Amir Karbassi Yazdi and Farshid Abdi
The purpose of this paper is to find excellent banks on the basis of identified variables. First of all, banks are evaluated based on operation costs, deposits, staff…
Abstract
Purpose
The purpose of this paper is to find excellent banks on the basis of identified variables. First of all, banks are evaluated based on operation costs, deposits, staff, investments, net profit, and loans variables. Subsequently, these variables are categorized into inputs and outputs. The performances of the banks based on these variables are analyzed by data envelopment analysis (DEA) method to find efficiency and inefficiency of decision making units (DMUs).
Design/methodology/approach
This research is aimed to determine the best banks based on predetermined indicators. The indicators are categorized into inputs and outputs. DEA method is used to find efficiency and inefficiency of DMU. However, the aim is to find the efficient banks and to implement the model by using AP Super Efficiency method in order to find the most efficient unit for benchmarking. However, some inputs and outputs have more priority for banks than the others, as a result it will require some changes.
Findings
The results indicate that among 13 banks, including ten public and three private, solely five public banks are efficient. Moreover, DEA is used as a benchmarking tool for inefficient banks to be efficient. Among these banks ten of them are public banks and three are private. Among efficient ones, all are public banks. Moreover, five of public banks and three of private are inefficient.
Originality/value
In some cases, inputs and outputs have more priority for DMs than the others, as a result it will require some changes. Also, if one of the inputs or outputs is larger in number than the others, the DMU becomes efficient, despite its low priority. Thus, for solving this problem, the indicators of this research are ranked by Rembrandt method considering the existing ones to find the best banks (best DMU) based on their performance and the relevant indicators.
Details
Keywords
Farshid Abdi, Kaveh Khalili-Damghani and Shaghayegh Abolmakarem
Customer insurance coverage sales plan problem, in which the loyal customers are recognized and offered some special plans, is an essential problem facing insurance companies. On…
Abstract
Purpose
Customer insurance coverage sales plan problem, in which the loyal customers are recognized and offered some special plans, is an essential problem facing insurance companies. On the other hand, the loyal customers who have enough potential to renew their insurance contracts at the end of the contract term should be persuaded to repurchase or renew their contracts. The aim of this paper is to propose a three-stage data-mining approach to recognize high-potential loyal insurance customers and to predict/plan special insurance coverage sales.
Design/methodology/approach
The first stage addresses data cleansing. In the second stage, several filter and wrapper methods are implemented to select proper features. In the third stage, K-nearest neighbor algorithm is used to cluster the customers. The approach aims to select a compact feature subset with the maximal prediction capability. The proposed approach can detect the customers who are more likely to buy a specific insurance coverage at the end of a contract term.
Findings
The proposed approach has been applied in a real case study of insurance company in Iran. On the basis of the findings, the proposed approach is capable of recognizing the customer clusters and planning a suitable insurance coverage sales plans for loyal customers with proper accuracy level. Therefore, the proposed approach can be useful for the insurance company which helps them to identify their potential clients. Consequently, insurance managers can consider appropriate marketing tactics and appropriate resource allocation of the insurance company to their high-potential loyal customers and prevent switching them to competitors.
Originality/value
Despite the importance of recognizing high-potential loyal insurance customers, little study has been done in this area. In this paper, data-mining techniques were developed for the prediction of special insurance coverage sales on the basis of customers’ characteristics. The method allows the insurance company to prioritize their customers and focus their attention on high-potential loyal customers. Using the outputs of the proposed approach, the insurance companies can offer the most productive/economic insurance coverage contracts to their customers. The approach proposed by this study be customized and may be used in other service companies.
Details
Keywords
Shaghayegh Abolmakarem, Farshid Abdi, Kaveh Khalili-Damghani and Hosein Didehkhani
This paper aims to propose an improved version of portfolio optimization model through the prediction of the future behavior of stock returns using a combined wavelet-based long…
Abstract
Purpose
This paper aims to propose an improved version of portfolio optimization model through the prediction of the future behavior of stock returns using a combined wavelet-based long short-term memory (LSTM).
Design/methodology/approach
First, data are gathered and divided into two parts, namely, “past data” and “real data.” In the second stage, the wavelet transform is proposed to decompose the stock closing price time series into a set of coefficients. The derived coefficients are taken as an input to the LSTM model to predict the stock closing price time series and the “future data” is created. In the third stage, the mean-variance portfolio optimization problem (MVPOP) has iteratively been run using the “past,” “future” and “real” data sets. The epsilon-constraint method is adapted to generate the Pareto front for all three runes of MVPOP.
Findings
The real daily stock closing price time series of six stocks from the FTSE 100 between January 1, 2000, and December 30, 2020, is used to check the applicability and efficacy of the proposed approach. The comparisons of “future,” “past” and “real” Pareto fronts showed that the “future” Pareto front is closer to the “real” Pareto front. This demonstrates the efficacy and applicability of proposed approach.
Originality/value
Most of the classic Markowitz-based portfolio optimization models used past information to estimate the associated parameters of the stocks. This study revealed that the prediction of the future behavior of stock returns using a combined wavelet-based LSTM improved the performance of the portfolio.
Details
Keywords
Nasser Javid, Kaveh Khalili-Damghani, Ahmad Makui and Farshid Abdi
This paper aims to propose a multi-dimensional model on the basis of the key factors of the flexibility and the complexity through structural equation modeling (SEM). Dimensions…
Abstract
Purpose
This paper aims to propose a multi-dimensional model on the basis of the key factors of the flexibility and the complexity through structural equation modeling (SEM). Dimensions of the flexibilities and complexity, including 16 main factors and 34 sub-factors, are investigated. The sampling of the research is accomplished using both academic and industrial experts.
Design/methodology/approach
A huge electronic questionnaire analysis, including 1,250 samples from which 1,036 were returned, was accomplished in various universities and manufacturing companies throughout the USA, Europe and Asia. Partial least square-SEM (PLS-SEM) is used to test the hypotheses through confirmatory factor analysis.
Findings
The results reveal insightful information about the impacts of different dimensions of flexibility on each other and also the effect of the flexibility on the complexity. Finally, system of linear mathematical equations for flexibility-complexity trade-off is proposed. This can be applied to realize the trade-off among dimensions of flexibility and complexity.
Originality/value
Flexible manufacturing systems are formed to meet the needs of the customers. Such systems try to produce products in appropriate quality at the right time and at the specified quantity. These, in turn, require flexibility and will cause complexity. Although flexibility and complexity are both important, there is no comprehensive framework in which the multi-dimensional relationships of the manufacturing flexibility and complexity, as well as their dimensions, are demonstrated.
Details
Keywords
Seyedehanahita Mousavi, Ashkan Hafezalkotob, Vahidreza Ghezavati and Farshid Abdi
This study aims to identify and accurately assess the risk factors of competitors’ cooperation in the NPD project.
Abstract
Purpose
This study aims to identify and accurately assess the risk factors of competitors’ cooperation in the NPD project.
Design/methodology/approach
New product development (NPD) is essential to the survival of companies and surpassing other competitors. A key prerequisite for the success of an NPD project is the timing of new product delivery to the market. The main challenge faced by many project managers is the delay in execution and completion phases due to the complex nature and uncertainty of these projects. Rival companies' cooperation reduces the time spent on an NPD project which is an excellent way to reduce the risk of losing the market, but it increases other risk factors.
Findings
Based on the results, the security and confidentiality of innovation, the competitors attracting human resources and the company’s brand credibility factors were ranked higher than other factors and should be predicted and managed before cooperating with competitors.
Originality/value
This paper proposed a new model to assess risk factors in cooperation with rival companies in NPD projects. This model takes into account new parameters, for example, negative and positive risks, negative and positive passable risks and risk-based multi-objective optimization by ratio analysis plus full multiplicative form methodology for the rival companies cooperation in NPD projects. To evaluate the efficiency of the proposed model, a real case of the R&D unit of Iran Khodro Company was studied.
Details
Keywords
Mehran Salavati, Milad Tuyserkani, Seyyede Anahita Mousavi, Nafiseh Falahi and Farshid Abdi
The principal aim of this study is to investigate the relationship between technological, marketing, organizational and commercialization risk management on new product…
Abstract
Purpose
The principal aim of this study is to investigate the relationship between technological, marketing, organizational and commercialization risk management on new product development (NPD) performance.
Design/methodology/approach
Based on questionnaire, the data were collected from a sample of general automotive industry in Iran. Based on theoretical considerations, a model was proposed and descriptive statistic and hierarchical regression were used to measure the relationship between risk management factors and NPD performance.
Findings
Data analysis revealed that if organization can amplify their knowledge and information about risk and main factors that affect NPD process, not only can they do their work better but can also increase their ability to predict future happenings that affect performance.
Research limitations/implications
First, due to the relatively small sample size, caution should be exercised when interpreting the results. Second, the data were collected from automotive producer in Iran, which may restrict to some extent generalizability of the findings.
Practical implications
The results suggest that managers should consider more attention to risk management. If managers spread the risk management in all aspects of the NPD project, total performance will be increased and it can develop the probability of NPD success. Also organizations should perform great market research due to best commercialization.
Originality/value
Past researches have presented complete information about NPD process. But identifying and considering the effect of the risk management parameters that are connected to the NPD process were the main thrusts to perform the study. In this paper, based on past research about risk management of NPD, the extra aspect of process that can improve total performance of NPD has been examined.
Details
Keywords
José M. Merigó, Anna M. Gil-Lafuente and Jaime Gil-Lafuente
This special issue of the Journal of Business & Industrial Marketing, entitled “Business, Industrial Marketing and Uncertainty”, presents selected extended studies that were…
Abstract
Purpose
This special issue of the Journal of Business & Industrial Marketing, entitled “Business, Industrial Marketing and Uncertainty”, presents selected extended studies that were presented at the European Academy of Management and Business Economics Conference (AEDEM 2012).
Design/methodology/approach
The main focus of this year was reflected in the slogan: “Creating new opportunities in an uncertain environment”. The objective was to show the importance that uncertainty has in our current world, strongly affected by many complexities and modern developments, especially through the new technological advances.
Findings
One fundamental reason that explains the economic crisis is that the government and companies were not well prepared for these critical situations. And the main justification for this is that they did not have enough information. Otherwise, they would have tried any possible strategy to avoid the crisis. Usually, uncertainty is defined as the situation with unknown information in the environment.
Originality/value
From a theoretical perspective, the problem here is that enterprises and governments should assess the information and the uncertainty in a more appropriate way. Usually, they have some studies in this direction, but many times, it is not enough, as it was proved in the last economic crisis.
Details
Keywords
The purpose of this paper is to present an organized review of existing research on reconfigurable manufacturing system (RMS). The paper considers majority of the prominent…
Abstract
Purpose
The purpose of this paper is to present an organized review of existing research on reconfigurable manufacturing system (RMS). The paper considers majority of the prominent research articles in the domain of RMS published ever since RMS was envisaged in 1997.
Design/methodology/approach
The paper systematically reviews, classifies and analyses the published literature on postulations and design of RMSs. The general observations from the literature and research gaps recognized thereon are highlighted at the end of each section/sub-section.
Findings
The paper reveals important aspects related to RMS research since its inception. It also recognizes the areas of RMS research requiring more focus. The study also highlights open issues and future directions for further research.
Practical implications
The literature in the domain of RMS has so far been narrow. This paper reviews the prominent research in this field and presents an overview of its conceptual developments and various mathematical models for the RMS design and its optimization so far developed by the researchers. Further, manufacturing advancements and future directions have also been proposed for the efficient execution of RMS paradigm in manufacturing industries.
Originality/value
The paper provides an organized listing of published research work in the field of RMS. This work will provide an insight to the researchers, practitioners and others related directly or indirectly to this field to develop and understand better strategies for supervising and controlling the smooth implementation of RMS.
Details
Keywords
Ahmad Torkzad and Mohammad Ali Beheshtinia
Hospital evaluations create competition between healthcare providers. In this study, a multi criteria decision-making (MCDM) method is used to evaluate criteria that affect…
Abstract
Purpose
Hospital evaluations create competition between healthcare providers. In this study, a multi criteria decision-making (MCDM) method is used to evaluate criteria that affect hospital service quality. The paper aims to discuss these issues.
Design/methodology/approach
Criteria affecting hospital service quality are identified. Four Iranian public hospitals are evaluated using these criteria. Four hybrid methods, including modified digital logic–technique for order of preference by similarity to an ideal solution, analytical hierarchy process–technique for order of preference by similarity to an ideal solution, analytical hierarchy process–elimination and choice expressing reality and modified digital logic–elimination and choice expressing reality are used to evaluate hospital service quality. Results are aggregated using the Copeland method and final ranks are determined.
Findings
The four main criteria for evaluating hospital service quality are: environment; responsiveness; equipment and facilities; and professional capability. Results suggest that professional capability is the most important criterion. The Copeland method, used to integrate four MCDM hybrid methods, provides the final hospital ranks.
Practical implications
The criteria the authors identified and their weight help hospital managers to achieve comprehensive organizational growth and more efficient resource usage. Moreover, the decision matrix helps managers to identify their strengths and weaknesses.
Originality/value
New and comprehensive criteria are proposed for hospital quality assessments. Moreover, a new hybrid MCDM approach is used to achieve final hospital rankings.