Search results for: portfolio selection

Authors: Jiahui Yang, John Quigley, Lesley Walls

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In this paper, the authors develop a stochastic model regarding the investment in supplier delivery performance development from a buyer’s perspective. The authors propose a multivariate model through a Multinomial-Dirichlet distribution within an Empirical Bayesian inference framework, representing both the epistemic and aleatory uncertainties in deliveries. A closed form solution is obtained and the lower and upper bound for both optimal investment level and expected profit under uncertainty are derived. The theoretical properties provide decision makers with useful insights regarding supplier delivery performance improvement problems where multiple delivery statuses are involved. The authors also extend the model from a single supplier investment into a supplier portfolio, using a Lagrangian method to obtain a theoretical expression for an optimal investment level and overall expected profit. The model enables a buyer to know how the marginal expected profit/investment level of each supplier changes with respect to the budget and which supplier should be invested in when additional budget is available. An application of this model is illustrated in a simulation study. Overall, the main contribution of this study is to provide an optimal investment decision making framework for supplier development, taking into account multiple delivery statuses as well as multiple projects.

Keywords: decision making, empirical bayesian, portfolio optimization, supplier development, supply chain management

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Authors: Tonny Ograh, Joshua Ayarkwa, Dickson Osei-Asibey, Alex Acheampong, Peter Amoah

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Theories are used to improve the conceptualization of research ideas. These theories enhance valuable elucidations that help us to grasp the meaning of research findings. Nevertheless, the use of theories to promote studies in green supplier selection in procurement decisions has attracted little attention. With the emergence of sustainable procurement, public procurement practitioners in Ghana are yet to achieve relevant knowledge on green supplier selections due to insufficient knowledge and inadequate appropriate frameworks. The flagrancy of the consequences of public procurers’ failure to integrate environmental considerations into supplier selection explains the adoption of a multi-theory approach for comprehension of the dynamics of green integration into supplier selection. In this paper, the practicality of three theories for improving the understanding of the influential factors enhancing the integration of environmental sustainability into supplier selection was reviewed. The three theories are Resource-Based Theory, Human Capital Theory and Absorptive Capacity Theory. This review uncovered knowledge management, top management commitment, and environmental management capabilities as important elements needed for the integration of environmental sustainability into supplier selection in public procurement. The theoretical review yielded a framework that conceptualizes knowledge and capabilities of practitioners relevant to the incorporation of environmental sustainability into supplier selection in public procurement.

Keywords: environmental, sustainability, supplier selection, environmental procurement, sustainable procurement

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Authors: Mohammad Q. M. Momani

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The objective of this study is to examine whether the value relevance of ownership structure changed as the Amman Stock Exchange market conditions changed. Using data from 2005 to 2014, the study finds that the performance of portfolios that contain firms with concentrated ownership structure declines significantly during the post-crisis period. These portfolios exhibit poor performance relative to portfolios that contain firms with dispersed ownership structure during the post-crisis period. The results argue that uninspired performance of the Amman Stock Exchange during the post-crisis period, increased the incentives for controlling shareholders to expropriate. Investors recognized these incentives and discounted firms that were more likely to expropriate.

Keywords: value relevance, ownership structure, portfolio performance, Jordan, ASE

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Authors: Vinayak Bassi, Rajpreet Singh

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Over the years, with the emergence of sophisticated computers and algorithms, finance has been quantified using computational prowess. Asset valuation has been one of the key components of quantitative finance. In fact, it has become one of the embryonic steps in determining risk related to a portfolio, the main goal of quantitative finance. This study comprises a drawing comparison between valuation output generated by two stochastic dynamic models, namely Black-Scholes and Dupire’s bi-dimensionality model. Both of these models are formulated for computing the valuation function for a portfolio of European options using Monte Carlo simulation methods. Although Monte Carlo algorithms have a slower convergence rate than calculus-based simulation techniques (like FDM), they work quite effectively over high-dimensional dynamic models. A fidelity gap is analyzed between the static (historical) and stochastic inputs for a sample portfolio of underlying assets. In order to enhance the performance efficiency of the model, the study emphasized the use of variable reduction methods and customizing random number generators to implement parallelization. An attempt has been made to further implement the Dupire’s model on a GPU to achieve higher computational performance. Furthermore, ideas have been discussed around the performance enhancement and bottleneck identification related to the implementation of options-pricing models on GPUs.

Keywords: monte carlo, stochastic models, computational finance, parallel programming, scientific computing

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Authors: Francys Souza, Alberto Ohashi, Dorival Leao

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We present a general solution for finding the ε-optimal controls for non-Markovian stochastic systems as stochastic differential equations driven by Brownian motion, which is a problem recognized as a difficult solution. The contribution appears in the development of mathematical tools to deal with modeling and control of non-Markovian systems, whose applicability in different areas is well known. The methodology used consists to discretize the problem through a random discretization. In this way, we transform an infinite dimensional problem in a finite dimensional, thereafter we use measurable selection arguments, to find a control on an explicit form for the discretized problem. Then, we prove the control found for the discretized problem is a ε-optimal control for the original problem. Our theory provides a concrete description of a rather general class, among the principals, we can highlight financial problems such as portfolio control, hedging, super-hedging, pairs-trading and others. Therefore, our main contribution is the development of a tool to explicitly the ε-optimal control for non-Markovian stochastic systems. The pathwise analysis was made through a random discretization jointly with measurable selection arguments, has provided us with a structure to transform an infinite dimensional problem into a finite dimensional. The theory is applied to stochastic control problems based on path-dependent stochastic differential equations, where both drift and diffusion components are controlled. We are able to explicitly show optimal control with our method.

Keywords: dynamic programming equation, optimal control, stochastic control, stochastic differential equation

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Authors: Cavidan Yakupoglu, Kurt Rohloff

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In this study, we aim to provide a novel parameter selection model for the BFVrns scheme, which is one of the prominent FHE schemes. Parameter selection in lattice-based FHE schemes is a practical challenges for experts or non-experts. Towards a solution to this problem, we introduce a hybrid principles-based approach that combines theoretical with experimental analyses. To begin, we use regression analysis to examine the parameters on the performance and security. The fact that the FHE parameters induce different behaviors on performance, security and Ciphertext Expansion Factor (CEF) that makes the process of parameter selection more challenging. To address this issue, We use a multi-objective optimization algorithm to select the optimum parameter set for performance, CEF and security at the same time. As a result of this optimization, we get an improved parameter set for better performance at a given security level by ensuring correctness and security against lattice attacks by providing at least 128-bit security. Our result enables average ~ 5x smaller CEF and mostly better performance in comparison to the parameter sets given in [1]. This approach can be considered a semiautomated parameter selection. These studies are conducted using the PALISADE homomorphic encryption library, which is a well-known HE library. The abstract goes here.

Keywords: lattice cryptography, fully homomorphic encryption, parameter selection, LWE, RLWE

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Authors: Pulak Swain, A. K. Ojha

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Portfolio optimization is based on dealing with the problems of efficient asset allocation. Risk and Expected return are two conflicting criteria in such problems, where the investor prefers the return to be high and the risk to be low. Using multi-objective approach we can solve those type of problems. However the information which we have for the input parameters are generally ambiguous and the input values can fluctuate around some nominal values. We can not ignore the uncertainty in input values, as they can affect the asset allocation drastically. So we use Robust Optimization approach to the problems where the input parameters comes under box uncertainty. In this paper, we solve the multi criteria robust problem with the help of  E- constraint method.

Keywords: portfolio optimization, multi-objective optimization, ϵ - constraint method, box uncertainty, robust optimization

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Authors: Iulia E. Falcan

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The transition of the European power sector towards a clean, renewable energy (RE) system faces the challenge of meeting power demand in times of low wind speed and low solar radiation, at a reasonable cost. This is likely to be achieved through a combination of 1) energy storage technologies, 2) development of the cross-border power grid, 3) installed overcapacity of RE and 4) dispatchable power sources – such as biomass. This paper uses NASA; derived hourly data on weather patterns of sixteen European countries for the past twenty-five years, and load data from the European Network of Transmission System Operators-Electricity (ENTSO-E), to develop a stochastic optimization model. This model aims to understand the synergies between the four classes of technologies mentioned above and to determine the optimal configuration of the energy technologies portfolio. While this issue has been addressed before, it was done so using deterministic models that extrapolated historic data on weather patterns and power demand, as well as ignoring the risk of an unbalanced grid-risk stemming from both the supply and the demand side. This paper aims to explicitly account for the inherent uncertainty in the energy system transition. It articulates two levels of uncertainty: a) the inherent uncertainty in future weather patterns and b) the uncertainty of fully meeting power demand. The first level of uncertainty is addressed by developing probability distributions for future weather data and thus expected power output from RE technologies, rather than known future power output. The latter level of uncertainty is operationalized by introducing a Conditional Value at Risk (CVaR) constraint in the portfolio optimization problem. By setting the risk threshold at different levels – 1%, 5% and 10%, important insights are revealed regarding the synergies of the different energy technologies, i.e., the circumstances under which they behave as either complements or substitutes to each other. The paper concludes that allowing for uncertainty in expected power output - rather than extrapolating historic data - paints a more realistic picture and reveals important departures from results of deterministic models. In addition, explicitly acknowledging the risk of an unbalanced grid - and assigning it different thresholds - reveals non-linearity in the cost functions of different technology portfolio configurations. This finding has significant implications for the design of the European energy mix.

Keywords: cross-border grid extension, energy storage technologies, energy system transition, stochastic portfolio optimization

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Authors: Abdelmounaim Lahrech, Hajar Bousfiha

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This paper examines equity market integration between Morocco and France and its consequent implications on international portfolio diversification. In the absence of stock market linkages, Morocco can act as a diversification destination to European investors, allowing higher returns at a comparable level of risk in developed markets. In contrast, this attractiveness is limited if both financial markets show significant linkage. The research empirically measures financial market’s integration in by capturing the conditional correlation between the two markets using the Generalized Autoregressive Conditionally Heteroscedastic (GARCH) model. Then, the research uses the Dynamic Conditional Correlation (DCC) model of Engle (2002) to track the correlations. The research findings show that there is no important increase over the years in the correlation between the Moroccan and the French equity markets, even though France is considered Morocco’s first trading partner. Failing to prove evidence of the stock index linkage between the two countries, the volatility series of each market were assumed to change over time separately. Yet, the study reveals that despite the important historical and economic linkages between Morocco and France, there is no evidence that equity markets follow. The small correlations and their stationarity over time show that over the 10 years studied, correlations were fluctuating around a stable mean with no significant change at their level. Different explanations can be attributed to the absence of market linkage between the two equity markets.

Keywords: equity market linkage, DCC GARCH, international portfolio diversification, Morocco, France

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Authors: Ghita Benayad

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Asset allocation, which affects the long-term profitability of portfolios by distributing assets to fulfill a range of investment objectives, is the cornerstone of investment management in the dynamic and complicated world of financial markets. This paper offers a technique for optimizing strategic asset allocation with the goal of improving portfolio performance by addressing the inherent complexity and uncertainty of the market through the use of Principal Component Analysis (PCA) in a multi-objective modeling framework. The study's first section starts with a critical evaluation of conventional asset allocation techniques, highlighting how poorly they are able to capture the intricate relationships between assets and the volatile nature of the market. In order to overcome these challenges, the project suggests a PCA-driven methodology that isolates important characteristics influencing asset returns by decreasing the dimensionality of the investment universe. This decrease provides a stronger basis for asset allocation decisions by facilitating a clearer understanding of market structures and behaviors. Using a multi-objective optimization model, the project builds on this foundation by taking into account a number of performance metrics at once, including risk minimization, return maximization, and the accomplishment of predetermined investment goals like regulatory compliance or sustainability standards. This model provides a more comprehensive understanding of investor preferences and portfolio performance in comparison to conventional single-objective optimization techniques. While applying the PCA-driven multi-objective optimization model to historical market data, aiming to construct portfolios better under different market situations. As compared to portfolios produced from conventional asset allocation methodologies, the results show that portfolios optimized using the proposed method display improved risk-adjusted returns, more resilience to market downturns, and better alignment with specified investment objectives. The study also looks at the implications of this PCA technique for portfolio management, including the prospect that it might give investors a more advanced framework for navigating financial markets. The findings suggest that by combining PCA with multi-objective optimization, investors may obtain a more strategic and informed asset allocation that is responsive to both market conditions and individual investment preferences. In conclusion, this capstone project improves the field of financial engineering by creating a sophisticated asset allocation optimization model that integrates PCA with multi-objective optimization. In addition to raising concerns about the condition of asset allocation today, the proposed method of portfolio management opens up new avenues for research and application in the area of investment techniques.

Keywords: asset allocation, portfolio optimization, principle component analysis, multi-objective modelling, financial market

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Authors: Kozik Renata, Leśniak Agnieszka, Plebankiewicz Edyta

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Contracting authorities in the public sector are obligated to apply the principles provided for in the Polish law for the evaluation and selection of contractors. To analyze the methods of contractors, applied in practice by public clients, the notices of contract award results for construction works were analyzed. The analysis shows that the procedure selected more and more often is open to competitive bidding, where the assessment of the competence of contractors is not very precise, as well as non-competitive bidding, i.e. single source procurement. The share of procurement procedures, where the only criterion is price, is increasing. The solution to the problems existing here might be the introduction of one of the forms of pre-selection of contractors. The article also briefly discusses verification systems for companies applying for public contracts used in EU countries.

Keywords: certification, contractors selection, open tendering, public investors

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Authors: Seifoddini Hamid, Mardikoraeem Mahsa, Ghorayshi Roya

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Manufacturing facility location selection is an important strategic decision for many industrial corporations. In this paper, a new approach to the manufacturing location selection problem is proposed. In this approach, cluster analysis is employed to identify suitable manufacturing locations based on economic, social, environmental, and political factors. These factors are quantified using the existing real world data.

Keywords: manufacturing facility, manufacturing sites, real world data

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Authors: Ritsuko Kawasaki, Takeshi Hiromatsu

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Management is required to understand all information security risks within an organization, and to make decisions on which information security risks should be treated in what level by allocating how much amount of cost. However, such decision-making is not usually easy, because various measures for risk treatment must be selected with the suitable application levels. In addition, some measures may have objectives conflicting with each other. It also makes the selection difficult. Therefore, this paper provides a model which supports the selection of measures by applying multi-objective analysis to find an optimal solution. Additionally, a list of measures is also provided to make the selection easier and more effective without any leakage of measures.

Keywords: information security risk treatment, selection of risk measures, risk acceptance, multi-objective optimization

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Authors: Oscar F. Toro, Alexia Pardo Figueroa, Brigitte M. Larico

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The development of new processes in the textile industry entails designing methodologies to select adequate supplies that fit these new processes requirements. This paper presents a methodology to select chemicals that fulfill a new process technical specifications. The proposed methodology involves three major phases: (1) Data collection of chemical products, (2) Qualitative pre-selection and (3) Laboratory tests. We have applied this methodology to the selection of a binder which will form a protective film above the textile fibers and bond them. Our findings were that, there exist five possible products that can be used in our new process: Arkofil, Elvanol, Size plus A, Size plus AC and Starch. This new methodology has both qualitative and experimental variables, and can be used to select supplies for new textile processes.

Keywords: binder, chemical products, selection methodology, textile supplies, textile fiber

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Authors: Jiaqi Huang, Yuheng Wang

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Premises selection, the task of selecting a set of axioms for proving a given conjecture, is a major bottleneck in automated theorem proving. An array of deep-learning-based methods has been established for premises selection, but a perfect performance remains challenging. Our study examines the inaccuracy of deep neural networks in premises selection. Through training network models using encoded conjecture and axiom pairs from the Mizar Mathematical Library, two potential biases are found: the network models classify more premises as necessary than unnecessary, referred to as the ‘positive bias’, and the network models perform better in proving conjectures that paired with more axioms, referred to as ‘length bias’. The ‘positive bias’ and ‘length bias’ discovered could inform the limitation of existing deep neural networks.

Keywords: automated theorem proving, premises selection, deep learning, interpreting deep learning

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Authors: Samina Khalid, Shamila Nasreen

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Dimensionality reduction as a preprocessing step to machine learning is effective in removing irrelevant and redundant data, increasing learning accuracy, and improving result comprehensibility. However, the recent increase of dimensionality of data poses a severe challenge to many existing feature selection and feature extraction methods with respect to efficiency and effectiveness. In the field of machine learning and pattern recognition, dimensionality reduction is important area, where many approaches have been proposed. In this paper, some widely used feature selection and feature extraction techniques have analyzed with the purpose of how effectively these techniques can be used to achieve high performance of learning algorithms that ultimately improves predictive accuracy of classifier. An endeavor to analyze dimensionality reduction techniques briefly with the purpose to investigate strengths and weaknesses of some widely used dimensionality reduction methods is presented.

Keywords: age related macular degeneration, feature selection feature subset selection feature extraction/transformation, FSA’s, relief, correlation based method, PCA, ICA

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Authors: Abdelouahab Errida, Bouchra Lotfi, Elalami Semma

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In this paper, we try to address the topic of multiple change management by adopting an engineered research methodology, conducted within a Moroccan company during its implementation of several change projects that aim at improving its supply chain management performance. Firstly, we present the key concepts related to our research, namely change management, multiproject management and supply chain management. Then, we try to assess how the change management and multi-project management are applied in this company. Finally, we try to propose an approach that will help managers in dealing with multiple change projects. This approach proposes to integrate change management, project management and multi-project management for managing change projects according to three organizational levels: executive level, project portfolio level and change project level.

Keywords: change management, multi-project management, project management, change portfolio, supply chain management,

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Authors: Odd Jarl Borch, Marina Z. Solesvik

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The paper analyses partner selection approaches related to large scale R&D-based innovation projects at the different stages of development. We emphasize innovation projects in the maritime value chain and how partners are selected to improve quality according to high spec customer demands, and to reduce investment costs on new production technology such as advanced offshore service vessels. We elaborate on the differences in innovation approach and especially the role that purposive inflows and outflows of knowledge from external partners may be used to accelerate internal innovation. We present three cases related to different projects in terms of specificity and scope. We explore how the partner selection criteria change over time when the goals move from wide scope to a very specific R&D tasks.

Keywords: partner selection, innovation, offshore industry, concept design

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Authors: Niranjana Devi N.

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Test case selection is to select the subset of only the fit test cases and remove the unfit, ambiguous, redundant, unnecessary test cases which in turn improve the quality and reduce the cost of software testing. Test cases optimization is the problem of finding the best subset of test cases from a pool of the test cases to be audited. It will meet all the objectives of testing concurrently. But most of the research have evaluated the fitness of test cases only on single parameter fault detecting capability and optimize the test cases using a single objective. In the proposed approach, nine parameters are considered for test case selection and the best subset of parameters for test case selection is obtained using Interval Type-2 Fuzzy Rough Set. Test case selection is done in two stages. The first stage is the fuzzy entropy-based filtration technique, used for estimating and reducing the ambiguity in test case fitness evaluation and selection. The second stage is the ant colony optimization-based wrapper technique with a forward search strategy, employed to select test cases from the reduced test suite of the first stage. The results are evaluated using the Coverage parameters, Precision, Recall, F-Measure, APSC, APDC, and SSR. The experimental evaluation demonstrates that by this approach considerable computational effort can be avoided.

Keywords: ant colony optimization, fuzzy entropy, interval type-2 fuzzy rough set, test case selection

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Authors: Mehtap Dursun, Zeynep Şener

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Supplier selection is considered as one of the most critical issues encountered by operations and purchasing managers to sharpen the company’s competitive advantage. In this paper, a novel fuzzy multi-criteria group decision making approach integrating quality function deployment (QFD) and decision making trial and evaluation laboratory (DEMATEL) method is proposed for supplier selection. The proposed methodology enables to consider the impacts of inner dependence among supplier assessment criteria. A house of quality (HOQ) which translates purchased product features into supplier assessment criteria is built using the weights obtained by DEMATEL approach to determine the desired levels of supplier assessment criteria. Supplier alternatives are ranked by a distance-based method.

Keywords: DEMATEL, group decision making, QFD, supplier selection

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Authors: Walid Chkili

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This paper investigates the dynamic relationship between gold and stock markets using data for BRICS counties. For this purpose, we estimate three multivariate GARCH models (namely CCC, DCC and BEKK) for weekly stock and gold data. Our main objective is to examine time variations in conditional correlations between the two assets and to check the effectiveness use of gold as a hedge for equity markets. Empirical results reveal that dynamic conditional correlations switch between positive and negative values over the period under study. This correlation is negative during the major financial crises suggesting that gold can act as a safe haven during the major stress period of stock markets. We also evaluate the implications for portfolio diversification and hedging effectiveness for the pair gold/stock. Our findings suggest that adding gold in the stock portfolio enhance its risk-adjusted return.

Keywords: gold, financial markets, hedge, multivariate GARCH

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Authors: Kriuk Boris, Kriuk Fedor

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This paper presents a comparative study of fundamental similarity functions for Siamese networks in semantic textual similarity (STS) tasks. We evaluate various similarity functions using the STS Benchmark dataset, analyzing their performance and stability. Additionally, we introduce a multi-objective approach for optimal threshold selection. Our findings provide insights into the effectiveness of different similarity functions and offer a straightforward method for threshold selection optimization, contributing to the advancement of Siamese network architectures in STS applications.

Keywords: siamese networks, semantic textual similarity, similarity functions, STS benchmark dataset, threshold selection

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Authors: Surayyo Shaamirova, Anwar Hasan Abdullah Othman

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This study investigates the co-integration association between the top 10 cryptocurrencies, namely Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Cardano, Litecoin, Stellar, IOTA, and NEO. The study applies Johansen Juselius co-integration test to examine the long-run co-integration and utilize the Engle and Granger casualty test to examine the short-run relationship. The findings of the study show that there is a strong co-integration relationship among the cryptocurrencies; however, in the short run, there is no causal relationship among the crypto currencies. These results, therefore, suggest that there are portfolio diversification opportunities in the cryptocurrencies industry when it comes to long run investment decisions, on the other hand, the cryptocurrencies industry shows the characteristics of efficiency in the short-run. This is an indication of a non-speculation investment in the cryptocurrencies industry in the short term investment.

Keywords: cryptocurrencies, Johansen-Juselius co-integration test, Engle and Granger casualty test, portfolio diversification

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Authors: A. Lefebre, M. Willekens, K. Debackere

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Since the 1990s, patent applications have been booming, especially in the field of telecommunications. However, this increase in patent filings has been associated with an (alleged) decrease in patent quality. The plethora of low-quality patents devalues the high-quality ones, thus weakening the incentives for inventors to patent inventions. Despite the rich literature on strategic patenting, previous research has neglected to emphasize the importance of patent portfolio management and its impact on patent quality. In this paper, we compare related patent portfolios vs. nonrelated patents and investigate whether the patent quality and innovativeness differ between the two types. In the analyses, patent quality is proxied by five individual proxies (number of inventors, claims, renewal years, designated states, and grant lag), and these proxies are then aggregated into a quality index. Innovativeness is proxied by two measures: the originality and radicalness index. Results suggest that related patent portfolios have, on average, a lower patent quality compared to nonrelated patents, thus suggesting that firms use them for strategic purposes rather than for the extended protection they could offer. Even upon testing the individual proxies as a dependent variable, we find evidence that related patent portfolios are of lower quality compared to nonrelated patents, although not all results show significant coefficients. Furthermore, these proxies provide evidence of the importance of adding fixed effects to the model. Since prior research has found that these proxies are inherently flawed and never fully capture the concept of patent quality, we have chosen to run the analyses with individual proxies as supplementary analyses; however, we stick with the comprehensive index as our main model. This ensures that the results are not dependent upon one certain proxy but allows for multiple views of the concept. The presence of divisional applications might be linked to the level of innovativeness of the underlying invention. It could be the case that the parent application is so important that firms are going through the administrative burden of filing for divisional applications to ensure the protection of the invention and the preemption of competition. However, it could also be the case that the preempting is a result of divisional applications being used strategically as a backup plan and prolonging strategy, thus negatively impacting the innovation in the portfolio. Upon testing the level of novelty and innovation in the related patent portfolios by means of the originality and radicalness index, we find evidence for a significant negative association with related patent portfolios. The minimum innovation that has been brought on by the patents in the related patent portfolio is lower compared to the minimum innovation that can be found in nonrelated portfolios, providing evidence for the second argument.

Keywords: patent portfolio management, patent quality, related patent portfolios, strategic patenting

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Authors: Natasha Petrovska, Mirjana Pavlovic, Maria M. Larrondo-Petrie

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Neural stem cells (NSCs) are multi-potent, self-renewing cells that generate new neurons. Three subtypes of NSCs can be separated regarding the stages of NSC lineage: quiescent neural stem cells (qNSCs), activated neural stem cells (aNSCs) and neural progenitor cells (NPCs), but their gene expression signatures are not utterly understood yet. Single-cell examinations have started to elucidate the complex structure of NSC populations. Nevertheless, there is a lack of thorough molecular interpretation of the NSC lineage heterogeneity and an increasing need for tools to analyze and improve the efficiency and correctness of single-cell sequencing data. Feature selection and ordering can identify and classify the gene expression signatures of these subtypes and can discover novel subpopulations during the NSCs activation and differentiation processes. The aim here is to review the implementation of the feature selection technique on NSC subtypes and the classification techniques that have been used for the identification of gene expression signatures.

Keywords: feature selection, feature similarity, neural stem cells, genes, feature selection methods

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Authors: Till Gramberg

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In the dynamic world of machine and plant engineering, stagnation in the growth of new product sales compels companies to reconsider their business models. The increasing shift toward service orientation, known as "servitization," along with challenges posed by digitalization and sustainability, necessitates an adaptation of product portfolio management (PPM). Against this backdrop, this study investigates the current challenges and requirements of PPM in this industrial context and develops a framework for the application of generative artificial intelligence (AI) to enhance agility and efficiency in PPM processes. The research approach of this study is based on a mixed-method design. Initially, qualitative interviews with industry experts were conducted to gain a deep understanding of the specific challenges and requirements in PPM. These interviews were analyzed using the Gioia method, painting a detailed picture of the existing issues and needs within the sector. This was complemented by a quantitative online survey. The combination of qualitative and quantitative research enabled a comprehensive understanding of the current challenges in the practical application of machine and plant engineering PPM. Based on these insights, a specific framework for the application of generative AI in PPM was developed. This framework aims to assist companies in implementing faster and more agile processes, systematically integrating dynamic requirements from trends such as digitalization and sustainability into their PPM process. Utilizing generative AI technologies, companies can more quickly identify and respond to trends and market changes, allowing for a more efficient and targeted adaptation of the product portfolio. The study emphasizes the importance of an agile and reactive approach to PPM in a rapidly changing environment. It demonstrates how generative AI can serve as a powerful tool to manage the complexity of a diversified and continually evolving product portfolio. The developed framework offers practical guidelines and strategies for companies to improve their PPM processes by leveraging the latest technological advancements while maintaining ecological and social responsibility. This paper significantly contributes to deepening the understanding of the application of generative AI in PPM and provides a framework for companies to manage their product portfolios more effectively and adapt to changing market conditions. The findings underscore the relevance of continuous adaptation and innovation in PPM strategies and demonstrate the potential of generative AI for proactive and future-oriented business management.

Keywords: servitization, product portfolio management, generative AI, disruptive innovation, machine and plant engineering

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Authors: Javad Rahimipour Anaraki, Saeed Samet, Mahdi Eftekhari, Chang Wook Ahn

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Feature selection and attribute reduction are crucial problems, and widely used techniques in the field of machine learning, data mining and pattern recognition to overcome the well-known phenomenon of the Curse of Dimensionality. This paper presents a feature selection method that efficiently carries out attribute reduction, thereby selecting the most informative features of a dataset. It consists of two components: 1) a measure for feature subset evaluation, and 2) a search strategy. For the evaluation measure, we have employed the fuzzy-rough dependency degree (FRFDD) of the lower approximation-based fuzzy-rough feature selection (L-FRFS) due to its effectiveness in feature selection. As for the search strategy, a modified version of a binary shuffled frog leaping algorithm is proposed (B-SFLA). The proposed feature selection method is obtained by hybridizing the B-SFLA with the FRDD. Nine classifiers have been employed to compare the proposed approach with several existing methods over twenty two datasets, including nine high dimensional and large ones, from the UCI repository. The experimental results demonstrate that the B-SFLA approach significantly outperforms other metaheuristic methods in terms of the number of selected features and the classification accuracy.

Keywords: binary shuffled frog leaping algorithm, feature selection, fuzzy-rough set, minimal reduct

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Authors: Mladen Hraste, Igor Jelaska, Ivan Granic

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The scope of this research is the identification and explanation of differences of three levels of water polo players in some parameters of effectiveness. The sample for this study was 132 matches of the Adriatic Water Polo League in the 2013/14 competition season. Using the Kruskal-Wallis test and multiple comparisons of mean ranks for all groups at the significance level of α=0, 05, the hypothesis that there are significant differences between groups of respondents in ten of the seventeen variables of effectiveness was confirmed. There is a reasonable possibility that the differences are caused by the degree of learned and implemented tactical knowledge, the degree of scoring ability and the best selection for certain roles in the team. The results of this study can be applied to selection of teams and players, for the selection of the appropriate match concept and for organizing training process.

Keywords: scoring abilities, selection, tactical knowledge, water polo effectiveness

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Authors: G. S. Thakur

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This paper presents a Fuzzy Soft Recruitment Model (FSRM) for faculty selection of MHRD technical institutions. The selection criteria are based on 4-tier flexible structure in the institutions. The Advisory Committee on Faculty Recruitment (ACoFAR) suggested nine criteria for faculty in the proposed FSRM. The model Fuzzy Soft is proposed with consultation of ACoFAR based on selection criteria. The Fuzzy Soft distance similarity measures are applied for finding best faculty from the applicant pool.

Keywords: fuzzy soft set, fuzzy sets, fuzzy soft distance, fuzzy soft similarity measures, ACoFAR

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Authors: Eylem Koç, Hasan Arda Burhan

Abstract:

Location selection presents a crucial decision problem in today’s business world where strategic decision making processes have critical importance. Thus, location selection has strategic importance for companies in boosting their strength regarding competition, increasing corporate performances and efficiency in addition to lowering production and transportation costs. A right choice in location selection has a direct impact on companies’ commercial success. In this study, a store location selection problem of Carglass Turkey which operates in vehicle glass branch is handled. As this problem includes both tangible and intangible criteria, Analytic Network Process (ANP) was accepted as the main methodology. The model consists of control hierarchy and BOCR subnetworks which include clusters of actors, alternatives and criteria. In accordance with the management’s choices, five different locations were selected. In addition to the literature review, a strict cooperation with the actor group was ensured and maintained while determining the criteria and during whole process. Obtained results were presented to the management as a report and its feasibility was confirmed accordingly.

Keywords: analytic network process (ANP), BOCR, multi-actor decision making, multi-criteria decision making, real-life problem, location selection

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