Jyrki Savolainen

Jyrki Savolainen
Lappeenranta – Lahti University of Technology LUT · Department of Management and International Business

DSc. (Econ.), MSc. (Eng.)

About

24
Publications
6,272
Reads
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235
Citations
Citations since 2016
23 Research Items
235 Citations
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20162017201820192020202120220204060
20162017201820192020202120220204060
20162017201820192020202120220204060
Additional affiliations
January 2018 - present
Lappeenranta – Lahti University of Technology LUT
Position
  • PostDoc Position
September 2014 - December 2016
Lappeenranta – Lahti University of Technology LUT
Position
  • PhD Student
Education
September 2014 - December 2016
September 2002 - December 2007
University of Oulu
Field of study
  • Process / Industrial Engineering

Publications

Publications (24)
Article
Full-text available
Price uncertainty is one of the major uncertainties in the life of mine (LOM) planning process which can have a decisive effect on the overall profitability. Today’s mine planning software tools provide block-sequencing optimisation for a given static price assumption that is then used as a basis of managerial decision-making process. This paper pr...
Article
Full-text available
Electricity distribution prices have steeply increased in Finland since 2015. This research investigates the returns from the Finnish low-voltage electricity distribution business and compares them to returns from three European industry indices. The within-industry distribution of returns is also studied. The Finnish rate of return regulation mode...
Article
Full-text available
The fight against a climate crisis has urged nations and the global community to cut emissions and to define ambitious environmental goals. This has highlighted the importance of the renewable energy (RE) industry. Germany has been one of the most active countries in RE adoption. In this vein, the purpose of this research is to study and identify k...
Article
Full-text available
Optimization of operations and maintenance (O&M) in the industry is a topic that has been largely studied in the literature. Many authors focused on reliability-based approaches to optimize O&M, but little attention has been given to study the influence of macroeconomic variables on the long-term maintenance policy. This work aims to optimize time-...
Article
This paper discusses the value proposition of a system-level Digital Twin (DT) in the context of complex manufacturing processes from the managerial perspective. The central promise of DT-technology is to use and iterate the available real-time process information in a simulation setting transforming it instantly to operational or managerial-level...
Article
Full-text available
This study investigated the performance of a trading agent based on a convolutional neural network model in portfolio management. The results showed that with real-world data the agent could produce relevant trading results, while the agent’s behavior corresponded to that of a high-risk taker. The data used were wide in comparison with earlier repo...
Chapter
Full-text available
In the literature there is a lot of talk about the economics of additive manufacturing—typically the terminology used is imprecise at best, and attempts to quantify the benefits from additive manufacturing are most often based on single case studies. This chapter sets out to create a more general picture of the overall economics and feasibility of...
Chapter
Full-text available
The chapter presents results from a literature study of academic literature on business models based on additive manufacturing. The directions the existing literature is taking are presented and discussed—the underlying assumptions of the reviewed business models are critically examined and gaps in the research identified. New business models and c...
Article
Full-text available
Phasing construction projects is an interesting possibility that has received only limited attention in the academic literature, especially the quantification of benefits from phasing and the effect phasing has on project risk have not been fully explored. This paper presents two approaches to analyze the effects of phasing in the context of constr...
Article
Full-text available
This paper is a literature review on business models used in the additive manufacturing industry. We focus the investigation by categorizing the effects additive manufacturing into four classes by looking at incremental and disruptive applications in closed and in open market models. The economic feasibility of these applications is critically disc...
Conference Paper
After some severe winter storms and the ensuing power-outages in 2011 the Finnish Energy Market Act governing also electricity transmission networks was amended. The goal of the changes was to ensure the reliable availability of electricity everywhere in Finland by forcing the distribution system operators to invest in weather-proofing. This seemin...
Article
Water balance uncertainties have long been known to lead to potential environmental hazards, but their effect on economic profitability of mines is an under-studied field of research. Historical rainfall data are analyzed using the extreme value theory (EVT) and the peak over threshold method (POT). The resulting distributions are used as inputs in...
Conference Paper
Full-text available
Many companies that have already digitalized their processes through enterprise systems are contemplating a migration to using cloud-based systems. Migration to cloud-based enterprise systems has not taken off very fast and the reasons for this are still not fully understood. This research explores, and tries to shed further light onto, how and wha...
Article
Full-text available
This paper studies how the selection of the metal price process used and the choice of selected other modeling assumptions affect the value of a metal mining company’s mining asset portfolio. We compare results from when metal prices are assumed to be independent of each other, correlated with each other, and correlated with an external factor. The...
Conference Paper
Full-text available
Realization of mine water management related risks can, e.g., cause temporary shutdowns of mining operations leading to decreased economic returns of metal mining operations. In this paper, a techno-economic system model for metal mines is applied to study this issue. The usability of the model is illustrated with a numerical simulation to analyze...
Article
This paper studies the effects of financing conditions to managerial flexibility and project value and focuses on the point of view of the equity holder of a mining company. Simulation based analysis is performed with a dynamic system model of a metal mine investment. The leverage effect of the equity holder's discount rate change as a function of...
Article
Purpose The purpose of this paper is to demonstrate how managerial estimates of long-term market price trends can be included into investment analysis of metal mining. The inclusion of subjective market information with a new cycle reverting price process is proposed. Design/methodology/approach Subjective managerial estimates are included into st...
Thesis
Full-text available
The importance of ex-ante analysis of metal mining investments has grown in recent years. The decreasing profitability of new projects and unpredictable metal markets pose a challenge to the currently applied models of profitability analysis. The purpose of this research is to investigate simulation and system dynamic (SD) models applicable to real...
Article
This paper presents a literature review of the academic literature that covers real option analysis in the context of metal mining investments. Real options are of growing importance in metal mining, because of increased uncertainty of markets and complexity of new projects. The central promise of real option valuation methods applied to project an...
Article
This paper presents how a dynamic system model can be used together with the Datar–Mathews real option analysis method for investment analysis of metal mining projects. The focus of the paper is on analyzing a project from the point of view of the project owner. The paper extends the Datar–Mathews real option analysis method by combining it with a...
Article
This paper presents a detailed system dynamic (SD) model of a metal mining investment that is usable in ex ante profitability and operations management analysis. We show how the SD model can be used to analyze the profitability effect of three operational real options: the option to temporarily close production, the option to abandon production, an...
Chapter
This paper presents a system dynamic techno-economic model of a metal mining investment. The model can be used for ex-ante and ex-post analysis of metal mining investment profitability management. The functionality of proposed model is numerically illustrated with a realistic ex-post analysis case, the given illustration shows how the level of work...
Conference Paper
This paper presents a simulation-based analysis method for the screening of early stage metal mining projects that face with multiple uncertainties. Evaluation of metal mining projects is discussed, the proposed method is presented and illustrated numerically, and the benefits of the proposed method are discussed. Analyzing the possible value of po...

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Projects

Projects (3)
Project
Multi-faceted research into the energy industry, renewable energy, energy markets, energy markets models - mostly from a financial and an investment-oriented point of view, but also from model and policy perspectives
Project
Creating and testing soft computing applications to support business decision-making
Project
To study the business models of the future for manufacturing 4.0 specially around additive manufacturing and predictive maintenance