From data to big data: the road of SMEs towards artificial intelligence

ope

If transparency in performance measurement becomes mandatory: towards better accountability?

In most industrialized countries (including Italy), the increasing financial pressure on public organizations and the need for accountability have led to renewed attention on measuring public performance. In Italy, in 2009, the Legislative Decree 150 mandated all public organizations to introduce a \u2018performance management cycle\u2019 and publish a performance plan (a multi-year programming tool), a performance report (regarding the results obtained), and a document formalizing the model, the phases, and the timing of the adopted performance measurement system. This paper aims to understand whether transparency obligations in performance measurement correspond to a higher degree of accountability for stakeholders or whether they create greater bureaucracy. This study focuses on Italian public healthcare organizations since they need to be much more accountable towards their stakeholders on the results obtained in comparison to other public organizations. The empirical analysis conducted shows that the legal obligations for transparency in performance measurement are still important in a country with civil law like Italy\u2014but they are not sufficient for improving accountability for stakeholders

Estimating the Counterparty Risk Exposure by using the Brownian Motion Local Time

In recent years, the counterparty credit risk measure, namely the default risk in \emph{Over The Counter} (OTC) derivatives contracts, has received great attention by banking regulators, specifically within the frameworks of \emph{Basel II} and \emph{Basel III.} More explicitly, to obtain the related risk figures, one has first obliged to compute intermediate output functionals related to the \emph{Mark-to-Market} (MtM) position at a given time $t \in [0, T],$ T being a positive, and finite, time horizon. The latter implies an enormous amount of computational effort is needed, with related highly time consuming procedures to be carried out, turning out into significant costs. To overcome latter issue, we propose a smart exploitation of the properties of the (local) time spent by the Brownian motion close to a given value

Materials selection in a critical raw materials perspective

Critical Raw Materials (CRMs) are those raw materials that are economically and strategically important for the European economy but have a high-risk associated with their supply. Used in environmental technologies, consumer electronics, health, steel-making, defence, space exploration, and aviation, these materials are not only 'critical' for key industry sectors and future applications, but also for the sustainable functioning of the European economy. In this scenario, 'mitigating actions' need to be developed to reduce criticalities linked to the use of those raw materials. Recycling and substitution, when possible, are strategic solutions but a more efficient use of such CRMs in design, obtained by a correct alloy selection, is become nowadays mandatory.A method for metallic alloys selection in a CRMs perspective, based on the definition of the alloy critical index, is described. The proposed method allows selecting the alloy for the current application that minimizes its criticality associated to CRMs. The method is illustrated with examples. Keywords: Mechanical design, Materials selection, Critical raw material, Metallic materia

Design for recycling in a critical raw materials perspective

The European Union (EU) identified a number of raw materials that are strategic for its economy but suffer at the same time from a high supply risk. Such critical raw materials (CRMs) are used in a wide range of commercial and governmental applications: green technology, telecommunications, space exploration, aerial imaging, aviation, medical devices, micro-electronics, transportation, defense, and other high-technology products and services. As a result, the industry, the environment, and our quality and modern way of life are reliant on the access and use of them. In this scenario, recycling may be a strategic mitigating action aimed at reducing the critical raw materials supply risks. In this work, a design strategy is proposed for alloys selection that minimizes the number of CRMs with the lowest end-of-life recycling input rate. The method is illustrated with an example

Alloy Substitution in a Critical Raw Materials Perspective: A systematic approach

Since many years, the European Community has been monitoring some raw materials because of their high importance to the European Union economy and their high supply risk. Such raw materials, classified as critical, form a strong industrial base, producing a lot of goods and applications used in everyday life and modern technologies. Many critical raw materials are used to produce alloys and their high supply risk may constitute a serious problem for the future world economy and technological progress. Mitigating actions are therefore needed such as recycling, material efficiency improvements and, when possible, material substitution. In the present work, a systematic approach for alloy substitution in a critical raw materials perspective is developed. The method is illustrated with an example

Microstructural, texture, plastic anisotropy and superplasticity development of ZK60 alloy during equal channel angular extrusion processing

In this study, equal channel angular pressing (ECAP) was exploited to refine the grain size of a ZK60 magnesium alloy in multi-processing steps, namely at temperatures of 250˚C, 200˚C and 150˚C, producing an ultrafine-grained (UFG) structure. The microstructural development and texture evolution during ECAP were systemically investigated by electron backscattered diffraction (EBSD) analysis. The microstructure of the ECAP processed alloy was remarkably refined to an average grain size of 600 nm. During ECAP process the original fiber texture of the as-extruded alloy was gradually weakened and eventually replaced by a stronger texture component coinciding with ECAP shear plane. The ECAP processed material showed a proper balance of tensile as well as compression strength and tensile ductility at room temperature. Yield strength of 273 and 253 MPa in tension and compression, respectively, ultimate tensile strength of 298 MPa and fracture elongation of about 30% were obtained in the UFG alloy. A transition from ductile–brittle to ductile fracture consisting of very fine and equiaxed dimples was also found in the ECAP processed material. Compared to the as-received alloy, a combination of grain refinement and texture development in the UFG alloy gave rise to a notable reduction in mechanical asymmetric behavior at room temperature. The superplastic behavior of the as-extruded and ECAP processed alloy was also investigated at 200˚C with strain rate of 1.0×10-3 s-1. The concurrent effect of grain boundary sliding and favorable basal texture in the UFG alloy led to an achievement of elongation value of about 300% while, under similar testing conditions, the elongation of about 140% was obtained in the as-extruded alloy

Polynomial Chaos Expansion Approach to Interest Rate Models

The Polynomial Chaos Expansion (PCE) technique allows us to recover a finite second-order random variable exploiting suitable linear combinations of orthogonal polynomials which are functions of a given stochastic quantityξ, hence acting as a kind of random basis. The PCE methodology has been developed as a mathematically rigorous Uncertainty Quantification (UQ) method which aims at providing reliable numerical estimates for some uncertain physical quantities defining the dynamic of certain engineering models and their related simulations. In the present paper, we use the PCE approach in order to analyze some equity and interest rate models. In particular, we take into consideration those models which are based on, for example, the Geometric Brownian Motion, the Vasicek model, and the CIR model. We present theoretical as well as related concrete numerical approximation results considering, without loss of generality, the one-dimensional case. We also provide both an efficiency study and an accuracy study of our approach by comparing its outputs with the ones obtained adopting the Monte Carlo approach, both in its standard and its enhanced version