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estimating relationship</title> <meta name="description" content="Search results for: cost estimating relationship"> <meta name="keywords" content="cost estimating relationship"> <meta name="viewport" content="width=device-width, initial-scale=1, minimum-scale=1, maximum-scale=1, user-scalable=no"> <meta charset="utf-8"> <link href="https://cdn.waset.org/favicon.ico" type="image/x-icon" rel="shortcut icon"> <link href="https://cdn.waset.org/static/plugins/bootstrap-4.2.1/css/bootstrap.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/plugins/fontawesome/css/all.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/css/site.css?v=150220211555" rel="stylesheet"> </head> <body> <header> <div class="container"> <nav class="navbar navbar-expand-lg navbar-light"> <a class="navbar-brand" href="https://waset.org"> <img src="https://cdn.waset.org/static/images/wasetc.png" alt="Open Science Research Excellence" title="Open Science Research Excellence" /> </a> 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action="https://publications.waset.org/abstracts/search"> <div id="custom-search-input"> <div class="input-group"> <i class="fas fa-search"></i> <input type="text" class="search-query" name="q" placeholder="Author, Title, Abstract, Keywords" value="cost estimating relationship"> <input type="submit" class="btn_search" value="Search"> </div> </div> </form> </div> </div> <div class="row mt-3"> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Commenced</strong> in January 2007</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Frequency:</strong> Monthly</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Edition:</strong> International</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Paper Count:</strong> 12872</div> </div> </div> </div> <h1 class="mt-3 mb-3 text-center" style="font-size:1.6rem;">Search results for: cost estimating relationship</h1> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12872</span> An Analytical Method for Maintenance Cost Estimating Relationships of Helicopters Using Linear Programming</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Meesun%20Sun">Meesun Sun</a>, <a href="https://publications.waset.org/abstracts/search?q=Yongmin%20Kim"> Yongmin Kim</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Estimating maintenance cost is crucial in defense management because it affects military budgets and availability of equipment. When it comes to estimating maintenance cost of the deployed equipment, time series forecasting can be applied with the actual historical cost data. It is more difficult issue to estimate maintenance cost of new equipment for which the actual costs are not provided. In this underlying context, this study proposes an analytical method for maintenance cost estimating relationships (CERs) development of helicopters using linear programming. The CERs can be applied to a new helicopter because they use non-cost independent variables such as the number of engines, the empty weight and so on. In the Republic of Korea, the maintenance cost of new equipment has been usually estimated by reflecting maintenance cost to unit price ratio of the legacy equipment. This study confirms that the CERs perform well for the 10 types of airmobile helicopters in terms of mean absolute percentage error by applying leave-one-out cross-validation. The suggested method is very useful to estimate the maintenance cost of new equipment and can help in the affordability assessment of acquisition program portfolios for total life cycle systems management. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=affordability%20analysis" title="affordability analysis">affordability analysis</a>, <a href="https://publications.waset.org/abstracts/search?q=cost%20estimating%20relationship" title=" cost estimating relationship"> cost estimating relationship</a>, <a href="https://publications.waset.org/abstracts/search?q=helicopter" title=" helicopter"> helicopter</a>, <a href="https://publications.waset.org/abstracts/search?q=linear%20programming" title=" linear programming"> linear programming</a>, <a href="https://publications.waset.org/abstracts/search?q=maintenance%20cost" title=" maintenance cost"> maintenance cost</a> </p> <a href="https://publications.waset.org/abstracts/121012/an-analytical-method-for-maintenance-cost-estimating-relationships-of-helicopters-using-linear-programming" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/121012.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">139</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12871</span> Cost Overrun Causes in Public Construction Projects in Saudi Arabia</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Ibrahim%20Mahamid">Ibrahim Mahamid</a>, <a href="https://publications.waset.org/abstracts/search?q=A.%20Al-Ghonamy"> A. Al-Ghonamy</a>, <a href="https://publications.waset.org/abstracts/search?q=M.%20Aichouni"> M. Aichouni</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This study is conducted to identify causes of cost deviations in public construction projects in Saudi Arabia from contractors’ perspective. 41 factors that might affect cost estimating accuracy were identified through literature review and discussion with some construction experts. The factors were tabulated in a questionnaire form and a field survey included 51 contractors from the Northern Province of Saudi Arabia was performed. The results show that the top five important causes are: wrong estimation method, long period between design and time of implementation, cost of labor, cost of machinary and absence of construction-cost data. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=cost%20deviation" title="cost deviation">cost deviation</a>, <a href="https://publications.waset.org/abstracts/search?q=public%20construction" title=" public construction"> public construction</a>, <a href="https://publications.waset.org/abstracts/search?q=cost%20estimating" title=" cost estimating"> cost estimating</a>, <a href="https://publications.waset.org/abstracts/search?q=Saudi%20Arabia" title=" Saudi Arabia"> Saudi Arabia</a>, <a href="https://publications.waset.org/abstracts/search?q=contractors" title=" contractors"> contractors</a> </p> <a href="https://publications.waset.org/abstracts/22361/cost-overrun-causes-in-public-construction-projects-in-saudi-arabia" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/22361.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">475</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12870</span> Contributing to Accuracy of Bid Cost Estimate in Construction Projects</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Abdullah%20Alhomidan">Abdullah Alhomidan</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This study is conducted to identify the main factors affecting accuracy of pretender cost estimate in building construction projects in Saudi Arabia from owners’ perspective. 44 factors affecting pretender cost estimate were identified through literature review and discussion with some construction experts. The results show that the top important factors affecting pretender cost estimate accuracy are: level of competitors in the tendering, material price changes, communications with suppliers, communications with client, and estimating method used. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=cost%20estimate" title="cost estimate">cost estimate</a>, <a href="https://publications.waset.org/abstracts/search?q=accuracy" title=" accuracy"> accuracy</a>, <a href="https://publications.waset.org/abstracts/search?q=pretender" title=" pretender"> pretender</a>, <a href="https://publications.waset.org/abstracts/search?q=estimating" title=" estimating"> estimating</a>, <a href="https://publications.waset.org/abstracts/search?q=bid%20estimate" title=" bid estimate"> bid estimate</a> </p> <a href="https://publications.waset.org/abstracts/22031/contributing-to-accuracy-of-bid-cost-estimate-in-construction-projects" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/22031.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">556</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12869</span> Faults in the Projects, Deviation in the Cost</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=S.%20Ahmed">S. Ahmed</a>, <a href="https://publications.waset.org/abstracts/search?q=P.%20Dlask"> P. Dlask</a>, <a href="https://publications.waset.org/abstracts/search?q=B.%20Hasan"> B. Hasan </a> </p> <p class="card-text"><strong>Abstract:</strong></p> There are several ways to estimate the cost of the construction project: simple and detailed. The process of estimating cost is usually done during the design stage, which should take long-time and the designer must give attention to all details. This paper explain the causes of the deviations occurring in the cost of the construction project, and determines the reasons of these differences between contractual cost and final cost of the construction project, through the study of literature review related to this field, and benefiting from the experience of workers in the field of building (owners, contractors) through designing a questionnaire, and finding the most ten important reasons and explain the relation between the contractual cost and the final cost according to these reasons. The difference between those values will be showed through diagrams drawn using the statistical program. In addition to studying the effects of overrun costs on the advancing of the project, and identify the most five important effects. According to the results, we can propose the right direction for the final cost evaluation and propose some measures that would help to control and adjust the deviation in the costs. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=construction%20projects" title="construction projects">construction projects</a>, <a href="https://publications.waset.org/abstracts/search?q=building" title=" building"> building</a>, <a href="https://publications.waset.org/abstracts/search?q=cost" title=" cost"> cost</a>, <a href="https://publications.waset.org/abstracts/search?q=estimating%20costs" title=" estimating costs"> estimating costs</a>, <a href="https://publications.waset.org/abstracts/search?q=delay" title=" delay"> delay</a>, <a href="https://publications.waset.org/abstracts/search?q=overrun" title=" overrun "> overrun </a> </p> <a href="https://publications.waset.org/abstracts/25664/faults-in-the-projects-deviation-in-the-cost" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/25664.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">294</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12868</span> A Conceptual Framework and a Mathematical Equation for Managing Construction-Material Waste and Cost Overruns</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Saidu%20Ibrahim">Saidu Ibrahim</a>, <a href="https://publications.waset.org/abstracts/search?q=Winston%20M.%20W.%20Shakantu"> Winston M. W. Shakantu</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The problem of construction material waste remains unresolved, as a significant percentage of the materials delivered to some project sites end up as waste which might result in additional project cost. Cost overrun is a problem which affects 90% of the completed projects in the world. The argument on how to eliminate it has been on-going for the past 70 years, but there is neither substantial improvement nor significant solution for mitigating its detrimental effects. Research evidence has proposed various construction cost overruns and material-waste management approaches; nonetheless, these studies failed to give a clear indication on the framework and the equation for managing construction material waste and cost overruns. Hence, this research aims to develop a conceptual framework and a mathematical equation for managing material waste and cost overrun in the construction industry. The paper adopts the desktop methodological approach. This involves comparing the causes of material waste and those of cost overruns from the literature to determine the possible relationship. The review revealed a relationship between material waste and cost overrun that; increase in material waste would result to a corresponding increase in the amount of cost overrun at both the pre-contract and the post contract stages of a project. It was found from the equation that achieving an effective construction material waste management must ensure a “Good Quality-of-Planning, Estimating, and Design Management” and a “Good Quality- of-Construction, Procurement and Site Management”; a decrease in “Design Complexity” which would reduce “Material Waste” and subsequently reduce the amount of cost overrun by 86.74%. The conceptual framework and the mathematical equation developed in this study are recommended to the professionals of the construction industry. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=conceptual%20framework" title="conceptual framework">conceptual framework</a>, <a href="https://publications.waset.org/abstracts/search?q=cost%20overrun" title=" cost overrun"> cost overrun</a>, <a href="https://publications.waset.org/abstracts/search?q=material%20waste" title=" material waste"> material waste</a>, <a href="https://publications.waset.org/abstracts/search?q=project%20stags" title=" project stags"> project stags</a> </p> <a href="https://publications.waset.org/abstracts/43315/a-conceptual-framework-and-a-mathematical-equation-for-managing-construction-material-waste-and-cost-overruns" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/43315.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">298</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12867</span> Maintenance Alternatives Related to Costs of Wind Turbines Using Finite State Markov Model</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Boukelkoul%20Lahcen">Boukelkoul Lahcen</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The cumulative costs for O&M may represent as much as 65%-90% of the turbine's investment cost. Nowadays the cost effectiveness concept becomes a decision-making and technology evaluation metric. The cost of energy metric accounts for the effect replacement cost and unscheduled maintenance cost parameters. One key of the proposed approach is the idea of maintaining the WTs which can be captured via use of a finite state Markov chain. Such a model can be embedded within a probabilistic operation and maintenance simulation reflecting the action to be done. In this paper, an approach of estimating the cost of O&M is presented. The finite state Markov model is used for decision problems with number of determined periods (life cycle) to predict the cost according to various options of maintenance. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=cost" title="cost">cost</a>, <a href="https://publications.waset.org/abstracts/search?q=finite%20state" title=" finite state"> finite state</a>, <a href="https://publications.waset.org/abstracts/search?q=Markov%20model" title=" Markov model"> Markov model</a>, <a href="https://publications.waset.org/abstracts/search?q=operation%20and%20maintenance" title=" operation and maintenance"> operation and maintenance</a> </p> <a href="https://publications.waset.org/abstracts/35860/maintenance-alternatives-related-to-costs-of-wind-turbines-using-finite-state-markov-model" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/35860.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">533</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12866</span> Conceptual Perimeter Model for Estimating Building Envelope Quantities</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Ka%20C.%20Lam">Ka C. Lam</a>, <a href="https://publications.waset.org/abstracts/search?q=Oluwafunmibi%20S.%20Idowu"> Oluwafunmibi S. Idowu</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Building girth is important in building economics and mostly used in quantities take-off of various cost items. Literature suggests that the use of conceptual quantities can improve the accuracy of cost models. Girth or perimeter of a building can be used to estimate conceptual quantities. Hence, the current paper aims to model the perimeter-area function of buildings shapes for use at the conceptual design stage. A detailed literature review on existing building shape indexes was carried out. An empirical approach was used to study the relationship between area and the shortest length of a four-sided orthogonal polygon. Finally, a mathematical approach was used to establish the observed relationships. The empirical results obtained were in agreement with the mathematical model developed. A new equation termed “conceptual perimeter equation” is proposed. The equation can be used to estimate building envelope quantities such as external wall area, external finishing area and scaffolding area before sketch or detailed drawings are prepared. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=building%20envelope" title="building envelope">building envelope</a>, <a href="https://publications.waset.org/abstracts/search?q=building%20shape%20index" title=" building shape index"> building shape index</a>, <a href="https://publications.waset.org/abstracts/search?q=conceptual%20quantities" title=" conceptual quantities"> conceptual quantities</a>, <a href="https://publications.waset.org/abstracts/search?q=cost%20modelling" title=" cost modelling"> cost modelling</a>, <a href="https://publications.waset.org/abstracts/search?q=girth" title=" girth"> girth</a> </p> <a href="https://publications.waset.org/abstracts/75405/conceptual-perimeter-model-for-estimating-building-envelope-quantities" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/75405.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">342</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12865</span> Towards an Intelligent Ontology Construction Cost Estimation System: Using BIM and New Rules of Measurement Techniques</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=F.%20H.%20Abanda">F. H. Abanda</a>, <a href="https://publications.waset.org/abstracts/search?q=B.%20Kamsu-Foguem"> B. Kamsu-Foguem</a>, <a href="https://publications.waset.org/abstracts/search?q=J.%20H.%20M.%20Tah"> J. H. M. Tah</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Construction cost estimation is one of the most important aspects of construction project design. For generations, the process of cost estimating has been manual, time-consuming and error-prone. This has partly led to most cost estimates to be unclear and riddled with inaccuracies that at times lead to over- or under-estimation of construction cost. The development of standard set of measurement rules that are understandable by all those involved in a construction project, have not totally solved the challenges. Emerging Building Information Modelling (BIM) technologies can exploit standard measurement methods to automate cost estimation process and improves accuracies. This requires standard measurement methods to be structured in ontologically and machine readable format; so that BIM software packages can easily read them. Most standard measurement methods are still text-based in textbooks and require manual editing into tables or Spreadsheet during cost estimation. The aim of this study is to explore the development of an ontology based on New Rules of Measurement (NRM) commonly used in the UK for cost estimation. The methodology adopted is Methontology, one of the most widely used ontology engineering methodologies. The challenges in this exploratory study are also reported and recommendations for future studies proposed. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=BIM" title="BIM">BIM</a>, <a href="https://publications.waset.org/abstracts/search?q=construction%20projects" title=" construction projects"> construction projects</a>, <a href="https://publications.waset.org/abstracts/search?q=cost%20estimation" title=" cost estimation"> cost estimation</a>, <a href="https://publications.waset.org/abstracts/search?q=NRM" title=" NRM"> NRM</a>, <a href="https://publications.waset.org/abstracts/search?q=ontology" title=" ontology"> ontology</a> </p> <a href="https://publications.waset.org/abstracts/16960/towards-an-intelligent-ontology-construction-cost-estimation-system-using-bim-and-new-rules-of-measurement-techniques" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/16960.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">551</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12864</span> Construction Time - Cost Trade-Off Analysis Using Fuzzy Set Theory</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=V.%20S.%20S.%20Kumar">V. S. S. Kumar</a>, <a href="https://publications.waset.org/abstracts/search?q=B.%20Vikram"> B. Vikram</a>, <a href="https://publications.waset.org/abstracts/search?q=G.%20C.%20S.%20Reddy"> G. C. S. Reddy</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Time and cost are the two critical objectives of construction project management and are not independent but intricately related. Trade-off between project duration and cost are extensively discussed during project scheduling because of practical relevance. Generally when the project duration is compressed, the project calls for an increase in labor and more productive equipments, which increases the cost. Thus, the construction time-cost optimization is defined as a process to identify suitable construction activities for speeding up to attain the best possible savings in both time and cost. As there is hidden tradeoff relationship between project time and cost, it might be difficult to predict whether the total cost would increase or decrease as a result of compressing the schedule. Different combinations of duration and cost for the activities associated with the project determine the best set in the time-cost optimization. Therefore, the contractors need to select the best combination of time and cost to perform each activity, all of which will ultimately determine the project duration and cost. In this paper, the fuzzy set theory is used to model the uncertainties in the project environment for time-cost trade off analysis. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=fuzzy%20sets" title="fuzzy sets">fuzzy sets</a>, <a href="https://publications.waset.org/abstracts/search?q=uncertainty" title=" uncertainty"> uncertainty</a>, <a href="https://publications.waset.org/abstracts/search?q=qualitative%20factors" title=" qualitative factors"> qualitative factors</a>, <a href="https://publications.waset.org/abstracts/search?q=decision%20making" title=" decision making"> decision making</a> </p> <a href="https://publications.waset.org/abstracts/14733/construction-time-cost-trade-off-analysis-using-fuzzy-set-theory" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/14733.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">652</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12863</span> The Relationship of the Marketing Mix, Brand Image and Consumer Behavior of the Low-Cost Airline Service</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Bundit%20Pungnirund">Bundit Pungnirund</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This research aimed to investigate the relationship between attitude towards marketing mix, brand image and consumer behavior of the passengers of low-cost airlines service. This study employed by quantitative research and the questionnaire was used to collect the data from 400 sampled of the passengers who have ever used the low-cost airline services based in Bangkok, Thailand. The descriptive statistics and Pearson’s correlation analysis were used to analyze data. The research results revealed that the attitude of the marketing mix of the low-cost airline services including product, price, place, promotion and process had related to the consumer behavior on the aspects of duration of service and frequency of service. While, the brand image of the low cost airline including the characteristics of organization, service quality and company identity had related to the consumer behavior on duration of service, frequency of service and cost of service at the significant statistically acceptable levels. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=brand%20image" title="brand image">brand image</a>, <a href="https://publications.waset.org/abstracts/search?q=consumer%20behavior" title=" consumer behavior"> consumer behavior</a>, <a href="https://publications.waset.org/abstracts/search?q=low-cost%20airline" title=" low-cost airline"> low-cost airline</a>, <a href="https://publications.waset.org/abstracts/search?q=marketing%20mix" title=" marketing mix"> marketing mix</a> </p> <a href="https://publications.waset.org/abstracts/39935/the-relationship-of-the-marketing-mix-brand-image-and-consumer-behavior-of-the-low-cost-airline-service" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/39935.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">313</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12862</span> On Estimating the Headcount Index by Using the Logistic Regression Estimator</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Encarnaci%C3%B3n%20%C3%81lvarez">Encarnación Álvarez</a>, <a href="https://publications.waset.org/abstracts/search?q=Rosa%20M.%20Garc%C3%ADa-Fern%C3%A1ndez"> Rosa M. García-Fernández</a>, <a href="https://publications.waset.org/abstracts/search?q=Juan%20F.%20Mu%C3%B1oz"> Juan F. Muñoz</a>, <a href="https://publications.waset.org/abstracts/search?q=Francisco%20J.%20Blanco-Encomienda"> Francisco J. Blanco-Encomienda</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The problem of estimating a proportion has important applications in the field of economics, and in general, in many areas such as social sciences. A common application in economics is the estimation of the headcount index. In this paper, we define the general headcount index as a proportion. Furthermore, we introduce a new quantitative method for estimating the headcount index. In particular, we suggest to use the logistic regression estimator for the problem of estimating the headcount index. Assuming a real data set, results derived from Monte Carlo simulation studies indicate that the logistic regression estimator can be more accurate than the traditional estimator of the headcount index. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=poverty%20line" title="poverty line">poverty line</a>, <a href="https://publications.waset.org/abstracts/search?q=poor" title=" poor"> poor</a>, <a href="https://publications.waset.org/abstracts/search?q=risk%20of%20poverty" title=" risk of poverty"> risk of poverty</a>, <a href="https://publications.waset.org/abstracts/search?q=Monte%20Carlo%20simulations" title=" Monte Carlo simulations"> Monte Carlo simulations</a>, <a href="https://publications.waset.org/abstracts/search?q=sample" title=" sample"> sample</a> </p> <a href="https://publications.waset.org/abstracts/7876/on-estimating-the-headcount-index-by-using-the-logistic-regression-estimator" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/7876.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">423</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12861</span> A Prediction of Electrical Cost for High-Rise Building Construction</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Picha%20Sriprachan">Picha Sriprachan</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The increase in electricity prices affects the cost of high-rise building construction. The objectives of this research are to study the electrical cost, trend of electrical cost and to forecast electrical cost of high-rise building construction. The methods of this research are: 1) to study electrical payment formats, cost data collection methods, and the factors affecting electrical cost of high-rise building construction, 2) to study the quantity and trend of cumulative percentage of the electrical cost, and 3) to forecast the electrical cost for different types of high-rise buildings. The results of this research show that the average proportion between electrical cost and the value of the construction project is 0.87 percent. The proportion of electrical cost for residential, office and commercial, and hotel buildings are closely proportional. If construction project value increases, the proportion of electrical cost and the value of the construction project will decrease. However, there is a relationship between the amount of electrical cost and the value of the construction project. During the structural construction phase, the amount of electrical cost will increase and during structural and architectural construction phase, electrical cost will be maximum. The cumulative percentage of the electrical cost is related to the cumulative percentage of the high-rise building construction cost in the same direction. The amount of service space of the building, number of floors and the duration of the construction affect the electrical cost of construction. The electrical cost of construction forecasted by using linear regression equation is close to the electrical cost forecasted by using the proportion of electrical cost and value of the project. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=high-rise%20building%20construction" title="high-rise building construction">high-rise building construction</a>, <a href="https://publications.waset.org/abstracts/search?q=electrical%20cost" title=" electrical cost"> electrical cost</a>, <a href="https://publications.waset.org/abstracts/search?q=construction%20phase" title=" construction phase"> construction phase</a>, <a href="https://publications.waset.org/abstracts/search?q=architectural%20phase" title=" architectural phase"> architectural phase</a> </p> <a href="https://publications.waset.org/abstracts/9483/a-prediction-of-electrical-cost-for-high-rise-building-construction" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/9483.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">390</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12860</span> Estimation of Fuel Cost Function Characteristics Using Cuckoo Search</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=M.%20R.%20Al-Rashidi">M. R. Al-Rashidi</a>, <a href="https://publications.waset.org/abstracts/search?q=K.%20M.%20El-Naggar"> K. M. El-Naggar</a>, <a href="https://publications.waset.org/abstracts/search?q=M.%20F.%20Al-Hajri"> M. F. Al-Hajri</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The fuel cost function describes the electric power generation-cost relationship in thermal plants, hence, it sheds light on economical aspects of power industry. Different models have been proposed to describe this relationship with the quadratic function model being the most popular one. Parameters of second order fuel cost function are estimated in this paper using cuckoo search algorithm. It is a new population based meta-heuristic optimization technique that has been used in this study primarily as an accurate estimation tool. Its main features are flexibility, simplicity, and effectiveness when compared to other estimation techniques. The parameter estimation problem is formulated as an optimization one with the goal being minimizing the error associated with the estimated parameters. A case study is considered in this paper to illustrate cuckoo search promising potential as a valuable estimation and optimization technique. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=cuckoo%20search" title="cuckoo search">cuckoo search</a>, <a href="https://publications.waset.org/abstracts/search?q=parameters%20estimation" title=" parameters estimation"> parameters estimation</a>, <a href="https://publications.waset.org/abstracts/search?q=fuel%20cost%20function" title=" fuel cost function"> fuel cost function</a>, <a href="https://publications.waset.org/abstracts/search?q=economic%20dispatch" title=" economic dispatch"> economic dispatch</a> </p> <a href="https://publications.waset.org/abstracts/25377/estimation-of-fuel-cost-function-characteristics-using-cuckoo-search" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/25377.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">581</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12859</span> The Moderation Effect of Critical Item on the Strategic Purchasing: Quality Performance Relationship</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Kwong%20Yeung">Kwong Yeung</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Theories about strategic purchasing and quality performance are underdeveloped. Understanding the evolving role of purchasing from reactive to proactive is a pressing strategic issue. Using survey responses from 176 manufacturing and electronics industry professionals, we study the relationships between strategic purchasing and supply chain partners’ quality performance to answer the following questions: Can transaction cost economics be used to elucidate the strategic purchasing-quality performance relationship? Is this strategic purchasing-quality performance relationship moderated by critical item analysis? The findings indicate that critical item analysis positively and significantly moderates the strategic purchasing-quality performance relationship. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=critical%20item%20analysis" title="critical item analysis">critical item analysis</a>, <a href="https://publications.waset.org/abstracts/search?q=moderation" title=" moderation"> moderation</a>, <a href="https://publications.waset.org/abstracts/search?q=quality%20performance" title=" quality performance"> quality performance</a>, <a href="https://publications.waset.org/abstracts/search?q=strategic%20purchasing" title=" strategic purchasing"> strategic purchasing</a>, <a href="https://publications.waset.org/abstracts/search?q=transaction%20cost%20economics" title=" transaction cost economics"> transaction cost economics</a> </p> <a href="https://publications.waset.org/abstracts/15349/the-moderation-effect-of-critical-item-on-the-strategic-purchasing-quality-performance-relationship" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/15349.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">563</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12858</span> Project Time Prediction Model: A Case Study of Construction Projects in Sindh, Pakistan</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Tauha%20Hussain%20Ali">Tauha Hussain Ali</a>, <a href="https://publications.waset.org/abstracts/search?q=Shabir%20Hussain%20Khahro"> Shabir Hussain Khahro</a>, <a href="https://publications.waset.org/abstracts/search?q=Nafees%20Ahmed%20Memon"> Nafees Ahmed Memon</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Accurate prediction of project time for planning and bid preparation stage should contain realistic dates. Constructors use their experience to estimate the project duration for the new projects, which is based on intuitions. It has been a constant concern to both researchers and constructors to analyze the accurate prediction of project duration for bid preparation stage. In Pakistan, such study for time cost relationship has been lacked to predict duration performance for the construction projects. This study is an attempt to explore the time cost relationship that would conclude with a mathematical model to predict the time for the drainage rehabilitation projects in the province of Sindh, Pakistan. The data has been collected from National Engineering Services (NESPAK), Pakistan and regression analysis has been carried out for the analysis of results. Significant relationship has been found between time and cost of the construction projects in Sindh and the generated mathematical model can be used by the constructors to predict the project duration for the upcoming projects of same nature. This study also provides the professionals with a requisite knowledge to make decisions regarding project duration, which is significantly important to win the projects at the bid stage. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=BTC%20Model" title="BTC Model">BTC Model</a>, <a href="https://publications.waset.org/abstracts/search?q=project%20time" title=" project time"> project time</a>, <a href="https://publications.waset.org/abstracts/search?q=relationship%20of%20time%20cost" title=" relationship of time cost"> relationship of time cost</a>, <a href="https://publications.waset.org/abstracts/search?q=regression" title=" regression"> regression</a> </p> <a href="https://publications.waset.org/abstracts/50762/project-time-prediction-model-a-case-study-of-construction-projects-in-sindh-pakistan" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/50762.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">382</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12857</span> Studying the Effects of Conditional Conservatism and Lack of Information Asymmetry on the Cost of Capital of the Accepted Companies in Tehran Stock Exchange</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Fayaz%20Moosavi">Fayaz Moosavi</a>, <a href="https://publications.waset.org/abstracts/search?q=Saeid%20Moradyfard"> Saeid Moradyfard</a> </p> <p class="card-text"><strong>Abstract:</strong></p> One of the methods in avoiding management fraud and increasing the quality of financial information, is the notification of qualitative features of financial information, including conservatism characteristic. Although taking a conservatism approach, while boosting the quality of financial information, is able to reduce the informational risk and the cost of capital stock of commercial department, by presenting an improper image about the situation of the commercial department, raises the risk of failure in returning the main and capital interest, and consequently the cost of capital of the commercial department. In order to know if conservatism finally leads to the increase or decrease of the cost of capital or does not have any influence on it, information regarding accepted companies in Tehran stock exchange is utilized by application of pooling method from 2007 to 2012 and it included 124 companies. The results of the study revealed that there is an opposite and meaningful relationship between conditional conservatism and the cost of capital of the company. In other words, if bad and unsuitable news and signs are reflected sooner than good news in accounting profit, the cost of capital of the company increases. In addition, there is a positive and meaningful relationship between the cost of capital and lack of information asymmetry. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=conditional%20conservatism" title="conditional conservatism">conditional conservatism</a>, <a href="https://publications.waset.org/abstracts/search?q=lack%20of%20information%20asymmetry" title=" lack of information asymmetry"> lack of information asymmetry</a>, <a href="https://publications.waset.org/abstracts/search?q=the%20cost%20of%20capital" title=" the cost of capital"> the cost of capital</a>, <a href="https://publications.waset.org/abstracts/search?q=stock%20exchange" title=" stock exchange"> stock exchange</a> </p> <a href="https://publications.waset.org/abstracts/53090/studying-the-effects-of-conditional-conservatism-and-lack-of-information-asymmetry-on-the-cost-of-capital-of-the-accepted-companies-in-tehran-stock-exchange" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/53090.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">265</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12856</span> The Influence of Website Quality on Customer E-Satisfaction in Low Cost Airline</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Zainab%20Khalifah">Zainab Khalifah</a>, <a href="https://publications.waset.org/abstracts/search?q=Wong%20Chiet%20Bing"> Wong Chiet Bing</a>, <a href="https://publications.waset.org/abstracts/search?q=Noor%20Hazarina%20Hashim"> Noor Hazarina Hashim</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The evolution of customer behavior in purchasing products or services through the Internet leads to airline companies engaging in the e-ticketing process in order to maintain their business. A well-designed website is vitally significant for the airline companies to provide effective communication, support, and competitive advantage. This study was conducted to identify the dimensions of website quality for low cost airline and to investigate the relationship between the website quality and customer e-satisfaction at low cost airline. A total of 381 responses were conveniently collected among local passengers at Low Cost Carrier Terminal, Kuala Lumpur via questionnaire distribution. This study found that the five determinant factors of website quality for AirAsia were Information Content, Navigation, Responsiveness, Personalization, and Security and Privacy. The results of this study revealed that there is a positive relationship between the five dimensions of website quality and customer e-satisfaction, and also information content was the most significant contributor to customer e-satisfaction. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=website%20quality" title="website quality">website quality</a>, <a href="https://publications.waset.org/abstracts/search?q=customer%20e-satisfaction" title=" customer e-satisfaction"> customer e-satisfaction</a>, <a href="https://publications.waset.org/abstracts/search?q=low%20cost%20airline" title=" low cost airline"> low cost airline</a>, <a href="https://publications.waset.org/abstracts/search?q=e-ticketing" title=" e-ticketing"> e-ticketing</a> </p> <a href="https://publications.waset.org/abstracts/10785/the-influence-of-website-quality-on-customer-e-satisfaction-in-low-cost-airline" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/10785.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">422</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12855</span> Low Cost Technique for Measuring Luminance in Biological Systems</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=N.%20Chetty">N. Chetty</a>, <a href="https://publications.waset.org/abstracts/search?q=K.%20Singh"> K. Singh</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In this work, the relationship between the melanin content in a tissue and subsequent absorption of light through that tissue was determined using a digital camera. This technique proved to be simple, cost effective, efficient and reliable. Tissue phantom samples were created using milk and soy sauce to simulate the optical properties of melanin content in human tissue. Increasing the concentration of soy sauce in the milk correlated to an increase in melanin content of an individual. Two methods were employed to measure the light transmitted through the sample. The first was direct measurement of the transmitted intensity using a conventional lux meter. The second method involved correctly calibrating an ordinary digital camera and using image analysis software to calculate the transmitted intensity through the phantom. The results from these methods were then graphically compared to the theoretical relationship between the intensity of transmitted light and the concentration of absorbers in the sample. Conclusions were then drawn about the effectiveness and efficiency of these low cost methods. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=tissue%20phantoms" title="tissue phantoms">tissue phantoms</a>, <a href="https://publications.waset.org/abstracts/search?q=scattering%20coefficient" title=" scattering coefficient"> scattering coefficient</a>, <a href="https://publications.waset.org/abstracts/search?q=albedo" title=" albedo"> albedo</a>, <a href="https://publications.waset.org/abstracts/search?q=low-cost%20method" title=" low-cost method"> low-cost method</a> </p> <a href="https://publications.waset.org/abstracts/51186/low-cost-technique-for-measuring-luminance-in-biological-systems" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/51186.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">271</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12854</span> Factors Influencing Site Overhead Cost of Construction Projects in Egypt: A Comparative Analysis</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Aya%20Effat">Aya Effat</a>, <a href="https://publications.waset.org/abstracts/search?q=Ossama%20A.%20Hosny"> Ossama A. Hosny</a>, <a href="https://publications.waset.org/abstracts/search?q=Elkhayam%20M.%20Dorra"> Elkhayam M. Dorra</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Estimating costs is a crucial step in construction management and should be completed at the beginning of every project to establish the project's budget. The precision of the cost estimate plays a significant role in the success of construction projects as it allows project managers to effectively manage the project's costs. Site overhead costs constitute a significant portion of construction project budgets, necessitating accurate prediction and management. These costs are influenced by a multitude of factors, requiring a thorough examination and analysis to understand their relative importance and impact. Thus, the main aim of this research is to enhance the contractor’s ability to predict and manage site overheads by identifying and analyzing the main factors influencing the site overheads costs in the Egyptian construction industry. Through a comprehensive literature review, key factors were first identified and subsequently validated using a thorough comparative analysis of data from 55 real-life construction projects. Through this comparative analysis, the relationship between each factor and site overheads percentage as well as each site overheads subcategory and each project construction phase was identified and examined. Furthermore, correlation analysis was done to check for multicollinearity and identify factors with the highest impact. The findings of this research offer valuable insights into the key drivers of site overhead costs in the Egyptian construction industry. By understanding these factors, construction professionals can make informed decisions regarding the estimation and management of site overhead costs. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=comparative%20analysis" title="comparative analysis">comparative analysis</a>, <a href="https://publications.waset.org/abstracts/search?q=cost%20estimation" title=" cost estimation"> cost estimation</a>, <a href="https://publications.waset.org/abstracts/search?q=construction%20management" title=" construction management"> construction management</a>, <a href="https://publications.waset.org/abstracts/search?q=site%20overheads" title=" site overheads"> site overheads</a> </p> <a href="https://publications.waset.org/abstracts/192563/factors-influencing-site-overhead-cost-of-construction-projects-in-egypt-a-comparative-analysis" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/192563.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">17</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12853</span> An Approach for Estimating Open Education Resources Textbook Savings: A Case Study</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Anna%20Ching-Yu%20Wong">Anna Ching-Yu Wong</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Introduction: Textbooks play a sizable portion of the overall cost of higher education students. It is a board consent that open education resources (OER) reduce the te4xtbook costs and provide students a way to receive high-quality learning materials at little or no cost to them. However, there is less agreement over exactly how much. This study presents an approach for calculating OER savings by using SUNY Canton NON-OER courses (N=233) to estimate the potentially textbook savings for one semester – Fall 2022. The purpose in collecting data is to understand how much potentially saved from using OER materials and to have a record for future further studies. Literature Reviews: In the past years, researchers identified the rising cost of textbooks disproportionately harm students in higher education institutions and how much an average cost of a textbook. For example, Nyamweya (2018) found that on average students save $116.94 per course when OER adopted in place of traditional commercial textbooks by using a simple formula. Student PIRGs (2015) used reports of per-course savings when transforming a course from using a commercial textbook to OER to reach an estimate of $100 average cost savings per course. Allen and Wiley (2016) presented at the 2016 Open Education Conference on multiple cost-savings studies and concluded $100 was reasonable per-course savings estimates. Ruth (2018) calculated an average cost of a textbook was $79.37 per-course. Hilton, et al (2014) conducted a study with seven community colleges across the nation and found the average textbook cost to be $90.61. There is less agreement over exactly how much would be saved by adopting an OER course. This study used SUNY Canton as a case study to create an approach for estimating OER savings. Methodology: Step one: Identify NON-OER courses from UcanWeb Class Schedule. Step two: View textbook lists for the classes (Campus bookstore prices). Step three: Calculate the average textbook prices by averaging the new book and used book prices. Step four: Multiply the average textbook prices with the number of students in the course. Findings: The result of this calculation was straightforward. The average of a traditional textbooks is $132.45. Students potentially saved $1,091,879.94. Conclusion: (1) The result confirms what we have known: Adopting OER in place of traditional textbooks and materials achieves significant savings for students, as well as the parents and taxpayers who support them through grants and loans. (2) The average textbook savings for adopting an OER course is variable depending on the size of the college and as well as the number of enrollment students. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=textbook%20savings" title="textbook savings">textbook savings</a>, <a href="https://publications.waset.org/abstracts/search?q=open%20textbooks" title=" open textbooks"> open textbooks</a>, <a href="https://publications.waset.org/abstracts/search?q=textbook%20costs%20assessment" title=" textbook costs assessment"> textbook costs assessment</a>, <a href="https://publications.waset.org/abstracts/search?q=open%20access" title=" open access"> open access</a> </p> <a href="https://publications.waset.org/abstracts/159866/an-approach-for-estimating-open-education-resources-textbook-savings-a-case-study" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/159866.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">75</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12852</span> Reliability-Based Life-Cycle Cost Model for Engineering Systems</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Reza%20Lotfalian">Reza Lotfalian</a>, <a href="https://publications.waset.org/abstracts/search?q=Sudarshan%20Martins"> Sudarshan Martins</a>, <a href="https://publications.waset.org/abstracts/search?q=Peter%20Radziszewski"> Peter Radziszewski</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The effect of reliability on life-cycle cost, including initial and maintenance cost of a system is studied. The failure probability of a component is used to calculate the average maintenance cost during the operation cycle of the component. The standard deviation of the life-cycle cost is also calculated as an error measure for the average life-cycle cost. As a numerical example, the model is used to study the average life cycle cost of an electric motor. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=initial%20cost" title="initial cost">initial cost</a>, <a href="https://publications.waset.org/abstracts/search?q=life-cycle%20cost" title=" life-cycle cost"> life-cycle cost</a>, <a href="https://publications.waset.org/abstracts/search?q=maintenance%20cost" title=" maintenance cost"> maintenance cost</a>, <a href="https://publications.waset.org/abstracts/search?q=reliability" title=" reliability"> reliability</a> </p> <a href="https://publications.waset.org/abstracts/11947/reliability-based-life-cycle-cost-model-for-engineering-systems" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/11947.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">605</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12851</span> Two-Phase Sampling for Estimating a Finite Population Total in Presence of Missing Values</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Daniel%20Fundi%20Murithi">Daniel Fundi Murithi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Missing data is a real bane in many surveys. To overcome the problems caused by missing data, partial deletion, and single imputation methods, among others, have been proposed. However, problems such as discarding usable data and inaccuracy in reproducing known population parameters and standard errors are associated with them. For regression and stochastic imputation, it is assumed that there is a variable with complete cases to be used as a predictor in estimating missing values in the other variable, and the relationship between the two variables is linear, which might not be realistic in practice. In this project, we estimate population total in presence of missing values in two-phase sampling. Instead of regression or stochastic models, non-parametric model based regression model is used in imputing missing values. Empirical study showed that nonparametric model-based regression imputation is better in reproducing variance of population total estimate obtained when there were no missing values compared to mean, median, regression, and stochastic imputation methods. Although regression and stochastic imputation were better than nonparametric model-based imputation in reproducing population total estimates obtained when there were no missing values in one of the sample sizes considered, nonparametric model-based imputation may be used when the relationship between outcome and predictor variables is not linear. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=finite%20population%20total" title="finite population total">finite population total</a>, <a href="https://publications.waset.org/abstracts/search?q=missing%20data" title=" missing data"> missing data</a>, <a href="https://publications.waset.org/abstracts/search?q=model-based%20imputation" title=" model-based imputation"> model-based imputation</a>, <a href="https://publications.waset.org/abstracts/search?q=two-phase%20sampling" title=" two-phase sampling"> two-phase sampling</a> </p> <a href="https://publications.waset.org/abstracts/124884/two-phase-sampling-for-estimating-a-finite-population-total-in-presence-of-missing-values" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/124884.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">131</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12850</span> Analysis of Risk Factors Affecting the Motor Insurance Pricing with Generalized Linear Models</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Puttharapong%20Sakulwaropas">Puttharapong Sakulwaropas</a>, <a href="https://publications.waset.org/abstracts/search?q=Uraiwan%20%20Jaroengeratikun"> Uraiwan Jaroengeratikun</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Casualty insurance business, the optimal premium pricing and adequate cost for an insurance company are important in risk management. Normally, the insurance pure premium can be determined by multiplying the claim frequency with the claim cost. The aim of this research was to study in the application of generalized linear models to select the risk factor for model of claim frequency and claim cost for estimating a pure premium. In this study, the data set was the claim of comprehensive motor insurance, which was provided by one of the insurance company in Thailand. The results of this study found that the risk factors significantly related to pure premium at the 0.05 level consisted of no claim bonus (NCB) and used of the car (Car code). <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=generalized%20linear%20models" title="generalized linear models">generalized linear models</a>, <a href="https://publications.waset.org/abstracts/search?q=risk%20factor" title=" risk factor"> risk factor</a>, <a href="https://publications.waset.org/abstracts/search?q=pure%20premium" title=" pure premium"> pure premium</a>, <a href="https://publications.waset.org/abstracts/search?q=regression%20model" title=" regression model"> regression model</a> </p> <a href="https://publications.waset.org/abstracts/65636/analysis-of-risk-factors-affecting-the-motor-insurance-pricing-with-generalized-linear-models" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/65636.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">466</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12849</span> An Estimating Equation for Survival Data with a Possibly Time-Varying Covariates under a Semiparametric Transformation Models</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Yemane%20Hailu%20Fissuh">Yemane Hailu Fissuh</a>, <a href="https://publications.waset.org/abstracts/search?q=Zhongzhan%20Zhang"> Zhongzhan Zhang</a> </p> <p class="card-text"><strong>Abstract:</strong></p> An estimating equation technique is an alternative method of the widely used maximum likelihood methods, which enables us to ease some complexity due to the complex characteristics of time-varying covariates. In the situations, when both the time-varying covariates and left-truncation are considered in the model, the maximum likelihood estimation procedures become much more burdensome and complex. To ease the complexity, in this study, the modified estimating equations those have been given high attention and considerations in many researchers under semiparametric transformation model was proposed. The purpose of this article was to develop the modified estimating equation under flexible and general class of semiparametric transformation models for left-truncated and right censored survival data with time-varying covariates. Besides the commonly applied Cox proportional hazards model, such kind of problems can be also analyzed with a general class of semiparametric transformation models to estimate the effect of treatment given possibly time-varying covariates on the survival time. The consistency and asymptotic properties of the estimators were intuitively derived via the expectation-maximization (EM) algorithm. The characteristics of the estimators in the finite sample performance for the proposed model were illustrated via simulation studies and Stanford heart transplant real data examples. To sum up the study, the bias for covariates has been adjusted by estimating density function for the truncation time variable. Then the effect of possibly time-varying covariates was evaluated in some special semiparametric transformation models. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=EM%20algorithm" title="EM algorithm">EM algorithm</a>, <a href="https://publications.waset.org/abstracts/search?q=estimating%20equation" title=" estimating equation"> estimating equation</a>, <a href="https://publications.waset.org/abstracts/search?q=semiparametric%20transformation%20models" title=" semiparametric transformation models"> semiparametric transformation models</a>, <a href="https://publications.waset.org/abstracts/search?q=time-to-event%20outcomes" title=" time-to-event outcomes"> time-to-event outcomes</a>, <a href="https://publications.waset.org/abstracts/search?q=time%20varying%20covariate" title=" time varying covariate"> time varying covariate</a> </p> <a href="https://publications.waset.org/abstracts/107141/an-estimating-equation-for-survival-data-with-a-possibly-time-varying-covariates-under-a-semiparametric-transformation-models" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/107141.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">152</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12848</span> Estimating of Groundwater Recharge Value for Al-Najaf City, Iraq</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Hayder%20H.%20Kareem">Hayder H. Kareem</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Groundwater recharge is a crucial parameter for any groundwater management system. The variability of the recharge rates and the difficulty in estimating this factor in many processes by direct observation leads to the complexity of estimating the recharge value. Various methods are existing to estimate the groundwater recharge, with some limitations for each method to be able for application. This paper focuses particularly on a real study area, Al-Najaf City, Iraq. In this city, there are few groundwater aquifers, but the aquifer which is considered in this study is the closest one to the ground surface, the Dibdibba aquifer. According to the Aridity Index, which is estimated in the paper, Al-Najaf City is classified as a region located in an arid climate, and this identified that the most appropriate method to estimate the groundwater recharge is Thornthwaite's formula or Thornthwaite's method. From the calculations, the estimated average groundwater recharge over the period 1980-2014 for Al-Najaf City is 40.32 mm/year. Groundwater recharge is completely affected the groundwater table level (groundwater head). Therefore, to make sure that this value of recharge is true, the MODFLOW program has been used to apply this value through finding the relationship between the calculated and observed heads where a groundwater model for the Al-Najaf City study area has been built by MODFLOW to simulate this area for different purposes, one of these purposes is to simulate the groundwater recharge. MODFLOW results show that this value of groundwater recharge is extremely high and needs to be reduced. Therefore, a further sensitivity test has been carried out for the Al-Najaf City study area by the MODFLOW program through changing the recharge value and found that the best estimation of groundwater recharge value for this city is 16.5 mm/year where this value gives the best fitting between the calculated and observed heads with minimum values of RMSE % (13.175) and RSS m² (1454). <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Al-Najaf%20City" title="Al-Najaf City">Al-Najaf City</a>, <a href="https://publications.waset.org/abstracts/search?q=groundwater%20modelling" title=" groundwater modelling"> groundwater modelling</a>, <a href="https://publications.waset.org/abstracts/search?q=recharge%20estimation" title=" recharge estimation"> recharge estimation</a>, <a href="https://publications.waset.org/abstracts/search?q=visual%20MODFLOW" title=" visual MODFLOW"> visual MODFLOW</a> </p> <a href="https://publications.waset.org/abstracts/131767/estimating-of-groundwater-recharge-value-for-al-najaf-city-iraq" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/131767.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">135</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12847</span> Effect of Cost Control and Cost Reduction Techniques in Organizational Performance</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Babatunde%20Akeem%20Lawal">Babatunde Akeem Lawal</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In any organization, the primary aim is to maximize profit, but the major challenges facing them is the increase in cost of operation because of this there is increase in cost of production that could lead to inevitable cost control and cost reduction scheme which make it difficult for most organizations to operate at the cost efficient frontier. The study aims to critically examine and evaluate the application of cost control and cost reduction in organization performance and also to review budget as an effective tool of cost control and cost reduction. A descriptive survey research was adopted. A total number of 40 respondent retrieved were used for the study. The analysis of data collected was undertaken by applying appropriate statistical tools. Regression analysis was used to test the hypothesis with the use of SPSS. Based on the findings; it was evident that cost control has a positive impact on organizational performance and also the style of management has a positive impact on organizational performance. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=organization" title="organization">organization</a>, <a href="https://publications.waset.org/abstracts/search?q=cost%20reduction" title=" cost reduction"> cost reduction</a>, <a href="https://publications.waset.org/abstracts/search?q=cost%20control" title=" cost control"> cost control</a>, <a href="https://publications.waset.org/abstracts/search?q=performance" title=" performance"> performance</a>, <a href="https://publications.waset.org/abstracts/search?q=budget" title=" budget"> budget</a>, <a href="https://publications.waset.org/abstracts/search?q=profit" title=" profit"> profit</a> </p> <a href="https://publications.waset.org/abstracts/62265/effect-of-cost-control-and-cost-reduction-techniques-in-organizational-performance" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/62265.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">603</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12846</span> An Overbooking Model for Car Rental Service with Different Types of Cars</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Naragain%20Phumchusri">Naragain Phumchusri</a>, <a href="https://publications.waset.org/abstracts/search?q=Kittitach%20Pongpairoj"> Kittitach Pongpairoj</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Overbooking is a very useful revenue management technique that could help reduce costs caused by either undersales or oversales. In this paper, we propose an overbooking model for two types of cars that can minimize the total cost for car rental service. With two types of cars, there is an upgrade possibility for lower type to upper type. This makes the model more complex than one type of cars scenario. We have found that convexity can be proved in this case. Sensitivity analysis of the parameters is conducted to observe the effects of relevant parameters on the optimal solution. Model simplification is proposed using multiple linear regression analysis, which can help estimate the optimal overbooking level using appropriate independent variables. The results show that the overbooking level from multiple linear regression model is relatively close to the optimal solution (with the adjusted R-squared value of at least 72.8%). To evaluate the performance of the proposed model, the total cost was compared with the case where the decision maker uses a naïve method for the overbooking level. It was found that the total cost from optimal solution is only 0.5 to 1 percent (on average) lower than the cost from regression model, while it is approximately 67% lower than the cost obtained by the naïve method. It indicates that our proposed simplification method using regression analysis can effectively perform in estimating the overbooking level. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=overbooking" title="overbooking">overbooking</a>, <a href="https://publications.waset.org/abstracts/search?q=car%20rental%20industry" title=" car rental industry"> car rental industry</a>, <a href="https://publications.waset.org/abstracts/search?q=revenue%20management" title=" revenue management"> revenue management</a>, <a href="https://publications.waset.org/abstracts/search?q=stochastic%20model" title=" stochastic model"> stochastic model</a> </p> <a href="https://publications.waset.org/abstracts/77611/an-overbooking-model-for-car-rental-service-with-different-types-of-cars" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/77611.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">172</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12845</span> In Agile Projects - Arithmetic Sequence is More Effective than Fibonacci Sequence to Use for Estimating the Implementation Effort of User Stories</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Khaled%20Jaber">Khaled Jaber</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The estimation of effort in software development is a complex task. The traditional Waterfall approach used to develop software systems requires a lot of time to estimate the effort needed to implement user requirements. Agile manifesto, however, is currently more used in the industry than the Waterfall to develop software systems. In Agile, the user requirement is referred to as a user story. Agile teams mostly use the Fibonacci sequence 1, 2, 3, 5, 8, 11, etc. in estimating the effort needed to implement the user story. This work shows through analysis that the Arithmetic sequence, e.g., 3, 6, 9, 12, etc., is more effective than the Fibonacci sequence in estimating the user stories. This paper mathematically and visually proves the effectiveness of the Arithmetic sequence over the FB sequence. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=agie" title="agie">agie</a>, <a href="https://publications.waset.org/abstracts/search?q=scrum" title=" scrum"> scrum</a>, <a href="https://publications.waset.org/abstracts/search?q=estimation" title=" estimation"> estimation</a>, <a href="https://publications.waset.org/abstracts/search?q=fibonacci%20sequence" title=" fibonacci sequence"> fibonacci sequence</a> </p> <a href="https://publications.waset.org/abstracts/145354/in-agile-projects-arithmetic-sequence-is-more-effective-than-fibonacci-sequence-to-use-for-estimating-the-implementation-effort-of-user-stories" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/145354.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">205</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12844</span> Create a Dynamic Model in Project Control and Management </h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Hamed%20Saremi">Hamed Saremi</a>, <a href="https://publications.waset.org/abstracts/search?q=Shahla%20Saremi"> Shahla Saremi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In this study, control and management of construction projects is evaluated through developing a dynamic model in which some means are used in order to evaluating planning assumptions and reviewing the effectiveness of some project control policies based on previous researches about time, cost, project schedule pressure management, source management, project control, adding elements and sub-systems from cost management such as estimating consumption budget from budget due to costs, budget shortage effects and etc. using sensitivity analysis, researcher has evaluated introduced model that during model simulation by VENSIM software and assuming optimistic times and adding information about doing job and changes rate and project is forecasted with 373 days (2 days sooner than forecasted) and final profit $ 1,960,670 (23% amount of contract) assuming 15% inflation rate in year and costs rate accordance with planned amounts and other input information and final profit. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=dynamic%20planning" title="dynamic planning">dynamic planning</a>, <a href="https://publications.waset.org/abstracts/search?q=cost" title=" cost"> cost</a>, <a href="https://publications.waset.org/abstracts/search?q=time" title=" time"> time</a>, <a href="https://publications.waset.org/abstracts/search?q=performance" title=" performance"> performance</a>, <a href="https://publications.waset.org/abstracts/search?q=project%20management" title=" project management"> project management</a> </p> <a href="https://publications.waset.org/abstracts/30245/create-a-dynamic-model-in-project-control-and-management" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/30245.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">478</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">12843</span> Application of the Concept of Comonotonicity in Option Pricing</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=A.%20Chateauneuf">A. Chateauneuf</a>, <a href="https://publications.waset.org/abstracts/search?q=M.%20Mostoufi"> M. Mostoufi</a>, <a href="https://publications.waset.org/abstracts/search?q=D.%20Vyncke"> D. Vyncke</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Monte Carlo (MC) simulation is a technique that provides approximate solutions to a broad range of mathematical problems. A drawback of the method is its high computational cost, especially in a high-dimensional setting, such as estimating the Tail Value-at-Risk for large portfolios or pricing basket options and Asian options. For these types of problems, one can construct an upper bound in the convex order by replacing the copula by the comonotonic copula. This comonotonic upper bound can be computed very quickly, but it gives only a rough approximation. In this paper we introduce the Comonotonic Monte Carlo (CoMC) simulation, by using the comonotonic approximation as a control variate. The CoMC is of broad applicability and numerical results show a remarkable speed improvement. We illustrate the method for estimating Tail Value-at-Risk and pricing basket options and Asian options when the logreturns follow a Black-Scholes model or a variance gamma model. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=control%20variate%20Monte%20Carlo" title="control variate Monte Carlo">control variate Monte Carlo</a>, <a href="https://publications.waset.org/abstracts/search?q=comonotonicity" title=" comonotonicity"> comonotonicity</a>, <a href="https://publications.waset.org/abstracts/search?q=option%20pricing" title=" option pricing"> option pricing</a>, <a href="https://publications.waset.org/abstracts/search?q=scientific%20computing" title=" scientific computing"> scientific computing</a> </p> <a href="https://publications.waset.org/abstracts/33995/application-of-the-concept-of-comonotonicity-in-option-pricing" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/33995.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">515</span> </span> </div> </div> <ul class="pagination"> <li class="page-item disabled"><span class="page-link">&lsaquo;</span></li> <li class="page-item active"><span class="page-link">1</span></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=cost%20estimating%20relationship&page=2">2</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=cost%20estimating%20relationship&page=3">3</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=cost%20estimating%20relationship&page=4">4</a></li> <li class="page-item"><a class="page-link" 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