Search results for: interest and value creation

Authors: N. B. Fedosenko, A.A Iatcenko, S.A. Levanov

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The paper shows some ability to manage two-phase flows arising from the use of unsteady effects. In one case, we consider the condition of fragmentation of the interface between the two components leads to the intensification of mixing. The problem is solved when the temporal and linear scale are small for the appearance of the developed mixing layer. Showing that exist such conditions for unsteady flow velocity at the surface of the channel, which will lead to the creation and fragmentation of vortices at Re numbers of order unity. Also showing that the Re is not a criterion of similarity for this type of flows, but we can introduce a criterion that depends on both the Re, and the frequency splitting of the vortices. It turned out that feature of this situation is that streamlines behave stable, and if we analyze the behavior of the interface between the components it satisfies all the properties of unstable flows. The other problem we consider the behavior of solid impurities in the extensive system of channels. Simulated unsteady periodic flow modeled breaths. Consider the behavior of the particles along the trajectories. It is shown that, depending on the mass and diameter of the particles, they can be collected in a caustic on the channel walls, stop in a certain place or fly back. Of interest is the distribution of particle velocity in frequency. It turned out that by choosing a behavior of the velocity field of the carrier gas can affect the trajectory of individual particles including force them to fly back.

Keywords: Two-phase, mixing, separating, flow control

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Authors: Prateep Wajeetongratana

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This study investigates the management accountant’s roles that link with the creation of corporate shared value to enable more effective decision-making and improve the information needs of stakeholders. Mixed method is employed to collect using triangulation for credibility. A quantitative approach is employed to conduct a survey of 200 Thai companies providing annual reports in the Stock Exchange of Thailand. The results of the study reveal that environmental and social data incorporated in a corporate social responsibility (CSR) disclosure are based on the indicators of the Global Reporting Initiatives (GRI) at a statistically significant level of 0.01. Environmental and social indicators in CSR are associated with environmental and social data disclosed in the annual report to support stakeholders’ and the public’s interests that are addressed and show that a significant relationship between environmental and social in CSR disclosures and the information in annual reports is statistically significant at the 0.01 level.

Keywords: Corporate social responsibility, creating shared value, management accountant’s roles, stock exchange of Thailand.

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Authors: Mohammed Almohammedali, Peter Duncan, David Edgar

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The aim of this exploratory research is to understand further how organisations can evaluate their activities, which generate knowledge creation, to meet changing stakeholder expectations. A Scale of Knowledge (SoK) Framework is proposed which links knowledge management and organisational activities to changing stakeholder expectations. The framework was informed by the knowledge management literature, as well as empirical work conducted via a single case study of a multi-site hospital organisation in Saudi Arabia. Eight in-depth semi-structured interviews were conducted with managers from across the organisation regarding current and future stakeholder expectations, organisational strategy/activities and knowledge management. Data were analysed using thematic analysis and a hierarchical value map technique to identify activities that can produce further knowledge and consequently impact on how stakeholder expectations are met. The SoK Framework developed may be useful to practitioners as an analytical aid to determine if current organisational activities produce organisational knowledge which helps them meet (increasingly higher levels of) stakeholder expectations. The limitations of the research and avenues for future development of the proposed framework are discussed.

Keywords: Knowledge creation, knowledge management, organisational knowledge, scale of knowledge, knowledge impact.

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Authors: Michal Lysek, Mike Danilovic, Jasmine Lihua Liu

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HMS Industrial Networks AB has been recognized as one of the most innovative companies in the industrial communication industry worldwide. The creation of their Anybus innovation during the 1990s contributed considerably to the company’s success. From inception, HMS’ employees were innovating for the purpose of creating new business (the creation phase). After the Anybus innovation, they began the process of internationalization (the commercialization phase), which in turn led them to concentrate on cost reduction, product quality, delivery precision, operational efficiency, and increasing growth (the growth phase). As a result of this transformation, performing new radical innovations have become more complicated. The purpose of our research was to explore the dynamics of innovation at HMS from the aspect of key actors, activities, and events, over the three phases, in order to understand what led to the creation of their Anybus innovation, and why it has become increasingly challenging for HMS to create new radical innovations for the future. Our research methodology was based on a longitudinal, retrospective study from the inception of HMS in 1988 to 2014, a single case study inspired by the grounded theory approach. We conducted 47 interviews and collected 1 024 historical documents for our research. Our analysis has revealed that HMS’ success in creating the Anybus, and developing a successful business around the innovation, was based on three main capabilities – cultivating customer relations on different managerial and organizational levels, inspiring business relations, and balancing complementary human assets for the purpose of business creation. The success of HMS has turned the management’s attention away from past activities of key actors, of their behavior, and how they influenced and stimulated the creation of radical innovations. Nowadays, they are rhetorically focusing on creativity and innovation. All the while, their real actions put emphasis on growth, cost reduction, product quality, delivery precision, operational efficiency, and moneymaking. In the process of becoming an international company, HMS gradually refocused. In so doing they became profitable and successful, but they also forgot what made them innovative in the first place. Fortunately, HMS’ management has come to realize that this is the case and they are now in search of recapturing innovation once again. Our analysis indicates that HMS’ management is facing several barriers to innovation related path dependency and other lock-in phenomena. HMS’ management has been captured, trapped in their mindset and actions, by the success of the past. But now their future has to be secured, and they have come to realize that moneymaking is not everything. In recent years, HMS’ management have begun to search for innovation once more, in order to recapture their past capabilities for creating radical innovations. In order to unlock their managerial perceptions of customer needs and their counter-innovation driven activities and events, to utilize the full potential of their employees and capture the innovation opportunity for the future.

Keywords: Barriers to innovation, dynamics of innovation, in search of excellence and innovation, radical innovation.

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Authors: Helene Le Cadre

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Three service providers in competition, try to optimize their quality of service / content level and their service access price. But, they have to deal with uncertainty on the consumers- preferences. To reduce their uncertainty, they have the opportunity to buy information and to build alliances. We determine the Shapley value which is a fair way to allocate the grand coalition-s revenue between the service providers. Then, we identify the values of β (consumers- sensitivity coefficient to the quality of service / contents) for which allocating the grand coalition-s revenue using the Shapley value guarantees the system stability. For other values of β, we prove that it is possible for the regulator to impose a per-period interest rate maximizing the market coverage under equal allocation rules.

Keywords: Alliance, Shapley value, Stability, Repeated game, Interest rate.

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Authors: Min Kyeong Cha, Ju Yeon Mun, Seong Baeg Kim

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Recently, ‘play of learning’ becomes important and is  emphasized as a useful learning tool. Therefore, interest in  edutainment contents is growing. Storytelling is considered first as a  method that improves the transmission of information and learner's  interest when planning edutainment contents. In this study, we  designed edutainment contents in the form of an adventure game that  applies the storytelling method. This content provides questions and  items constituted dynamically and reorganized learning contents  through analysis of test results. It allows learners to solve various  questions through effective iterative learning. As a result, the learners  can reach mastery learning.

 

Keywords: Storytelling, edutainment, mastery learning, computer operating principle.

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Authors: Tsolmon Tumenjargal, Muhammad Hassan Khalil, Wu Yao Guo

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The research on the effectiveness of environmental assessment (EA) is a milestone effort to evaluate the state of the field, including many contributors related with a lot of countries since more than two decades. In the 1960s, there was a surge of interest between modern industrialized countries over unexpected opposite effects of technical invention. The interest led to choice of approaches for assessing and prediction the impressions of technology and advancement for social and economic, state health and safety, solidity and the circumstances. These are consisting of risk assessment, technology assessment, environmental impact assessment and costbenefit analysis. In this research contribution, the authors have described the research status for environmental assessment in cumulative environmental system. This article discusses the methods for cumulative effect assessment (CEA).

Keywords: Cumulative effect assessment, Environmental impact assessment.

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Authors: J. Burlakovs, Y. Jani, L. Grinberga, M. Kriipsalu, O. Anne, I. Grinfelde, W. Hogland

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The worldwide future sustainable economies are oriented towards the sea: the maritime economy is becoming one of the strongest driving forces in many regions as population growth is the highest in coastal areas. For hundreds of years sea resources were depleted unsustainably by fishing, mining, transportation, tourism, and waste. European Sustainable Development Strategy is identifying and developing actions to enable the EU to achieve a continuous, long-term improvement of the quality of life through the creation of sustainable communities. The aim of this paper is to provide insight in Baltic Sea Region case studies on implemented actions on tourism industry waste and beach wrack management in coastal areas, hazardous contaminants and plastic flow treatment from waste, wastewaters and stormwaters. These projects mentioned in study promote successful prevention of contaminant flows to the sea environments and provide perspectives for creation of valuable new products from residuals for future circular economy are the step forward to green innovation winning streak.

Keywords: Resilience, hazardous waste, phytoremediation, water management, circular economy.

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Authors: F. Ruiz-Fuster

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Arnold’s redefinition of human motives can sustain a psychology of education which emphasizes the beauty of knowledge and the exercise of intellectual functions. Thus, education instead of focusing on skills and learning by doing would be centered on ‘the widest reaches of the human spirit’. One way to attain it is by developing children’s inherent interest. Arnold takes into account the fact that the desire to know is the inherent interest which leads students to explore and learn. She also emphasizes the need of exercising human functions as thinking, judging and reasoning. According to Arnold, the influence of psychological theories of motivation in education has derived in considering that all learning and school tasks should derive from children’s needs and impulses. The desire to know and the curiosity have not been considered as basic and active as any instinctive drive or basic need, so there has been an attempt to justify and understand how biological drives guide student’s learning. However, understanding motives and motivation not as a drive, an instinct or an impulse guided by our basic needs, but as a want that leads to action can help to understand, from a psychological perspective, how teachers can motivate students to learn, strengthening their desire and interest to reason and discover the whole new world of knowledge.

Keywords: Academic motivation, interests, desire to know, educational psychology, intellectual functions.

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Authors: Siau-Chuin Liew, Siau-Way Liew, Jasni Mohd Zain

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Digital watermarking in medical images can ensure the authenticity and integrity of the image. This design paper reviews some existing watermarking schemes and proposes a reversible tamper detection and recovery watermarking scheme. Watermark data from ROI (Region Of Interest) are stored in RONI (Region Of Non Interest). The embedded watermark allows tampering detection and tampered image recovery. The watermark is also reversible and data compression technique was used to allow higher embedding capacity.

Keywords: data compression, medical image, reversible, tamperdetection and recovery, watermark.

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Authors: AlMatrouk H. S., Juszczak M. D.

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Research and development R&D work involves enormous amount of work that has to do with data measurement and collection. This process evolves as new information is fed, new technologies are utilized, and eventually new knowledge is created by the stakeholders i.e., researchers, clients, and end-users. When new knowledge is created, procedures of R&D work should evolve and produce better results within improved research skills and improved methods of data measurements and collection. This measurement improvement should then be benchmarked against a metric that should be developed at the organization. In this paper, we are suggesting a conceptual metric for R&D work performance improvement (PI) at the Kuwait Institute for Scientific Research (KISR). This PI is to be measured against a set of variables in the suggested metric, which are more closely correlated to organizational output, as opposed to organizational norms. The paper also mentions and discusses knowledge creation and management as an addedvalue to R&D work and measurement improvement. The research methodology followed in this work is qualitative in nature, based on a survey that was distributed to researchers and interviews held with senior researchers at KISR. Research and analyses in this paper also include looking at and analyzing KISR-s literature.

Keywords: Knowledge Creation, Performance Improvement (PI), Conceptual Metric, Knowledge Management (KM) addedvalue.

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Authors: M. H. Chung, B. Y. Lee, Y. Kim, E. K. Rhee

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With an increase in the interest in the energy conservation for buildings, and the emergence of many methods and easily-understandable approaches to it, energy conservation has now become the public’s main interest, as compared to in the past when it was only focused upon by experts. This study aims to help the occupants of a building to understand the energy efficiency and consumption of the building by providing them information on the building’s energy efficiency through a mobile application. The energy performance assessment models are proposed on the basis of the actual energy usage and building characteristics such as the architectural scheme and the building equipment. The university buildings in Korea are used as a case to demonstrate the mobile application.

Keywords: Energy consumption, energy performance assessment, mobile application, university buildings.

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Authors: V. B. Bastos, M. P. Lima, P. R. G. Kurka

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This paper applies to the creation of virtual 3D environments for the study and development of mobile robot image based navigation algorithms and techniques, which need to operate robustly and efficiently. The test of these algorithms can be performed in a physical way, from conducting experiments on a prototype, or by numerical simulations. Current simulation platforms for robotic applications do not have flexible and updated models for image rendering, being unable to reproduce complex light effects and materials. Thus, it is necessary to create a test platform that integrates sophisticated simulated applications of real environments for navigation, with data and image processing. This work proposes the development of a high-level platform for building 3D model’s environments and the test of image-based navigation algorithms for mobile robots. Techniques were used for applying texture and lighting effects in order to accurately represent the generation of rendered images regarding the real world version. The application will integrate image processing scripts, trajectory control, dynamic modeling and simulation techniques for physics representation and picture rendering with the open source 3D creation suite - Blender.

Keywords: Simulation, visual navigation, mobile robot, data visualization.

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Authors: Li-Li Li, Jinghai Feng, Lixin Song

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This paper evaluates the dividend payments for general claim size distributions in the presence of a dividend barrier. The surplus of a company is modeled using the classical risk process perturbed by diffusion, and in addition, it is assumed to accrue interest at a constant rate. After presenting the integro-differential equation with initial conditions that dividend payments satisfies, the paper derives a useful expression of the dividend payments by employing the theory of Volterra equation. Furthermore, the optimal value of dividend barrier is found. Finally, numerical examples illustrate the optimality of optimal dividend barrier and the effects of parameters on dividend payments.

Keywords: Dividend payout, Integro-differential equation, Jumpdiffusion model, Volterra equation

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Authors: C. Hemasundara Rao, M. Madhavi Latha

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Image compression can improve the performance of the digital systems by reducing time and cost in image storage and transmission without significant reduction of the image quality. Furthermore, the discrete cosine transform has emerged as the new state-of-the art standard for image compression. In this paper, a hybrid image compression technique based on reversible blockade transform coding is proposed. The technique, implemented over regions of interest (ROIs), is based on selection of the coefficients that belong to different transforms, depending on the coefficients is proposed. This method allows: (1) codification of multiple kernals at various degrees of interest, (2) arbitrary shaped spectrum,and (3) flexible adjustment of the compression quality of the image and the background. No standard modification for JPEG2000 decoder was required. The method was applied over different types of images. Results show a better performance for the selected regions, when image coding methods were employed for the whole set of images. We believe that this method is an excellent tool for future image compression research, mainly on images where image coding can be of interest, such as the medical imaging modalities and several multimedia applications. Finally VLSI implementation of proposed method is shown. It is also shown that the kernal of Hartley and Cosine transform gives the better performance than any other model.

Keywords: VLSI, Discrete Cosine Transform, JPEG, Hartleytransform, Radon Transform

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Authors: E. Guercio, A. Marcengo, A. Rapp

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This paper draws a methodological framework adopted within an internal Telecomitalia project aimed to identify, on a user centred base, the potential interest towards a technological scenario aimed to extend on a personal bubble the typical communication and media fruition home environment. The problem is that involving user in the early stage of the development of such disruptive technology scenario asking users opinions on something that users actually do not manage even in a rough manner could lead to wrong or distorted results. For that reason we chose an approach that indirectly aim to understand users hidden needs in order to obtain a meaningful picture of the possible interest for a technological proposition non yet easily understandable.

Keywords: Personas, focus groups, scenarios, extended home environment, telecommunication, media.

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Authors: Louiza C. Duncker, Duarte Gonçalves

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Wildlife crime is a complex problem with many interconnected facets, which are generally responded to in parts or fragments in efforts to “break down” the complexity into manageable components. However, fragmentation increases complexity as coherence and cooperation become diluted. A whole-of-society approach has been developed towards finding a common goal and integrated approach to preventing wildlife crime. As part of this development, research was conducted in rural communities adjacent to conservation areas in South Africa to define and comprehend the challenges faced by them, and to understand their perceptions of wildlife crime. The results of the research showed that the perceptions of community members varied - most were in favor of conservation and of protecting rhinos, only if they derive adequate benefit from it. Regardless of gender, income level, education level, or access to services, conservation was perceived to be good and bad by the same people. Even though people in the communities are poor, a willingness to stop rhino poaching does exist amongst them, but their perception of parks not caring about people triggered an attitude of not being willing to stop, prevent or report poaching. Understanding the nuances, the history, the interests and values of community members, and the drivers behind poaching mind-sets (intrinsic or driven by transnational organized crime) is imperative to create sustainable and resilient communities on multiple levels that make a substantial positive impact on people’s lives, but also conserve wildlife for posterity.

Keywords: Conservation, community perceptions, wildlife crime, rhino poaching, interest and value creation, whole-of-society approach.

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Authors: Amir Hossein Ghaffari Nejad, Forouhar Ferdowsi, Reza Mashhadi

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In the interest-free banking system of Iran, the savings of society are in the form of bank deposits, and banks using the Islamic contracts, allocate the resources to applicants for obtaining facilities and credit. In the meantime, the central bank, with the aim of introducing monetary policy, determines the maximum interest rate on bank deposits in terms of macroeconomic requirements. But in recent years, the country's economic constraints with the stagflation and the consequence of the institutional weaknesses of the financial market of Iran have resulted in massive disturbances in the balance sheet of the banking system, resulting in a period of mismatch maturity in the banks' assets and liabilities and the implementation of a Ponzi game. This issue caused determination of the interest rate in long-term bank deposit contracts to be associated with non-observance of the maximum rate set by the central bank. The result of this condition was in the allocation of new sources of equipment to meet past commitments towards the old depositors and, as a result, a significant part of the supply of equipment was leaked out of the facilitating cycle and credit crunch emerged. The purpose of this study is to identify the most important factors affecting the occurrence of non-confirmatory financial banking behavior using data from 19 public and private banks of Iran. For this purpose, the causes of this non-confirmatory behavior of banks have been investigated using the panel vector autoregression method (PVAR) for the period of 2007-2015. Granger's causality test results suggest that the return of parallel markets for bank deposits, non-performing loans and the high share of the ratio of facilities to banks' deposits are all a cause of the formation of non-confirmatory behavior. Also, according to the results of impulse response functions and variance decomposition, NPL and the ratio of facilities to deposits have the highest long-term effect and also have a high contribution to explaining the changes in banks' non-confirmatory behavior in determining the interest rate on deposits.

Keywords: Non-conformity behavior, Ponzi game, panel vector autoregression, nonperforming loans.

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Authors: A.K.Jayanthy, N.Sujatha, M.Ramasubba Reddy

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Microcirculation is essential for the proper supply of oxygen and nutritive substances to the biological tissue and the removal of waste products of metabolism. The determination of blood flow in the capillaries is therefore of great interest to clinicians. A comparison has been carried out using the developed non-invasive, non-contact and whole field laser speckle contrast imaging (LSCI) based technique and as well as a commercially available laser Doppler blood flowmeter (LDF) to evaluate blood flow at the finger tip and elbow and is presented here. The LSCI technique gives more quantitative information on the velocity of blood when compared to the perfusion values obtained using the LDF. Measurement of blood flow in capillaries can be of great interest to clinicians in the diagnosis of vascular diseases of the upper extremities.

Keywords: Blood flow, Laser Doppler flowmeter, LSCI, speckle

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Authors: Pei Wen Liao, Tsung Hau Jen

Abstract:

the data of Taiwanese 8th grader in the 4th cycle of Trends in International Mathematics and Science Study (TIMSS) are analyzed to examine the influence of the science teachers- preference in experimental teaching on the relationships between the affective variables ( the perceived usefulness of science, ease of using science and science learning interest) and the academic achievement in science. After dealing with the missing data, 3711 students and 145 science teacher-s data were analyzed through a Hierarchical Linear Modeling technique. The major objective of this study was to determine the role of the experimental teaching moderates the relationship between perceived usefulness and achievement.

Keywords: TIMSS database, Science achievement, Experimental teaching, Perceived Usefulness, Perceived Ease of Use

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Authors: Kalsom Abd Wahab, Khalid Hassan Abdesamed

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The purpose of this paper is to examine the financing practices of SMEs in Libya in two different phases of business life cycle: start-up and matured stages. Moreover, SMEs- accessing bank loan issues is also identified. The study was conducted by taking into account the aspect of demand. The findings are based on a sample of 76 SMEs in Libya through the adoption of questionnaires. The results have pinpointed several things- evidently, SMEs use informal financing sources which prefer personal savings; SME owners are willing to apply for bank loan, that the most pressing problem has been identified, not to apply bank loan is loan with interest (religion factor).

Keywords: SMEs, Formal Finance (loan from bank), Informal Finance, Loan with interest (religion factor), Libya.

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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: M. Zeegers, D. Barron

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In this paper we canvass three case studies of unique research partnerships between universities and schools in the wider community. In doing so, we consider those areas of indeterminate zones of professional practice explored by academics in their research activities within the wider community. We discuss three cases: an artist-in-residence program designed to engage primary school children with new understandings about local Indigenous Australian issues in their pedagogical and physical landscapes; an assessment of pedagogical concerns in relation to the use of physical space in classrooms; and the pedagogical underpinnings of a costumed museum school program. In doing so, we engage issues of research as playing an integral part in the development, implementation and maintenance of academic engagements with wider community issues.

Keywords: communities of interest, universities, schools, partnerships

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Authors: Wann-Ming Wey

Abstract:

The link between urban planning and design principles and the built environment of an urban renewal area is of interest to the field of urban studies. During the past decade, there has also been increasing interest in urban planning and design; this interest is motivated by the possibility that design policies associated with the built environment can be used to control, manage, and shape individual activity and behavior. However, direct assessments and design techniques of the links between how urban planning design policies influence individuals are still rare in the field. Recent research efforts in urban design have focused on the idea that land use and design policies can be used to increase the quality of design projects for an urban renewal area-s built environment. The development of appropriate design techniques for the built environment is an essential element of this research. Quality function deployment (QFD) is a powerful tool for improving alternative urban design and quality for urban renewal areas, and for procuring a citizen-driven quality system. In this research, we propose an integrated framework based on QFD and an Analytic Network Process (ANP) approach to determine the Alternative Technical Requirements (ATRs) to be considered in designing an urban renewal planning and design alternative. We also identify the research designs and methodologies that can be used to evaluate the performance of urban built environment projects. An application in an urban renewal built environment planning and design project evaluation is presented to illustrate the proposed framework.

Keywords: Analytic Network Process, Built Environment, Quality Function Deployment, Urban Design, Urban Renewal.

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Authors: M. Kosacka, I. Kudelska

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Vehicle is one of the most influential and complex product worldwide, which affects people’s life, state of the environment and condition of the economy (all aspects of sustainable development concept) during each stage of lifecycle. With the increase of vehicles’ number, there is growing potential for management of End of Life Vehicle (ELV), which is hazardous waste. From one point of view, the ELV should be managed to ensure risk elimination, but from another point, it should be treated as a source of valuable materials and spare parts. In order to obtain materials and spare parts, there are established recycling networks, which are an example of sustainable policy realization at the national level. The basic object in the polish recycling network is dismantling facility. The output material streams in dismantling stations include waste, which very often generate costs and spare parts, that have the biggest potential for revenues creation. Both outputs are stored into warehouses, according to the law. In accordance to the revenue creation and sustainability potential, it has been placed a strong emphasis on storage process. We present the concept of storage method, which takes into account the specific of the dismantling facility in order to support decision-making process with regard to the principles of sustainable development. The method was developed on the basis of case study of one of the greatest dismantling facility in Poland.

Keywords: Dismantling, end of life vehicle, sustainability, storage.

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Authors: Erika Martinez Ramirez, Rene V. Mayorga

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The internet is constantly expanding. Identifying web links of interest from web browsers requires users to visit each of the links listed, individually until a satisfactory link is found, therefore those users need to evaluate a considerable amount of links before finding their link of interest; this can be tedious and even unproductive. By incorporating web assistance, web users could be benefited from reduced time searching on relevant websites. In this paper, a rough set approach is presented, which facilitates classification of unlimited available e-vocabulary, to assist web users in reducing search times looking for relevant web sites. This approach includes two methods for identifying relevance data on web links based on the priority and percentage of relevance. As a result of these methods, a list of web sites is generated in priority sequence with an emphasis of the search criteria.

Keywords: Web search, Web Mining, Rough Sets, Web Intelligence, Intelligent Portals, Relevance.

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Authors: Teh Raihana Nazirah Roslan, Siti Zulaiha Ibrahim, Sharmila Karim

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A warrant is a financial contract that confers the right but not the obligation, to buy or sell a security at a certain price before expiration. The standard procedure to value equity warrants using call option pricing models such as the Black–Scholes model had been proven to contain many flaws, such as the assumption of constant interest rate and constant volatility. In fact, existing alternative models were found focusing more on demonstrating techniques for pricing, rather than empirical testing. Therefore, a mathematical model for pricing and analyzing equity warrants which comprises stochastic interest rate and stochastic volatility is essential to incorporate the dynamic relationships between the identified variables and illustrate the real market. Here, the aim is to develop dynamic pricing formulations for hybrid equity warrants by incorporating stochastic interest rates from the Cox-Ingersoll-Ross (CIR) model, along with stochastic volatility from the Heston model. The development of the model involves the derivations of stochastic differential equations that govern the model dynamics. The resulting equations which involve Cauchy problem and heat equations are then solved using partial differential equation approaches. The analytical pricing formulas obtained in this study comply with the form of analytical expressions embedded in the Black-Scholes model and other existing pricing models for equity warrants. This facilitates the practicality of this proposed formula for comparison purposes and further empirical study.

Keywords: Cox-Ingersoll-Ross model, equity warrants, Heston model, hybrid models, stochastic.

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Authors: Piotr Prewysz-Kwinto

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The market of financial instruments with high risk is developing very dynamically in recent years and attracts more and more interest of investors. It consists essentially of two groups of instruments, i.e. derivatives and exchange traded product (ETP), and each year new types are introduced and offered to investors. The aim of this paper is to present the principles concerning financial instruments with high investment risk available on the Warsaw Stock Exchange (WSE), because they have quite complex constructions, and to evaluate the development of this market. In order to achieve this aim, statistical data from 2014-2016 was analyzed. The results confirm that the financial instruments with high investment risk available on the WSE constitute a diversified and the most numerous group of financial instruments and attract the most interest of investors. Responsible investing requires, however, a good knowledge of how they work and how they can generate profit to not expose oneself to unexpected losses.

Keywords: Derivatives, exchange traded products, financial instruments, financial market, risk, stock exchange.

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Authors: B. Likar, K. Širok

Abstract:

The paper presents a new method for efficient innovation process management. Even though the innovation management methods, tools and knowledge are well established and documented in literature, most of the companies still do not manage it efficiently. Especially in SMEs the front end of innovation - problem identification, idea creation and selection - is often not optimally performed. Our eMIPS methodology represents a sort of "umbrella methodology" - a well-defined set of procedures, which can be dynamically adapted to the concrete case in a company. In daily practice, various methods (e.g. for problem identification and idea creation) can be applied, depending on the company's needs. It is based on the proactive involvement of the company's employees supported by the appropriate methodology and external experts. The presented phases are performed via a mixture of face-to-face activities (workshops) and online (eLearning) activities taking place in eLearning Moodle environment and using other e-communication channels. One part of the outcomes is an identified set of opportunities and concrete solutions ready for implementation. The other also very important result is connected to innovation competences for the participating employees related with concrete tools and methods for idea management. In addition, the employees get a strong experience for dynamic, efficient and solution oriented managing of the invention process. The eMIPS also represents a way of establishing or improving the innovation culture in the organization. The first results in a pilot company showed excellent results regarding the motivation of participants and also as to the results achieved.

Keywords: Creativity, distance learning, front end, innovation, problem.

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Authors: Ion Smeureanu, Marian Dardala, Adriana Reveiu

Abstract:

The new programming technologies allow for the creation of components which can be automatically or manually assembled to reach a new experience in knowledge understanding and mastering or in getting skills for a specific knowledge area. The project proposes an interactive framework that permits the creation, combination and utilization of components that are specific to mathematical training in high schools. The main framework-s objectives are: • authoring lessons by the teacher or the students; all they need are simple operating skills for Equation Editor (or something similar, or Latex); the rest are just drag & drop operations, inserting data into a grid, or navigating through menus • allowing sonorous presentations of mathematical texts and solving hints (easier understood by the students) • offering graphical representations of a mathematical function edited in Equation • storing of learning objects in a database • storing of predefined lessons (efficient for expressions and commands, the rest being calculations; allows a high compression) • viewing and/or modifying predefined lessons, according to the curricula The whole thing is focused on a mathematical expressions minicompiler, storing the code that will be later used for different purposes (tables, graphics, and optimisations). Programming technologies used. A Visual C# .NET implementation is proposed. New and innovative digital learning objects for mathematics will be developed; they are capable to interpret, contextualize and react depending on the architecture where they are assembled.

Keywords: Adaptor, automatic assembly learning component and user control.

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