International Journal of Management and Decision Making (8 papers in press)
- A Fuzzy Multi Criteria Decision Making Methodology to optimize Olive agro-engineering processes based on Geo-Spatial Technologies
by Giada La Scalia, Rosanna Sciortino, Francesco Paolo Marra, Tiziano Caruso, Juliane Ruhl
Abstract: In Southern Italy, the olive oil sector is an important part of the primary sector and its development requires support from research to ensure its sustainability. This work proposes the first step for set up a Decision-Support System (DSS) for establishing mechanization in agricultural operations for different olive groves. To contribute to this goal researches have been carried out to test the ability of Remote Sensing (RS) and Geographic Information System (GIS) to map olive groves and their agronomic characteristics. In detail, this study aimed to classify olives grove areas in terms of agronomic suitability and detect horticultural characteristics of olive groves in order to develop a fuzzy multicriteria decision making method for managing mechanical harvesting and pruning. The detection and interpretation of horticultural traits was conducted on two different olive groves areas of Sicily. Results demonstrate that fuzzy Topsis can be a useful decision making tool combined with the automatable methodology for data acquisition.
Keywords: Olive groves, Agricultural management, Remote Sensing (RS), Geographic Information System (GIS), Fuzzy Topsis.
- Identifying and ranking earthquake disaster prevention strategies in Tehran
by Mona Sadeghi, Kamran Shahanaghi, Majeed Heydari
Abstract: The disaster management prevention which comes from natural disasters such as earthquake is one of the most challenging urban management issues especially in metropolis like Tehran. In such a situation, identifying, evaluating and ranking effective earthquake disaster prevention strategies and in turn applying these strategies are of great interest to urban decision makers as well as disaster management communities. In this paper, we model the earthquake disaster prevention strategy evaluation and selection problem in Tehran as a multi attribute decision making problem. To do this, in the first step, possible prevention strategies are derived based on the previously reported researches as well as our experts opinions. Then, the time and cost of possible prevention strategies, the risk of going without each of these strategies as well as the applicability of each strategy are assumed to be decision making criteria. The relative importance of these criteria is derived based on the disaster management experts judgments in terms of linguistic variables. Afterward, the fuzzy AHP is applied to derive the weights of criteria and finally the PROMETHEE is used to rank the possible prevention strategies. As an illustrative real case study, we applied the proposed model to evaluate and rank the possible earthquake disaster prevention strategies in Tehran. The result suggests establishing regulations and compiling instructions as the first ranked strategy for earthquake disaster prevention plan in Tehran.
Keywords: Earthquake, Disaster management, Mitigation strategy, FAHP, PROMETHEE
- Integration of factors affecting Venture Capitalists' investment decision: An Interpretive structural modeling (ISM) approach
by Monika Dhochak, Anil Kumar Sharma
Abstract: In last few years, researchers view that venture capitalists does not always follow the same criteria suggested by theory, however they use a multi-criteria decision analysis for screening a new proposal. The first objective of this study is to identify the criteria used by Indian venture capitalists in investment decision-making process. Second, it analyses the relationship among pre-determined decision-making factors. Selecting a new venture is a tedious job for venture capitalists due to the direct and indirect effect of certain factors. For this purpose, exploratory factor analysis was used to extract the determinants of investment decision-making process, and interpretive structural modeling (ISM) was conducted to establish a hierarchal relationship among key decision-making enablers. Afterwards, a diagraph facilitates to accomplish the logical framework as per their relative dependence and driving powers. It is found that financial consideration is the most important factor that depends on other driving powers. The findings of the relationship-based approach may help to mitigate the adverse selection process. The insights of this model would assist the investors, entrepreneurs and researchers to understand the complex relationship among significant decision-making factors.
Keywords: Venture Capital, Venture Capitalists, Decision-making process, ISM, MICMAC analysis
- Cognitive Styles in Dynamic Decision Making. A Laboratory Experiment.
by Matteo Cristofaro
Abstract: Dynamic Decision Making processes of executives are pivotal for a companys performance, especially in hypercompetitive environments in which firms face high discontinuity; in those fast paced settings, executives constantly interpret the environment and, accordingly, adapt their decisions. This work investigates, in the Dynamic Decision Making process setting, the differences, in terms of cognitive style, rapidity and accuracy, among the recently identified by the Dynamic Decision Making literature adaptive behaviour and the others deviating from it (i.e. fixated, stalled, vagabonding). A laboratory experiment was conducted in which 203 graduate students coped with a dynamic multi-step business case and also completed the Myers Briggs Type Indicator test. Results show how Dynamic Decision Making behaviours have some differences in rapidity and accuracy and major differences among cognitive styles. The slight difference between some behaviours, such as adaptive and vagabonding, on cognitive styles previously regarded as uninfluential, have here re-emerged as pivotal, raising the interest in their study.
Keywords: Decision Making; Cognitive Styles; Personality; Problem solving.
- Application of the multi attribute utility theory for the selection of project procurement system for Greek highway projects
by Fani Antoniou, Dimitrios Konstantinidis, George Aretoulis
Abstract: The selection of the appropriate procurement system (PS) for major highway projects in Greece is central to their success, as the relevant interdependent interfaces and required contracts between stakeholders are numerous and complex. The PSs investigated are traditional, traditional fast track, design and build, private public partnership, construction management, management contracts and partnering. The relevant selection criteria (SC) that were considered refer to the project characteristics, the needs of the awarding authority and the market conditions.
A questionnaire survey was carried out in order to record the performance of each PS against each selection criterion. The survey succeeded in collecting responses from 91 international highway procurement experts. The paper then evaluated the mean ratings of each PS against each alternative selection criterion. These ratings were considered as marginal utility values for use in the multi attribute utility theory method. The weights of each selection criterion are calculated using the revised Simos method, the analytical hierarchy process and goal programming.
Two pilot projects in Greece were defined as case studies, for the proposed methodology to be tested. The results showed that the public private partnership system is frequently chosen as the most appropriate PS.
Keywords: Procurement, highway projects, questionaire survey, multi attribute utility theory, multi criteria decision making, public works
- Place of middle managers on the relationship between creativity in strategy and organizational performance
by Fakher JAOUA
Abstract: In recent years, the literature reveals that creativity is an essential ingredient for strategy formulation. This creative potential in strategy formulation is manifested by four strategic roles played by middle managers: facilitating adaptability, implementing deliberate strategy, synthesizing information and championing alternatives. In this perspective, the purpose of this research is to investigate the direct impact of strategic roles of middle managers on the creativity in strategy, and the moderating effect of strategic roles of middle managers on the relationship between the creativity in strategy and organizational performance. A survey questionnaire has been distributed to 350 CEOs of large Tunisian companies involved in the upgrading program. The results of the application of structural equation methods show a central roles of strategic middle managers both in its relationship to creativity in strategy, as in the relationship between creativity in strategy and organizational performance.
Keywords: strategy involvement, strategy formulation, creativity in strategy, middle managers, organizational performance
- Combining AHP and TOPSIS Method for Logistics Hub Selection
by Apichat Sopadang, Ruth Banomyong
Abstract: The purpose of this paper is to propose a methodology to help identify country level logistics hub (Thailand, Lao PDR and Vietnam) along the East-West Economic Corridor (EWEC) by using two mathematical methods. Phase 1 identified five main factors impacting logistics hub selection that are derived from the literature. These factors are trade volume, infrastructure, institutional framework, service providers, shippers and consignees. Phase 2 utilises the Analytical Hierarchical Process (AHP) method to define weight for each criterion. Experts in related fields were interviewed in order to make dyadic comparisons. Phase 3 focused on the TOPSIS method to rate alternatives by assigning weights defined through AHP and by calculating which alternative is the nearest to the ideal solution. The findings conclude that Thailand particularly thanks to its large trade volume is the best country to be considered as a logistics hub for the EWEC.
Keywords: EWEC; TOPSIS Method; AHP Method; Logistics Hub
- Managing Supply Chain Disruption Risks via Insurance Solutions - Current Practices and Challenges
by Annette Hofmann, Linda Eggert
Abstract: Supply chain risks and their management are receiving increasing attention by both academics and practitioners. This paper challenges the management of supply chain disruption risks, which may arise from economic frictions or natural catastrophes, and puts a specific focus on insurance solutions. Major insurability issues regarding supply chain disruption risks are discussed and insurance is integrated into a holistic catastrophic risk planning approach. The approach adds value to the whole supply chain risk management process.
Keywords: Supply Chain Risk Management; Insurance Solutions; Catastrophe Management; Risk Management Process; Limits of Insurability.