Search results for: effective management

Authors: Anita D. Adamu, Winston M. W. Shakantu

Abstract:

Maintenance management is no longer a stand-alone activity. It has now assumed a strategic position in many organisations that have recognised its importance in achieving primary goals and a key aspect of effective management of facilities. This paper aims at providing an understanding of the role and function of strategic management in creating and sustaining an effective maintenance management system in an organisation. The background provides an articulated concept and principles of strategic management. The theoretical concepts paved way for a conceptual framework for which strategic management can be integrated into the maintenance management system of an organisation to improve effectiveness in the maintenance of facilities.

Keywords: Facilities, maintenance management, organisations, strategic management.

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Authors: Barzan Hadi Hama Karim

Abstract:

The primary purpose of this paper is to explain the impact of successful classroom management on the academic achievements of students, the importance of positive relationship between teacher and students, among students, between teacher and parents. Effective communication plays an important role to encourage students study hard and learn materials which are covered by the teacher in the class. Friendly relationships among students other than their preferred friends help them to have team working and be socialized. In addition, a well-organized classroom arrangement enhances students learning. As the consequence of successful classroom management students should feel responsibility and need to feel it. The one who is responsible to provide a comfortable environment and help students learn is the manager of the classroom who is named Teacher.

Keywords: Classroom management, positive relationship, effective communication, teacher, student.

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Authors: Michiko Miyamoto, Shuhei Kudo, Kayo Iizuka

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This paper presents an analysis result of relationship between business and information technology (IT) in business process reengineering (BPR). 258 Japanese firm-level data collected have been analyzed using structural equation modeling. This analysis was aimed to illuminating success factors of achieve effective BPR. Analysis was focused on management factors (including organizational factors) and implementing management method (e.g. balanced score card, internal control, etc.).These results would contribute for achieving effective BPR by showing effective tasks and environment to be focused.

Keywords: BPR, SEM, IS Success Model, user satisfaction

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Authors: Shougi Suliman Abosuliman, Arun Kumar, Firoz Alam

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Disaster preparedness is a key success factor for any effective disaster management practices. This paper evaluates the disaster preparedness and management in Saudi Arabia using an empirical investigation approach. It presents the results of the survey conducted by interviewing representatives of the Saudi decision-makers and administrators responsible for disaster control in Jeddah before, during and after flooding in 2009 and 2010. First, demographics of the respondents are presented, followed by quantitative analysis of their views and experiences regarding the Kingdom’s readiness before and after each flood. This is shown as a series of dependent and independent variables. Following this is a list of respondents’ priorities for disaster preparation in the Kingdom.

Keywords: Disaster response policy, crisis management, effective service delivery.

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Authors: Shahrinaz Ismail, Mohd Sharifuddin Ahmad

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This paper presents an analytical framework for an effective online personal knowledge management (PKM) of knowledge workers. The development of this framework is prompted by our qualitative research on the PKM processes and cognitive enablers of knowledge workers in eight organisations selected from three main industries in Malaysia. This multiple-case research identifies the relationships between the effectiveness of four online PKM processes: get/retrieve, understand/analyse, share, and connect. It also establishes the importance of cognitive enablers that mediate this relationship, namely, method, identify, decide and drive. Qualitative analysis is presented as the findings, supported by the preceded quantitative analysis on an exploratory questionnaire survey.

Keywords: Bottom-up approach, knowledge organisation, organisational knowledge management, personal knowledge management, software agent technology.

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Authors: Tomáš Ludík, Josef Navrátil

Abstract:

Managing the emergency situations at the Emergency Staff requires a high co-operation between its members and their fast decision making. For these purpose it is necessary to prepare Emergency Staff members adequately. The aim of this paper is to describe the development of information support that focuses to emergency staff processes and effective decisions. The information support is based on the principles of process management, and Process Framework for Emergency Management was used during the development. The output is the information system that allows users to simulate an emergency situation, including effective decision making. The system also evaluates the progress of the emergency processes solving by quantitative and qualitative indicators. By using the simulator, a higher quality education of specialists can be achieved. Therefore, negative impacts resulting from arising emergency situations can be directly reduced.

Keywords: Information Support for Emergency Staff, Effective Decisions, Process Framework, Simulation of Emergency Processes, System Development.

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Authors: Qiang Fu, Md. Abu Saleh

Abstract:

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: Supunmali Ahangama, Danny Chiang Choon Poo

Abstract:

Health analytics (HA) is used in healthcare systems for effective decision making, management and planning of healthcare and related activities. However, user resistances, unique position of medical data content and structure (including heterogeneous and unstructured data) and impromptu HA projects have held up the progress in HA applications. Notably, the accuracy of outcomes depends on the skills and the domain knowledge of the data analyst working on the healthcare data. Success of HA depends on having a sound process model, effective project management and availability of supporting tools. Thus, to overcome these challenges through an effective process model, we propose a HA process model with features from rational unified process (RUP) model and agile methodology.

Keywords: Agile methodology, health analytics, unified process model, UML.

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Authors: Lee Ock-Sun

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The effective development of a geoscience education and training program takes account of the rapidly changing environment in the geoscience market, includes information about resource-rich countries which have international education demands. In this paper, we introduce the geoscience program run by the International School for Geoscience Resources at the Korea Institute of Geoscience and Mineral Resources (IS-Geo of KIGAM), and show its remarkable performance. To further effective geoscience program planning and operation, we present recommendations for strategic management for customer-oriented operation with a more favorable program format and advanced training aids. Above all, the IS-Geo of KIGAM should continue improve through ‘plan-do-see-feedback’ activities based on the recommendations.

Keywords: Demand survey, geoscience program, program performance, strategic management.

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Authors: Cory Cannon

Abstract:

In the current era of shrinking budgets, increasing amounts of worldwide natural disasters, state and non-state initiated conflicts within the world. The response has involved multinational coalitions to conduct effective military operations. The need for a Knowledge Management strategy when developing these coalitions have been overlooked in the past and the need for developing these accords early on will save time and help shape the way information and knowledge are transferred from the staff and action officers of the coalition to the decision-makers in order to make timely decisions within an ever changing environment. The aim of this paper is to show how Knowledge Management has developed within the United States military and how the transformation of working within a Combined/ Joint environment in both the Middle East and the Far East has improved relations between members of the coalitions as well as being more effective as a military force. These same principles could be applied to multinational corporations when dealing with cultures and decision-making processes.

Keywords: Civil-military, culture, joint environment, knowledge management.

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Authors: B. T. Sayed, Nafaâ Jabeur, M. Aref

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Creation and maintenance of knowledge management systems has been recognized as an important research area. Consecutively lack of accurate results from knowledge management systems limits the organization to apply their knowledge management processes. This leads to a failure in getting the right information to the right people at the right time thus followed by a deficiency in decision making processes. An Intranet offers a powerful tool for communication and collaboration, presenting data and information, and the means that creates and shares knowledge, all in one easily accessible place. This paper proposes an archetype describing how a knowledge management system, with the support of intranet capabilities, could very much increase the accuracy of capturing, storing and retrieving knowledge based processes thereby increasing the efficiency of the system. This system will expect a critical mass of usage, by the users, for intranet to function as knowledge management systems. This prototype would lead to a design of an application that would impose creation and maintenance of an effective knowledge management system through intranet. The aim of this paper is to introduce an effective system to handle capture, store and distribute knowledge management in a form that may not lead to any failure which exists in most of the systems. The methodology used in the system would require all the employees, in the organization, to contribute the maximum to deliver the system to a successful arena. The system is still in its initial mode and thereby the authors are under the process to practically implement the ideas, as mentioned in the system, to produce satisfactory results.

Keywords: Knowledge Management Systems, Intranet, Methodology.

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Authors: Abimbola O. Aniki, Esther T. Akinlabi

Abstract:

This paper proposes an effective maintenance method by considering the implementation of the Computerized Maintenance Management System (CMMS) software to plan a maintenance activity in a manufacturing industry. Globally, maintenance is a very important activity in the manufacturing sector to prolong the life span of equipment and machinery; it is also applicable to all household items. It is obvious and well known that apart from giving long life to equipment, it reduces the substantial financial losses for repairs and save the production downtime. In some cases, appropriate maintenance of plant equipment and machinery reduces the tendencies of injuries to personnel in the job floor. But before the maintenance process can be carried out, proper and effective work order planning and scheduling must be in place in other to achieve the set goals and objectives of a maintenance shop. Brief reviews of common planning tools which include the Computerized Maintenance Management System (CMMS) are presented. An interesting outline of analyses on planning and scheduling for effective job planning in a typical manufacturing industry using the CMMS is also presented and discussed. Finally, the steps to adhere to in making job planning effective in a manufacturing industry are also highlighted.

Keywords: Advanced Downtime Analysis Programme (ADAP), Computerized Maintenance Management System (CMMS), Corrective Maintenance (CM), Executing Department (ED), Maintenance Department (MD), Preventive Maintenance (PM).

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Authors: G. Gurguze, I. Turkoglu

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Today, the developing features of technological tools with limited energy resources have made it necessary to use energy efficiently. Energy management techniques have emerged for this purpose. As with every field, energy management is vital for robots that are being used in many areas from industry to daily life and that are thought to take up more spaces in the future. Particularly, effective power management in autonomous and multi robots, which are getting more complicated and increasing day by day, will improve the performance and success. In this study, robot management algorithms, usage of renewable and hybrid energy sources, robot motion patterns, robot designs, sharing strategies of workloads in multiple robots, road and mission planning algorithms are discussed for efficient use of energy resources by mobile robots. These techniques have been evaluated in terms of efficient use of existing energy resources and energy management in robots.

Keywords: Energy management, mobile robot, robot administration, robot management, robot planning.

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Authors: Sajith Sajeev

Abstract:

The application of Computational Fluid Dynamics (CFD) is widespread in engineering and industry, including aerospace, automotive, and energy. CFD simulations necessitate the use of intricate mathematical models and a substantial amount of computational power to accurately describe the behavior of fluids. The implementation of CFD projects can be difficult, and a well-structured approach to project management is required to assure the timely and cost-effective delivery of high-quality results. This paper's objective is to provide an overview of project management in CFD, including its problems, methodologies, and best practices. The study opens with a discussion of the difficulties connected with CFD project management, such as the complexity of the mathematical models, the need for extensive computational resources, and the difficulties associated with validating and verifying the results. In addition, the study examines the project management methodologies typically employed in CFD, such as the Traditional/Waterfall model, Agile and Scrum. Comparisons are made between the advantages and disadvantages of each technique, and suggestions are made for their effective implementation in CFD projects. The study concludes with a discussion of the best practices for project management in CFD, including the utilization of a well-defined project scope, a clear project plan, and effective teamwork. In addition, it highlights the significance of continuous process improvement and the utilization of metrics to monitor progress and discover improvement opportunities. This article is a resource for project managers, researchers, and practitioners in the field of CFD. It can aid in enhancing project outcomes, reducing risks, and enhancing the productivity of CFD projects. This paper provides a complete overview of project management in CFD and is a great resource for individuals who wish to implement efficient project management methods in CFD projects.

Keywords: Project management, Computational Fluid Dynamics, Traditional/Waterfall methodology, agile methodology, scrum methodology.

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Authors: K. N. Penna, E. J. Hoffman, T. R. Carter

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This paper suggests that cultural landscape management plans in an Indigenous context are more effective if designed by taking into consideration context-related social and cultural aspects, adopting people-centred and cultural-based approaches for instance. In relation to working in Indigenous and mining contexts, we draw upon and contribute to international policies on human rights that promote the development of management plans that are co-designed through genuine engagement processes. We suggest that the production of management plans that are built upon culturally relevant frameworks leads to more inclusive economic development, a greater sense of trust, and shared managerial responsibilities. In this paper, three issues related to Indigenous engagement and cultural landscape management plans will be addressed: (1) the need for effective communication channels between proponents and Traditional Owners (Australian original Aboriginal peoples who inhabited specific regions), (2) the use of a culturally sensitive approach to engage local representatives in the decision-making processes, and (3) how design of new management plans can help in establishing shared management.

Keywords: Culture-Centred Approach, Holons’ Hierarchy, Inclusive Economic Development, Indigenous Engagement.

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Authors: Hamimah Adnan, Norfashiha Hashim, Mohd Arif Marhani, Mohd Asri Yeop Johari

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The aim of this paper is to provide a better understanding of the implementation of Project Management practices by UiTM contractors to ensure project success. A questionnaire survey was administered to 120 UiTM contractors in Malaysia. The purpose of this method was to gather information on the contractors- project background and project management skills. It was found that all of the contractors had basic knowledge and understanding of project management skills. It is suggested that a reasonable project plan and an appropriate organizational structure are influential factors for project success. It is recommended that the contractors need to have an effective program of work and up to date information system are emphasized.

Keywords: Project management, success, contractors.

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Authors: Janusz Bobulski, Kamila Pasternak

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Despite many years of effort and research, the problem of waste management is still current. There is a lack of fast and effective algorithms for classifying individual waste fractions. Many programs and projects improve statistics on the percentage of waste recycled every year. In these efforts, it is worth using modern Computer Vision techniques supported by artificial intelligence. In the article, we present a method of identifying plastic waste based on the asymmetry analysis of the histogram of the image containing the waste. The method is simple but effective (94%), which allows it to be implemented on devices with low computing power, in particular on microcomputers. Such de-vices will be used both at home and in waste sorting plants.

Keywords: Computer vision, environmental protection, image processing, waste management.

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Authors: Kwok Tak Kit

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Combating climate change is becoming a hot topic in various sectors. Building construction and infrastructure sectors contributed a significant proportion of waste and greenhouse gas (GHG) emissions in the environment of different countries and cities. However, there is little research on the micro-level of waste management, “building construction material wastage management,” and fewer reviews about regulatory control in the building construction sector. This paper focuses on the potentialities and importance of material wastage management and reviews the deficiencies of the current standard to take into account the reduction of material wastage in a systematic and quantitative approach.

Keywords: Quantitative measurement, material wastage management plan, waste management, uncalculated waste, circular economy.

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Authors: Muhammad Shahid, Suhaimi Ibrahim, Mohd Naz'ri Mahrin

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Requirements management is critical to software delivery success and project lifecycle. Requirements management and their traceability provide assistance for many software engineering activities like impact analysis, coverage analysis, requirements validation and regression testing. In addition requirements traceability is the recognized component of many software process improvement initiatives. Requirements traceability also helps to control and manage evolution of a software system. This paper aims to provide an evaluation of current requirements management and traceability tools. Management and test managers require an appropriate tool for the software under test. We hope, evaluation identified here will help to select the efficient and effective tool.

Keywords: Requirements Traceability, Requirements TraceabilityTools; Requirements Management, Requirement Engineering

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Authors: Arash Moradkhani Roshandeh, Othman Che Puan

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Access Management is the proactive management of vehicular access points to land parcels adjacent to all manner of roadways. Good access management promotes safe and efficient use of the transportation network. This study attempts to utilize archived data from the University Technology of Malaysia on-campus area to assess the accuracy with which access management display some benefits. Results show that usage of access management reduces delay and fewer crashes. Clustered development can improve walking, cycling and transit travel, reduce parking requirements and improve emergency responses. Effective Access Management planning can also reduce total roadway facility costs by reducing the number of driveways and intersections. At the end after presenting recommendations some of the travel impact, and benefits that can be derived if these suggestions are implemented have been summarized with the related comments.

Keywords: Access Management, Delay, Density, Traffic Flow

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Authors: Tomáš Ludík, Jiří Barta, Josef Navrátil

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Natural or human made disasters have a significant negative impact on the environment. At the same time there is an extensive effort to support management and decision making in emergency situations by information technologies. Therefore the purpose of the paper is to propose a design patterns applicable in emergency management, enabling better analysis and design of emergency management processes and therefore easier development and deployment of information systems in the field of emergency management. It will be achieved by detailed analysis of existing emergency management legislation, contingency plans and information systems. The result is a set of design patterns focused at emergency management processes that enable easier design of emergency plans or development of new information system. These results will have a major impact on the development of new information systems as well as to more effective and faster solving of emergencies.

Keywords: Analysis and Design, Business Process Modeling Notation, Contingency Plans, Design Patterns, Emergency Management.

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Authors: B. Alajmi, L. Marouf, A. S. Chaudhry

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Knowledge management is considered as an important factor in improving health care services. KM facilitates the transfer of existing knowledge and the development of new knowledge in hospitals. This paper reviews practices adopted by doctors in Kuwait for capturing, sharing, and generating knowledge. It also discusses the perceived impact of KM practices on performance of hospitals. Based on a survey of 277 doctors, the study found that KM practices among doctors in the sampled hospitals were not very effective. Little attention was paid to the main activities that support the transfer of expertise among doctors in hospitals. However, as predicted by previous studies, good km practices were perceived by doctors to have a positive impact on performance of hospitals. It was concluded that through effective KM practices hospitals could improve the services they provide. Documentation of best practices and capturing of lessons learnt for re-use of knowledge could help transform the hospitals into learning organizations.

Keywords: Health Sector, Hospitals, Knowledge Management, Kuwait, Tools and Practices.

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Authors: Linh Thi Truc Doan, Yousef Amer, Sang-Heon Lee, Phan Nguyen Ky Phuc

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During the last few decades, with the high-speed upgrade of electronic products, electronic waste (e-waste) has become one of the fastest growing wastes of the waste stream. In this context, more efforts and concerns have already been placed on the treatment and management of this waste. To mitigate their negative influences on the environment and society, it is necessary to establish appropriate strategies for e-waste management. Hence, this paper aims to review and analysis some useful strategies which have been applied in several countries to handle e-waste. Future perspectives on e-waste management are also suggested. The key findings found that, to manage e-waste successfully, it is necessary to establish effective reverse supply chains for e-waste, and raise public awareness towards the detrimental impacts of e-waste. The result of the research provides valuable insights to governments, policymakers in establishing e-waste management in a safe and sustainable manner.

Keywords: E-waste, e-waste management, life cycle assessment, recycling regulations.

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Authors: Ketevan Kokrashvili, Rusudan Kutateladze, Nino Pailodze

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Importance of management of legal entities under private law of which especially corporate management, as well as looking for ways of its improvement and perfection has become especially relevant in the twenty-first century, which was greatly contributed to by the global economic crisis. Some states have adopted Corporate Governance Codes; the European Union has set to work on a series of directives the main purpose of which is an improvement of corporate governance, provision of greater transparency and implementation of an effective control mechanism. This process is not yet completed, and various problematic issues associated with management of legal persons are still being debated among practitioner experts and scholars. Georgia is not an exception in this regard. The article discusses the legislative gaps, and in some cases, discrepancies having arisen in legal relationships under private law and having caused many practical problems. This especially applies to the management of capital companies.

Keywords: Business entities, corporate management, public capital management, collective norms, existing problems, legal discrepancies.

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Authors: Golnaz Moghimi, Alireza Afsharghotli, Alireza Rezaei

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Construction waste has been gradually increased as a result of upsizing construction projects which are occurred within the lifecycle of buildings. Since waste management is a major priority and has profound impacts on the volume of waste generated in construction stage, the majority of efforts have been attempted to reuse, recycle and reduce waste. However, there is still room to study on lack of sufficient knowledge about waste management in construction industry. This paper intends to provide an insight into the effect of project management knowledge areas on waste management solely on construction stage. To this end, a survey among Iranian building construction industry contractors was conducted to identify the effectiveness of project management knowledge areas on three jobsite key factors including ‘Site activity’, ‘Training’, and ‘Awareness’. As a result, four management disciplines were identified as most influential ones on amount of construction waste. These disciplines were Project Cost Management, Quality Management, Human Resource Management, and Integration Management. Based on the research findings, a new model was presented to develop effective construction waste strategies.

Keywords: Awareness, PMBOK, site activity, training, waste management.

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Authors: Ahmet Denker, Hakan Gürkan

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Defense and Aerospace environment is continuously striving to keep up with increasingly sophisticated Information Technology (IT) in order to remain effective in today-s dynamic and unpredictable threat environment. This makes IT one of the largest and fastest growing expenses of Defense. Hundreds of millions of dollars spent a year on IT projects. But, too many of those millions are wasted on costly mistakes. Systems that do not work properly, new components that are not compatible with old ones, trendy new applications that do not really satisfy defense needs or lost through poorly managed contracts. This paper investigates and compiles the effective strategies that aim to end exasperation with low returns and high cost of Information Technology acquisition for defense; it tries to show how to maximize value while reducing time and expenditure.

Keywords: Iterative process, acquisition management, project management, software economics, requirement analysis.

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Authors: Saipunidzam Mahamad, Mohammad Noor Ibrahim, Rozana Kasbon, Chap Samol

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Animated graph gives some good impressions in presenting information. However, not many people are able to produce it because the process of generating an animated graph requires some technical skills. This work presents Content Management System with Animated Graph (CMS-AG). It is a webbased system enabling users to produce an effective and interactive graphical report in a short time period. It allows for three levels of user authentication, provides update profile, account management, template management, graph management, and track changes. The system development applies incremental development approach, object-oriented concepts and Web programming technologies. The design architecture promotes new technology of reporting. It also helps user cut off unnecessary expenses, save time and learn new things on different levels of users. In this paper, the developed system is described.

Keywords: Animated Graph, Content Management System.

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Authors: Lingzhi Li, Jiankun Zhang, Tiantian Gu

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Hazard management that can prevent fatal accidents and property losses is a fundamental process during the buildings’ construction stage. However, due to lack of safety supervision resources and operational pressures, the conduction of hazard management is poor and ineffective in China. In order to improve the quality of construction safety management, it is critical to explore the use of information technologies to ensure that the process of hazard management is efficient and effective. After exploring the existing problems of construction hazard management in China, this paper develops the griddization management model for construction hazard management. First, following the knowledge grid infrastructure, the griddization computing infrastructure for construction hazards management is designed which includes five layers: resource entity layer, information management layer, task management layer, knowledge transformation layer and application layer. This infrastructure will be as the technical support for realizing grid management. Second, this study divides the construction hazards into grids through city level, district level and construction site level according to grid principles. Last, a griddization management process including hazard identification, assessment and control is developed. Meanwhile, all stakeholders of construction safety management, such as owners, contractors, supervision organizations and government departments, should take the corresponding responsibilities in this process. Finally, a case study based on actual construction hazard identification, assessment and control is used to validate the effectiveness and efficiency of the proposed griddization management model. The advantage of this designed model is to realize information sharing and cooperative management between various safety management departments.

Keywords: Construction hazard, grid management, griddization computing, process.

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Authors: Eliza Mazmee Mazlan, K.S. Savita, Amir Hamzah Zalfakhar

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This paper demonstrates an effort of a serviceoriented engineering department in improving the sharing and transfer of knowledge. Although the department consist of only six employees, but it provides services in various chemical application in an oil and gas business. The services provided span across Asia Pacific region mainly Indonesia, Myanmar, Vietnam, Brunei, Thailand and Singapore. Currently there are no effective tools or integrated systems that support the sharing or transfer and maintenance of knowledge so the department has considered preserving this valuable knowledge by developing a Knowledge Management System (KMS). This paper presents the development of a KMS to support the sharing of knowledge in a service-oriented engineering department of an oil and gas company. The embedded features in the KMS like blog and forum will encourage iterative process of knowledge sharing among the employees in the department. The information and knowledge being shared, discussed and communicated will be then achieved for future re-use. The re-use of the knowledge allows the department to reduce redundant efforts in providing consistent, up-to-date and cost effective of the best solution to the its clients.

Keywords: Knowledge management, knowledge managementsystem, knowledge barrier, knowledge sharing.

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Authors: F. Gökgöz, M. E. Atmaca

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Electricity plays an indispensable role in human life and the economy. It is a unique product or service that must be balanced instantaneously, as electricity is not stored, generation and consumption should be proportional. Effective and efficient use of electricity is very important not only for society, but also for the environment. A competitive electricity market is one of the best ways to provide a suitable platform for effective and efficient use of electricity. On the other hand, it carries some risks that should be carefully managed by the market players. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Markowitz’s Mean-variance, Down-side and Semi-variance methods for a case study. Performance of optimal electricity sale solutions are measured and evaluated via Sharpe-Ratio, and the optimal portfolio solutions are improved. Two years of historical weekdays’ price data of the Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: Electricity market, portfolio optimization, risk management in electricity market, Sharpe ratio.

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