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The Navier‐Stokes equation and the species continuity equation have been solved numerically in a boundary fitted coordinate system comprising the geometry of a large scale industrial size tundish. The solution of the species continuity equation predicts the time evolution of the concentration of a tracer at the outlet of a single strand bare tundish. The numerical prediction of the tracer concentration has been made with three different turbulence models; (a standard k‐ε, a k‐ε RNG and a Low Re number Lam‐Bremhorst model) which favorably compares with that of the experimental observation for a single strand bare tundish. It has been found that the overall comparison of k‐ε model with that of the experiment is better than the other two turbulence models as far as gross quantities like mean residence time and ratio of mixed to dead volume are concerned. However, it has been found that the initial transient development of the tracer concentration is best predicted by the Lam‐Bremhorst model and then by the RNG model. The k‐ε model predicts the tracer concentration much better than the other two models after the initial transience (t>40 per cent of mean residence time) and the RNG model lies in between the k‐ε and the Lam‐Bremhorst one. The numerical study has been extended to a multi strand tundish (having 6 outlets) where the effect of outlet positions on the ratio of mix to dead volume has been studied with the help of the above three turbulence models. It has been found that all the three turbulence models show a peak value for the ratio of mix to dead volume (a mixing parameter) when the outlets are placed 200 mm away from the wall (position‐2) thus signifying an optimum location for the outlets to get highest mixing in a given multi strand tundish.

The Navier‐Stokes equation and the species continuity equation have been solved numerically in a boundary fitted coordinate system comprising the geometry of a large scale industrial size tundish. The solution of the species continuity equation predicts the time evolution of the concentration of a tracer at the outlets of a six strand billet caster tundish. The numerical prediction of the tracer concentration has been made with six different turbulence models (the standard k‐ε, the k‐ε RNG, the Low Re number Lam‐Bremhorst model, the Chen‐Kim high Re number model (CK), the Chen‐Kim low Re number model (CKL) and the simplest constant effective viscosity model (CEV)) which favorably compares with that of the experimental observation for a single strand bare tundish. It has been found that the overall comparison of the k‐ε model, the RNG, the Lam‐Bremhorst and the CK model is much better than the CKL model and the CEV model as far as gross quantities like the mean residence time and the ratio of mixed to dead volume are concerned. However, the k‐ε model predicts the closest value to the experimental observation compared to all other models. The prediction of the transient behavior of the tracer is best done by the Lam‐Bremhorst model and then by the RNG model, but these models do not predict the gross quantities that accurately like the k‐ε model for a single strand bare tundish. With the help of the above six turbulence models mixing parameters such as the ratio of mix to dead volume and the mean residence time were computed for the six strand tundish for different outlet positions, height of advanced pouring box (APB) and shroud immersion depth. It was found that three turbulence models show a peak value in the ratio of mix to dead volume when the outlets were placed at 200 mm away from the wall. An APB was put on the bottom of the tundish surrounding the inlet jet when the outlets were kept at 200 mm away from the wall. It was also found that there exists an optimum height of the APB where the ratio of mix to dead volume and the mean residence time attain further peak values signifying better mixing in the tundish. At this optimum height of the APB, the shroud immersion depth was made to change from 0 to 400 mm. It was also observed that there exists an optimum immersion depth of the shroud where the ratio of mix to dead volume still attains another peak signifying still better mixing. However, all the turbulence models do not predict the same optimum height of the APB and the same shroud immersion depth as the optimum depth. The optimum height of the APB and the shroud immersion depth were decided when two or more turbulence models predict the same values.

The Navier‐Stokes equation and the species continuity equation have been solved numerically in a boundary fitted coordinate system comprising the geometry of a single strand bare tundish. The solution of the species continuity equation predicts the time evolution of the concentration of a tracer at the outlet of the tundish. The numerical prediction of the tracer concentration has been made with nine different turbulence models and has been compared with the experimental observation for the tundish. It has been found that the prediction from the standard k‐ε model, the k‐ε Chen‐Kim (ck) and the standard k‐ε with Yap correction (k‐ε Yap), matches well with that of the experiment compared to the other turbulence models as far as gross quantities like the mean residence time and the ratio of mixed to dead volume are concerned. It has been found that the initial transient development of the tracer concentration is best predicted by the low Reynolds number Lam‐Bremhorst model (LB model) and then by the k‐ε RNG model, while these two models under predict the mean residence time as well as the ratio of mixed to dead volume. The Chen‐Kim low Reynolds number (CK low Re) model (with and without Yap correction) as well as the constant effective viscosity model over predict the mixing parameters, i.e. the mean residence time and the ratio of mixed to dead volume. Taking the solution of the k‐ε model as a starting guess for the large eddy simulation (LES), a solution for the LES could be arrived after adopting a local refinement of the cells twice so that the near wall y⁺ could be set lower than 1. Such a refined grid gave a time‐independent solution for the LES which was used to solve the species continuity equation. The LES solution slightly over predicted the mean residence time but could predict fairly well the mixed volume. However, the LES could not predict both the peaks in the tracer concentration like the k‐ε, RNG and the Lam‐Bremhorst model. An analysis of the tracer concentration on the bottom plane of the tundish could help to understand the presence of plug and mixed flow in it.

Modelling of the multiproject cash flow decisions in a contracting firm facilitates optimal resource utilization, financial planning, profit forecasting and enables the inclusion of cash‐flow liquidity in forecasting. However, a great challenge for contracting firm to manage his multiproject cash flow when large and multiple construction projects are involved (manipulate large amount of resources, e.g. labour, plant, material, cost, etc.). In such cases, the complexity of the problem, hence the constraints involved, renders most existing regular optimization techniques computationally intractable within reasonable time frames. This limit inhibits the ability of contracting firms to complete construction projects at maximum efficiency through efficient utilization of resources among projects. Recently, artificial neural networks have demonstrated its strength in solving many optimization problems efficiently. In this regard a novel recurrent‐neural‐network model that integrates multi‐objective linear programming and neural network (MOLPNN) techniques has been developed. The model was applied to a relatively large contracting company running 10 projects concurrently in Hong Kong. The case study verified the feasibility and applicability of the MOLPNN to the defined problem. A comparison undertaken of two optimal schedules (i.e. risk‐avoiding scheme A and risk‐seeking scheme B) of cash flow based on the decision maker's preference is described in this paper.

Optimizing both qualitative and quantitative factors is a key challenge in solving construction finance decisions. The semi‐structured nature of construction finance optimization problems precludes conventional optimization techniques. With a desire to improve the performance of the canonical genetic algorithm (CGA) which is characterized by static crossover and mutation probability, and to provide contractors with a profit‐risk trade‐off curve and cash flow prediction, an adaptive genetic algorithm (AGA) model is developed. Ten projects being undertaken by a major construction firm in Hong Kong were used as case studies to evaluate the performance of the genetic algorithm (GA). The results of case study reveal that the AGA outperformed the CGA both in terms of its quality of solutions and the computational time required for a certain level of accuracy. The results also indicate that there is a potential for using the GA for modelling financial decisions should both quantitative and qualitative factors be optimized simultaneously.

The present research explores capital requirement models used in medium‐size, private construction firms. The decision‐maker of a contracting firm can implement a cash flow forecasting model as an early warning system by using a model to identify likely cash‐flow problems in advance of the occurrence of these difficulties. Arrangements for acquiring any needed funds from other sources can then be made to avoid the possibility of financial problems in the corporation. In the present research, a model for financial decisionmaking is developed which, as demonstrated in a case study, provides a method of solving borrowing decision problems. The model includes the ability to evaluate qualitative and fuzzy circumstances. The model also assists in the selection of sources of funding, taking into consideration the capital structure ratio, the period of cash requirements, the borrowing limits and the tax conditions of the firm. The purpose of the model is to provide the decision‐maker with a tool kit to analyse her/his financial options.

The selection criteria for contractor pre‐qualification are characterized by the co‐existence of both quantitative and qualitative data. The qualitative data is non‐linear, uncertain and imprecise. An ideal decision support system for contractor pre‐qualification should have the ability of handling both quantitative and qualitative data, and of mapping the complicated non‐linear relationship of the selection criteria, such that rational and consistent decisions can be made. In this research paper, an artificial neural network model was developed to assist public clients identifying suitable contractors for tendering. The pre‐qualification criteria (variables) were identified for the model. One hundred and twelve real pre‐qualification cases were collected from civil engineering projects in Hong Kong, and 88 hypothetical pre‐qualification cases were also generated according to the ‘If‐then’ rules used by professionals in the pre‐qualification process. The results of the analysis totally comply with current practice (public developers in Hong Kong). Each pre‐qualification case consisted of input ratings for candidate contractors' attributes and their corresponding pre‐qualification decisions. The training of the neural network model was accomplished by using the developed program, in which a conjugate gradient descent algorithm was incorporated for improving the learning performance of the network. Cross‐validation was applied to estimate the generalization errors based on the ‘re‐sampling’ of training pairs. The case studies show that the artificial neural network model is suitable for mapping the complicated non‐linear relationship between contractors' attributes and their corresponding pre‐qualification (disqualification) decisions. The artificial neural network model can be concluded as an ideal alternative for performing the contractor pre‐qualification task.

We present, in this study, a method for comparing the relative effectiveness of different non-profit institutions with similar objectives. In addition, we show how this measure of relative effectiveness is related theoretically to their relative efficiency. Relative effectiveness is shown to be a product of the efficacy with which potentially utilizable resources can be converted into usable inputs, and the efficiency with which the inputs are converted to outputs or outcomes. Finally, drawing on developments in data envelopment analysis, we illustrate the new methodology using data from 109 institutions of higher education.

The purpose of the paper is to report the investigation results of current practices of strategic asset allocation process, which consists of capital budget planning, monitoring, and control of Hong Kong building contractors. The changes of the said practices are compared with the results of the two similar surveys undertaken in the past longitudinally.

A total of 157 questionnaires were sent to about 1,000 approved Hong Kong building contractors (classified as group A, B, C in accordance with their maximum capacities). The total response rate was 30.7 per cent. Statistical techniques, a two‐dimensional contingency table, and discriminant function analysis (DA) were deployed to analyze the survey data via SPSS.

Only the practice of a regular review of the minimum rate of return of major projects was popular. For monitoring aspect, 100 per cent of surveyed contractors monitor project performance once operational. The result of post‐completion audits on major projects was 63 per cent. For the results of the longitudinal study, 66.7 per cent of group C firms employed the practices of intermediate and long‐term capital budgets and 71.4 per cent of large firms had a formal body for screening investment proposals compared with 54.8 per cent and 63.3 per cent of the same group's practices in 1994 respectively. DA results showed that the patterns within the three different groups (A, B, and C) were very similar, and group A and group B were active in capital budgeting monitoring and control.

Planning was the weakest and data showed that Hong Kong building contractors had tight control of the projects.

This paper reports the investigation results of current practices of strategic asset allocation process, which consists of capital budget planning, monitoring, and control of Hong Kong building contractors.

This paper aims to give a brief review on behavioral economics and behavioral finance and discusses some of the previous research on agents' utility functions, applicable risk measures, diversification strategies and portfolio optimization.

The authors also cover related disciplines such as trading rules, contagion and various econometric aspects.

While scholars could first develop theoretical models in behavioral economics and behavioral finance, they subsequently may develop corresponding statistical and econometric models, this finally includes simulation studies to examine whether the estimators or statistics have good power and size. This all helps us to better understand financial and economic decision-making from a descriptive standpoint.

The research paper is original.