive view of older workers, (2) Age management was more of an issue for the outdoor workforce due to declines in physiological capacities associated with aging, (3) The overarching policy framework within the local councils was age neutral; and (4) Informal age management strategies existed at the discretion of the respective managers and section heads. An age conscious and forethought workforce plan was viewed as the next step towards a formal age management strategy. The findings indicate that mentoring, training and flexible work options to retain staff and to retain corporate knowledge may be some of the options for the future

Incentives to underprice

an initial public offering, the choices made by issuers, such as the offer price, might not appear to be wealth maximizing. In this article, we argue that the choices are strategic. Based on the model developed by Barry (1989), we show that the average change in the issuer's wealth (4.52 per cent) is lower than the average loss implied by underpricing (12.09 per cent). Our results support the notion that the choices issuers make at the offering generate a compensatory benefit in the aftermarket. That the issuer may well not suffer a net wealth loss from the offering is in accordance with continued initial public offering activity.

The role of U.S. timberland in real estate portfolios

Timberland is seen as a long-term investment which has recently received increased institutional investor attention in many countries and potentially provides added value in a mixed-asset portfolio. Using the National Council of Real Estate Investment Fiduciaries (NCREIF) timberland series, this paper analyses the risk-adjusted performance and portfolio diversification benefits of timberland in the United States over the period of 1987-2007. U.S. timberland is seen to have been a strongly performed asset class with significant portfolio diversification benefits over this period; with a significant portfolio role separate to that of real estate. However, recent years have seen reduced risk-adjusted returns, with some loss of portfolio diversification benefits of timberland with stocks and real estate. Global drivers are likely to see increased future demand for timberland investment.

Design of a model-generated repository as a service for USDL

SAP and its research partners have been developing a lan- guage for describing details of Services from various view- points called the Unified Service Description Language (USDL). At the time of writing, version 3.0 describes technical implementation aspects of services, as well as stakeholders, pricing, lifecycle, and availability. Work is also underway to address other business and legal aspects of services. This language is designed to be used in service portfolio management, with a repository of service descriptions being available to various stakeholders in an organisation to allow for service prioritisation, development, deployment and lifecycle management. The structure of the USDL metadata is specified using an object-oriented metamodel that conforms to UML, MOF and EMF Ecore. As such it is amenable to code gener-ation for implementations of repositories that store service description instances. Although Web services toolkits can be used to make these programming language objects available as a set of Web services, the practicalities of writing dis- tributed clients against over one hundred class definitions, containing several hundred attributes, will make for very large WSDL interfaces and highly inefficient “chatty” implementations. This paper gives the high-level design for a completely model-generated repository for any version of USDL (or any other data-only metamodel), which uses the Eclipse Modelling Framework’s Java code generation, along with several open source plugins to create a robust, transactional repository running in a Java application with a relational datastore. However, the repository exposes a generated WSDL interface at a coarse granularity, suitable for distributed client code and user-interface creation. It uses heuristics to drive code generation to bridge between the Web service and EMF granularities.

Constructability improvement in sea water intake structure

Purpose The purpose of this paper is to explore the process, and analyse the implementation of constructability improvement and innovation result during the planning and design for sea water intake structure of fertilizer plant project. Design/methodology/approach The research methodology approach is case study method at project level. This constructability improvement process was investigated by using constructability implementation check lists, direct observation, documented lesson learned analysis and key personnel interviews. Findings The case study shows that the implementation of constructability during planning and design stage for this sea water intake structure has increased the project performance as well as improved the schedule by 5 months (14.21%) and reduced the project cost by 15.35%. Research limitations/implications This case study was limited to three (3) previous sea water intake projects as references and one (1) of new method sea water intake structure at fertilizer plant project. Practical implications A constructability improvement check list using theory and lesson learned for the specific construction project was documented. Originality/value The findings support the relevant study of constructability and provide specific lesson learned for three (3) previous project and one (1) of the new innovation method of the construction project and documented by the company.

A hybrid approach to combining CART and logistic regression for stock ranking

The benefits of applying tree-based methods to the purpose of modelling financial assets as opposed to linear factor analysis are increasingly being understood by market practitioners. Tree-based models such as CART (classification and regression trees) are particularly well suited to analysing stock market data which is noisy and often contains non-linear relationships and high-order interactions. CART was originally developed in the 1980s by medical researchers disheartened by the stringent assumptions applied by traditional regression analysis (Brieman et al. [1984]). In the intervening years, CART has been successfully applied to many areas of finance such as the classification of financial distress of firms (see Frydman, Altman and Kao [1985]), asset allocation (see Sorensen, Mezrich and Miller [1996]), equity style timing (see Kao and Shumaker [1999]) and stock selection (see Sorensen, Miller and Ooi [2000])...