Modeling and Simulation in Engineering

The Special Issue Modeling and Simulation in Engineering, belonging to the section Engineering Mathematics of the Journal Mathematics, publishes original research papers dealing with advanced simulation and modeling techniques. The present book, “Modeling and Simulation in Engineering I, 2022”, contains 14 papers accepted after peer review by recognized specialists in the field. The papers address different topics occurring in engineering, such as ferrofluid transport in magnetic fields, non-fractal signal analysis, fractional derivatives, applications of swarm algorithms and evolutionary algorithms (genetic algorithms), inverse methods for inverse problems, numerical analysis of heat and mass transfer, numerical solutions for fractional differential equations, Kriging modelling, theory of the modelling methodology, and artificial neural networks for fault diagnosis in electric circuits. It is hoped that the papers selected for this issue will attract a significant audience in the scientific community and will further stimulate research involving modelling and simulation in mathematical physics and in engineering

Untangling hotel industry’s inefficiency: An SFA approach applied to a renowned Portuguese hotel chain

The present paper explores the technical efficiency of four hotels from Teixeira Duarte Group - a renowned Portuguese hotel chain. An efficiency ranking is established from these four hotel units located in Portugal using Stochastic Frontier Analysis. This methodology allows to discriminate between measurement error and systematic inefficiencies in the estimation process enabling to investigate the main inefficiency causes. Several suggestions concerning efficiency improvement are undertaken for each hotel studied.info:eu-repo/semantics/publishedVersio

Essays in Quantitative Risk Management for Financial Regulation of Operational Risk Models

An extensive amount of evolving guidance and rules are provided to banks by financial regulators. A particular set of instructions outline requirements to calculate and set aside loss-absorbing regulatory capital to ensure the solvency of a bank. Mathematical models are typically used by banks to quantify sufficient amounts of capital. In this thesis, we explore areas that advance our knowledge in regulatory risk management. In the first essay, we explore an aspect of operational risk loss modeling using scenario analysis. An actuarial modeling method is typically used to quantify a baseline capital value which is then layered with a judgemental component in order to account for and integrate what-if future potential losses into the model. We propose a method from digital signal processing using the convolution operator that views the problem of the blending of two signals. That is, a baseline loss distribution obtained from the modeling of frequency and severity of internal losses is combined with a probability distribution obtained from scenario responses to yield a final output that integrates both sets of information. In the second essay, we revisit scenario analysis and the potential impact of catastrophic events to that of the enterprise level of a bank. We generalize an algorithm to account for multiple level of intensities of events together with unique loss profiles depending on the business units effected. In the third essay, we investigate the problem of allocating aggregate capital across sub-portfolios in a fair manner when there are various forms of interdependencies. Relevant to areas of market, credit and operational risk, the multivariate shortfall allocation problem quantifies the optimal amount of capital needed to ensure that the expected loss under a convex loss penalty function remains bounded by a threshold. We first provide an application of the existing methodology to a subset of high frequency loss cells. Lastly, we provide an extension using copula models which allows for the modeling of joint fat-tailed events or asymmetries in the underlying process

Assessing investment strategies in mining projects in the Asia-Pacific region

The Asia-Pacific region has experienced a significant period of development over the last four decades. Rapid urbanisation has resulted in an increased demand for mineral resources indicating the resource industry has contributed the primary income to the economies of many Asia-Pacific countries. The objective of this thesis is to shed light on investment opportunity using the strategy of timing flexibility. This thesis uses two methodologies, namely Net Present value (NPV) and real options valuation (ROV), to conduct an investment analysis assessing timing flexibility. This thesis finds that commodity prices affect the mining investors’ decisions. However, the impact of tax policy uncertainty is quite subtle

Appropriate Wisdom, Technology, and Management toward Environmental Sustainability for Development

The protection and maintenance of environmental resources for future generations require responsible interaction between humans and the environment in order to avoid wasting natural resources. According to an ancient Native American proverb, “We do not inherit the Earth from our ancestors; we borrow it from our children.” This indigenous wisdom has the potential to play a significant role in defining environmental sustainability. Recent technological advances could sustain humankind and allow for comfortable living. However, not all of these advancements have the potential to protect the environment for future generations. Developing societies and maintaining the sustainability of the ecosystem require appropriate wisdom, technology, and management collaboration. This book is a collection of 19 important articles (15 research articles, 3 review papers, and 1 editorial) that were published in the Special Issue of the journal Sustainability entitled “Appropriate Wisdom, Technology, and Management toward Environmental Sustainability for Development” during 2021-2022.addresses the policymakers and decision-makers who are willing to develop societies that practice environmental sustainability, by collecting the most recent contributions on the appropriate wisdom, technology, and management regarding the different aspects of a community that can retain environmental sustainability