Danny Morton

Traditionally, financial risk management is examined with cartesian and interpretivist frameworks. However, the emergence of complexity science provides a different perspective. Using a structured questionnaire completed by 120 Risk Managers, this paper pioneers a comparative analysis of cartesian and complexity science theoretical frameworks adoption in sixteen Zimbabwean banks, in unique settings of a developing country. Data are analysed with descriptive statistics. The paper finds that overally banks in Zimbabwe are adopting cartesian and complexity science theories regardless of bank size, in the same direction and trajectory. However, adoption of cartesian modeling is more comprehensive and deeper than complexity science. Furthermore, due to information asymmetries, there is diverging modeling priorities between the regulator and supervisor. The regulator places strategic thrust on Knightian risks modeling whereas banks prioritise ontological, ambiguous and Knightian uncertainty measurement. Finally, it is found that complexity science and cartesianism intersect on market discipline. From these findings, it is concluded that complexity science provides an additional dimension to quantitative risk management, hence an integration of these two perspectives is beneficial. This paper makes three contributions to knowledge. First, it adds valuable insights to theoretical perspectives on Quantitative Risk Management. Second, it provides empirical evidence on adoption of two theories from developing country perspective. Third, it offers recommendations to improve Quantitative Risk Management policy formulation and practice.

As the amount of decentralised generation is continuously increasing, the control and maintenance of grid stability become more complex. This is mainly caused by a change of production capacities from the high-voltage area to the distribution network. As most renewable energy sources in the distribution network are nowadays connected to power electronic converters, harmonic distortion as well as asymmetries (electric vehicle chargers, household photovoltaic systems) are increased. To ensure stability, reliability, and efficiency of the energy distribution network, a grid regulator including asymmetrical and harmonic control is introduced. This grid regulator consists of two inverter systems, where one is connected by a series booster transformer in line, while the other is connected in parallel to the line, capable of decoupling network segments from each other. After a successful verification in simulation, the control structure is implemented in a real hardware setup. The results show that the introduced system is able to decouple network elements in case of an unbalanced situation as well as harmonic current and voltage distortion. To simplify inverter hardware a silicon carbide hardware topology is introduced with a reduced number of switches. Lower switching losses result in higher overall system efficiency.

The penetration of distributed energy resources in distribution networks leads to the decentralisation of the power generation. This is contrary to the traditional centralized power generation where the power is fed from transmission systems. To cope with the impact of the decentralised power generation, clustering power systems approach (CPSA) is proposed. It is an approach that coexists operations of the distribution networks and the transmission systems by allowing the use of conventional control scheme and action of the transmission systems in the distribution networks. In addition, the CPSA is also aimed to realise the smart grid concept. Information and communication technology is hence applied to the CPSA. In this paper, a communication model and web services concept including its relevant technologies are proposed to enable power system operation based on the CPSA. The implementation of the communication model and web services for the CPSA is presented at the end.

The construction industry is dominated by small- and medium-scale contractors (SMCs) who face an emerging trend of unique challenges in the implementation of projects. he study was aimed at examining inhibiting factors that influence performance of SMCs in terms of “quality of work,” “tender estimation,” “tender preparation,” and “timely completion of construction projects” in Malawi. A survey questionnaire was administered to 370 players in the construction industry which included public sector clients, contractors, consultants, and construction resource trainers in order to elicit data from 118 variables that were identified through a careful literature review. The inhibiting factors were generally dominated by economic issues, which was an emerging trend to what has been previously reported in the sub-Saharan region. The first highest ranked inhibiting factors were high lending interest regimes offered by financial institutions; stringent conditions to access capital; fluctuation of currency; stringent requirements for obtaining bonds; and high taxes. The research lays the foundation for further understanding of inhibitors on performance of SMCs in an evolving world which is being impacted by global factors and punctuated by sudden changes.

Future power distribution requires advanced expandability and flexibility in the integration of distributed energy resources which normally require interfacing units to provide the necessary crossing point to the grid. The core of these interfacing units is power-electronics grid front end, namely, inverters. The inverter is the primary interface that provides not only their principal interfacing control function but also various utility functions. This paper presents the flexible control methodology of inverters as grid front end using an isochronous control function which is used by synchronous generators in conventional power systems to provide load sharing and control.

This paper presents state-of-the-art review of control methods applied currently to parallel power electronic inverters. Different system architectures, their modes of operation, management and control strategies will be analyzed; advantages and disadvantages will be discussed. Though, it is not easy to give a general view at the state of the art for the research area since it is rapid and going in different directions, this paper will focus on the main streams. This paper will start by briefly reviewing the current trends in power supply systems and the increasing importance for including power electronic devices. Next, the different techniques to parallel inverters suggested in the literature will be checked. These can be categorized to the following main approaches: master/slave control techniques, current/power sharing control techniques, and frequency/voltage droop control techniques. Finally, based on the reviewed state of the art, the study concludes by comparing the different approaches reported. In addition, their weaknesses and strengths are strained.

The successful use and implementation of Innovation Management Methods and Tools (IMMT) play major roles in providing innovation and prosperity. The argument is not whether the IMMT are beneficial; rather it is how successful they are in overcoming the innovation obstacles. This paper examines the measurement criteria of the features that lend success to a given method/tool delving through questions like 'how to measure the identified factors of success?' In this context, the success factors are those that can be mitigated through the use and implementation of methods/tools. These factors are must for any given 'successful' method/tool.

This paper focuses on the development of a magnetic moment method of calculating vector field quantities for a highly permeable ferrite cored eddy current probe. Basis functions are used in this method to replace the scattered field caused by the probe core in accordance with the surface equivalence theorem. These functions are further developed and tested for accuracy and convergence. An efficient material profile equation, independent of probe coil and basis function properties, is also designed and verified. Collocation point selection and optimisation is finally undertaken leading to the accurate determination of probe source coil impedance. The accuracy of calculation is verified using an industry standard finite element solver.

The Eddy current principle has been widely used for measuring coating thickness and the physical properties of materials. Most publications on the Eddy current method are directed towards air-cored coils operated at high frequency on non-ferrous metals. The benefit of ferrite-cored probes has seen little attention. Ferrite-cored probes provide the advantage of enhanced signal-to-noise ratio and increased resolution for electronic detection, which is of importance for measurements taken on unsaturated ferromagnetic substrates. This paper describes the design and development of a novel ferrite-cored probe, which includes the selection of ferrite material, the design of the probe structure and core. Probe core loss and sheared permeability have been investigated and overall probe uncertainties have also been discussed and used to develop a measurement methodology.

It is well known that there are many process parameters which influence the results of laser melting. Some parameters should be kept within certain tolerance limits to ensure the expected quality of the mark; hence, a closed-loop control system is required during the laser melting process for quality control. For this, accurate dynamic models are required. This paper describes two dynamic experimental models relating processing parameters and melt pool temperature during laser melting of clay tiles. The models were determined by process identification. The observable signal considered was melt pool temperature, measured on-line with an infrared pyrometer. The input quantities investigated were laser power and traverse speed. Good agreement between the data measured and the model outputs were achieved by an ARX (2,2,1) auto-regression model. The models were validated with experimental data and proved to be extremely accurate (errors less then 1%).