Servitization of manufacturing has become one of the main pathways for transition and upgrade in the manufacturing industry. New information and communication technologies (ICTs), such as the Internet of Things, Big Data, and Cloud Computing have enabled the servitization of manufacturing in terms of value creation, resource management, and supply chain management. This study presents a comprehensive review on the servitization in operations management in the era of new ICTs. A new value chain framework is proposed under the business model that revolves around servitization, which showcases the new activities and ways of implementation in the era of new ICTs. The virtualization, configuration, and evaluation of integrated manufacturing and service resources are analyzed. In particular, the methods used in new ICT-supported resource management platforms are surveyed. Problems in the supply chain management in manufacturing services (including the selection of partners, as well as the coordination, planning, and scheduling among members) are presented. This study concludes with a discussion on state-of-the-art servitization in operations management in the era of new ICTs.
Areas that are covered with natural vegetation have been converted into asphalt, concrete, or roofed structures and have increased surface impermeability and decreased natural drainage capability. Conventional drainage systems were built to mimic natural drainage patterns to prevent the occurrence of waterlogging in developed sites. These drainage systems consist of two major components: 1) a stormwater conduit system, and 2) a runoff storage system. Runoff storage systems contain retention basins and drywells that are used to store and percolate runoff, whereas conduit systems are combination of catch basins and conduit pipes used to collect and transport runoff. The construction of these drainage systems is costly and may cause significant environmental disturbance. In this study, low impact development (LID) methods that consist of extensive green roofs (GRs) and permeable interlocking concrete pavements (PICPs) are applied in real-world construction projects. Construction project documents were reviewed, and related cost information was gathered through the accepted bidding proposals and interviews of specialty contractors in the metropolitan area of Phoenix, Arizona. Results indicate that the application of both LID methods to existing projects can save an average of 27.2% in life cycle costs (LCC) for a 50-year service life and 18.7% in LCC for a 25-year service life on the proposed drainage system, respectively.
Design review (DR) is a product development (PD) activity used to inspect the technical characteristics of a design solution. Immersive virtual reality (IVR) technology enables the presentation of spatial information and interaction with 3D CAD models inside an immersive virtual environment (IVE). Such capabilities have shown the potential to mitigate the cognitive load needed for the visual perception of spatial information and, consequently, enhance design understanding and DR performance. Thus, an increasing number of studies have explored the effect of IVR technology on DR activities in different domains. However, determining when the implementation of IVR technology rather than a conventional user interface for DRs in mechanical engineering PD projects will be beneficial remains unclear. Hence, a conceptual DR experimental study was conducted to investigate the differences in the ability of engineering students to identify mechanisms and understand their functions when a design solution for a technical system is presented in an IVE by IVR technology and in a non-immersive virtual environment (nIVE) by a conventional user interface (monitor display, keyboard, and mouse). Data were collected by performing DR tasks and having participants complete a prior experience questionnaire, presence questionnaire, and mental rotations test. Findings of the study indicate that IVR does not support an enhanced ability of engineering students to identify mechanisms and understand their functions compared with a conventional user interface.
The finance-based scheduling problem (FBSP) is about scheduling project activities without exceeding a credit line financing limit. The FBSP is extended to consider different execution modes that result in the multi-mode FBSP (MMFBSP). Unfortunately, researchers have abandoned the development of exact models to solve the FBSP and its extensions. Instead, researchers have heavily relied on the use of heuristics and meta-heuristics, which do not guarantee solution optimality. No exact models are available for contractors who look for optimal solutions to the multi-objective MMFBSP. CPLEX, which is an exact solver, has witnessed a significant decrease in its computation time. Moreover, its current version, CPLEX 12.9, solves multi-objective optimization problems. This study presents a mixed-integer linear programming model for the multi-objective MMFBSP. Using CPLEX 12.9, we discuss several techniques that researchers can use to optimize a multi-objective MMFBSP. We test our model by solving several problems from the literature. We also show how to solve multi-objective optimization problems by using CPLEX 12.9 and how computation time increases as problem size increases. The small increase in computation time compared with possible cost savings make exact models a must for practitioners. Moreover, the linear programming-relaxation of the model, which takes seconds, can provide an excellent lower bound.
The use of engineering procurement construction (EPC) mode is currently a trend in hydropower engineering construction. The clarification of the internal relationship between hydropower EPC projects and the realization of synergy has great significance in improving management efficiency and implementation effect. In this work, a three-dimensional system and a system model of hydropower EPC project management synergy are constructed. The mechanism and factors that influence the degree of management synergy are analyzed on the basis of management synergy theory. Furthermore, the evaluation index system and the degree of synergy model are established, and grey relational analysis is utilized to identify the key factors that affect the synergy degree. Thus, this study aims to facilitate the hydropower EPC project management synergy, provide a quantitative method for synergy degree evaluation, and propose corresponding promotion strategies. Results show that the order degree of each subsystem presents a steady upward trend. Specifically, the order degree of the subsystem at the trial operation stage is low, which is the major restriction on the further improvement of the synergy degree of EPC project management. The key factors in improving the synergy level of hydropower EPC project management are mainly concentrated in the information and organization synergy subsystems, including the construction degree of information platform, the performance of functions, the timeliness of information transfer, and the functions of the information platform.
Hedge funds have recently become popular because of their low correlation with traditional investments and their ability to generate positive returns with a relatively low volatility. However, a close look at those high-performing hedge funds raises the questions on whether their performance is truly superior and whether the high management fees are justified. Incurring no alpha costs, passive hedge fund replication strategies raise the question on whether they can similarly perform by improving efficiency at reduced costs. Therefore, this study investigates two different model approaches for the equity long/short strategy, where weighted segmented linear regression models are employed and combined with two-state Markov switching models. The main finding proves a short put option structure, i.e., short equity market volatility, with the put structure present in all market states. We obtain an evidence that the hedge fund managers decrease their short-volatility profile during turbulent markets.
This multiple case study of a contracting firm contributes to understanding the barriers that organizations face during the implementation of building information modeling (BIM) by providing insights into the impact of these barriers across different organizational levels (i.e., from top management to project teams) and by relating these barriers to different degrees of BIM maturity. First, we observe the dominance of barriers related to the motivation, competence, and time capacity of people across all levels of an organization. Second, the cluster of barriers at the middle-management level highlights the important role of this level in reducing these barriers. Third, only those cases with a low level of BIM maturity have struggled with lack of top management support, thereby highlighting the importance of such support in achieving BIM maturity growth. High BIM maturity situations are more prone to externally oriented barriers in attempting to further leverage the benefits of BIM. Our study provides insights on where to focus BIM implementation measures and how to enhance organizational BIM maturity.