International Journal of Management and Decision Making (7 papers in press)
The efficiency of the top Mega yacht builders across the world: a financial ratio-based data envelopment analysis
by Alessandro Merendino, Enrico Deidda Gagliardo, Stefano Coronella
Abstract: This research provides an application of a non-parametric analytic technique (data envelopment analysis, DEA) in measuring the performance of the mega yacht sector. It analyses the efficiency of the top mega yacht companies across the world in 2005-2013 by offering a model useful for comparing inefficient shipbuilders with the efficient ones. This paper adopts an output-oriented version of DEA based on financial ratios where inputs are not utilised. In order to handle missing data, we test and compare two different techniques: the deletion one and the multiple linear regression analysis (MLRA). We find that DEA can be a complement or alternative tool to ratio analysis to evaluate corporates' performance. We also find that the most efficient shipbuilders are those based in the most prosperous countries. Finally, the MLRA efficiency scores are more reliable and consistent with the firms' annual reports and financial ratios.
Keywords: data envelopment analysis; DEA; efficiency; financial ratios; mega
A Fuzzy EOQ model for deteriorating items with imperfect quality using proportionate discount under learning effects
by Srikanta Patnaik, Rojalin Patro, Milu Acharya, Mitali Madhusmita Nayak
Abstract: The present paper analyses the impact of learning on optimal solution of inventory problems. The aim of the paper is to develop both crisp and fuzzy EOQ models for imperfect quality items under deterioration and analyse the effect of learning on holding cost, ordering cost and the number of defective items present in each lot and deal the fuzziness aspect of demand for the fuzzy model. In this paper, it is assumed that all received items are not of perfect type and after100% screening, imperfect items are dropped from the inventory and sold at an allowable proportionate discount. Due to the repetition of handling the system holding cost and ordering cost gradually decrease from one shipment to another. The optimal lot sizes of both crisp and fuzzy models are obtained by calculus method and the total profit functions for each model are also derived. The total profit function of the fuzzy model is defuzzified by using signed distance method. Numerical examples are provided to illustrate the developed models and sensitivity analysis is conducted to show the effect of number of shipments on the order quantity and the total profits of the models.
Keywords: Inventory; EOQ; Imperfect quality; Deteriorating items; Proportionate discount; Triangular fuzzy number; Signed distance; Learning effects; Defuzzification.
Facilitating decision making on construction and demolition waste management in Greece through dynamic system modeling
by Ioanna Palanta*, Georgios Aretoulis, Panagiotis Palantas
Abstract: Nowadays, construction and demolition processes produce a huge amount of waste. This study has recorded data on the current state of political, institutional, technological, and applied practices, in Greece. Moreover, a System Dynamics approach was implemented in order to develop a model, to examine the relationship, between the three aspects of performance that underlie the waste management practices, namely: economic, environmental and social. The proposed model is then converted into a System Dynamic model through the software VensimPLE. The model was implemented using official Eurostat data regarding the produced waste from the construction industry, in Greece, for the study period 2013-2020. The model predicts that an increase in the cost of landfill use will have negative impact on their management performance. A change in the effectiveness of compliance with waste management regulations provides an increase in their management performance, only if all the stakeholders are really committed. Finally, it could be proposed that further standardization of deposition and processing fees and a combined bonus and penalty system could play an important role in the direction of effective waste management.
Keywords: Construction and Demolition Waste (CDW); Environmental economic and social impact assessment; System dynamics modeling; Waste management; Decision making.
FRABAC: A new Hybrid Access Control Model for the Heterogeneous Multi-domain Systems
by Hasiba Ben Attia, Laid Kahloul*, Saber Benharzallah
Abstract: In this paper, a new hybrid, flexible, scalable and fine-grained model (FRABAC) is proposed. FRABAC combines the benefits of the two most popular basic models: Role-Based Access Control (RBAC) and Attribute-Based Access Control (ABAC). The new proposed model overcomes the shortcomings of both models RBAC and ABAC known as combinatorial explosion in rules and roles when the security policy becomes complicated. Besides avoiding the combinatorial explosion, the new proposed model provides a Role Permission Agreement (APA) to handle inter organizational access decision in collaborative cloud services cases. The proposed model is applied to define the security policies in realistic case studies and results are compared to previous existing models. On the other hand, the consistency and the correctness of the built policies are analysed through a formal modelling/analysis approach. This formal approach uses Hierarchical Coloured Petri Nets (HCPNs) to model the policy and the CPN-tools to analyse the generated models.
Keywords: Fine-grained access control; Hydride model; Flexible model; Cloud computing; Collaborative Cloud Services; RBAC; ABAC; Coloured Petri Nets; Formal Verification; CPN-tool.
Food safety risk analysis from the producers perspective: prioritization of production process stages by HACCP and TOPSIS
by A. Certa, M. Enea, G.M. Galante, J. Izquierdo, C.M. La Fata
Abstract: From the manufacturers perspective, the Hazard Analysis and Critical Control Point (HACCP) system nowadays represents the mainly way to implement the food safety risk management in food industries. Nevertheless, the identification and prioritization of hazards as the outcome of the first principle of HACCP is not sufficient to identify production process stages that more significantly and critically contribute to the consumers risks. With this recognition, the present paper proposes a Quantitative Risk Assessment (QRA) approach based on HACCP and Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) to individuate production process phases on which implementing corrective actions to improve the consumers safety. The designed methodological approach is implemented on the smoked salmon manufacturing process of a real Sicilian industry.
Keywords: Analysis of production process stages; Food safety risk analysis; HACCP; TOPSIS.
Assessment of drivers to implement integrated lean green manufacturing system in Indian SMEs through IF-TOPSIS approach
by Piyush Jaiswal, Amaresh Kumar
Abstract: Due to globalisation and strict environmental regulation by government agencies, small and medium enterprises (SMEs) are under hideous pressure to improve their operational, financial as well as environmental performance. Taking this fact into consideration, an integrated lean green manufacturing system (LGMS) has been proposed as a solution to improve the overall performance of SMEs. It is important to identify the essential driving factors that influence in adoption of LGMS in SMEs. Therefore, present study examines the rank of drivers by utilising an intuitionistic fuzzy technique for order of preference by similarity to ideal solution (IF-TOPSIS) approach. Finding of the study shows that competitiveness, legislative and regulatory compliances, reduce manufacturing cost, market trends and improve working environment are the top most essential drivers among 23 drivers. This study provides important insights to policy makers in government and industries for proper and effective implementation of LGMS in manufacturing SMEs.
Keywords: Lean manufacturing; Green manufacturing; LGMS; Drivers; IF-TOPSIS; India; SMEs.
Stakeholder dynamics moderation for distressed firms entering turnaround and business rescue: Who and what counts?
by Marius Pretorius
Abstract: Stakeholder salience, conflict and prioritisation are important for directing decision-making. Entering a turnaround situation or business rescue (following distress) affects who and what may be important to decision-makers. During such distress, the stakeholders composition changes which may alter power, legitimacy and urgency relations for other stakeholders. The consequences thereof are unclear, especially as the associated uncertainty of the outcome increases. Going concerns support stakeholder theory as balanced situations but salience and prioritisation may be adversely affected by the moderating context when the decision-makers change on entering turnaround situations or filing for business rescue following distress. Hence, making sense of how the stakeholder dynamics change during distress is vitally important to stakeholders as this may moderate decision-making of the various parties and even underwrite conflict. Such decisions may affect the success of attempted reorganisation interventions. By presenting comparative narratives for each stakeholder, this study explores, using analytic auto ethnography as method, the changing stakeholder views following distress and concluding with a stakeholder salience framework.
Keywords: Turnaround; business rescue; Zone of insolvency; reasonable prospect; decision-making; stakeholder power.