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The aggregate stability of the soil in respect to the uniform aggregate stability indicator
83-99Views:234Soil structure and its quality are fundamental properties because they control many processes in soils. Tillage, crop and other factors influence soil structure. Efficient protection of it needs indication of changes in soil structure. A new Normalized Stability Index proposed by Six et al. (2000) tries to evaluate these changes, which was compared with some former used indices. The most common method (wet sieving) was modified to reduce the confounding effects of different particle size distribution of different soil types and method used to the investigation. Changes in soil structure caused by tillage and crop management therefore have been made quantitative and comparable. In this paper, we review the new method and Normalized Stability Index proposed by Six et al. (2000) and present the results of our investigations.
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Managing risk using real options in company’s valuation
125-132Views:327The valuation of company is very important because provides information about the current value/situation of company, and through this, provide the opportunity of choosing the best company’s growth alternatives. The future strategic decisions are characterized by lack of knowledge, information, so all measures of company’s growth are closely linked with uncertainty and risk. The company’s valuation process is also related with uncertainty and risk. The risk may result both from the assessed assets and the technique used. In literature, we could find three approaches for risk management: capital budgeting based method, methods based on portfolio analysis and real options approach of risk management. Among them, the real options based methods is the most revolutionary approach for risk management. The advantages of the method, consists in the fact, that the process of establishing strategic decisions integrates the possibility of reversibility, delay and rejections, which isn’t it possible at two previous methods. The method also takes into account the total risk of company, so both the company-specific and systematic risk. In this study, I have used one of the best-known real option based method, the Black-Scholes model, for determining the option’s value. Determination of option value is based on the data of enterprise, which was tested Monte Carlo simulation. One of the basic assumptions of the Black-Scholes model is that the value of option is influenced by several factors. The sensitivity of option’s value could be carried out with so-called “Greeks”.. In the study the sensitivity analysis, was carried out with indicators Delta (Δ), Gamma (Γ) and Vega (ν). The real options based risk management determinations were performed in the R-statistics software system, and the used modules are 'fPortofio' and 'mc2d'. By using of real options method, I have calculated the average value of company capital equal with 38.79 million. By using simulation was carried out 1000 runs. The results of this show a relatively low standard deviation, small interquartile range and normal distribution. In the calculation of indicator Delta, could be concluded the value of company moves in 0.831 proportion to the price of options, the standard deviations of index is low, so the real option based method could be used with success in company’s value estimation. The Gamma index shows the enterprise value is sensitive just for large changes. The result of Vega reflects the value of option, so the company’s value volatility, which is small in this case, but this means a volatility of value. In summary, we can conclude that the call options pricing model, well suited for the determination of company’s value.
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Evaluation of IT-Investments
378-386Views:192An informatical innovation is essentially a private business in the life of a venture but the ability of evolution and adaptability of ventures is remarkable for the national economy too. This is why it is important to observe the economical effects of IT investments. The introduction of an information system – as in the cases of other investments – requires pre- and post-calculations for payback of fixed assest, thrift and profitability. The operation of an information system means not only one-off acquisition of instruments and intangible assets, but requires continuous development, version control and improvement of hardware in the sake of conservation. There is a high rate of depreciation of IT investments in Hungary, because such goods change too quickly, together with the economic environment. If the conservation of IT instrument value wanted one has to make new expansions continually. IT specialists have determined some indices, one of which is Total cost of Ownership, which is an important indicator for investment analysis. In practice, there are some other models and methods we can adopt in our analysis. In this paper, I collected several relevant and usable methods for pre analysis of IT projects. Management can adopt these models in his investment process to make sound decisions.
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Determining the optimal age of breeding gilts and its impact on lifetime performance, Literature review
15-20Views:744Lifetime sow performance is a critical indicator for producers managing a commercial sow herd. It is comprised of sow longevity, lifetime piglets born alive, lifetime number of pigs weaned and lifetime non-productive sow days. Increased lifetime performance and longevity in sows reduces costs of replacement gilts and improves herd performance and profitability (Sasaki et al., 2008, 2011). One of the most critical factors driving the performance of sow herds is gilt management. Decisions regarding gilts have profound effects on sows’ lifetime performance. Age at first breeding of a gilt is a management decision that has been shown to affect performance and retention of the gilt in a herd.
The main aim of this review is to establish factors affecting age of first breeding of gilts and its impact on lifetime performance.
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Does the feeding frequency influence the growth performance of European perch juveniles (Perca fluviatilis) during intensive rearing?
123-128Views:383The European perch (Perca fluviatilis) is a predatory fish species. Its aquaculture production is increasing worldwide. Feeding and the frequency of feeding are important elements of intensive fish rearing. The aim of our experiment was to examine the optimal distribution of the amount of feed, at the same feed rations. The experiment lasted 42 days. Three treatments were applied in 4–4 replications. The first treatment was feeding twice per day (T2), the second treatment was feeding three times a day (T3), and the third group was fed four times a day (T4). 10 European perch juveniles were stocked per tank, with an individual mean body weight of 3.93 ± 0.06 g at the start of the experiment. The survival rate (S%) was above 90% for all treatments. The T2 treatments produced the most favourable harvest weight (13.96 ± 0.14 g) and specific growth rate (SGR = 3.08 ± 0.01% day-1), but no significant differences were observed between groups. In terms of feed conversion ratio, the best result was obtained by (T3) (FCR =1.06 ± 0.18 g g-1), but no significant difference was found for this indicator neither. The results of the trial indicate that the feeding frequency does not influence the production parameters.