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Abstract

Details

Understanding Financial Risk Management, Third Edition
Type: Book
ISBN: 978-1-83753-253-7

Content available
Book part
Publication date: 27 May 2024

Angelo Corelli

Abstract

Details

Understanding Financial Risk Management, Third Edition
Type: Book
ISBN: 978-1-83753-253-7

Article
Publication date: 19 April 2024

Mahesh Gaikwad, Suvir Singh, N. Gopalakrishnan, Pradeep Bhargava and Ajay Chourasia

This study investigates the impact of the fire decay phase on structural damage using the sectional analysis method. The primary objective of this work is to forecast the…

Abstract

Purpose

This study investigates the impact of the fire decay phase on structural damage using the sectional analysis method. The primary objective of this work is to forecast the non-dimensional capacity parameters for the axial and flexural load-carrying capacity of reinforced concrete (RC) sections for heating and the subsequent post-heating phase (decay phase) of the fire.

Design/methodology/approach

The sectional analysis method is used to determine the moment and axial capacities. The findings of sectional analysis and heat transfer for the heating stage are initially validated, and the analysis subsequently proceeds to determine the load capacity during the fire’s heating and decay phases by appropriately incorporating non-dimensional sectional and material parameters. The numerical analysis includes four fire curves with different cooling rates and steel percentages.

Findings

The study’s findings indicate that the rate at which the cooling process occurs after undergoing heating substantially impacts the axial and flexural capacity. The maximum degradation in axial and flexural capacity occurred in the range of 15–20% for cooling rates of 3 °C/min and 5 °C/min as compared to the capacity obtained at 120 min of heating for all steel percentages. As the fire cooling rate reduced to 1 °C/min, the highest deterioration in axial and flexural capacity reached 48–50% and 42–46%, respectively, in the post-heating stage.

Research limitations/implications

The established non-dimensional parameters for axial and flexural capacity are limited to the analysed section in the study owing to the thermal profile, however, this can be modified depending on the section geometry and fire scenario.

Practical implications

The study primarily focusses on the degradation of axial and flexural capacity at various time intervals during the entire fire exposure, including heating and cooling. The findings obtained showed that following the completion of the fire’s heating phase, the structural capacity continued to decrease over the subsequent post-heating period. It is recommended that structural members' fire resistance designs encompass both the heating and cooling phases of a fire. Since the capacity degradation varies with fire duration, the conventional method is inadequate to design the load capacity for appropriate fire safety. Therefore, it is essential to adopt a performance-based approach while designing structural elements' capacity for the desired fire resistance rating. The proposed technique of using non-dimensional parameters will effectively support predicting the load capacity for required fire resistance.

Originality/value

The fire-resistant requirements for reinforced concrete structures are generally established based on standard fire exposure conditions, which account for the fire growth phase. However, it is important to note that concrete structures can experience internal damage over time during the decay phase of fires, which can be quantitatively determined using the proposed non-dimensional parameter approach.

Details

Journal of Structural Fire Engineering, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2040-2317

Keywords

Article
Publication date: 1 January 2024

Masoud Parsi, Vahid Baradaran and Amir Hossein Hosseinian

The purpose of this study is to develop an integrated model for the stochastic multiproject scheduling and material ordering problems, where some of the prominent features of…

Abstract

Purpose

The purpose of this study is to develop an integrated model for the stochastic multiproject scheduling and material ordering problems, where some of the prominent features of offshore projects and their environmental-degrading effects have been embraced as well. The durations of activities are uncertain in this model. The developed formulation is tri-objective that seeks to minimize the expected time, total cost and CO2 emission of all projects.

Design/methodology/approach

A new version of the multiobjective multiagent optimization (MOMAO) algorithm has been proposed to solve the amalgamated model. To empower the MOMAO, various procedures of this algorithm have been modified based on the multiattribute utility theory (MAUT) technique. Along with the MOMAO, this study has employed four other meta-heuristic methodologies to solve the model as well.

Findings

The outputs of the MOMAO have been put to test against four other optimizers in terms of convergence, diversity, uniformity and computation times. The results of the Mean Ideal Distance (MID) metric have revealed that the MOMAO has strongly prevailed its rival optimizers. In terms of diversity of the acquired solutions, the MOMAO has ranked the first among all employed optimizers since this algorithm has offered the best solutions in 56.66 and 63.33% of the test problems regarding the diversification metric and hyper-volume metrics. Regarding the uniformity of results, which is measured through the spacing metric (SP), the MOMAO has presented the best SP values in more than 96% of the test problems. The MOMAO has needed more computation times in comparison to its rivals.

Practical implications

A real case study comprising two concurrent offshore projects has been offered. The proposed formulation and the MOMAO have been implemented for this case study, and their effectiveness has been appraised.

Originality/value

Very few studies have focused on presenting an integrated formulation for the stochastic multiproject scheduling and material ordering problems. The model embraces some of the characteristics of the offshore projects which have not been adequately studied in the literature. Limited capacities of the offshore platforms and cargo vessels have been embedded in the proposed model. The offshore platforms have spatial limitations in storing the required materials. The vessels are also capacitated and they also have limited shipment capacities. Some of the required materials need to be transported from the base to the offshore platform via a fleet of cargo vessels. The workforces and equipment can become idle on the offshore platform due to material shortage. Various offshore-related costs have been integrated as a minimization objective function in the model. The cargo vessels release CO2 detrimental emissions to the environment which are sought to be minimized in the developed formulation. To the best of the authors' knowledge, the MOMAO has not been sufficiently employed as a solution methodology for the stochastic multiproject scheduling and material ordering problems.

Details

Engineering, Construction and Architectural Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0969-9988

Keywords

Article
Publication date: 14 July 2023

Sweety Poornima Rau Merugu and Manjunath Y.M.

This study aims at designing consistent and durable concrete by making use of waste materials. An investigation has been carried out to evaluate the performance of conventional…

Abstract

Purpose

This study aims at designing consistent and durable concrete by making use of waste materials. An investigation has been carried out to evaluate the performance of conventional and optimal concrete (including 5% GP) at high temperatures for different exposure times.

Design/methodology/approach

An experimental work is carried out to compare the conventional and optimal concrete with respect to weight loss, mechanical strength characteristics (compressive, tensile and flexural) after exposed to 100, 200 and 300 °C with 1, 2 and 3 h duration of exposure followed by cooling in furnace for 24 h and then air cooling.

Findings

The workability of granite powder modified concrete decreases as percentage of replacement increases. Compressive, tensile and flexural strengths all increased at 100 °C when compared to strength characteristics at normal temperature, regardless of the exposure conditions, and there was no weight loss noticed. For 200 and 300 °C, the strengths were decreased compared to normal temperature and an elevated temperature of 100 °C, as weight loss of concrete specimens are observed to be decreased at these temperatures. So, the optimum elevated temperature can be concluded as 100 °C.

Originality/value

Incorporating pozzolanic binder (granite powder) as cement replacement subjecting to elevated temperatures in an electric furnace is the research gap in this area. Many of the works were carried out replacing GP for fine aggregate at normal temperatures and not at elevated temperatures.

Details

Journal of Structural Fire Engineering, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2040-2317

Keywords

Article
Publication date: 26 December 2023

Farshad Peiman, Mohammad Khalilzadeh, Nasser Shahsavari-Pour and Mehdi Ravanshadnia

Earned value management (EVM)–based models for estimating project actual duration (AD) and cost at completion using various methods are continuously developed to improve the…

Abstract

Purpose

Earned value management (EVM)–based models for estimating project actual duration (AD) and cost at completion using various methods are continuously developed to improve the accuracy and actualization of predicted values. This study primarily aimed to examine natural gradient boosting (NGBoost-2020) with the classification and regression trees (CART) base model (base learner). To the best of the authors' knowledge, this concept has never been applied to EVM AD forecasting problem. Consequently, the authors compared this method to the single K-nearest neighbor (KNN) method, the ensemble method of extreme gradient boosting (XGBoost-2016) with the CART base model and the optimal equation of EVM, the earned schedule (ES) equation with the performance factor equal to 1 (ES1). The paper also sought to determine the extent to which the World Bank's two legal factors affect countries and how the two legal causes of delay (related to institutional flaws) influence AD prediction models.

Design/methodology/approach

In this paper, data from 30 construction projects of various building types in Iran, Pakistan, India, Turkey, Malaysia and Nigeria (due to the high number of delayed projects and the detrimental effects of these delays in these countries) were used to develop three models. The target variable of the models was a dimensionless output, the ratio of estimated duration to completion (ETC(t)) to planned duration (PD). Furthermore, 426 tracking periods were used to build the three models, with 353 samples and 23 projects in the training set, 73 patterns (17% of the total) and six projects (21% of the total) in the testing set. Furthermore, 17 dimensionless input variables were used, including ten variables based on the main variables and performance indices of EVM and several other variables detailed in the study. The three models were subsequently created using Python and several GitHub-hosted codes.

Findings

For the testing set of the optimal model (NGBoost), the better percentage mean (better%) of the prediction error (based on projects with a lower error percentage) of the NGBoost compared to two KNN and ES1 single models, as well as the total mean absolute percentage error (MAPE) and mean lags (MeLa) (indicating model stability) were 100, 83.33, 5.62 and 3.17%, respectively. Notably, the total MAPE and MeLa for the NGBoost model testing set, which had ten EVM-based input variables, were 6.74 and 5.20%, respectively. The ensemble artificial intelligence (AI) models exhibited a much lower MAPE than ES1. Additionally, ES1 was less stable in prediction than NGBoost. The possibility of excessive and unusual MAPE and MeLa values occurred only in the two single models. However, on some data sets, ES1 outperformed AI models. NGBoost also outperformed other models, especially single models for most developing countries, and was more accurate than previously presented optimized models. In addition, sensitivity analysis was conducted on the NGBoost predicted outputs of 30 projects using the SHapley Additive exPlanations (SHAP) method. All variables demonstrated an effect on ETC(t)/PD. The results revealed that the most influential input variables in order of importance were actual time (AT) to PD, regulatory quality (RQ), earned duration (ED) to PD, schedule cost index (SCI), planned complete percentage, rule of law (RL), actual complete percentage (ACP) and ETC(t) of the ES optimal equation to PD. The probabilistic hybrid model was selected based on the outputs predicted by the NGBoost and XGBoost models and the MAPE values from three AI models. The 95% prediction interval of the NGBoost–XGBoost model revealed that 96.10 and 98.60% of the actual output values of the testing and training sets are within this interval, respectively.

Research limitations/implications

Due to the use of projects performed in different countries, it was not possible to distribute the questionnaire to the managers and stakeholders of 30 projects in six developing countries. Due to the low number of EVM-based projects in various references, it was unfeasible to utilize other types of projects. Future prospects include evaluating the accuracy and stability of NGBoost for timely and non-fluctuating projects (mostly in developed countries), considering a greater number of legal/institutional variables as input, using legal/institutional/internal/inflation inputs for complex projects with extremely high uncertainty (such as bridge and road construction) and integrating these inputs and NGBoost with new technologies (such as blockchain, radio frequency identification (RFID) systems, building information modeling (BIM) and Internet of things (IoT)).

Practical implications

The legal/intuitive recommendations made to governments are strict control of prices, adequate supervision, removal of additional rules, removal of unfair regulations, clarification of the future trend of a law change, strict monitoring of property rights, simplification of the processes for obtaining permits and elimination of unnecessary changes particularly in developing countries and at the onset of irregular projects with limited information and numerous uncertainties. Furthermore, the managers and stakeholders of this group of projects were informed of the significance of seven construction variables (institutional/legal external risks, internal factors and inflation) at an early stage, using time series (dynamic) models to predict AD, accurate calculation of progress percentage variables, the effectiveness of building type in non-residential projects, regular updating inflation during implementation, effectiveness of employer type in the early stage of public projects in addition to the late stage of private projects, and allocating reserve duration (buffer) in order to respond to institutional/legal risks.

Originality/value

Ensemble methods were optimized in 70% of references. To the authors' knowledge, NGBoost from the set of ensemble methods was not used to estimate construction project duration and delays. NGBoost is an effective method for considering uncertainties in irregular projects and is often implemented in developing countries. Furthermore, AD estimation models do fail to incorporate RQ and RL from the World Bank's worldwide governance indicators (WGI) as risk-based inputs. In addition, the various WGI, EVM and inflation variables are not combined with substantial degrees of delay institutional risks as inputs. Consequently, due to the existence of critical and complex risks in different countries, it is vital to consider legal and institutional factors. This is especially recommended if an in-depth, accurate and reality-based method like SHAP is used for analysis.

Details

Engineering, Construction and Architectural Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0969-9988

Keywords

Article
Publication date: 4 January 2024

Ernest Mbamalu Ezeh, Ezeamaku U Luvia and Onukwuli O D

Gourd fibres (GF) are a natural biodegradable fibre material with excellent mechanical properties and high tensile strength. The use of natural fibres in composite materials has…

Abstract

Purpose

Gourd fibres (GF) are a natural biodegradable fibre material with excellent mechanical properties and high tensile strength. The use of natural fibres in composite materials has gained popularity in recent years due to their various advantages, including renewability, low cost, low density and biodegradability. Gourd fibre is one such natural fibre that has been identified as a potential reinforcement material for composites. However, it has low surface energy and hydrophobic nature, which makes it difficult to bond with matrix materials such as polyester. To overcome this problem, chemically adapted gourd fibre has been proposed as a solution. Chemical treatment is one of the most widely used methods to improve the properties of natural fibres. This research evaluates the feasibility and effectiveness of incorporating chemically adapted gourd fibre into polyester composites for industrial fabrication. The purpose of this study is to examine the application of chemically modified GF in the production of polyester composite engineering materials.

Design/methodology/approach

This work aims to evaluate the effectiveness of chemically adapted gourd fibre in improving the adhesion of gourd fibre with polyester resin in composite fabrication by varying the GF from 5 to 20 wt.%. The study involves the preparation of chemically treated gourd fibre through surface modification using sodium hydroxide (NaOH), permanganate (KMnO4) and acetic acid (CH3COOH) coupling agents. The mechanical properties of the modified fibre and composites were investigated. It was then characterized using scanning electron microscopy (SEM) and Fourier transform infrared spectroscopy (FTIR) to determine the changes in surface morphology and functional groups.

Findings

FTIR characterization showed that NaOH treatment caused cellulose depolymerization and caused a significant increase in the hydroxyl and carboxyl groups, showing improved surface functional groups; KMnO4 treatment oxidized the fibre surface and caused the formation of surface oxide groups; and acetic acid treatment induced changes that primarily affected the ester and hydroxyl groups. SEM study showed that NaOH treatment changed the surface morphology of the gourd fibre, introduced voids and reduced hydrophilic tendencies. The tensile strength of the modified gourd fibres increased progressively as the concentration of the modification chemicals increased compared to the untreated fibres.

Originality/value

This work presents the designed composite with density, mechanical properties and microstructure, showing remarkable improvements in the engineering properties. An 181.5% improvement in tensile strength and a 56.63% increase in flexural strength were got over that of the unreinforced polyester. The findings from this work will contribute to the understanding of the potential of chemically adapted gourd fibre as a reinforcement material for composites and provide insights into the development of sustainable composite materials.

Details

World Journal of Engineering, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1708-5284

Keywords

Article
Publication date: 15 December 2023

Ümran Burcu Alkan, Nilgün Kızılcan and Başak Bengü

The purpose of this study is the development of sustainable and low-formaldehyde emission wood adhesive formulations.

Abstract

Purpose

The purpose of this study is the development of sustainable and low-formaldehyde emission wood adhesive formulations.

Design/methodology/approach

Three-step urea formaldehyde (UF) resin has been in situ modified with calcium lignosulfonate (LS) and/or 1,4 butanediol diglycidyl ether (GE). The structural, chemical, thermal and morphological characterizations were carried out on resin samples. These resins have been applied for particleboard pressing, and UF, UF-LS and UF-GE were evaluated as P2 classes according to EN 312.

Findings

The results show that the improved LS- or diglycidyl ether-modified UF wood adhesives were successful in their adhesive capacity, and the formaldehyde content of the final product was obtained as low as 8 mg/100 g. This paper highlights that the presented adhesive formulations could be a potential eco-friendly and cost-effective alternative to formaldehyde-based wood adhesives for interior particleboard production.

Research limitations/implications

Combination of LS and GE resulted in weaker mechanical properties and fulfilled P1 class particleboards due to temperature and duration conditions. Therefore, in situ usage of LS or GE in UF resins is highly recommended for particleboard pressing. Formaldehyde content of particleboards was determined with the perforator method according to EN 12460-5 and all of the particleboards exhibited E1 class. LS was more efficient in decreasing formaldehyde content than GE.

Practical implications

This study provides the application of particleboards with low formaldehyde emission.

Social implications

The developed LS- and diglycidyl ether-modified UF resins made it possible to obtain boards with significantly low formaldehyde content compared with commercial resins.

Originality/value

The developed formaldehyde-based resin formulation made it possible to produce laboratory-scale board prototypes using LS or GE without sacrificing of press factors and panel quality.

Details

Pigment & Resin Technology, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0369-9420

Keywords

Article
Publication date: 1 November 2023

Kuntal Bhattacharyya, Alfred L. Guiffrida, Milton Rene Soto-Ferrari and Paul Schikora

Untimely delivery of goods and services, especially in a post-COVID landscape, is a critical harbinger of end-to-end fulfillment. Existing literature in supplier delivery modeling…

Abstract

Purpose

Untimely delivery of goods and services, especially in a post-COVID landscape, is a critical harbinger of end-to-end fulfillment. Existing literature in supplier delivery modeling is focused on penalizing suppliers for late deliveries built into a contractual transaction, which eventually erodes trust. As such, a holistic modeling technique focused on long-term relationship building is missing. This study aims to design a supplier evaluation model that analytically equates supplier delivery performance to cost realization while replicating a core attribute of successful supply chains – alignment, leading to long-term supplier relationships.

Design/methodology/approach

The supplier evaluation model designed in this paper uses delivery deviation as a unit of measure as opposed to delivery duration to enhance consistency with enterprise resource planning protocols. A one-sided modified Taguchi-type quality loss function (QLF) models delivery lateness to construct a multinomial probability penalty cost function for untimely delivery. Prescriptive analytics using simulation and optimization of the proposed mathematical model supports buyer–supplier alignment.

Findings

The supplier evaluation model designed herein not only optimizes likelihood parameters for early and late deliveries for competing suppliers to enhance total landed cost comparisons for on-shore, near-shore and off-shore suppliers but also allows for the creation of an efficient frontier toward supply base optimization.

Research limitations/implications

At a time of systemic disruptions such as the COVID pandemic, global supply chains are at risk of business continuity. Supplier evaluation models need to focus on long-term relationship modeling as opposed to short-term contractual penalty-based modeling to enhance business continuity. The model offered in this paper is grounded in alignment – a cornerstone of successful supply chain integration, and offers an interesting departure from traditional modeling techniques in this genre.

Practical implications

The results from this analytical approach offer flexibility to a supply manager toward building redundancies in the supply chain using an efficient frontier within the supply landscape, which also helps to manage disruption and maintain end-to-end fulfillment.

Originality/value

The model offered in this paper is grounded in alignment – a cornerstone of successful supply chain integration, and offers an interesting departure from traditional modeling techniques in this genre. The authors offer a rational solution by creating an evaluation model that uses penalty cost modeling as an internal quality measure to rate suppliers and uses the outcome as a yardstick for negotiations instead of imposing penalties within contracts.

Details

Journal of Global Operations and Strategic Sourcing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2398-5364

Keywords

Article
Publication date: 13 June 2023

Diana Salhab, Søren Munch Lindhard and Farook Hamzeh

Compressing the schedule by using overlapping activities is a commonly adopted approach for accelerating projects. However, this approach might channel a variety of risks into the…

Abstract

Purpose

Compressing the schedule by using overlapping activities is a commonly adopted approach for accelerating projects. However, this approach might channel a variety of risks into the construction processes. Risks imply waste; still, evaluating the effects of using overlapping activities on schedule quality has been a looming gap in construction research. Therefore, this paper aims to study the quality of overlapping in terms of emerging waste and to demarcate the boundaries of the overlapping envelope.

Design/methodology/approach

This study presents a method for assessing the consequences of implementing overlapping activities in a schedule on two types of waste namely waiting time and variation gap. A critical path method (CPM) network including eleven activities is modeled stochastically where the durations of individual activities are sampled as beta-distributions. Using program evaluation and review technique (PERT) assumptions to calculate the schedule dates, the network is simulated for various amounts of overlapping and the corresponding waste is quantified each time.

Findings

Results show that not only the returns on overlapping are diminishing after a certain overlap percentage, but also waste in the production system increases. Particularly, results reveal that compressing the schedule leads to a decrease in variation gaps, but at the same time, it leads to a larger increase in waiting times, which creates more waste.

Originality/value

The presented study shows through simulation how overlapping activities affects productivity by identifying wastes. It shows that despite the apparent gains, overlaps should be used with caution, and while considering the side-effects of increased waste which introduces a need for increased managerial awareness.

Details

Engineering, Construction and Architectural Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0969-9988

Keywords

1 – 10 of over 1000