A methodology to assess the competitiveness of real estate developers in China

Real estate, or property development, is considered one of the pillar industries of the Chinese economy. As a result of the opening up of the economy as well as the "macro-control" policy of the Central Chinese Government to moderate the frenetic pace of growth of the economy, the real estate industry has faced fierce competition and ongoing change. Real estate firms in China must improve their competitiveness in order to maintain market share or even survive in this brutally competitive environment. This study developed a methodology to evaluate the competitiveness of real estate developers in the China and then used a case study to illustrate the effectiveness of the evaluation method. Four steps were taken to achieve this. The first step was to conduct a thorough literature review which included a review of the characteristics of real estate industry, theories about competitiveness and the competitive characteristics of real estate developers. Following this literature review, the competitive model was developed based on seven key competitive factors (the 'level 1') identified in the literature. They include: (1) financial competency; (2) market share; (3) management competency; (4) social responsibility; (5) organisational competency; (6) technological capabilities; and, (7) regional competitiveness. In the next step of research, the competitive evaluation criteria (the 'level 2') under each of competitive factors (the 'level 1') were evaluated. Additionally, there were identified a set of competitive attributes (the 'level 3') under each competitive criteria (the 'level 2'). These attributes were initially recognised during the literature review and then expanded upon through interviews with multidisciplinary experts and practitioners in various real estate-related industries. The final step in this research was to undertake a case study using the proposed evaluation method and attributes. Through the study of an actual real estate development company, the procedures and effectiveness of the evaluation method were illustrated and validated. Through the above steps, this research investigates and develops an analytical system for determining the corporate competitiveness of real estate developers in China. The analytical system is formulated to evaluate the "state of health" of the business from different competitive perspectives. The result of empirical study illustrates that a systematic and structured evaluation can effectively assist developers in identifying their strengths and highlighting potential problems. This is very important for the development of an overall corporate strategy and supporting key strategic decisions. This study also provides some insights, analysis and suggestions for improving the competitiveness of real estate developers in China from different perspectives, including: management competency, organisational competency, technological capabilities, financial competency, market share, social responsibility and regional competitiveness. In the case study, problems were found in each of these areas, and they appear to be common in the industry. To address these problems and improve the competitiveness and effectiveness of Chinese real estate developers, a variety of suggestions are proposed. The findings of this research provide an insight into the factors that influence competitiveness in the Chinese real estate industry while also assisting practitioners to formulate strategies to improve their competitiveness. References for studying the competitiveness of real estate developers in other countries are also provided.

Assessing the real value in residential property investment

One of the major fall outs from the Global Financial Crisis has been the decline in residential property construction, home lending and residential property prices. This has lead to some extent to a reduction in the number of small investors willing to commit funds to an investment market that is not seen to perform as well as other investment assets, particularly in relation to income return.With a decreasing supply of rental accommodation in the housing markets, less public housing being constructed by both State and Commonwealth Governments, there is the potential for the residential property market to provide more substantial returns than previous years.This paper will analyse the current residential housing market in Brisbane, Australia to determine if there are sectors in this market that are outperforming the average income and total return for residential investment property and the variation in investment performance across the various housing sub-markets. The results show that property investment in residential property provides opportunities to maximize returns based on geographic location and socio-economic economic status, with lower value areas showing the highest income returns and higher value suburbs showing greater capital returns

Integrated approach for HP-LNG pump diagnosis and prognostics based on health state probability estimation

This paper presents an innovative prognostics model based on health state probability estimation embedded in the closed loop diagnostic and prognostic system. To employ an appropriate classifier for health state probability estimation in the proposed prognostic model, the comparative intelligent diagnostic tests were conducted using five different classifiers applied to the progressive fault levels of three faults in HP-LNG pump. Two sets of impeller-rubbing data were employed for the prediction of pump remnant life based on estimation of discrete health state probability using an outstanding capability of SVM and a feature selection technique. The results obtained were very encouraging and showed that the proposed prognosis system has the potential to be used as an estimation tool for machine remnant life prediction in real life industrial applications.

Transition to intensive care nursing: A state-wide, workplace centred program-12 years on

In November 1999, the Queensland Health (QH) Transition to Practice Nurse Education Program - Intensive Care (TPNEP-IC) was initiated in QH Intensive Care Units (ICUs) across Queensland. This 12-month, state-wide, workplace based education program has set minimum standards for intensive care nursing education and therefore minimum standards for intensive care nursing practice in QH. In the 12 years of operation, 824 nurses have completed TPNEP-IC, 761 achieving academic credit status and 453 utilising this academic credit status to undertake postgraduate study in critical/intensive care nursing at three Queensland universities. These outcomes were achieved through the appointment of nurse educators within ICUs who, through a united and strong commitment to this state-wide approach formed collaborative professional networks, which resulted in the development, implementation and maintenance of the program. Furthermore, these networks enabled a framework of support for discussion and dissemination of evidence based practice, to endorse quality processes for TPNEP-IC and to nurture leadership potential among educators. Challenges to overcome included obtaining adequate resources to support all aspects of the program, gaining local management and administrative support, and embedding TPNEP-IC within ICU culture. The 12 years of operation of the program have demonstrated its long term sustainability. The program is being launched through a new blended learning approach utilising e-learning strategies. To capitalise on the current success, a strong commitment by all stakeholders will be required to ensure the ongoing sustainability of the program.

Micro-credit is necessary but not sufficient for entrepreneurs in desperate poverty

Micro-credit has often been used as a poverty alleviation strategy. However, there is little evidence to suggest that micro-credit alone can promote economic activities because micro-credit does not teach anything by itself (Brett 2006; Mayoux 1999; Sievers & Vandenberg 2007). Mistakenly, the focus of micro-credit has been the alleviation of immediate poverty, rather than the development of economic activity that would provide a long term solution. Paraphrasing the age old saying, "Give a man a fish and you feed him for a day, teach him to fish and you will feed him for a life time" micro-credit enables the fisherman to buy a net, but in many cases does nothing to ensure that he knows how to use it to benefit his family and the community. If the borrower doesn't know how to use the net, he will return to his old way of doing things-but with the added burden of having to pay back the debt. Given the state of extreme poverty experienced by the vast majority of the population in developing countries, borrowed money is often used for purposes other than creating the foundations for a sustainable economic growth. Typical examples of how micro-credit is generally used include covering funeral costs, buying food, medicines, and other similarly important necessities. The main problem that derives from using loans in this way is that apart from not improving living conditions in a sustainable manner, borrowers are also exposed to the risk of over-indebtedness, with its subsequent human and social implications.

Case study of Queensland state taxation

1. Like the Commonwealth Tax regime, state taxation legislation has now ballooned in size from the good old days when life and tax were relatively simple issues. 2. This case study of Queensland state taxation will examine the following taxes affecting churches and charities in this state: (a) Stamp Duty (b) Land Tax; and (c) Local Authority Rates 3. Each type of tax will be considered in turn. A brief legislative history of the statutory instruments governing these taxes will be given with a closer examination of the present schemes. Relevant judicial pronouncements will be considered and some open discussion of real life examples. 4. It is submitted that the regular donors to our worthy charities and the dedicated weekly churchgoers would have absolutely no idea: (a) that indirectly the value of their donations and weekly offerings are increasingly being eroded by the imposts of Government not only in terms of the amounts of those imposts but the enormous administrative burden of coping with the legislation; (b) of the complexity of the taxation legislation affecting their churches and charities; or (c) that their churches and charities are even paying taxes.

Real, complex, and binary semantic vectors

This paper presents a combined structure for using real, complex, and binary valued vectors for semantic representation. The theory, implementation, and application of this structure are all significant. For the theory underlying quantum interaction, it is important to develop a core set of mathematical operators that describe systems of information, just as core mathematical operators in quantum mechanics are used to describe the behavior of physical systems. The system described in this paper enables us to compare more traditional quantum mechanical models (which use complex state vectors), alongside more generalized quantum models that use real and binary vectors. The implementation of such a system presents fundamental computational challenges. For large and sometimes sparse datasets, the demands on time and space are different for real, complex, and binary vectors. To accommodate these demands, the Semantic Vectors package has been carefully adapted and can now switch between different number types comparatively seamlessly. This paper describes the key abstract operations in our semantic vector models, and describes the implementations for real, complex, and binary vectors. We also discuss some of the key questions that arise in the field of quantum interaction and informatics, explaining how the wide availability of modelling options for different number fields will help to investigate some of these questions.

Machine prognostics based on health state estimation using SVM

The ability to accurately predict the remaining useful life of machine components is critical for machine continuous operation, and can also improve productivity and enhance system safety. In condition-based maintenance (CBM), maintenance is performed based on information collected through condition monitoring and an assessment of the machine health. Effective diagnostics and prognostics are important aspects of CBM for maintenance engineers to schedule a repair and to acquire replacement components before the components actually fail. All machine components are subjected to degradation processes in real environments and they have certain failure characteristics which can be related to the operating conditions. This paper describes a technique for accurate assessment of the remnant life of machines based on health state probability estimation and involving historical knowledge embedded in the closed loop diagnostics and prognostics systems. The technique uses a Support Vector Machine (SVM) classifier as a tool for estimating health state probability of machine degradation, which can affect the accuracy of prediction. To validate the feasibility of the proposed model, real life historical data from bearings of High Pressure Liquefied Natural Gas (HP-LNG) pumps were analysed and used to obtain the optimal prediction of remaining useful life. The results obtained were very encouraging and showed that the proposed prognostic system based on health state probability estimation has the potential to be used as an estimation tool for remnant life prediction in industrial machinery.

GameFlow heuristics for designing and evaluating real-time strategy games

The GameFlow model strives to be a general model of player enjoyment, applicable to all game genres and platforms. Derived from a general set of heuristics for creating enjoyable player experiences, the GameFlow model has been widely used in evaluating many types of games, as well as non-game applications. However, we recognize that more specific, low-level, and implementable criteria are potentially more useful for designing and evaluating video games. Consequently, the research reported in this paper aims to provide detailed heuristics for designing and evaluating one specific game genre, real-time strategy games. In order to develop these heuristics, we conducted a grounded theoretical analysis on a set of professional game reviews and structured the resulting heuristics using the GameFlow model. The resulting 165 heuristics for designing and evaluating real-time strategy games are presented and discussed in this paper.

Assessment of real-time networks and timing for process bus applications

Widespread adoption by electricity utilities of Non-Conventional Instrument Transformers, such as optical or capacitive transducers, has been limited due to the lack of a standardised interface and multi-vendor interoperability. Low power analogue interfaces are being replaced by IEC 61850 9 2 and IEC 61869 9 digital interfaces that use Ethernet networks for communication. These ‘process bus’ connections achieve significant cost savings by simplifying connections between switchyard and control rooms; however the in-service performance when these standards are employed is largely unknown. The performance of real-time Ethernet networks and time synchronisation was assessed using a scale model of a substation automation system. The test bed was constructed from commercially available timing and protection equipment supplied by a range of vendors. Test protocols have been developed to thoroughly evaluate the performance of Ethernet networks and network based time synchronisation. The suitability of IEEE Std 1588 Precision Time Protocol (PTP) as a synchronising system for sampled values was tested in the steady state and under transient conditions. Similarly, the performance of hardened Ethernet switches designed for substation use was assessed under a range of network operating conditions. This paper presents test methods that use a precision Ethernet capture card to accurately measure PTP and network performance. These methods can be used for product selection and to assess ongoing system performance as substations age. Key findings on the behaviour of multi-function process bus networks are presented. System level tests were performed using a Real Time Digital Simulator and transformer protection relay with sampled value and Generic Object Oriented Substation Events (GOOSE) capability. These include the interactions between sampled values, PTP and GOOSE messages. Our research has demonstrated that several protocols can be used on a shared process bus, even with very high network loads. This should provide confidence that this technology is suitable for transmission substations.

Regression and hypothesis tests for multivariate GNSS state time series

A satellite based observation system can continuously or repeatedly generate a user state vector time series that may contain useful information. One typical example is the collection of International GNSS Services (IGS) station daily and weekly combined solutions. Another example is the epoch-by-epoch kinematic position time series of a receiver derived by a GPS real time kinematic (RTK) technique. Although some multivariate analysis techniques have been adopted to assess the noise characteristics of multivariate state time series, statistic testings are limited to univariate time series. After review of frequently used hypotheses test statistics in univariate analysis of GNSS state time series, the paper presents a number of T-squared multivariate analysis statistics for use in the analysis of multivariate GNSS state time series. These T-squared test statistics have taken the correlation between coordinate components into account, which is neglected in univariate analysis. Numerical analysis was conducted with the multi-year time series of an IGS station to schematically demonstrate the results from the multivariate hypothesis testing in comparison with the univariate hypothesis testing results. The results have demonstrated that, in general, the testing for multivariate mean shifts and outliers tends to reject less data samples than the testing for univariate mean shifts and outliers under the same confidence level. It is noted that neither univariate nor multivariate data analysis methods are intended to replace physical analysis. Instead, these should be treated as complementary statistical methods for a prior or posteriori investigations. Physical analysis is necessary subsequently to refine and interpret the results.

Credit rating agencies' roles have to be reassessed

With the disintermediation of the financial markets, credit rating agencies filled the informational need of investors on the creditworthiness of borrowers. They acquired their privileged position in the financial market through their intellectual technology and reputational capital. To a large extent, they have gradually dissipated the authority of state regulators and supervisory authorities with their increasing reliance on credit ratings for regulatory purposes. But the recent credit crisis revives the question on whether states should retake their authorities and how far rating agencies should be subjected to competition, transparency and accountability constraints imposed by the public and the market on state regulators and supervisory authorities. Against this backdrop, this article critically explores the key concerns with credit rating agencies' functions to regulate financial market for further assessment

Bearing fault prognosis based on health state probability estimation

In condition-based maintenance (CBM), effective diagnostic and prognostic tools are essential for maintenance engineers to identify imminent fault and predict the remaining useful life before the components finally fail. This enables remedial actions to be taken in advance and reschedule of production if necessary. All machine components are subjected to degradation processes in real environments and they have certain failure characteristics which can be related to the operating conditions. This paper describes a technique for accurate assessment of the remnant life of bearings based on health state probability estimation and historical knowledge embedded in the closed loop diagnostics and prognostics system. The technique uses the Support Vector Machine (SVM) classifier as a tool for estimating health state probability of machine degradation process to provide long term prediction. To validate the feasibility of the proposed model, real life fault historical data from bearings of High Pressure-Liquefied Natural Gas (HP-LNG) pumps were analysed and used to obtain the optimal prediction of remaining useful life (RUL). The results obtained were very encouraging and showed that the proposed prognosis system based on health state probability estimation has the potential to be used as an estimation tool for remnant life prediction in industrial machinery.

Real time information provision benefit measured by macroscopic fundamental diagram

The existence of Macroscopic Fundamental Diagram (MFD), which relates space-mean density and flow, has been shown in urban networks under homogeneous traffic conditions. Since MFD represents the area-wide network traffic performances, studies on perimeter control strategies and an area traffic state estimation utilizing the MFD concept has been reported. One of the key requirements for well-defined MFD is the homogeneity of the area-wide traffic condition with links of similar properties, which is not universally expected in real world. For the practical application of the MFD concept, several researchers have identified the influencing factors for network homogeneity. However, they did not explicitly take the impact of drivers’ behaviour and information provision into account, which has a significant impact on simulation outputs. This research aims to demonstrate the effect of dynamic information provision on network performance by employing the MFD as a measurement. A microscopic simulation, AIMSUN, is chosen as an experiment platform. By changing the ratio of en-route informed drivers and pre-trip informed drivers different scenarios are simulated in order to investigate how drivers’ adaptation to the traffic congestion influences the network performance with respect to the MFD shape as well as other indicators, such as total travel time. This study confirmed the impact of information provision on the MFD shape, and addressed the usefulness of the MFD for measuring the dynamic information provision benefit.