scholarly journals Modelling contractor’s bidding decision

2017 ◽  
Vol 9 (1) ◽  
pp. 64-73 ◽  
Author(s):  
Sławomir Biruk ◽  
Piotr Jaśkowski ◽  
Agata Czarnigowska
Keyword(s):  
Programming Model ◽  
Real Life ◽  
Cash Flows ◽  
Managerial Decision ◽  
Single Measure ◽  
Construction Enterprises ◽  
Pricing Process ◽  
Bid Price ◽  
Total Price ◽  
Bidding Process

AbstractThe authors aim to provide a set of tools to facilitate the main stages of the competitive bidding process for construction contractors. These involve 1) deciding whether to bid, 2) calculating the total price, and 3) breaking down the total price into the items of the bill of quantities or the schedule of payments to optimise contractor cash flows. To define factors that affect the decision to bid, the authors rely upon literature on the subject and put forward that multi-criteria methods are applied to calculate a single measure of contract attractiveness (utility value). An attractive contract implies that the contractor is likely to offer a lower price to increase chances of winning the competition. The total bid price is thus to be interpolated between the lowest acceptable and the highest justifiable price based on the contract attractiveness. With the total bid price established, the next step is to split it between the items of the schedule of payments. A linear programming model is proposed for this purpose. The application of the models is illustrated with a numerical example.The model produces an economically justified bid price together with its breakdown, maintaining the logical proportion between unit prices of particular items of the schedule of payment. Contrary to most methods presented in the literature, the method does not focus on the trade-off between probability of winning and the price but is solely devoted to defining the most reasonable price under project-specific circumstances.The approach proposed in the paper promotes a systematic approach to real-life bidding problems. It integrates practices observed in operation of construction enterprises and uses directly available input. It may facilitate establishing the contractor’s in-house procedures and managerial decision support systems for the pricing process.

scholarly journals A Generalized Minimum Cost Flow Model for Multiple Emergency Flow Routing

2014 ◽  
Vol 2014 ◽  
pp. 1-12 ◽  
Author(s):  
Jianxun Cui ◽  
Shi An ◽  
Meng Zhao
Keyword(s):  
Flow Model ◽  
Time Window ◽  
Programming Model ◽  
Real Life ◽  
Minimum Cost ◽  
Emergency Evacuation ◽  
Mixed Integer ◽  
Fixed Cost ◽  
Minimum Cost Flow ◽  
Cost Flow

During real-life disasters, that is, earthquakes, floods, terrorist attacks, and other unexpected events, emergency evacuation and rescue are two primary operations that can save the lives and property of the affected population. It is unavoidable that evacuation flow and rescue flow will conflict with each other on the same spatial road network and within the same time window. Therefore, we propose a novel generalized minimum cost flow model to optimize the distribution pattern of these two types of flow on the same network by introducing the conflict cost. The travel time on each link is assumed to be subject to a bureau of public road (BPR) function rather than a fixed cost. Additionally, we integrate contraflow operations into this model to redesign the network shared by those two types of flow. A nonconvex mixed-integer nonlinear programming model with bilinear, fractional, and power components is constructed, and GAMS/BARON is used to solve this programming model. A case study is conducted in the downtown area of Harbin city in China to verify the efficiency of proposed model, and several helpful findings and managerial insights are also presented.

A solution method for treatment scheduling in rehabilitation hospitals with real-life requirements

2018 ◽  
Vol 30 (4) ◽  
pp. 367-386 ◽  
Author(s):  
Liyang Xiao ◽  
Mahjoub Dridi ◽  
Amir Hajjam El Hassani ◽  
Wanlong Lin ◽  
Hongying Fei
Keyword(s):  
Waiting Time ◽  
Programming Model ◽  
Search Algorithm ◽  
Real Life ◽  
Cuckoo Search ◽  
Cuckoo Search Algorithm ◽  
Mixed Integer ◽  
Solution Quality ◽  
Improved Cuckoo Search Algorithm ◽  
Rehabilitation Hospitals

Abstract In this study, we aim to minimize the total waiting time between successive treatments for inpatients in rehabilitation hospitals (departments) during a working day. Firstly, the daily treatment scheduling problem is formulated as a mixed-integer linear programming model, taking into consideration real-life requirements, and is solved by Gurobi, a commercial solver. Then, an improved cuckoo search algorithm is developed to obtain good quality solutions quickly for large-sized problems. Our methods are demonstrated with data collected from a medium-sized rehabilitation hospital in China. The numerical results indicate that the improved cuckoo search algorithm outperforms the real schedules applied in the targeted hospital with regard to the total waiting time of inpatients. Gurobi can construct schedules without waits for all the tested dataset though its efficiency is quite low. Three sets of numerical experiments are executed to compare the improved cuckoo search algorithm with Gurobi in terms of solution quality, effectiveness and capability to solve large instances.

Introduction to Data Mining Techniques via Multiple Criteria Optimization Approaches and Applications

2008 ◽  
pp. 26-49 ◽  
Author(s):  
Yong Shi ◽  
Yi Peng ◽  
Gang Kou ◽  
Zhengxin Chen
Keyword(s):  
Data Mining ◽  
Linear Programming ◽  
Credit Card ◽  
Programming Model ◽  
Real Life ◽  
Multiple Criteria ◽  
Linear Programming Model ◽  
Multiple Criteria Optimization ◽  
Research Challenges ◽  
Challenges And Opportunities

This chapter provides an overview of a series of multiple criteria optimization-based data mining methods, which utilize multiple criteria programming (MCP) to solve data mining problems, and outlines some research challenges and opportunities for the data mining community. To achieve these goals, this chapter first introduces the basic notions and mathematical formulations for multiple criteria optimization-based classification models, including the multiple criteria linear programming model, multiple criteria quadratic programming model, and multiple criteria fuzzy linear programming model. Then it presents the real-life applications of these models in credit card scoring management, HIV-1 associated dementia (HAD) neuronal dam-age and dropout, and network intrusion detection. Finally, the chapter discusses research challenges and opportunities.

Capital Budgeting: Maledia Broadcasting Ltd

2020 ◽  
Vol 17 (2) ◽  
pp. 241-256
Author(s):  
Keyoor Purani ◽  
Krishnan Jeesha
Keyword(s):  
Net Present Value ◽  
Real Life ◽  
Capital Budgeting ◽  
Cash Flows ◽  
New Venture ◽  
Project Finance ◽  
Corporate Context ◽  
Real Life Situation ◽  
The Media ◽  
The Rich

In 2011, Samjad, deputy CEO of Maledia Broadcasting Limited (MBL)—a new venture of the media group Maledia, based in Cochin, India—prepared to make financial projections to justify the feasibility of the new Malayalam news channel. He was faced with challenges of making estimates that made the project attractive yet practical and credible for the group that was conservative in their advertising sales approach. Set in an interesting industry like broadcasting, the case simulates a real-life situation that also provides a internal corporate context. With the help of the rich market data such as advertising spends, commercial time, competitive scenario in the region, students are expected to forecast revenue for the project. Students are also challenged to use benchmark data of competitors to estimate hurdle rate, capex and operating costs. Estimation of initial investments is also required to be made. Using the processed financial data and projections, students are required to prepare discounted cash flows (DCF) statements with net present value (NPV) and internal rate of return (IRR) for the broadcast channel project. They learn to build alternate scenarios to deal with decisions under uncertainty. The case provides several opportunities to discuss narratives and numbers, helping students of finance realize the value of analysing the company policies and values, business situation, market environment and competitive financial information in capital budgeting, and project finance beyond number crunching.

Introduction to Data Mining Techniques via Multiple Criteria Optimization Approaches and Applications

2009 ◽  
pp. 1-25
Author(s):  
Yong Shi ◽  
Yi Peng ◽  
Gang Kou ◽  
Zhengxin Chen
Keyword(s):  
Data Mining ◽  
Linear Programming ◽  
Programming Model ◽  
Neuronal Damage ◽  
Real Life ◽  
Multiple Criteria ◽  
Linear Programming Model ◽  
Multiple Criteria Optimization ◽  
Research Challenges ◽  
Challenges And Opportunities

This chapter provides an overview of a series of multiple criteria optimization-based data mining methods, which utilize multiple criteria programming (MCP) to solve data mining problems, and outlines some research challenges and opportunities for the data mining community. To achieve these goals, this chapter first introduces the basic notions and mathematical formulations for multiple criteria optimization- based classification models, including the multiple criteria linear programming model, multiple criteria quadratic programming model, and multiple criteria fuzzy linear programming model. Then it presents the real-life applications of these models in credit card scoring management, HIV-1 associated dementia (HAD) neuronal damage and dropout, and network intrusion detection. Finally, the chapter discusses research challenges and opportunities.

Using Deficit Function to Determine the Minimum Fleet Size of an Autonomous Modular Public Transit System

2020 ◽  
Vol 2674 (11) ◽  
pp. 532-541 ◽  
Author(s):  
Tao Liu ◽  
Avishai (Avi) Ceder ◽  
Andreas Rau
Keyword(s):  
Autonomous Vehicles ◽  
Large Scale ◽  
Public Transit ◽  
Programming Model ◽  
Real Life ◽  
Single Line ◽  
Continuum Approximation ◽  
Transit System ◽  
Fleet Size ◽  
Minimum Number

Emerging technologies, such as connected and autonomous vehicles, electric vehicles, and information and communication, are surrounding us at an ever-increasing pace, which, together with the concept of shared mobility, have great potential to transform existing public transit (PT) systems into far more user-oriented, system-optimal, smart, and sustainable new PT systems with increased service connectivity, synchronization, and better, more satisfactory user experiences. This work analyses such a new PT system comprised of autonomous modular PT (AMPT) vehicles. In this analysis, one of the most challenging tasks is to accurately estimate the minimum number of vehicle modules, that is, its minimum fleet size (MFS), required to perform a set of scheduled services. The solution of the MFS problem of a single-line AMPT system is based on a graphical method, adapted from the deficit function (DF) theory. The traditional DF model has been extended to accommodate the definitions of an AMPT system. Some numerical examples are provided to illustrate the mathematical formulations. The limitations of traditional continuum approximation models and the equivalence between the extended DF model and an integer programming model are also provided. The extended DF model was applied, as a case study, to a single line of an AMPT system, the dynamic autonomous road transit (DART) system in Singapore. The results show that the extended DF model is effective in solving the MFS problem and has the potential to be applied to solving real-life MFS problems of large-scale, multi-line and multi-terminal AMPT systems.

Application of Particle Swarm Algorithm in Train-Set Circulation Problem of China

2012 ◽  
Vol 253-255 ◽  
pp. 1235-1240
Author(s):  
Hua Li ◽  
Bao Ming Han ◽  
Fang Lu ◽  
Xiao Juan Li
Keyword(s):  
High Speed ◽  
Particle Swarm Optimization Algorithm ◽  
Programming Model ◽  
Real Life ◽  
Particle Swarm ◽  
Particle Swarm Algorithm ◽  
High Speed Railway ◽  
Railway Line ◽  
Circulation Problem

Train-set circulation problem is an important issue in operations of high-speed passenger trains in the world. On the basis of characteristics of the train-set circulation problem in China, an integer programming model is presented without considering distinct train-set types. With redefinitions of some basic mathematical objects and operations, an improved particle swarm optimization algorithm is proposed to solve the model. The algorithm is applied in a real-life case study based on the timetable of the Wuhan-Guangzhou High-speed Railway Line. The results show that the proposed algorithm is effective to find the optimized train-set circulation plan.

scholarly journals OPTIMIZATION OF RESOURCES WITH THE AID OF LINEAR PROGRAMMING MODEL IN STEVE SHOE PRODUCTION CENTRE, ENUGU, NIGERIA

2018 ◽  
Vol 6 (9) ◽  
pp. 123-136
Author(s):  
Godwin Nosakhare ◽  
Monday Ojochide
Keyword(s):  
Linear Programming ◽  
Programming Model ◽  
Decision Problems ◽  
Linear Programming Model ◽  
Mathematical Tool ◽  
Trial And Error ◽  
Managerial Decision ◽  
Trial And Error Method ◽  
Effective Output ◽  
Error Method

This paper studied the optimization of resources with the aid of linear' programming model in Steve Shoe Production Centre (SSPC), Enugu. The Linear programming model is a complex mathematical tool used for solving managerial decision problems. From the researcher's observation, Steve Shoe Production Centre depended completely on trial and error method of decision making which often yielded suboptimal results. This gap brought about the need to amongst others demonstrate how the linear programming model developed in this study can assist SSPC Enugu to optimize its resources for effective output decisions. Review of related literature was performed. The findings show that the linear programming model developed by the researcher is workable for optimal results in Steve Shoe Production Centre, Enugu.

scholarly journals INSTRUMENTS FOR CASH FLOW MANAGEMENT OF CONSTRUCTION ENTERPRISES

2020 ◽  
pp. 223-229
Author(s):  
Mariya Nashkerska ◽  
Nataliia Patriki
Keyword(s):  
Construction Industry ◽  
Cash Flow ◽  
Financial Stability ◽  
Cash Flows ◽  
Flow Management ◽  
Construction Enterprise ◽  
Cash Flow Management ◽  
Construction Enterprises ◽  
Payment Schedule ◽  
Definition Of

Introduction. Financial state of the construction enterprise, level of its financial stability, creditworthiness and liquidity depend on the availability of current assets, net cash flow (positive or negative), which is formed in the course of conducting payment transactions. The subject of the research is the flow of money of the construction enterprise. The research objectives: identifying the causes of current assets constraints at the construction industry enterprises; using projected cash flow budget and payment schedule as instruments of managing the enterprise cash flow. The purpose of the article is to determine the instruments for cash flow management of construction enterprises, taking into account the peculiarities of their activities. Method (methodology). The article suggests developing projected cash flow budgets and payment schedule to manage cash flows more efficiently (prevent negative net cash flow) based on estimates made by construction enterprises to determine the construction cost. The purpose of the payment schedule is to determine the flow of funds for the next day and the current week as a supplement and detailing of the projected cash flow budget. Research results. The use of the projected cash flow budget and payment schedule at the construction industry enterprises will help the management team to control the incoming and outgoing cash flows, form the data base for making decisions on the efficient use of funds. It will also promote the search for additional funding sources of the enterprise activity in the period of budget deficit as well as pre-justified investment of capital in the period of budgetary surplus Thus, the formation of projected cash flow budgets and payment schedule can be an important instrument for efficient cash flow management of construction enterprises. The method of formation of mutually agreed forecast budget of cash flow and payment calendar with definition of indicators of their efficiency in management of cash flows and a financial condition of the enterprise as a whole needs further improvement. The technique of forming mutually agreed projected cash flow budget and payment schedule along with the definition of their efficiency indicators in managing cash flows and the overall enterprise financial state requires further improvement.

scholarly journals RESEARCH APPROACHES TO MONETARY FLOW OPTIMIZATION SUBJECT TO SELECTED FACTORS AND CONTROL MEASURES REDUCING THE RISK OF BANKRUPTCY OF THE ORGANIZATION

2017 ◽  
pp. 109-119
Author(s):  
Lyudmila Ivanovna Fedorova ◽  
Svetlana Vyacheslavovna Dzhezheliy
Keyword(s):  
Cash Flow ◽  
Cash Flows ◽  
Control Measures ◽  
Managerial Decision ◽  
Flow Management ◽  
Managerial Decision Making ◽  
Cash Flow Management ◽  
Rational Management ◽  
And Control

In modern conditions the competitiveness of organizations is provided by rational management decisions, which are taken depending on various factors and their impact on the cash flows of the organization. The theme of the study of factors and control measures influencing cash flow management for reducing the risk of bankruptcy is in all respects one of the most controversial and much cited. In the course of study the authors have summarized the approaches of Russian and foreign authors towards the concept "cash flow", revealed certain problems in the quality of decisions, arranged the factors increasing the degree of their effectiveness and directly affecting the financial performance of the organization. Application in the work of the organization of individual elements ("morale") of the group of environmental factors and standards of internal reporting will improve the efficiency of managerial decision-making in part of cash flows from different activities.

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