Non-conventional Projects Research Articles

Innovative sandwich-like composite biopanels – towards a new building biomaterials concept for structural applications in nonconventional building systems

ABSTRACT Redirecting the actual construction industry, which is one of the major sources of global pollution, is relevant to achieve green innovation efficiency. Researching on the potentials of wood species can lead to propose alternatives that allow reducing/reinventing conventional building materials and systems. This investigation aims to determine, evaluate and analyze the biomechanical/structural properties and performances of lightweight sandwich-like composite biopanels made of bamboo, melina and balsa. A total of 92 samples were experimentally tested under compression, bending, shear, tension, density, moisture content, glue and ply-delamination. The experimental data were validated and compensated through 82 finite element analyses. The acquired results were compared with equivalent sections of conventional materials in terms of strength, rigidity, structural behavior and mechanical efficiency. E.g. the results show the biopanels are up to two and three times more mechanically resistant than solid wall bricks and concrete block walls, respectively; and, up to nine times higher in terms of mechanical efficiency than steel. The results from the biomechanical analyses confirm the practical utilization of the wall biopanels into nonconventional building projects even as structural elements; most important, the implementation of the proposed wall biopanels into actual building systems would significantly reduce fatalities and destroyed dwellings during seismic and windy events due to its remarkable flexibility, strength and ductility.

Risk-adjusted discount rates and the present value of risky nonconventional projects

An appropriate risk adjustment technique applied to discount rate for evaluating stochastic negative cash flows is discussed. The proposed approach considers a future cash flow as a response to an investment or a borrowing rather than an independent cash flow. As discount rates applied to evaluate investments and borrowings have different meanings, the generalized net present value method is more appropriate to value cash flows with opposite signs. The given method uses two different rates: the finance rate is applied to discount positive present values (PVs) and the reinvestment rate – to discount negative PVs of a nonconventional project. It is shown that these rates are adjusted for risk relatively to their risk-free values in an opposite way. A universal relationship between risk penalty and risk premium is derived from the assumption that investment and borrowing risks are equal in their value.

Rehabilitation of the Internal Rate of Return

The Internal Rate of Return (IRR) is a widely used investment performance measure. However, due to well-known pitfalls and wrong assumptions rather attributed than inherent in the IRR technique some experts on capital budgeting recommend either using the IRR rule very carefully or avoiding it entirely. The paper discusses the most significant pitfalls concerning the IRR in some cases appear to be common misconceptions, while the actual pitfalls are related to the NPV rather than the IRR. The paper affirms that: (i) if a project is conventional, the IRR being the NPV function root, is a rate of return or an interest rate and much better than any other modified IRR; (ii) irrelevant IRRs are due to an imperfection of the NPV method that should not be used for evaluating nonconventional projects; (iii) if a project is nonconventional the GNPV method should be used that is an extension of the NPV method from one to two different discount rates for investment and loan; (iv) the GIRR and GERR are rate of return and rate of cost for nonconventional project.

Development of a new design approach of reinforced concrete structures based on strength reduction method

Abstract The design of complex reinforced concrete structures or elements of structures can be a challenging task for practitioner structural engineers in some specific non-conventional projects. For these specific cases, the use of well-established and standard design methods such as sectional methods or strut-and-tie methods can result into complex and sometimes inappropriate designs. On the other hand, the use of sophisticated numerical methods such as nonlinear finite element methods is not common in these situations because of their complexity and the lack of consensus on their validity within the engineering community. This work presents an innovative new design approach for complex reinforced concrete structures. The approach is inspired from the strength reduction numerical method, well-established in the field of slope stability in geotechnical engineering. It can be considered as an intermediate approach between the conservative and universally well accepted strut-and-tie method, and the powerful nonlinear finite element method. A new simple constitutive law for concrete has been developed for that purpose as a user subroutine under the software ABAQUS-Explicit. It allows for the degradation of concrete by gradually reducing its tensile strength during the analysis. This law is presented within an overall new framework for the design of reinforced concrete structure based on two steps. The structure is loaded in a first linear elastic step and then degradation of the tensile post-pic occurs in a second nonlinear step. At the end of this second step, a re-organisation of the internal stresses occurs within the structure. A resisting pattern and failure modes similar to those in the strut and tie models occur as well. Two application examples are presented at the end of the study and demonstrate the potential and the feasibility of the new approach.

Infrastructure for recombination: The work and ethos of Plethora Project

This paper presents a critique to the traditional business model followed by many architecture studios who utilize the ‘architectural competition’ as a format for developing new ideas and innovation. The abundant competition calls, implying free labour, that architectural competitions facilitate has become a mechanism to coerce architectural innovation towards the benefit of a ruling elite. The Plethora Project studio has attempted since 2011 to hybridize the practice of architecture with forms of entertainment in order
 to allow cultural engagement and ultimately communicate the challenges that architecture faces not only from a perspective of technological progress but from one of social progress as well. To do so, the medium of video games has been selected to communicate complex systems of interdependence, inviting a new audience of non- architects to participate in the construction of knowledge and discourse by understanding complex webs of interdependence that link material resources, knowledge, labour andaccess. The studio sits at the intersection 
 
 
 
 between an architectural firm and a gaming studio with social interest. This implies the necessity for innovation in economic strategies that enable the autonomy of ideas and the development of non-conventional projects.
 
 

Альтернативные методы оценки нетипичных инвестиционных проектов

Обсуждается корректность использования показателя MIRR для оценки эффективности инвестиционных проектов. Доказано, что для проектов с несколькими оттоками показатель MIRR увеличивается с ростом финансовой ставки и поэтому не может характеризовать эффективность проекта. Устранение зависимости от финансовой ставки превращает MIRR в «эквивалентную норму дохода» Соломона. Показано, что в методе IRR не существует никакого реинвестирования, и он может быть применен для оценки проектов в случае изменения стоимости капитала с течением времени. Поэтому метод IRR не нуждается в замене при оценке типичных проектов. Для оценки эффективности нетипичных проектов в качестве обобщения IRR рассмотрены показатели GIRR и GERR, вытекающие из метода GNPV. Приведены примеры оценок нетипичных проектов на основе правил MIRR и GNPV. Результаты оценки проверены методом составления баланса денежных потоков, который показал ошибочность решений на основе MIRR и корректность оценок на основе GNPV.

Definition of the concepts of conventional and non-conventional projects

Anastasia N. Blaset Kastro - Consultant, Compulink Group Address: 45, Michurinskiy Prospect, Moscow, 119607, Russian FederationE-mail: anblaset@gmail.com Nikolay Yu. Kulakov - Chief Financial Officer, Venta Investment & Finance CompanyAddress: 31А, Leningradskiy Prospect, Moscow, 125284, Russian FederationE-mail: nkulakov@gmail.com The term “non-conventional” project or “project with non-conventional cash flows” was introduced into economic literature after the internal rate of return (IRR) was shown to have multiple values or not exist at all in some projects. A project is considered to be conventional if it has only one change in the cash flow sign, no matter whether minus to plus or vice versa. A conventional project has a unique IRR. However, not all projects with a multiple sign change in cash flow are non-conventional, i.e. have problems with IRR determination. To ascertain the project type, the generally accepted approach recommends investigating monotony of the net present value (NPV) depending on the discount rate in order to find out how many IRRs the project has. On the other hand, neither the monotony of the NPV function nor a unique IRR guarantee that the project is conventional. Moreover, it was shown that the rate of return of a non-conventional project cannot be determined within the framework of the NPV method, and therefore the concept of profitability cannot be formulated. The recently proposed generalized net present value (GNPV) method allows us to determine the rate of return of a non-conventional project. This paper presents a method to determine the rate of return for an investment project of any type and proves that in the case of a conventional project the rate of return is the IRR, while in the case of a non-conventional project it is the generalized internal rate of return (GIRR). The necessary and sufficient conditions of conventional and non-conventional projects have been formulated.

Joseph C. Wu: Envisioning Personalized Medicine and Clinical Trials in a Dish.

If he develops heart disease in the future, Joseph Wu envisions his physicians selecting the ideal medication for him by first testing drugs on his “mini-me” surrogates – dishes of beating heart cells created from his own stem cells. Joseph C. Wu Growing up in Southern California, Wu helped his father grow Asian specialty pears. Now, as director of the Stanford Cardiovascular Institute in Palo Alto, California, he grows cardiomyocytes for a wide range of applications – disease modeling, drug discovery, medication safety testing, and possible regenerative therapy. Since coming to Stanford in 2004, Wu has worked with both human embryonic stem (ES) cells and human induced pluripotent stem (iPS) cells. Using ES cells, Dr Wu’s laboratory is addressing several important technical challenges in stem cell technology, including how to improve cardiac differentiation efficiency,1 control potential tumorigenicity,2 and avoid immune rejection.3 For iPS cells, his laboratory has shown that iPS cell-derived cardiomyocytes can be used to elucidate the molecular mechanisms of familial dilated cardiomyopathy and hypertrophic cardiomyopathy.4–6 In a paper designated the best basic science manuscript in Circulation in 2014, Wu used a library of iPS cell-derived cardiomyocytes to show that patterns of drug-induced cardiotoxicity differed among healthy controls and patients with long QT syndrome, hypertrophic cardiomyopathy, and dilated cardiomyopathy, indicating that the system might be a more accurate predictor of adverse drug responses than current assays and screening tests.7 In Circulation Research , he recently described the opportunities to use iPS cell-derived cardiomyocytes to advance the scientific understanding and treatment of sudden cardiac death.8 The Stanford Cardiovascular Institute is currently creating a biobank of patient-specific, deidentified iPS cell lines from healthy controls and patients with a wide range of cardiovascular diseases, which will benefit the research community and patients alike.9 …

Evaluation of the GNPV Method for Decision-making in Non-conventional Projects

Kulakova and Kulakov (2012) have presented the generalised net present value (GNPV) method to evaluate non-conventional projects. They have illustrated the method with three examples: a project of 2-year life with multiple internal rate of returns (IRRs), a project of 2-year life without IRR and a project of 3-year life with a unique real-valued IRR, which is not the rate of return. The purpose of the present study was to test the validity and feasibility of the GNPV method in evaluating other non-conventional projects with a longer life. The method was used to evaluate five scenarios: a project of 5-year life with multiple IRRs; a project of 7-year life with multiple IRRs, which were not the rates of return; a project of 10-year life with a positive and a negative IRR meaning the positive value was the unique IRR; a project of 7-year life with a salvage value and a unique IRR; and a staged expansion project of 10-year life with a unique IRR. It was concluded that the GNPV method worked in all the five cases considered. Advantages of the GNPV method were noticed in agreement with Kulakova and Kulakov (2012) that (i) the minimum attractive rate of return (MARR) was not required to find a solution; (ii) the internal (financing) rate may be different from the external (reinvestment) rate; and (iii) internal and external rates are not necessarily required for solution, but are required for evaluation of the projects. One disadvantage was observed that the computational work in some cases might be overwhelming.

Evaluation of Nonconventional Projects: GIRR and GERR vs. MIRR

This article considers evaluation of nonconventional projects and projects with cash outflows occurring not only at the beginning of project. It has been proved that, being a monotonically increasing function of a discount or finance rate, the modified internal rate of return (MIRR) fails to characterize the rate of return of such projects. We showed how to eliminate the MIRR's dependence on a finance rate and proved that in this case the MIRR becomes the “equivalent rate of return” proposed by Solomon. The generalized internal rate of return (GIRR) and generalized external rate of return (GERR) indices based on the generalized net present value (GNPV) approach are considered as alternatives to the MIRR. Several nonconventional projects have been evaluated using the MIRR, GIRR, and GERR rules. In order to verify the estimates, we drew up a simple project balance sheet, which demonstrated correctness of the results based on the GIRR and GERR rules and errors inherent in the MIRR application.

La Generación Distribuida: Retos frente al Marco Legal del Mercado Eléctrico Ecuatoriano

El análisis de la normativa enfocada en el concepto de la Generación Distribuida, la evolución en tecnologías, la importancia de la seguridad energética y la diversificación de la matriz con energías renovables, la necesidad de reducir la dependencia en combustibles fósiles, exige que se fomenten en el Ecuador nuevos proyectos de recursos renovables no convencionales. La GD debe ser parte del modelo de negocio a la par del advenimiento de las redes inteligentes, esta evolución exige la revisión y estudio detenido y especializado de normas de concesión, impactos en la red, medidas para de mitigación de riesgos. Los vehículos eléctricos híbridos, dispositivos de almacenamiento, micro redes inteligentes, podrán ser realidad si se parte de la experiencia y lecciones aprendidas de países que van a la delantera.

Evaluation of Nonconventional Projects

This article introduces the generalized net present value (GNPV) method for nonconventional project evaluation. This method generalizes the NPV method by using two discount rates: the finance rate for positive present values and the reinvestment rate for negative present values. As a result, the different rates discount cash flows invested in the project and released by the project. The GNPV method allows us to consider any nonconventional project as an investment or a loan. Therefore, each nonconventional project always has two rates of return; that is, GIRR(p) and GERR(r), depending on the reinvestment and the finance rate, respectively. The GNPV, generalized internal rate of return (GIRR), and generalized external rate of return (GERR) rules for justifying and ranking independent nonconventional projects are proposed. These rules do not contradict each other. A graphical interpretation (“GNPV diagram”) of the decision-making rules is suggested. The GNPV method is applied to the solution of the Lorie-Savage oil pump problem and the rate of return is determined for a project without IRR.

Increasing Sucker Rods' Working Capacities

Technology Update Artificial lifting systems are being pushed to their operational limits, given the more demanding field operating conditions that require deeper wells and higher production flows. Over the years, the number of secondary-recovery and nonconventional oil projects has increased, and more is being asked of rod pumping (RP) and progressive-cavity pumping (PCP) systems. Both pumping systems have found the sucker-rod string to be one of their weakest links. Stress analysis and failure statistics for different parts of sucker rods have found the weakest point to be located in its coupled connection. Rod-pin and coupling failures have become common problems in fields, making it clear that the fatigue resistance of the connection is inferior to the fatigue resistance of the rod body. Several potential solutions designed to increase rods’ working capacities have been attempted, but none of them attacked the problem genesis: the connection. Recently, however, a premium-connection rod has been developed with a new thread design that has demonstrated very positive results in reducing connection fatigue (Fig. 1). Design Process Finite element analysis (FEA) is a numerical tool used to verify designs before field testing can be performed, and with FEA, the most significant design constraints of conventional rod connections were analyzed as a basis for developing the new premium connection design. The main points addressed in the development of the new design were the following: Loosening tendency of the connection because of a gap between threads. This gap allows movement between coupling and pin threads when rods undergo compression and/or shocks. Permanent deformations of the thread (as verified by FEA) during makeup and well operations. These deformations make crack propagation more likely. They also result in a difficult makeup operation when repeating displacements. Nonuniform stress distribution in thread profile generates regions of high stress concentration and, as a result, makes the pin and coupling more susceptible to the appearance of cracks (also verified with FEA). High reliance on the makeup operation because both overtorque (increase in the stress level) and undertorque (stress concentration during well operation) are harmful for the connection and produce failures in sucker-rod pins and couplings. In conventional design, thread effectiveness is highly dependent on the cleaning operation before the string is run into the well and an inefficient makeup can easily result and later produce failures.

Non-conventional energy project analysis and national energy policy

SYNOPSIS A consistent methodology for the economic and financial analysis of non-conventional energy projects is presented in this paper. General energy-economic issues and the principles of integrated national energy planning are outlined first, followed by a review of the main stages in processing an energy project. The investment decision from the national viewpoint should be made using economic shadow prices by verifying that the decentralized technology is least-cost, and that the benefits derived from its use exceed the costs. If these requirements are satisfied, similar but separate calculations are performed using market prices to ascertain whether private individuals will find the new technology both financially least-cost and profitable. When one or both of these financial conditions are not met, the government should adjust the relevant market prices and make other policy changes to satisfy the financial criteria. Successful project implementation may begin only after the decentralized energy t...