Search results

This study aims to determine the optimal value of concession period length in combination with capital structure in build–operate–transfer (BOT) contracts, based on direct negotiation procurement and considering the conflicting financial interests of different parties involved in the project.

The financial model of a BOT project is developed considering all the influencing factors. Then, fuzzy set theory is used to take into account the existing risks and uncertainties. Bilateral bargaining game based on alternating-offers protocol is applied between the government and the sponsor to divide project financial benefit considering the lender’s requirements. Finally, concession period and equity level will be determined simultaneously according to the sponsor’s and government’s share of project financial benefit and the lender’s requirements.

The proposed model is implemented on a real case study, and a fair and efficient agreement on concession period length and capital structure is achieved between the government and the sponsor considering the lender’s requirements. It is revealed that being the first proposer in the bargaining process will affect the concession period length; however, it will not affect the equity level. Moreover, it is shown that considering income tax as a part of government’s financial benefit increases the length of concession period.

The presented model concentrates on direct negotiation procurement in BOT projects where the sponsor and government bargain on dividing financial benefits of project. It is assumed that the product/service price is determined before according to market analysis or users’ affordability. All the revenue of project during concession period is assumed to belong to the sponsor.

The proposed model provides a practical tool to aid BOT participants to reach a fair and efficient agreement on concession period and capital structure. This could prevent failing or prolonging the negotiation and costly renegotiation.

By investigation of previous studies, it is revealed that none of them can determine the optimal value of concession period length and capital structure simultaneously considering the BOT negotiation process and different financial interests of parties involved in the project. The proposed model presents a new approach to determine the financial variables considering the conflicting interests of involved parties. The other novelty aspects of the presented model are as follows: introducing a new approach for calculating the sponsor and the government’s share of project financial benefit that will affect the determination of the concession period length and considering the effect of existing risks and uncertainties on final agreement between the involved parties using fuzzy set theory.

This paper aims to introduce a knowledge‐based managemental prototype entitled E+ for environmental‐conscious construction relied on an integration of current environmental management tools in construction area. The overall objective of developing the E+ prototype is to facilitate selectively reusing the retrievable knowledge in construction engineering and management areas assembled from previous projects for the best practice in environmental‐conscious construction. The methodologies adopted in previous and ongoing research related to the development of the E+ belong to the operations research area and the information technology area, including literature review, questionnaire survey and interview, statistical analysis, system analysis and development, experimental research and simulation, and so on. The content presented in this paper includes an advanced E+ prototype, a comprehensive review of environmental management tools integrated to the E+ prototype, and an experimental case study of the implementation of the E+ prototype. It is expected that the adoption and implementation of the E+ prototype can effectively facilitate contractors to improve their environmental performance in the lifecycle of projectbased construction and to reduce adverse environmental impacts due to the deployment of various engineering and management processes at each construction stage.

The heavy civil engineering industry (railways, sewage treatment, chemical and pharmaceutical facilities, oil and gas facilities, etc.) is one of the major contributors to the British economy and generally involves a high level of investment. Clients in this industry are demanding accurate cost estimate, proper analysis of out‐turn cost and cost escalation and a high quality risk analysis throughout the construction processes. Current practice in the industry has suggested that there is a lack of structured methodologies and systematic cost escalation approach to achieve an appropriate cost analysis at the outset of projects and throughout the construction processes. In this context the prime objective of this research work is to develop a structured cost escalation methodology for improving estimating management and control in the heavy engineering industry construction processes. The methodology is composed of a forecasting model to predict cost indices of major items in industry and a risk knowledge base model for identifying and quantifying causes of cost escalations. This paper, as part of the research, reviews and discusses a knowledge‐based model for applying a cost escalation factor. The cost escalation factor is made up of market variation, a risk element and a component for bias. A knowledge elicitation strategy was employed to obtain the required knowledge for the model. The strategy included questionnaires, interviews and workshops and deliverables came in the form of influences and their effect on project cost escalation. From these deliverables, the concepts of a decision support model and system specification for applying cost escalation to base estimates is proposed.

In conventional discourses on sustainability, the relationship between economics and ecology is central. A number of nations' economies benefited from responsible tourism following these conferences. By supporting local businesses and attractions, ‘green’ tourism helps communities achieve their natural and cultural objectives while also preserving their limited resources. In terms of sustainable travel, Kerala was an early leader. This study looks at RT initiatives in various stages, with an emphasis on green tourism's sustainable responsible travel practises. The green economic development bottom line method was used for this descriptive research. These results highlight the difficulties inherent with RT implementation. Our review of secondary data shows that the first rollout of RT was unsuccessful, but that subsequent stages showed great promise. In order to create sustainable tourism on a worldwide scale, the study also highlights the necessity for more research in other culturally distant places.

Higher real earnings management (REM) reduces financial reporting quality and increases the uncertainty of future cash flows and profitability among investors. This study asserts that REM-induced noise increases idiosyncratic return volatility (IVOL), aims to examine the association between REM and IVOL and further investigates whether information asymmetry, firm life cycle and economic policy uncertainty (EPU) moderate the association between REM and IVOL.

The authors use 94,445 firm-year observations from the US over 1987 to 2019 and test this study’s hypotheses using ordinary least square regressions with robust standard errors clustered by firm. The authors use change analysis, two-stage models and the impact threshold of the confounding variable analysis to address endogeneity.

The authors find that REM increases IVOL. This positive association is more pronounced for firms with more information asymmetry, for firms in the mature stage of the life cycle, compared with their growth-stage counterparts; and during periods of high EPU.

Extant research suggests that accrual manipulation increases IVOL. However, the shift from accrual manipulation to REM and the managerial preference towards REM suggests that it is important to explore the impact of REM on IVOL. Thus, the authors enhance the understanding of the impact of earnings management on IVOL by documenting that REM-induced noise increases IVOL. The authors further extend the limited research on the consequences of REM and report an adverse consequence.

This study aims to investigate the aviation, energetic, exergetic, environmental, sustainability and exergoeconomic performances of a micro turbojet engine used in unmanned aerial vehicles at four different modes.

The engine data were collected from engine test cell. The engine performance calculations were performed for four different operation modes.

According to the results, maximum energy and exergy efficiency were acquired as 19.19% and 18.079% at Mode 4. Total cost rate was calculated as 6.757 $/h at Mode-1, which varied to 10.131 $/h at Mode-4. Exergy cost of engine power was observed as 0.249 $/MJ at Mode-1, which decreased to 0.088 $/MJ at Mode-4 after a careful exergoeconomic analysis.

The novelty of this work is the capability to serve as a guide for similar systems with a detailed approach in the thermodynamic, thermoeconomic and environmental assessments by prioritizing efficiency, fuel consumption and cost formation. This investigation intends to establish a design of the opportunities and benefits that the thermodynamic approach provides to turbojet engine systems.

The tourism industry has been extensively affected by numerous disasters throughout its history including 30 decades of ethnic war, the tsunami disaster in 2004 and the Easter Sunday attack in 2019 substantially impacted the resources and capacities of the tourism industry in Sri Lanka. This study aims to explore the impact of COVID-19 on Sri Lanka as a tourism destination and the tourism industry as a resilient sector of the economy.

This qualitative study was conducted from July 2020 to September 2020 focusing on the perspectives of multi-level stakeholders in the tourism and hospitality industry in three distinct areas of Sri Lanka, namely, the coastal area, hill country and cultural triangle. The data were collected from 15 stakeholders via semistructured interviews. Convenience sampling method was used to choose the sample and thematic analysis was occupied to meet the study objectives.

This study will help to reframe the resources and capacities of the country as an emerging destination identifying the diverse credentials from the perspective of different stakeholders to embed the essential resilience after the pandemic.

The prevailing lockdown situation and travel restrictions within the country was a huge challenge during the data collection process. Further to that, the respondents were reluctant to meet outsiders owing to the health threat, and hence some important stakeholders were missing from the study.

This study proposes effective measures to build up a robust destination, necessary strategic planning for policymakers and provisions for stakeholders in the industry to address the health and safety of travelers in the case of future potential health epidemics.

Purpose: This study examines the effect of uncertainties on the hospitality industry from different perspectives across the globe. The hospitality industry faces several contemporary issues and challenges that have the potential to impact its growth and development. This study aims to analyse the current problems and uncertainties in the hospitality sector.

Need for the Study: The hospitality industry plays a significant role in the global economy with various services, including accommodation, food and beverage, events, and tourism. However, the sector faces several contemporary issues and challenges that have the potential to impact its growth and development. This study provides an overview of the most significant problems and challenges facing the hospitality industry today.

Methodology: A systematic literature review was conducted to identify and synthesise relevant studies on the effect of uncertainties issues on the hospitality industry. A systematic search of the Web of Science and Scopus databases was conducted to determine relevant studies published between 2010 and 2021. Studies were screened and selected based on pre-defined inclusion and exclusion criteria. A thematic analysis was performed to categorise the uncertainties and issues in the hospitality industry.

Findings: The study identified several uncertainties and issues facing the hospitality industry, including the pandemic uncertainties, financial crisis, whether positive and negative impacts, terrorism attacks on hotels and tourist places, uncertainties in government policies, situational risks like uncertainties, ambiguity, cultural differences, changes in tourist preferences and changing habits of the tourist.

Customer experience is increasingly recognized as a source of competitive advantage. Customer experience refers to customers' responses and reactions to cues within touchpoints along customer journeys. Nowadays, customers often interact with online touchpoints – such as social media, websites, or e-commerce – in their customer journeys. Given that customer experience is multidimensional, this chapter addresses the following question: How can sensorial experiences be triggered in online touchpoints? Based on a review of the literature on customer experience and sensory marketing, four challenges in triggering sensorial experiences in online touchpoints are identified: (1) limited sensorial cues, (2) lack of thematic congruence between online and offline touchpoints, (3) sensory overload, and (4) lesser control over sensorial cues. Then, two routes through which organizations can trigger sensorial experiences in online touchpoints are proposed: (1) directly influencing sensations through sensory-enabling technologies, and (2) indirectly influencing sensorial perceptions through the use of sensory and nonsensory cues. The chapter closes with a presentation of a model that describes the process of triggering sensorial experiences in online touchpoints as well as a checklist of relevant questions for practitioners who wish to do so.

The literature on construction and project risk management published during the period from 1960 to 1997 is reviewed and analysed to identify trends and foci in research and practice. This analysis is used to identify gaps and inconsistencies in the knowledge and treatment of construction and project risk. The findings suggested that political, economic, financial and cultural categories of construction risk deserve greater research attention, as do those associated with quality assurance, and occupational health and safety. Temporal aspects of risk, and risk communication, are also important fields for investigation.