Search results for: business process maturity

Authors: A. Hol

Abstract:

Electronic mediums such as websites, feeds, blogs and social media sites are on a daily basis influencing our decision making, are improving our productivity and are shaping futures of many consumers and service/product providers. This research identifies that both customers and business providers heavily rely on smart phone applications. Based on this, mobile applications available on iTunes store were studied. It was identified that fruit and vegetable related applications used by consumers can broadly be categorized into purchase applications, diaries, tracking health applications, trip farm location and cooking applications. On the other hand, applications used by farmers can broadly be classified as: weather tracking, pests / fertilizer applications and general social media applications such as Facebook. To blur this farmer-consumer application divide, our research utilizes Context Specific eTransformation Framework and based on it identifies characteristic future consumer-farmer applications will need to have so that the current divide can be narrowed and consequently better farmerconsumer supply chain link established.

Keywords: Smart Phone Applications, SME, Farmers, Consumer, Fruit and Vegetable, Technology, Business Innovation.

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Authors: S. Thirumurugan, D. R. Prince Williams

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Software Reliability is one of the key factors in the software development process. Software Reliability is estimated using reliability models based on Non Homogenous Poisson Process. In most of the literature the Software Reliability is predicted only in testing phase. So it leads to wrong decision-making concept. In this paper, two Software Reliability concepts, testing and operational phase are studied in detail. Using S-Shaped Software Reliability Growth Model (SRGM) and Exponential SRGM, the testing and operational reliability values are obtained. Finally two reliability values are compared and optimal release time is investigated.

Keywords: Error Detection Rate, Estimation of Parameters, Instantaneous Failure Rate, Mean Value Function, Non Homogenous Poisson Process (NHPP), Software Reliability.

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Authors: Sanja Seljan, Ivan Dunđer

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The paper presents combined automatic speech recognition (ASR) of English and machine translation (MT) for English and Croatian and Croatian-English language pairs in the domain of business correspondence. The first part presents results of training the ASR commercial system on English data sets, enriched by error analysis. The second part presents results of machine translation performed by free online tool for English and Croatian and Croatian-English language pairs. Human evaluation in terms of usability is conducted and internal consistency calculated by Cronbach's alpha coefficient, enriched by error analysis. Automatic evaluation is performed by WER (Word Error Rate) and PER (Position-independent word Error Rate) metrics, followed by investigation of Pearson’s correlation with human evaluation.

Keywords: Automatic machine translation, integrated language technologies, quality evaluation, speech recognition.

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Authors: Moataz M. Naguib, Hatem Khater, A. Baith Mohamed

Abstract:

MARS is a shared-key (symmetric) block cipher algorithm supporting 128-bit block size and a variable key size of between 128 and 448 bits. MARS has a several rounds of cryptographic core that is designed to take advantage of the powerful results for improving security/performance tradeoff over existing ciphers. In this work, a new function added to improve the ciphering process it is called, Meta-Morphic function. This function use XOR, Rotating, Inverting and No-Operation logical operations before and after encryption process. The aim of these operations is to improve MARS cipher process and makes a high confusion criterion for the Ciphertext.

Keywords: AES, MARS, Metamorphic, Cryptography, Block Cipher.

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Authors: Emin Islam Tatlı, Dirk Stegemann, Stefan Lucks

Abstract:

Encryption protects communication partners from disclosure of their secret messages but cannot prevent traffic analysis and the leakage of information about “who communicates with whom". In the presence of collaborating adversaries, this linkability of actions can danger anonymity. However, reliably providing anonymity is crucial in many applications. Especially in contextaware mobile business, where mobile users equipped with PDAs request and receive services from service providers, providing anonymous communication is mission-critical and challenging at the same time. Firstly, the limited performance of mobile devices does not allow for heavy use of expensive public-key operations which are commonly used in anonymity protocols. Moreover, the demands for security depend on the application (e.g., mobile dating vs. pizza delivery service), but different users (e.g., a celebrity vs. a normal person) may even require different security levels for the same application. Considering both hardware limitations of mobile devices and different sensitivity of users, we propose an anonymity framework that is dynamically configurable according to user and application preferences. Our framework is based on Chaum-s mixnet. We explain the proposed framework, its configuration parameters for the dynamic behavior and the algorithm to enforce dynamic anonymity.

Keywords: Anonymity, context-awareness, mix-net, mobile business, policy management

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Authors: Amin Esmaeilzadeh, Mohammad Sadeghi, Farhad Kolahan

Abstract:

Arc welding is an important joining process widely used in many industrial applications including production of automobile, ships structures and metal tanks. In welding process, the moving electrode causes highly non-uniform temperature distribution that leads to residual stresses and different deviations, especially buckling distortions in thin plates. In order to control the deviations and increase the quality of welded plates, a fixture can be used as a practical and low cost method with high efficiency. In this study, a coupled thermo-mechanical finite element model is coded in the software ANSYS to simulate the behavior of thin plates located by a 3-2-1 positioning system during the welding process. Computational results are compared with recent similar works to validate the finite element models. The agreement between the result of proposed model and other reported data proves that finite element modeling can accurately predict the behavior of welded thin plates.

Keywords: Welding, thin plate, buckling distortion, fixture locators, finite element modelling.

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Authors: Pedro M. A. Vitoriano, Tito. G. Amaral

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Automated Optical Inspection (AOI) Systems are commonly used on Printed Circuit Boards (PCB) manufacturing. The use of this technology has been proven as highly efficient for process improvements and quality achievements. The correct extraction of the component for posterior analysis is a critical step of the AOI process. Nowadays, the Pattern Matching Algorithm is commonly used, although this algorithm requires extensive calculations and is time consuming. This paper will present an improved algorithm for the component localization process, with the capability of implementation in a parallel execution system.

Keywords: AOI, automated optical inspection, SMD, surface mounting devices, pattern matching, parallel execution.

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Authors: K. N. C. Njoku, Chinwendu Best Eleje, Christian Chukwuemeka Nwandu

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One of the problems facing most insurance companies is how best the burden of paying claims to its policy holders can be managed whenever need arises. Hence there is need for the insurer to buy a reinsurance contract in order to reduce risk which will enable the insurer to share the financial burden with the reinsurer. In this paper, the insurer’s and reinsurer’s strategy is investigated under the modified constant elasticity of variance (M-CEV) process and proportional administrative charges. The insurer considered investment in one risky asset and one risk free asset where the risky asset is modeled based on the M-CEV process which is an extension of constant elasticity of variance (CEV) process. Next, a nonlinear partial differential equation in the form of Hamilton Jacobi Bellman equation is obtained by dynamic programming approach. Using power transformation technique and variable change, the explicit solutions of the optimal investment strategy and optimal reinsurance strategy are obtained. Finally, some numerical simulations of some sensitive parameters were obtained and discussed in details where we observed that the modification factor only affects the optimal investment strategy and not the reinsurance strategy for an insurer with exponential utility function.

Keywords: Reinsurance strategy, Hamilton Jacobi Bellman equation, power transformation, M-CEV process, exponential utility.

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Authors: Elena Chernyshkova

Abstract:

The paper which is dedicated to describing the effect made by the “significant other", presents the new model of interrelation between self-reflection, the “significant other" phenomenon and aggression. Tendencies of direction and type frustration response developments in detail are discussed. New results have been received through designing of the original experiment. It is based on modifications of the “Picture – Frustration Study" test by S. Rosenzweig.

Keywords: Reflection, reflective process, aggression, aggressivereactions, "significant other"

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Authors: Mouhoubi Nedjima, Sassi Boudemagh Souad

Abstract:

In the framework of the modernization of the city of Constantine and in order to restore its status as a regional metropolis introducing it into the network of cities international metropolises, has major urban project was launched: project of modernization and of metropolitanization of the city of Constantine. Our research project focuses on the management of the project for the modernization of the city of Constantine (PMMC) focusing on the management of some aspects of the urban project whose participation, with the objective assessment of the managerial approach business. In this contribution, we focus on two cases revealing taken into account in our research work on the question of participation of actors and their organizations. It is "the urban project of modernization of Constantine" and the operation relating to "the urban improvement in the city of the Brothers FERRAD in the district of Zouaghi". This project and this operation with the objective of improving the living conditions of citizens have faced several challenges and obstacles that have been in major part the factors of its failures. Through this study, we examined the management process and the mode of organization of the actors of the project as well as the level of participation of the citizen to finally proposed managerial solutions toconflict situations observed.

Keywords: The urban project, urban improvement, participation, Constantine.

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Authors: Halil Ibrahim Demir, Tarık Cakar, Ibrahim Cil, Muharrem Dugenci, Caner Erden

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Conventionally, process planning, scheduling, and due-date assignment functions are performed separately and sequentially. The interdependence of these functions requires integration. Although integrated process planning and scheduling, and scheduling with due date assignment problems are popular research topics, only a few works address the integration of these three functions. This work focuses on the integration of process planning, WMS scheduling, and WPPW due date assignment. Another novelty of this work is the use of a weighted due date assignment. In the literature, due dates are generally assigned without considering the importance of customers. However, in this study, more important customers get closer due dates. Typically, only tardiness is punished, but the JIT philosophy punishes both earliness and tardiness. In this study, all weighted earliness, tardiness, and due date related costs are penalized. As no customer desires distant due dates, such distant due dates should be penalized. In this study, various levels of integration of these three functions are tested and genetic search and random search are compared both with each other and with ordinary solutions. Higher integration levels are superior, while search is always useful. Genetic searches outperformed random searches.

Keywords: Process planning, weighted scheduling, weighted due-date assignment, genetic algorithm, random search.

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Authors: W. Koranuntachai, T. Chantrasmi, U. Nontakaew

Abstract:

Medical latex gloves are made from the latex compound in production lines. Latex dipping is considered one of the most important processes that directly affect the final product quality. In a continuous production line, a chain conveyor carries the formers through the process and partially submerges them into an open channel flow in a latex dipping tank. In general, the conveyor speed is determined by the desired production capacity, and the latex-dipping tank can then be designed accordingly. It is important to understand the flow behavior in the dipping tank in order to achieve high quality in the process. In this work, Computational Fluid Dynamics (CFD) was used to simulate the flow past an array of formers in a simplified latex dipping process. The computational results showed both the flow structure and the vortex generation between two formers. The maximum shear stress over the surface of the formers was used as the quality metric of the latex-dipping process when adjusting operation parameters.

Keywords: medical latex gloves, latex dipping, dipping tank, computational fluid dynamics

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Authors: Malte Brettel, Niklas Friederichsen, Michael Keller, Marius Rosenberg

Abstract:

The German manufacturing industry has to withstand an increasing global competition on product quality and production costs. As labor costs are high, several industries have suffered severely under the relocation of production facilities towards aspiring countries, which have managed to close the productivity and quality gap substantially. Established manufacturing companies have recognized that customers are not willing to pay large price premiums for incremental quality improvements. As a consequence, many companies from the German manufacturing industry adjust their production focusing on customized products and fast time to market. Leveraging the advantages of novel production strategies such as Agile Manufacturing and Mass Customization, manufacturing companies transform into integrated networks, in which companies unite their core competencies. Hereby, virtualization of the process- and supply-chain ensures smooth inter-company operations providing real-time access to relevant product and production information for all participating entities. Boundaries of companies deteriorate, as autonomous systems exchange data, gained by embedded systems throughout the entire value chain. By including Cyber-Physical-Systems, advanced communication between machines is tantamount to their dialogue with humans. The increasing utilization of information and communication technology allows digital engineering of products and production processes alike. Modular simulation and modeling techniques allow decentralized units to flexibly alter products and thereby enable rapid product innovation. The present article describes the developments of Industry 4.0 within the literature and reviews the associated research streams. Hereby, we analyze eight scientific journals with regards to the following research fields: Individualized production, end-to-end engineering in a virtual process chain and production networks. We employ cluster analysis to assign sub-topics into the respective research field. To assess the practical implications, we conducted face-to-face interviews with managers from the industry as well as from the consulting business using a structured interview guideline. The results reveal reasons for the adaption and refusal of Industry 4.0 practices from a managerial point of view. Our findings contribute to the upcoming research stream of Industry 4.0 and support decision-makers to assess their need for transformation towards Industry 4.0 practices. 

Keywords: Industry 4.0., Mass Customization, Production networks, Virtual Process-Chain.

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Authors: Mohammed Salem Alzahrani

Abstract:

In this paper, student admission process is studied to optimize the assignment of vacant seats with three main objectives. Utilizing all vacant seats, satisfying all programs of study admission requirements and maintaining fairness among all candidates are the three main objectives of the optimization model. Seat Assignment Method (SAM) is used to build the model and solve the optimization problem with help of Northwest Coroner Method and Least Cost Method. A closed formula is derived for applying the priority of assigning seat to candidate based on SAM.

Keywords: Admission Process Model, Assignment Problem, Hungarian Method, Least Cost Method, Northwest Corner Method, Seat Assignment Method (SAM).

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Authors: Stephen Akinlabi, Mukul Shukla, Esther Akinlabi, Marwala Tshilidzi

Abstract:

This paper reports the evolving properties of a 3 mm low carbon steel plate after Laser Beam Forming achieve this objective, the chemical analyse material and the formed components were carried thereafter both were characterized through microhardness profiling microstructural evaluation and tensile testing. showed an increase in the elemental concentration of the component when compared to the as received attributed to the enhancement property of the LBF process Ultimate Tensile Strength (UTS) and the Vickers the formed component shows an increase when compared to the as received material, this was attributed to strain hardening and grain refinement brought about by the LBF process. The microstructure of the as received steel consists of equiaxed ferrit that of the formed component exhibits elongated orming process (LBF). To es of the as received out and compared; profiling, The chemical analyses formed material; this can be process. The microhardness of ferrite and pearlite while grains.

Keywords: Laser beam forming, deformation , deformation, elongated grains

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Authors: N. P. Dhanalakshmi, R. Nagarajan

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The sonochemical decolorization and degradation of azo dye Methyl violet using Fenton-s reagent in the presence of a high-frequency acoustic field has been investigated. Dyeing and textile effluents are the major sources of azo dyes, and are most troublesome among industrial wastewaters, causing imbalance in the eco-system. The effect of various operating conditions (initial concentration of dye, liquid-phase temperature, ultrasonic power and frequency and process time) on sonochemical degradation was investigated. Conversion was found to increase with increase in initial concentration, temperature, power level and frequency. Both horntype and tank-type sonicators were used, at various power levels (250W, 400W and 500W) for frequencies ranging from 20 kHz - 1000 kHz. A 'Process Intensification' parameter PI, was defined to quantify the enhancement of the degradation reaction by ultrasound when compared to control (i.e., without ultrasound). The present work clearly demonstrates that a high-frequency ultrasonic bath can be used to achieve higher process throughput and energy efficiency at a larger scale of operation.

Keywords: Fenton oxidation, process intensification, sonochemical degradation of MV, ultrasonic frequency.

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Authors: P. R. Prabhu, S. M. Kulkarni, S. S. Sharma

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Deep cold rolling (DCR) and low plasticity burnishing (LPB) process are cold working processes, which easily produce a smooth and work-hardened surface by plastic deformation of surface irregularities. The present study focuses on the surface roughness and surface hardness aspects of AISI 4140 work material, using fractional factorial design of experiments. The assessment of the surface integrity aspects on work material was done, in order to identify the predominant factors amongst the selected parameters. They were then categorized in order of significance followed by setting the levels of the factors for minimizing surface roughness and/or maximizing surface hardness. In the present work, the influence of main process parameters (force, feed rate, number of tool passes/overruns, initial roughness of the work piece, ball material, ball diameter and lubricant used) on the surface roughness and the hardness of AISI 4140 steel were studied for both LPB and DCR process and the results are compared. It was observed that by using LPB process surface hardness has been improved by 167% and in DCR process surface hardness has been improved by 442%. It was also found that the force, ball diameter, number of tool passes and initial roughness of the workpiece are the most pronounced parameters, which has a significant effect on the work piece-s surface during deep cold rolling and low plasticity burnishing process.

Keywords: Deep cold rolling, burnishing, surface roughness, surface hardness, design of experiments, AISI4140 steel.

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Authors: R. Simutis, V. Galvanauskas, D. Levisauskas, J. Repsyte

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This paper proposes a bioprocess optimization procedure based on Relevance Vector Regression models and evolutionary programming technique. Relevance Vector Regression scheme allows developing a compact and stable data-based process model avoiding time-consuming modeling expenses. The model building and process optimization procedure could be done in a half-automated way and repeated after every new cultivation run. The proposed technique was tested in a simulated mammalian cell cultivation process. The obtained results are promising and could be attractive for optimization of industrial bioprocesses.

Keywords: Bioprocess optimization, Evolutionary programming, Relevance Vector Regression.

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Authors: Ming Wen, Nasim Nezamoddini

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Sophisticated numerical simulations like finite element analysis (FEA) involve a complicated process from model setup to post-processing tasks that require replication of time-consuming steps. Utilizing FEA automation program simplifies the complexity of the involved steps while minimizing human errors in analysis set up, calculations, and results processing. One of the main challenges in designing FEA automation programs is to identify user requirements and link them to possible design alternatives. This paper presents a decision-making framework to design a Python based FEA automation program for modal analysis, frequency response analysis, and random vibration fatigue (RVF) analysis procedures. Analytical hierarchy process (AHP) and technique for order preference by similarity to ideal solution (TOPSIS) are applied to evaluate design alternatives considering the feedback received from experts and program users.

Keywords: FEA, random vibration fatigue, process automation, AHP, TOPSIS, multiple-criteria decision-making, MCDM.

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Authors: Abu Bakar Sedek Abdul Jamak, Rohani Salleh, Subarna Sivapalan, Azrai Abdullah

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This research focuses on micro-enterprise of Malaysian Malays that are involved in very small-scaled business activities. Among them include food stall and burger stall operators, night market hawkers, grocery store operators as well as construction and small service activities works. The study seeks to explore why some micro-entrepreneurs still lag in entrepreneurship and what needs to be rectified. This quantitative study is conducted on 173 Malay micro-enterprise owners (MEOs) and 58 Malay failed microenterprise owners (FMEOs) involved in all range of businesses throughout the state of Perak, Malaysia. The main aims are to identify the gaps between the failed micro-enterprise owners (FMEOs) and existing micro-enterprise owners (MEOs) and the problems faced among FMEOs. The results reveal that the MEOs had strong motivations and better marketing approaches as compared to FMEOs. Furthermore, the FMEOs failed in the business ventures mainly due to lack of management, sales and marketing skills and poor competitive abilities to keep up with rivals.

Keywords: Micro-enterprises, Malays, entrepreneurship, Malaysia

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Authors: Myoung-Gon Yoon, Jung-Ho Moon, Tae Kwon Ha

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Tensile specimens of nonflammable AZ91D Mg alloy were fabricated in this study via cold chamber die-casting process. Dimensions of tensile specimens were 25mm in length, 4mm in width, and 0.8 or 3.0mm in thickness. Microstructure observation was conducted before and after tensile tests at room temperature. In the die casting process, various injection distances from 150 to 260mm were employed to obtain optimum process conditions. Distribution of Al₁₂Mg₁₇ phase was the key factor to determine the mechanical properties of die-cast Mg alloy. Specimens with 3mm of thickness showed superior mechanical properties to those with 0.8mm of thickness. Closed networking of Al₁₂Mg₁₇ phase along grain boundary was found to be detrimental to mechanical properties of die-cast Mg alloy.

Keywords: Non-flammable magnesium alloy, AZ91D, die-casting, microstructure, mechanical properties.

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Authors: Kevin McDaid, Simon P. Wilson

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Software developed for a specific customer under contract typically undergoes a period of testing by the customer before acceptance. This is known as user acceptance testing and the process can reveal both defects in the system and requests for changes to the product. This paper uses nonhomogeneous Poisson processes to model a real user acceptance data set from a recently developed system. In particular a split Poisson process is shown to provide an excellent fit to the data. The paper explains how this model can be used to aid the allocation of resources through the accurate prediction of occurrences both during the acceptance testing phase and before this activity begins.

Keywords: User acceptance testing. Software reliability growth modelling. Split Poisson process. Bayesian methods.

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Authors: Temsiri Sapsaman, Anocha Bhocarattanahkul

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The maintenance of work rolls in hot strip processing has been lengthy and difficult tasks for hot strip manufacturer because heavy work rolls have to be taken out of the production line, which could take hours. One way to increase the time between maintenance is to improve the effectiveness of the work roll cooling system such that the wear and tear more slowly occurs, while the operation cost is kept low. Therefore, this study aims to improve the work roll cooling system by providing the manufacturer the relationship between the work-roll temperature reduced by cooling and the water flow that can help manufacturer determining the more effective water flow of the cooling system. The relationship is found using simulation with a systematic process adjustment so that the satisfying quality of product is achieved. Results suggest that the manufacturer could reduce the water flow by 9% with roughly the same performance. With the same process adjustment, the feasibility of finishing-mill-stand reduction is also investigated. Results suggest its possibility.

Keywords: Work-roll cooling system, hot strip process adjustment, feasibility study.

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Authors: Ekaterina Artiukhina, Panagiotis Grammelis

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Torrefaction of biomass pellets is considered as a useful pretreatment technology in order to convert them into a high quality solid biofuel that is more suitable for pyrolysis, gasification, combustion, and co-firing applications. In the course of torrefaction, the temperature varies across the pellet, and therefore chemical reactions proceed unevenly within the pellet. However, the uniformity of the thermal distribution along the pellet is generally assumed. The torrefaction process of a single cylindrical pellet is modeled here, accounting for heat transfer coupled with chemical kinetics. The drying sub-model was also introduced. The nonstationary process of wood pellet decomposition is described by the system of non-linear partial differential equations over the temperature and mass. The model captures well the main features of the experimental data.

Keywords: Torrefaction, biomass pellets, model, heat and mass transfer.

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Authors: Mazidah Tajjudin, Mohd Hezri Fazalul Rahiman, Norhashim Mohd Arshad, Ramli Adnan

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In process control applications, above 90% of the controllers are of PID type. This paper proposed a robust PI controller with fractional-order integrator. The PI parameters were obtained using classical Ziegler-Nichols rules but enhanced with the application of error filter cascaded to the fractional-order PI. The controller was applied on steam temperature process that was described by FOPDT transfer function. The process can be classified as lag dominating process with very small relative dead-time. The proposed control scheme was compared with other PI controller tuned using Ziegler-Nichols and AMIGO rules. Other PI controller with fractional-order integrator known as F-MIGO was also considered. All the controllers were subjected to set point change and load disturbance tests. The performance was measured using Integral of Squared Error (ISE) and Integral of Control Signal (ICO). The proposed controller produced best performance for all the tests with the least ISE index.

Keywords: PID controller, fractional-order PID controller, PI control tuning, steam temperature control, Ziegler-Nichols tuning.

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Authors: Masoud Hekmatpanah, Mohammad Sadroddin, Saeid Shahbaz, Farhad Mokhtari, Farahnaz Fadavinia

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The six sigma method is a project-driven management approach to improve the organization-s products, services, and processes by continually reducing defects in the organization. Understanding the key features, obstacles, and shortcomings of the six sigma method allows organizations to better support their strategic directions, and increasing needs for coaching, mentoring, and training. It also provides opportunities to better implement six sigma projects. The purpose of this paper is the survey of six sigma process and its impact on the organizational productivity. So I have studied key concepts , problem solving process of six sigmaas well as the survey of important fields such as: DMAIC, six sigma and productivity applied programme, and other advantages of six sigma. In the end of this paper, present research conclusions. (direct and positive relation between six sigma and productivity)

Keywords: Six sigma, project management, quality, theory, productivity.

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Authors: M. Arja, G. Sauce, B. Souyri

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Overall cost is a significant consideration in any decision-making process. Although many studies were carried out on overall cost in construction, little has treated the uncertainties of real life cycle development. On the basis of several case studies, a feedback process was performed on the historical data of studied buildings. This process enabled to identify some factors causing uncertainty during the operational period. As a result, the research proposes a new method for assessing the overall cost during a part of the building-s life cycle taking account of the building actual value, its end-of-life value and the influence of the identified life cycle uncertainty factors. The findings are a step towards a higher level of reliability in overall cost evaluation taking account of some usually unexpected uncertainty factors.

Keywords: Asset management, building life cycle uncertainty, building value, overall cost.

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Authors: Giulio Mangano, Alberto De Marco, Giovanni Zenezini

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The concept of City Logistics (CL) has emerged to improve the impacts of last mile freight distribution in urban areas. In this paper, a System Dynamics (SD) model exploring the dynamics of the diffusion of a ICT platform for CL management across different populations is proposed. For the development of the model two sources have been used. On the one hand, the major diffusion variables and feedback loops are derived from a literature review of existing diffusion models. On the other hand, the parameters are represented by the value propositions delivered by the platform as a response to some of the users’ needs. To extract the most important value propositions the Business Model Canvas approach has been used. Such approach in fact focuses on understanding how a company can create value for her target customers. These variables and parameters are thus translated into a SD diffusion model with three different populations namely municipalities, logistics service providers, and own account carriers. Results show that, the three populations under analysis fully adopt the platform within the simulation time frame, highlighting a strong demand by different stakeholders for CL projects aiming at carrying out more efficient urban logistics operations.

Keywords: City logistics, simulation, system dynamics, business model.

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Authors: D. Kubiliute

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The Republic of Lithuania is known as a trusted location for global business institutions and it attracts investors with its competitive environment for financial service providers. Along with the aspiration to offer a strong results-oriented and innovations-driven environment for financial service providers, Lithuanian regulatory authorities consistently implement the European Union's high regulatory standards for financial activities including sustainability-related disclosures. Since the European Union directed its policy towards transition to a climate-neutral, green, competitive and inclusive economy, additional regulatory requirements for financial market participants are adopted: disclosure of sustainable activities, transparency, prevention of greenwashing, and other. The financial sector is one of the key factors influencing the implementation of sustainability objectives in the European Union policies and mitigating the negative effects of climate change – public funds are not enough to make a significant impact on sustainable investments, therefore directing public and private capital to green projects may help to finance the necessary changes. The topic of the study is original and has not yet been widely analyzed in Lithuanian legal discourse. There are used quantitative and qualitative methodologies, logical, systematic and critical analysis principles, hence the aim of this study is to reveal the problematic of the implementation of regulation on sustainability in the Lithuanian financial sector. Additional regulatory requirements could cause serious changes in financial business operations: additional funds, employees and time have to be dedicated in order the companies could implement these regulations. Lack of knowledge and data on how to implement new regulatory requirements towards sustainable reporting causes a lot of uncertainty for financial market participants. And for some companies it might even be an essential point in terms of business continuity. It is considered that the supervisory authorities should find a balance between financial market needs and legal regulation.

Keywords: Financial, market participant, legal, regulation, sustainability.

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Authors: Arūnas Burinskas

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Although Europe is on the threshold of a new industrial revolution called Industry 4.0, many believe that this will increase the flexibility of production, the mass adaptation of products to consumers and the speed of their service; it will also improve product quality and dramatically increase productivity. However, as expected, all the benefits of Industry 4.0 face many of the inevitable changes and challenges they pose. One of them is the inevitable transformation of current competition and business models. This article examines the possible results of competitive conversion from the classic Bertrand and Cournot models to qualitatively new competition based on innovation. Ability to deliver a new product quickly and the possibility to produce the individual design (through flexible and quickly configurable factories) by reducing equipment failures and increasing process automation and control is highly important. This study shows that the ongoing transformation of the competition model is changing the game. This, together with the creation of complex value networks, means huge investments that make it particularly difficult for small and medium-sized enterprises. In addition, the ongoing digitalization of data raises new concerns regarding legal obligations, intellectual property, and security.

Keywords: Bertrand and Cournot Competition, competition model, Industry 4.0, industrial organization, monopolistic competition.

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