Search results for: Libyan industrial companies.

Authors: M. Safaei, M. Seifert, K. D. Thoben

Abstract:

Supply network management adopts a systematic and integrative approach to managing the operations and relationships of various parties in a supply network. The objective of the manufactures in their supply network is to reduce inventory costs and increase customer satisfaction levels. One way of doing that is to synchronize delivery performance. A supply network can be described by nodes representing the companies and the links (relationships) between these nodes. Uncertainty in delivery time depends on type of network relationship between suppliers. The problem is to understand how the individual uncertainties influence the total uncertainty of the network and identify those parts of the network, which has the highest potential for improving the total delivery time uncertainty.

Keywords: Delivery time uncertainty, Distribution function, Statistical method, Supply Network.

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Authors: Marius Pislaru, Alexandru F. Trandabat

Abstract:

Environmental studies have expanded dramatically all over the world in the past few years. Nowadays businesses interact with society and the environment in ways that put their mark on both sides. Efforts improving human standard living, through the control of nature and the development of new products, have also resulted in contamination of the environment. Consequently companies play an important role in environmental sustainability of a region or country. Therefore we can say that a company's sustainable development is strictly dependent on the environment. This article presents a fuzzy model to evaluate a company's environmental impact. Article illustrates an example of the automotive industry in order to prove the usefulness of using such a model.

Keywords: fuzzy approach, environmental impact assessment, sustainability

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Authors: Nader Sh. Kandelousi, Ooi. J., Abdollahi. A

Abstract:

The use and management of projects has risen to a new prominence, with projects seen as critical to economic in both the private and public sectors due challenging and dynamic business environment. However, failure in managing project is encountered regularly, which cause the waste of company resources. The impacts of projects that failed to meet stakeholders expectations have left behind long lasting negative consequences in organization. Therefore, this research aims to investigate on key success factors of project management in an organization. It is believed that recognizing important factors that contribute to successful project will help companies to increase the overall profitability. 150 questionnaires were distributed to respondents and 110 questionnaires were collected and used in performing the data analysis. The result has strongly supported the relationship between independent variables and project performance.

Keywords: Project Performance, Leadership, TopManagement Involvement

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Authors: Osama M. Darwesh, Sahar H. Hassan, Abd El-Raheem R. El-Shanshoury, Shawky Z. Sabae

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Nanotechnology as multidisciplinary technology is growing rapidly with important applications in several sectors. Also, nanobiotechnology is known for the use of microorganisms for the synthesis of targeted nanoparticles. The present study deals with the green synthesis of silver nanoparticles using aquatic bacteria and the development of a biogenic nanocomposite for environmental applications. 20 morphologically different colonies were isolated from the collected water samples from eight different locations at the Rosetta branch of the Nile Delta, Egypt. The obtained results illustrated that the most effective bacterial isolate (produced the higher amount of AgNPs after 24 h of incubation time) is isolate R3. Bacillus tequilensis was the strongest extracellular bio-manufactory of AgNPs. Biosynthesized nanoparticles had a spherical shape with a mean diameter of 2.74 to 28.4 nm. The antimicrobial activity of silver nanoparticles against many pathogenic microbes indicated that the produced AgNPs had high activity against all tested multi-antibiotic resistant pathogens. Also, the stabilized prepared AgNPs-SA nanocomposite has greater catalytic activity for the decolourization of some dyes like Methylene blue (MB) and Crystal violet. Such results represent a promising stage for producing eco-friendly, cost-effective, and easy-to-handle devices for the bioremediation of contaminated industrial wastewater.

Keywords: Bioremediation, AgNPs, AgNPs-SA nanocomposite, Bacillus tequilensis, nanobiotechnology.

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Authors: Nugzar Todua, Charita Jashi

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This paper is focusing on the attitude of Georgian consumers toward social media, influence of social media on consumer buying behavior. The purpose of this paper is to explore the usage of social media marketing for small business companies of Georgia. The result of marketing research has revealed that social webs are mostly used by Georgian consumers, but they have little impact on the buying decision. The research method was exploratory and descriptive. Conclusions summarize the research results and offers insight to provide better understandings of consumers demand and implementation of marketing strategy through social media in Georgia.

Keywords: Marketing Research, Purchasing behavior, Social Media Marketing, Small Business, Tourism Industry.

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Authors: K. Beheshti Maal, R. Shafiee

Abstract:

Vinegar is a precious food additive and complement as well as effective preservative against food spoilage. Recently traditional vinegar production has been improved using various natural substrates and fruits such as grape, palm, cherry, coconut, date, sugarcane, rice and balsam. These neoclassical fermentations resulted in several vinegar types with different tastes, fragrances and nutritional values because of applying various acetic acid bacteria as starters. Acetic acid bacteria include genera Acetobacter, Gluconacetobacter and Gluconobacter according to latest edition of Bergy-s Manual of Systematic Bacteriology that classifies genera on the basis of their 16s RNA differences. Acetobacter spp as the main vinegar starters belong to family Acetobacteraceae that are gram negative obligate aerobes, chemoorganotrophic bacilli that are oxidase negative and oxidize ethanol to acetic acid. In this research we isolated and identified a native Acetobacter strain with high acetic acid productivity and tolerance against high ethanol concentrations from Iranian peach as a summer delicious fruit that is very susceptible to food spoilage and decay. We used selective and specific laboratorial culture media such as Standard GYC, Frateur and Carr medium. Also we used a new industrial culture medium and a miniature fermentor with a new aeration system innovated by Pars Yeema Biotechnologists Co., Isfahan Science and Technology Town (ISTT), Isfahan, Iran. The isolated strain was successfully cultivated in modified Carr media with 2.5% and 5% ethanol simultaneously in high temperatures, 34 - 40º C after 96 hours of incubation period. We showed that the increase of ethanol concentration resulted in rising of strain sensitivity to high temperature. In conclusion we isolated and characterized a new Acetobacter strain from Iranian peach that could be considered as a potential strain for production of a new vinegar type, peach vinegar, with a delicious taste and advantageous nutritional value in food biotechnology and industrial microbiology.

Keywords: Acetobacter, Acetic Acid Bacteria, Vinegar, Peach, Food Biotechnology, Industrial Microbiology, Fermentation

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Authors: Arnaud Nougues

Abstract:

This paper describes a two-stage methodology derived from IMC (Internal Model Control) for tuning a PID (Proportional-Integral-Derivative) controller for levels or other integrating processes in an industrial environment. Focus is ease of use and implementation speed which are critical for an industrial application. Tuning can be done with minimum effort and without the need of time-consuming open-loop step tests on the plant. The first stage of the method applies to levels only: the vessel residence time is calculated from equipment dimensions and used to derive a set of preliminary PI (Proportional-Integral) settings with IMC. The second stage, re-tuning in closed-loop, applies to levels as well as other integrating processes: a tuning correction mechanism has been developed based on a series of closed-loop simulations with model errors. The tuning correction is done from a simple closed-loop step test and application of a generic correlation between observed overshoot and integral time correction. A spin-off of the method is that an estimate of the vessel residence time (levels) or open-loop process gain (other integrating process) is obtained from the closed-loop data.

Keywords: closed-loop model identification, IMC-PID tuning method, integrating process control, on-line PID tuning adaptation

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Authors: Csaba I. Hencz, István Á. Harmati

Abstract:

Nowadays the significance of road transport is gradually increasing. All transport companies are working in the same external environment where the speed of transport is defined by traffic rules. The main objective is to accelerate the speed of service and it is only dependent on the individual abilities of the managing members. These operational control units make decisions quickly (in a typically experiential and/or intuitive way). For this reason, support for these decisions is an important task. Our goal is to create a decision support model based on fuzzy signatures that can assist the work of operational management automatically. If the model sets parameters properly, the management of transport could be more economical and efficient.

Keywords: Freight transport, decision support, information handling, fuzzy methods.

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Authors: Wan Hasrulnizzam Wan Mahmood, Mohd Nizam Ab Rahman, Baba Md Deros

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Green supply chain management is an increasingly recognized practice among companies that are seeking to improve environmental performance. Of particular concern is how to arouse organizational awareness and put green activities into practice in order to enhance manufacturing performances. This paper investigates the correlation of green supply chain practices and manufacturing performances in Malaysian certified MS ISO 14000 manufacturing firms. The findings shows that green supply chain practices which that can be denominated product recycling, environmental compliance and optimization have significant influence to some of the manufacturing performances.

Keywords: Green supply chain practice, Manufacturing system performance, Malaysia

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Authors: Robest Flasza, Milan Rippel, Jan Solc

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The main aim of this paper is to develop and calibrate an econometric model for modeling prices of long term electricity futures contracts. The calibration of our model is performed on data from EEX AG allowing us to capture the specific features of German electricity market. The data sample contains several structural breaks which have to be taken into account for modeling. We model the data with an ARIMAX model which reveals high correlation between the price of electricity futures contracts and prices of LT futures contracts of fuels (namely coal, natural gas and crude oil). Besides this, also a share price index of representative electricity companies traded on Xetra, spread between 10Y and 1Y German bonds and exchange rate between EUR and USD appeared to have significant explanatory power over these futures contracts on EEX.

Keywords: electricity futures, EEX, ARIMAX, emissionallowances

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Authors: K. Beheshti Maal, R. Shafiee

Abstract:

According to FDA (Food and Drug Administration of the United States), vinegar is definedas a sour liquid containing at least 4 grams acetic acid in 100 cubic centimeter (4% solution of acetic acid) of solution that is produced from sugary materials by alcoholic fermentation. In the base of microbial starters, vinegars could be contained of more than 50 types of volatile and aromatic substances that responsible for their sweet taste and smelling. Recently the vinegar industry has a great proportion in agriculture, food and microbial biotechnology. The acetic acid bacteria are from the family Acetobacteraceae. Regarding to the latest version of Bergy-s Mannual of Systematic Bacteriology that has categorized bacteria in the base of their 16s RNA differences, the most important acetic acid genera are included Acetobacter (genus I), Gluconacetobacter (genus VIII) and Gluconobacter (genus IX). The genus Acetobacter that is primarily used in vinegar manufacturing plants is a gram negative, obligate aerobe coccus or rod shaped bacterium with the size 0.6 - 0.8 X 1.0 - 4.0 μm, nonmotile or motile with peritrichous flagella and catalase positive – oxidase negative biochemically. Some strains are overoxidizer that could convert acetic acid to carbon dioxide and water.In this research one Acetobacter native strain with high acetic acid productivity was isolated from Iranian white – red cherry. We used two specific culture media include Carr medium [yeast extract, 3%; ethanol, 2% (v/v); bromocresol green, 0.002%; agar, 2% and distilled water, 1000 ml], Frateur medium [yeast extract, 10 g/l; CaCO3, 20 g/l; ethanol, 20 g/l; agar, 20 g/l and distilled water, 1000 ml] and an industrial culture medium. In addition to high acetic acid production and high growth rate, this strain had a good tolerance against ethanol concentration that was examined using modified Carr media with 5%, 7% and 9% ethanol concentrations. While the industrial strains of acetic acid bacteria grow in the thermal range of 28 – 30 °C, this strain was adapted for growth in 34 – 36 °C after 96 hours incubation period. These dramatic characteristics suggest a potential biotechnological strain in production of cherry vinegar with a sweet smell and different nutritional properties in comparison to recent vinegar types. The lack of growth after 24, 48 and 72 hours incubation at 34 – 36 °C and the growth after 96 hours indicates a good and fast thermal flexibility of this strain as a significant characteristic of biotechnological and industrial strains.

Keywords: Acetobacte, acetic acid bacteria, white – red cherry, food and agriculture biotechnology, industrial fermentation, vinegar

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Authors: A. A. Kudysheva, A. N. Kudyshev

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In present article the model of Blended Learning, its advantage at foreign language teaching, and also some problems that can arise during its use are considered. The Blended Learning is a special organization of learning, which allows to combine classroom work and modern technologies in electronic distance teaching environment. Nowadays a lot of European educational institutions and companies use such technology. Through this method: student gets the opportunity to learn in a group (classroom) with a teacher and additionally at home at a convenient time; student himself sets the optimal speed and intensity of the learning process; this method helps student to discipline himself and learn to work independently.

Keywords: Foreign language, information and communication technology (ICT), model of Blended Learning, virtual cool room, technophobia

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Authors: Dorota Stadnicka, Katarzyna Antosz

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The idea of Lean Manufacturing has been known for 20 years. In Polish enterprises its first implementation took place in the automotive industry in the 90s. Many companies, in order to reduce costs, use lower quality materials or overload employees with work and do not notice other possibilities for improving the company’s effectiveness. Enterprises are afraid of the unknown. And that is the problem in many cases with the Lean Manufacturing conception. This article presents the study results conducted in enterprises, the aim of which was to identify waste awareness and the need of lean manufacturing implementation. The authors also wanted to gain information on the most commonly used tools and the way of implementation and the methods of the effects assessment of using the mentioned conception. The study was conducted in large enterprises located on a limited area.

Keywords: Large enterprises, lean manufacturing, tools, wastes elimination.

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Authors: Jochen Edmund Kerschenbauer, Roman Salinger, Daniel Strametz

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Insufficient informal communication systems can lead to the first crisis (‘Crisis of Leadership’) for start-ups. Management Control Systems (MCS) are one way for high-technology start-ups to successfully overcome these problems. So far the literature has investigated the incubation of a start-up, but focused less on the post-incubation stage. This paper focuses on the use of MCS in post-incubation and, if failed start-ups agree, on how MCS are used. We conducted 14 semi-structured interviews for this purpose, to obtain our results. The overall conclusion is that the majority of the companies were closed down due to a combination of strategic, operative and financial reasons.

Keywords: Closed down, high-technology, incubation, Levers of Control, management control systems, post-incubation, start-ups.

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Authors: M. Dachyar, Yudavedito

Abstract:

The rising growth of the GSM cellular phone industry has tightening competition level between providers in making strategies enhancing the market shares in Indonesia. Tsel, as one of those companies, has to determine the proper strategy to sustain as well as improve the market share without reducing its operational income level. Portfolio simulation model is designed with a dynamic system approach. The result of this research is a recommendation to the company by optimizing its technological policies, services, and promotions. The tariff policies and the signal quality should not be the main focus because this company has had a large number of customers and a good infrastructural condition.

Keywords: Telecommunication industry, simulation, dynamic system, portfolio, quality services.

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Authors: Lida Haghnegahdar, Ezzatollah Asgharizadeh

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Value engineering is an efficacious contraption for administrators to make up their minds. Value perusals proffer the gaffers a suitable instrument to decrease the expenditures of the life span, quality amelioration, structural improvement, curtailment of the construction schedule, longevity prolongation or a merging of the aforementioned cases. Subjecting organizers to pressures on one hand and their accountability towards their pertinent fields together with inherent risks and ambiguities of other options on the other hand set some comptrollers in a dilemma utilization of risk management and the value engineering in projects manipulation with regard to complexities of implementing projects can be wielded as a contraption to identify and efface each item which wreaks unnecessary expenses and time squandering sans inflicting any damages upon the essential project applications. Of course It should be noted that implementation of risk management and value engineering with regard to the betterment of efficiency and functions may lead to the project implementation timing elongation. Here time revamping does not refer to time diminishing in the whole cases. his article deals with risk and value engineering conceptualizations at first. The germane reverberations effectuated due to its execution in Iran Khodro Corporation are regarded together with the joint features and amalgamation of the aforesaid entia; hence the proposed blueprint is submitted to be taken advantage of in engineering and industrial projects including Iran Khodro Corporation.

Keywords: Management, risk engineering, value engineering, project manipulation, Iran Khodro.

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Authors: Amira Kheriji Abbes, Faouzi Bouani, Mekki Ksouri

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Model Predictive Control (MPC) is an established control technique in a wide range of process industries. The reason for this success is its ability to handle multivariable systems and systems having input, output or state constraints. Neverthless comparing to PID controller, the implementation of the MPC in miniaturized devices like Field Programmable Gate Arrays (FPGA) and microcontrollers has historically been very small scale due to its complexity in implementation and its computation time requirement. At the same time, such embedded technologies have become an enabler for future manufacturing enterprisers as well as a transformer of organizations and markets. In this work, we take advantage of these recent advances in this area in the deployment of one of the most studied and applied control technique in the industrial engineering. In this paper, we propose an efficient firmware for the implementation of constrained MPC in the performed STM32 microcontroller using interior point method. Indeed, performances study shows good execution speed and low computational burden. These results encourage to develop predictive control algorithms to be programmed in industrial standard processes. The PID anti windup controller was also implemented in the STM32 in order to make a performance comparison with the MPC. The main features of the proposed constrained MPC framework are illustrated through two examples.

Keywords: Embedded software, microcontroller, constrainedModel Predictive Control, interior point method, PID antiwindup, Keil tool, C/Cµ language.

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Authors: Martin Popescu D. Dana Maria

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The aims of this research are to broaden the study on the relationship between emotional intelligence and counterproductive work behavior (CWB). The study sample consisted in 441 Romanian employees from companies all over the country. Data has been collected through web surveys and processed with SPSS. The results indicated an average correlation between the two constructs and their sub variables, employees with a high level of emotional intelligence tend to be less aggressive. In addition, labeling was considered an individual difference which has the power to influence the level of employee aggression. A regression model was used to underline the importance of emotional intelligence together with labeling as predictors of CWB. Results have shown that this regression model enforces the assumption that labeling and emotional intelligence, taken together, predict CWB. Employees, who label themselves as victims and have a low degree of emotional intelligence, have a higher level of CWB.

Keywords: Aggression, CWB, emotional intelligence, labeling.

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Authors: Surinder Deswal, Vineet Verma

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Air Quality Index (AQI) is used as a tool to indicate the level of severity and disseminate the information on air pollution to enable the public to understand the health and environmental impacts of air pollutant concentration levels. The annual and seasonal variation of criteria air pollutants concentration based on the National Ambient Air Quality Monitoring Programme has been conducted for a period of nine years (2006-2014) using the AQI system. AQI was calculated using IND-AQI methodology and Maximum Operator Concept is applied. An attempt has been made to quantify the variations in AQI on an annual and seasonal basis over a period of nine years. Further, year-wise frequency of occurrence of AQI in each category for all the five stations is analysed, which presents in depth analysis of trends over the period of study. The best air quality was observed in the Noida residential area, followed by Noida industrial area during the study period; whereas, Bulandshahar industrial area and Faridabad residential area were observed to have the worst air quality. A shift in the worst air quality from winter to summer season has also been observed during the study period. Further, the level of Respirable Suspended Particulate Matter was found to be above permissible limit at all the stations. The present study helps in enhancing public awareness and calls for the need of immediate measures to be taken to counter-effect the cause of the increasing level of air pollution.

Keywords: Air quality index, annual trends, criteria pollutants, seasonal variation.

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Authors: Souleymane Oumtanaga, Prosper Kimou, Kouadio Gaza Kevin

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The security of their network remains the priorities of almost all companies. Existing security systems have shown their limit; thus a new type of security systems was born: honeypots. Honeypots are defined as programs or intended servers which have to attract pirates to study theirs behaviours. It is in this context that the leurre.com project of gathering about twenty platforms was born. This article aims to specify a model of honeypots attack. Our model describes, on a given platform, the evolution of attacks according to theirs hours. Afterward, we show the most attacked services by the studies of attacks on the various ports. It is advisable to note that this article was elaborated within the framework of the research projects on honeyspots within the LABTIC (Laboratory of Information Technologies and Communication).

Keywords: Honeypot, networks, attack, leurrecom, computer network

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Authors: R. Kozik, A. Leśniak A., E. Plebankiewicz

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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. In order to analyse the methods of contractors selecting applied in practice by public clients, the notices of contract award results for construction works were analysed. The analysis shows that the procedure selected more and more often is open competitive bidding, where the assessment of the competence of contractors is not very precise, as well as noncompetitive 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: Ismail El Gayar, Ossama Ismail, Yousri El Gamal

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This paper presented a technique to solve one of the transportation problems that faces us in real life which is the Bus Scheduling Problem. Most of the countries using buses in schools, companies and traveling offices as an example to transfer multiple passengers from many places to specific place and vice versa. This transferring process can cost time and money, so we build a decision support system that can solve this problem. In this paper, a genetic algorithm with the shortest path technique is used to generate a competitive solution to other well-known techniques. It also presents a comparison between our solution and other solutions for this problem.

Keywords: Bus scheduling problem, decision support system, genetic algorithm, operation planning, shortest path, transportation.

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Authors: András Király, Tamás Varga, János Abonyi

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Since supply chains highly impact the financial performance of companies, it is important to optimize and analyze their Key Performance Indicators (KPI). The synergistic combination of Particle Swarm Optimization (PSO) and Monte Carlo simulation is applied to determine the optimal reorder point of warehouses in supply chains. The goal of the optimization is the minimization of the objective function calculated as the linear combination of holding and order costs. The required values of service levels of the warehouses represent non-linear constraints in the PSO. The results illustrate that the developed stochastic simulator and optimization tool is flexible enough to handle complex situations.

Keywords: stochastic processes, empirical distributions, Monte Carlo simulation, PSO, supply chain management

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Authors: Isabella Bianco, Gian Andrea Blengini

Abstract:

The environmental impact related to ornamental stones (such as marbles and granites) is largely debated. Starting from the industrial revolution, continuous improvements of machineries led to a higher exploitation of this natural resource and to a more international interaction between markets. As a consequence, the environmental impact of the extraction and processing of stones has increased. Nevertheless, if compared with other building materials, ornamental stones are generally more durable, natural, and recyclable. From the scientific point of view, studies on stone life cycle sustainability have been carried out, but these are often partial or not very significant because of the high percentage of approximations and assumptions in calculations. This is due to the lack, in life cycle databases (e.g. Ecoinvent, Thinkstep, and ELCD), of datasets about the specific technologies employed in the stone production chain. For example, databases do not contain information about diamond wires, chains or explosives, materials commonly used in quarries and transformation plants. The project presented in this paper aims to populate the life cycle databases with specific data of specific stone processes. To this goal, the methodology follows the standardized approach of Life Cycle Assessment (LCA), according to the requirements of UNI 14040-14044 and to the International Reference Life Cycle Data System (ILCD) Handbook guidelines of the European Commission. The study analyses the processes of the entire production chain (from-cradle-to-gate system boundaries), including the extraction of benches, the cutting of blocks into slabs/tiles and the surface finishing. Primary data have been collected in Italian quarries and transformation plants which use technologies representative of the current state-of-the-art. Since the technologies vary according to the hardness of the stone, the case studies comprehend both soft stones (marbles) and hard stones (gneiss). In particular, data about energy, materials and emissions were collected in marble basins of Carrara and in Beola and Serizzo basins located in the province of Verbano Cusio Ossola. Data were then elaborated through an appropriate software to build a life cycle model. The model was realized setting free parameters that allow an easy adaptation to specific productions. Through this model, the study aims to boost the direct participation of stone companies and encourage the use of LCA tool to assess and improve the stone sector environmental sustainability. At the same time, the realization of accurate Life Cycle Inventory data aims at making available, to researchers and stone experts, ILCD compliant datasets of the most significant processes and technologies related to the ornamental stone sector.

Keywords: LCA datasets, life cycle assessment, ornamental stone, stone environmental impact.

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Authors: Kolis Karel, Kubicek Ales

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The purpose of this paper is to explore the relationship between the customers- issues in company corporate governance and the financial performance. At the beginning theoretical background consisting stakeholder theory and corporate governance is presented. On this theoretical background, the empirical research is built, collecting data of 60 Czech joint stock companies- boards considering their relationships with customers. Correlation analysis and multivariate regression analysis were employed to test the sample on two hypotheses. The weak positive correlation between stakeholder approach and the company size was identified. But both hypotheses were not supported, because there was no significant relation of independent variables to financial performance.

Keywords: customers, stakeholder theory, corporate governance, financial performance

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Authors: Anwar Hasan Abdullah Othman, Ahamed Kameel, Hasanuddeen Abdul Aziz

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In this study, attempt has been made to investigate the relationship specifically the causal relation between fund unit prices of Islamic equity unit trust fund which measure by fund NAV and the selected macro-economic variables of Malaysian economy by using VECM causality test and Granger causality test. Monthly data has been used from Jan, 2006 to Dec, 2012 for all the variables. The findings of the study showed that industrial production index, political election and financial crisis are the only variables having unidirectional causal relationship with fund unit price. However the global oil price is having bidirectional causality with fund NAV. Thus, it is concluded that the equity unit trust fund industry in Malaysia is an inefficient market with respect to the industrial production index, global oil prices, political election and financial crisis. However the market is approaching towards informational efficiency at least with respect to four macroeconomic variables, treasury bill rate, money supply, foreign exchange rate, and corruption index.

Keywords: Fund unit price, unit trust industry, Malaysia, macroeconomic variables, causality.

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Authors: Gionata Carmignani, Mario G. C. A. Cimino, Franco Failli

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Business Processes (BPs) are the key instrument to understand how companies operate at an organizational level, taking an as-is view of the workflow, and how to address their issues by identifying a to-be model. In last year’s, the BP Model and Notation (BPMN) has become a de-facto standard for modeling processes. However, this standard does not incorporate explicitly the Problem- Solving (PS) knowledge in the Process Modeling (PM) results. Thus, such knowledge cannot be shared or reused. To narrow this gap is today a challenging research area. In this paper we present a framework able to capture the PS knowledge and to improve a workflow. This framework extends the BPMN specification by incorporating new general-purpose elements. A pilot scenario is also presented and discussed.

Keywords: Business Process Management, BPMN, Problem Solving, Process mapping.

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Authors: D. Jakovčević, M. Mihelja Žaja

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The purpose of this paper is to analyze the influence and relative share of underwriting risks in explaining the variation in insurance cycles in subsequent periods. Through the insurance contracts they underwrite, insurance companies assume risks. Underwriting risks include pricing risk, reserve risk, reinsurance risk and occurrence risk. These risks pose major risks for property and liability insurers, and therefore their impact on the insurance cycle is important. The main goal of this paper is to determine the relative proportion of underwriting risks in explaining the variation of insurance cycle. In order to fulfill the main goal of the paper vector autoregressive model, VAR, will be applied.

Keywords: Insurance cycle, insurance risks, combined ratio, Republic of Croatia.

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Authors: Rohit Choudhry, Kumkum Garg

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In this paper, we propose a hybrid machine learning system based on Genetic Algorithm (GA) and Support Vector Machines (SVM) for stock market prediction. A variety of indicators from the technical analysis field of study are used as input features. We also make use of the correlation between stock prices of different companies to forecast the price of a stock, making use of technical indicators of highly correlated stocks, not only the stock to be predicted. The genetic algorithm is used to select the set of most informative input features from among all the technical indicators. The results show that the hybrid GA-SVM system outperforms the stand alone SVM system.

Keywords: Genetic Algorithms, Support Vector Machines, Stock Market Forecasting.

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Authors: L. Dagilienė

Abstract:

The article explores the impact of normative institutional factors on the development of sustainability reporting. The vast majority of research in the scientific literature focuses on mandatory institutional factors, i.e. how public institutions and market regulators affect sustainability reporting. Meanwhile, there is lack of empirical data for the impact of normative institutional factors. The effect of normative factors in this paper is based on the role of non-governmental organizations (NGO) and institutional theory. The case of Global Compact Local Network in the developing country was examined. The research results revealed that in the absence of regulated factors, companies were not active with regard to social disclosures; they presented non-systemized social information of a descriptive nature. Only 10% of sustainability reports were prepared using the GRI methodology. None of the reports were assured by third parties.

Keywords: Institutional theory, normative, sustainability reporting.

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