Stochastic Processes in Science, Engineering and Finance

Beichelt, Frank

doi:10.1201/9781420010459

Cited by 70 publications

(62 citation statements)

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“…The decision on core prices can be based on the deterministic remanufacturing cost for specific quality cores and the price of core products. Harrison [20], Ito [21], and Beichelt [22] discuss the Geometric Brownian Motion (GBM), its characteristics and applications in different market settings. In the investment market, the stock price is a Geometric Brownian Motion (GBM).…”

Section: Related Research: Pricing In Remanufacturingmentioning

confidence: 99%

A Hybrid Genetic Algorithm-Neural Network Approach for Pricing Cores and Remanufactured Cores

Seidi

Kimiagari

2012

The South African Journal of Industrial Engineering

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Sustainability has become a major issue in most economies, causing many leading companies to focus on product recovery and reverse logistics. Remanufacturing is an industrial process that makes used products reusable. One of the important aspects in both reverse logistics and remanufacturing is the pricing of returned and remanufactured products (called cores). In this paper, we focus on pricing the cores and remanufactured cores. First we present a mathematical model for this purpose. Since this model does not satisfy our requirements, we propose a simulation optimisation approach. This approach consists of a hybrid genetic algorithm based on a neural network employed as the fitness function. We use automata learning theory to obtain the learning rate required for training the neural network. Numerical results demonstrate that the optimal value of the acquisition price of cores and price of remanufactured cores is obtained by this approach. OPSOMMINGVolhoubaarheid het 'n belangrike saak geword in die meeste ekonomieë, wat verskeie maatskappye genoop het om produkherwinning en omgekeerde logistiek te onder oë te neem. Hervervaardiging is 'n industriële proses wat gebruikte produkte weer bruikbaar maak. Een van die belangrike aspekte in beide omgekeerde logistiek en hervervaardiging is die prysbepaling van herwinne en hervervaardigde produkte. Hierdie artikel fokus op die prysbepalingsaspekte by wyse van 'n wiskundige model.

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Section: Related Research: Pricing In Remanufacturingmentioning

confidence: 99%

A Hybrid Genetic Algorithm-Neural Network Approach for Pricing Cores and Remanufactured Cores

Seidi

Kimiagari

2012

The South African Journal of Industrial Engineering

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“…Since the basics of Markov chain theory are a wellknown topic, they will not be described here in detail. To find more about its fundamentals see for example Beichelt (2006), Hudoklin Božič (2003 or Tijms (2003).…”

Section: Computational Backgroundmentioning

confidence: 99%

“…The application of Markov chains can be found in various branches of natural sciences, engineering, and medical sciences (see e.g. Beichelt, 2006).…”

Section: Introductionmentioning

confidence: 99%

Markov Analysis of Students’ Performance and Academic Progress in Higher Education

2017

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Background:The students' progression towards completing their higher education degrees possesses stochastic characteristics, and can therefore be modelled as an absorbing Markov chain. Such application would have a high practical value and offer great opportunities for implementation in practice. Objectives: The aim of the paper is to develop a stochastic model for estimation and continuous monitoring of various quality and effectiveness indicators of a given higher education study programme. Method: The study programme is modelled by a finite Markov chain with five transient and two absorbing states. The probability transition matrix is constructed. The quantitative characteristics of the absorbing Markov chain, like the expected time until absorption and the probabilities of absorption, are used to determine chosen indicators of the programme. Results:The model is applied to investigate the pattern of students' enrolment and their academic performance in a Slovenian higher education institution. Based on the students' intake records, the transition matrix was developed considering eight consecutive academic seasons from 2008/09 until 2016/17. The students' progression towards the next stage of the study programme was estimated. The expected time that a student spends at a particular stage as well as the expected duration of the study is determined. The graduation and withdrawal probabilities were obtained. Besides, a prediction on the students' enrolment for the next three academic years was made. The results were interpreted and discussed. Conclusion: The analysis presented is applicable for all higher education stakeholders. It is especially useful for a higher education institution's managers seeing that it provides useful information to plan improvements regarding the quality and effectiveness of their study programmes to achieve better position in the educational market.

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“…Potential disparity between customers' demand for a service and the system capacity available to meet that demand usually results in delays, which leads to higher cost of system operation and consequently to the dissatisfaction of customers. To improve the effectiveness of such a system a queueing theory approach (Beichelt, 2006;Hudoklin Božič, 2003) can be applied, and provide useful information to enhance decision making. The comprehensive overview of contributions and applications of queueing theory in the field of healthcare is provided by Fomundam, & Herrmann (2007) or Singh (2006).…”

Section: Planning Of Service Provider Capacitymentioning

confidence: 99%

Homecare Service Providers as an Organizational Form of Support for the Elderly: Establishment and Planning of Optimal Capacity

2017

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Background and Purpose: Different studies have highlighted health care allocation problems in Slovenia that indicate the increased need for homecare services for the elderly. It was also found that Slovenian municipalities differ dramatically in the availability of elder care services. A number of older people with diverse unmet needs for care remains. Therefore, the need for the establishment of an additional type of formal homecare services for the elderly exists. Design/Methodology/Approach: Although many positive effects of home elder care against institutional care are stressed in the literature, the results of many studies performed in recent years have indicated that accessibility of homecare for elderly in Slovenia remains scarce, and it is not equally accessible throughout the country. To mitigate this problem, a new organizational form called "elder homecare service provider" is indicated. The aim of the provider is to offer a variety of different services for the elderly (e.g. homemaking, social networking, transfer services, basic life needs, basic health services, etc.). The establishment of such an organization needs to be designed carefuly, while the unique characteristics and specific needs of the target population must be addressed to optimize desired outcomes. Results: The aim of the paper is to provide fundamental guidelines for the establishment of elder homecare service provider. All essential characteristics of such an organization are defined. To ensure an appropriate level of service quality, the primarly focus is oriented towards the planning of personnel team capacity. For this purpose, the service provider was described using the stochastic queueing model, which enables service capacity optimization considering different performance measures. The usefulness of the model was illustrated with a numerical example, which has shown that the results obtained provide valuable information for decision support. Conclusion:The establishment of a homecare service provider network would have many positive effects on society in general. The quality of the everyday life of the elderly is expected to be improved considerably, particularly in the rural areas where a lack of institutional care support is reported. Guidelines proposed in the paper together with the quantitave model for planning of its optimal capacity provide useful information, which are especially relevant in the preliminary phase of the establishment of service providers.

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Stochastic Processes in Science, Engineering and Finance

Cited by 70 publications

References 0 publications

A Hybrid Genetic Algorithm-Neural Network Approach for Pricing Cores and Remanufactured Cores

A Hybrid Genetic Algorithm-Neural Network Approach for Pricing Cores and Remanufactured Cores

Markov Analysis of Students’ Performance and Academic Progress in Higher Education

Homecare Service Providers as an Organizational Form of Support for the Elderly: Establishment and Planning of Optimal Capacity

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