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PACPIM: New Decision-Support Model of Optimized Portfolio Analysis for Community-Based Photovoltaic Investment

Shakouri, Mahmoud; Lee, Hyun Woo; Choi, Kunhee. (2015). PACPIM: New Decision-Support Model of Optimized Portfolio Analysis for Community-Based Photovoltaic Investment. Applied Energy, 156, 607 – 617.

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Abstract

Inherent in large-scale photovoltaic (PV) investments is volatility that stems from a unique set of spatial factors, such as shading, building orientation, and roof slope, which can significantly affect both the level of risk and the return on investment. In order to systematically assess and manage the volatility, this study seeks to create a quantitative decision-support model: Portfolio Analysis for Community-based PV Investment Model (PACPIM). Focusing on residential PV systems, PACPIM determines optimized portfolios by applying the Mean Variance Portfolio theory. The model is intended to play an instrumental role in: (1) maximizing the hourly electricity output of PV systems; (2) minimizing the hourly volatility in electricity output; and (3) optimizing the risk-adjusted performance of community-based PV investment. The application and framework of PACPIM were deployed with an actual residential community consisting of 24 houses and their simulated data utilizing PVWatts (R) for estimating hourly electricity production. Results reveal that the optimized portfolios developed by PACPIM (1) increased annual electricity output of PV systems by 4.6%; (2) reduced the volatility in electricity output by 4.3%; and (3) offered the highest risk-adjusted performance among all possible portfolios based on the Sharpe ratios. This study is expected to effectively assist project owners and investors in systematically assessing their community-based PV projects and in developing optimized investment strategies. (C) 2015 Elsevier Ltd. All rights reserved.

Keywords

Photovoltaic Cells; Rate Of Return; Electricity; Dwellings; Electric Utilities; Community-based Investments; Decision-support Model; Mean–variance Portfolio Theory; Residential Photovoltaic Systems; Solar Energy; Decision Support Systems; Investment; Photovoltaic Power Systems; Large-scale Photovoltaic Investments; Spatial Factors; Shading; Building Orientation; Roof Slope; Return On Investment; Quantitative Decision-support Model; Portfolio Analysis For Community-based Pv Investment Model; Pacpim; Residential Pv Systems; Mean-variance Portfolio Theory; Hourly Electricity Output; Hourly Volatility; Risk-adjusted Performance; Hourly Electricity Production Estimation; Community-based Pv Projects; Optimized Investment Strategies; Romanian National Strategy; Renewable Energy; Public-attitudes; Wind Power; Pv Module; Performance; Implementation; Efficiency; Form; Economic Theory; Electricity Generation; Models; Risk; Shade; Solar Collectors

Improving Construction Work Zone Safety Using Technology: A Systematic Review of Applicable Technologies

Nnaji, Chukwuma; Gambatese, John; Lee, Hyun Woo; Zhang, Fan. (2020). Improving Construction Work Zone Safety Using Technology: A Systematic Review of Applicable Technologies. Journal Of Traffic And Transportation Engineering (english Edition), 7(1), 61 – 75.

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Abstract

Once considered conventional, the construction industry is gradually increasing its reliance on innovations such as the application of technologies in safety management. Given the growing literature on technology applications in safety management and the varying opinions on the utility of applied technologies, a systematic review that streamlines findings from past studies is indispensable to construction stakeholders. Although a number of review studies are available in the building construction sector, the level of fragmentation and uniqueness within the construction industry necessitates a review study specifically targeting the heavy civil sector. In response, the present study applies a three-step approach to identify and review articles pertinent to the safety of highway construction work zones. The factors considered include the number of publications per year, publication locations, and technology types. In addition, the present study proposes to broadly group work zone safety technologies (WZSTs) into three categories based on their primary purpose: speed reduction systems, intrusion prevention and warning systems, and human-machine-interaction detection systems. Key findings include WZST research trends, application of smart work zone systems, and the potential relationship between WZSTs and fatalities. The paper ends with the identification of six additional research areas aimed at deepening the understanding of technology's role in highway safety management. The trend analysis and an in-depth discussion of each technology category alongside the identified research gaps will provide a substantial informative body of knowledge that both benefits current practitioners and directs researchers towards potential future studies. (C) 2019 Periodical Offices of Changan University. Publishing services by Elsevier B.V. on behalf of Owner.

Keywords

Automated Speed Enforcement; Drivers Visual Performance; Rumble Strips; Message Signs; Radar; Management; Adoption; Crashes; Transportation; Work Zone; Worker Safety; Technology Application; Safety Technology; Systematic Review

Deconstructing the Construction Industry: A Spatiotemporal Clustering Approach to Profitability Modeling

Choi, Kunhee; Lee, Hyun Woo. (2016). Deconstructing the Construction Industry: A Spatiotemporal Clustering Approach to Profitability Modeling. Journal Of Construction Engineering And Management, 142(10).

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Abstract

In spite of the strong influence of the construction industry on the national health of the United States' economy, very little research has specifically aimed at evaluating the key performance parameters and trends (KPPT) of the industry. Due to this knowledge gap, concerns have been constantly raised over lack of accurate measures of KPPT. To circumvent these challenges, this study investigates and models the macroeconomic KPPT of the industry through spatiotemporal clustering modeling. This study specifically aims to analyze the industry in 14 of its subsectors and subsequently, by 51 geographic spatial areas at a 15-year temporal scale. KPPT and their interdependence were firstly examined by utilizing the interpolated comprehensive U.S. economic census data. A hierarchical spatiotemporal clustering analysis was then performed to create predictive models that can reliably determine firm's profitability as a function of the key parameters. Lastly, the robustness of the predictive models was tested by a cross-validation technique called the predicted error sum of square. This study yields a notable conclusion that three key performance parameterslabor productivity, gross margin, and labor wageshave steadily improved over the study period from 1992 to 2007. This study also reveals that labor productivity is the most critical factor; the states and subsectors with the highest productivity are the most profitable. This study should be of value to decision-makers when plotting a roadmap for future growth and rendering a strategic business decisions.

Keywords

Construction Industry; Decision Making; Knowledge Management; Labour Resources; Macroeconomics; Organisational Aspects; Productivity; Profitability; Salaries; Statistical Analysis; Strategic Planning; Hierarchical Spatiotemporal Clustering Approach; National Health; Macroeconomic Kppt; Knowledge Gap; Spatiotemporal Clustering Modeling; Interpolated Comprehensive U.s. Economic Census Data; Parameters-labor Productivity; Gross Margin; Labor Wages; Strategic Business Decisions; Deconstructing; Key Performance Parameters And Trends; Firms Profitability; Error Sum Of Square; Labor Productivity; Projects; Firms; Performance; Performance Measurement; Cluster Analysis; Economic Census; Project Planning And Design

Case Study to Evaluate Work-Zone Safety Technologies in Highway Construction

Nnaji, Chukwuma; Karakhan, Ali A.; Gambatese, John; Lee, Hyun Woo. (2020). Case Study to Evaluate Work-Zone Safety Technologies in Highway Construction. Practice Periodical On Structural Design And Construction, 25(3).

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Abstract

The construction industry is known for its conservative approach toward adopting new, emerging technologies. This conservative approach for adopting technology is caused by multiple factors including the lack of adequate resources to guide construction practitioners in the process of evaluating whether a construction firm should adopt a certain technology or not. Previous studies have already proposed rigorous protocols for evaluating work-zone technologies, but the implementation of such protocols is still unclear to many construction practitioners. The objective of this study is to provide a case study example of how evaluation protocols can be used in practice to determine whether a firm should adopt a certain work-zone technology. The case study focused on assessing the usefulness of commercially available work-zone intrusion alert technologies (WZIATs). The results of the evaluation revealed that some WZIATs could be more attractive to construction organizations and agencies in terms of providing louder alarms, being more mobile, and allowing a higher transmission range. The case study example discussed in this study is expected to provide invaluable practical information to practitioners in the construction industry interested in evaluating and adopting emerging technologies.

Keywords

Construction Industry; Mobile Radio; Occupational Safety; Road Building; Road Safety; Highway Construction; Conservative Approach; Construction Practitioners; Construction Firm; Rigorous Protocols; Work-zone Technology; Case Study Example; Evaluation Protocols; Commercially Available Work-zone Intrusion Alert Technologies; Construction Organizations; Evaluate Work-zone Safety Technologies; Speed; Signs; Work Zone; Safety Technology; Intrusion Alert; Evaluation Protocol

College of Built Environments’ unique Inspire Fund aims to foster research momentum in underfunded pursuits college-wide. And it’s working.

Launching the Inspire Fund: An early step for CBE’s Office of Research “For a small college, CBE has a broad range of research paradigms, from history and arts, to social science and engineering.” — Carrie Sturts Dossick, Associate Dean of Research Upon taking on the role of Associate Dean of Research, Carrie Sturts Dossick, professor in the Department of Construction Management, undertook listening sessions to learn about the research needs of faculty, staff and students across the College of Built…

2022 CBE Inspire Fund awardees announced

In 2021 the College of Built Environments launched the CBE Inspire Fund, designed to support CBE research activities for which a relatively small amount of support can be transformative. The second year of awards have just been announced, supporting five projects across 4 departments within the college as they address topics such as food sovereignty, anti-displacement, affordable housing, and health & wellbeing. This year’s awardees include:  Defining the New Diaspora: Where Seattle’s Black Church Congregants Are Moving and Why Rachel…

Hyun Woo “Chris” Lee and Laura Osburn publish design guide for worker safety

Previous studies on construction hazard prevention have shown that almost 50% of construction fatalities and accidents can be linked to decisions made during the design process. To address the influence of upstream design decisions on worker safety, researchers have developed the Prevention through Design (PtD) concept to proactively eliminate safety hazards in the workplace. In response, CBE researchers, Hyun Woo “Chris” Lee, PD Koon Endowed Associate Professor in Construction Management and Dr. Laura Osburn, Senior Research Scientist in Construction Management,…

Julie Kriegh and collaborators launch studio booklet based on their work with Google

Julie Kriegh, researcher with the Carbon Leadership Forum and other CBE research centers, and owner of Kriegh Architecture Studios, collaborated with other CBE faculty and external partners to lead a UW CBE studio course in collaboration with Google that developed and delivered a design proposal for a sustainable data center. CBE collaborators included Hyun Woo “Chris” Lee, P.D. Koon Professorship in Construction Management; Jan Whittington, Associate Professor of the Department of Urban Design and Planning, and Director of the Urban…

Inaugural CBE Inspire Fund awardees announced

This winter quarter the College of Built Environments launched its new CBE Inspire Fund. Designed to support CBE research activities for which a relatively small amount of support can be transformative, in mid-February the college awarded the first 6 grants. Projects supported by the CBE Inspire Fund hail from 4 departments within the college and tackling topics such as food systems, mapping cultural spaces, and energy justice. The CBE Inspire Fund is the first research funding opportunity offered by the…

PhD in the Built Environment

The College of Built Environments consists of five departments that together provide one of the country’s few comprehensive built environment programs within one academic unit: Architecture, Construction Management, Landscape Architecture, Real Estate, and Urban Design and Planning. Together, this combination of departments enable faculty and students to engage almost the entire development process, from economic and environmental planning, real estate, regulatory processes, siting and design, through actual financing and construction, to facility management and adaptive reuse in subsequent stages. Thus, the college is inherently multi-disciplinary, not only in terms of the dimensions of reality that it treats, but also in regard to the specialized disciplines, methods, and practices that it employs: history, theory, cultural criticism, engineering, design, planning, urban design, energy sciences, acoustics, lighting, environmental psychology, ecology, real estate analysis, statistics, management, horticulture, soil science, law, public policy, and ethics. In addition, because of the College’s focus on comprehensive analysis and practice concerning the built environment and its interrelation with society, it is substantially engaged in interdisciplinary work with other units on campus and outside of the campus, including mechanical, civil, and electrical engineering; with public policy and the health sciences; with art and art history; with textual interpretation in the humanities; with many of the computing and digitization activities that range from digital arts to the information school and technical communications; with education and social studies and services; with sustainability and ecological programs, including urban ecology, geography, the College of Forest Resources (especially urban horticulture and urban forestry), and Ocean Science and Fisheries; with environmental and land use law.

The College’s interdisciplinary character is a good fit with the emerging trends in today’s complex world, where only a pluralistic and collaborative approach will generate the necessary learning and teaching, research, and service. If we are to provide, in the end, both disciplinary and professional means to promote environmental well-being, the diverse environmental specializations must be fully integrated. Thus, working outside traditional disciplinary and departmental categories, the College’s faculty will advance solutions to problems that demand interdisciplinary perspectives and expertise. Other UW units bring much to bear on the built environment and students are wholeheartedly encouraged to explore possible cross-campus connections both in obvious and seemingly unlikely places. The Technology and Project Design/Delivery specialization especially connects with Psychology, the Information School, Technical Communication, Computer Science and Engineering, and Industrial Engineering; the Sustainable Systems and Prototypes field with Civil Engineering, Electrical Engineering, Industrial Engineering, Mechanical Engineering, the Information School, Technical Communication, the College of Forest Resources (especially Eco-System Science and Conservation, Urban Horticulture and Urban Forestry), the Evans School of Public Affairs, Geography, Public Health, Ocean Science and Fisheries, and Social Work, Urban Ecology, and perhaps Advanced Materials and Manufacturing Processes and Nanotechnology; the area of History, Theory, and Representation with Textual Studies, Art History, Interdisciplinary Arts & Sciences at Tacoma, and Comparative History of Ideas.