Cost Perspective Research Articles

A simulation based analysis for enhancement of performances of turbine blades in turbo jet engines with thermal barrier coatings (TBCs)

The enhancement of turbine blade performance within turbo jet engines is crucial for prolonged engine life. Amidst various cooling strategies for turbine blades, thermal barrier coatings (TBCs) emerge as a highly effective method. Just as the choice of material for the turbine blade holds importance, so too do the materials comprising TBCs. The current research work aims to pursue finite element-based analyses of turbine blades with TBCs, an almost real complex-shaped geometric model comprising the blade body with a rabbet is essential, the stress generated during TGO growth which is crucial for analysis, to select the substrate from both a thermo-structural and cost perspective. In this research endeavor, TBCs were structured with a substrate, a bond coat (NiCoCrAlY), and a top coat of lanthanum cerate (La2Ce2O7) ceramic layers. A thermally grown oxide (TGO), namely α-Al2O3, forms between the bond coat and the top coat due to the elevated temperatures experienced. Two distinct substrates, Inconel 625 and Titanium-T6 alloy, were meticulously chosen as turbine blade materials. Commencing with NACA 4412 airfoil data, the turbine blade was meticulously designed using CATIA, followed by simulations conducted on ANSYS software through a static thermal structural model. The simulation aimed to determine the optimal top coat/thermally grown oxide (TC/TGO) and TGO/bond coat (TGO/BC) layer thicknesses to achieve minimal equivalent stress and total deformation in the turbine blade. The simulated results revealed that a combination of 400 µm TC/10 µm TGO and 10 µm TGO/100 µm BC provided the lowest equivalent stress and total deformation, thereby offering valuable insights for the current research.

Pre-disaster evacuation network design with uncertain demand and behavioural choices: A bi-criteria generalized cost perspective

Pre-disaster evacuation network design is critical to improving evacuation efficiency and reducing the loss of life and property caused by disasters. However, evacuation network design is complicated by the uncertainty of pre-disaster evacuation demand and the heterogeneity of evacuees’ route choices when faced with a disaster scenario. Therefore, how to design efficient evacuation networks considering these uncertainties has become an important research topic. In this paper, we study the pre-disaster flood evacuation network design problem, define a bi-criteria generalized cost metric based on Evacuation Travel Time (ETT) and Evacuation Network Congestion Degree (ENCD), and develop a model that considers uncertain demand and evacuation behavioural choices to minimize the generalized cost in the evacuation network. For the uncertain behavioural choice, we propose an Expanded Stochastic User Equilibrium (ESUE) model based on the Random Regret Minimization (RRM) principle and Boundedly Rational User Equilibrium (BRUE) conditions to describe it. For the uncertain demand, we design a Distributionally Robust Optimization (DRO) method based on Mean Absolute Deviation (MAD) to deal with this uncertain model. This paper designs an Improved Method of Successive Averages Combined with Genetic Algorithm (IMSA-GA) to solve the model and uses the Nguyen-Dupuis test network to verify the applicability and feasibility of the model and algorithm. In addition, we also conduct an evacuation network design in the Hawkesbury-Nepean region of Australia. The larger the threshold value based on the regret utility ratio, the smaller the generalized cost value, which indicates the behavioural choices of the evacuees have an impact on the evacuation network design, and the generalized cost decreases by 6.12% when the threshold value is increased from 0.1 to 0.9. In addition, the generalized cost value obtained by IMSA-GA will be 0.0025 lower than Improved Method of Successive Averages Combined with Simulated Annealing (IMSA-SA) and 0.0005 lower than Improved Method of Successive Averages Combined with Taboo Search (IMSA-TS). The theoretical contribution of this paper is to find an approach to the uncertain evacuation network design problem, especially to improve the practicality of the model by fully considering evacuation behaviour. The practical contribution is that our findings can provide insights for government authorities to design efficient and reliable evacuation networks that balance evacuation travel time and evacuation network congestion. In the future, if evacuation behavioural choices can be analysed based on actual surveys, the estimation of behavioural parameters based on survey data will be more instructive for the evacuation process.

A Systematic Review of Modeling Approaches to Evaluate Treatments for Relapsed Refractory Multiple Myeloma: Critical Review and Considerations for Future Health Economic Models.

Multiple myeloma is a rare incurable hematological cancer in which most patients relapse or become refractory to treatment. This systematic literature review aimed to critically review the existing economic models used in economic evaluations of systemic treatments for relapsed/refractory multiple myeloma and to summarize how the models addressed differences in the line of therapy and exposure to prior treatment. Following a pre-approved protocol, literature searches were conducted on 17 February, 2023, in relevant databases for models published since 2014. Additionally, key health technology assessment agency websites were manually searched for models published as part of submission dossiers since 2018. Reported information related to model conceptualization, structure, uncertainty, validation, and transparency were extracted into a pre-defined extraction sheet. In total, 49 models assessing a wide range of interventions across multiple lines of therapy were included. Only five models specific to heavily pre-treated patients and/or those who were refractory to multiple treatment classes were identified. Most models followed a conventional simple methodology, such as partitioned survival (n = 28) or Markov models (n = 9). All included models evaluated specific interventions rather than the whole treatment sequence. Where subsequent therapies were included in the model, these were generally only considered from a cost and resource use perspective. The models generally used overall and progression-free survival as model inputs, although data were often immature. Sensitivity analyses were frequently reported (n = 41) whereas validation was only considered in less than half (n = 19) of the models. Published economic models in relapsed/refractory multiple myeloma rarely followed an individual patient approach, mainly owing to the higher need for complex data assumptions compared with simpler modeling approaches. As many patients experience disease progression on multiple treatment lines, there is a growing need for modeling complex treatment strategies, leading to more sophisticated approaches in the future. Maintaining transparency, high reporting standards, and thorough analyses of uncertainty are crucial to support these advancements.

The Impact of the Governance Fragmentation of Forestry Communities on the Economic Performance of State-Owned Forest Enterprises in Northeast China: An Empirical Analysis Based on the Transaction Cost Perspective

The Impact of the Governance Fragmentation of Forestry Communities on the Economic Performance of State-Owned Forest Enterprises in Northeast China: An Empirical Analysis Based on the Transaction Cost Perspective

Integrated Optimization Study of Electric Bus Fleet Transformation

With the increasing social demand for sustainable and environmentally friendly transportation, the transformation of public transportation systems has become an important issue. In this paper, three mathematical models are developed to synthesize the ecological consequences, financial models and transition scenarios in the transition from diesel to electric bus fleet. In Problem 1, this paper adopts the Life Cycle Assessment (LCA) method to examine the full life cycle energy consumption of the product. The model comprehensively considers the main raw material production stage, vehicle assembly and distribution stage, vehicle driving stage and vehicle scrapping and dismantling stage, as well as the production stage of all types of energy added to the vehicle driving stage, i.e., the production stage of fuels and electricity, and finally applies Gabi, the life cycle evaluation software developed by PE Germany, to carry out the evaluation of the life cycle energy consumption and greenhouse gas emissions. Finally, the energy-saving potential of pure electric buses reaches 12.69%, and the GHG emission reduction potential reaches 6.05%. The results are applied to the bus fleet in Beijing, and it is calculated that the replacement of the bus fleet with pure electric buses can save 21.87% of energy and bring about a total GHG emission reduction of 60,700 tons. In Problem 2, this paper adopts the research method of life cycle cost (LCC). The model quantifies all the technical, material, human and organizational measures involved in the whole bus system process into cost indicators, and then builds a financial model for the transition of the fleet to a pure electric bus fleet based on the model, which provides a reliable basis for the bus company's decision-making. From a long-term perspective, the public transport company to choose a pure electric bus fleet will be more economically efficient, but need to bear the costly transition to the acquisition of costs. Overall, this paper comprehensively explores the smart bus fleet transformation problem through three complementary models. It provides strong support for decision makers from the perspectives of life cycle cost, financial planning and environmental friendliness. The combined use of these models makes the article more comprehensive and provides useful lessons for future bus fleet transformation.

The Cost-Effectiveness of Primary Prevention Interventions for Skin Cancer: An Updated Systematic Review.

Preventing the onset of skin malignancies is feasible by reducing exposure to ultraviolet radiation. We reviewed published economic evaluations of primary prevention initiatives in the past decade, to support investment decisions for skin cancer prevention. We assessed cost-effectiveness, cost-utility and benefit-cost analyses published from 1 September 2013. Seven databases were searched on 18 July 2023 and updated on 15 November 2023. Studies must have reported outcomes in terms of monetary costs, life years, quality-adjusted life years or variant thereof. A narrative synthesis was undertaken and reporting quality was assessed by three reviewers using the Consolidated Health Economic Evaluation Reporting Standards checklist. In total, 12 studies were included with five studies located in Australia; three in North America and the remaining four in Europe. Interventions included restricting the use of indoor tanning devices (7 studies), television advertising, multi-component sun safety campaigns, shade structures plus protective clothing provision for outdoor workers and provision of melanoma genomic risk information to individuals. Most studies constructed Markov cohort models and adopted a societal cost perspective. Overall, the reporting quality of the studies was high. Studies found highly favourable returns on investment ranging from US$0.35 for every $1 spent on prevention, up to €3.60 for every €1 spent. Other studies showed substantial skin cancers avoided, gains in life years, quality-adjusted survival, and societal cost savings. From both population health and economic perspectives, allocating limited health care resources to primary prevention of skin cancer is highly favourable.

Experimentation and thermo-enviro-economic analysis of solar still coupled with large-capacity heating and cooling units

Solar still is a water desalination method that works by the principle of evaporation and condensation, which has been adopted earlier as a simple and low energy consumption method. However, it suffers from low reliability and poor performance. Hence, the current study provides a developed solar still combined with a heat pump and an evacuated tube water heater to augment the thermal processes. The heat pump was attached to advance the condensation process. Besides, the heater was combined with the system to afford a storage medium and boost the evaporation process. Firstly, a parametric analysis was performed in order to select a suitable water recirculation rate and operating temperature. The productivity increased linearly with the temperature by a rate of about 0.035 L/h/m2 for a 1 ℃ temperature rise until below 68 ℃; then, the relation becomes exponential where the productivity increased by 0.16 L/h/m2 after a 1.5 ℃ temperature rise. Daily, the modified design exhibited productivity, energetic efficiency, and exergetic efficiency of 13.38 L/m2, 44.12 %, and 4.17 %, respectively. Furthermore, including cover cooling boosted these findings to 14.22 L/m2, 47.79 %, and 4.69 %, which were higher than that of a basic distiller by 291.73, 16.05, and 30.28 %, respectively. From the cost perspective, the minimum distilled water price was obtained at a 20-year lifetime span and a 5 % interest rate of 0.0121 $/L.

The impact of blockchain on Brazilian public procurement processes from the perspective of transaction costs: scenarios as perceived by experts

Purpose This paper aims to explore the impacts of a blockchain network implementation to support purchasing processes of a Brazilian public organization. Design/methodology/approach The Grumbach method was used to build the scenarios. Five experts with knowledge in blockchain and experience in public procurement were consulted on 20 possible preliminary events, defining their probability of occurrence and relevance. The data obtained were processed in Puma software, which returned a selection of ten definitive events, based on probability, relevance and standard deviation indicators, generating a map of prospective scenarios. Findings Three following scenarios are shown, the ideal scenario, the one with greater implantation benefits and fewer complications; the trend scenario, more likely to occur under current conditions; and the most likely scenario of occurrence, according to experts. The results indicated which simulated events are drivers (motives), and which are influenced (dependent). They were categorized as opportunities or threats to the deployment of the technology. Research limitations/implications Although public procurement processes are standardized by Brazilian legislation, new events may arise from the replication of the model in different organizations. The research revealed the need for practical testing in a simulated public procurement environment. Originality/value The article explores the interaction between disruptive network technology and processes linked to public sector efficiency. Studies on electronic government point to the future of public management.

A novel intervention for wound bed preparation in severe extremity trauma: Highly concentrated carbon dioxide bathing

IntroductionIn severe extremity trauma involving large tissue defects, early closure (e.g., free-flap surgery) of the defects is an essential step for good functional reconstruction; however, in some cases, early closure may be difficult. Highly concentrated carbon dioxide bathing, used to improve blood flow in ischemic limbs and skin ulcers, can also be applied in wound bed preparation for severe limb trauma. Patients and MethodsThe three cases in this study required an average of 13 weeks of highly concentrated carbonated bathing, which led to significantly better wound bed preparation, even in the exposed bone and tendon regions. ResultsWe successfully achieved good functional limb reconstruction in patients with deep burns and severe open fractures by reducing wound infection and facilitating good wound bed preparation. ConclusionsHighly concentrated carbon dioxide bathing was sufficient to prevent frequent wound infections, even in severe extremity trauma involving large soft-tissue defects such as deep crush burns and Gustilo Anderson classification ≥3b open fractures of the extremities. To our knowledge, such interventions have not been reported in the past and are valuable as new procedures for wound bed preparation in severe extremity trauma from both cost and wound infection control perspectives.

Long-term cost-utility analysis of family therapy vs. treatment as usual for young people seen after self-harm

BackgroundThe joint evidence of the cost and the effectiveness of family-based therapies is modest.ObjectiveTo study the cost-effectiveness of family therapy (FT) versus treatment-as-usual (TAU) for young people seen after self-harm combining data from an 18-month trial and hospital records up to 60-month from randomisation.MethodsWe estimate the cost-effectiveness of FT compared to TAU over 5 years using a quasi-Markov state model based on self-harm hospitalisations where probabilities of belonging in a state are directly estimated from hospital data. The primary outcome is quality-adjusted life years (QALY). Cost perspective is NHS and PSS and includes treatment costs, health care use, and hospital attendances whether it is for self-harm or not. Incremental cost-effectiveness ratios are calculated and deterministic and probabilistic sensitivity analyses are conducted.ResultsBoth trial arms show a significant decrease in hospitalisations over the 60-month follow-up. In the base case scenario, FT participants incur higher costs (mean +£1,693) and negative incremental QALYs (-0.01) than TAU patients. The associated ICER at 5 years is dominated and the incremental health benefit at the £30,000 per QALY threshold is -0.067. Probabilistic Sensitivity Analysis finds the probability that FT is cost-effective is around 3 − 2% up to a maximum willingness to pay of £50,000 per QALY. This suggest that the extension of the data to 60 months show no difference in effectiveness between treatments.ConclusionWhilst extended trial follow-up from routinely collected statistics is useful to improve the modelling of longer-term cost-effectiveness, FT is not cost-effective relative to TAU and dominated in a cost-utility analysis.

Reweighting Monte Carlo predictions and automated fragmentation variations in Pythia 8

This work reports on a method for uncertainty estimation in simulated collider-event predictions. The method is based on a Monte Carlo-veto algorithm, and extends previous work on uncertainty estimates in parton showers by including uncertainty estimates for the Lund string-fragmentation model. This method is advantageous from the perspective of simulation costs: a single ensemble of generated events can be reinterpreted as though it was obtained using a different set of input parameters, where each event now is accompanied with a corresponding weight. This allows for a robust exploration of the uncertainties arising from the choice of input model parameters, without the need to rerun full simulation pipelines for each input parameter choice. Such explorations are important when determining the sensitivities of precision physics measurements. Accompanying code is available at https://gitlab.com/uchep/mlhad-weights-validation.

Economic policy uncertainty and credit risk in microfinance: A cross‐country analysis

AbstractUsing a cross‐country data set of 670 microfinance institutions (MFIs) in nine countries from 1999 to 2018, this study examines the impact of economic policy uncertainty (EPU) on the credit risk of MFIs. The empirical results show that EPU significantly increases the credit risk of MFIs. Our findings are valid in a series of robustness checks. The moderating effects reveal that group lending can mitigate the impact of EPU on the credit risk of MFIs and that EPU has a weaker impact on nongovernmental organizations (NGOs) and cooperatives and credit unions (Coop/CUs). We explore potential channels through which credit risk is influenced by EPU from the perspectives of earnings volatility and cost. We find that EPU increases the credit risk of MFIs not only by reducing profitability and leverage levels and increasing earnings volatility but also by raising financing costs.

Cost identification in health professions education: A scoping review.

Resource scarcity in health professions education (HPE) demands rigorous consideration of costs. Yet, thus far, we have been unable to completely and consistently identify the costs of HPE. To address this knowledge gap and enable use of economic evidence in decision making, a detailed overview of all existing costs and approaches to cost identification in HPE is needed. This review summarises the diversity of costs, cost perspectives and cost identification methods used in economic research of HPE to answer the following questions: which educational topics, costs, cost perspectives and cost identification methods are being investigated in HPE literature? This investigation followed the Joanna Briggs Institute guidelines for scoping reviews. PubMed, ERIC, CINAHL and PsycINFO were iteratively searched for English language publications between 2012 and 2022 that reported costs of HPE. Data was extracted for study characteristics, educational context and economic methodology. A total of 136 articles of original research on the costs of educating all major licence healthcare professionals were included. A diffuse interest in costs is reflected in publications from 93 distinct journals and by the diversity of educational topics and cost types explored. However, the majority of investigations failed to define the cost perspective (86, 63%) and cost identification methods (117, 86%) and did not demonstrate common reporting structure or cost terminology, all of which contribute to persistent inconsistencies in cost identification. The source of disharmonious cost identification in HPE is fuelled by diverse interests and divergent concepts of costs and costing methodology. Left in its current state, disharmonious cost identification will continue to limit transparency, comparison and synthesis of evidence, hamper objectivity in implementation and policy decisions and impede the efficient and sustainable allocation of resources. A research agenda must be developed, prioritised, and validated by the broader community to develop a theoretical framework for HPE cost research, define stakeholders, elicit values and preferences and chart a path toward harmonised costing.

An analytical model of many-to-one carpool system performance under cost-based detour limits

Carpooling has emerged as a highly efficient method for mitigating traffic congestion. By strategically consolidating multiple travelers into fewer vehicles, carpooling substantially cuts down the overall number of vehicles on the road. However, the effectiveness of a carpooling system highly depends on the proportion of interested users that can be successfully matched and the amount of benefits users gain from these matches. This paper develops analytical models to estimate these metrics for a carpooling system that serves a many-to-one demand pattern, in which travelers share the same basic destination but travel from different origins. Two distinct scenarios are incorporated in the models: one where users have a preferred role of a driver or rider and another in which they are ambivalent between the two roles. The models provide the system’s expected match rate and average user surplus as a function of the network size, number of users, and travel costs. Different from previous studies, the proposed models developed here consider that users only participate in trips that are beneficial to them from a cost perspective, rather than assuming fixed detours. This allows for matching incorporating spatial and financial considerations, promising flexible and rational matches in carpool systems. Simulation tests are used to validate the effectiveness of the analytical models. Results also offer insights into how various factors impact the system’s performance.

Economic life-cycle model for the cost of a power grid line engineering project

Reasonable grid line engineering asset management is an important means for power companies to improve economic efficiency under the new electricity reform situation. Based on the whole-life-cycle theory, this paper puts into use the decommissioning of the whole process of cost perspective and analyses the line project construction to decommissioning and scrapping of the whole process of the cost. Through the calculation of the whole life cycle of the smallest annual cost, to determine the line economic life, the authors constructed the whole life cycle of a grid line project economic cost framework and put forward the best decommissioning time of a grid line model – that is, the economic life model. A case study was conducted based on a project example from a certain power grid company in China. The research results of this paper can be used to reduce the economic cost of operation and maintenance of power grid enterprises, improve the efficiency of input and output and provide reference suggestions for optimising the management of line engineering and other power assets of power grid companies.

CMA Profession in India - A Perspective

The profession of Cost and Management Accountancy in India is facing today the twin challenges of relevant visibility and its position in the development of the economy. Governance in any aspect of human activities, macro and micro, needs cost perspective and this needs to be effectively appreciated and leveraged to sharpen the tools of management accountancy and the profession based on this. A dynamic program of the professional education, recognised professional competence of cost and management accountants, and continued upgradation of the professionals are the three broad requirements for the development of the Cost and Management Accounting Profession. Paradigm shifts in pedagogy adopted to impart the professional education, a continued link of the professionals with the changing economic environment and a rigorous monitoring of the responses of the profession would enable the profession to gain its position in the economy.

CSR contracting and stock price crash risk: International evidence

In this study, we examine whether and how the worldwide integration of corporate social responsibility (CSR) criteria into executive compensation contracts (hereafter, CSR contracting or CSR-based executive compensation) affects a firm’s stock price crash risk. Using a comprehensive sample of 42,049 firm-year observations from 53 countries from 2003 to 2019, we find that CSR contracting firms have greater stock price crash risk. This positive association can be attributed to exacerbated managerial bad news hoarding behavior and overinvestment. We further demonstrate that the positive relationship between CSR contracting and crash risk is more pronounced for firms with powerful CEOs, as well as in countries with inferior investor protection and disclosure transparency. Overall, our findings are consistent with the agency cost and managerial power perspective, suggesting that CSR contracting may be exploited by powerful and opportunistic managers as a means of diverting shareholders’ attention and concealing bad financial news. Our findings have implications for both researchers and business practitioners.

Reform and Ideological Practice of Operations Research Course in Management and Engineering with The Integration of CDIO and PYTHON

It is pointed out in the National Education Conference and the National Conference on Ideological and Political Work in Colleges and Universities that colleges and universities should apply for ideological-political courses throughout the whole process of higher education, which provides incentives for deepening the reform and ideological-political practice of management engineering and operations research courses. Based on the integration of the CDIO teaching concept and Python and the immersive teaching process of the operations research course, this paper designs the teaching reform and practice of student-oriented management engineering and operations research course, which leads students to realize the algorithm design, program implementation, and visualization of operations research modeling and machine learning step by step. On this basis, based on the inventory management and its expansion model in operational research, taking grain supply chain management as the case object, this paper explores the strategic deployment of the CPC Central Committee and the state to realize the dynamic balance of grain supply and demand at a high level and deal with the uncertainty of the external environment with the security and stability of grain supply, from the perspective of variable cost, supply capacity, consumption demand, holding cost and shortage cost in the model. The research results are conducive to strengthening students' problem analysis and modeling ability, programming, and in-depth analysis, and have theoretical and practical value.

How does digital transformation promote supply chain diversification? From the perspective of supply chain transaction costs

Companies must implement digital transformation to achieve supply chain diversification with the current volatile economic conditions, which is crucial for their survival and as a fundamental measure to ensure industrial supply chain resilience and security. Based on A-listed companies, this paper systematically examines the impact of digital transformation on supply chain diversification, exploring the underlying mechanism of this effect from the transaction cost perspective. This paper reveals that digital transformation can significantly promote upstream suppliers, downstream customers, and the whole supply chain diversification. This impact operates mainly through the reduction effects of supply and demand coordination and inventory transportation costs.

Economic evaluation of intensive home treatment in comparison to care as usual alongside a randomised controlled trial.

There is a dearth of research on the cost-effectiveness of intensive home treatment (IHT), an alternative to psychiatric hospitalisation for patients experiencing psychiatric crises. We therefore present a health economic evaluation alongside a pre-randomised controlled trial of IHT compared to care as usual (CAU). Patients were pre-randomised to IHT or CAU using a double-consent open-label Zelen design. For the cost-utility analysis, the EuroQol 5-dimensional instrument was used. The cost-effectiveness was assessed using the Brief Psychiatric Rating Scale (BPRS). Data of 198 patients showed that each additional QALY gained from offering IHT instead of CAU was on average associated with an extra cost of €48,003. There is a 38% likelihood that IHT will lead to more QALYs at lower costs compared to CAU. An improvement of one additional point on the BPRS by offering IHT instead of CAU was associated with an extra cost of €19,203. There is a 38% likelihood that IHT will lead to higher BPRS score improvements at lower costs. Based on the NICE willingness-to-pay threshold of £30,000 (€35,000) per QALY, IHT could potentially be considered cost-effective with a likelihood of 55-60% when viewed from a societal perspective, and > 75% from a health care perspective. IHT appears slightly more attractive in terms of cost-utility and cost-effectiveness than CAU, although differences in both costs and effects are small especially when viewed from the societal costs perspective. From the health care sector costs perspective, IHT has a higher probability of being cost-effective compared to CAU. Netherlands Trial Register: NTR6151.