Search results for: retail markets

Authors: J. Stejskal, P. Hajek

Abstract:

The goal of this article is the analysis of knowledge transfer at the regional level of the Czech Republic. We show how goals of enterprises´ innovative activities are related to the rate of cooperation with different actors within regional innovative systems as well as in other world regions. The results show that the most important partners of enterprises are their suppliers and clients in most Czech regions. The cooperation rate of enterprises correlates significantly mainly with enterprises´ efforts to enter new markets and reduce labour costs per unit output. The meaning of this cooperation decreases with the increase of partner’s distance. Regarding the type of a cooperating partner, cooperation within an enterprise had to do with the increase of market share and decrease of labour costs. On the other hand, cooperation with clients had to do with efforts to replace outdated products or processes or enter new markets. We can pay less attention to the cooperation with government authorities and organizations. The reasons for marginalization of this cooperation should be submitted to further detailed investigation.

Keywords: Knowledge, transfer, innovative process, Czech republic, region.

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Authors: Victor Birikorang Danquah

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Ghana's primary energy supply is heavily reliant on petroleum, biomass, and hydropower. Currently, Ghana gets its energy from hydropower (Akosombo and Bui), thermal power plants powered by crude oil, natural gas, and diesel, solar power, and imports from La Cote d'Ivoire. Until the early 2000s, large hydroelectric dams dominated Ghana's electricity generation. Due to the unreliable weather patterns, Ghana increased its reliance on thermal power. Thermal power contributes the highest percentage in terms of electricity generation in Ghana and is predominantly supplied by Independent Power Producers (IPPs). Ghana's electricity industry operates the corporate utility model as its business model. This model is typically 'vertically integrated', with a single corporation selling the majority of power generated by its generation assets to its retail business, which then sells the electricity to retail market consumers. The corporate utility model has a straightforward value proposition that is based on increasing the number of energy units sold. The unit volume business model drives the entire energy value chain to increase throughput, locking system users into unsustainable practices. This report uses the qualitative research approach to explore the electricity industry in Ghana. There is the need for increasing renewable energy such as wind and solar in the electricity generation. The research recommends two critical business models for the penetration of renewable energy in Ghana's power sector. The first model is the peer-to-peer electricity trading model which relies on a software platform to connect consumers and generators in order for them to trade energy directly with one another. The second model is about encouraging local energy generation, incentivizing optimal time-of-use behaviour, and allow any financial gains to be shared among the community members.

Keywords: business model innovation, electricity generation, renewable energy, solar energy, sustainability, wind energy

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Authors: P. Kanakasabapathy, Radhika. S,

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In the competitive electricity market environment, the profit of the pumped-storage plant in the energy market can be maximized by operating it as a generator, when market clearing price is high and as a pump, to pump water from lower reservoir to upper reservoir, when the price is low. An optimal self-scheduling plan has been developed for a pumped-storage plant, carried out on weekly basis in order to maximize the profit of the plant, keeping into account of all the major uncertainties such as the sudden ancillary service delivery request and the price forecasting errors. For a pumped storage power plant to operate in a real time market successive self scheduling has to be done by considering the forecast of the day-ahead market and the modified reservoir storage due to the ancillary service request of the previous day. Sliding Window Technique has been used for successive self scheduling to ensure profit for the plant.

Keywords: Ancillary services, BPSO, Power System Economics (Electricity markets), Self-Scheduling, Sliding Window Technique.

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Authors: Brownhilder N. Neneh, A. Van Aardt Smit

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Underpricing is one anomaly in initial public offerings (IPO) literature that has been widely observed across different stock markets with different trends emerging over different time periods. This study seeks to determine how IPOs on the JSE performed on the first day, first week and first month over the period of 1996-2011. Underpricing trends are documented for both hot and cold market periods in terms of four main sectors (cyclical, defensive, growth stock and interest rate sensitive stocks). Using a sample of 360 listed companies on the JSE, the empirical findings established that IPOs on the JSE are significantly underpriced with an average market adjusted first day return of 62.9%. It is also established that hot market IPOs on the JSE are more underpriced than the cold market IPOs. Also observed is the fact that as the offer price per share increases above the median price for any given period, the level of underpricing decreases substantially. While significant differences exist in the level of underpricing of IPOs in the four different sectors in the hot and cold market periods, interest rates sensitive stocks showed a different trend from the other sectors and thus require further investigation to uncover this pattern.

Keywords: Underpricing, hot and cold markets, South Africa, JSE.

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Authors: Rajendra M. Sonar

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The recent trend has been using hybrid approach rather than using a single intelligent technique to solve the problems. In this paper, we describe and discuss a framework to develop enterprise solutions that are backed by intelligent techniques. The framework not only uses intelligent techniques themselves but it is a complete environment that includes various interfaces and components to develop the intelligent solutions. The framework is completely Web-based and uses XML extensively. It can work like shared plat-form to be accessed by multiple developers, users and decision makers.

Keywords: Intelligent System Development Framework, WebbasedIntelligent Systems, Retail Banking.

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Authors: Tamara Kelly

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The past decade has witnessed a good opportunities for city development schemes in UK. The government encouraged restoration of city centers to comprise mixed use developments with high density residential apartments. Investments in regeneration areas were doing well according to the analyses of Property Databank (IPD). However, more recent analysis by IPD has shown that since 2007, property in regeneration areas has been more vulnerable to the market downturn than other types of investment property. The early stages of a property market downturn may be felt most in regeneration where funding, investor confidence and occupier demand would dissipate because the sector was considered more marginal or risky when development costs rise. Moreover, the Bank of England survey shows that lenders have sequentially tightened the availability of credit for commercial real estate since mid-2007. A sharp reduction in the willingness of banks to lend on commercial property was recorded. The credit crunch has already affected commercial property but its impact has been particularly severe in certain kinds of properties where residential developments are extremely difficult, in particular city centre apartments and buy-to-let markets. Commercial property – retail, industrial leisure and mixed use were also pressed, in Birmingham; tens of mixed use plots were built to replace old factories in the heart of the city. The purpose of these developments was to enable young professionals to work and live in same place. Thousands of people lost their jobs during the recession, moreover lending was more difficult and the future of many developments is unknown. The recession casts its shadow upon the society due to cuts in public spending by government, Inflation, rising tuition fees and high rise in unemployment generated anger and hatred was spreading among youth causing vandalism and riots in many cities. Recent riots targeted many mixed used development in the UK where banks, shops, restaurants and big stores were robbed and set into fire leaving residents with horror and shock. This paper examines the impact of the recession and riots on mixed use development in UK.

Keywords: Diversity, mixed use development, outdoor comfort, public realm, safe places, safety by design.

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Authors: Lidia Martínez Murillo

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Since the 1990s the American furniture industry faces a transition period. Manufacturers, one of its most important actors made its entrance into the retail industry. This shift has had deep consequences not only for the American furniture industry as a whole, but also for other international furniture industries, especially the Chinese. The present work aims to analyze this actor based on the distinction provided by the Global Commodity Chain Theory. It stresses its characteristics, structure, operational way and importance for both the U.S. and the Chinese furniture industries.

Keywords: M&RC, blended strategy, U.S. furniture industry, Chinese furniture industry.

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Authors: Lidia Martínez Murillo

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Since the 1990s the American furniture industry faces a transition period. Manufacturers, one of its most important actors made its entrance into the retail industry. This shift has had deep consequences not only for the American furniture industry as a whole, but also for other international furniture industries, especially the Chinese. The present work aims to analyze this actor based on the distinction provided by the Global Commodity Chain Theory. It stresses its characteristics, structure, operational way and importance for both the U.S. and the Chinese furniture industries.

Keywords: M&RC, blended strategy, U.S. furniture industry, Chinese furniture industry.

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Authors: O. O. Olawusi-Peters, K. I. Adejugbagbe

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The concentration of heavy metal (Cd, Pb, Fe, Zn, Cu) in Clarias gariepinus collected from fish markets; Fanibi (Station I) and Fiwasaye (Station II) in Akure metropolis, Ondo state, Nigeria were investigated to ascertain the safety for the consumers. 60 samples were collected from the two markets in three batches (I, II, III) for a period of six months and analyzed for heavy metals in the gills and muscles of the fish. Also, the Health Risk Index (HRI) was used to determine the health risk of these metals to the consumer. The results showed that the investigated metal concentration was higher in station I than station II, except Pb having higher concentration in station II than station I. In both stations, the highest concentration of Fe was recorded in the gills (12.60 ± 1.51; 6.94 ± 1.38) and muscles (3.72 ± 0.09; 3.86 ± 0.33) of samples in batch I. Also, the HRI revealed that consumption of Clarias gariepinus from these study areas did not pose any health risk (HRI < 1). In addition, concentrations of the heavy metals were all below the permissible limits recommended by FAO/WHO.

Keywords: Health risk index, heavy metals, Clarias gariepinus, Akure metropolis, fish monger.

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Authors: G. Erkomaishvili

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The paper discusses mineral water consumer market and development policy in Georgia, the tools and measures, which will contribute to production of mineral waters and increase its export. The paper studies and analyses current situation in mineral water production sector as well as the factors affecting increase and reduction of its export. It’s noted that in order to gain and maintain competitive advantage, it’s necessary to provide continuous supply of high quality goods with modern design, open new distribution channels to enter new markets, carry out broad promotional activities, organize e-commerce. Economic policy plays an important role in protecting markets from counterfeit goods. The state also plays an important role in attracting foreign direct investments. Stable business environment and export oriented strategy is the basis for the country’s economic growth. Based on the research, the paper suggests the strategy for improving competitiveness of Georgian mineral waters; relevant conclusions and recommendations are provided.

Keywords: Mineral waters, consumer market for mineral waters, export of mineral waters, mineral water development policy in Georgia.

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Authors: Chih-Hsiang Chang, Liang-Chien Lee, Shu-Ling Wu

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This study investigates the investors- behavioral reaction to the investment rating change announcements from the views of behavioral finance. The empirical results indicate that self-interest does affect the intention of securities firms to release investment ratings for individual stocks. In addition, behavioral pitfalls are also found in the response of retail investors to investment rating change announcements.

Keywords: Investment ratings, Behavioral finance, Self-interest, Behavioral pitfalls

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Authors: Safdar Muhammad Usman, Youji Kohda, Katsuhiro Umemoto

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Electronic market place plays an important intermediary role for connecting dealers and retail customers. The main aim of this paper is to design a value co-creation model in used-car auctions. More specifically, the study has been designed in order to describe the process of value co-creation in used-car auctions, to explore the co-created values in used-car auctions, and finally conclude the paper indicating the future research directions. Our analysis shows that economic values as well as non-economic values are co-created in used-car auctions. In addition, this paper contributes to the academic society broadening the view of value co-creation in service science.

Keywords: Value co-creation, Used-car auctions, Non-economic values, Service science.

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Authors: Zhanna Mingaleva, Irina Mirskikh

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Innovational development of regions in Russia is generally faced with the essential influence from federal and local authorities. The organization of effective mechanism of innovation development (and self-development) is impossible without establishment of defined institutional conditions in the analyzed field. Creative utilization of scientific concepts and information should merge, giving rise to continuing innovation and advanced production. The paper presents an analysis of institutional conditions in the field of creation and development of innovation activity infrastructure and transferring of knowledge and skills between different economic agents in Russia. Knowledge is mainly privately owned, developed through R&D investments and incorporated into technology or a product. Innovation infrastructure is a strong concentration mechanism of advanced facilities, which are mainly located inside large agglomerations or city-regions in order to benefit from scale effects in both input markets (human capital, private financial capital) and output markets (higher education services, research services). The empirical results of the paper show that in the presence of more efficient innovation and knowledge transfer and transcoding system and of a more open attitude of economic agents towards innovation, the innovation and knowledge capacity of regional economy is much higher.

Keywords: knowledge economy, innovational development, transfer of knowledge, institutional preconditions, innovation andknowledge capacity.

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Authors: Radek Fisera, Petr Stluka

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This paper describes a methodology for remote performance monitoring of retail refrigeration systems. The proposed framework starts with monitoring of the whole refrigeration circuit which allows detecting deviations from expected behavior caused by various faults and degradations. The subsequent diagnostics methods drill down deeper in the equipment hierarchy to more specifically determine root causes. An important feature of the proposed concept is that it does not require any additional sensors, and thus, the performance monitoring solution can be deployed at a low installation cost. Moreover only a minimum of contextual information is required, which also substantially reduces time and cost of the deployment process.

Keywords: Condition monitoring, energy baselining, fault detection and diagnostics, commercial refrigeration.

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Authors: Sara Jelodarian

Abstract:

Organic agriculture is a kind of living and dynamic agriculture that was introduced in the early 20^th century. The fundamental basis for organic agriculture is in harmony with nature. This version of farming emphasizes removing growth hormones, chemical fertilizers, toxins, radiation, genetic manipulation and instead, integration of modern scientific techniques (such as biologic and microbial control) that leads to the production of healthy food and the preservation of the environment and use of agricultural products such as forage and manure. Supports from governments for the markets producing organic products and taking advantage of the experiences from other successful societies in this field can help progress the positive and effective aspects of this technology, especially in developing countries. This research proves that till 2030, 25% of the global agricultural lands would be covered by organic farming. Consequently Iran, due to its rich genetic resources and various climates, can be a pioneer in promoting organic products. In addition, for sustainable farming, blend of organic and other innovative systems is needed. Important limitations exist to accept these systems, also a diversity of policy instruments will be required to comfort their development and implementation. The paper was conducted to results of compilation of reports, issues, books, articles related to the subject with library studies and research. Likewise we combined experimental and survey to get data.

Keywords: Development, production markets, progress, strategic role, technology.

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Authors: Marin Mandić, Elis Sutlović, Tonći Modrić, Luka Stanić

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With the restructuring and deregulation of the power system, storage owners, generation companies or private producers can offer their multiple services on various power markets and earn income in different types of markets, such as the day-ahead, real-time, ancillary services market, etc. During the COVID-19 pandemic, electricity prices, as well as ancillary services prices, increased significantly. The optimization of the energy storage operation was performed using a suitable model for simulating the operation of a pumped storage hydropower plant under market conditions. The objective function maximizes the income earned through energy arbitration, regulation-up, regulation-down and spinning reserve services. The optimization technique used for solving the objective function is mixed integer linear programming (MILP). In numerical examples, the pumped storage hydropower plant operation has been optimized considering the already achieved hourly electricity market prices from Nord Pool for the pre-pandemic (2019) and the pandemic (2020 and 2021) years. The impact of the electricity market prices during the COVID-19 pandemic on energy storage operation is shown through the analysis of income, operating hours, reserved capacity and consumed energy for each service. The results indicate the role of energy storage during a significant fluctuation in electricity and services prices.

Keywords: Electrical market prices, electricity market, energy storage optimization, mixed integer linear programming, MILP, optimization.

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Authors: I. Erins, J. Erina

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The aim of this article is to assess the existing business models used by the banks operating in the CEE countries in the time period from 2006 till 2011. In order to obtain research results, the authors performed qualitative analysis of the scientific literature on bank business models, which have been grouped into clusters that consist of such components as: 1) capital and reserves; 2) assets; 3) deposits, and 4) loans. In their turn, bank business models have been developed based on the types of core activities of the banks, and have been divided into four groups: Wholesale, Investment, Retail and Universal Banks. Descriptive statistics have been used to analyse the models, determining mean, minimal and maximal values of constituent cluster components, as well as standard deviation. The analysis of the data is based on such bank variable indices as Return on Assets (ROA) and Return on Equity (ROE).

Keywords: Banks, Business model, CEE, ROA, ROE.

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Authors: Ayush Chugh, Gaurav Gupta

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Today’s technology is heavily dependent on web applications. Web applications are being accepted by users at a very rapid pace. These have made our work efficient. These include webmail, online retail sale, online gaming, wikis, departure and arrival of trains and flights and list is very long. These are developed in different languages like PHP, Python, C#, ASP.NET and many more by using scripts such as HTML and JavaScript. Attackers develop tools and techniques to exploit web applications and legitimate websites. This has led to rise of web application security; which can be broadly classified into Declarative Security and Program Security. The most common attacks on the applications are by SQL Injection and XSS which give access to unauthorized users who totally damage or destroy the system. This paper presents a detailed literature description and analysis on Web Application Security, examples of attacks and steps to mitigate the vulnerabilities.

Keywords: Attacks, Injection, JavaScript, SQL, Vulnerability, XSS.

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Authors: Mohammad D. AL-Tahat, Shahnaz M. Alkhalil

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International markets driven forces are changing continuously, therefore companies need to gain a competitive edge in such markets. Improving the company's products, processes and practices is no longer auxiliary. Lean production is a production management philosophy that consolidates work tasks with minimum waste resulting in improved productivity. Lean production practices can be mapped into many production areas. One of these is Manufacturing Equipment and Technology (MET). Many lean production practices can be implemented in MET, namely, specific equipment configurations, total preventive maintenance, visual control, new equipment/ technologies, production process reengineering and shared vision of perfection.The purpose of this paper is to investigate the implementation level of these six practices in Jordanian industries. To achieve that a questionnaire survey has been designed according to five-point Likert scale. The questionnaire is validated through pilot study and through experts review. A sample of 350 Jordanian companies were surveyed, the response rate was 83%. The respondents were asked to rate the extent of implementation for each of practices. A relationship conceptual model is developed, hypotheses are proposed, and consequently the essential statistical analyses are then performed. An assessment tool that enables management to monitor the progress and the effectiveness of lean practices implementation is designed and presented. Consequently, the results show that the average implementation level of lean practices in MET is 77%, Jordanian companies are implementing successfully the considered lean production practices, and the presented model has Cronbach-s alpha value of 0.87 which is good evidence on model consistency and results validation.

Keywords: Lean Production, SME applications, Visual Control, New equipment/technologies, Specific equipment configurations, Jordan

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Authors: M. Chobotová, Ž. Rylková

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Time full of changes which is associated with globalization, tougher competition, changes in the structures of markets and economic downturn, that all force companies to think about their competitive advantages. These changes can bring the company a competitive advantage and that can help improve competitive position in the market. Policy of the European Union is focused on the fast growing innovative companies which quickly respond to market demands and consequently increase its competitiveness. To meet those objectives companies need the right conditions and support of their state.

Keywords: Innovation, performance, measurements metrics, indices.

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Authors: Young-Il Kim, Bong-Jae Yi, Jae-Ju Song, Jin-Ho Shin, Jung-Il Lee

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Firstly, research and development on RFID focuses on manufacturing and retail sectors, because it can improve supply chain efficiency. But, now a variety of field is considered the next research area for Radio Frequency Identification (RFID). Although RFID is infancy, RFID technology has great potential in power industry to significantly reduce cost, and improve quality of power supply. To complement the limitation of RFID, we adopt the WSN (Wireless Sensor Network) technology. However, relevant experience is limited, the challenge will be to derive requirement from business practice and to determine whether it is possible or not. To explore this issue, we conduct a case study on implementing power facility management system using RFID/WSN in Korea Electric Power Corporation (KEPCO). In this paper we describe requirement from power industry. And we introduce design and implementation of the test bed.

Keywords: Power Facility Management, RFID/WSN, Transmission Tower, Underground Tunnel, ZigBee.

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Authors: I. Lolic, P. Soric, M. Cizmesija

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Based on Business and Consumer Survey (BCS) data, the European Commission (EC) regularly publishes the monthly Economic Sentiment Indicator (ESI) for each EU member state. ESI is conceptualized as a leading indicator, aimed ad tracking the overall economic activity. In calculating ESI, the EC employs arbitrarily chosen weights on 15 BCS response balances. This paper raises the predictive quality of ESI by applying nonlinear programming to find such weights that maximize the correlation coefficient of ESI and year-on-year GDP growth. The obtained results show that the highest weights are assigned to the response balances of industrial sector questions, followed by questions from the retail trade sector. This comes as no surprise since the existing literature shows that the industrial production is a plausible proxy for the overall Croatian economic activity and since Croatian GDP is largely influenced by the aggregate personal consumption.

Keywords: Business and Consumer Survey, Economic Sentiment Indicator, Leading Indicator, Nonlinear Optimization with Constraints.

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Authors: M. Erol Genevois, D. Celik, H. Z. Ulukan

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Automated Teller Machines (ATMs) can be considered among one of the most important service facilities in the banking industry. The investment in ATMs and the impact on the banking industry is growing steadily in every part of the world. The banks take into consideration many factors like safety, convenience, visibility, and cost in order to determine the optimum locations of ATMs. Today, ATMs are not only available in bank branches but also at retail locations. Another important factor is the cash management in ATMs. A cash demand model for every ATM is needed in order to have an efficient cash management system. This forecasting model is based on historical cash demand data which is highly related to the ATMs location. So, the location and the cash management problem should be considered together. This paper provides a general review on studies, efforts and development in ATMs location and cash management problem.

Keywords: ATM location problem, cash management problem, ATM cash replenishment problem, literature review in ATMs.

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Authors: Perumal Nallagownden, Ravindra N. Mukerjee, Syafrudin Masri

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In a competitive energy market, system reliability should be maintained at all times. Power system operation being of online in nature, the energy balance requirements must be satisfied to ensure reliable operation the system. To achieve this, information regarding the expected status of the system, the scheduled transactions and the relevant inputs necessary to make either a transaction contract or a transmission contract operational, have to be made available in real time. The real time procedure proposed, facilitates this. This paper proposes a quadratic curve learning procedure, which enables a generator-s contribution to the retailer demand, power loss of transaction in a line at the retail end and its associated losses for an oncoming operating scenario to be predicted. Matlab program was used to test in on a 24-bus IEE Reliability Test System, and the results are found to be acceptable.

Keywords: Deregulation, learning coefficients, reliability, prediction, competitive energy market.

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Authors: Siska Soesanti, Norihiro Nakai

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Bandung city center can be deemed as economic, social and cultural center. However the city center suffers from deterioration. The retail activities tend to shift outward the city center. Numerous idyllic residences changed into business premises in two villages situated in the north part of the city during 1990s, especially after a new highway and flyover opened. According to space syntax theory, the pattern of spatial integration in the urban grid is a prime determinant of movement patterns in the system. The syntactic analysis results show the flyover has insignificant influence on street network in the city center. However the flyover has been generating a major difference in the new commercial area since it has become relatively as strategic as the city center. Besides street network, local government policy, rapid private motorization and particular condition of each site also played important roles in encouraging the current commercial areas to flourish.

Keywords: City center, commercial area, space syntax, street network.

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Authors: J. R. C. Kuntz, Katharina Näswall, Frances Walls

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This study sought to uncover the complex role of stress in the workplace by investigating both positive (eustress) and negative (distress) stress responses. In particular, the study tested a mediation model in which organisational stressors (person-job fit and role overload) influence employee affective wellbeing, both directly and indirectly through stress responses. Participants were recruited from retail and finance organisations in Australia and New Zealand, and asked to complete an anonymous online questionnaire. A total of 140 individuals returned completed questionnaires. The results show that person-job fit influenced eustress, which in turn had a positive effect on employee affective wellbeing; and role overload impacted distress, which in turn held a negative influence on affective wellbeing. These findings indicate that different organisational stressors have unique relationships with eustress and distress responses. Limitations and implications of the study are discussed.

Keywords: Distress, Eustress, Role Overload, Wellbeing.

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Authors: Jamaliah Mohd. Yusof, Rosidah Musa, Sofiah Abd. Rahman

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With previous studies that examined the importance of functional store image and CSR, this study is aimed at examining their effects in the self-congruity model in influencing store loyalty. In particular, this study developed and tested a structural model in the context of retailing industry on the self-congruity theory. Whilst much of the self-congruity studies have incorporated functional store image, there has been lack of studies that examined social responsibility image of retail stores in the self-congruity studies. Findings indicate that self-congruity influence on store loyalty was mediated by both functional store image and social responsibility image. In influencing store loyalty, the findings have shown that social responsibility image has a stronger influence on store loyalty than functional store image. This study offers important findings and implications for future research as it presents a new framework on the importance of social responsibility image.

Keywords: Self-congruity, functional store image, social responsibility image, store loyalty

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Authors: Qiang Fu, Md. Abu Saleh

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Research studies are highly fragmented when an Innovation Management Framework is being discussed. With the aim to identify an Innovation Management Framework/Assessment Tool suitable for Small & Medium Enterprises (SMEs) in the service industry, this researcher critically reviewed existing innovation management frameworks and assessment models/tools and discovered a number of literature gaps. It is established that the existing literature lacks generally agreed innovation management dimensions, commonly accepted knowledge creation through empirical studies on innovation management in SMEs, effective innovation management performance measurements, suitable innovation management framework in SMEs, and studies on innovation management in the service industry, in particular in retail SMEs. As such, there is a dire need to develop an appropriate firm-level innovation management framework suitable for SMEs in the service industry for future research projects and further studies. In addition, this researcher also discussed the significance of establishing such an innovation management framework.

Keywords: innovation management, innovation management framework, innovation management assessment tools, SMEs, service industry

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Authors: Oluwatosin A. Ijabadeniyi

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The fact that traditional food safety system in the absence of food safety culture is inadequate has recently become a cause of concern for food safety professionals and other stakeholders. Focusing on implementation of traditional food safety system i.e HACCP prerequisite program and HACCP without the presence of food safety culture in the food industry has led to the processing, marketing and distribution of contaminated foods. The results of this are regular out breaks of food borne illnesses and recalls of foods from retail outlets with serious consequences to the consumers and manufacturers alike. This article will consider the importance of food safety culture, the cases of outbreaks and recalls that occurred when companies did not make food safety culture a priority. Most importantly, the food safety cultures of some food industries in South Africa were assessed from responses to questionnaires from food safety/food industry professionals in Durban South Africa. The article was concluded by recommending that both food industry employees and employers alike take food safety culture seriously.

Keywords: Good Manufacturing Practices (GMPs), food borne illnesses, food safety culture, food safety system, HACCP.

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Authors: Omer Farooq, Salman Ahmed Khan, Sadaf Khalid

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Modern day stock markets have almost entirely became automated. Even though it means increased profits for the investors by algorithms acting upon the slightest price change in order of microseconds, it also has given birth to many ethical dilemmas in the sense that slightest mistake can cause people to lose all of their livelihoods. This paper reviews one such event that happened on May 06, 2010 in which $1 trillion dollars disappeared from the Dow Jones Industrial Average. We are going to discuss its various aspects and the ethical dilemmas that have arisen due to it.

Keywords: Flash Crash, Market Crash, Stock Market, Stock Market Crash.

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