The last CRG Bulletin, no. 7, dealt only with the practical application of four faceted special classifications.
Olubukola Tokede, Adam Ayinla and Sam Wamuziri
The robust appraisal of exploration drilling concepts is essential for establishing the economic viability of a prospective recovery field. This study evaluates the different…
Abstract
The robust appraisal of exploration drilling concepts is essential for establishing the economic viability of a prospective recovery field. This study evaluates the different concept selection methods that were considered for drilling operations at the Trym field in Norway. The construction of drilling rigs is a capital-intensive process, and it involves high levels of economic risk. These risks can be broadly categorised as aleatoric (i.e. those related to chance) and epistemic (i.e. those related to knowledge). Evaluating risks in the investment appraisal process tends to be a complicated process. Project risks are evaluated using Monte Carlo simulation (MCS) and are based on the fuzzy analytic hierarchy process (AHP). MCS provides a useful means of evaluating variabilities (i.e. aleatoric risks) in oil drilling operations. However, many of the economic risks in oil drilling processes are unanticipated, and, in some cases, are not readily expressible in quantitative values. The fuzzy AHP is therefore used to appraise the qualitatively defined indirect revenues comprising risks that affect future flexibilities, schedule certainty and health and safety performance. Both the Monte Carlo technique and the fuzzy AHP technique found that a cumulative revenue variation of up to 30% is possible in any of the considered drilling options. The fuzzy AHP technique estimates that the chances of profitability being less than NOK 1 billion over a five-year period is 0.5%, while the Monte Carlo technique estimates suggest a more conservative proportion of 10%. Overall, the fuzzy AHP technique is easy to use and flexible, and it demonstrates increased robustness and improved predictability.
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WE do not need to be reminded of the increasing importance of the electrical system in the modern aeroplane, either from the point of view of efficient operation of the aircraft…
Abstract
WE do not need to be reminded of the increasing importance of the electrical system in the modern aeroplane, either from the point of view of efficient operation of the aircraft or from the point of view of reliability and safety.
T. Warren Liao, L.J. Chen, Z.H. Chen and E.R. Coates
Compares two approaches for designing production line cellular manufacturing systems, or “focused factories”. Production line manufacturing cells are dedicated to producing a set…
Abstract
Compares two approaches for designing production line cellular manufacturing systems, or “focused factories”. Production line manufacturing cells are dedicated to producing a set of similar products with machines that are arranged in a serial production line within the cell. Approach A requires the processing of batches of products in only one manufacturing cell, while approach B allows batches of product to be split and made simultaneously in different cells. Both design approaches consist of three stages. The first stage determines the best part routings among alternate routings to minimize the operating cost. At the second stage, a specific number of cells is obtained by using an ART1 neural network‐based cell formation module in approach A and a fuzzy rank order clustering (fuzzy ROC) module in approach B. At the third stage, production sequence is considered to find the best layout with lowest material handling cost. An example demonstrates that both approaches are effective in designing production line cellular manufacturing systems. Approach B gives a lower operating cost but a higher material handling cost than approach A. Both approaches should be analysed and compared, since the best approach depends on the operating and material handling costs for the application.
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Presents a mixed‐integer programme to simultaneously select part routeings and form machine cells in the presence of alternate process plans so that the total cost of operating…
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Presents a mixed‐integer programme to simultaneously select part routeings and form machine cells in the presence of alternate process plans so that the total cost of operating and intercell material handling is minimized. Demand for parts, machine capacities, number of cells to be formed, and number of machines in a cell are included in the model. Includes an example to illustrate the solution technique of the problem of practical instance.
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The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the preferences and…
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The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the preferences and ideology of the FTC’s leaders, developments in the field of economics, and the tenor of the times. The over-riding current role is to provide well considered, unbiased economic advice regarding antitrust and consumer protection law enforcement cases to the legal staff and the Commission. The second role, which long ago was primary, is to provide reports on investigations of various industries to the public and public officials. This role was more recently called research or “policy R&D”. A third role is to advocate for competition and markets both domestically and internationally. As a practical matter, the provision of economic advice to the FTC and to the legal staff has required that the economists wear “two hats,” helping the legal staff investigate cases and provide evidence to support law enforcement cases while also providing advice to the legal bureaus and to the Commission on which cases to pursue (thus providing “a second set of eyes” to evaluate cases). There is sometimes a tension in those functions because building a case is not the same as evaluating a case. Economists and the Bureau of Economics have provided such services to the FTC for over 100 years proving that a sub-organization can survive while playing roles that sometimes conflict. Such a life is not, however, always easy or fun.
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Duncan E. Jackson and Sally I. McClean
This innovative analysis aims to quantify the use of evaluation criteria in telemedicine and to identify current trends in metric adoption. The focus is to determine the frequency…
Abstract
Purpose
This innovative analysis aims to quantify the use of evaluation criteria in telemedicine and to identify current trends in metric adoption. The focus is to determine the frequency of actual performance metric reporting in telemedicine evaluation, in contrast to systematic reviews where assessment of study quality is the goal.
Design/methodology/approach
Automated literature search identified telemedicine studies reporting quantitative performance metrics. Studies were classified by telemedicine class; store‐and‐forward (SAF), real‐time consultation (RTC) and telecare (TC), and study stage. Studies were scanned for evaluation metric reporting, i.e. clinical outcomes, satisfaction, patient quality and cost measures.
Findings
Evaluation metric use was compared among telemedicine classes, and between pilot and routine use stages. Diagnostic accuracy was reported significantly more frequently in pilots for RTC and TC. Cost measures were more frequently reported in routine use for TC. Clinical effectiveness and hospital attendance were better reported in routine use for SAF. Comparison also revealed different evaluation strategies. In pilots, SAF favoured diagnostic accuracy, compared to RTC and TC. TC preferred clinical effectiveness evaluations and TC more frequently assessed patient satisfaction. Cost was only reported in less than 20 per cent of studies, but most frequently in RTC. Routine use led to increased reporting of all metrics, except diagnostic accuracy. Clinical effectiveness reporting increased significantly with routine use for RTC and SAF, but declined for TC.
Originality/value
Clinical outcomes and patient satisfaction were reported frequently in telemedicine studies, but reporting of other performance metrics was rare. Understanding current trends in metric reporting will facilitate better design of future telemedicine evaluations.
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Purpose – To assess how well varied policy initiatives address rape survivors’ difficulties participating in criminal prosecution.Method – The evaluation takes a victim-centered…
Abstract
Purpose – To assess how well varied policy initiatives address rape survivors’ difficulties participating in criminal prosecution.
Method – The evaluation takes a victim-centered perspective, rejecting the assumption that retraumatization is a necessary or inevitable by-product of prosecution. It accepts decision-making powers granted to law enforcement and prosecution practitioners to “found,” charge, prosecute, and plead cases, but questions the means adopted to achieve immediate goals. The evaluation considers legislative, procedural, and extra-criminal proposals such as restorative justice (RJ) conferencing and prosecutorial behavior modification. The evaluation draws on empirical investigations of case attrition, law enforcement, and prosecutorial decision-making, interorganizational collaboration in case processing, RJ, and survivors’ experiences with criminal prosecution.
Findings – Many of rape survivors’ difficulties with criminal prosecution stem from legal actors’ lack of knowledge about survivors’ purposes for participation and strategies to maintain ownership of a conflict that has been appropriated by prosecution, the conflicts survivors’ preexisting social relations pose, how lack of information about and experience with courtroom roles and norms produces anxiety and defensive behavioral strategies, and how survivors interpret and experience inconsistent messages about their role in and power over prosecution. The criminal justice process can directly reduce the causes of retraumatization and achieve procedural justice in ways that have positive implications for better substantive outcomes.
Practical implications – Instituting practices accommodating users’ behavioral orientations should increase the perception that reporting and prosecuting are viable options. Following Taslitz (1999), improving the effectiveness of rape survivors’ communication will increase gender equity generally.
Alexandra L. Ferrentino, Meghan L. Maliga, Richard A. Bernardi and Susan M. Bosco
This research provides accounting-ethics authors and administrators with a benchmark for accounting-ethics research. While Bernardi and Bean (2010) considered publications in…
Abstract
This research provides accounting-ethics authors and administrators with a benchmark for accounting-ethics research. While Bernardi and Bean (2010) considered publications in business-ethics and accounting’s top-40 journals this study considers research in eight accounting-ethics and public-interest journals, as well as, 34 business-ethics journals. We analyzed the contents of our 42 journals for the 25-year period between 1991 through 2015. This research documents the continued growth (Bernardi & Bean, 2007) of accounting-ethics research in both accounting-ethics and business-ethics journals. We provide data on the top-10 ethics authors in each doctoral year group, the top-50 ethics authors over the most recent 10, 20, and 25 years, and a distribution among ethics scholars for these periods. For the 25-year timeframe, our data indicate that only 665 (274) of the 5,125 accounting PhDs/DBAs (13.0% and 5.4% respectively) in Canada and the United States had authored or co-authored one (more than one) ethics article.
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Cheng-Wei Wu and Jeffrey J. Reuer
In M&A markets, acquirers face a hold-up problem of losing the value of investments they make in due diligence, negotiations, and post-acquisition planning if targets would pursue…
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In M&A markets, acquirers face a hold-up problem of losing the value of investments they make in due diligence, negotiations, and post-acquisition planning if targets would pursue the options of waiting for better offers or selling to an alternative bidder. This chapter extends information economics to the literature on M&A contracting by arguing that such contracting problems are more likely to occur for targets with better outside options created by the information available on their resources and prospects. We also argue that acquirers address these contracting problems by using termination payment provisions to safeguard their investments. While previous research in corporate strategy and finance has suggested that certain factors can facilitate an acquisition by reducing a focal acquirer’s risk of adverse selection (e.g., signals, certifications), we note that these same factors can make the target attractive to other potential bidders and can exacerbate the risk of hold-up, thereby leading acquirers to use termination payment provisions as contractual safeguards.