Search results for: adaptable business models

Authors: V. Bosilj Vuksic

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This paper aims to investigate business process management (BPM) maturity in Croatian companies. First, a brief literature review of the research field is given. Next, the results of empirical research are presented, analyzed and discussed. The results reveal that Croatian companies achieved the intermediate level of BPM maturity. The empirical evidence supports the proposed theoretical background. Furthermore, a case study approach was used to illustrate BPM adoption in a Croatian company at the upmost stage of BPM maturity. In practical terms, this case study identifies BPM maturity success factors that need to exist in order for a company to effectively adopt BPM.

Keywords: business process management, case study, Croatian companies, maturity, process performance index, questionnaire

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Authors: K. Malak, A. Nourah, S.Liyakathunisa

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Nowadays, healthcare services are facing many challenges since they are becoming more complex and more needed. Every detail of a patient’s interactions with health care providers is maintained in Electronic Health Records (ECR) and Healthcare information systems (HIS). However, most of the existing systems are often focused on documenting what happens in manual health care process, rather than providing the highest quality patient care. Healthcare business processes and stakeholders can no longer rely on manual processes, to provide better patient care and efficient utilization of resources, Healthcare processes must be automated wherever it is possible. In this research, a detail survey and analysis is performed on the existing health care systems in Saudi Arabia, and an automated smart medical healthcare business process model is proposed. The business process management methods and rules are followed in discovering, collecting information, analysis, redesign, implementation and performance improvement analysis in terms of time and cost. From the simulation results, it is evident that our proposed smart medical records system can improve the quality of the service by reducing the time and cost and increasing efficiency

Keywords: business process management, electronic health records, efficiency, cost, time

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Authors: Elham Fakhrpoor, Daryush Mohammadi Zanjirani, Maziyar Nojaba

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Business process reengineering is one of the most important strategies in banks in recent years that not only it increases customers’ satisfaction, but also it increases performance of banks. The purpose of elementary (initial) business process reengineering is reinforcing banks abilities to obtain new customers and making long-term relationships with existed customers and increasing customers’ satisfaction among service quality in global level. Banks specially the private ones are the main streams of state, because cash flow is necessary to survive a state. What guarantees survival and permanency of financial institutes’ activities is providing favorite, certain, and proper services. Capital market being small and state financial system being bank-oriented needs optimum usage from banks. According to this fact and role and importance of developing banking system, the present study tried to offer a constructed model using Lisrel and also spss software to evaluate effects of business process reengineering on performance of private banks. We have one min hypothesis and four sub-hypotheses. The main hypothesis says reengineering factors have positive effects on bank performances (balanced- scores card aspects). These hypotheses were tested by structural equations modeling.

Keywords: effect, business, reengineering, private bank

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Authors: Navid Daryasafar, Nima Farshidfar

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In this article, we make attempt to hide error in video with an emphasis on the time-wise use of autoregressive (AR) models. To resolve this problem, we assume that all information in one or more video frames is lost. Then, lost frames are estimated using analogous Pixels time information in successive frames. Accordingly, after presenting autoregressive models and how they are applied to estimate lost frames, two general methods are presented for using these models. The first method which is the same standard method of autoregressive models estimates lost frame in unidirectional form. Usually, in such condition, previous frames information is used for estimating lost frame. Yet, in the second method, information from the previous and next frames is used for estimating the lost frame. As a result, this method is known as bidirectional estimation. Then, carrying out a series of tests, performance of each method is assessed in different modes. And, results are compared.

Keywords: error steganography, unidirectional estimation, bidirectional estimation, AR linear estimation

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Authors: Mona Solvoll, Ragnhild Kr. Olsen

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Background and significance of the study: Newspapers are going through radical changes with increased competition, eroding readerships and declining advertising resulting in plummeting overall revenues. This has lead to a quest for new business models, focusing on monetizing content. This research paper investigates both how local online newspapers have introduced user payment and how the audience has received these changes. Given the role of local media in keeping their communities informed and those in power accountable, their potential impact on civic engagement and cultural integration in local communities, the business model innovations of local media deserves far more research interest. Empirically, the findings are interesting for local journalists, local media managers as well as local advertisers. Basic methodologies: The study is based on interviews with commercial leaders in 20 Norwegian local newspapers in addition to a national survey data from 1600 respondents among local media users. The interviews were conducted in the second half of 2015, while the survey was conducted in September 2016. Theoretically, the study draws on the business model framework. Findings: The analysis indicates that paywalls aim more at reducing digital cannibalisation of print revenue than about creating new digital income. The newspapers are mostly concerned with retaining “old” print subscribers and transform them into digital subscribers. However, this strategy may come at a high price for newspapers if their defensive print strategy drives away younger digital readership and hamper their recruitment potential for new audiences as some previous studies have indicated. Analysis of young reader news habits indicates that attracting the younger audience to traditional local news providers is particularly challenging and that they are more prone to seek alternative news sources than the older audience is. Conclusion: The paywall strategy applied by the local newspapers may be well fitted to stabilise print subscription figures and facilitate more tailored and better services for already existing customers, but far less suited for attracting new ones. The paywall is a short-sighted strategy, which drives away younger readers and paves the road for substitute offerings, particularly Facebook.

Keywords: business model, newspapers, paywall, user payment

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Authors: Marcel Chevalier, Léo Dupont, Sylvain Marié, Frédérique Roffet, Elena Stolyarova, William Templier, Costin Vasile

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Industrial end-users are currently facing an increasing need to reduce the risk of unexpected failures and optimize their maintenance. This calls for both short-term analysis and long-term ageing anticipation. At Schneider Electric, we tackle those two issues using both machine learning and first principles models. Machine learning models are incrementally trained from normal data to predict expected values and detect statistically significant short-term deviations. Ageing models are constructed by breaking down physical systems into sub-assemblies, then determining relevant degradation modes and associating each one to the right kinetic law. Validating such anomaly detection and maintenance models is challenging, both because actual incident and ageing data are rare and distorted by human interventions, and incremental learning depends on human feedback. To overcome these difficulties, we propose to simulate physics, systems, and humans -including asset maintenance operations- in order to validate the overall approaches in accelerated time and possibly choose between algorithmic alternatives.

Keywords: degradation models, ageing, anomaly detection, soft sensor, incremental learning

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Authors: Julio Kauss, Miguel Cadillo, David Mauricio

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E-commerce is a business model that allows companies to optimize the processes of buying, selling, transferring goods and exchanging services through computer networks or the Internet. In Peru, the electronic commerce is used infrequently. This situation is due, in part to the fact that there is no model that allows companies to implement an e-commerce solution, which means that most SMEs do not have adequate knowledge to adapt to electronic commerce. In this work, a reference model is proposed for the implementation of an e-commerce solution in Peruvian SMEs in the retail sector. It consists of five phases: Business Analysis, Business Modeling, Implementation, Post Implementation and Results. The present model was validated in a SME of the Peruvian retail sector through the implementation of an electronic commerce platform, through which the company increased its sales through the delivery channel by 10% in the first month of deployment. This result showed that the model is easy to implement, is economical and agile. In addition, it allowed the company to increase its business offer, adapt to e-commerce and improve customer loyalty.

Keywords: e-commerce, retail, SMEs, reference model

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Authors: Tania Vazquez, Aida Huerta

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Way to get our food has changed over the time, and it is a daily necessity. Nowadays we found a lot of problems involved with the economy, environment, and society, which affect the agrifood system. Some problems as construction of big cities and growing population have been increasing demand food directly. Due to the countryside are far away from the city, another alternative systems have come from, such as Urban Agriculture (UA). UA system offers food production into the cities, products with characteristics as quality, healthy and good prices, close to the customers, recycling culture and the promote environmental education. Last years in Mexico City urban gardens have taken strongly in various politic delegations. There are establishment’s public and private initiatives. Moreover, these places have had different issues like low income, many activities, few workers, low production, lack of training and advice, devaluation of your work and low sales, all these shortcomings generate the devaluation of their work. The aim of this paper is to evaluate a business plan in Mexico City´s urban gardens that contribute to ensuring economic, environmental and social sustainability; to adjust business plan for this places so that they reach viability over time. As a part of soft systems methodology developed of Peter Checkland, we interviewed owners of urban gardens and we found that recurring problem was lack planning manager activities and a master plan about their business. We evaluate the business plan based on “Ten principles in sustainable food value chain development” proposed for Food and Agriculture Organization of the United Nations (FAO). With this study was possible measure, understand and improve performance of business plan in the three pillars of the sustainability in addition to this it allowed us to fit in with the needs of urban gardens.

Keywords: business plan, Mexico City, urban agriculture, urban gardens

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Authors: Jeongmin Kim, Eunju Lee, Kwang Ryel Ryu

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This paper addresses the problem of predictive control for energy management of large-scaled exhibition halls, where a lot of energy is consumed to maintain internal atmosphere under certain required conditions. Predictive control achieves better energy efficiency by optimizing the operation of air-conditioning facilities with not only the current but also some future status taken into account. In this paper, we propose to use predictive models learned from past sensor data of hall environment, for use in optimizing the operating plan for the air-conditioning facilities by simulating future environmental change. We have implemented an emulator of an exhibition hall by using EnergyPlus, a widely used building energy emulation tool, to collect data for learning environment-change models. Experimental results show that the learned models predict future change highly accurately on a short-term basis.

Keywords: predictive control, energy management, machine learning, optimization

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Authors: Nahla H. Alaswadko, Rayya A. Hassan, Bayar N. Mohammed

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Empirical deterministic models have been developed to predict roughness progression of heavy duty spray sealed pavements for a dataset representing rural arterial roads. The dataset provides a good representation of the relevant network and covers a wide range of operating and environmental conditions. A sample with a large size of historical time series data for many pavement sections has been collected and prepared for use in multilevel regression analysis. The modelling parameters include road roughness as performance parameter and traffic loading, time, initial pavement strength, reactivity level of subgrade soil, climate condition, and condition of drainage system as predictor parameters. The purpose of this paper is to report the approaches adopted for models development and validation. The study presents multilevel models that can account for the correlation among time series data of the same section and to capture the effect of unobserved variables. Study results show that the models fit the data very well. The contribution and significance of relevant influencing factors in predicting roughness progression are presented and explained. The paper concludes that the analysis approach used for developing the models confirmed their accuracy and reliability by well-fitting to the validation data.

Keywords: roughness progression, empirical model, pavement performance, heavy duty pavement

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Authors: Yananda Siraphatthada

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The current study was the succession of a previous study on value added of recycling business management. Its aims are to 1) explore conditions on how to increasing value add of Thai recycling business, and 2) exam the implementation of the 3-staged plan (short, medium, and long term), suggested by the former study, to increase value added of the recycling business as immediate mechanisms to accelerate government operation. Quantitative and qualitative methods were utilized in this research. A qualitative research consisted of in-depth interviews and focus group discussions. Responses were obtained from owners of the waste separation plants, and recycle shops, as well as officers in relevant governmental agencies. They were randomly selected via Quota Sampling. Data was analyzed via content analysis. The sample used for quantitative method consisted of 1,274 licensed recycling operators in eight provinces. The operators were randomly stratified via sampling method. Data were analyzed via descriptive statistics frequency, percentage, average (mean), and standard deviation. The study recommended three-staged plan: short, medium, and long terms. The plan included the development of logistics, the provision of quality market/plants, the amendment of recycling rules/regulation, the restructuring recycling business, the establishment of green-purchasing recycling center, support for the campaigns run by the International Green Purchasing Network (IGPN), conferences/workshops as a public forum to share insights among experts/concern people.

Keywords: strategies, value added, recycle, business

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Authors: Josip Vasilj, Petar Sarajcev, Damir Jakus

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One of the major difficulties introduced with wind power penetration is the inherent uncertainty in production originating from uncertain wind conditions. This uncertainty impacts many different aspects of power system operation, especially the balancing power requirements. For this reason, in power system development planing, it is necessary to evaluate the potential uncertainty in future wind power generation. For this purpose, simulation models are required, reproducing the performance of wind power forecasts. This paper presents a wind power forecast error simulation models which are based on the stochastic process simulation. Proposed models capture the most important statistical parameters recognized in wind power forecast error time series. Furthermore, two distinct models are presented based on data availability. First model uses wind speed measurements on potential or existing wind power plant locations, while the seconds model uses statistical distribution of wind speeds.

Keywords: wind power, uncertainty, stochastic process, Monte Carlo simulation

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Authors: Mairaj Salim, Asma Zaheer

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Oman has accomplished as much or more than its fellow Gulf monarchies, despite starting from scratch considerably later, having less oil income to utilize, dealing with a larger and more rugged geography, and resolving a bitter civil war along the way. Of course, Oman's progress in the past 30-plus years has not been without problems and missteps, but the balance is squarely on the positive side of the ledger. Oil has been the driving force of the Omani economy since Oman began commercial production in 1967. The oil industry supports the country’s high standard of living and is primarily responsible for its modern and expansive infrastructure, including electrical utilities, telephone services, roads, public education and medical services. In addition to extensive oil reserves, Oman also has substantial natural gas reserves, which are expected to play a leading role in the Omani economy in the Twenty-first Century. To reduce the country’s dependence on oil revenues, the government is restructuring the economy by directing investment to non-oil activities. Since the 21st century IT has changed the performing tasks. To manage the affairs for the benefits of organizations and economy, the Omani government has adopted E-Business technologies for the development. E-Business is important because it allows • Transformation of old economy relationships (vertical/linear relationships) to new economy relationships characterized by end-to-end relationship management solutions (integrated or extended relationships) • Facilitation and organization of networks, small firms depend on ‘partner’ firms for supplies and product distribution to meet customer demands • SMEs to outsource back-end process or cost centers enabling the SME to focus on their core competence • ICT to connect, manage and integrate processes internally and externally • SMEs to join networks and enter new markets, through shortened supply chains to increase market share, customers and suppliers • SMEs to take up the benefits of e-business to reduce costs, increase customer satisfaction, improve client referral and attract quality partners • New business models of collaboration for SMEs to increase their skill base • SMEs to enter virtual trading arena and increase their market reach A national strategy for the advancement of information and communication technology (ICT) has been worked out, mainly to introduce e-government, e-commerce, and a digital society. An information technology complex KOM (Knowledge Oasis Muscat) had been established, consisting of section for information technology, incubator services, a shopping center of technology software and hardware, ICT colleges, E-Government services and other relevant services. So, all these efforts play a vital role in the development of Oman economy.

Keywords: ICT, ITA, CRM, SCM, ERP, KOM, SMEs, e-commerce and e-business

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Authors: Sudip Kumar Kundu, Charu Singh

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As a great physiographic divide, the Himalayas affecting a large system of water and air circulation which helps to determine the climatic condition in the Indian subcontinent to the south and mid-Asian highlands to the north. It creates obstacles by defending chill continental air from north side into India in winter and also defends rain-bearing southwesterly monsoon to give up maximum precipitation in that area in monsoon season. Nowadays extreme weather conditions such as heavy precipitation, cloudburst, flash flood, landslide and extreme avalanches are the regular happening incidents in the region of North Western Himalayan (NWH). The present study has been planned to investigate the suitable model(s) to find out the rainfall pattern over that region. For this investigation, selected models from Coordinated Regional Climate Downscaling Experiment (CORDEX) and Coupled Model Intercomparison Project Phase 5 (CMIP5) has been utilized in a consistent framework for the period of 1976 to 2000 (historical). The ability of these driving models from CORDEX domain and CMIP5 has been examined according to their capability of the spatial distribution as well as time series plot of rainfall over NWH in the rainy season and compared with the ground-based Indian Meteorological Department (IMD) gridded rainfall data set. It is noted from the analysis that the models like MIROC5 and MPI-ESM-LR from the both CORDEX and CMIP5 provide the best spatial distribution of rainfall over NWH region. But the driving models from CORDEX underestimates the daily rainfall amount as compared to CMIP5 driving models as it is unable to capture daily rainfall data properly when it has been plotted for time series (TS) individually for the state of Uttarakhand (UK) and Himachal Pradesh (HP). So finally it can be said that the driving models from CMIP5 are better than CORDEX domain models to investigate the rainfall pattern over NWH region.

Keywords: global warming, rainfall, CMIP5, CORDEX, NWH

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Authors: Kuo-Wei Hsu, Shu-Fang Huang

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Global trend in creative economies promoted the modernization process of the development of cultural and creative industries and technology coincided with the craft industry towards value-added industrial restructuring. Due to government support and economic motivation in the private sector, regional craft products have emerged across counties and cities all over Taiwan which have led to an increased focus on craft culture promotion. However, most craft industry corporations in Taiwan are micro-enterprise, restricted operating profitability. This phenomenon shows the weakness of craft industry constitution when facing the rapid expansion of global economic commerce and manufacturing. In recent years, combining public and private enterprise, Platform business models revolutionary changed in craft industries’ original operation and transaction models. Therefore, this study attempts to explore the effects by implementing platform strategy on bamboo industry development in Nantou, the hometown of crafts in Taiwan, with an experimental investigation. This study concluded that platform strategy increases essence and insubstantial value for the bamboo industry in Taiwan. This study explored the economic value added of Taiwan bamboo village with three perspectives: Community participation, Culture Conservation, Regional Rejuvenation.

Keywords: platform strategy, craft industry, economic value-added

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Authors: Ana L. Martins, Rita S. Saraiva, João C. Ferreira

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Much effort has been placed on the assessment of perceived service quality. Several models can be found in literature, but these are mainly focused on business-to-consumer (B2C) relationships. Literature on how to assess perceived quality in business-to-business (B2B) contexts is scarce both conceptually and in terms of its application. This research aims at filling this gap in literature by applying INDSERV to a case study situation. Under this scope, this research aims at analyzing the adequacy of the proposed assessment tool to other context besides the one where it was developed and by doing so analyzing the perceive quality of the advertisement service provided by a specific television network to its B2B customers. The INDSERV scale was adopted and applied to a sample of 33 clients, via questionnaires adapted to interviews. Data was collected in person or phone. Both quantitative and qualitative data collection was performed. Qualitative data analysis followed content analysis protocol. Quantitative analysis used hypotheses testing. Findings allowed to conclude that the perceived quality of the television service provided by television network is very positive, being the Soft Process Quality the parameter that reveals the highest perceived quality of the service as opposed to Potential Quality. To this end, some comments and suggestions were made by the clients regarding each one of these service quality parameters. Based on the hypotheses testing, it was noticed that only advertisement clients that maintain a connection to the television network from 5 to 10 years do show a significant different perception of the TV advertisement service provided by the company in what the Hard Process Quality parameter is concerned. Through the collected data content analysis, it was possible to obtain the percentage of clients which share the same opinions and suggestions for improvement. Finally, based on one of the four service quality parameter in a B2B context, managerial suggestions were developed aiming at improving the television network advertisement perceived quality service.

Keywords: B2B, case study, INDSERV, perceived service quality

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Authors: Nancy Wilson

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In utero, fetal drug exposure is prevalent amongst birthing facilities. Assessment tools for neonatal abstinence syndrome (NAS) are often cumbersome and ill-fitting, harboring immense subjectivity. This paradox often leads the clinical assessor to be hypervigilant when assessing the newborn for subtle symptoms of NAS, often mistaken for normal newborn behaviors. As a quality improvement initiative, this project led to a more adaptable NAS tool termed eat, sleep, console (ESC). This function-based NAS assessment scores the infant based on the ability to accomplish three basic newborn necessities- to sleep, to eat, and to be consoled. Literature supports that ESC methodology improves patient and family outcomes while providing more cost-effective care.

Keywords: neonatal abstinence syndrome, neonatal opioid withdrawal, maternal substance abuse, pregnancy, and addiction, Finnegan neonatal abstinence syndrome tool, eat, sleep, console

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Authors: Noriyuki Suyama

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This paper looked into consumer behavioral changes by analyzing the data collected by ASMARKS Co., one of a research companies in Japan. The purpose of the paper is to understand the two differences of before vs. after COVID-19 pandemic and Japanese living in Japan. Subsequently, examining the analysis results helped obtain useful insights into new business models for business parties in Japan as a microlevel perspective. The paper also tried to explore future conditions of globalization by taking into consideration nation’s political and economic changes as a macro-level perspective. The COVID-19 has been continuing its spread across the world with more than 60 million confirmed cases in 190 countries. This pandemic with restricted scopes of behavior mandates have disrupted the consumer habits of their lifestyles. Consumers have tendency to learn new ways when they have trouble in taking routine action. For example, the government forces people to refrain from going out, they try to telecommute at home. If the situation come back to normal, people still change their lifestyles to fit in the best. Some of data show typical effects of COVID-19; forceful exposure to digitalized work-life styles; more flexible time at home; importance of trustful and useful information gathering between what's good and bad;etc. in comparison with before vs. after COVID-19 pandemic. In addition, Japanese have less changed their lifestyles than Expatriates living in Japan. For example, while 94% of the expatriates have decreased their outgo because of self-quarantine, only 55% of the Japanese have done. There are more differences in both comparisons in the analysis results. The economic downtrend resulting from COVID-19 is supposed to be at least as devastating if not more so than that of the financial crisis. With unemployment levels in the US taking two weeks to reach what took 6 months in the 2008 crisis, there is no doubt of a global recession some predict could reach 10% or above of GDP. As a result, globalization in the global supply chain of goods and services will end up with negative impact. A lot of governmental financial and economic policies are supposed to focus on their own profits and interests, exclusing other countries interests as is the case with the Recovery Act just after the global financial crisis from 2007 to 2008. Both micro- and macro-levels analysis successfully reveal important connotations and managerial implications of business in Japan for Japanese consumers as well as after COVID-19 global business.

Keywords: COVID-19, lifestyle in Japan, expatriates, consumer behavior

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Authors: Tanja Kreitenweis

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Lifelong learning is increasingly seen as essential for coping with the rapidly changing work environment. To this end, serious games can provide convenient and straightforward access to complex knowledge for all age groups. However, learning achievements depend largely on a learner’s non-cognitive skill disposition (e.g., motivation, self-belief, playfulness, and openness). With the aim of combining the fields of serious games and non-cognitive skills, this research focuses in particular on the use of a business simulation, which conveys change management insights. Business simulations are a subset of serious games and are perceived as a non-traditional learning method. The presented objectives of this work are versatile: (1) developing a scale, which measures learners’ knowledge and skills level before and after a business simulation was played, (2) investigating the influence of non-cognitive skills on learning in this business simulation environment and (3) exploring the moderating role of team preference in this type of learning setting. First, expert interviews have been conducted to develop an appropriate measure for learners’ skills and knowledge assessment. A pretest-posttest experimental design with German management students was implemented to approach the remaining objectives. By using the newly developed, reliable measure, it was found that students’ skills and knowledge state were higher after the simulation had been played, compared to before. A hierarchical regression analysis revealed two positive predictors for this outcome: motivation and self-esteem. Unexpectedly, playfulness had a negative impact. Team preference strengthened the link between grit and playfulness, respectively, and learners’ skills and knowledge state after completing the business simulation. Overall, the data underlined the potential of business simulations to improve learners’ skills and knowledge state. In addition, motivational factors were found as predictors for benefitting most from the applied business simulation. Recommendations are provided for how pedagogues can use these findings.

Keywords: business simulations, change management, (experiential) learning, non-cognitive skills, serious games

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Authors: Krishang Surapaneni

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The goal of this project is to determine how to predict important aspects of options, including the ask price. We want to compare different machine learning models to learn the best model and the best hyperparameters for that model for this purpose and data set. Option pricing is a relatively new field, and it can be very complicated and intimidating, especially to inexperienced people, so we want to create a machine learning model that can predict important aspects of an option stock, which can aid in future research. We tested multiple different models and experimented with hyperparameter tuning, trying to find some of the best parameters for a machine-learning model. We tested three different models: a Random Forest Regressor, a linear regressor, and an MLP (multi-layer perceptron) regressor. The most important feature in this experiment is the ask price; this is what we were trying to predict. In the field of stock pricing prediction, there is a large potential for error, so we are unable to determine the accuracy of the models based on if they predict the pricing perfectly. Due to this factor, we determined the accuracy of the model by finding the average percentage difference between the predicted and actual values. We tested the accuracy of the machine learning models by comparing the actual results in the testing data and the predictions made by the models. The linear regression model performed worst, with an average percentage error of 17.46%. The MLP regressor had an average percentage error of 11.45%, and the random forest regressor had an average percentage error of 7.42%

Keywords: finance, linear regression model, machine learning model, neural network, stock price

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Authors: H. C. Chinwenyi, H. D. Ibrahim, F. A. Ahmed

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In modern financial mathematics, valuing derivatives such as options is often a tedious task. This is simply because their fair and correct prices in the future are often probabilistic. This paper examines three different Stochastic Differential Equation (SDE) models in finance; the Constant Elasticity of Variance (CEV) model, the Balck-Karasinski model, and the Heston model. The various Martingales option price valuation formulas for these three models were obtained using the replicating portfolio method. Also, the numerical solution of the derived Martingales options price valuation equations for the SDEs models was carried out using the Monte Carlo method which was implemented using MATLAB. Furthermore, results from the numerical examples using published data from the Nigeria Stock Exchange (NSE), all share index data show the effect of increase in the underlying asset value (stock price) on the value of the European Put Option for these models. From the results obtained, we see that an increase in the stock price yields a decrease in the value of the European put option price. Hence, this guides the option holder in making a quality decision by not exercising his right on the option.

Keywords: equivalent martingale measure, European put option, girsanov theorem, martingales, monte carlo method, option price valuation formula

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Authors: Adilson Elias Xavier, Otto Corrêa Rotunno Filho, Paulo Canedo De Magalhães

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This paper addresses the issue of automatic parameter estimation in conceptual rainfall-runoff (CRR) models. Due to threshold structures commonly occurring in CRR models, the associated mathematical optimization problems have the significant characteristic of being strongly non-differentiable. In order to face this enormous task, the resolution method proposed adopts a smoothing strategy using a special C∞ differentiable class function. The final estimation solution is obtained by solving a sequence of differentiable subproblems which gradually approach the original conceptual problem. The use of this technique, called Hyperbolic Smoothing Method (HSM), makes possible the application of the most powerful minimization algorithms, and also allows for the main difficulties presented by the original CRR problem to be overcome. A set of computational experiments is presented for the purpose of illustrating both the reliability and the efficiency of the proposed approach.

Keywords: rainfall-runoff models, automatic calibration, hyperbolic smoothing method

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Authors: Mengmeng Zhang, Honghui Chen, Kalle Lyytinen

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The major challenges for sustainable business-IT alignment (BITA) in a company root in its volatile external competitive environment, increasingly complex internal relationships, and subversive IT roles. Failure to adequately address BITA results in wasting organizational resources, losing competitive advantages, and failing to produce adequate returns on investments. The coevolution is more suitable to describe the dynamic relationships of business and IT and has received certain attention in recent years. Multiple mechanisms for achieving BITC (e.g., sharing domain knowledge, modular design) were obtained. However, instead of a complete managing process, BITC achievement is still hard to operate in practice. This study emphasizes what the BITC management process looks like and how to execute this coevolution step-by-step. A practical coevolutionary framework that combines the enterprise architecture (EA) method with misalignment analysis is proposed in this paper. It contains steps of EA design, misalignment detection, misalignment correction, and EA management /misalignment prevention. The step of misalignment correction is especially discussed at length. This study also evaluates the proposed framework by comparing the characteristics, principles, and approaches of coevolution in the literature.

Keywords: business-IT alignment, business-IT coevolution, enterprise architecture, misalignment analysis, misalignment correction

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Authors: Michael Postert

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The Studierendenwerke are legally independent public foundations with a one-century-old history in the German university community. Like the French CROUS, the Italian ANDISU or the Japanese University COOPs, they are set-up to serve the university and student needs. They are legally independent of their client institutions and student stakeholders. Initially set up as a support organization by students for students they have evolved to public business institutions with an annual turnover of EUR 100 Million or more. They are usually engaged in business areas such as student housing, restaurants, student grants, governmental scholarships and counselling services. These institutions are facing major changes over the next few years. The COVID19 pandemic and its impact on the educational system will unavoidably have an immense impact on the German student service organizations (Studierendenwerke). Issues such as digitalization and sustainability will have a huge impact on how the future business model of the Studierendenwerke will look like. The paper will discuss the aims and challenges of this development that started already before the COVID19 pandemic. In light of the way the educational system of the future will look like, the Studierendenwerke have to develop as well.

Keywords: business model, digitalization, education, student services

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Authors: Mehdi Seifbarghy, Zahra Mansouri

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In this paper a few location-allocation models are developed in a multi-echelon supply chain including suppliers, manufacturers, distributors and retailers. The objectives are maximizing demand coverage, minimizing the total distance of distributors from suppliers, minimizing some facility establishment costs and minimizing the environmental effects. Since nature of the given models is multi-objective, we suggest a number of goal-based solution techniques such L-P metric, goal programming, multi-choice goal programming and goal attainment in order to solve the problems.

Keywords: location, multi-echelon supply chain, covering, goal programming

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Authors: Amadou Wurry Jallow, Adama N. S. Bah, Karamo Bah, Shih-Ye Wang, Kuo-Chung Chu, Chien-Yeh Hsu

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Chronic kidney disease (CKD) is a major public health challenge with high prevalence, rising incidence, and serious adverse consequences. Developing effective risk prediction models is a cost-effective approach to predicting and preventing complications of chronic kidney disease (CKD). This study aimed to develop an accurate machine learning model that can dynamically identify individuals at risk of CKD using various kinds of diagnostic data, with or without laboratory data, at different follow-up points. Creatinine is a key component used to predict CKD. These models will enable affordable and effective screening for CKD even with incomplete patient data, such as the absence of creatinine testing. This retrospective cohort study included data on 19,429 adults provided by a private research institute and screening laboratory in Taiwan, gathered between 2001 and 2015. Univariate Cox proportional hazard regression analyses were performed to determine the variables with high prognostic values for predicting CKD. We then identified interacting variables and grouped them according to diagnostic data categories. Our models used three types of data gathered at three points in time: non-laboratory, laboratory, and metabolic indices data. Next, we used subgroups of variables within each category to train two machine learning models (Random Forest and XGBoost). Our machine learning models can dynamically discriminate individuals at risk for developing CKD. All the models performed well using all three kinds of data, with or without laboratory data. Using only non-laboratory-based data (such as age, sex, body mass index (BMI), and waist circumference), both models predict chronic kidney disease as accurately as models using laboratory and metabolic indices data. Our machine learning models have demonstrated the use of different categories of diagnostic data for CKD prediction, with or without laboratory data. The machine learning models are simple to use and flexible because they work even with incomplete data and can be applied in any clinical setting, including settings where laboratory data is difficult to obtain.

Keywords: chronic kidney disease, glomerular filtration rate, creatinine, novel metabolic indices, machine learning, risk prediction

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Authors: Mai Nguyen-Phuong-Mai

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This paper incorporates insight from various models, studies and disciplines to construct a framework called the Inverted Pyramid Model. It is argued that such a framework has several advantages: (1) it reduces the shortcomings of the problem-focused approach that dominates the mainstream theories of cross-cultural management. With contributing insight from neuroscience, it suggests that training in business cross-cultural awareness should start with potential synergy emerged from differences instead of the traditional approach that focuses on the liability of foreigners and negative consequences of cultural distance. (2) The framework supports a dynamic and holistic way of analyzing cultural diversity by analyzing four major cultural units (global, national, organizational and group culture). (3) The framework emphasizes the role of individuals –an aspect of culture that is often ignored or regarded as a non-issue in the traditional approach. It is based on the notion that people don’t do business with a country, but work (in)directly with a unique person. And it is at this individual level that culture is made, personally, dynamically, and contextually. Insight from neuroscience provides significant evidence that a person can develop a multicultural mind, confirm and contradict, follow and reshape a culture, even when (s)he was previously an outsider to this culture. With this insight, the paper proposes a revision of the old adage (Think global – Act local) and change it into Think global – Plan local – Act individual.

Keywords: static–dynamic paradigm, cultural diversity, multicultural mind, neuroscience

Procedia PDF Downloads 105

Authors: Ana Julia Acevedo Urquiaga, Jose A. Acevedo Suarez, Ana Julia Urquiaga Rodriguez, Neyfe Sablon Cossio

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Despite the progress made in logistics and supply chains fields, it is unavoidable the development of business models that use efficiently information to facilitate the integrated logistics flows management between partners. Collaborative management is an important tool for materializing the cooperation between companies, as a way to achieve the supply chain efficiency and effectiveness. The first face of this research was a comprehensive analysis of the collaborative planning on the Cuban companies. It is evident that they have difficulties in supply chains planning where production, supplies and replenishment planning are independent tasks, as well as logistics and distribution operations. Large inventories generate serious financial and organizational problems for entities, demanding increasing levels of working capital that cannot be financed. Problems were found in the efficient application of Information and Communication Technology on business management. The general objective of this work is to develop a methodology that allows the deployment of a planning and control system in a coordinated way on the medicine’s logistics system in Cuba. To achieve these objectives, several mechanisms of supply chain coordination, mathematical programming models, and other management techniques were analyzed to meet the requirements of collaborative logistics management in Cuba. One of the findings is the practical and theoretical inadequacies of the studied models to solve the current situation of the Cuban logistics systems management. To contribute to the tactical-operative management of logistics, the Collaborative Logistics Flow Management Model (CLFMM) is proposed as a tool for the balance of cycles, capacities, and inventories, always to meet the final customers’ demands in correspondence with the service level expected by these. The CLFMM has as center the supply chain planning and control system as a unique information system, which acts on the processes network. The development of the model is based on the empirical methods of analysis-synthesis and the study cases. Other finding is the demonstration of the use of a single information system to support the supply chain logistics management, allows determining the deadlines and quantities required in each process. This ensures that medications are always available to patients and there are no faults that put the population's health at risk. The simulation of planning and control with the CLFMM in medicines such as dipyrone and chlordiazepoxide, during 5 months of 2017, permitted to take measures to adjust the logistic flow, eliminate delayed processes and avoid shortages of the medicines studied. As a result, the logistics cycle efficiency can be increased to 91%, the inventory rotation would increase, and this results in a release of financial resources.

Keywords: collaborative management, medicine logistic system, supply chain planning, tactical-operative planning

Procedia PDF Downloads 159

Authors: Nodelman V.

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Despite serious difficulties in the assimilation of the conceptual system of Calculus, software in the educational process is used only occasionally, and even then, mainly for illustration purposes. The following are a few reasons: The non-trivial nature of the studied material, Lack of skills in working with software, Fear of losing time working with software, The variety of the software itself, the corresponding interface, syntax, and the methods of working with the software, The need to find suitable models, and familiarize yourself with working with them, Incomplete compatibility of the found models with the content and teaching methods of the studied material. This paper proposes an active use of the developed non-commercial software VusuMatica, which allows removing these restrictions through Broad support for the studied mathematical material (and not only Calculus). As a result - no need to select the right software, Emphasizing the unity of mathematics, its intrasubject and interdisciplinary relations, User-friendly interface, Absence of special syntax in defining mathematical objects, Ease of building models of the studied material and manipulating them, Unlimited flexibility of models thanks to the ability to redefine objects, which allows exploring objects characteristics, and considering examples and counterexamples of the concepts under study. The construction of models is based on an original approach to the analysis of the structure of the studied concepts. Thanks to the ease of construction, students are able not only to use ready-made models but also to create them on their own and explore the material studied with their help. The presentation includes examples of using VusuMatica in studying the concepts of limit and continuity of a function, its derivative, and integral.

Keywords: counterexamples, limitations and requirements, software, teaching and learning calculus, user-friendly interface and syntax

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Authors: Malcolm Abbott, Angela Tan-Kantoor

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The purpose of this paper is to look at the varieties of ways in which regulators have undertaken asset valuations in Australia of government business enterprises as part of utility regulation. Regulation of the monopoly elements, through use of a building block approach, led to a need to estimate regulated asset bases. This development has had an influence on the manner in which Australian companies (both government and privately owned ones) have valued assets for the purpose of financial reporting. As the regulators in Australia did not always use a consistent approach it had meant that a variety of ways have been used to value the assets of government owned enterprises, and meant a varied impact on asset valuation more generally.

Keywords: sset valuation, regulation, government business enterprises

Procedia PDF Downloads 290