Academic literature on the topic 'Economic Net Present Value'
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Journal articles on the topic "Economic Net Present Value"
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Disney, S. M., R. D. H. Warburton, and Q. C. Zhong. "Net present value analysis of the economic production quantity." IMA Journal of Management Mathematics 24, no. 4 (February 24, 2013): 423–35. http://dx.doi.org/10.1093/imaman/dpt002.
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de Villiers, J. U. "The Relationship Between Economic Value Added, Net Present Value and True Return." Studies in Economics and Econometrics 29, no. 3 (December 1, 2005): 81–109. http://dx.doi.org/10.1080/10800379.2005.12106394.
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Scott, Michael. "Small company economics–net present value versus net cash flow." APPEA Journal 51, no. 1 (2011): 369. http://dx.doi.org/10.1071/aj10023.
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This paper is primarily written for the benefit of the small company that survives hand-to-mouth on a day-to-day basis. Personnel working in large profitable oil companies that spin off lots of positive cash flow may have difficulty empathising with the example. Net present value is a commonly accepted method of project valuation. Globally, projects are valued, ranked, justified, bought and sold using this technique. For all companies, however, cash is considered to be king. Cash funds exploration activities and corporate costs and allows companies to continue trading without returning to shareholders for additional funds. Both the solvency of the company and the dilution of share value are extremely important considerations for company directors. For a small company with income being generated from a single small field, an example is presented where a simple decision is considered: keep the field and live off the annual income or sell the field and live off the declining balance. This is an extremely simple example used to demonstrate the power of cash flow. No alternative investment is available and no exploration success from continued exploration drilling is experienced–the directors are only focused on funding the company’s ongoing obligations. The conclusion from the analysis is that cash flow from a project may be preferred over selling a project for net present value and then funding the company’s obligations from the proceeds of the sale and declining funds balance. The ultimate lesson for companies is that cash flow, however insignificant, can greatly increase their chances of long-term survival.
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Žižlavský, Ondřej. "Net Present Value Approach: Method for Economic Assessment of Innovation Projects." Procedia - Social and Behavioral Sciences 156 (November 2014): 506–12. http://dx.doi.org/10.1016/j.sbspro.2014.11.230.
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Gollier, Christian. "Expected net present value, expected net future value, and the Ramsey rule." Journal of Environmental Economics and Management 59, no. 2 (March 2010): 142–48. http://dx.doi.org/10.1016/j.jeem.2009.11.003.
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Rivers, George, Jonathan Foo, Dragan Ilic, Peter Nicklen, Scott Reeves, Kieran Walsh, and Stephen Maloney. "The economic value of an investment in physiotherapy education: a net present value analysis." Journal of Physiotherapy 61, no. 3 (July 2015): 148–54. http://dx.doi.org/10.1016/j.jphys.2015.05.015.
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Tubetov, Dulat, Syster Christin Maart-Noelck, and Oliver Musshoff. "Real options or net present value?" Agricultural Finance Review 73, no. 3 (November 4, 2013): 426–57. http://dx.doi.org/10.1108/afr-06-2012-0031.
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Meek, M. S., J. C. Whittier, N. L. Dalsted, F. A. Thrift, and T. L. Stanton. "Estimation of Net Present Value of Beef Females of Various Ages and the Economic Sensitivity of Net Present Value to Changes in Production." Professional Animal Scientist 15, no. 1 (March 1999): 46–52. http://dx.doi.org/10.15232/s1080-7446(15)31723-x.
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Reinhardt, Uwe E. "The Net Present Value and Other Economic Implications of a Medical Career." Academic Medicine 92, no. 7 (July 2017): 907–11. http://dx.doi.org/10.1097/acm.0000000000001582.
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Hao, Meng Hui, and Kun Wang. "Analysis on Economic Benefit of Pavement Layer Based on Net Present Value Method." Applied Mechanics and Materials 361-363 (August 2013): 1735–38. http://dx.doi.org/10.4028/www.scientific.net/amm.361-363.1735.
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This paper explains the method and theory of cost net present value, and uses this method to analyses the economic benefits on several pavement inter layer (emulsified asphalt seal coat, rubber modified asphalt and stress absorbing layer of fiberglass polyester paving mat) during the 15-year period, results showed that rubber modified asphalt and stress absorbing layer of fiberglass polyester paving mat is superior to emulsified asphalt seal coat.
Dissertations / Theses on the topic "Economic Net Present Value"
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Westergard, Chris. "Farmland valuation: a net present value approach using simulation." Thesis, Kansas State University, 2015. http://hdl.handle.net/2097/19035.
Full textAbstract:
Master of AgribusinessAgricultural Economics
Allen M. Featherstone
As the single largest asset class on the agriculture sector’s balance sheet, real estate is clearly a significant component of America’s farming community’s well-being and key to production agriculture. Purchasing farmland requires a significant commitment of capital, and one of the chief considerations for producers when contemplating purchasing a property is the return they can expect to receive from their investment over the course of its productive life. The traditional Net Present Value approach to investment valuation is difficult to implement since estimating cash flows over the life of the property is extremely difficult due to uncertainty in yields and commodity prices. By using historical price, yield, and cost data, this thesis develops a net present value spreadsheet model that uses simulation to determine an expected cash flow per acre. This expected cash flow can then be used to determine the gross cash flow from a particular farm over the term of the investment. While not explicitly accounting for non-direct expenses in the model such as returns to management, the techniques discussed provide a solid foundation for a more thorough enterprise analysis and give the producer an estimate of cash flows independent of short-term management decisions.
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Gullickson, Travis R. "Net present value analysis of plant investment to add capacity." Thesis, Manhattan, Kan. : Kansas State University, 2008. http://hdl.handle.net/2097/1051.
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Craig, Julie. "Economic feasibility of growing hops in Nebraska." Thesis, Kansas State University, 2017. http://hdl.handle.net/2097/35370.
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Master of AgribusinessDepartment of Agricultural Economics
Vincent R. Amanor-Boadu
Nationwide, the craft brew industry has enjoyed massive growth. Hops are an important ingredient in craft brew beer and rapid growth of this industry has created many opportunities to grow hops. Currently, hops production is concentrated in the Pacific Northwest. That is beginning to change with new hops acres being planted every year across the country. The study looks at how economically feasible it is to plant hops in Nebraska. Is there enough local demand? Finally, given that Nebraska’s weather is dramatically different than the Pacific Northwest, can hops flourish there? The research begins by assessing all costs associated with a starting a three acre hops operation. Estimated yield and income is projected for ten years to establish cash flow. Instances of hail, wind and tornados for Clay County Nebraska for the years 2006-2016 were calculated to determine a probability of those weather events occurring. The probability was then used to determine the effect it could have on yield of hops per year. In addition to cost of production, the study also documented the growth of Nebraska’s craft brew industry to establish demand for locally grown hops. The researched concluded that if production stayed constant and our discount rate at 5%, assuming prices remain where they are or higher, then it is economically feasible to grow hops in Nebraska. Wind, hail and tornadoes do pose a threat in the Midwest but their effect on yield is not enough to deter someone from planting hops there. Access to reliable capital to begin and sustain a hops operation appears to have a greater impact. In addition, Nebraska’s craft brew industry continues to expand rapidly suggesting a strong market for locally grown hops. This information is important for anyone who is considering planting a commercial hops yard. Given how expensive the start-up costs are and how labor intensive the crop is, this research can provide guidance to those seeking to add hops production to their new or existing farming operation.
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Popelka, Paul. "Net present value analysis of an automated grain aeration system technology on stored corn." Thesis, Kansas State University, 2015. http://hdl.handle.net/2097/19034.
Full textAbstract:
Master of AgribusinessAgricultural Economics
Allen M. Featherstone
The purpose of this thesis is to analyze whether the use of automated aeration systems for reducing moisture in corn during storage provides sufficient net present value for Nebraska corn farmers. The objective is to examine if an automated aeration system provides sufficient energy savings, marketing opportunities and reduced drying costs before corn delivery to an elevator. On-the-farm corn storage has steadily increased and harvesting corn before the moisture has achieved the desired targets cost farmers in drying charges and shrink. Farmers are interested in whether automated aeration systems can remove enough moisture from grain, without over-drying the bin, without spending a large amount of time determining when to run their grain bin aeration fans. Data for this project were obtained from four privately owned 60,000 bushel grain bins outfitted with the IntelliAir™ BinManager™ automated aeration system. Moisture samples were taken from each of the trucks hauling grain to the bin and again after removal of the corn after the automated system had ran for 9 months. Energy usage, drying charges, and shrink were calculated for the initial corn moisture averages and the moisture at the time of removal. Each bin was examined using Net Present Value (NPV) analysis to determine whether the energy savings were enough to offset the initial installation cost and annual expenses of the project. After the NPV was estimated for each of the bins, a sensitivity analysis of how corn price changes and no aeration required would affect the NPV analysis. Finally, an analysis of the total costs savings of a continuously ran aeration system was compared to the automated aeration system. The conclusion of the NPV analysis was that adding an automated aeration system would be profitable under most scenarios. More studies are needed to determine the profitability of automated aeration systems in different regions, moisture inputs, and bin sizes.
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Arati, James M. "Evaluating the economic feasibility of anaerobic digestion of Kawangware Market Waste." Thesis, Manhattan, Kan. : Kansas State University, 2009. http://hdl.handle.net/2097/2200.
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Romanzini, Eliéder Prates. "Economic evaluation, strategy and prediction studies of results into beef cattle production using different scenarios /." Jaboticabal, 2019. http://hdl.handle.net/11449/183167.
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Orientador: Euclides Braga MalheirosResumo: A pecuária de corte brasileira tem sido pressionada no sentido de cada vez obter melhores resultados, o que força os proprietários a utilizar práticas e manejos específicos, os quais possibilitarão a manutenção dentro da atividade. Este estudo teve como objetivos avaliar o uso de inteligência artificial, mais especificamente redes neurais artificiais (RNA), para predizer resultados futuros tanto da produção de pasto quanto animal. Determinar dentre diversos cenários de recria e terminação de bovinos de corte em pastagens tropicais, qual foi o melhor cenário no que diz respeito aos resultados econômicos. Avaliar dentre diferentes doses de adubação nitrogenada, qual foi aquela que retornou melhores índices econômicos. As RNA se mostraram melhores que as regressões normalmente utilizadas para predizer as produções de pastagem (valores médios obtidos pelo uso das RNA foram 0,84; 0,78 e 0,75 para massa de forragem, porcentagens de folha e colmo, versus 0,74; 0,39 e 0,50 obtidos usando regressão linear múltipla) e animal (0,72 [RNA] e 0,67 regressão). No estudo referente aos cenários, os melhores resultados foram obtidos quando utilizado apenas sal mineral (lucratividade de 26,3%; período de “payback” simples igual à 11 ciclos e taxa interna de retorno de 9,30%) na recria dos bovinos de corte e na terminação, quando as variáveis climáticas possibilitaram via manejo de pastagem o uso de maior taxa de lotação (3,18 UA ha-1) na área. Quando avaliados os efeitos das doses de adubação n... (Resumo completo, clicar acesso eletrônico abaixo)
Abstract: Brazilian beef cattle has been under pression to obtain better results, which drives owners to use specific practices and management, which will allow the maintenance within livestock. This study aimed to evaluate use of artificial intelligence, specifically artificial neural networks (ANN), to predict future results both forage and animal productions. Determine between a lot of rearing and finishing phase scenarios of beef cattle production using tropical pastures, how was the best scenario considering economic results. Evaluate between different nitrogen fertilizers levels, how was there obtained best economic indexes. The ANN was better than regressions normally used to predict forage production (mean values obtained by ANN use were 0.84, 0.78 and 0.75 for forage mass, leaf and stem percentages, versus 0.74, 0.39 and 0.50 obtained using multiple linear regression) and animal (0.72 [ANN] and 0.67 regression). Into study about scenarios, the best results were obtained when used mineral mix just (profitability of 26.3%, simple payback period equal to 11 cycles and internal return ratio of 9.30%) during rearing phase of beef cattle. During finishing phase, the best results occurred when weather variables allowed by pasture handled, the use of higher stocking rate (3.18 AU ha-1) into area. The evaluation of economic results caused by different nitrogen fertilizer levels. Allowed to say that was possible to observe that there was linear increase both on costs, and gross revenue,... (Complete abstract click electronic access below)
Doutor
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Goertz, Marvin. "Feasibility of building a greenfield contract manufacturing plant." Thesis, Kansas State University, 2012. http://hdl.handle.net/2097/19690.
Full textAbstract:
Master of AgribusinessDepartment of Agricultural Economics
Vincent Amanor-Boadu
Bunge is a global agribusiness company that has invested in a facility to produce extruded ingredients and inclusions in its Woodland, California rice mill. Because Bunge is not a branded food manufacturer, it is in a unique position to be a contract manufacturer to a variety of customers without the potential for a conflict of interest. Also, because Bunge is primary in three of the most common ingredients for extruded products, corn, rice and oil, this would be a move down the value chain that would allow it to be more competitive. The initial investment in Woodland has allowed Bunge to learn more about the manufacture of extruded ingredients and inclusions and also gauge overall market demand. A possible next step would be to build a second facility in the eastern half of the United States to expand capacity and be geographically situated to supply the Midwest, South and Northeast regions of the U.S. In order to begin exploring the possibility of a greenfield expansion into the contract manufacture of extruded ingredients and inclusions, this thesis considers three subjects. The first is a customer survey case study, which discovers the customer found high price and whether or not the manufacturer was considered a strategic partner to be the most significant factors in how desirable a manufacturer is. The second subject considered is the ideal location for a second manufacturing site based on a number of factors, including distance from both the customer base and inputs, labor issues, and any savings associated with a particular site. It was found that distance from the ultimate customer may be less important overall than the other factors. The third and final component of the research involved conducting a financial feasibility study. The analyses were conducted under alternative scenarios and subjected to a sensitivity analysis on a number of crucial variables. The weighted average NPV for the alternative scenarios was about $31 million and the IRR of 13.8% cleared the company’s investment hurdle rate. The payback period was estimated to be just under six years. All these suggest that the project as presented in this research is feasible and any investment in it, subject to the absence of any unforeseen event, will be profitable. It is hoped that this information can be used as a starting point and a guide to consider a future investment based on demand and other market indicators available at the time such a decision is required.
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Cafferata, Michael J. S. "Economic Comparisons Between an Even-Aged and an Uneven-Aged Loblolly Pine Silvicultural System." Thesis, Virginia Tech, 1997. http://hdl.handle.net/10919/36773.
Full textAbstract:
This study compares financially optimal uneven-aged and even-aged silvicultural regimes
of loblolly pine (Pinus Taeda). Uneven-aged regimes which maximize net present value
(NPV) are found by quantifying the effects of diameter distribution (Q factor), maximum
diameter, cutting cycle, and residual basal area on NPV. For the benchmark inputs, the
regime yielding the highest NPV had a maximum diameter of 12 inches, residual basal area
of 45 ft2/acre, and a cutting cycle of 11 years. Financially optimal even-aged regimes are
taken from published literature of even-aged silviculture. Even-aged and uneven-aged
silvicultural regimes are simulated starting from, 1) bare land, 2) a balanced uneven-aged
loblolly pine stand, and 3) a mature even-aged loblolly pine stand. For the three starting
conditions and selected benchmark variable values, simulation of even-aged silviculture
yields NPVs of $877, $2,152 and $3,400 per acre and simulation of uneven-aged
silviculture yields NPVs of $644, $2,084, and $2,569 per acre. Sensitivity analysis
shows, for the levels of the variables tested, that even-aged silviculture yields higher NPVs
than uneven-aged silviculture when starting from bare land or from a mature even-aged
stand. When starting from an uneven-aged stand, for the variable values tested, uneven and
even-aged silviculture are financially very competitive.
Aside from the aesthetic benefits of avoiding clearcutting under uneven-aged silviculture,
non-timber considerations between loblolly pine silvicultural systems are not well
documented. Resource professionals hold opinions often in direct conflict with each other
regarding the non-timber costs and benefits of even-aged and uneven-aged silviculture
when considering wildlife, soil and water, and catastrophic damage events.
Master of Science
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Lukach, Sarah Elizabeth. "Feasibility of business expansion in the seed industry." Thesis, Kansas State University, 2017. http://hdl.handle.net/2097/35297.
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Master of AgribusinessDepartment of Agricultural Economics
Allen M. Featherstone
The landscape of the United States seed industry has changed substantially over the last 100 years. In the mid-1930s, there were 115 active seed corn companies marketing seed in the United States. By the 1980s, there were 303 hybrid seed corn companies and in 2016 there were 140 active hybrid seed corn companies in the United States. As the seed industry continues to evolve, so will the logistics and methods of which seed is sold to farm customers. The purpose of this thesis is to analyze and determine if a seed business expansion provides a positive net present value and rate of return for the management based on the capital costs of the investment and estimated income opportunities. Based on historical information of the existing business and the new market territory opportunities, a ten year projected cash flow was estimated to provide a basis for the net present value and internal rate of return analysis. Sensitivity analysis was applied to different variables in the cash flow model to identify variables of risk and the impact on the projected cash flow and net present value analysis. The projected cash flow model and net present value analysis provides management a basis for the decision to expand their existing business. The conclusion of the net present value and internal rate of return analysis was that the expansion of the seed business was profitable under most sensitivity scenarios. Recommendations were made for additional research that could be performed to maximize and diversify the business’s product offerings and net income.
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Nkoi, Barinyima. "Techno-economic studies of environmentally friendly Brayton cycles in the petrochemical industry." Thesis, Cranfield University, 2014. http://dspace.lib.cranfield.ac.uk/handle/1826/9260.
Full textAbstract:
Brayton cycles are open gas turbine cycles extensively used in aviation and
industrial applications because of their advantageous volume and weight
characteristics. With the bulk of waste exhaust heat and engine emissions
associated, there is need to be mindful of environmentally-friendliness of these
engine cycles, not compromising good technical performance, and economic
viability.
This research considers assessment of power plants in helicopters, and aeroderivative
industrial gas turbines combined-heat-and-power (ADIGT-CHP) in the
petrochemical industry. Thus, it consists of two parts: part A focuses on
performance analysis of helicopter gas turbines, while part B entails technoeconomic
and environmental risk assessment of ADIGT-CHP in the
petrochemical industry. The investigation encompasses comparative
assessment of simple cycle (SC) and advanced gas turbine cycle options
including the component behaviours and the environmental and economic
analysis of the systems. The advanced cycles considered include: recuperated
(RC), intercooled (IC), intercooled-recuperated (ICR), and low pressure
compressor zero-staged (LPC-ZS), cycles.
The helicopter engines are analysed and subsequently converted to small-scale
ADIGT engines. Also, modelling combined-heat-and-power (CHP)
performances of small-scale (SS), and large-scale (LS) ADIGT engines is
implemented. More importantly, a large part of the research is devoted to
developing a techno-economic model for assessing, predicting, and comparing
viability of simple and advanced cycle ADIGT-CHP in the petrochemical
industry in terms of net present value (NPV), internal rate of return (IRR), and
simple payback period (SPBP). The techno-economic performances of the
ADIGT-CHP cycles are measured against the conventional case of grid power
plus on-site boiler. Besides, risk and sensitivity of NPV with respect to uncertain
changes in grid electricity cost, gas fuel cost, emission cost, and electricity
export tariff, are investigated. Two case studies underlie the development of the
techno-economic model. One case study demonstrates the application of the
model for large-scale (LS) ADIGT-CHP, and the other for small-scale (SS)
ADIGT-CHP, all in the petrochemical industry. By so doing, techno-economic
and environmental risk analysis framework (a multi-disciplinary preliminary
design assessment tool comprising performance, emissions, economic, and risk
modules) is adapted to ADIGT-CHP in the petrochemical industry, which is the
aim of this research.
The investigation and results led to the conclusions that advanced cycle
helicopter and ADIGT engines exhibit higher thermal efficiencies than simple
cycle, and that savings exist in operational costs of ADIGT-CHP above the
conventional case. Thus, for both SS ADIGT-CHP, and LS ADIGT-CHP cases,
all ADIGT-CHP cycles are profitable than the conventional case. For LS ADIGT-
CHP category, the IC ADIGT-CHP is the most profitable, whereas for SS
ADIGT-CHP category, the RC ADIGT-CHP is the most profitable. The
contribution to knowledge of this research is the development of a technoeconomic
model for assessing, predicting, and comparing viability of simple and
advanced cycle ADIGT-CHP in the petrochemical industry in terms of NPV,
SPBP, and IRR over the conventional case of grid power plus on-site boiler. A
second contribution is the derivation of simple and advanced cycle small-scale
ADIGT and ADIGT-CHP from helicopter engines.
Cont/D.
Books on the topic "Economic Net Present Value"
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Ahson, Mazhar. Net export value of Sudanese exports. [Pullman, Wash: Washington State University, 1985.
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Duffield, John. The net economic value of fishing in Montana. [Helena?, Mont.]: Montana Dept. of Fish, Wildlife & Parks, 1987.
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Donnelly, Dennis M. Net economic value of deer hunting in Idaho. Fort Collins, Colo: U.S. Dept. of Agriculture, Forest Service, Rocky Mountain Forest and Range Experiment Station, 1986.
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Donnelly, Dennis M. Net economic value of deer hunting in Idaho. Fort Collins, Colo: U.S. Dept. of Agriculture, Forest Service, Rocky Mountain Forest and Range Experiment Station, 1986.
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Swanson, Cindy Sorg. The net economic value of elk hunting in Idaho. Fort Collins, Colo: U.S. Dept. of Agriculture, Forest Service, Rocky Mountain Forest and Range Experiment Station, 1986.
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Swanson, Cindy Sorg. The net economic value of elk hunting in Idaho. Fort Collins, Colo: U.S. Dept. of Agriculture, Forest Service, Rocky Mountain Forest and Range Experiment Station, 1986.
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Robert, Brooks. The net economic value of deer hunting in Montana. [Helena?, Mont.]: Montana Dept. of Fish, Wildlife and Parks, 1988.
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Loomis, John B. The net economic value of antelope hunting in Montana. [Helena?, Mont.]: Montana Dept. of Fish, Wildlife & Parks, 1988.
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Nwogugu, Michael C. I. Anomalies in Net Present Value, Returns and Polynomials, and Regret Theory in Decision-Making. London: Palgrave Macmillan UK, 2016. http://dx.doi.org/10.1057/978-1-137-44698-5.
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Yadgarov, Yakov. History of economic thought. ru: INFRA-M Academic Publishing LLC., 2020. http://dx.doi.org/10.12737/1059100.
Full textAbstract:
The textbook presents the course of history of economic doctrines in accordance with the General plan of previous editions. Discusses the economic doctrine of the era of pre-market economy (including the economic thought of the Ancient world and middle Ages), mercantilism, classical political economy, socio-economic reform projects of economic romanticism, utopian socialism, German historical school, marginalism. To the era of regulated market relations are covered in the textbook socio-institutional direction, the theory of market with imperfect competition, Keynesian Economics, neoliberalism, the concept of the neoclassical synthesis, neo-institutionalism, the phenomenon of the Russian school of economic thought. Special attention is given to synthesis as the basis of modern theories of value.
Meets the requirements of Federal state educational standards of higher education of the last generation.
For students enrolled in the specialty 38.03.01 "Economics", graduate students, researchers and anyone interested in the history of world and domestic economic thought.
Book chapters on the topic "Economic Net Present Value"
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Arnold, Tom, and Terry Nixon. "Measuring Investment Value: Free Cash Flow, Net Present Value, and Economic Value Added." In Capital Budgeting Valuation, 57–77. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2013. http://dx.doi.org/10.1002/9781118258422.ch4.
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Kort, Peter M. "The Net Present Value in Dynamic Models of the Firm." In Lecture Notes in Economics and Mathematical Systems, 9–42. Berlin, Heidelberg: Springer Berlin Heidelberg, 1989. http://dx.doi.org/10.1007/978-3-642-48904-4_2.
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Kort, Peter M. "The Net Present Value in Dynamic Adjustment Cost Models of the Firm." In Lecture Notes in Economics and Mathematical Systems, 43–70. Berlin, Heidelberg: Springer Berlin Heidelberg, 1989. http://dx.doi.org/10.1007/978-3-642-48904-4_3.
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van der Laan, Erwin, and Ruud Teunter. "Average Costs versus Net Present Value: A Comparison for Multi-source Inventory Models." In Lecture Notes in Economics and Mathematical Systems, 359–78. Berlin, Heidelberg: Springer Berlin Heidelberg, 2002. http://dx.doi.org/10.1007/978-3-642-56183-2_20.
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LeRoy, Stephen F. "Present Value." In The New Palgrave Dictionary of Economics, 1–5. London: Palgrave Macmillan UK, 1987. http://dx.doi.org/10.1057/978-1-349-95121-5_1387-1.
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LeRoy, Stephen F. "Present Value." In The New Palgrave Dictionary of Economics, 1–5. London: Palgrave Macmillan UK, 2008. http://dx.doi.org/10.1057/978-1-349-95121-5_1387-2.
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LeRoy, Stephen F. "Present Value." In The New Palgrave Dictionary of Economics, 10665–69. London: Palgrave Macmillan UK, 2018. http://dx.doi.org/10.1057/978-1-349-95189-5_1387.
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Wolf, Charles. "Present Value of the Past." In The New Palgrave Dictionary of Economics, 1–3. London: Palgrave Macmillan UK, 1987. http://dx.doi.org/10.1057/978-1-349-95121-5_1777-1.
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Wolf, Charles. "Present Value of the Past." In The New Palgrave Dictionary of Economics, 10669–71. London: Palgrave Macmillan UK, 2018. http://dx.doi.org/10.1057/978-1-349-95189-5_1777.
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Arnold, Tom. "How Net Present Value Is Implemented." In A Pragmatic Guide to Real Options, 1–13. New York: Palgrave Macmillan US, 2014. http://dx.doi.org/10.1057/9781137391162_1.
Full textConference papers on the topic "Economic Net Present Value"
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Kasriel, Ken, and David Wood. "Calibrating an Economic Limit Test to Maximize Net Present Value." In SPE Hydrocarbon Economics and Evaluation Symposium. Society of Petroleum Engineers, 2014. http://dx.doi.org/10.2118/169875-ms.
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Mora Buitrago, Oscar Saul, Richard A. Starzman, and Luigi Alfonso Saputelli. "Maximizing Net Present Value in Mature Gas Lift Fields." In SPE Hydrocarbon Economics and Evaluation Symposium. Society of Petroleum Engineers, 2005. http://dx.doi.org/10.2118/94664-ms.
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Simpson, D. E., C. H. Huffman, and R. S. Thompson. "Net Present Value Probability Distributions From Decline Curve Reserves Estimates." In SPE Hydrocarbon Economics and Evaluation Symposium. Society of Petroleum Engineers, 1995. http://dx.doi.org/10.2118/30044-ms.
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Burbank, Winston S., Dennis E. Witmer, and Frank Holcomb. "Economic Analysis of Distributed Generation Options With Wide Turndown." In ASME 2009 7th International Conference on Fuel Cell Science, Engineering and Technology. ASMEDC, 2009. http://dx.doi.org/10.1115/fuelcell2009-85098.
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Solid oxide fuel cell gas turbine (SOFCGT) hybrid systems have received much attention due to high predicted efficiencies, low emissions and low historical cost of natural gas. For market acceptance three criteria must be met: reliability, commercial availability and a positive net present value. This study deals primarily with the latter, comparing the net present value of the following four engines operating under a distributed or isolated loads: a simple cycle microturbine, a novel internally-cooled and recuperated (ICR) microturbine, a novel SOFCGT hybrid supported by the same ICR microturbine, and a standard diesel engine. Due to the higher value of peak power, a system able to meet fluctuating power demands while retaining high efficiencies is strongly preferable to base load operation. Sensitivity analysis is made for variable prices of natural gas, electric rates, carbon tax, and SOFC capital costs.
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Duveen da Cunha, João Pedro, Priscila de Jesus Freitas Pinto, and Marcos Curi. "ANALYSIS OF THE TECHNO-ECONOMIC PERFORMANCE FOR A SOLAR PHOTOVOLTAIC SYSTEM BY NET PRESENT VALUE AND PAYBACK PERIOD OVER A TWENTY-FIVE YEAR LIFE-CYCLE." In 18th Brazilian Congress of Thermal Sciences and Engineering. ABCM, 2020. http://dx.doi.org/10.26678/abcm.encit2020.cit20-0722.
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Grace, Dale, Christopher A. Perullo, and Jared Kee. "Economic Optimization of Inlet Air Filtration for Gas Turbines." In ASME Turbo Expo 2018: Turbomachinery Technical Conference and Exposition. American Society of Mechanical Engineers, 2018. http://dx.doi.org/10.1115/gt2018-75435.
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Selecting the appropriate level of filtration for a gas turbine helps to minimize overall unit costs and maximize net revenue. When selecting a filter type and configuration, one must consider the initial costs, operational costs, and ongoing maintenance costs for both the filter and corresponding impacts on unit performance. Calculations are complex, and a fully functional framework is needed to properly account for all aspects of the life cycle and provide an opportunity to optimize filter selection and water wash scenarios for specific plant operating conditions. Decisions can generally be based on several different criteria. For instance, one may wish to minimize maintenance costs, maximize revenue, minimize fuel consumption, etc. For criteria that can be expressed in monetary terms, Life Cycle Cost Analysis (LCCA) is a means to simultaneously consider all criteria and reduce them to a single parameter for optimization using present value arithmetic. To be practically applied, the analysis must include all the significant inputs that would have an impact on the relative comparison between alternatives, while excluding minor inputs that would unduly add to complexity. This paper provides an integrated, quantitative, and transparent approach to life cycle cost analysis for gas turbine inlet filtration. Most prior art tends to focus either on how to perform the life cycle cost analysis (with simplified assumptions on the impact of filtration on performance), or on a specific technical aspect of filtration such as filter efficiency and performance, the impact of dust on compressor blading and fouling, or the impact of fouling on overall gas turbine performance. Many of these studies provide useful insight into specific aspects of gas turbine degradation due to fouling, but make simplifying assumptions that can lead to inaccuracies in application. By heavily leveraging prior work, this paper provides the reader with an overview of all aspects of the functionality required to perform such a life cycle analysis for gas turbine filtration. This work also serves as a technical summary of the underlying physics models that lead to the development of EPRI’s Air Filter Life-Cycle Optimizer (AFLCO) software. The software tool provides a method to account for the influence of gas turbine type, operating conditions, load profile, filtration choices, and wash type and frequency on overall life-cycle costs. The AFLCO tool is focused on guiding the user to make optimum filter selections and water wash scheduling, accounting for all the significant parameters that affect the economic outcome. Revenue and cost quantities are considered simultaneously to determine the net present value of gross revenue minus filtration and water wash costs over a multiple year analysis period. The user defines the scenarios and the software displays the net present value (NPV) and present value difference between the scenarios. The preferred configuration from an LCCA perspective is that which yields the highest present value for net revenue. The user can iterate on multiple scenarios to seek further increases in NPV. The paper provides relevant example case studies to illustrate how LCCA evaluations of inlet air filters and water wash frequency can be applied to optimize gas turbine economic performance. The intent of the paper is to provide the user with a summary of prior work that can be integrated to provide a more holistic, complete life cycle cost analysis and describes the framework used within the AFLCO software. The underlying technical analysis in this paper can be applied to any life cycle cost analysis.
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Herrmann, Stephan, Steffen Kahlert, Manuel Wuerth, and Hartmut Spliethoff. "Thermo-Economic Evaluation of Novel Flexible CAES/CCPP Concept." In ASME Turbo Expo 2016: Turbomachinery Technical Conference and Exposition. American Society of Mechanical Engineers, 2016. http://dx.doi.org/10.1115/gt2016-57254.
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This paper presents the results of a thermodynamic and economic evaluation of a novel hybrid combination of a compressed air energy storage and a combined cycle power plant. The new cycle is modeled on basis of a GE LM6000 gas turbine model, an adiabatic compressor model, an air expander and a conventional dual pressure HRSG configuration. Furthermore, a detailed design of the recuperator is presented. With the simulated components, a storage efficiency of 60% is reached. In CHP configuration the total efficiency of the plant reaches up to 86.2%. The thermodynamic and economic performance is compared to a conventional LM6000 combined cycle. For the economic evaluation the German electricity day-ahead prices and average gas price of the year 2014 are used. Overall it is found that the CAES/CCPP concept exhibits far more operation hours per year and a higher profit margin than the compared CCPP. Taking into account the investment and operational costs, especially with steam extraction the net present value of the novel cycle is higher than that of the combined cycle, despite the challenging market environment for storage technologies in Germany.
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Rodri´guez Marti´nez, J. Hugo, Agusti´n Alcaraz Caldero´n, Luis Iva´n Ruiz Flores, and Roberto Valdez Vargas. "Technical and Economic Analysis of Cogeneration Systems for Refinery Power Plant Applications." In ASME 2010 Power Conference. ASMEDC, 2010. http://dx.doi.org/10.1115/power2010-27262.
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This paper shows the main results from a technical and economical study for the implementation of new cogeneration systems in Mexican refineries. At least three cogeneration alternatives to match a 50% additional energy requirement (thermal and electric) for a refinery are analyzed. A balance simulator tool developed specially for the electric and steam refinery systems is used in order to obtain the technical parameters for the alternatives, which allows obtaining system performance indicators such as fuel consumption, cooling water requirement, electric and combined efficiency. Standard techniques as net present value, internal rate of return, and payback period are used for the economic analysis. According to the results, the best alternative was a gas turbine-heat recovery steam generator arrangement fueled by natural gas, including the respective adjustments of the refinery electrical and steam systems.
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Bayrak Kök, Sabahat, and Esvet Mert. "Construction of Social Value in Entrepreneurship: Social Entrepreneurship." In International Conference on Eurasian Economies. Eurasian Economists Association, 2016. http://dx.doi.org/10.36880/c07.01514.
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We believe that income divide among countries due to globalization, growing poorness and increasing unemployment aroused a necessity for social values to create on economical base. In this context arising economical and social issues bring some new responsibilities upon international institutions, governments, NGO’s, and firms. Social entrepreneurship concept is among these responsibilities. This concept is particularly important for firms that are placed in intersection of private and third sector and other institutions adopting market-based methods. Social entrepreneurism that focusing on social missions affect all the decisions how to capture and evaluate opportunities in all the dimensions of life. Social entrepreneurs who are motivated by social bearings rather than solely making profits are present in social and cultural aspects of life in addition to presence in the market. In this study social entrepreneurism producing more economic and social value than its traditional counterpart is about to be examined in Turkish context with two awarded cases. First is SineMASAL (Cine-Tale) social entrepreneurship that aims to embrace all the rural kids with artistic fields including the cinema. This entrepreneurship particularly aims to provide country kids who have limited access to social and economical life with some opportunities that would help them to have a better future, at least to support them having a positive attitude towards potentialities. Another one is the e-Hastam (My e-Patient) entrepreneurship that matches physicians and patients on virtual platform where everybody could benefit from actual health information and activities.
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Mohamed, W., B. Al-Abri, P. Pilidis, and A. Nasir. "Economic Evaluation of Industrial Gas Turbines for Electrical Power Generation." In ASME Turbo Expo 2012: Turbine Technical Conference and Exposition. American Society of Mechanical Engineers, 2012. http://dx.doi.org/10.1115/gt2012-69495.
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This paper looks at some of the financial implications of generating electricity using a 165 MW gas turbine based power plant operating in a warm coastal environment. The engine performance model is developed using the Turbomatch in-house software package capable of simulating engine performance at both design and off-design conditions. Given the long operational life of the power plant, the economic model uses the Net Present Value (NPV) technique to simulate and account for the time value of money. This allows techno-economic comparisons between various modes of operation and variations in power demand to be made. The modelling will be used to optimise operation using key economic and performance parameters. The modelling is based on the Techno-Economic, Environmental and Risk Analysis (TERA) philosophy which allows for a broad and multidimensional analysis of the problem to aid plant operation and equipment selection. The analysis shows that 30 °C increase in ambient temperature above the design point results in 11.5% increase in the levelized cost of electricity (LCOE). The analysis also shows that the LCOE is increased by 4.3 as a result of 5% degradation in turbine compressor.
Reports on the topic "Economic Net Present Value"
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Ward, Colin, and Wolfgang Heidug. Enhanced Oil Recovery and CO2 Storage Potential Outside North America: An Economic Assessment. King Abdullah Petroleum Studies and Research Center, January 2018. http://dx.doi.org/10.30573/ks--2018-dp27.
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Storing carbon dioxide (CO2 ) in oil reservoirs as part of CO2 -based enhanced oil recovery (CO2 -EOR) can be a cost-effective solution to reduce emissions into the atmosphere. In this paper, we analyze the economics of this option in order to estimate the amount of CO2 that could be profitably stored in different regions of the world. We consider situations in which the CO2 -EOR operator either purchases the CO2 supplied or is paid for its storage. Building upon extensive data sets concerning the characteristics and location of oil reservoirs and emission sources, the paper focuses on opportunities outside North America. Using net present value (NPV) as an indicator for profitability, we conduct a break-even analysis to relate CO2 supply prices (positive or negative) to economically viable storage potential.
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Banerjee, Onil, Juan M. Murguia, Martin Cicowiez, and Adela Moreda. The Integrated Economic-Environmental Modeling (IEEM) Platform Approach to Tourism Investment Analysis: An Application to Costa Rica. Inter-American Development Bank, March 2020. http://dx.doi.org/10.18235/0002288.
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Public investment in different types of tourism, from business to leisure tourism, has differentiated impacts on local economies, environment, people and government revenues. A fully integrated analytical approach such as the Integrated Economic-Environmental Modeling (IEEM) Platform is required to capture these multi-dimensional impacts. Applying IEEM to public investment in tourism in Costa Rica we find: investing in a higher skilled labor force particularly in traditional tourism-related activities will improve household welfare; similar increases in demand across all types of tourism show that Health tourism generates the greatest impact on household welfare, while Business tourism has the best prospects for reducing unemployment; Business tourism generates the largest increase in government revenues, but also has the largest greenhouse gas emission footprint, and; the whole of economy perspective of IEEM that captures direct, indirect and induced impacts results in a higher Net Present Value estimation of the investment.
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Villa Zárate, Javier, Daniel Vieitez Martínez, Carlos Mondragón, Miguel Á. Martínez, and Jaime Pérez. Selection Criteria for PPP Projects: Determinants of Value Generation in the Use of Public Resources (Value for Money). Inter-American Development Bank, September 2021. http://dx.doi.org/10.18235/0003615.
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The Discussion Papers PPP Americas 2021 are a series of documents written to prepare for PPP Americas tenth edition. The event is the most important forum on Public-Private Partnerships (PPP) of Latin America and the Caribbean (LAC), organized every two years by the Inter-American Development Bank (IDB). Driven by PPP Americas 2021, we gathered eight thematic groups were, with specialists, professionals, consultants, and scholars engaged directly in the preparation, identification, structuration, and management of PPP infrastructure projects in countries of the region. IDB specialists coordinated the groups to review the main hot topics on PPP projects for social and economic infrastructure, aiming to exchange experiences, debate successful cases and lessons learned. The present Discussion Paper, “Selection Criteria for PPP Projects,” collects the main conclusions and recommendations discussed by the group and intends to consolidate a knowledge exchange environment in infrastructure and PPP inside the region, offering best practices on infrastructure projects selection and value generation in the use of public resources in Latin America and the Caribbean.
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Cao, Shoufeng, Uwe Dulleck, Warwick Powell, Charles Turner-Morris, Valeri Natanelov, and Marcus Foth. BeefLedger blockchain-credentialed beef exports to China: Early consumer insights. Queensland University of Technology, May 2020. http://dx.doi.org/10.5204/rep.eprints.200267.
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The BeefLedger Export Smart Contracts project is a collaborative research study between BeefLedger Ltd and QUT co-funded by the Food Agility CRC. This project exists to deliver economic value to those involved in the production, export and consumption of Australian beef to China through: (1) reduced information asymmetry; (2) streamlined compliance processes, and; (3) developing and accessing new data-driven value drivers, through the deployment of decentralised ledger technologies and associated governance systems. This report presents early insights from a survey deployed to Chinese consumers in Nov/Dec 2019 exploring attitudes and preferences about blockchain-credentialed beef exports to China. Our results show that most local and foreign consumers were willing to pay more than the reference price for a BeefLedger branded Australian cut and packed Sirloin steak at the same weight. Although considered superior over Chinese processed Australian beef products, the Chinese market were sceptical that the beef they buy was really from Australia, expressing low trust in Australian label and traceability information. Despite lower trust, most survey respondents were willing to pay more for traceability supported Australian beef, potentially because including this information provided an additional sense of safety. Therefore, traceability information should be provided to consumers, as it can add a competitive advantage over products without traceability.
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Spano, Christian, Paolo Natali, Charles Cannon, Suzanne Greene, Osvaldo Urzúa, Carlos Sucre, and Adriana Unzueta. Latin America and the Caribbean 2050: Becoming a Global Low-Carbon Metals and Solutions Hub. Inter-American Development Bank, July 2021. http://dx.doi.org/10.18235/0003412.
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This report evaluates scope 3 emissions along the copper and iron ore value chains and the opportunities that Latin America and the Caribbean (LAC) has to become a low carbon metals and solutions hub. The report presents four carbon emission scenarios that represent different sets of decisions for policy-makers and investors. Two scenarios fall short of aligning with Paris targets: (1) the business as usual (BaU) scenario with no further abatement action; and (2) a BaU scenario with the current level of emission reduction potential from players in the value chain (BaU Possible). The other two scenarios deliver the required carbon reductions to be compliant with the Paris Agreement by 2060, but through different strategies: (3) the BaU Paris scenario. where alignment with Paris targets is achieved by keeping BaU volumes and reducing carbon intensity per tonne of metal; and (4) the Decoupled scenario, where carbon intensity reductions are relaxed and compensated by a reduction in primary supply to align the value chain emissions to a Paris trajectory. All scenarios require LACs leaders to consider investments in low-carbon technology in different degrees. The report argues that, given its competitive position in the cost curve for copper and iron ore and an abundance of enabling factors for low carbon strategies, the region could become a key source of low carbon metals and solutions as long as it is proactive in adopting all the necessary measures from public sector and industry perspectives. Finally, the report concludes that myriad opportunities exist for LAC, including new business models, technologies and products, and that these could yield a greater economic and social contribution to the region than the BaU trajectories.
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McGill, Karis, and Eleanor Turner. Return on Investment Analysis of Private Sector Facilitation Funds for Rwandan Agribusinesses. RTI Press, August 2020. http://dx.doi.org/10.3768/rtipress.2020.rr.0042.2008.
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This study analyzes the return on investment for an agribusiness facilitation fund implemented in Rwanda. Combining project monitoring data with supplementary surveys and interviews of recipient agribusinesses, we find a positive return on investment in terms of farmer income generated per dollar spent by the US government. To determine the commercial viability of the investments, we estimate the payback period and find the median time it will take a firm to recoup the entire investment through profits is 3.7 years. We estimate the net present value of the entire fund portfolio to be $12.5 million. These estimates rely on conservative assumptions and likely underrepresent the profitability of the investments. Given the positive returns and commercial viability of the agribusinesses, we examine the fund’s role as a first step to “graduate” firms toward investment readiness. Although three firms did access equity investment, we find that the majority of the businesses in the portfolio do not meet investor requirements for deal size and management capacity and are more appropriately financed by commercial lenders. We conclude with recommendations for the implementation and measurement of similar funds.
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Achakulwisut, Ploy, and Peter Erickson. Trends in fossil fuel extraction. Stockholm Environment Institute, April 2021. http://dx.doi.org/10.51414/sei2021.001.
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At present, most global GHG emissions – over 75% – are from fossil fuels. By necessity, reaching net zero emissions therefore requires dramatic reductions in fossil fuel demand and supply. Though fossil fuels have not been explicitly addressed by the UN Framework on Climate Change, a conversation has emerged about possible “supply-side” agreements on fossil fuels and climate change. For example, a number of countries, including Denmark, France, and New Zealand, have started taking measures to phase out their oil and gas production. In the United States, President Joe Biden has put a pause on new oil and gas leasing on federal lands and waters, while Vice President Kamala Harris has previously proposed a “first-ever global negotiation of the cooperative managed decline of fossil fuel production”. This paper aims to contribute to this emerging discussion. The authors present a simple analysis on where fossil fuel extraction has happened historically, and where it will continue to occur and expand if current economic trends continue without new policy interventions. By employing some simple scenario analysis, the authors also demonstrate how the phase-out of fossil fuel production is likely to be inequitable among countries, if not actively and internationally managed.
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McCullouch, Bob. INDOT Research Program Benefit Cost Analysis—Return on Investment for Projects Completed in FY 2019. Purdue University, 2020. http://dx.doi.org/10.5703/1288284317279.
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To demonstrate the value of research and its implementation, the Governor’s Office requested an annual financial analysis of the INDOT Research Program to determine the return on the research investment (ROI). This report is for the 35 research projects that completed in FY 2019. The ROI analysis will supplement the annual IMPACT report by adding a more rigorous quantitative benefit cost analysis (BCA) to the Research Program. Previous financial analyses used the approach of calculating net present values of cash flows to determine a benefit cost ratio and this report uses the same approach. Additionally, an overall program rate of return (ROI) is reported and will be accumulated over time into a rolling 5-year average. The ROI is expressed as a BCA ratio, which is commonly used by State DOTs and national transportation research agencies when expressing the return on the research investment. By using total program costs in the analysis, rather than just the individual project cost, a very conservative BCA ratio is obtained. Interestingly, the quantified cost savings from a single project frequently underwrites the cost of the entire research program in a fiscal year.
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Financial Stability Report - September 2015. Banco de la República, August 2021. http://dx.doi.org/10.32468/rept-estab-fin.sem2.eng-2015.
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From this edition, the Financial Stability Report will have fewer pages with some changes in its structure. The purpose of this change is to present the most relevant facts of the financial system and their implications on the financial stability. This allows displaying the analysis more concisely and clearly, as it will focus on describing the evolution of the variables that have the greatest impact on the performance of the financial system, for estimating then the effect of a possible materialization of these risks on the financial health of the institutions. The changing dynamics of the risks faced by the financial system implies that the content of the Report adopts this new structure; therefore, some analyses and series that were regularly included will not necessarily be in each issue. However, the statistical annex that accompanies the publication of the Report will continue to present the series that were traditionally included, regardless of whether or not they are part of the content of the Report. In this way we expect to contribute in a more comprehensive way to the study and analysis of the stability of the Colombian financial system. Executive Summary During the first half of 2015, the main advanced economies showed a slow recovery on their growth, while emerging economies continued with their slowdown trend. Domestic demand in the United States allowed for stabilization on its average growth for the first half of the year, while other developed economies such as the United Kingdom, the euro zone, and Japan showed a more gradual recovery. On the other hand, the Chinese economy exhibited the lowest growth rate in five years, which has resulted in lower global dynamism. This has led to a fall in prices of the main export goods of some Latin American economies, especially oil, whose price has also responded to a larger global supply. The decrease in the terms of trade of the Latin American economies has had an impact on national income, domestic demand, and growth. This scenario has been reflected in increases in sovereign risk spreads, devaluations of stock indices, and depreciation of the exchange rates of most countries in the region. For Colombia, the fall in oil prices has also led to a decline in the terms of trade, resulting in pressure on the dynamics of national income. Additionally, the lower demand for exports helped to widen the current account deficit. This affected the prospects and economic growth of the country during the first half of 2015. This economic context could have an impact on the payment capacity of debtors and on the valuation of investments, affecting the soundness of the financial system. However, the results of the analysis featured in this edition of the Report show that, facing an adverse scenario, the vulnerability of the financial system in terms of solvency and liquidity is low. The analysis of the current situation of credit institutions (CI) shows that growth of the gross loan portfolio remained relatively stable, as well as the loan portfolio quality indicators, except for microcredit, which showed a decrease in these indicators. Regarding liabilities, traditional sources of funding have lost market share versus non-traditional ones (bonds, money market operations and in the interbank market), but still represent more than 70%. Moreover, the solvency indicator remained relatively stable. As for non-banking financial institutions (NBFI), the slowdown observed during the first six months of 2015 in the real annual growth of the assets total, both in the proprietary and third party position, stands out. The analysis of the main debtors of the financial system shows that indebtedness of the private corporate sector has increased in the last year, mostly driven by an increase in the debt balance with domestic and foreign financial institutions. However, the increase in this latter source of funding has been influenced by the depreciation of the Colombian peso vis-à-vis the US dollar since mid-2014. The financial indicators reflected a favorable behavior with respect to the historical average, except for the profitability indicators; although they were below the average, they have shown improvement in the last year. By economic sector, it is noted that the firms focused on farming, mining and transportation activities recorded the highest levels of risk perception by credit institutions, and the largest increases in default levels with respect to those observed in December 2014. Meanwhile, households have shown an increase in the financial burden, mainly due to growth in the consumer loan portfolio, in which the modalities of credit card, payroll deductible loan, revolving and vehicle loan are those that have reported greater increases in risk indicators. On the side of investments that could be affected by the devaluation in the portfolio of credit institutions and non-banking financial institutions (NBFI), the largest share of public debt securities, variable-yield securities and domestic private debt securities is highlighted. The value of these portfolios fell between February and August 2015, driven by the devaluation in the market of these investments throughout the year. Furthermore, the analysis of the liquidity risk indicator (LRI) shows that all intermediaries showed adequate levels and exhibit a stable behavior. Likewise, the fragility analysis of the financial system associated with the increase in the use of non-traditional funding sources does not evidence a greater exposure to liquidity risk. Stress tests assess the impact of the possible joint materialization of credit and market risks, and reveal that neither the aggregate solvency indicator, nor the liquidity risk indicator (LRI) of the system would be below the established legal limits. The entities that result more individually affected have a low share in the total assets of the credit institutions; therefore, a risk to the financial system as a whole is not observed. José Darío Uribe Governor
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African Open Science Platform Part 1: Landscape Study. Academy of Science of South Africa (ASSAf), 2019. http://dx.doi.org/10.17159/assaf.2019/0047.
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This report maps the African landscape of Open Science – with a focus on Open Data as a sub-set of Open Science. Data to inform the landscape study were collected through a variety of methods, including surveys, desk research, engagement with a community of practice, networking with stakeholders, participation in conferences, case study presentations, and workshops hosted. Although the majority of African countries (35 of 54) demonstrates commitment to science through its investment in research and development (R&D), academies of science, ministries of science and technology, policies, recognition of research, and participation in the Science Granting Councils Initiative (SGCI), the following countries demonstrate the highest commitment and political willingness to invest in science: Botswana, Ethiopia, Kenya, Senegal, South Africa, Tanzania, and Uganda. In addition to existing policies in Science, Technology and Innovation (STI), the following countries have made progress towards Open Data policies: Botswana, Kenya, Madagascar, Mauritius, South Africa and Uganda. Only two African countries (Kenya and South Africa) at this stage contribute 0.8% of its GDP (Gross Domestic Product) to R&D (Research and Development), which is the closest to the AU’s (African Union’s) suggested 1%. Countries such as Lesotho and Madagascar ranked as 0%, while the R&D expenditure for 24 African countries is unknown. In addition to this, science globally has become fully dependent on stable ICT (Information and Communication Technologies) infrastructure, which includes connectivity/bandwidth, high performance computing facilities and data services. This is especially applicable since countries globally are finding themselves in the midst of the 4th Industrial Revolution (4IR), which is not only “about” data, but which “is” data. According to an article1 by Alan Marcus (2015) (Senior Director, Head of Information Technology and Telecommunications Industries, World Economic Forum), “At its core, data represents a post-industrial opportunity. Its uses have unprecedented complexity, velocity and global reach. As digital communications become ubiquitous, data will rule in a world where nearly everyone and everything is connected in real time. That will require a highly reliable, secure and available infrastructure at its core, and innovation at the edge.” Every industry is affected as part of this revolution – also science. An important component of the digital transformation is “trust” – people must be able to trust that governments and all other industries (including the science sector), adequately handle and protect their data. This requires accountability on a global level, and digital industries must embrace the change and go for a higher standard of protection. “This will reassure consumers and citizens, benefitting the whole digital economy”, says Marcus. A stable and secure information and communication technologies (ICT) infrastructure – currently provided by the National Research and Education Networks (NRENs) – is key to advance collaboration in science. The AfricaConnect2 project (AfricaConnect (2012–2014) and AfricaConnect2 (2016–2018)) through establishing connectivity between National Research and Education Networks (NRENs), is planning to roll out AfricaConnect3 by the end of 2019. The concern however is that selected African governments (with the exception of a few countries such as South Africa, Mozambique, Ethiopia and others) have low awareness of the impact the Internet has today on all societal levels, how much ICT (and the 4th Industrial Revolution) have affected research, and the added value an NREN can bring to higher education and research in addressing the respective needs, which is far more complex than simply providing connectivity. Apart from more commitment and investment in R&D, African governments – to become and remain part of the 4th Industrial Revolution – have no option other than to acknowledge and commit to the role NRENs play in advancing science towards addressing the SDG (Sustainable Development Goals). For successful collaboration and direction, it is fundamental that policies within one country are aligned with one another. Alignment on continental level is crucial for the future Pan-African African Open Science Platform to be successful. Both the HIPSSA ((Harmonization of ICT Policies in Sub-Saharan Africa)3 project and WATRA (the West Africa Telecommunications Regulators Assembly)4, have made progress towards the regulation of the telecom sector, and in particular of bottlenecks which curb the development of competition among ISPs. A study under HIPSSA identified potential bottlenecks in access at an affordable price to the international capacity of submarine cables and suggested means and tools used by regulators to remedy them. Work on the recommended measures and making them operational continues in collaboration with WATRA. In addition to sufficient bandwidth and connectivity, high-performance computing facilities and services in support of data sharing are also required. The South African National Integrated Cyberinfrastructure System5 (NICIS) has made great progress in planning and setting up a cyberinfrastructure ecosystem in support of collaborative science and data sharing. The regional Southern African Development Community6 (SADC) Cyber-infrastructure Framework provides a valuable roadmap towards high-speed Internet, developing human capacity and skills in ICT technologies, high- performance computing and more. The following countries have been identified as having high-performance computing facilities, some as a result of the Square Kilometre Array7 (SKA) partnership: Botswana, Ghana, Kenya, Madagascar, Mozambique, Mauritius, Namibia, South Africa, Tunisia, and Zambia. More and more NRENs – especially the Level 6 NRENs 8 (Algeria, Egypt, Kenya, South Africa, and recently Zambia) – are exploring offering additional services; also in support of data sharing and transfer. The following NRENs already allow for running data-intensive applications and sharing of high-end computing assets, bio-modelling and computation on high-performance/ supercomputers: KENET (Kenya), TENET (South Africa), RENU (Uganda), ZAMREN (Zambia), EUN (Egypt) and ARN (Algeria). Fifteen higher education training institutions from eight African countries (Botswana, Benin, Kenya, Nigeria, Rwanda, South Africa, Sudan, and Tanzania) have been identified as offering formal courses on data science. In addition to formal degrees, a number of international short courses have been developed and free international online courses are also available as an option to build capacity and integrate as part of curricula. The small number of higher education or research intensive institutions offering data science is however insufficient, and there is a desperate need for more training in data science. The CODATA-RDA Schools of Research Data Science aim at addressing the continental need for foundational data skills across all disciplines, along with training conducted by The Carpentries 9 programme (specifically Data Carpentry 10 ). Thus far, CODATA-RDA schools in collaboration with AOSP, integrating content from Data Carpentry, were presented in Rwanda (in 2018), and during17-29 June 2019, in Ethiopia. Awareness regarding Open Science (including Open Data) is evident through the 12 Open Science-related Open Access/Open Data/Open Science declarations and agreements endorsed or signed by African governments; 200 Open Access journals from Africa registered on the Directory of Open Access Journals (DOAJ); 174 Open Access institutional research repositories registered on openDOAR (Directory of Open Access Repositories); 33 Open Access/Open Science policies registered on ROARMAP (Registry of Open Access Repository Mandates and Policies); 24 data repositories registered with the Registry of Data Repositories (re3data.org) (although the pilot project identified 66 research data repositories); and one data repository assigned the CoreTrustSeal. Although this is a start, far more needs to be done to align African data curation and research practices with global standards. Funding to conduct research remains a challenge. African researchers mostly fund their own research, and there are little incentives for them to make their research and accompanying data sets openly accessible. Funding and peer recognition, along with an enabling research environment conducive for research, are regarded as major incentives. The landscape report concludes with a number of concerns towards sharing research data openly, as well as challenges in terms of Open Data policy, ICT infrastructure supportive of data sharing, capacity building, lack of skills, and the need for incentives. Although great progress has been made in terms of Open Science and Open Data practices, more awareness needs to be created and further advocacy efforts are required for buy-in from African governments. A federated African Open Science Platform (AOSP) will not only encourage more collaboration among researchers in addressing the SDGs, but it will also benefit the many stakeholders identified as part of the pilot phase. The time is now, for governments in Africa, to acknowledge the important role of science in general, but specifically Open Science and Open Data, through developing and aligning the relevant policies, investing in an ICT infrastructure conducive for data sharing through committing funding to making NRENs financially sustainable, incentivising open research practices by scientists, and creating opportunities for more scientists and stakeholders across all disciplines to be trained in data management.