Search results for: profitability estimation focused on benefits

Authors: Ginalber L. O. Serra

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This work proposes a recursive weighted ELS algorithm for system identification by applying numerically robust orthogonal Householder transformations. The properties of the proposed algorithm show it obtains acceptable results in a noisy environment: fast convergence and asymptotically unbiased estimates. Comparative analysis with others robust methods well known from literature are also presented.

Keywords: Stochastic Systems, Robust Identification, Parameter Estimation, Systems Identification.

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Authors: Despina Galani, Anastasios Alexandridis, Antonios Stavropoulos

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The main thrust of this paper is to assess the level of disclosure in the annual reports of non-financial Greek firms and to empirically investigate the hypothesized impact of several firm characteristics on the extent of mandatory disclosure. A disclosure checklist consisting of 100 mandatory items was developed to assess the level of disclosure in the 2009 annual reports of 43 Greek companies listed at the Athens stock exchange. The association between the level of disclosure and some firm characteristics was examined using multiple linear regression analysis. The study reveals that Greek companies on general have responded adequately to the mandatory disclosure requirements of the regulatory bodies. The findings also indicate that firm size was significant positively associated with the level of disclosure. The remaining variables such as age, profitability, liquidity, and board composition were found to be insignificant in explaining the variation of mandatory disclosures. The outcome of this study is undoubtedly of great concern to the investment community at large to assist in evaluating the extent of mandatory disclosure by Greek firms and explaining the variation of disclosure in light of firm-specific characteristics.

Keywords: Mandatory disclosure, Annual report, Disclosure index

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Authors: H. Zarei, M. H. Fazel Zarandi, M. Karbasian

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A Decision Support System/Expert System for stock portfolio selection presented where at first step, both technical and fundamental data used to estimate technical and fundamental return and risk (1st phase); Then, the estimated values are aggregated with the investor preferences (2nd phase) to produce convenient stock portfolio. In the 1st phase, there are two expert systems, each of which is responsible for technical or fundamental estimation. In the technical expert system, for each stock, twenty seven candidates are identified and with using rough sets-based clustering method (RC) the effective variables have been selected. Next, for each stock two fuzzy rulebases are developed with fuzzy C-Mean method and Takai-Sugeno- Kang (TSK) approach; one for return estimation and the other for risk. Thereafter, the parameters of the rule-bases are tuned with backpropagation method. In parallel, for fundamental expert systems, fuzzy rule-bases have been identified in the form of “IF-THEN" rules through brainstorming with the stock market experts and the input data have been derived from financial statements; as a result two fuzzy rule-bases have been generated for all the stocks, one for return and the other for risk. In the 2nd phase, user preferences represented by four criteria and are obtained by questionnaire. Using an expert system, four estimated values of return and risk have been aggregated with the respective values of user preference. At last, a fuzzy rule base having four rules, treats these values and produce a ranking score for each stock which will lead to a satisfactory portfolio for the user. The stocks of six manufacturing companies and the period of 2003-2006 selected for data gathering.

Keywords: Stock Portfolio Selection, Fuzzy Rule-Base ExpertSystems, Financial Decision Support Systems, Technical Analysis, Fundamental Analysis.

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Authors: González Carreño G., Rejas Muslera Rj., Padilla Fernández-Vega J., Cepeda González M. I.

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Automobile Industry has great importance in the Spanish economy (8,7 % of the active Spanish population is employed in this sector).The above mentioned sector has been one of the principal sectors affected by the current economic crisis, consistently, the budgets in advertising have been severely limited (46,9 % less in the period of reference), these needs of reduction have originated a substantial change in the advertising strategy (from 2007 the increase of the advertising investment in Internet is 251,6 %), and increase profitability. The growing use of social media by consumers therefore makes online consumer conversations an attractive additional format for Automobile firms to promote products at a lower cost. This research analyzes the relation between the activity in Social Media and the design in the car industry, looking for relations between strategies of design based on Social Media and sales and a channel of information for companies to know what the consumer preferences. For this ongoing research we used a longitudinal withdrawal of information has been used using information of panel. Managerial and research implications of the finding are discussed.

Keywords: Automobile Industry, Design, Economics Crisis, Innovation, Internet, Social Media.

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Authors: Titus Amodu Umoru

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Global economy today is full of sophistication. All over the world, business and marketing practices are undergoing unprecedented transformation. In realization of this fact, the federal government of Nigeria has put in place a robust transformation agenda in order to put Nigeria in a better position to be a competitive player and in the process transform all sectors of its economy. New technologies, especially the Internet, are the driving force behind this transformation. However, technology has inadvertently affected the way businesses are done thus necessitating the acquisition of new skills. In developing countries like Nigeria, citizens are still battling with effective application of those technologies. Obviously, students of business education need to acquire relevant business knowledge to be able to transit into the world of work on graduation from school and compete favorably in the labor market. Therefore, effective utilization of social media by both teachers and students can help extensively in empowering students with the needed skills. Social media which is a group of Internet-based applications built on the ideological foundations of Web 2.0, that allow the creation and exchange of user generated content, and if incorporated into the classroom experience may be the needed answer to unemployment and poverty in Nigeria as beneficiaries can easily connect with existing and potential enterprises and customers, engage with them and reinforce mutual business benefits. Challenges and benefits of social media use in education in Nigeria universities were revealed in this study.

Keywords: Challenges, opportunities, utilization, social media, business education.

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Authors: B. Ferdousi, J. Bari

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With advancement of mobile computing, employees are increasingly doing their job-related works using personally owned mobile devices or organization owned devices. The Bring Your Own Device (BYOD) model allows employees to use their own mobile devices for job-related works, while Corporate Owned, Personally Enabled (COPE) model allows both organizations and employees to install applications onto organization-owned mobile devices used for job-related works. While there are many benefits of using mobile computing for job-related works, there are also serious concerns of different levels of threats to the organizational data security. Consequently, it is crucial to know the level of threat to the organizational data security in the BOYD and COPE models. It is also important to ensure that employees comply with the organizational data security policy. This paper discusses the organizational data security issues in perspective of ownership of mobile devices used by employees, especially in BYOD and COPE models. It appears that while the BYOD model has many benefits, there are relatively more data security risks in this model than in the COPE model. The findings also showed that in both BYOD and COPE environments, a more practical approach towards achieving secure mobile computing in organizational setting is through the development of comprehensive cybersecurity policies balancing employees’ need for convenience with organizational data security. The study helps to figure out the compliance and the risks of security breach in BYOD and COPE models.

Keywords: Data security, mobile computing, BYOD, COPE, cybersecurity policy, cybersecurity compliance.

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Authors: Andrey V. Timofeev

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A method is proposed for stable detection of seismoacoustic sources in C-OTDR systems that guarantee given upper bounds for probabilities of type I and type II errors. Properties of the proposed method are rigorously proved. The results of practical applications of the proposed method in a real C-OTDRsystem are presented.

Keywords: Guaranteed detection, C-OTDR systems, change point, interval estimation.

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Authors: Huan-Chieh Chiu, Hung-Shuo Wu, Chien-Hao Wang, Yu-Cheng Yang, Ching-Ya Tseng, Joe-Air Jiang

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Power failure resulting from tower collapse due to violent seismic events might bring enormous and inestimable losses. The Chi-Chi earthquake, for example, strongly struck Taiwan and caused huge damage to the power system on September 21, 1999. Nearly 10% of extra high voltage (EHV) transmission towers were damaged in the earthquake. Therefore, seismic hazards of EHV transmission towers should be monitored and evaluated. The ultimate goal of this study is to establish a damage level assessment model for EHV transmission towers. The data of earthquakes provided by Taiwan Central Weather Bureau serve as a reference and then lay the foundation for earthquake simulations and analyses afterward. Some parameters related to the damage level of each point of an EHV tower are simulated and analyzed by the data from monitoring stations once an earthquake occurs. Through the Fourier transform, the seismic wave is then analyzed and transformed into different wave frequencies, and the data would be shown through a response spectrum. With this method, the seismic frequency which damages EHV towers the most is clearly identified. An estimation model is built to determine the damage level caused by a future seismic event. Finally, instead of relying on visual observation done by inspectors, the proposed model can provide a power company with the damage information of a transmission tower. Using the model, manpower required by visual observation can be reduced, and the accuracy of the damage level estimation can be substantially improved. Such a model is greatly useful for health and construction monitoring because of the advantages of long-term evaluation of structural characteristics and long-term damage detection.

Keywords: Smart grid, EHV transmission tower, response spectrum, damage level monitoring.

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Authors: Sunday. E. Ogundipe, Abiola Idowu, Lawrencia. O. Ogundipe

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This study examines the impact of working capital management on firms- performance and market value of the firms in Nigeria. A sample of fifty four non-financial quoted firms in Nigeria listed on the Nigeria Stock Exchange was used for this study. Data were collected from annual reports of the sampled firms for the period 1995-2009. This result shows there is a significant negative relationship between cash conversion cycle and market valuation and firm-s performance. It also shows that debt ratio is positively related to market valuation and negatively related firm-s performance. The findings confirm that there is a significant relationship between Market valuation, profitability and working capital component in line with previous studies. This mean that Nigeria firms should ensure adequate management of working capital especially cash conversion cycle components of account receivables, account payables and inventories, as efficiency working capital management is expected to contribute positively to the firms- market value.

Keywords: Cash Conversion Cycle, Firms' Performance, Market Valuation, Working Capital Management

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Authors: Abbas Al-Refaie, Nour Bata

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A distributor of Apple products' experiences numerous difficulties in developing marketing strategies for new and existing mobile product entries that maximize customer satisfaction and the firm's profitability. This research, therefore, integrates market segmentation in platform-based product family design and conjoint analysis to identify iSystem combinations that increase customer satisfaction and business profits. First, the enhanced market segmentation grid is created. Then, the estimated demand model is formulated. Finally, the profit models are constructed then used to determine the ideal product family design that maximizes profit. Conjoint analysis is used to explore customer preferences with their satisfaction levels. A total of 200 surveys are collected about customer preferences. Then, simulation is used to determine the importance values for each attribute. Finally, sensitivity analysis is conducted to determine the product family design that maximizes both objectives. In conclusion, the results of this research shall provide great support to Apple distributors in determining the best marketing strategies that enhance their market share.

Keywords: Market segmentation, conjoint analysis, market strategies, optimization.

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Authors: Indrijuli Magsari Putri, Dicky R. Munaf

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The purpose of this paper is to guide the effort in improving the economic added value of Indonesian fisheries product through post fishing program, which is cold storage program. Indonesia's fisheries potential has been acknowledged by the world. FAO (2009) stated that Indonesia is one of the tenth highest producers of fishery products in the world. Based on BPS (Statistics Indonesia data), the national fisheries production in 2011 reached 5.714 million tons, which 93.55% came from marine fisheries and 6.45% from open waters. Indonesian territory consist of 2/3 of Indonesian waters, has given enormous benefits for Indonesia, especially fishermen. To improve the economic level of fishermen requires efforts to develop fisheries business unit. On of the efforts is by improving the quality of products which are marketed in the regional and international levels. It is certainly need the support of the existence of various fishery facilities (infrastructure to superstructure), one of which is cold storage. Given the many benefits of cold storage as a means of processing of fishery resources, Indonesia Maritime Security Coordinating Board (IMSCB) as one of the maritime institutions for maritime security and safety, has a program to empower the coastal community through encourages the development of cold storage in the middle and lower fishery business unit. The development of cold storage facilities which able to run its maximum role requires synergistic efforts of various parties.

Keywords: Cold Storage, Fish, Regulation.

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Authors: Yen San Yong, Hock Woon Hon

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An algorithm for estimating the disparity of objects of interest is proposed. This algorithm uses image shifting and overlapping area to estimate the disparity value; thereby depth of the objects of interest can be obtained. The algorithm is able to perform at different levels of accuracy. However, as the accuracy increases the processing speed decreases. The algorithm is tested with static stereo images and sequence of stereo images. The experimental results are presented in this paper.

Keywords: stereo vision, binocular parallax

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Authors: Temidayo. O. Osunsanmi, Clinton Aigbavboa, Ayodeji Oke

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The construction industry is a renowned latecomer to the efficiency offered by the adoption of information technology. Whereas, the banking, manufacturing, retailing industries have keyed into the future by using digitization and information technology as a new approach for ensuring competitive gain and efficiency. The construction industry has yet to fully realize similar benefits because the adoption of ICT is still at the infancy stage with a major concentration on the use of software. Thus, this study evaluates the awareness and readiness of construction professionals towards embracing a full digitalization of the construction industry using construction 4.0. The term ‘construction 4.0’ was coined from the industry 4.0 concept which is regarded as the fourth industrial revolution that originated from Germany. A questionnaire was utilized for sourcing data distributed to practicing construction professionals through a convenience sampling method. Using SPSS v24, the hypotheses posed were tested with the Mann Whitney test. The result revealed that there are no differences between the consulting and contracting organizations on the readiness for adopting construction 4.0 concepts in the construction industry. Using factor analysis, the study discovers that adopting construction 4.0 will improve the performance of the construction industry regarding cost and time savings and also create sustainable buildings. In conclusion, the study determined that construction professionals have a low awareness towards construction 4.0 concepts. The study recommends an increase in awareness of construction 4.0 concepts through seminars, workshops and training, while construction professionals should take hold of the benefits of adopting construction 4.0 concepts. The study contributes to the roadmap for the implementation of construction industry 4.0 concepts in the South African construction industry.

Keywords: Building information technology, Construction 4.0, Industry 4.0, Smart Site.

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Authors: Wei Zhang, Xin Zhao, Yi-Fan Zhu, Xin-Jian Zhang

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Kernel function, which allows the formulation of nonlinear variants of any algorithm that can be cast in terms of dot products, makes the Support Vector Machines (SVM) have been successfully applied in many fields, e.g. classification and regression. The importance of kernel has motivated many studies on its composition. It-s well-known that reproducing kernel (R.K) is a useful kernel function which possesses many properties, e.g. positive definiteness, reproducing property and composing complex R.K by simple operation. There are two popular ways to compute the R.K with explicit form. One is to construct and solve a specific differential equation with boundary value whose handicap is incapable of obtaining a unified form of R.K. The other is using a piecewise integral of the Green function associated with a differential operator L. The latter benefits the computation of a R.K with a unified explicit form and theoretical analysis, whereas there are relatively later studies and fewer practical computations. In this paper, a new algorithm for computing a R.K is presented. It can obtain the unified explicit form of R.K in general reproducing kernel Hilbert space. It avoids constructing and solving the complex differential equations manually and benefits an automatic, flexible and rigorous computation for more general RKHS. In order to validate that the R.K computed by the algorithm can be used in SVM well, some illustrative examples and a comparison between R.K and Gaussian kernel (RBF) in support vector regression are presented. The result shows that the performance of R.K is close or slightly superior to that of RBF.

Keywords: admissible support vector kernel, reproducing kernel, reproducing kernel Hilbert space, Green function, support vectorregression

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Authors: Satjaporn Tungsong, Gun Srijuntongsiri

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This research seeks to investigate the frequency and profitability of index arbitrage opportunities involving the SET50 futures, SET50 component stocks, and the ThaiDEX SET50 ETF (ticker symbol: TDEX). In particular, the frequency and profit of arbitrage are measured in the following three arbitrage tests: (1) SET50 futures vs. ThaiDEX SET50 ETF, (2) SET50 futures vs. SET50 component stocks, and (3) ThaiDEX SET50 ETF vs. SET50 component stocks are investigated. For tests (2) and (3), the problems involve conic optimization and quadratic programming as subproblems. This research is first to apply conic optimization and quadratic programming techniques in the context of index arbitrage and is first to investigate such index arbitrage in the Thai equity and derivatives markets. Thus, the contribution of this study is twofold. First, its results would help understand the contribution of the derivatives securities to the efficiency of the Thai markets. Second, the methodology employed in this study can be applied to other geographical markets, with minor adjustments.

Keywords: Conic optimization, Equity index arbitrage, Executionlags, Quadratic programming, SET50 index futures, ThaiDEX SET50ETF, Transaction costs

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Authors: Seshi Reddy Kasu, Florian Misoc

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The use of hydroelectric pump-storage system at large scale, MW-size systems, is already widespread around the world. Designed for large scale applications, pump-storage station can be scaled-down for small, remote residential applications. Given the cost and complexity associated with installing a substation further than 100 miles from the main transmission lines, a remote, independent and self-sufficient system is by far the most feasible solution. This article is aiming at the design of wind and solar power generating system, by means of pumped-storage to replace the wind and /or solar power systems with a battery bank energy storage. Wind and solar pumped-storage power generating system can reduce the cost of power generation system, according to the user's electricity load and resource condition and also can ensure system reliability of power supply. Wind and solar pumped-storage power generation system is well suited for remote residential applications with intermittent wind and/or solar energy. This type of power systems, installed in these locations, could be a very good alternative, with economic benefits and positive social effects. The advantage of pumped storage power system, where wind power regulation is calculated, shows that a significant smoothing of the produced power is obtained, resulting in a power-on-demand system’s capability, concomitant to extra economic benefits.

Keywords: Battery bank, photo-voltaic, pump-storage, wind energy.

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Authors: Yanling Li, Linying Ji, Zita Oravecz, Timothy R. Brick, Michael D. Hunter, Sy-Miin Chow

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Assessing several individuals intensively over time yields intensive longitudinal data (ILD). Even though ILD provide rich information, they also bring other data analytic challenges. One of these is the increased occurrence of missingness with increased study length, possibly under non-ignorable missingness scenarios. Multiple imputation (MI) handles missing data by creating several imputed data sets, and pooling the estimation results across imputed data sets to yield final estimates for inferential purposes. In this article, we introduce dynr.mi(), a function in the R package, Dynamic Modeling in R (dynr). The package dynr provides a suite of fast and accessible functions for estimating and visualizing the results from fitting linear and nonlinear dynamic systems models in discrete as well as continuous time. By integrating the estimation functions in dynr and the MI procedures available from the R package, Multivariate Imputation by Chained Equations (MICE), the dynr.mi() routine is designed to handle possibly non-ignorable missingness in the dependent variables and/or covariates in a user-specified dynamic systems model via MI, with convergence diagnostic check. We utilized dynr.mi() to examine, in the context of a vector autoregressive model, the relationships among individuals’ ambulatory physiological measures, and self-report affect valence and arousal. The results from MI were compared to those from listwise deletion of entries with missingness in the covariates. When we determined the number of iterations based on the convergence diagnostics available from dynr.mi(), differences in the statistical significance of the covariate parameters were observed between the listwise deletion and MI approaches. These results underscore the importance of considering diagnostic information in the implementation of MI procedures.

Keywords: Dynamic modeling, missing data, multiple imputation, physiological measures.

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Authors: D. Garg, S. Luthra, A. Haleem

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Due to growing concern about environmental and social consequences throughout the world, a need has been felt to incorporate sustainability concepts in conventional manufacturing. This paper is an attempt to identify and evaluate drivers in implementing sustainable manufacturing in Indian context. Nine possible drivers for successful implementation of sustainable manufacturing have been identified from extensive review. Further, Decision Making Trial and Evaluation Laboratory (DEMATEL) approach has been utilized to evaluate and categorize these identified drivers for implementing sustainable manufacturing in to the cause and effect groups. Five drivers (Societal Pressure and Public Concerns; Regulations and Government Policies; Top Management Involvement, Commitment and Support; Effective Strategies and Activities towards Socially Responsible Manufacturing and Market Trends) have been categorized into the cause group and four drivers (Holistic View in Manufacturing Systems; Supplier Participation; Building Sustainable culture in Organization; and Corporate Image and Benefits) have been categorized into the effect group. “Societal Pressure and Public Concerns” has been found the most critical driver and “Corporate Image and Benefits” as least critical or the most easily influenced driver to implementing sustainable manufacturing in Indian context. This paper may surely help practitioners in better understanding of these drivers and their priorities towards effective implementation of sustainable manufacturing.

Keywords: Drivers, Decision Making Trial and Evaluation Laboratory (DEMATEL), India, Sustainable Manufacturing (SM).

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Authors: Yi-Hsin Lin, Ying-Ying Li

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The construction industry is the pillar industry in China, accounting for about 6% of the gross domestic product. Along with changes in the external environment of the construction industry in China, the construction firm faces fierce competition. The paper aims to investigate the relationship between diversified types of construction firm and its performance in China. Based on generalist and specialist strategy in organizational ecology, we think a generalist organization can be applied to an enterprise with diversified developments, while specialist groups are extended to professional enterprises .This study takes advantage of annual financial data of listed construction firm to empirically verify the relationship between diversification and corporation performance establishing a regression equation to econometric analysis. We find that: 1) Specialization can significantly improve the level of profitability of listed construction firms, and there is a significant positive relationship with corporate performance; 2) The level of operating performance of listed construction enterprises which engage in unrelated diversification is higher than those with related diversification; 3) The relationship between state-owned construction firms and corporate performance is negative. The more the year of foundation is, the higher performance will be; however, the more the year of being listed, the lower performance will be.

Keywords: Diversification, Specialization, Construction Firm, Performance.

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Authors: M. F. Wu, F. T. Cheng

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Leather industry is the most important traditional industry to provide the leather products in the world for thousand years. The fierce global competitive environment and common awareness of global carbon reduction make livestock supply quantities falling, salt and wet blue leather material reduces and the price skyrockets significantly. Exchange rate fluctuation led sales revenue decreasing which due to the differences of export exchanges and compresses the overall profitability of leather industry. This paper applies activity-based benefit assessment approach to build up fitness fur input mixed model, fur is Wet Blue, which concerned with four key factors: the output rate of wet blue, unit cost of wet blue, yield rate and grade level of Wet Blue to achieve the low cost strategy under given unit price of leather product condition of the company. The research findings indicate that applying this model may improve the input cost structure, decrease numbers of leather product inventories and to raise the competitive advantages of the enterprise in the future.

Keywords: Activity-Based Benefit Assessment Approach, Input mixed, Output Rate, Wet Blue.

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Authors: Wang Wen-long, Li Hua, Pan Sha

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Eight difference schemes and five limiters are applied to numerical computation of Riemann problem. The resolution of discontinuities of each scheme produced is compared. Numerical dissipation and its estimation are discussed. The result shows that the numerical dissipation of each scheme is vital to improve scheme-s accuracy and stability. MUSCL methodology is an effective approach to increase computational efficiency and resolution. Limiter should be selected appropriately by balancing compressive and diffusive performance.

Keywords: Scheme; Limiter, Numerical simulation, Riemannproblem.

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Authors: Ghada A. El Khayat

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This paper argues that a product development exercise involves in addition to the conventional stages, several decisions regarding other aspects. These aspects should be addressed simultaneously in order to develop a product that responds to the customer needs and that helps realize objectives of the stakeholders in terms of profitability, market share and the like. We present a framework that encompasses these different development dimensions. The framework shows that a product development methodology such as the Quality Function Deployment (QFD) is the basic tool which allows definition of the target specifications of a new product. Creativity is the first dimension that enables the development exercise to live and end successfully. A number of group processes need to be followed by the development team in order to ensure enough creativity and innovation. Secondly, packaging is considered to be an important extension of the product. Branding strategies, quality and standardization requirements, identification technologies, design technologies, production technologies and costing and pricing are also integral parts to the development exercise. These dimensions constitute the proposed framework. The paper also presents a mathematical model used to calculate the design targets based on the target costing principle. The framework is used to study a case of a new product development in the telecommunications services sector.

Keywords: Product Development Framework, Quality FunctionDeployment, Mathematical Models, Telecommunications.

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Authors: Ming Ling Lai, Zalilawati Yaacob, Normah Omar, Norashikin Abdul Aziz, Bee Wah Yap

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This paper aims to (1) analyze the profiles of transgressors (detected evaders); (2) examine reason(s) that triggered a tax audit, causes of tax evasion, audit timeframe and tax penalty charged; and (3) to assess if tax auditors followed the guidelines as stated in the 'Tax Audit Framework' when conducting tax audits. In 2011, the Inland Revenue Board Malaysia (IRBM) had audited and finalized 557 company cases. With official permission, data of all the 557 cases were obtained from the IRBM. Of these, a total of 421 cases with complete information were analyzed. About 58.1% was small and medium corporations and from the construction industry (32.8%). The selection for tax audit was based on risk analysis (66.8%), information from third party (11.1%), and firm with low profitability or fluctuating profit pattern (7.8%). The three persistent causes of tax evasion by firms were over claimed expenses (46.8%), fraudulent reporting of income (38.5%) and overstating purchases (10.5%). These findings are consistent with past literature. Results showed that tax auditors took six to 18 months to close audit cases. More than half of tax evaders were fined 45% on additional tax raised during audit for the first offence. The study found tax auditors did follow the guidelines in the 'Tax Audit Framework' in audit selection, settlement and penalty imposition.

Keywords: Corporate tax fraud, tax non-compliance, tax evasion, tax audit, fraudulent reporting.

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Authors: Maia Margvelashvili, Kakhaber Cheishvili, Ineza Vatsadze

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In Capitalism all economic activity rests upon a set of core institutional foundations, main from which are privately owned capital assets and profit. How these core institutional foundations are working in former soviet countries, in particular in Travel and Tourism Industry of Georgia? The role of Travel and Tourism as a key pillar of economic growth is being increasingly recognized by governments in all regions of the world. For the last few years Georgia succeeded in the World Bank and IFC “Doing Business” rankings. Despite of that, during decades totally different statistical data of the tourism sector were provided by the different State bodies; economic parameters were published few, or not published at all. The frequency and extent of property rights violation in Georgia has repeatedly been the subject of concern for the last decade. Total value of abrogated by the former Georgian Government private property is estimated approximately in US$4-5 billion. Thus, if economic profitability is unknown and property rights are not protected – that means that the main institutional foundations of capitalism in Georgia, are not working properly yet, that cause management problems at all levels of the national Travel and Tourism industry of Georgia.

Keywords: Institutional foundations of capitalism, Tourism management, Transition stage.

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Authors: Huei-Wen Lin, Huei-Fu Lu

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Event sport tourism (EST) has become an especially important economic sector around the world. As the magnitude continues to grow, attracting more tourists, media, and investment for the host community, and many local areas/regions and states have identified the expenditures by visitors as a potential source of economic or employment growth. The main purposes of this study are to investigate stakeholders’ insights into the feature of hosting EST and using them as a regional development strategy. Continuing the focus of previous literature on the regional development and economic benefits by hosting EST, a total of fıve semi-structured interview questions are designed and a thematic analysis is employed to conduct with eight key sport and tourism decision makers in Atlanta during July to August 2016. Through the depth interviews, the study will contribute to a better understanding of stakeholders’ decision-making, identifying benefits and constraints as well as leveraging the impacts of hosting EST. These findings have provided stakeholders’ perspectives of hosting EST and using them as a reference of regional development in emerging sport tourism markets in the US. Additionally, this study examines key considerations and issues that affect and are critical to reliable understanding of the economic impacts of hosting EST on the regional development, and it will be able to benefit future management authorities (i.e. governments and communities) in their sport tourism development endeavors in defining and hosting successful EST. Furthermore, the insights gained from the qualitative analysis could help other cities/regions analyzing the economic impacts of hosting EST and using it as an instrument of city development strategy.

Keywords: Event sport tourism, regional economic development, thematic analysis, stakeholder.

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Authors: Lili Wang

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By using the estimation of the Cauchy matrix of linear impulsive differential equations and Banach fixed point theorem as well as Gronwall-Bellman’s inequality, some sufficient conditions are obtained for the existence and exponential stability of almost periodic solution for an impulsive neural networks with distributed delays. An example is presented to illustrate the feasibility and  effectiveness of the results.

Keywords: Almost periodic solution, Exponential stability, Neural networks, Impulses.

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Authors: Eftah Bte. Moh Hj Abdullah, Abd Aziz Bin Abd Shukor, Norazilawati Binti Abdullah, Rahimah Adam, Othman Bin Lebar

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The competency and integrity required for better understanding and practice of School-based Assessment (PBS) comes not only from the process, but also in providing the support or ‘scaffolding’ for teachers to recognize the student as a learner, improve their self-assessment skills, understanding of the daily teaching plan and its constructive alignment of the curriculum, pedagogy and assessment. The cultivation of integrity in PBS among the teachers is geared towards encouraging them to become committed and dedicated in implementing assessments in a serious, efficient manner, thus moving away from the usual teacher-focused approach to the student-focused approach. The teachers show their integrity via their professional commitment, responsibility and actions. The module based on the cultivation of integrity in PBS among Malaysian teachers aims to broaden the guidance support for teachers (embedded in the training), which consists of various domains to enable better evaluation of complex assessment tasks and the construction of suitable instrument for measuring the relevant cognitive, affective and psychomotor domains to describe the students’ achievement. The instrument for integrity cultivation in PBS has been developed and validated for measuring the effectiveness of the module constructed. This module is targeted towards assisting the staff in the Education Ministry, especially the principal trainers, teachers, headmasters and education officers to acquire effective intervention for improving the PBS assessors’ integrity and competency.

Keywords: School-based assessment, Assessment competency Integrity cultivation, Professional commitment, Module.

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Authors: C. Patrascioiu, V. Matei, N. Nicolae

Abstract:

The paper describes the experiments and the kinetic parameters calculus of the gasoil hydrofining. They are presented experimental results of gasoil hidrofining using Mo and promoted with Ni on aluminum support catalyst. The authors have adapted a kinetic model gasoil hydrofining. Using this proposed kinetic model and the experimental data they have calculated the parameters of the model. The numerical calculus is based on minimizing the difference between the experimental sulf concentration and kinetic model estimation.

Keywords: Hydrofining, kinetic, modeling, optimization.

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Authors: Kittipong Tissayakorn, Fumio Akagi, Yu Song

Abstract:

Manufacturers have been exploring innovative strategies to achieve and sustain competitive advantages as they face a new era of intensive global competition. Such strategy is known as Supply Chain Management (SCM), which has gained a tremendous amount of attention from both researchers and practitioners over the last decade. Supply chain management (SCM) is considered as the most popular operating strategy for improving organizational competitiveness in the twenty-first century. It has attracted a lot of attention recently due to its role involving all of the activities in industrial organizations, ranging from raw material procurement to final product delivery to customers. Well-designed supply chain systems can substantially improve efficiency and product quality, and eventually enhance customer satisfaction and profitability. In this paper, a manufacturing engineering perspective on supply chain integration is presented. Research issues discussed include the product and process design for the supply chain, design evaluation of manufacturing in the supply chain, agent-based techniques for supply chain integration, intelligent information for sharing across the supply chain, and a development of standards for product, process, and production data exchange to facilitate electronic commerce. The objective is to provide guidelines and references for manufacturing engineers and researchers interested in supply chain integration.

Keywords: Supply Chain, Supply Chain Management, Supply Chain Integration, Manufacturing Industries.

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Authors: Ofelia A. Damag

Abstract:

The study was focused on the development and assessment of the illustrated language activities of the 1996 Edition of the Portage Guide to Early Education. It determined the extent of appropriateness, applicability, time efficiency and aesthetics of the illustrated language activities to be used as instructional material not only by teachers, but parents and caregivers as well. The eclectic research design was applied in this study using qualitative and quantitative methods. To determine the applicability and time efficiency of the study, a try out was done. Since the eclectic research design was used, it made use of a researcher-made survey questionnaire and focus group discussion. Analysis of the data was done through weighted mean and ANOVA. The respondents of the study were representatives of Special Education (SPED) teachers, caregivers and parents of a special-needs child, particularly with difficulties in learning basic language skills. The results of the study show that a large number of respondents are SPED teachers and caregivers and are mostly college graduates. Many of them have earned units towards Master’s studies. Moreover, a majority of the respondents have not attended seminars or in-service training in early intervention for them to be more competent in the area of specialization. It is concluded that the illustrated language activities under review in this study are appropriate, applicable, time efficient and aesthetic for use as a tool in teaching. The recommendations are focused on the advocacy for SPED teachers, caregivers and parents of special-needs children to be more consistent in the implementation of the new instructional materials as an aid in an intervention program.

Keywords: Illustrated language activities, inclusion, portage guide to early education, special educational needs.

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