During the planning and controlling of the construction process, most attention is focu sed on risk analysis, especially in the context of final costs and deadlines of the investment. In this analysis, the primary and most significant concern is the proper identification and quantification of events, which on a certain level of probability may affect the development process. This paper presents the result of a risk analysis for a particular building object, made after completion of the investment and accepting it for use. Knowledge of the planned values and the actual investment process allowed for the identification of the events and their effects that in this case have significantly disrupted the investment process. The limited total cost of the investment project in question had a considerable impact on the progress of the project execution. Despite three transitions of administrative procedures, the opening date of the shopping centre was delayed by only three weeks.
Today’s cities tend to “pour out” beyond their administrative boundaries. This phenomenon is related to the settlement of people “from the city” in neighboring municipalities, or taking up jobs in cities by people living in neighboring municipalities. This has been recognized in the European Union, which has introduced appropriate legal instruments for cohesion policy. Integrated Territorial Investments were introduced to the EU cohesion policy for the fi rst time in the 2014-2020 fi nancial perspective. Their goal was to intensify cooperation between cities and their functional areas. Unfortunately, the emerging information about diffi culties in implementing ITIs often become the basis for considering this idea ineff ective. The purpose of the work is qualitative and quantitative verifi cation of the operation of ITU based on selected data, so that it is possible to answer the question about the validity of the existence of this instrument.
The article reviews the integrated territorial investments carried out in the Opolskie Voivodeship in the financial perspective 2014-2020. The object of the analysis was the Opole Agglomeration as the only of five functional areas of the Opolskie Voivodeship, where beneficiaries of funds from European Funds are located within this investment policy development policy.
The aim of this article is to identify the role, that special residential law issued by the municipal executive authorities plays in the metropolises development. The article presents key urban and legal barriers related to the functioning of the spacial management system. The article ends with recommendations for further actions related to repair local spatial policy.
Insufficient due planning policy in Poland is subject to widespread and justified criticism. This applies to all levels of spatial management. Legal instruments governing spatial planning in Poland are passive - setting out only the legal framework corresponding to a particular area. They regulate what might be developed within its boundaries, however, they do not specify how it is to be accomplished. Therefore, there is a need to develop an integrated spatial development planning, in which also investors and/or stakeholders would be involved. Apart from answering to the question of what is going to be developed, it will also provide a very comprehensive and flexible implementation strategy having regard to different timelines and local amenities (facilities). This paper also brings an example showing how the spatial planning strategy was conducted for the development of the "Fort Bema" housing estates in the Warsaw district of Bemowo. It highlights the relevance of the planning phase for the subsequent in-use (operating) phase.
The thrust of this article is to examine a contemporary international arbitration process in commercial and investment cases, specifically the interplay of common law and civil law elements in the taking of evidence. It begins with a survey of the provisions of the most popular international arbitration instruments, including international arbitration rules and IBA Rules on the Taking of Evidence in International Arbitration. Following the discussion of some relevant examples of international arbitration instruments, the author tries to answer the question whether these instruments, in their current form, support the popular thesis that the international arbitration process has become largely harmonized. In trying to verify this thesis, the article also goes beyond the text of international arbitration instruments and considers the influence of the cultural biases of international arbitration actors.
This paper presents the innovative activity of enterprises as a process that is risky but necessary for the survival of a company in a competitive market, and as a way to maximize the long-term value for the owners. Risks and benefits were analysed, and the possible sources of added value in innovative projects were identified in the context of the capital market equilibrium and the budgeting of investments. Innovative projects become a source of added value for investors if the financial effects such as changes in the residual cash flow and higher growth rate outweigh the combined impact on the risk generated by two factors: increase of systematic risk and emerging specific risks.
The extraction of mineral deposits is usually charged with additional taxes or royalty fees that go beyond the general income tax. As a rule, countries prefer stable sources of fiscal revenues based on the volume of raw material extraction, and investors prefer models based on profit tax, i.e. taking operating costs and risks lower than the expected profitability of the project into account. As a rule, too high a burden for the mining sector affects investors’ decisions regarding the introduction of new investments. There are a number of examples where excessive fiscal burdens force investors to move to countries with more favorable tax systems. An analysis of various forms of taxation of mining enterprises around the world has been presented and compared with the system implemented in Poland. Usually, the countries that apply the royalty fee in the mining sector at the same time introduce a number of adaptation mechanisms. This is crucial for new investments due to the fact that they may to some extent compensate for the high costs of transition from the investment to the operational phase. In most cases, several incentive mechanisms are used at the same time, e.g. the accelerated settlement of investment expenditures and the unlimited settlement of losses. The copper and silver mining tax introduced in Poland increased the discounted effective tax rate (ETR) from 38.5% to 89% for the entire investment period, which resulted in a 11-year return on investment, as well as a drop in the internal rate of return (IRR).There are currently no mechanisms in Poland which would balance the burden of this tax for a new investor. In order to balance the extraction tax for certain minerals in terms of the IRR and ETR key indicators, the introduction of several adaptation mechanisms has been proposed. For new investments the most essential mechanism is the preferential settlement of capital expenditures incurred in the pre-production phase of an investment. The others include accelerated amortization, the ability to deduct certain expenses for the exploration phase from the tax base, along with an extended tax loss settlement period, or a mechanism for deducting a certain percentage of investment expenses directly from the tax.
This paper presents the main dilemma of development of the Polish energy sector on the 20th anniversary of the first liberalization directive of the European Union, which created the energy market. The situation in the Polish energy sector based on fossil fuels, its transformation into lower emission one is closely connected to the process of restructuring and further development of the mining sector. On the other hand, we are witnessing the development of RES, household installations producing electricity with storage and the electrification of public transport. The investments in new, large scale fossil fuel fired power plants are very expensive and not economically proven when electricity prices are low. Until the new direction of investment in energy sector will be decided, the option of the lasting of the operating existing power units seems to be a good proposal. Is the thesis: “The energy security of Poland should be fully based on indigenous sources, generation and distribution assets, delivering electricity to end users. Ensuring competitive energy prices to the economy and households, the market should be fully open to producers and consumers, including chip electricity arising from the European single market” the right assumption for the Polish energy policy?
The article includes analysis of the constructing of the concept of the child and childhood within neoliberal culture set against the background of mechanisms for exercising power and constructing subjectivity. In particular, in conducting these areas such phenomena as: population policy, investing in childhood, management of childhood are involved. Additionally, the theoretical perspective lying at the basis of the analysis refers to the concept of “governmentality” in light of Michel Foucault and his ideas.
Investment casting combined with the additive manufacturing technology enables production of the thin-walled elements, that are geometrically complex, precise and can be easy commercialized. This paper presents design of aluminium alloy honeycombs, which are characterized with light structure, internal parallel oriented channels and suitable stiffness. Based on 3D printed pattern the mould was prepared from standard ceramic material subjected subsequently to appropriate heat treatment. Into created mould cavity with intricate and susceptible structure molten AC 44200 aluminium alloy was poured under low pressure. Properly designed gating system and selected process parameters enabled to limit the shrinkage voids, porosities and misruns. Compression examination performed in two directions showed different mechanisms of cell deformation. Characteristic plateau region of stress-strain curves allowed to determine absorbed energy per unit volume, which was 485 or 402 J/mm3 depending on load direction. Elaborated technology will be applied for the production of honeycomb based elements designated for energy absorption capability.
Within this article a large scope of issues associated with development conditions and specifics of shaping the new image of Gdańsk waterfront was presented. The special attention was paid to its part situated within its central zone, located within the city centre. This area was playing a key role in development of the city, as within its boundaries many activities associated with shipbuilding and port industry were located. One has to mention that the Granary Island – a place located in the heart of the waterfront area – was an area of special interest for the port and shipbuilding activities, which relates also to the embankments of both Old and New Motława rivers. But the technological changes in the maritime transportation as well as wart-time destruction of the city decided about the major changes in structure of this area and shifting the port and shipbuilding operations to other sites located to the north from the city centre. Therefore, starting from the year 1945, one could observe the on-going discussion regarding the future of this area, although only in 1990-ties it was possible to actually start implementation of these ideas. At the same time – along with appearance of the demand for the types of apartments, offi ce and commercial spaces that are located on the waterfront – the urban space of Gdańsk waterfront has become interesting for both municipal authorities and developers. In result, a large amount of projects have already been implemented or planned, which contributes towards creation of the new, waterfront urban district of Gdańsk. Within its structure one can distinguish a number of particular sites, including ones still awaiting for their development chances. In the text of this article there were presented the most important parts of these plans, as well as future development directions of urban waterfront structures.
The article addresses the issues falling within the scope of the economic analysis of a detached building’s heating system with a direct evaporation ground source heat pump installation. The paper was elaborated based on the data made available by the investment’s contractor and the investor. The paper provides data on the investment expenditures and utility cost, calculations of the installation payback, internal return rate and the current net value.
Nowadays, there are growing demands on the accuracy of production. Most of this is reflected in precise manufacturing, such as the investment casting process. Foundries are looking for causes of defects in some cases for a very long time, and it may happen that the source of defects is completely different from what was originally assumed. During the casting process there exist potential causes of defects as oxygen inclusions. This paper represents a summary of the beginnings of a wider research that will address the problems of gating systems in investment casting technology. In general, the influence of the melt flow is underestimated and the aim of the whole scientific research is to demonstrate the significant influence of laminar or turbulent flow on the resulting casting quality. Specifically, the paper deals with the analysis of the most frequent types of defects found in castings made of expensive types of materials casted in an open atmosphere and demonstration of connection with the design of gating systems in the future.
The results of testing of the selected group of wax mixtures used in the investment casting technology, are presented in the paper. The measurements of the kinetics of the mixtures shrinkage and changes of viscous-plastic properties as a temperature function were performed. The temperature influence on bending strength of wax mixtures was determined.
First part of the article describes how we can by change of gating system achieve better homogeneity of product made by investment casting. Turbine engine flap was made by investment casting technology – lost wax casting. The casting process was realised in vacuum. The initial conditions (with critical occurrence of porosity) was simulated in ProCAST software. Numerical simulation can clarify during analysis of melt turbulent flow in gate system responsible for creation of entrained oxide films. After initial results and conclusions, the new gating system was created with subsequent turbulence analysis. The new design of gating system support direct flow of metal and a decrease of porosity values in observed areas was achieved. Samples taken from a casting produced with use of newly designed gating system was processed and prepared for metallography. The second part of article deals with identification of structural components in used alloy - Inconel 718. The Ni – base superalloys, which are combined unique physical and mechanical properties, are used in aircraft industry for production of aero engine most stressed parts, as are turbine blades.
The effect of cobalt aluminate inoculant addition and melt-pouring temperature on the structure and mechanical properties of Ni-based superalloy was studied. The first major move to control the quality of investment cast blades and vanes was the control of grain size. Cobalt aluminate (CoAl2O4) is the most frequently utilized inoculant in the lost-wax casting process of Ni-based superalloys. The inoculant in the prime coat of moulds and pouring temperature play a significant role in grain size control. The finest surface grains were obtained when the internal surface of shell mould was coated with cobalt aluminate and subsequently pouring was at 1480°C. The influence of selected casting parameters and inoculant addition on mechanical properties was investigated on the basis of tensile, creep and hardness testing. The effect of grain refinement on mechanical properties were consistent with established theories. Tests conducted at ambient temperature indicated a beneficial effect of grain refinement both on tensile strength and hardness. In contrast at elevated temperature during creep, the reverse trend was observed.
Foreign direct investment (FDI) and foreign portfolio investment (FPI) have been long considered as independent forms of international capital flows. This paper analyzes the mutual relationship between FDI and FPI and attempts to answer the question whether they complement or substitute for each other from a foreign investor’s point of view. The paper describes the main characteristics of FDI and FPI in terms of their volatility and profitability. We analyze the long-run and short-run relationships between FDI and FPI using vector error correction (VEC) regressions on data for Poland as it is the largest country in Central and Eastern Europe and receives the lion’s share of these two forms of capital in the region. Our investigation suggests that FDI and FPI may be regarded as substitutes. In economically stable periods FDI tends to dominate over FPI but during insecurity and economic distress FPI starts to gain importance.
The article presents probable consequences for the protection of deposits and other mining needs, related to the entry into force of the Act of July 5, 2018 on the Facilitation of the Preparation and Implementation of Housing Investments and Accompanying Investments. This act introduces facilities for the preparation and implementation of housing as well as related projects, including the possibility of introducing investments incompatible with the existing local plans. In addition, it does so in a situation where land reserves for housing development, both in local plans and in studies of conditions and directions of spatial development, many times exceed the future needs of our country. The article presents the fundamental changes introduced by the Act to the existing planning and spatial planning system, as well as the risks associated with the mining industry. Among the latter, the following can be mentioned: lower stability of local law regulations, the possibility of resolving changes in spatial development at a very fast pace, without providing an effective way to inform subjects that may be threatened by these changes and increase the probability of the appearance of investments in the area of mining, the neighborhood of which may lead to limit or even liquidate these installations, due to even their disadvantages to housing. Some remedies have been proposed to mitigate some of the threats in the article. The Act in question was prepared and passed at an express pace, with a large opposition from many environments. At the same time, a number of legal solutions were applied in it, which were not applied in the Polish law. As a result, there are many doubts about the effects of its introduction.
The Act of July 5, 2018 on Facilitating of Preparation and Implementation of Housing and Accompanying Investments allows such investments irrespective of the existence of a local development plan or determination of use of land in the local development plan. In other words, the abovementioned investments may be implemented on land with a completely different designation according to the local development plan, as for example the mining of minerals. The location of the investment is decided by a resolution of the municipal council. If the planned location is to be situated within the boundaries of documented mineral deposits and the so-called „mining areas”, it needs, among others, to be agreed with the appropriate geological administration authority. Not taking a position within 21 days is considered as a consent. With reference to the deposits not covered by mining licenses, the Act does not indicate the premises that should be taken into consideration while providing such consent. There is a concern that this may lead to the development of the land in a way that will cause the subsequent extraction of the mineral impossible.
The aim of the article is to present the issue of risk and related management methods, with a particular emphasis on the conditions of investment in energy infrastructure. The work consists of two main parts; the first one is the theoretical analysis of the issue, while the second discusses the application of analysis methods on the example of the investment in an agricultural biogas plant. The article presents the definitions related to the investment risk and its management, with a particular emphasis on the distinction between the risk and uncertainty. In addition, the main risk groups of the energy sector were subjected to an analysis. Then, the basic systematics and the division into particular risk groups were presented and the impact of the diversification of investments in the portfolio on the general level of risk was determined. The sources of uncertainty were discussed with particular attention to the categories of energy investments. The next part of the article presents risk mitigation methods that are part of the integrated risk management process and describes the basic methods supporting the quantification of the risk level and its effects – including the Monte Carlo (MC), Value at risk (VaR), and other methods. Finally, the paper presents the possible application of the methods presented in the theoretical part. The investment in agricultural biogas plant, due to the predictable operation accompanied by an extremely complicated and long-term investment process, was the subject of the analysis. An example of “large drawing analysis” was presented, followed by a Monte Carlo simulation and a VaR value determination. The presented study allows for determining the risk in the case of deviation of financial flows from the assumed values in particular periods and helps in determining the effects of such deviations. The conducted analysis indicates a low investment risk and suggests the ease of similar calculations for other investments.
The aim of the article is to present a Polish example of revitalization activities in the „recovered” areas in the city. The process described concerns the Garrison in Gdańsk Wrzeszcz. These areas were formerly occupied by the army, now for several years they have been carrying out construction works aimed at creating a comprehensive residential and service complex with a wide range of accompanying services. The revitalization of this area makes it possible to incorporate it into strongly urbanized city tissue. The location in the center of one of the main districts of the city, very good transport connections make it an attractive location for residents and entrepreneurs. The article refers to other implementations of this type of actions, stressing that the successful revitalization of the former military barracks in Gdańsk is to a relatively large extent carried out with respect for the existing historical tissue. The presented historical outline of the analyzed area makes it possible to get acquainted with its former character and its infl uence on contemporary design decisions. The methods of forming attractive urban spaces have been indicated.
Improving the technology for determining the investment attractiveness of urban land requires the development and implementation of an integrated assessment method. In this context, the formation of a system of indicators used for the integral assessment is very important. Based on the two-level system of factors proposed in the article, which influence the formation of investment attractiveness of urban land and using a hierarchical classification method, an appropriate system of indicators is constructed. The transition from factors to indicators is ensured by the established causal dependence, which characterizes the causal relationships between factors and functional-planning, territorial indicators, indicators of engineering and territory improvement, indicators of ecology, historical and cultural significance. In article it is proposed to consider the information support as a set of functional-planning, territorial, engineering support and improvement of the territory, environment, ecology, historical and cultural indicators, which are formed on the basis of normative legal acts, systematization of theoretical and methodological provisions, considering technological features and factors, which affect the investment attractiveness of land. Considering the existing directions for the implementation of technology for assessing the investment attractiveness of urban land, the economic, spatial, complex, multifactorial, rating approaches and approach based on the tools and results of mathematical modelling, considering technical, environmental, social and economic factors, which influence the investment attractiveness of urban land have been proposed.
Topic of this work is to compare metalurgy of cast irons poured into sand moulds and into shell molds at IEG Jihlava company and from it following differencies in structures of thin- and thick-walled castings. This work is dealing with investigation and experimental measurement on surfaces and sections suitable thin- and thick-walled investment castings at IEG Jihlava. Cast irons with flake graphite (grey cast iron) and cast irons with spheroidal graphite (ductile cast iron). Both mechanical and physical properties are determined using calculations from as measured values of wall thicknesses L and Lu, Vickers hardness and remanent magnetism. Measurement results are discussed, findings are formulated and methods for castings metallurgical quality improvement are recommended finally
The work presents the results of the studies of Co-Cr-Mo casting alloys used in the production of frame casts of removable dentures, crowns and bridges in dental prosthetics. The studies were performed on four Co-Cr-Mo alloys of different contents of Mo, W and other additives. Electrochemical tests were performed, which aimed at examining the corrosion resistance of the alloys and observing the alloy structure after chronoamperometric tests with the potential in the area of the occurrence of the passive layer breakpoint. The alloy microstructure images after chronoamperometric tests show the presence of non-uniformly distributed general corrosion. Moreover, a project of cobalt alloy casting was elaborated using a ceramic mold casting. Additionally, analysis of the obtained microstructure was performed. The microstructure of the examined alloys was of the dendrite type. This microstructure was chemically inhomogeneous and consisted of an austenitic matrix formed by a solid cobalt solution and chromium in the core dendritic structure.