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Wyniki wyszukiwania dla: Over-investment
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Structure of the US investment company industry over the period 2000 to 2017: substitution analysis
PublikacjaOver the last years the investment company industry has undergone deep transformation in the majority of the most advanced economies, including the United States. Traditional investment companies, such as mutual funds, have lost their market share to innovative exchange-traded funds (ETFs). The main distinctive features of ETFs are listing and trading in their units on the stock exchanges as well as lower costs for investors. The...
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The impact of equity pledge on inefficient investment: a perspective from family entrepreneurship
PublikacjaAs an efficient and convenient financing method, equity pledges may have a heterogeneous impact on the inefficient investment of family firms. In order to verify this point, this paper takes A-share listed family enterprises from 2010 to 2021 as a research sample. It conducts an empirical test on the impact of equity pledges on inefficient investment in family firms by constructing a panel regression model. The results show...
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Financial markets diffusion patterns. The case of Mexican investment funds
PublikacjaExchange traded funds (ETFs) are one of the most influential financial innovations, reshaping the investment funds market in many countries, including Mexico. Due to their similar investment objectives, ETFs are considered substitutes for mutual funds. The aim of the article is to provide an in-depth insight into the issues associated with the development of financial markets in Mexico...
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Exploring the relationship between investment choices, cognitive abilities risk attitudes and financial literacy
PublikacjaPurpose The main purpose of this study is to investigate the investment choices' relationship with cognitive abilities, risk aversion, risky investment intentions, subjective financial literacy and objective financial literacy. Design/methodology/approach To examine the relationship, two investment choices were given to 256 subjects from Pakistan. Questionnaire had total 20 questions for measuring five variables. To review this...
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The investment risk forecasting in a local energy market
PublikacjaThe paper considers the general problems faced when evaluating the risk of investing in a local energy market by computer tools. The proposal formulated for the emerging local energy markets suggests broadening the method of evaluating investment risk so as to include elements of cluster analysis. The paper also discusses the significance of estimating investment risk in market terms and the importance and range of the local energy...
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Risk of Delays in Implementation of Building Investment in Urban Conditions in the Aspect of Historical Background of its Location
PublikacjaThe implementation of a construction investment in urban conditions is extremely complex, and at the same time exposed to a high risk of a specific character. In case of construction investment located in the historic part of the city, the possible accumulation of many unfavourable factors, which in course of its implementation, may constitute a serious source of delays and disruptions, should be taken into account at the preparation...
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Exploring Stock Traders’ Cognitive Biases: Research Design and Simulator Framework
PublikacjaCognitive bias is a phenomenon that has been extensively studied in stock trading and many other fields. This paper presents a framework for a Mobile Stock Trading Simulator (MSTS) that facilitates automatic investment in stocks with minimal human influence, by investigating the behavioral patterns and cognitive errors of stock market investors. The paper aims to determine whether investors’ investment strategies can be improved...
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Powojenny rozdział w historii architektury i zagospodarowania portu gdyńskiego
PublikacjaThe port of Gdynia, considered one of the largest civil construction projects of the 20th century in Europe, was built at an express pace for only a dozen or so years from the mid-1920s to the end of the 1930s. Unusual solutions from the construction period in the port engineering category, as well as outstanding architectural works The industrial area quickly became architectural symbols of economic growth and the general rebirth...
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Sustainable Investing. Socio-Economic Impacts of Exchange-Traded Funds
PublikacjaSustainable Investing: Socio-Economic Impacts of Exchange-Traded Funds examines the social and economic effects of sustainable investing ETFs and their impacts on the global financial system. The book presents the key issues with regard to sustainable investing, discussing exchange-traded funds mechanisms and categories in comparison to competing investment funds. The book outlines the theoretical determinants of ETF markets development...
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More freedom – more investments. The relationship between the extent of fiscal autonomy with respect to own revenues and investment expenditures of Polish communes and cities with county rights
PublikacjaThe purpose of this study was to investigate the relationship between own revenues characterized by different levels of fiscal autonomy and investment expenditures of selected local government entities in Poland. Accordingly, the following research hypothesis was formulated: there is a relationship between the type of own revenue identified with respect to fiscal autonomy and the size of investment expenditures. Revenues characterized...
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ASSESSMENT OF GOLD AND/OR CRUDE OIL AS INVESTMENTS FOR PORTFOLIO DIVERSIFICATION. A WARSAW STOCK EXCHANGE CASE STUDY
PublikacjaThe purpose of the study is to assess whether the inclusion of investments in gold and/or crude oil improves an investment portfolio consisting of shares of enterprises included in the WIG20 index (traditional invest-ments). All possible combinations of investment portfolios with minimal risk and maximum efficiency were tested. The portfolios were determined based on Markowitz’s portfolio theory. All results were compared...
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Balkan Stock Exchanges – Consideration of the Length of the Estimation Window in Similar Markets
PublikacjaPurpose: We study if capital markets in the Balkan are closely and positively related in terms of rate of return, risk, efficiency, and maximum cumulative loss in relation to different lengths of the estimation window. Design/Methodology/Approach: The research was carried out for the period from 01/01/2017 to 31/12/2019 using portfolio analysis. It was divided into an estimation window (01/01/2019 to 31/12/2019) and another with...
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Exchange-traded products in Germany: development and substitution of exchange-traded funds, exchange-traded commodities and exchange-traded notes.
PublikacjaResearch background: Exchange-traded products (ETPs) are one of the most rapidly growing categories of financial products. Their fast development has been boosted by innovative features. Three main categories of ETPs are exchange-traded funds (ETFs), exchange-traded commodities (ETCs) and exchange-traded notes (ETNs). ETCs and ETNs remain least known, even though their number on some stock exchanges is high. In Europe, Germany...
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A multi-criteria decision model for the introduction of electric storage multiple units on the partially electrified Gdynia-Hel railway
Publikacja: In this article a multi-criteria study of the use of independently powered electric multiple units on the partially electrified Gdynia Główna - Hel line was carried out. The use of (currently used) diesel and, as an alternative, electric and electric multiple units with an electric energy storage was considered. The analysis was carried out on the basis of three criteria for assessing the route service options, i.e. environmental,...
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Risk of Cost Overruns in Implementation of Building Investment in Urban Conditions in the Aspect of Historical Background of its Location
PublikacjaThe article is a continuation of the authors' analyzes on the risk of delays in implementation of building investment in urban conditions in the aspect of historical background of its location. In case of construction investment located in the historic part of the city, the possible accumulation of many unfavourable factors, which in course of its implementation, may constitute a serious source of cost overruns and disruptions,...
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Investing in wine, precious metals and G-7 stock markets – A co-occurrence analysis for price bubbles
PublikacjaThis paper used the GSADF test to determine the periods defined in this paper as price bubbles in the three markets studied, i.e. the investment wine market, precious metal market and national stock market indices of G-7 countries. The results obtained enabled the calculation of the values of the phi correlation coefficients, which served the research objective of assessing the co-occurrence of price bubbles in the markets analysed....
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Sources of investment risk in urban regeneration projects
PublikacjaThe scope of the article includes multidimensional risk analysis of urban regeneration projects, whose base is to identify areas of its occurrence. Authors thoroughly analyze the sources of potential threats and attempts to answer the question, what is their contribution into overall urban regeneration’ investment risk. The target concept will be used to assess the level of investment risk at the stage of initiation, preparation...
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Analysis and Risk Evaluation on the Case of Alteration, Revitalization and Conversion of a Historic Building in Gdańsk
PublikacjaEach investment plan, including the one concerning a building, is exposed to the consequences of various types of threats taking place. Therefore, in the case of some large-scale, atypical and complicated building ventures, some actions included in the procedure of risk management should be taken. This will allow for the risk to be eliminated or limited. While preparing a building venture, an investor does not possess full information...
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Markowitz’s portfolio theory – optimal length of estimation window for gold and the biggests companies on the Warsaw Stock Exchange
PublikacjaThe following article is dedicated to the construction of an investment portfolio consisting of 3 investments from the Polish capital market found in the WIG20 index and from investment in gold. The purpose of the study was to determine the optimal length of the estimation window for building a portfolio with minimal risk and maximum efficiency. The length of the estimation window was also assessed in terms of the rate of return...
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Examples of Taxation on Real Estate Properties as an Long-term Investment Asset. Description of Situation in Selected European Countries
PublikacjaReal estate properties have become the alternative asset for long-term savings and investments. Such investment however is strictly related to risk inter alia taxation policy. The following article describes and discusses both theoretical and practical aspects of long-term investment taxation imposed on real estate market in selected European countries. The article presents the analyses of the taxes including its functions, mechanisms...
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The Energy Potential of the Lower Vistula River in the Context of the Adaptation of Polish Inland Waterways to the Standards of Routes of International Importance
PublikacjaBased on new policies of the European Union, green technologies are to be mostly considered for power generation. Hydropower generation is one of the essential elements of sustainable energy production. Therefore, specific attention, both economically and technically, needs to be given to this sector of energy production. The Vistula River in Poland is considered an international waterway. The power production potential of the...
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The share of investments in gold and oil using the example of selected European stock exchanges– A comparative analysis
PublikacjaIn this article, optimal investment portfolios with minimal risk and maximum efficiency were calculated. The portfolios were designated for ten selected European stock exchanges, based on the listings of the twenty largest companies in each of those markets. All calculations were made based on company shares only, company shares and investments in gold, shares of companies and investments in crude oil as well as shares of companies...
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Sopot - is it possible to retain the unique image of the city?
PublikacjaSopot is the best-known seaside resort in Poland. The city is unique with regard not only to its location and natural values, but also its interesting architecture, which dates back to the end of the 19th and the beginning of the 20th century. The relic of that era is the largest in the country number of buildings characteristic for the Northern European seaside resorts. The architecture of historic Sopot is dominated by eclectic...
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Spatial Heterogeneity Impacts of Bilateral Foreign Direct Investment on Green Energy Efficiency in China
PublikacjaAt present, green energy transformation and climate policy are increasingly connected. The need to improve national competitiveness and implement climate and energy strategies means that an energy-consuming country like China must rapidly enhance its green energy efficiency (GEE) and energy consumption structure. The following paper contributes to the existing literature by analyzing the effects of bilateral FDI on GEE from...
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Analysis of Investments in RES Based on the Example of Photovoltaic Panels in Conditions of Uncertainty and Risk—A Case Study
PublikacjaThe aim of this study is to examine the profitability of investment in a photovoltaic microinstallation, to analyze the impact of legal changes on its profitability, and to perform a sensitivity analysis of the investment profitability to energy price changes. The novelty of the research applies to the financial analysis of two legal systems of discount called net-metering and net-billing. The two systems and the change in energy...
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Model of Risk Assessment (MORA) concept for the investment part of urban regeneration projects
PublikacjaThe main goal of this paper is presentation of the model concept (MORA) that will be used to control level of risk and manage technical risk in investment projects in the area of urban regeneration risk management.
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The impact of environmentally friendly refrigerants on heat pump efficiency
PublikacjaThis paper discusses the issue of heat pump simulation. Lower operating costs can be achieved through good equipment design and appropriate operation. Detailed technical and economic analysis inform the selection of system components with the highest possible efficiency and lower energy demand. The use of systems based on environmentally friendly refrigerants can deliver long product life, which is associated with a shorter payback...
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The investment process in the power supply industry
PublikacjaThe basis for power supply industry programming in a market economy should be the principle of sustainable development, which must take into account maintaining an adequate level of energy security on the one hand, and the aim to preserve the maximum degree of non-renewable resources on the other hand. Therefore, the overriding aim should be a strive to meet the current and prospective demand for energy and fuel, in conjugation...
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Poland's economic relations with Kazakhstan
PublikacjaBefore 2019, economic relations between Poland and Kazakhstan were regulated by 22 international agreements. Poland has been trading with Kazakhstan since the 1990s. Overall, Kazakhstan had a positive trade balance with Poland, with the exception of the 1996–1998 and 2006–2007 periods. Polish foreign investment in Kazakhstan was not very impressive; the first investments started only in 2005. In 2019, about 200 companies with Polish...
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Analiza skuteczności wybranych strategii kontrariańskich na warszawskiej GPW w latach 2014–2018
PublikacjaCapital multiplication is the main goal of investors and for many years they have been looking for methods and strategies that would enable them to achieve it to the greatest possible extent. Due to the fact that the expectations and characteristics of investors, including those concerning the investment period, are diverse, multiple strategies have emerged. One of such strategies, mainly long-term in nature, is the so-called...
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Diversification of investment efficiency in selected economies
PublikacjaAn assessment of the effectiveness of investments is a key element of investment processes. In order to be comprehensive and exhaustive, it should go beyond the scope of the microeconomic assessment and take into account the macroeconomic calculation of effectiveness. The prerequisite for the effectiveness of investment decisions implemented by private companies is the maximization of the return on the investments. When attempting...
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EXCHANGE TRADED COMMODITIES AS A CATEGORY OF INNOVATIVE PRODUCTS ON EUROPEAN FINANCIAL MARKETS
PublikacjaThe article presents the main features of one category of innovative financial products – exchange traded commodities (ETCs) and results of the analysis of the European market for ETCs. ETCs are products listed and traded on the stock exchanges and they offer investors returns based on various assets (commodities or currencies). In contrast with the most widely recognized exchange traded funds (ETFs), ETCs are structured as debt...
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ISSUES OF ECONOMIC ANALYSIS OF ELECTRIC ENERGY GENERATION IN A FLOATING POWER PLANT
PublikacjaThis article presents basic dependences for conducting a technical and economic analysis related with investment projects. It describes a combined system of a compression ignition engine and a steam turbine, whose aim, when placed on a floating platform, is to generate electric energy in the so-called distributed generation system. Such a system involves a reciprocating internal combustion engine and a connected steam turbine system...
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Market Regeneration in Line with Sustainable Urban Development
PublikacjaThis article presents the study of the optimal design solutions for regeneration of marketplaces. It examines the design variants for the revitalisation of the marketplace, in particular, investment in their modernisation in order to find the most optimal model for transforming these public spaces to have a significant impact on the city’s development. The research is a comparative analysis of the implementation of regeneration...
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Rewitalizacja zespołow fortyfikacji nowożytnych - ograniczenia i możliwości
PublikacjaFortyfikacjenowożytne stanowią w Polsce liczną grupę zabytków, trudną do utrzymywania i zarządzania co powoduję ich postępującą degradację. Wskutek zmian polityczno-ekonomicznych w ostatnich dekadach, powstał problem chaotycznych i agresywnych działań inwestycyjnych, zagrażających zabytkowym fortyfikacjom. Tekst omawia fortyfikacje jako część dziedzictwa kulturowego, sprzecznośći pomiędzy pojęciami "rewitalizacji" i "rewaloryzacji"...
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Polish FDI in Central Asian Countries
PublikacjaSince gaining independence, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan gradually opened their markets to foreign investors. Before Poland’s accession to the European Union, the activities of Polish investors in Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan were based on bilateral treaties concluded by Poland with those countries. Later, except Turkmenistan, they were governed by the partnership...
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Technical and Economic Analysis of an Intermediate Size Photovoltaic Power Plant. Case Study
PublikacjaThe article presents an analysis of the construction of a photovoltaic power plant with an installed capacity of about 30 kW. The principles of selecting the basic elements of the plant are shown. The impact of a high constant price on the profitability of the project is highlighted. The article also describes the existing mechanisms for subsidizing the investment.
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Trade in value added of countries involved in TTIP: EU-USA comparison
PublikacjaThe aim of this paper is to present key facts concerning trade in the value added of those countries participating in the Transatlantic Trade and Investment Partnership (TTIP). In particular, we describe how involvement in global production networks (GPN) varies across EU countries with respect to the United States.
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The Impact of Covid-19 on the Performance of Exchange Traded Funds on Developed and Emerging Markets
PublikacjaIn this paper an endeavour was made to evaluate the impact of Covid-19 on the achievement of the investment objectives by selected ETFs in developed and emerging markets. For this purpose, the tracking errors calculated for 18 different ETFs operating on the basis of American, Asian and European stock indexes were analyzed. The time range of the research was selected in such a way as to compare the period before the pandemic(pre-Covid)...
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Pre-feasibility study for treatment wetland application for wastewater treatment in dispersed development
PublikacjaThe aim of the paper is to present the conducted analyses of pre-feasibility study of different approaches for wastewater management in a settlement of 180 persons. In the assessment both technical and economic aspects were analyzed. The costs were calculated for three different and, at the same time, most popular as well as possible technical solutions like: (i) construction of local wastewater treatment plant with gravitational...
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VALUATION OF EMBEDDED OPTIONS IN NON-MARKETABLE CALLABLE BONDS: A NEW NUMERICAL APPROACH
PublikacjaThe issue of how to price options embedded in callable bonds has attracted a lot of interest over the years. The usual bond valuation methods rely on yield curves, risk premium, and other parameters to estimate interest rates used in discounted cash flow calculations. The option to retire the bond is, however, neglected in the standard pricing models, causing a systematic overvaluation of callable bonds. In the event of a decline...
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Developing a Metropolitan Transport System—Exemplified by the Gdansk–Gdynia–Sopot Metropolitan Area
PublikacjaAs regional centres with metropolitan functions, metropolises grow and develop depending on how well they can meet the area’s transport needs internally and externally, a result of their socio-economic relations. The transport system of a metropolitan area must ensure that people and goods can move efficiently, effectively and environmentally friendly. Over the last ten years, the transport system of the Gdańsk–Gdynia–Sopot Metropolitan...
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Bilateral power supply of the traction network as a first stage of Smart Grid technology implementation in electric traction
PublikacjaSince 2001, trolleybus system in Gdynia has been involved in many activities related to the reduction of power consumption, both in terms of implementation and research and development. In PKT, in cooperation with SESTO company, started applications of Smart Grid technologies in supply network: the bilateral supply. The paper presents results of this this novel investment.
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Confidence, Financial Literacy and Investment in Risky Assets: Evidence from the Survey of Consumer Finances
PublikacjaWe employ recent Survey of Consumer Finances (SCF) microdata from the US to analyze the impacts of confidence in one's own financial knowledge, confidence in the economy, and objective financial literacy on investment in risky financial assets (equity and bonds) on both the extensive and intensive margins. Controlling for a rich set of covariates including risk aversion, we find that objective financial literacy is positively...
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Optimizing the process of railway geometrical layout designing with multi-criteria assessment method
PublikacjaThe paper presents the main assumptions of the Multi-criteria assessment method used in process of upgrading the railway geometrical layout. The advantages of metaheuristic search were described. The criteria influencing the investment were defined. The fitness function used in the analysis was described. The example of using the optimization algorithm with the help of self developed computer software was described.
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MULTI-CRITERIA INVESTMENT DECISION SUPPORT MODEL USING FUZZY ANALYTIC HIERARCHY PROCESS (F-AHP) METHOD FOR POWER INDUSTRY
PublikacjaIn this paper, the comparative analysis of two wind farm construction projects was presented. This particular type of analysis is commonly applied before purchasing investment project being in a planning phase by a company interested in its development. Conduction of this type of analysis is prompted by the necessity to take into consideration the requirements of Polish legislation. Comparison of wind farm construction projects...
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General grants and development – a relationship without a future? The effects of the structure of general grants on the development of local government units in Poland
PublikacjaThe purpose of this paper is to attempt to identify the reasons for the lack of relationship between general grant revenue and investment expenditure of local government units. The author formulated the hypothesis that there is no link between general grants and investment expenditure and that the reason for this are the current spending on education, absorbing the entire amount of general grants received by local government units....
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Swarm-Assisted Investment Planning of a Bioethanol Plant
PublikacjaBioethanol is a liquid fuel for which a significant increase in the share of energy sources has been observed in the economies of many countries. The most significant factor in popularizing bioethanol is the profitability of investments in construction of facilities producing this energy source, as well as the profitability of its supply chain. With the market filled with a large amount of equipment used in the bioethanol production...
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The rigid and flexible road pavements in terms of life cycle costs
PublikacjaThe cost of road pavement construction, its durability and reliability depends on many factors, including: the scope and detail of the technical design, quality of work but also the scope of works related to its maintenance, conservation and operation. Determining the amount of rational expenses, in terms of the life cycle cost of the pavement, requires determination and consideration of the above issues, already at the planning...
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Analysis of investment stages along with a construction project management project for an investment task regarding the reconstruction and expansion of the locomotor system rehabilitation center Krzeszowice SPZOZ in Poland
PublikacjaAutorzy: Gwóźdź-Lasoń Monika, Tkocz Sebastian.