Abstract: In the past, we could increase profit by increasing product prices. But in the new decade, a competitive market does not let us to increase profit with increase prices. Therefore, the only way to increase profit will be reduce costs. A significant percentage of production costs are the maintenance costs, and analysis of these costs could achieve more profit. Most maintenance strategies such as RCM (Reliability-Center-Maintenance), TPM (Total Productivity Maintenance), PM (Preventive Maintenance) etc., are trying to reduce maintenance costs. In this paper, decreasing the maintenance costs of Concentration Plant of Golgohar Company (GEG) was examined by using of MTBF (Mean Time between Failures) and MTTR (Mean Time to Repair) analyses. These analyses showed that instead of buying new machines and increasing costs in order to promote capacity, the improving of MTBF and MTTR indexes would solve capacity problems in the best way and decrease costs.
Abstract: This study investigated factors affecting the price of cement in Nigeria, and developed a mathematical model that can predict future cement prices. Cement is key in the Nigerian construction industry. The changes in price caused by certain factors could affect economic and infrastructural development; hence there is need for proper proactive planning. Secondary data were collected from published information on cement between 2014 and 2019. In addition, questionnaires were sent to some domestic cement retailers in Port Harcourt in Nigeria, to obtain the actual prices of cement between the same periods. The study revealed that the most critical factors affecting the price of cement in Nigeria are inflation rate, population growth rate, and Gross Domestic Product (GDP) growth rate. With the use of data from United Nations, International Monetary Fund, and Central Bank of Nigeria databases, amongst others, a Multiple Linear Regression model was formulated. The model was used to predict the price of cement for 2020-2025. The model was then tested with 95% confidence level, using a two-tailed t-test and an F-test, resulting in an R2 of 0.8428 and R2 (adj.) of 0.6069. The results of the tests and the correlation factors confirm the model to be fit and adequate. This study will equip researchers and stakeholders in the construction industry with information for planning, monitoring, and management of present and future construction projects that involve the use of cement.
Abstract: The shift towards decision making (DM) based on artificial intelligence (AI) techniques will change the way in which consumer markets and our societies function. Through AI, predictive analytics is being used by businesses to identify these patterns and major trends with the objective to improve the DM and influence future business outcomes. This paper proposes an Artificial Neural Network (ANN) approach to predict the success of telemarketing calls for selling bank long-term deposits. To validate the proposed model, we uses the bank marketing data of 41188 phone calls. The ANN attains 98.93% of accuracy which outperforms other conventional classifiers and confirms that it is credible and valuable approach for telemarketing campaign managers.
Abstract: Building information modelling (BIM) is a new technology to enhance the efficiency of project management in the construction industry. In addition to the potential benefits of this useful technology, there are various risks and obstacles to applying it in construction projects. In this study, a decision making approach is presented for risk assessment in BIM adoption in construction projects. Various risk factors of exerting BIM during different phases of the project lifecycle are identified with the help of Delphi method, experts’ opinions and related literature. Afterward, Shannon’s entropy and Fuzzy TOPSIS (Technique for Order Preference by Similarity to Ideal Situation) are applied to derive priorities of the identified risk factors. Results indicated that lack of knowledge between professional engineers about workflows in BIM and conflict of opinions between different stakeholders are the risk factors with the highest priority.
Abstract: The financial sector is exposed to the risk of cyber-attacks like any other industrial sector. Furthermore, the topic of CybeRisk (cyber risk) has become particularly relevant given that Information Technology (IT) attacks have increased drastically in recent years, and cannot be stopped by single organizations requiring a response at international and national level. IT risk is never a matter purely for the IT manager, although he clearly plays a key role. A bank's risk management function requires a thorough understanding of the evolving risks as well as the tools and practical techniques available to address them. Upon the request of European and national legislation regarding CybeRisk in the financial system, banks are therefore called upon to strengthen the operational model for CybeRisk management. This will require an important change with a more intense collaboration with the structures that deal with information security for the development of an ad hoc system for the evaluation and control of this type of risk. The aim of the work is to propose a framework for the management and control of CybeRisk that will bridge the gap in the literature regarding the understanding and consideration of CybeRisk as an integral part of business management. The IT function has a strong relevance in the management of CybeRisk, which is perceived mainly as operational risk, but with a positive tendency on the part of risk management to the identification of CybeRisk assessment methods that are increasingly complete, quantitative and able to better describe the possible impacts on the business. The paper provides answers to the research questions: Is it possible to define a CybeRisk governance structure able to support the comparison between risk and security? How can the relationships between IT assets be integrated into a cyberisk assessment framework to guarantee a system of protection and risks control? From a methodological point of view, this research uses a case study approach. The choice of “Monte dei Paschi di Siena” was determined by the specific features of one of Italy’s biggest lenders. It is chosen to use an intensive research strategy: an in-depth study of reality. The case study methodology is an empirical approach to explore a complex and current phenomenon that develops over time. The use of cases has also the advantage of allowing the deepening of aspects concerning the "how" and "why" of contemporary events, on which the scholar has little control. The research bases on quantitative data and qualitative information obtained through semi-structured interviews of an open-ended nature and questionnaires to directors, members of the audit committee, risk, IT and compliance managers, and those responsible for internal audit function and anti-money laundering. The added value of the paper can be seen in the development of a framework based on a mapping of IT assets from which it is possible to identify their relationships for purposes of a more effective management and control of cyber risk.
Abstract: This research seeks to identify how money laundering activities are executed through the real estate sector. This article provides academics with literature on the topic and provides scholars, and practitioners with a better understanding of the risks and challenges involved. Data are gathered through survey in the Middle East and North Africa region and review of the available research. The results of the analysis will help identifying the factors attracting criminals to the real estate sector and develop an understanding of the methods used to launder illicit funds through this sector and the indicators of suspicion for reporting entities. Further analysis reveals the risks posed by money laundering and terrorist financing on the real estate sector and challenges facing states in this regard.
Abstract: Information and Communication Technology (ICT) has made information access easier and affordable. Academic research has also benefited from this, with online journals and academic resource readily available by the click of a button. However, there are limited ways of assessing and controlling the quality of the academic research mostly in public institution. Nigeria is the most populous country in Africa with a significant number of universities and young population. The quality of knowledge created by academic researchers, however, needs to be evaluated due to the high number of predatory journals published by academia. The purpose of this qualitative study is to look at the knowledge creation, acquisition, and assimilation process by academic researchers in public universities in Nigeria. Qualitative research will be carried out using in-depth interviews and observations. Academic researchers will be interviewed and absorptive capacity theory will be used as the theoretical framework to guide the research. The findings from this study should help understand the impact of ICT on the knowledge creation process in academic research and to understand how ICT can affect the quality of knowledge produced by researchers. The findings from this study should help add value to the existing body of knowledge on the quality of academic research, especially in Africa where there is limited availability of quality academic research. As this study is limited to Nigerian universities, the outcome may not be generalized to other developing countries.
Abstract: The purpose of the paper is to redefine the levels of structure of corporate, business and functional strategies that were established over the past several decades, to a conceptual model, consisting of corporate, business and operations strategies, that are reinforced by functional strategies. We will propose a conceptual framework of different perspectives in the role of strategic operations as a separate strategic place and reposition the remaining functional strategies as supporting tools, existing at all three levels. The proposed model is called ‘the strategic engine’, since the mutual relationships of its ingredients are identical with main elements and working principle of the internal combustion engine. Based on theoretical essence, related to every strategic level, we will prove that the strategic engine model is useful for managers seeking to safeguard the competitive advantage of their companies. Each strategy level is researched through its basic elements. At the corporate level we examine the scope of firm’s product, the vertical and geographical coverage. At the business level, the point of interest is limited to the SWOT analysis’ basic elements. While at operations level, the key research issue relates to the scope of the following performance indicators: cost, quality, speed, flexibility and dependability. In this relationship, the paper provides a different view for the role of operations strategy within the overall strategy concept. We will prove that the theoretical essence of operations goes far beyond the scope of traditionally accepted business functions. Exploring the applications of Resource-based theory and Market-based theory within the strategic levels framework, we will prove that there is a logical consequence of the theoretical impact in corporate, business and operations strategy – at every strategic level, the validity of one theory is substituted to the level of the other. Practical application of the conceptual model is tested in automotive industry. Actually, the proposed theoretical concept is inspired by a leading global automotive group – Inchcape PLC, listed on the London Stock Exchange, and constituent of the FTSE 250 Index.
Abstract: Using a large dataset of more than 2,400 individual microfinance institutions (MFIs) from 120 countries from 1999 to 2016, this study finds that nearly half of the international MFIs operate as for-profit institutions. Formal institutions (business regulatory environment, property rights, social protection, and a developed financial sector) impact the likelihood of MFIs being for-profit across countries. Cultural differences across countries (power distance, individualism, masculinity, and indulgence) seem to be a factor in the legal status of the MFI (non-profit or for-profit). MFIs in countries with stronger formal institutions, a greater degree of power distance, and a higher degree of collectivism experience better financial and social performance.
Abstract: The profusion of studies relating to the concept of organizational learning shows the importance that has been given to this concept in the management sciences. A few years ago, companies leaned towards ISO 9001 certification; this requires the implementation of the quality management system (QMS). In order for this objective to be achieved, companies must have a set of skills, which pushes them to develop learning through continuous training. The results of empirical research have shown that implementation of the QMS in the company promotes the development of learning. It should also be noted that several types of learning are developed in this sense. Given the nature of skills development is normative in the context of the quality demarche, companies are obliged to qualify and improve the skills of their human resources. Continuous training is the keystone to develop the necessary learning. To carry out continuous training, companies need to be able to identify their real needs by developing training plans based on well-defined engineering. The training process goes obviously through several stages. Initially, training has a general aspect, that is to say, it focuses on topics and actions of a general nature. Subsequently, this is done in a more targeted and more precise way to accompany the evolution of the QMS and also to make the changes decided each time (change of working method, change of practices, change of objectives, change of mentality, etc.). To answer our problematic we opted for the method of qualitative research. It should be noted that the case study method crosses several data collection techniques to explain and understand a phenomenon. Three cases of companies were studied as part of this research work using different data collection techniques related to this method.
Abstract: The study aims to establish the virtual size and fit technology features to enhance fashion online retailing platforms, utilising digital human measurements to provide customised style and function to consumers. A few firms in the UK have launched advanced interactive fashion shopping domains for personalised shopping globally, aided by the latest internet technology. Virtual size and fit interfaces have a great potential to provide a personalised better-fitted garment to promote mass customisation globally. Made-to-measure clothing, consuming unstitched fabric is a common practice offered by fashion brands in Pakistan. This product is regarded as economical and sustainable to be utilised by consumers in Pakistan. Although the manual sizing system is practiced to sell garments online, virtual size and fit visualisation and recommendation technologies are uncommon in Pakistani fashion interfaces. A comparative assessment of Pakistani fashion brand websites and UK technology-driven fashion interfaces was conducted to highlight the vast potential of the virtual size and fit technology. The results indicated that web 2.0 technology adopted by Pakistani apparel brands has limited features, whereas companies practicing web 3.0 technology provide interactive online real-store shopping experience leading to enhanced customer satisfaction and globalisation of brands.
Abstract: This study explores how management addresses psychosocial risks in seven teams of engineers and technicians in the midst of the fourth industrial revolution. The sample is from an ongoing quasi-experiment about psychosocial risk management in a manufacturing company in Sweden. Each of the seven teams belongs to one of two clusters: a positive cluster or a negative cluster. The positive cluster reports a significantly positive change in psychosocial risk levels between two time-points and the negative cluster reports a significantly negative change. The data are collected using semi-structured interviews. The results of the computer aided thematic analysis show that there are more differences than similarities when comparing the risk treatment actions taken between the two clusters. Findings show that the managers in the positive cluster use more enabling actions that foster and support formal and informal relationship building. In contrast, managers that use less enabling actions hinder the development of positive group processes and contribute negative changes in psychosocial risk levels. This exploratory study sheds some light on how management can influence significant positive and negative changes in psychosocial risk levels during a risk management process.
Abstract: With the development of business competition, it is important for healthcare providers to improve their service qualities. In order to improve service quality of a clinic, four important dimensions are defined: tangibles, responsiveness, empathy, and reliability. Moreover, there are several service stages in hospitals such as financial screening and examination. One of the most challenging limitations for improving service quality is budget which impressively affects the service quality. In this paper, we present an approach to address budget uncertainty and provide guidelines for service resource allocation. In this paper, a service quality improvement approach is proposed which can be adopted to multistage service processes to improve service quality, while controlling the costs. A multi-objective function based on the importance of each area and dimension is defined to link operational variables to service quality dimensions. The results demonstrate that our approach is not ultra-conservative and it shows the actual condition very well. Moreover, it is shown that different strategies can affect the number of employees in different stages.
Abstract: Perceived risks play a major role in consumer intentions, behaviors, attitudes, and decisions about online shopping in the KSA. This paper investigates the influence of six perceived risk dimensions on Saudi consumers: product risk, information risk, financial risk, privacy and security risk, delivery risk, and terms and conditions risk empirically. To ensure the success of this study, a random survey was distributed to reflect the consumers’ perceived risk and to enable the generalization of the results. Data were collected from 323 respondents in the Kingdom of Saudi Arabia (KSA): 50 who had never shopped online and 273 who had done so. The results indicated that all six risks influenced the respondents’ perceptions of online shopping. The non-online shoppers perceived financial and delivery risks as the most significant barriers to online shopping. This was followed closely by performance, information, and privacy and security risks. Terms and conditions were perceived as less significant. The online consumers considered delivery and performance risks to be the most significant influences on internet shopping. This was followed closely by information and terms and conditions. Financial and privacy and security risks were perceived as less significant. This paper argues that introducing adequate legal solutions to addressing related problems arising from this study is an urgent need. This may enhance consumer trust in the KSA online market, increase consumers’ intentions regarding online shopping, and improve consumer protection.
Abstract: Maintenance has evolved into an imperative function, and contributes significantly to efficient and effective equipment performance. Total Productive Maintenance (TPM) is an ideal approach to support the development and implementation of operation performance improvement. It systematically aims to understand the function of equipment, the service quality relationship with equipment and the probable critical equipment failure conditions. Implementation of TPM programmes need strategic planning and there has been little research applied in this area within Middle-East power plants. In the power sector of Abu Dhabi, technologically and strategically, the power industry is extremely important, and it thus needs effective and efficient equipment management support. The aim of this paper is to investigate barriers to successful TPM implementation in the Abu Dhabi power industry. The study has been conducted in the context of a leading power company in the UAE. Semi-structured interviews were conducted with 16 employees, including maintenance and operation staff, and senior managers. The findings of this research identified seven key barriers, thus: managerial; organisational; cultural; financial; educational; communications; and auditing. With respect to the understanding of these barriers and obstacles in TPM implementation, the findings can contribute towards improved equipment operations and maintenance in power organisations.
Abstract: The aim of this paper is to compare and discuss better classifier algorithm options for credit risk assessment by applying different Machine Learning techniques. Using records from a Brazilian financial institution, this study uses a database of 5,432 companies that are clients of the bank, where 2,600 clients are classified as non-defaulters, 1,551 are classified as defaulters and 1,281 are temporarily defaulters, meaning that the clients are overdue on their payments for up 180 days. For each case, a total of 15 attributes was considered for a one-against-all assessment using four different techniques: Artificial Neural Networks Multilayer Perceptron (ANN-MLP), Artificial Neural Networks Radial Basis Functions (ANN-RBF), Logistic Regression (LR) and finally Support Vector Machines (SVM). For each method, different parameters were analyzed in order to obtain different results when the best of each technique was compared. Initially the data were coded in thermometer code (numerical attributes) or dummy coding (for nominal attributes). The methods were then evaluated for each parameter and the best result of each technique was compared in terms of accuracy, false positives, false negatives, true positives and true negatives. This comparison showed that the best method, in terms of accuracy, was ANN-RBF (79.20% for non-defaulter classification, 97.74% for defaulters and 75.37% for the temporarily defaulter classification). However, the best accuracy does not always represent the best technique. For instance, on the classification of temporarily defaulters, this technique, in terms of false positives, was surpassed by SVM, which had the lowest rate (0.07%) of false positive classifications. All these intrinsic details are discussed considering the results found, and an overview of what was presented is shown in the conclusion of this study.
Abstract: Women's Employment is one of the most important issues in the global economy. The article discusses the stated topic in Georgia, through historical content, Soviet experience, and modern perspectives. The paper discusses segmentation insa terms of employment and related problems. Based on statistical analysis, women's unemployment rate and its factors are analyzed. The level of employment of women in Transcaucasia (Georgia, Armenia, and Azerbaijan) is discussed and is compared with Baltic countries (Lithuania, Latvia, and Estonia). The study analyzes women’s level of development, according to the average age of marriage and migration level. The focus is on Georgia's Association Agreement with the EU in 2014, which includes economic, social, trade and political issues. One part of it is gender equality at workplaces. According to the research, the average monthly remuneration of women managers in the financial and insurance sector equaled to 1044.6 Georgian Lari, while in overall business sector average monthly remuneration equaled to 961.1 GEL. Average salaries are increasing; however, the employment rate remains problematic. For example, in 2017, 74.6% of men and 50.8% of women were employed from a total workforce. It is also interesting that the proportion of men and women at managerial positions is 29% (women) to 71% (men). Based on the results, the main recommendation for government and civil society is to consider women as a part of the country’s economic development. In this aspect, the experience of developed countries should be considered. It is important to create additional jobs in urban or rural areas and help migrant women return and use their working resources properly.
Abstract: In the United States in 2007-2010 before the crisis, the US labour market policy focused mainly on providing residents with unemployment insurance, after the recession this policy changed. The aim of the article was to present quantitative research presenting the most effective labor market instruments contributing to reducing unemployment during the crisis in the USA. The article presents research based on the analysis of available documents and statistical data. The results of the conducted research show that the most effective forms of counteracting unemployment at that time were: direct job creation, job search assistance, subsidized employment, training and employment promotion using new technologies, including social media.
Abstract: The research question of the article is to explore whether the dialogue meetings method could be relevant for reflective learning among researchers and practitioners when welfare technology should be implemented in municipalities, or not. A testbed was planned to be implemented in a retirement home in a Swedish municipality, and the practitioners worked with a pre-study of that testbed. In the article, the dialogue between the researchers and the practitioners in the dialogue meetings is described and analyzed. The potential of dialogue meetings as an arena for learning and reflection among researchers and practitioners is discussed. The research methodology approach is participatory action research with mixed methods (dialogue meetings, focus groups, participant observations). The main findings from the dialogue meetings were that the researchers learned more about the use of traditional research methods, and the practitioners learned more about how they could improve their use of the methods to facilitate change processes in their organization. These findings have the potential both for the researchers and the practitioners to result in more relevant use of research methods in change processes in organizations. It is concluded that dialogue meetings could be relevant for reflective learning among researchers and practitioners when welfare technology should be implemented in a health care organization.
Abstract: The purpose of this paper is to develop a multi-product economic production quantity model under vendor management inventory policy and restrictions including limited warehouse space, budget, and number of orders, average shortage time and maximum permissible shortage. Since the “costs” cannot be predicted with certainty, it is assumed that data behave under uncertain environment. The problem is first formulated into the framework of a bi-objective of multi-product economic production quantity model. Then, the problem is solved with three multi-objective decision-making (MODM) methods. Then following this, three methods had been compared on information on the optimal value of the two objective functions and the central processing unit (CPU) time with the statistical analysis method and the multi-attribute decision-making (MADM). The results are compared with statistical analysis method and the MADM. The results of the study demonstrate that augmented-constraint in terms of optimal value of the two objective functions and the CPU time perform better than global criteria, and goal programming. Sensitivity analysis is done to illustrate the effect of parameter variations on the optimal solution. The contribution of this research is the use of random costs data in developing a multi-product economic production quantity model under vendor management inventory policy with several constraints.