International Journal of Business Continuity and Risk Management (12 papers in press)
Risk Management to Avoid Project Failure A comparison study of Construction Projects in: GCC
by Ahmad Areiqat, Asaad Al Ali, Yousef Arikat
Abstract: Risk management is one of the most important and critical tools of Project Management, poor risk management usually results in project failure as the team is unable to deal with the risk factors appropriately, causing delays and cost overruns. There are many factors and causes that lead to project failure, these factors will be discussed in this research. The study will focus on the Gulf Corporation Countries (GCC) construction projects. This research is based on a secondary and qualitative research, many articles, journals, case studies, previous studies and surveys have been used to collect the relevant data to draw a conclusion. Six case studies are used to support the arguments and to answer the research questions. The factors behind the failure and the success of these case studies will be analyzed. The key role of the risk management in these projects and how it impacted project success or failure will be discussed as well. Recommendations and conclusion are based on the analysis and the understanding of the literature review and case studies.
Keywords: Risk Management; Construction Projects; Gulf Corporation Countries (GCC).
Experts opinion impact on financial risk management
by Martin Ezequiel Masci, Maria Teresa Casparri, Javier Ignacio Garcia-Fronti
Abstract: The present work proposes to incorporate experts opinions into the traditional calculation of financial risk management models. These statistical models only incorporate available database information, ignoring qualitative knowledge (highly subjective and mathematically imprecise) also available. To do this, this paper articulates Value-at-Risk (VaR) practioners perspective with experts
Keywords: Value-at-Risk; fuzzy logic; decision making; risk; uncertainty.
LINGUISTIC WORK QUALITY INDEX
by María José Fernandez
Abstract: Work quality measures are fundamental to study population welfare. Labor activity occupies most of the workers' day, so quantifying people's welfare by means of work quality is central.
Decent work indicators have the aim of establishing the characteristics of an employment relationship to verify that a job is carried out under conditions of freedom, equality, security and human dignity.
The purpose of these indicators is to measure the degree to which a certain goal has been achieved in order to develop precise policies to improve peoples standard of living.
In this paper, a proposal is developed to measure decent work deficit in a linguistic way.
A complete decent work index model is formulated using linguistic labels and the linguistic weighted average operator. Finally, some comments are made about the benefits of using linguistic variables when measuring work quality.
Keywords: Linguistic models; Linguistic weighted average; decent work index; labor conditions; subjectivity.
Lean practices for consummating competitive priorities in SMEs: A critical Review
by Sachin Saini, Doordarshi Singh
Abstract: Embracing cutting edge technologies for survival in this fiercely competitive world is responsible for the insistence on adhering to lean manufacturing practices. Apart from eradicating waste, attaining competitive priorities is one of the core agenda for small and medium enterprises which contribute substantially to the economy to retain their market share. A detailed review of the literature on 103 lean stories is given here for the benefit of manufacturing organisations. The existence of literature on lean practices is diverse in nature according to the region, size and the type of sector but an attempt is focused here in present study for the identifying best lean practices. The study has been split into five parts: 1. Lean tenets 2. Lean manufacturing practices in SMEs 3. Comparison table for various lean practices 4. Classification of lean practices in model form 5. Barriers to the transition to lean manufacturing. This classification will help to trace out the best lean practices for attaining competitive priorities especially for developing countries. In case of barricades to lean, decisive approach of Management plays a pivotal role in transforming the organization to lean. Implementation of lean practices will impart viability in achieving competitive priorities (productivity, cost, quality, delivery, safety, morale, financial performance).
Keywords: Lean manufacturing (LM); Lean Production; Literature review; Lean practices; Small and medium enterprises.
Scatter Search for the Soft Graph Coloring Problem
by Hugo Eduardo Vásquez-Calderón, Pedro Lara-Velázquez, Sergio Gerardo De-los-Cobos-Silva, Miguel Ángel Gutiérrez-Andrade, Eric Alfredo Rincón-García, Roman Anselmo Mora Gutiérrez, Antonin Ponsich
Abstract: The Soft Graph Coloring Problem is a model that has been used to solve problems such as scheduling under uncertainty, assignment of frequencies in the radioelectric spectrum, and pattern recognition that in certain problems can deal with risky items susceptible of Error I or Error II. This problem is NP-Hard and requires efficient metaheuristic algorithms in order to solve it. In this paper, a Scatter Search algorithm is proposed and developed. This algorithm gives the best solutions in the test instances used to this day
Keywords: Scatter search; graph coloring; heuristics; optimization.
Development of Renewable Energy Technology Strategies Using Hybrid Fuzzy MADM in SMEs
by Maryam Ebrahimi
Abstract: In this study, fuzzy analytic network process (FANP) method is used in combination with fuzzy decision-making trial and evaluation laboratory (FDEMATEL), within the framework of SWOT analysis, to propose technology strategies (TSs) in renewable energy small and medium enterprises (SMEs). Both methods are applied to real life cases including decision data of human judgments with vague preferences. The used data is gathered from twelve experts working in SMEs within Irans renewable energy sector; they are selected via a non-random sampling method. DEMATEL is a powerful method to capture the causal relationship between criteria and ANP with the help of DEMATEL looks for possible interdependencies among the elements, so as to evaluate different strategies and have the optimum one selected. SWOT analysis model is essentially related to the evaluation of the companys internal and external environments. The results of the present research were employed to present and prioritize different TSs.
Keywords: technology strategic planning; renewable energy; multi-attribute decision making; fuzzy logic.
Using Green IT Governance as a Catalyst to Improve Sustainable Practices Adoption: A Contingency Theory Perspective
by Bokolo Anthony Jnr.
Abstract: The study aims to investigate Green Information Technology (IT) governance implementation as a facilitator for sustainable practice adoption in IT based organization. Accordingly, a Green IT governance model is developed based on the contingency theory and IT governance archetypes to facilitate sustainable practice adoption. The model components and associated metrics was verified using semi-structured interview and sustainability documents from three IT based organizations in Malaysia. Results from this study show the developed model supports IT practitioners in IT based organizations implements Green IT governance for sustainable practice adoption. Further results reveal that the model supports decision makers define roles and responsibilities and also creates the relevant relationships within IT organizations. Theoretically, this study provides insights to IT managers towards acquiring an agenda on the implication of Green IT governance for their organization. Practically, this study provides a reference on how IT organizations can support decision-making when implementing environmental governance strategies.
Keywords: Environmental governance; Green IT governance; Sustainability; IT governance Contingency theory; Components and metrics; Business continuity.
AN UNSUPERVISED CLASSIFIER SYSTEM USING SOFT GRAPH COLORING
by Jorge Flores-Cruz, Pedro Lara-Velázquez, Miguel Ángel Gutiérrez-Andrade, Sergio Gerardo De-los-Cobos-Silva, Eric Alfredo Rincón-García, Roman Anselmo Mora-Gutiérrez, Antonin Ponsich
Abstract: Unsupervised classifiers does not require previous training to achieve their task, on the contrary, they are able to propose alternative classifications that make more sense according to the raw data instead of human interpretation. In this article an unsupervised classifier system using the soft graph coloring model is presented. This model has the hability to deal with risk and the probability of commiting Type I or II errors, for instance, in medical diagnosis, where we want to minimize the risk. The proposed model is evaluated using some classical instances, and the results are compared with other classifiers, given in all cases results good as or better than supervised classifiers.
Keywords: Pattern recognition; unsupervised classification; soft graph coloring; optimization.
A Vehicle Recall Index and the Sales Impact by Type of Recalls
by Robert Richardson, Heechang Shin, Oredola Soluade
Abstract: A Vehicle Recall Index (total recalls per number of cars sold in a year) is created to measure the safety provided by a vehicle. The J. D. Power automotive initial quality and dependability surveys provide measures that rank cars based on reliability. Since J. D. Powers rankings are not highly correlated with the Vehicle Recall Index, the newly created index provides additional, useful information for consumers to use when buying a car. The importance of recall information is reflected in the negative impact on sales when fewer customers purchase an automobile from a manufacturer that produces a defective product. The impact is measured using an event study methodology to evaluate the sales loss and time to recover from a major recall. The effect of two types of recalls is compared: (1) Toyotas unintentional problem from a defective gas pedal design causing injuries and (2) Volkswagens intentional modification of the emission control unit to report false information resulting in no injuries. The model indicates that Toyotas sales declined for the subsequent five months from the time a major recall was announced, while Volkswagens sales were affected for eleven months. The conclusion is that consumers responded more to the Volkswagen cheating scandal in their purchase of a new car.
Keywords: Auto Recalls; Safety Recall Index; Event Study; Toyota; Volkswagen.
PSO-3P FOR THE PORTFOLIO OPTIMIZATION PROBLEM
by José Carlos Javier-Velasco, Sergio Gerardo De-los-Cobos-Silva, Eric Alfredo Rincón-García, Miguel Ángel Gutiérrez-Andrade, Roman Anselmo Mora-Gutiérrez, Antonin Ponsich, Pedro Lara-Velázquez
Abstract: Identifying risks and opportunities in an investment is an important issue for investors. There are different strategies used to maximize profits and minimize the risk. However, some problems cannot be efficiently solved using classical techniques of operations research. Thus, heuristic approach seems to be a good option to find high quality solutions in a limited amount of time. We propose a new variant of Particle Swarm Optimization named PSO-3P to solve the constrained portfolio optimization problem. The proposed algorithm was tested over five well-known benchmark data sets and the obtained results proved to be highly competitive since they outperform those reported in the specialized literature in almost all tackled instances.
Keywords: PSO; PSO-3P; Portfolio optimization; Markowitz Model.
Technology Advancement in Developing Countries: The Policy Variables
by Chukwunonso Nwoye
Abstract: Technology has been identified as being crucial to sustainable economic growth and development. Its advancement varies amongst countries and even within them depending on certain influential variables. These variables were identified and categorised using factor analysis. The impact of each of the variables on technological advancement of developing economies were quantified using weighting scheme from factor analysis and aggregated into a composite – Technological Capability by linear and geometric aggregation techniques. The categories identified and their overall contributions to the composite include: Exposure to New/Foreign Technology-25.87%, Technology Transfer Mechanism-11.68%, Macroeconomic Environment-16.91% and Incentives- 17.02 %. The analysis showed that the impact of weight on scores of the composite was minimal, while variations in scores computed using linear aggregation technique were also reflected in those computed by geometric aggregation even though more sensitive. The impact of weighting and aggregation technique on Technological Capability rankings of economies based on computed composite were verified using sensitivity analysis.
Keywords: Technology Advancement; Developing Countries; Policy; Foreign Technology; Technology Transfer Mechanism; Macroeconomics; Factor Analysis
Big Data Approaches and Outcome of Information Asymmetry: Opportunities for Future Research
by Milind Mandlik, Djavlonbek Kadirov
Abstract: The purpose of this paper is to advocate reorientation of current managerial practices in the light of growing reliance on ‘Big Data’ strategies by contemporary firms, to make them more consumer-centric in nature. Big Data strategies by their very nature and modalities lead to heightened levels of information asymmetry which by default have the capacity to disempower the very user that contributes towards the data pools. This paper offers a critique of mainstream managerial approaches to big data strategies, through stakeholder engagement and service ecosystems perspectives. The attempt is not to criticise big data strategies per se, but to suggest; it is merely a tool which can be equally used for consumer entrapment, as well as consumer empowerment. Perhaps it is time to have a re-think or reconfiguration of the existing marketing ecosystem, to make it truly consumer-centric in its purpose and intent too. This paper offers some key research propositions that would assist big data-driven firms to reorient their managerial practices, making them truly consumer-centric in nature. This paper wishes to contribute to the intellectual debate among academics, policy maker, and practitioners alike; en-route for a type of big data-driven managerial orientation that balances the consumers’ right to market-based transparency, and the enterprise’s need for economic viability.
Keywords: Big Data Marketing, Information Asymmetry, Stakeholder Management, Consumer Empowerment