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Switching Focus in New Business Enterprise:From a Survival to a Profit OrientationRamezani Tehrani, Bahareh January 2009 (has links)
What objective should an entrepreneur focus on when starting a new business enterprise? Both a survival orientation and a profit one are important for the continuity of the new venture, but a survival focus is key in the hazardous early months or even years. In this thesis, I identify the conditions under which an entrepreneur should switch from a survival orientation, where the venture’s likelihood of survival is more critical, to a profit orientation where the venture’s profit instead is more critical.
I accomplish this task by determining the optimal time to switch from a survival to a profit orientation based on maximizing the entrepreneur’s accumulated utility over a given time horizon. At each time period, the utility is positively associated with the amount of added value to the business venture that entrepreneur owns and manages, and the time horizon is determined by the time at which the entrepreneur’s venture exit – for instance, it is being sold. That added value contains a planned portion (e.g., due to what the entrepreneur can control) and an unplanned portion. The portion of a firm’s added value that is unplanned depends on the entrepreneur’s orientation, whereby, at any time period, the expected added value and its variation are considered to be low under a survival orientation, but they are considered to be high under a profit orientation. I use an approach from the economics literature, known as the LEN model, where the use of an exponential utility function (E), a linear relationship between the utility and random effects (L), and normality of those random effects (N) allow me to transfer the probabilistic objective function into a certainty equivalent that makes the problem tractable.
The decision framework and its resulting findings suggest two environmental and two entrepreneurial characteristics that influence the existence of a time at which to switch orientation from survival to profit. Based on these characteristics, I derive sixteen scenarios and discussed some of the necessary conditions for the existence of a switching time. I find that it is not straightforward to determine whether the orientation switch should be delayed or expedited as business environments (or entrepreneurial types) are compared. I thus further develop my analysis by adding more structure to the functional forms that underline the behavior of how the mean of and variation in the firm’s added value are regulated over time, as well as for the risk propensity of the firm’s owner. This exercise allow me to study the conditions under which the switching time should be delayed or expedited, and to numerically investigate the behavior of a firm’s total valuation as changes occur in key model parameters.
I use franchising as an application of the sensitivity analysis I perform to identify whether a change in a model parameter (everything else being equal) should delay or expedite the orientation switch. Based on this application, I would advise entrepreneurs to switch their orientation later if they go into entrepreneurship as a franchisee rather than as a franchisor. A simulation analysis allows me to further propose a positive relationship between a firm’s total valuation and the planned added value by the entrepreneur to that firm. That analysis also suggests a positive relationship between a firm’s total valuation and the expected unplanned-added-value growth under a profit orientation, but a negative relationship under a survival orientation. Further, I find a positive relationship between total valuation and the variation in unplanned-added-value growth under a survival orientation, but a negative relationship under a profit orientation.
One of the key challenges that have been raised for future entrepreneurship research is how to define an entrepreneur’s objective function. My thesis contributes to this debate by suggesting that, in the early years, there should be an orientation switch, that is, sequentially as opposed to simultaneously consider both survival and profit maximization. My thesis also contributes to the literature on firm growth because using risk-return tradeoffs to characterize the two orientations is unique in the entrepreneurial context, and so is the consideration of a sequential use of these orientations to study firm added value over time and the resulting accumulated total valuation. Characterizing each of the two orientations – survival and profit – based on risk-return tradeoffs and linking these orientations to firm growth open up new avenues for research in entrepreneurial decision making.
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Switching Focus in New Business Enterprise:From a Survival to a Profit OrientationRamezani Tehrani, Bahareh January 2009 (has links)
What objective should an entrepreneur focus on when starting a new business enterprise? Both a survival orientation and a profit one are important for the continuity of the new venture, but a survival focus is key in the hazardous early months or even years. In this thesis, I identify the conditions under which an entrepreneur should switch from a survival orientation, where the venture’s likelihood of survival is more critical, to a profit orientation where the venture’s profit instead is more critical.
I accomplish this task by determining the optimal time to switch from a survival to a profit orientation based on maximizing the entrepreneur’s accumulated utility over a given time horizon. At each time period, the utility is positively associated with the amount of added value to the business venture that entrepreneur owns and manages, and the time horizon is determined by the time at which the entrepreneur’s venture exit – for instance, it is being sold. That added value contains a planned portion (e.g., due to what the entrepreneur can control) and an unplanned portion. The portion of a firm’s added value that is unplanned depends on the entrepreneur’s orientation, whereby, at any time period, the expected added value and its variation are considered to be low under a survival orientation, but they are considered to be high under a profit orientation. I use an approach from the economics literature, known as the LEN model, where the use of an exponential utility function (E), a linear relationship between the utility and random effects (L), and normality of those random effects (N) allow me to transfer the probabilistic objective function into a certainty equivalent that makes the problem tractable.
The decision framework and its resulting findings suggest two environmental and two entrepreneurial characteristics that influence the existence of a time at which to switch orientation from survival to profit. Based on these characteristics, I derive sixteen scenarios and discussed some of the necessary conditions for the existence of a switching time. I find that it is not straightforward to determine whether the orientation switch should be delayed or expedited as business environments (or entrepreneurial types) are compared. I thus further develop my analysis by adding more structure to the functional forms that underline the behavior of how the mean of and variation in the firm’s added value are regulated over time, as well as for the risk propensity of the firm’s owner. This exercise allow me to study the conditions under which the switching time should be delayed or expedited, and to numerically investigate the behavior of a firm’s total valuation as changes occur in key model parameters.
I use franchising as an application of the sensitivity analysis I perform to identify whether a change in a model parameter (everything else being equal) should delay or expedite the orientation switch. Based on this application, I would advise entrepreneurs to switch their orientation later if they go into entrepreneurship as a franchisee rather than as a franchisor. A simulation analysis allows me to further propose a positive relationship between a firm’s total valuation and the planned added value by the entrepreneur to that firm. That analysis also suggests a positive relationship between a firm’s total valuation and the expected unplanned-added-value growth under a profit orientation, but a negative relationship under a survival orientation. Further, I find a positive relationship between total valuation and the variation in unplanned-added-value growth under a survival orientation, but a negative relationship under a profit orientation.
One of the key challenges that have been raised for future entrepreneurship research is how to define an entrepreneur’s objective function. My thesis contributes to this debate by suggesting that, in the early years, there should be an orientation switch, that is, sequentially as opposed to simultaneously consider both survival and profit maximization. My thesis also contributes to the literature on firm growth because using risk-return tradeoffs to characterize the two orientations is unique in the entrepreneurial context, and so is the consideration of a sequential use of these orientations to study firm added value over time and the resulting accumulated total valuation. Characterizing each of the two orientations – survival and profit – based on risk-return tradeoffs and linking these orientations to firm growth open up new avenues for research in entrepreneurial decision making.
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Real-time optimal control of autonomous switched systemsDing, Xu Chu 13 November 2009 (has links)
This thesis provides a real-time algorithmic optimal control framework for autonomous switched systems. Traditional optimal control approaches for autonomous switched systems are open-loop in nature. Therefore, the switching times of the system can not be adjusted or adapted when the system parameters or the operational environments change. This thesis aims to close this loop, and apply adaptations to the optimal switching strategy based on new information that can only be captured on-line. One important contribution of this work is to provide the means to allow feedback (in a general sense) to the control laws (i.e. the switching times) of the switched system so that the control laws can be updated to maintain optimality of the switching-time control inputs. Furthermore, convergence analyses for the proposed algorithms are presented. The effectiveness of the real-time algorithms is demonstrated by an application in optimal formation and coverage control of a networked system. This application is implemented on a realistic simulation framework consisting of a number of Unmanned Aerial Vehicles (UAVs) that interact in a virtual 3D world.
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Application of real options to valuation and decision making in the petroleum E&P industryXu, Liying, 1962- 17 July 2012 (has links)
This study is to establish a binomial lattice method to apply real options theory to valuation and decision making in the petroleum exploration and production industry with a specific focus on the switching time from primary to water flooding oil recovery. First, West Texas Intermediate (WTI) historical oil price evolution in the past 25 years is studied and modeled with the geometric Brownian motion (GBM) and one-factor mean reversion price models to capture the oil price uncertainty. Second, to conduct real options evaluation, specific reservoir simulations are designed and oil production profile for primary and water flooding oil recovery for a synthetic onshore oil reservoir is generated using UTCHEM reservoir simulator. Third, a cash flow model from producing the oil reservoir is created with a concessionary fiscal system. Finally, the binomial lattice real options evaluation method is established to value the project with flexibility in the switching time from primary to water flooding oil recovery under uncertain oil prices. The research reaches seven conclusions: 1) for the GBM price model, the assumptions of constant drift rate and constant volatility do not hold for WTI historical oil price; 2) one-factor mean reversion price model is a better model to fit the historical WTI oil prices than the GBM model; 3) the evolution of historical WTI oil prices from January 2, 1986 to May 28, 2010 was according to three price regimes with different long run prices; 4) the established real options evaluation method can be used to identify the best time to switch from primary to water flooding oil recovery using stochastic oil prices; 5) with the mean reversion oil price model and the most updated cost data, the real options evaluation method finds that the water flooding switching time is earlier than the traditional net present value (NPV) optimizing method; 6) the real options evaluation results reveals that most of time water flooding should start when oil price is high, and should not start when oil price is low; and 7) water flooding switching time is sensitive to oil price model to be used and to the investment and operating costs. / text
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Prädiktion von Signallaufzeiten verkehrsadaptiver Lichtsignalanlagen zur Unterstützung von C-ITS AnwendungenKrumnow, Mario 08 December 2023 (has links)
In dieser Arbeit wird ein Verfahren zur Prognose von Schaltzeiten verkehrsadaptiver Lichtsignalanlagen vorgestellt. Der vorgestellte Algorithmus ist dabei sowohl hersteller- als auch schnittstellenunabhängig und somit universell einsetzbar. Der Algorithmus besteht aus einer Langzeit- und einer Kurzfristprognose und setzt das Verfahren zur Berechnung von Entscheidungsbäumen effizient um. Die Verifikation der vorgestellten Schaltzeitprognose wird an über 200 Lichtsignalanlagen in Dresden durchgeführt. Es wird gezeigt das eine gute Prognose von Signalabläufen für das automatisierte Fahren grundsätzlich möglich ist, wobei die Variabilität des Steuerverfahrens und der betrachtete Prognosehorizont maßgeblich die erzielbare Prognosequalität beeinflussen.:1 Einleitung
1.1 Motivation
1.2 Stand der Technik
1.3 Zielsetzung
1.4 Aufbau der Arbeit
2 Grundlagen
2.1 Aufbau von Lichtsignalanlagen
2.2 Steuerungsarten von Lichtsignalanlagen
2.3 Betrieb von Lichtsignalanlagen
2.4 Fahrerassistenzsysteme an signalisierten Knotenpunkten
2.5 Fazit
3 Analyse verkehrsadaptiver Lichtsignalanlagen
3.1 Möglichkeiten der Erhebung von Prozessdaten
3.2 Methodik der Datenauswertung
3.3 Statistische Kenngrößen
3.4 Anforderung an die Prädiktion
3.5 Annäherungsstrategie an signalisierten Knotenpunkten
3.6 Fazit
4 Neue Verfahren zur Prädiktion von Signalzeiten
4.1 Systemanforderungen
4.2 Arten der Wissensverarbeitung
4.3 Anwendung von Entscheidungsbäumen
4.4 Algorithmus der Kurzfristprognose
4.5 Algorithmus der Langzeitprognose
4.6 Fazit
5 Umsetzung und Anwendung der Verfahren
5.1 Vorstellung der Referenzstrecken
5.2 Datenübertragung und Informationsaustausch
5.3 Programmtechnische Umsetzung
5.4 Darstellung der Prognose im Fahrzeug
5.5 Fazit
6 Auswertung, Evaluation und Bewertung
6.1 Methodik
6.2 Prozessdaten und Datenübertragung
6.3 Prognose im gesamten Untersuchungsgebiet
6.4 Prognose auf den Pilotstrecken
6.5 Auswertung von Messfahrten
6.6 Verbesserungsmöglichkeiten der Prognose
7 Zusammenfassung und Ausblick
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Design And Fabrication Of Rf Mems Switches And Instrumentation For Performance EvaluationAtasoy, Halil Ibrahim 01 September 2007 (has links) (PDF)
This thesis presents the RF and mechanical design of a metal-to-metal contact RF MEMS switch. Metal-to-metal contact RF MEMS switches are especially preferred in low frequency bands where capacitive switches suffer from isolation due to the limited reactance. Frequency band of operation of the designed switch is from DC to beyond X-band. Measured insertion loss of the structure is less than 0.2 dB, return loss is better than 30 dB, and isolation is better than 20 dB up to 20 GHz. Isolation is greater than 25 dB below 10 GHz. Hence, for wideband applications, this switch offers very low loss and high isolation.
Time domain measurement is necessary for the investigation of the dynamic behavior of the devices, determination of the &lsquo / pull in&rsquo / and &lsquo / pull out&rsquo / voltages of the membranes, switching time and power handling of the devices. Also, failure and degradation of the switches can be monitored using the time domain setup. For these purposes a time domain setup is constructed. Moreover, failure mechanisms of the RF MEMS devices are investigated and a power electronic circuitry is constructed for the biasing of RF MEMS switches. Advantage of the biasing circuitry over the direct DC biasing is the multi-shape, high voltage output waveform capability. Lifetimes of the RF MEMS devices are investigated under different bias configurations. Finally, for measurement of complicated RF MEMS structures composed of large number of switches, a bias waveform distribution network is constructed where conventional systems are not adequate because of the high voltage levels. By this way, the necessary instrumentation is completed for controlling a large scale RF MEMS system.
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Understanding Organic Electrochemical TransistorsPaudel, Pushpa Raj 21 July 2022 (has links)
No description available.
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