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Small farmers in developing countries have very little means of managing the weather‐risk to their agricultural produce. Weather derivatives could provide a solution, but the demand for such instruments and the willingness to invest in them needs to be researched. The purpose of this paper is to assess weather‐risk hedging by farmers, focusing on the willingness to pay in Rajasthan, India.

The paper presents results of a contingent valuation study done on the findings of a survey carried out in six villages in the state of Rajasthan. The survey was done on over 500 farmers after explaining the concept of weather derivatives and how they would work to help them hedge their weather‐related yield risk. The survey included questions on factors, which could have a bearing on the farmers' willingness to pay, and a bidding game where responses were solicited to premiums in a hypothetical market. Probit and logit models are used to determine probabilities of “Yes” responses to various bids and the mean willingness‐to‐pay.

The paper brings out a model, which uses nine independent variables affecting the probability of a farmer saying “Yes” to a price quoted to him for a weather derivative. Using the results from the probit and logit models, the farmers' mean willingness‐to‐pay is determined to be around 8.8 per cent of the maximum possible payout of a weather derivative contract.

With weather derivatives being accepted as a means of risk management for agriculture in developing countries, the willingness‐to‐pay figures determined in this paper would provide an insight to the structuring and pricing of weather derivatives, especially in developing countries.

The purpose of this paper is to identify and rank the contextual relationship among the quality management (QM) constructs for manufacturing and its related service organizations providing integrated value bundles, which has got limited research attention.

The QM constructs of manufacturing and services are selected by performing the citation analysis. Studies related to manufacturing and service are selected by reviewing their citations index in the three major research databases namely ProQuest, Scopus and Google Scholar. The subjective responses from both industry and academia are taken in order to gain better understanding of the contextual relationship among the QM constructs. Finally, an integrated model is proposed using Micmac analysis and Interpretive Structural Modeling (ISM).

The citation analysis lead to identification of 12 QM constructs: top management commitment, supplier relationship management, human resource management, strategic focus, customer focus, quality of information sharing, process management, servicescape, employee involvement, service quality, supply chain flexibility and customer satisfaction. The expert opinions of executives in the automotive industry and academia resulted in the development of contextual relationships among the identified QM constructs for the development of an ISM model, which is a major contribution of this study.

The unique focus of this study is on analyzing the contextual relationship among QM aspects in manufacturing and services as clubbed offering. The researchers in the existing literature have so far differentiated between manufacturing and services but this study integrates the QM constructs for manufacturing and its associated services through expert feedback and proposes an ISM model.

This study aims to explore the perceptions of investors regarding the risks associated with funding renewable energy projects in India, as well as the various factors that influence these perceptions. The investigation is limited to debt providers and seeks to pinpoint the primary risks that bankers perceive and the drivers that shape these perceptions.

This study draws on interviews and surveys of Indian bank executives, investigating how finance providers perceive risks in the Indian context and the factors driving such perceptions. Qualitative interviews have been used for operationalizing “risk perception” within the renewable energy domain, followed by a quantitative survey and exploratory factor analysis.

The authors find that experience and capacity are the most important factors that account for 30% of the overall variance. The second factor, which accounts for 15% of the variance, includes the perceived risks in funding renewable energy projects as compared to infrastructure projects. Among individual risks, the authors find that bankers perceive technological risk to be the lowest (5%) and contractual and regulatory risks as the highest (66%) in renewable energy projects.

The study contextualizes risk perception toward renewable energy investments in the Indian context by drawing from the risk perception literature and qualitative interviews with senior bankers. It presents empirical evidence on the decision-making behavior of bankers, who are important stakeholders of the renewable energy ecosystem. The main limitation of the study is the relatively small sample, and generalizing the results to the broader population might require a larger sample. This will facilitate the use of confirmatory factor analysis and structural equation modeling, which can facilitate a more comprehensive understanding of risk perceptions in renewables financing.

Insights gained can be used to provide policy recommendations for improving the financing ecosystem of renewable energy projects. The research significantly contributes to the extant literature within the renewable energy financing domain for emerging economies.

This case will enable students to understand the operations and business model of an international retailer. The case offers enough insights and learning on a retailer who enters a different market and collaborates with the local players to gain market access; and to understand the marketing techniques and strategies of an international retailer to capitalise on market opportunities.

The case is about a third largest US-based multinational Costco Wholesale corporation which is a giant retailer. The company operated at 803 locations with a revenue of $166.7bn, which makes it the third largest global retailer in 2020. The case offers comprehensive insight into Costco Wholesale’s business model, distribution strategy, marketing techniques and internationalisation. The authors further discuss that how Costco put forth its model among different range of customers and provided them with high-quality products at a comparatively lower price. The focus of the case is towards the Asian expansion of Costco. In subsequent parts, the strategies and challenges of Costco with respect to its Asian competitors have also been discussed. After generating experience in Asian markets, Costco has considered China as its next destination. The case also discusses the foreign retailers’ success, failure and retail format.

This case is designed for undergraduate and postgraduate classes of management and business administration.

Teaching notes are available for educators only.

CSS 8: Marketing.

The purpose of this paper is to compare some major National Quality Award/Business Excellence Models (NQA/BEM) in terms of the criteria employed and their relative weights. It shows that these models vary both in terms of criteria and their weights. Whereas some of them are changing weights frequently, others are almost static. It employs the analytic hierarchy process (AHP) to allocate scores to 12 criteria identified in the model by Agrawal et al. (1998) to propose a modified quality award model similar to that. The six quality award models used in the USA, Canada, Europe, Australia, Japan and India are compared with the proposed model using AHP and their relative rankings are obtained.

First, a literature review is done to identify various quality award models globally, with their features being compared. Furthermore, paired comparison technique is used to rationalize the relative weights of proposed 12 criteria, and then AHP is again used to rank this proposed model with six major award models.

This paper shows that the six NQA models vary substantially on parameter weights. They do not include some relevant criteria to evaluate the organizational performance holistically. It also reveals how some models have been revising criteria weights very frequently, whereas others are static. In some models, the results get much higher weightage than enablers, and hence the performance may not be sustainable. The modified Agrawal et al. (1998) model is taken as a base model, with weights rationalized in it using the AHP. The rankings obtained using AHP reveal that proposed model scores over the other six prominent quality award models. The result also reveals that for organizational excellence, the quality of people plays a major role in the successful implementation of quality processes. Hence, it is very important to focus on improving the quality of people before expecting improvement in the quality of products and services.

The paired comparison results are based on the researchers’ own perception and do not consider interdependence among the criteria, which is a limitation of AHP. Analytic network process can be further explored to overcome the limitation. The proposed model has not been tested in a variety of real-world situations, which can constitute a scope for further work in the direction.

The proposed model framework and weightages evolved using AHP can provide a universally acceptable quality award model framework. The companies can adopt it with or without modifications to address their contextual adaptation. It can possibly become a standard model framework globally. This model does not capture the measurement of the softer aspects that impact the people quality. As people play an important role in the success of the implementation of any practice, hence measurement of people quality is another important aspect that can be further studied and researched.

This comparative study & analysis of National Quality Award/Business Excellence Models using AHP is presented for the first time. The authors have not come across any such studies in their literature review. This paper is an original conceptualization of the application of the AHP on the various Quality Award model parameters, and it has been submitted exclusively to JAMR for publishing.

The purpose of this paper is to examine the interactive nature/mutual influence (MI) among quality initiatives (QI) and quality awards (QA) in Indian organizations subject to three contingencies, namely, QA won, QI adopted before winning a QA and QI adopted after winning a QA.

Administration of survey to collect the data were followed by validity and reliability analyses of the instrument. Hypotheses were tested by parametric/non-parametric one-sample and independent-samples tests.

The inferences on the effect of contingencies on the MI were inconclusive. Eight QI adopted before winning the QA, have influenced four such Indian QA. Three Indian QA have influenced four QI that were adopted after winning these QA. However, this MI is independent of specific QI adopted/QA won.

The approach to test the hypotheses, small sample size and generic research questions have led to “preliminary” recommendations/inferences. Further research with larger data and advanced methods for analysis of interaction is suggested.

Based on clarity of MI, preliminary recommendations for adopting some QI before/after winning a QA were made. The way in which these recommendations can be used by experienced and fresh adopters of QI/QA and givers of QA has been outlined.

This study attempts to fill the gap of scarce holistic studies (that evaluate numerous QI and QA models) on the interactive nature of QI and the dissemination of QI into different periods of Continuous Improvement journey.

This paper seeks to present a comparative study of framework, criteria and criterion weighting of 20 Excellence Models/National Quality Awards (EM/NQA), to identify their common features, contradictions and to propose suggestions for development and review of EM/NQA. It also aims to provide some clues to attain sustenance of business results.

This study is based on a literature review using the internet and research databases (Emerald and EBSCO). Nine generic criteria are identified and their relative importance within each model is computed based on scores given to their respective contents in the criteria/sub‐criteria of each EM/NQA. The average relative importance of nine criteria, discussions with experts and the author's own experience helped to visualise the emerging scenario and suggest improvements.

EM/NQA frameworks have different shapes. Most EM/NQA start with the criterion “Leadership” and end with “Results”. Ancient wisdom emphasises that the ultimate goal of business is the wellbeing of society. Although the criteria of EM/NQA are similar, the criterion weighting changes due to external environment and cultural factors. The study classifies nine criteria into core criteria, i.e. the need for survival, internal environment criteria, i.e. differentiators, and goodwill criteria, i.e. ensuring sustainability. The focus on goodwill criteria needs to be enhanced to ensure sustainable business growth.

This study is an attempt to integrate the common learning/contradictions of EM/NQA and provide clues to achieving sustainability. Many EM/NQA custodian websites have limited information in the public domain. A periodic review of models made this study difficult. Future research may focus on studying the impact of criteria weighting in different countries/economic environments to enhance the effectiveness of excellence models.

The study may help the GEM council, custodians and managers to review EM/NQA and develop strategies for sustainable results.

This paper is based on a literature review, the author's own experience, and interaction with experts. It provides an analysis of 20 EM/NQAs, highlights the need for a universally acceptable model, and suggests emerging dimensions of excellence.

Women empowerment is an aid against discrimination and exploitation. Empowerment to women helps minimize the gender gap, achieve equality and promote self-worth to make independent choices and to influence social change. It is seen that women empowerment and economic development are two sides of the same coin. According to sustainable development goals by World Development Indicator, by 2030 their aim is to empower all women and girls by achieving gender equality. Being the first teacher of a child and to ably run a household from front females are the pillars of a strong and thriving society. Educating and empowering women will usher us in a society where each member is contributing to the betterment of society; which gradually will uplift the economic condition. As stated by Mahatma Gandhi “If you educate a man you educate an individual, but if you educate a woman you educate an entire family.” Therefore, this study aims to investigate the status of women in the field of health, education, labor force participation and socioeconomic empowerment in selected South Asian countries, namely, India, Nepal, Bangladesh, Sri Lanka and Pakistan. Secondary data has been used which are collected from the website and data center of United Nations Development Programme and World Bank. The research focuses on the comparative study on the South Asian countries, namely Bangladesh, Nepal, India, Pakistan and Sri Lanka regarding gender equality and women empowerment in the sectors like education, health, political and economic involvement and opportunity.

The purpose of this paper is to provide a framework for designing a multiple performance measurement tool for evaluating, comparing and benchmarking the working of engineering educational institutes in a group based on total quality management (TQM) criteria and performance measurement criterion, respectively.

Proposed framework is based on fuzzy analytic hierarchy process (FAHP) which takes in to account the fuzziness of human opinion for realistic outcome and generalization of the results. Based on the proposed framework a case study was conducted on engineering institutes of central India for collecting data and analyzing the current practices followed in these institutes. A relationship among TQM implementation criterion was developed, their respective weights derived and then institutes were ranked.

It was found that the rank of institutions based on both the criterion is same, which indicates that the institutes having better TQM implementation have better performance.

The research in this paper is limited to Indian scenario; studies in other countries and sectors may be conducted to compare the results obtained.

The results will help policy makers in identifying institutions having poor performance in the region.

The paper is navel in its attempt to provide a model based on TQM criteria for evaluating the working of engineering educational institutes in a group in terms of their relative weightage and benchmark.