Amidst the rapidly evolving global economic landscape, the BRICS nations (Brazil, Russia, India, China, and South Africa) have emerged as pivotal players, particularly in the construction sector, which serves as a cor...
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Amidst the rapidly evolving global economic landscape, the BRICS nations (Brazil, Russia, India, China, and South Africa) have emerged as pivotal players, particularly in the construction sector, which serves as a cornerstone for their continued growth and development. This sector’s performance not only reflects the economic health of these nations but also their capacity for sustainable urban and infrastructural expansion. This study aims to provide a comprehensive evaluative analysis of the construction industry’s efficiency across the BRICS nations using the Bounded Rationality Data Envelopment Analysis (BR-DEA) model, incorporating principles from Prospect Theory. Moreover, this study also investigates the relationship between behavioral economics and operational efficiency within this sector. According to well-known prospect theory, the psychological behavioral coefficients applied in the model include the loss aversion, the gain preference, the gain curvature, and the loss curvature coefficients. Key performance indicators for the model were meticulously chosen, normalized, and derived from reputable global and national databases. The findings revealed that efficiency scores generally increased with higher gain preference coefficients across different loss aversion settings, indicating that valuing gains more positively is associated with greater efficiency. Variations were observed among the BRICS countries, suggesting that efficiency is influenced by country-specific behavioral factors. This study contributes to the literature by integrating behavioral economics into efficiency analysis and offers practical insights for policymakers and industry leaders within the BRICS nations. Limitations are acknowledged, primarily relating to data availability and the inherent complexities of behavioral modeling, which provide avenues for future research to expand upon these initial findings.
Deep gaining knowledge is a synthetic intelligence approach used to recognize complex facts. It uses many facts to recognize the complicated relationships between various factors. With deep learning, models can be bui...
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Little research has been done for artificial intelligence applications of semiconductor backend. This study aims to develop a deep learning based fault diagnosis framework as prognostics and health management (PHM) so...
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Recent work has proven the effort of researchers to integrate small sensors and a cloud environment, delivering the Internet of Things (IoT). Sensors as a service are one of the leading research concerns in this conte...
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The European industry has a well-established sector in the production of olive oil. The valorization of the olive pomace by extraction highly generates pollutant effluent due to waste leaching and processing in these ...
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This research investigates the distribution network model of a fruit trading company in Thailand, with a specific focus on the problem of excessive travel distances and vehicle requirements in the company's existi...
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Innovative safety in the workplace is vital as the high safety risks associated with electrical engineering construction can lead to injuries or even fatalities. Using computer vision technology, we experimented with ...
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To enhance production planning efficiency, it’s crucial to have well-structured models that align with metaheuristic and other optimization techniques. This research conducts a comparative analysis of three unique me...
To enhance production planning efficiency, it’s crucial to have well-structured models that align with metaheuristic and other optimization techniques. This research conducts a comparative analysis of three unique metaheuristic methods: sanitized-teaching-learning-based optimization (sTLBO), Particle Swarm Optimization (PSO), and Differential Evolution (DE) with a termination criterion of equal number of functional evaluations. The primary focus lies on profit-maximizing production planning within a single-level framework, encompassing intricate domain constraints, nonlinear costs, budget limitations and raw material constraints. The paper introduces three correction-based solution approaches. Upon evaluating 300 distinct instances of the problem, the study reveals that s-TLBO integrated with correction-based approach 1 and 3 consistently outperforms the other methods when it comes to devising optimal production plans for a Saudi Arabian petrochemical industry. This industry scenario involves 24 products, 54 processes, and three raw materials.
Efficient production planning requires well-structured models compatible with metaheuristic and other optimization techniques. This study compares three established metaheuristic methods - sanitized-teaching-learning-...
Efficient production planning requires well-structured models compatible with metaheuristic and other optimization techniques. This study compares three established metaheuristic methods - sanitized-teaching-learning-based optimization (s-TLBO), Particle Swarm Optimization (PSO), and Differential Evolution (DE) with a termination criterion of equal number of functional evaluations - for profit-maximizing production planning. The focus is on a single-level problem involving complex constraints, non-linear costs, budget and raw material limitations. The paper presents two solution strategies: a penalty-based and a correction-based approach. Analyzing 300 unique instances of the problem reveals that s-TLBO implemented with correction-based approach consistently outperforms the other methods in devising optimal production plans for two Saudi Arabian petrochemical industries with 24 products, 54 processes, and three raw materials for plant 1 and two raw materials for plant 2.
A collaborative course called Global Awareness for technology Implementation was conducted by the Faculty of engineering, Chulalongkorn University, Thailand, and the Tokyo Institute of technology, Japan. The objective...
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