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 paper aims at the empirical evaluation of the impact of bank size (as measured by median total assets) on the value relevance of two key accounting variables, i.e. book values of equity and net earnings, in terms of their joint explanatory power in the regression model and the relative responsiveness of bank market values to the changes in those variables. The research is based on the multiple linear regression analysis after controlling for the presence of fixed and random effects. The examined sample covers all domestically-based commercial banks listed on the Warsaw Stock Exchange over the period 1998–2017. The final pooled sample comprises 18 banks and 271 bank-year observations. The findings of the study suggest that the equity investors perceive the joint informational content of book values and earnings of larger banks as more value relevant in comparison to the accounting numbers reported by their smaller peers. The responsiveness of banks’ market values to the changes in each of the explanatory variables seems, however, to be affected by their size in a different way. As expected, book values of equity have turned out to be significantly more informative for smaller banks, whereas the evidence regarding the impact of size on the responsiveness of bank market values to the changes in net earnings is ambiguous. Although larger banks appear to exhibit a higher sensitivity of stock prices to variations in net earnings per share than their smaller peers, the difference between the examined subsamples is not statistically significant.
The paper discusses selected topics in moral philosophy of Professor Bogusław Wolniewicz. His overall approach is marked by intellectual independence and analytic treatment of moral issues. The theory of values that he has endorsed can be described as a moderate non-religious absolutism based on weak metaphysical principles. Although in general his normative position can be assimilated to the views of an enlightened liberal, it also clashes with that position insofar as he proclaimed the existence of ontological evil and supported legitimacy of death penalty.
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 subject matter dealt with in this article fits into a broader discussion on sovereignty and patriotism, which has intensified since Poland’s accession to the European Union. It is also associated with the topical issue of patriotic education of children and adolescents, in which the Church engages along with the family and the school (e.g. as part of religion lessons, parochial catechesis, specialist pastoral work). When taking up the subject matter described in the title, the author first focused on whether now, in a changed historical context, speaking about patriotism and patriotic attitudes is still sensible and whether a Christian can (should) be a patriot. When seeking an answer to this question, a reference was made mainly to the Letter of the Polish Episcopate On Christian Patriotism, issued on the 200th anniversary of the first partition of Poland, and to the document of the Conference of the Polish Episcopate prepared by the Council for Social Matters, entitled The Christian Shape of Patriotism. It was against this background that an answer was sought to the question about patriotic content in homilies and catechesis. Homilies delivered by St. John Paul II during his pilgrimages to his homeland were used as a model in this regard. The basic assumptions of the religion teaching syllabus for schools and parochial catechesis, which refer at multiple points to patriotism as a value, emphasising the importance of developing an attitude of respect and love for one’s homeland and its cultural heritage, as well as a motivation to actively participate in social life, were also discussed.
In the article the Author presents the typology of alternative history and in its light he characterises the historical writings of Jerzy Łojek, in particular his approach towards history of November Uprising, 1830–1831.
The works of Bogusław Wolniewicz contain a philosophical system. It needs to be extracted and revealed through a recomposition of his output which comprises close to 600 individual publications and auditions. It is a system of Pythagorean-Manichean kind, or, to put it differently, Leibnizian-Augustinian kind. The Professor described his philosophy as a rational ‘tychism’. It claims that the world and man are governed by chance (especially human nature in which an element of evil has some influence) and that mind, even though it uses logic to reflect the world, is barely an irrelevant addition in the vast universe. Such a stance is unusual in modern thought, though not in the history of thinking. It is in clear opposition to the scientifically bended rationalism and irrationalism that dominate contemporary thought. The logical coherency and extensiveness of Wolniewicz’s concerns constitute the essence of his philosophical system, though it goes largely unnoticed, due to the meaninglessness of several of his claims to his opponents. At its foundation lies the metaphysics of situations developed by L. Wittgenstein but further elaborated by Wolniewicz. The contribution by Wolniewicz is not his greatest accomplishment, however. The metaphysics of situations is his organon – merely a thinking tool – used to extract the most crucial and deeply hidden truths about the world. Due to these circumstances and the modern achievements in logic when it is practiced in Wolniewicz’s style, new discoveries are made that were not possible in the past. For example, it is possible to incorporate both Christian axiology and anthropology with Marx’s sociology in one system. It evocates widespread amazement but also fierce resistance from conservative readers, but their protests are ungrounded. ‘Truth always agrees with truth’ – said Wolniewicz. When it comes to Wolniewicz’s system, its coherence counts most, and it is best manifested in the objectivistic and absolutistic philosophy of values as well as pessimistic philosophy of the human condition (both being of Christian provenance). One can depict Wolniewicz’s system as a cathedral with numerous towers, persistently built over 70 years of his active academic life. The main towers are: ontological-theological, anthropological and axiological (of practical philosophy, describing human duties). Standing shoulder to shoulder with them are smaller turrets corresponding to such subfields as epistemology, philosophy of culture, philosophy of religion, esthetics etc. The metaphysical aspect of Wolniewicz’s philosophy is blended from specific classic theorems and original claims expressed in synthetic a priori propositions. They are supported by the logical structure of language, and language itself is supported by the structure of human genotype (DNA). Technically one can reach the most general truths about the world by continuous thinking, but the ability to use that skill is a privilege reserved for exceptional geniuses.
Many different characteristics affect the land prices. This work attempts to analyse the characteristics of agricultural parcels, which significantly affect the variability of agricultural land prices. The article presents the methodology of selection land parcel characteristics, rules for the selection of factors and possibility of automatic acquisition of data in mass valuation process. The research aims at selecting determinants of agricultural land parcels price and evaluate theirs significance in a local market for the purpose of land values map elaboration. Using advanced statistical analysis of a non-linear influence of a parcel inherent characteristics on its price we proved that in the relatively small area, like commune, only a few characteristics are essential, They are: parcel size, shape and location expressed by distance to the commune centre, paved roads and homestead buildings. Therefore, these ones should be used for elaboration of land values map. Soil quality and a cropland type although significant for the land prices do not diversify land prices in local market. The novelty of the research relays on determination of non-linear influence of parcel characteristics on variation of agricultural land values based on the correlation ratio (h eta). The research was conducted for the undeveloped agricultural lands located in south-west Poland, the rural municipality Krotoszyce.
At present, with the increase of production capacity and the promotion of production, the reserves of most mining enterprises under the original industrial indexes are rapidly consumed, and the full use of low-grade resources is getting more and more attention. If mining enterprises want to make full use of low-grade resources simultaneously and obtain good economic benefits to strengthening the analysis and management of costs is necessary. For metal underground mines, with the gradual implementation of exploration and mining projects, capital investment and labor consumption are dynamic and increase cumulatively in stages. Consequently, in the evaluation of ore value, we should proceed from a series of processes such as: exploration, mining, processing and the smelting of geological resources, and then study the resources increment in different stages of production and the processing. To achieve a phased assessment of the ore value and fine evaluation of the cost, based on the value chain theory and referring to the modeling method of computer integrated manufacturing open system architecture (CIMOSA), the analysis framework of gold mining enterprise value chain is established based on the value chain theory from the three dimensions of value-added activities, value subjects and value carriers. A value chain model using ore flow as the carrying body is built based on Petri nets. With the CPN Tools emulation tool, the cycle simulation of the model is carry out by the colored Petri nets, which contain a hierarchical structure. Taking a large-scale gold mining enterprise as an example, the value chain model is quantified to simulate the ore value formation, flow, transmission and implementation process. By analyzing the results of the simulation, the ore value at different production stages is evaluated dynamically, and the cost is similarly analyzed in stages, which can improve mining enterprise cost management, promote the application of computer modeling and simulation technology in mine engineering, more accurately evaluate the economic feasibility of ore utilization, and provide the basis for the value evaluation and effective utilization of low-grade ores.
The influence of sewage sludge torrefaction temperature on fuel properties was investigated. Non-lignocellulosic waste thermal treatment experiment was conducted within 1 h residence time, under the following temperatures: 200, 220, 240, 260, 280 and 300°C. Sawdust was used as lignocellulosic reference material. The following parameters of biochar have been measured: moisture, higher heating value, ash content, volatile compounds and sulfur content. Sawdust biochar has been confirmed to be a good quality solid fuel. High ash and sulfur content may be an obstacle for biochar energy reuse. The best temperature profile for sawdust torrefaction and fuel production for 1 h residence time was 220°C. At this temperature the product contained 84% of initial energy while decreased the mass by 25%. The best temperature profile for sewage sludge was 240°C. The energy residue was 91% and the mass residue was 85%. Higher temperatures in both cases caused excessive mass and energy losses.
Autocorrelation of signals and measurement data makes it difficult to estimate their statistical characteristics. However, the scope of usefulness of autocorrelation functions for statistical description of signal relation is narrowed down to linear processing models. The use of the conditional expected value opens new possibilities in the description of interdependence of stochastic signals for linear and non-linear models. It is described with relatively simple mathematical models with corresponding simple algorithms of their practical implementation. The paper presents a practical model of exponential autocorrelation of measurement data and a theoretical analysis of its impact on the process of conditional averaging of data. Optimization conditions of the process were determined to decrease the variance of a characteristic of the conditional expected value. The obtained theoretical relations were compared with some examples of the experimental results.
Spare parts are one of the important pillars in the after-sales service of automotive business. Customers will satisfied and comfortable if the availability of spare parts is guaranteed. Spare Part Center is one of function to support unit sales and as well as profit-oriented, so the accuracy and speed of spare part acceptance by the customer is an important key to winning the competition. Order Picking is one of the supply chain processes that play a role in warehouse operations to meet customer needs. Order Picking is the most expensive activity in warehousing and can reach 55% of the total cost of warehousing operations, so it is considered a top priority in increasing productivity, even reaching 65% of total warehouse operating costs. The purpose of this research is to increase productivity in the process of picking order through reduction of processing time. Increased productivity is done by improving the working method of the picking process. From the result the comparing, the method by zone requires less total picking time (193.712 seconds) than by routing (249.559 seconds) decreased 55.85 second time, in other words, an increase of 22.38%. With the Visual Stream Mapping (VSM) in this research can reduce to travel time, it means that the total distance traveled is small than the current method. The impact from VSM approach will eliminate time for preparation of 1.960 seconds, and take empty trolley of 200 seconds. In this case some of traveling non-value
Intraspecific changes in genome size and chromosome number lead to divergence and species evolution. Heavy metals disturb the cell cycle and cause mutations. Areas contaminated by heavy metals (metalliferous sites) are places where microevolutionary processes accelerate: very often only a few generations are enough for a new genotype to arise. This study, which continues our long-term research on Viola tricolor (Violaceae), a species occurring on both metalliferous (Zn, Pb, Cd, Cu) and non-metalliferous soils in Western and Central Europe, is aimed at determining the influence of environments polluted with heavy metals on genome size and karyological variability. The genome size of V. tricolor ranged from 3.801 to 4.203 pg, but the differences between metallicolous and non-metallicolous populations were not statistically significant. Altered chromosome numbers were significantly more frequent in material from the polluted sites than from the non-polluted sites (43% versus 28%). Besides the standard chromosome number (2n = 26), aneuploid cells with lower (2n = 18-25) or higher (2n = 27, 28) chromosome numbers were found in plants from both types of site, but polyploid (2n = 42) cells were observed only in plants from the metalliferous locality. The lack of correlation between chromosome variability in root meristematic cells and genome size estimated from peduncle cells can be attributed to elimination of somatic mutations in generative meristem, producing chromosome-stable non-meristematic tissues in the peduncle.
The article describes the influence of anomalous values and local variability on the structure of variability and the estimation of deposit parameters. The research was carried out using statistical and geostatistical methods based on the Pb accumulation index in the shale series in part of the Cu-Ag ore deposit, LGCD (Lubin-Głogów Copper District). The authors recommend the use of a geostatistical tool, the so-called semivariogram cloud to determine the anomalous values. Anomalous values determined by the geostatistical method and removed from the dataset have resulted in a significant reduction of the relative variability of data, which is still very large in the case of the analyzed parameter or parameters with similar statistical features such as extreme variability and strongly asymmetric distribution. Calculations of the resources of this element can be treated only as estimates and formally classified to category D. The hypothetical assumption of the absence of sampling errors, resulting in a decrease in the magnitude of local variation, leads to a certain reduction of the median error of resource estimates. However, they are still high (> 35%). This is due to the large natural variability of the accumulation index of Pb on the local observation scale. The current method for collecting samples from mine workings of the Cu-Ag deposits in the Lubin-Głogów Copper District (LGCD), aimed at the proper assessment of copper resources, the Cu content, and at estimating the quality of copper output, makes it impossible to achieve an accuracy of estimates of Pb resources similar to that obtained for the main metal. Theoretically, this effect can be achieved by a strong concentration of the sample collection points and thanks to a multiple increase in the samples weight; this, however, is unrealistic for both economic and organizational reasons. It is therefore to be expected that the assessment of Pb resources and other accompanying elements of similar statistical features (e.g. As), located in parts of the deposit where mining activities are to be carried out, will be subject to significant errors.
Bogusław Wolniewicz presented his axiological system in four volumes of Filozofia i wartości (“Philosophy and Values”: 1993, 1998, 2003, 2016). For Wolniewicz, just as for his mentor Henryk Elzenberg, axiology is openly assertive and encompasses a painful confrontation of opposite moral beliefs. Wolniewicz’s vision of the reality is gloom, bitter, dramatic and deeply pessimistic. In history he detects unwelcome contributions of demonic powers (Manichaeism), he also believes that human moral character is genetically given and immutable (determinism), that some people are deprived of conscience (dualism), and that the tendency toward evil cannot be reformed (non-meliorism), human reason is not sufficient for a morally good action (voluntarism), while the so-called free will is no more than a manifestation of instincts (irrationalism). Everyone follows their pleasure (hedonism), but not everyone seeks pleasure in the same actions. In particular, some people take pleasure in cruel and destructive behaviour (demonism), while some others mind their own business (utilitarianism), and rare are those who devote themselves to higher values (perfectionism). Religion is a human invention and it emerges as a natural phenomenon in reaction to the fact of mortality. The institution of the Church should nevertheless be honored even by nonbelievers because it supports conservative values. In contemporary Western civilization a crisis can be observed between the conservative part of society (‘right-handed orientation’) and the liberal one (‘left-handed orientation’). Hateful emotions appear on both sides and are dangerous to Western unity. Conservative orientation is attached to the idea of fate, i.e. irrational power that occasionally turns human life into tragedy (fatalism). Wolniewicz’s vision is close to the theology of St. Augustine (original sin, predestination, radical dualism of good and evil) but without a consolation in hope for immortality.
The normative system of Bogusław Wolniewicz (1927–2017) can be subsumed under three categories: (1) pessimism (fatalism, or ‘tychism’ in Wolniewicz’s terms), (2) moral determinism (‘non-meliorism’), (3) conservatism (‘right-hand orientation’). Ad (1) Wolniewicz was pessimistic in two ways: he believed human life to be tragic (fatalism) and was also convinced that most people are guided by bad instincts (dualism). Ad (2) Wolniewicz believed that moral character was biologically determined and immutable. But his strong position on this subject ignores the classical view of Aristotle or the Stoics for whom moral character (or conscience) was acquired by habit and shaped deliberately. Ad (3) I suggest that a good historical example of conservative tendency was Critias of Athens. His famous fragment of the Sisyphus contains the idea of a supremacy of laws over human passions, and reduces religion to a supportive role with respect to ethics and politics. Wolniewicz’s dualism of right-hand and left-hand orientation encourages me to distinguish between a right-wing and a left-wing perception of value. For a leftist, value is intensity of a chosen feature (progressive value), whereas for a rightist, value is an area of freedom between inacceptable extremities (modular value). On these premises I propose a simple model of axiological conflict between left-wing and right-wing citizens.
The article presents the concept of intelligent city. Cities are unquestionably central to many topics in economics and regional science: the business location, the driving forces for business, the economic growth factors, externalities and amenities, knowledge spillovers and knowledge hubs. But what, exactly, is city in this context. This paper argues that today city should be seen more as an intelligent economic system allowing the utilisation of economic and public value than a technology- rich and smartly managed place. Thinking about cities through this particular lens allows insights from a variety of fields – including public services analysis in urban economics, regional science studies and business studies in economic geography – to be applied. This opens new approaches to issues such as institutional and territorial origins of governance processes.
Multiple input multiple output (MIMO) is a multiple antenna technology used extensively in wireless communication systems. With the ever increasing demand in high data rates, MIMO system is the necessity of wireless communication. In MIMO wireless communication system, where the multiple antennas are placed on base station and mobile station, the major problem is the constant power of base station, which has to be allocated to data streams optimally. This problem is referred as a power allocation problem. In this research, singular value decomposition (SVD) is used to decouple the MIMO system in the presence of channel state information (CSI) at the base station and forms parallel channels between base station and mobile station. This practice parallel channel ensures the simultaneous transmission of parallel data streams between base station and mobile station. Along with this, water filling algorithm is used in this research to allocate power to each data stream optimally. Further the relationship between the channel capacity of MIMO wireless system and the number of antennas at the base station and the mobile station is derived mathematically. The performance comparison of channel capacity for MIMO systems, both in the presence and absence of CSI is done. Finally, the effect of channel correlation because of antennas at the base stations and the mobile stations in the MIMO systems is also measured.
The cuboidal room acoustics field is modelled with the Fourier method. A combination of uniform, impedance boundary conditions imposed on walls is assumed, and they are expressed by absorption coefficient values. The absorption coefficient, in the full range of its values in the discrete form, is considered. With above assumptions, the formula for a rough estimation of the cuboidal room acoustics is derived. This approximate formula expresses the mean sound pressure level as a function of the absorption coefficient, frequency, and volume of the room separately. It is derived based on the least-squares approximation theory and it is a novelty in the cuboidal room acoustics. Theoretical considerations are illustrated via numerical calculations performed for the 3D acoustic problem. Quantitative results received with the help of the approximate formula may be a point of reference to the numerical calculations.
The relationship between internal response-based reliability and conditionality is investigated for Gauss-Markov (GM) models with uncorrelated observations. The models with design matrices of full rank and of incomplete rank are taken into consideration. The formulas based on the Singular Value Decomposition (SVD) of the design matrix are derived which clearly indicate that the investigated concepts are independent of each other. The methods are presented of constructing for a given design matrix the matrices equivalent with respect to internal response-based reliability as well as the matrices equivalent with respect to conditionality. To analyze conditionality of GM models, in general being inconsistent systems, a substitute for condition number commonly used in numerical linear algebra is developed, called a pseudo-condition^number. Also on the basis of the SVD a formula for external reliability is proposed, being the 2-norm of a vector of parameter distortions induced by minimal detectable error in a particular observation. For systems with equal nonzero singular values of the design matrix, the formula can be expressed in terms of the index of internal response-based reliability and the pseudo-condition^number. With these measures appearing in explicit form, the formula shows, although only for the above specific systems, the character of the impact of internal response-based reliability and conditionality of the model upon its external reliability. Proofs for complementary properties concerning the pseudo-condition^number and the 2-norm of parameter distortions in systems with minimal constraints are given in the Appendices. Numerical examples are provided to illustrate the theory.
The aim of the study was to evaluate the effect of pre-sowing seed stimulation of Thuringian Mallow (Lavatera thuringiaca L.) with He-Ne laser light of different exposure times on the crop yield as well as on energetic parameters such as calorific value and combustion heat. Seeds were subjected to laser light with an exposition time of 0, 1, 5, 10, 15 and 30 minutes. Measurements were carried out independently on mature plants from the first and second vegetation year. The results varied between the samples, which indicated possible impact of laser radiation on the resultant weight and calorific value of various experimental combinations. For plants from the second vegetation year the statistical differences in calorific value, combustion heat and crop mass were found between samples characterized by different exposition times: between sample irradiated for 30 min (L30) and 1 min (L1) as well as between sample L30 and sample irradiated for 5 minutes (L5). For plants after the first vegetation year the statistically significant differences in calorific value and combustion heat were found for sample with exposition time of 15 minutes (L15) and control sample, for sample L15 and sample L5 as well as between samples L15 and L30. For all the samples from the second vegetation year the increase in combustion heat and calorific values were detected as compared to control. Thus, after the application of certain parameters of laser radiation to the processing of seeds, the plant can be more useful for energetic purposes through more efficient crop.
The implementation of milk-run in Indonesia has been started since 2005. As a developing country, there is a challenge to operate milk-run smoothly especially in urban area due to severe traffic congestion and unfavourable road condition in some areas. This research aimed to analyze the practice of milk-run operation in one of the biggest Japanese automotive companies in Indonesia. Transportation Value Stream Mapping (TVSM) is applied in order to perform just-in-time delivery in the supply chain before operating milk-run. It is discussed that this company still need to continue in improving milk-run operation. The operation system needs control and integration from manufacturer, supplier and logistics partner. The advantage of milk-run operation is cost reduction and also support green logistics in decreasing emission of carbondioxide (CO2) by reducing the number of trucks used.