Tanmay Nitin Mhatre, J.J. Thakkar and J. Maiti
The purpose of this paper is to employ an integrated approach of interpretive ranking process (IRP) and system dynamics (SD) for modelling the key risk factors for a typical…
Abstract
Purpose
The purpose of this paper is to employ an integrated approach of interpretive ranking process (IRP) and system dynamics (SD) for modelling the key risk factors for a typical construction project.
Design/methodology/approach
The risk parameters and performance measures applicable in the construction industry have been identified through extensive literature review and discussions with experts from the construction industry. Based on the literature review, a questionnaire was designed and 64 responses were considered. The list of 20 risk parameters and 32 performance measures relevant for a construction industry is reduced to five risk factors and five performance measure factors using factor analysis. IRP modelling is employed to examine the contextual relationships among risk factors and to rank them with respect to performance measure factors. Subsequently, the results of IRP model were utilised as inputs to SD analysis. The SD analysis is conducted for two models, namely, risk factor model and risk variable model to understand the impact of interventions offered by project management team on risk reduction and mitigation.
Findings
The developed IRP model shows that the risk factor dimension “construction management” has a high likeliness to occur during the construction phase.
Research limitations/implications
The research demonstrates an application of proposed approach for a typical construction environment and hence the results cannot be generalised.
Originality/value
This research addresses real life complexities in construction project by modelling critical risk factors using an integrate approach of IRP and SD. The proposed approach would facilitate project managers to devise appropriate risk mitigation strategies for a construction project.
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Chanchal Ghosh, J. Maiti, Mahmood Shafiee and K.G. Kumaraswamy
The modern helicopters are designed with maximum serviceability and long life expectancy to ensure minimum life cycle cost. The purpose of this paper is to present a framework to…
Abstract
Purpose
The modern helicopters are designed with maximum serviceability and long life expectancy to ensure minimum life cycle cost. The purpose of this paper is to present a framework to incorporate the customer requirements on reliability and maintainability (R&M) parameters into the design and development phase of a contemporary helicopter, and to discuss the way to capture operational data to establish and improve the R&M parameters to reduce life cycle cost.
Design/methodology/approach
From the analysis, it is established that the reliability and maintainability cost is the major contributor to the life cost. The significant reliability and maintainability parameters which influence R&M cost are identified from analysis. The operational and design data of a contemporary helicopter are collected, compiled and analyzed to establish and improve the reliability and maintainability parameters.
Findings
The process depicted in the paper is followed for a contemporary helicopter and substantial amount of life cycle cost reduction is observed with improvement of R&M parameters.
Practical implications
The benefits of this methodology not only reduce life cycle cost but also improve the availability/serviceability through less failure and less time for scheduled maintenance. The methodologies also provide the reliability trends indicating potential area for design improvement.
Originality/value
The proposed approach assists asset managers to reduce the life cycle costs through improvement of R&M parameters.
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Pankaj Kumar and J. Maiti
The purpose of this paper is to evaluate the technical efficiency and productivity changes in the integrated steel plants in India over a period of five years.
Abstract
Purpose
The purpose of this paper is to evaluate the technical efficiency and productivity changes in the integrated steel plants in India over a period of five years.
Design/methodology/approach
Since this evaluation of integrated steel plants needs consideration of multiple input and output factors, data envelopment analysis (DEA) has been employed including bootstrapping (to account for statistical noise) to evaluate the relative efficiency of the steel manufacturing units. The efficiency and Malmquist productivity indices of a sample of ten integrated steel plants producing around 55 percent of the industry’s output were determined for the period 2008-2013. The results of these changes were further categorized according to the management control, route followed to produce crude steel, size and age of these steel plants, for gaining insights.
Findings
The study finds that private sector steel plants with larger capacity and which have adopted the latest and most modern technologies are more efficient and productive over the study period.
Practical implications
Public sector steel plants should therefore be provided with more autonomy and delegation of power and should be agiler in responding to market requirements as well as increasing their installed capacities to be competitive in technical efficiency and productivity as well as profitability in the long term to ensure sustainable achievements.
Originality/value
Productivity changes over time, both with respect to technological and efficiency changes, for the Indian integrated steel plants producing comparable products using DEA.
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Pankaj Kumar, J. Maiti and Angappa Gunasekaran
Within the operations management literature, quality management (QM) has been one of the most popular research areas over the last few decades. The impact of QM systems on firm…
Abstract
Purpose
Within the operations management literature, quality management (QM) has been one of the most popular research areas over the last few decades. The impact of QM systems on firm performance has been the subject of constant interest and challenge among researchers. Last such review was done in 2002 based on QM-related articles published between 1994 and 1999 and these were primarily on Total Quality Management (TQM). In the last 18 years, a large number of empirical studies have been attempted to investigate QM system-performance relationships in different contexts, covering not only TQM but also other QM systems such as ISO 9001, Total Productive Maintenance (TPM), Lean Manufacturing, Theory of Constraints (TOC), and Six Sigma Continuous Improvement projects. The paper aims to discuss these issues.
Design/methodology/approach
Based on an extensive review of 263 papers published in 17 reputed journals during the period 2000 to 2017, this paper shows the reflections of QM systems with respect to study of different QM systems, type of research designs being used, performance categories and metrics being used, and application of tools/techniques.
Findings
The literature review has revealed several gaps in research in the area of QM and calls for research on: empirical longitudinal case studies; implementation of multiple QM systems; identification of leading indicators of firm’s performance; standardization of performance measures; safety, environment and health-related performance measures; the differences in the QM systems on firm’s performance for manufacturing vs service organizations; application of QM systems in developing countries including Asian countries; and impact of ISO 9001 QM system on firm’s performance.
Originality/value
The literature reviews in the past had considered only the TQM-related articles published in reputed journals and did not cover other QM systems such as TPM, TOC, Toyota Production System, Six Sigma, ISO 9001 QMS, etc., which have also been widely used in many organizations, more so in the last 15 years.
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Anupam Das, S. C. Mondal, J. J. Thakkar and J. Maiti
The purpose of this paper is to build a monitoring scheme in order to detect and subsequently eliminate abnormal behavior of the concerned casting process so as to produce worm…
Abstract
Purpose
The purpose of this paper is to build a monitoring scheme in order to detect and subsequently eliminate abnormal behavior of the concerned casting process so as to produce worm wheels with good quality characteristics.
Design/methodology/approach
In this a study, a process monitoring strategy has been devised for a centrifugal casting process using data-based multivariate statistical technique, namely, partial least squares regression (PLSR).
Findings
Based on a case study, the PLSR model constructed for this study seems to mimic the actual process quite well which is evident from the various performance criteria (predicted and analysis of variance results).
Practical implications
The practical implication of the study involves development of a software application with a back-end database which would be interfaced with a computer program based on PLSR algorithm for estimation of model parameters and the control limit for the monitoring chart. It would help in easy and real-time detection of faults.
Originality/value
This study concerns the application of a PLSR-based monitoring strategy to a centrifugal casting process engaged in the production of worm wheel.
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This chapter delves into the intricate evolution and challenges of regulatory frameworks within the global financial sector, spotlighting the dynamic interplay between…
Abstract
This chapter delves into the intricate evolution and challenges of regulatory frameworks within the global financial sector, spotlighting the dynamic interplay between technological advancements, globalization and the imperative for stringent regulatory compliance. Initially, it traces the historical lineage of financial regulation from its nascent stages, through pivotal transformations aimed at enhancing market stability and integrity, to contemporary paradigms that balance efficiency with systemic safety. The discourse navigates through various regulatory models – ranging from institutional and functional frameworks to the innovative “Twin Peaks” model – and their respective merits and challenges in aligning with the evolving financial landscape. Furthermore, the paper scrutinizes the multifaceted role of managerial accountability in fostering a culture of compliance, emphasizing proactive risk assessment, regulatory reporting and the integration of ethical considerations into corporate governance. Through an analytical lens, it explores how financial institutions can navigate the complexities of adherence to diverse regulatory mandates, thereby safeguarding financial stability while promoting growth and innovation. The narrative concludes by projecting future trajectories of regulatory frameworks, advocating for a harmonious blend of regulatory rigor and flexibility to accommodate the rapid pace of financial innovation and global interconnectedness.
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Arpit Singh, Subhas C. Misra, Vinod Kumar and Uma Kumar
The purpose of this paper is to propose a practical framework to measure the safety performance of workers in the Indian construction industry. The key safety performance…
Abstract
Purpose
The purpose of this paper is to propose a practical framework to measure the safety performance of workers in the Indian construction industry. The key safety performance indicators are identified and ordered on the premise that the higher order assignment of an indicator implies a strong indication of an effective safety performance.
Design/methodology/approach
Various indicators of safety performance in the construction industry were identified from extant literature review combined with author's personal viewpoint. The identified variables were inquired for appropriateness for the Indian construction scenario by consultation with experts. Fuzzy Technique for order preference by similarity to ideal solution (TOPSIS) technique was considered for the ranking of the indicators from most to least important.
Findings
The most important highlight of the study was the importance of the role of management by participating in informing workers about the safety rules and compliance toward safety measures. Proper and timely safety training to the workers and equipping them with sophisticated safety equipment for daily activities is perceived to be highly important in ensuring a safe and healthy workplace environment. Controlling the absenteeism rate reduces the burden of extra work on the employees, thereby, encouraging safe work-related behavior.
Originality/value
Senior management should make safety induction programs compulsory at the time of joining of the employees. The guidelines for safety practices, rules and information about the safety equipment should be properly documented and arranged in safety manuals. Periodical drills involving visual demonstration of the safety practices should be followed to ensure safety at workplace.
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Jeh-Nan Pan, Chung-I Li and Jun-Wei Hsu
The purpose of this paper is to provide a new approach for detecting the small sustained process shifts in multistage systems with correlated multiple quality characteristics.
Abstract
Purpose
The purpose of this paper is to provide a new approach for detecting the small sustained process shifts in multistage systems with correlated multiple quality characteristics.
Design/methodology/approach
The authors propose a new multivariate linear regression model for a multistage manufacturing system with multivariate quality characteristics in which both the auto-correlated process outputs and the correlations occurring between neighboring stages are considered. Then, the multistage multivariate residual control charts are constructed to monitor the overall process quality of multistage systems with multiple quality characteristics. Moreover, an overall run length concept is adopted to evaluate the performances of the authors’ proposed control charts.
Findings
In the numerical example with cascade data, the authors show that the detecting abilities of the proposed multistage residual MEWMA and MCUSUM control charts outperform those of Phase II MEWMA and MCUSUM control charts. It further demonstrates the usefulness of the authors’ proposed control charts in the Phase II monitoring.
Practical implications
The research results of this paper can be applied to any multistage manufacturing or service system with multivariate quality characteristics. This new approach provides quality practitioners a better decision making tool for detecting the small sustained process shifts in multistage systems.
Originality/value
Once the multistage multivariate residual control charts are constructed, one can employ them in monitoring and controlling the process quality of multistage systems with multiple characteristics. This approach can lead to the direction of continuous improvement for any product or service within a company.
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Barbara Gaudenzi and Abroon Qazi
Project-driven supply chain risks pose a significant threat to the success of complex development projects, in terms of achieving key performances such as quality, time and…
Abstract
Purpose
Project-driven supply chain risks pose a significant threat to the success of complex development projects, in terms of achieving key performances such as quality, time and efficiency. The purpose of this paper is to adopt a supply chain quality perspective in order to explore and better understand the unique attributes of risks associated with project-driven supply chains for continuously improving the quality of both processes and products.
Design/methodology/approach
Theoretically grounded in the framework of Bayesian Belief Networks and Game theory, this paper develops a structured process for assessing and managing risks in project-driven supply chains. The application of the proposed approach is demonstrated through a simulation case study conducted on the development project of Boeing 787 aircraft.
Findings
The conflicting incentives amongst stakeholders in a supply chain can jeopardise the success of a project and therefore, assessment of this category of risks classified as “Game theoretic risks” needs special consideration. Project-driven supply chain risks pose a significant threat to the success of complex projects. The results of the study clearly revealed that without mitigating the game theoretic risks, the main objective of timely completion of the Boeing 787 project was not materialised. Further, the lack of management expertise was the major factor contributing to the overall project costs including cost of quality.
Originality/value
The proposed process and analyses present a significant and original insight in terms of capturing the key determinants of both product and service quality such as product performance, convenience and reliability of service, timeliness, ease of maintenance, flexibility, and customer satisfaction and comfort. Propositions are developed for ascertaining the significance of information sharing in a project-driven supply chain, and a fair sharing partnership is introduced to help supply chain managers in managing game theoretic risks in order to achieve the goals of quality, time and efficiency.
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Pradeep Kumar Tarei, Jitesh J. Thakkar and Barnali Nag
The purpose of this paper is to identify various risk and sub-risk drivers that affect the supply chain (SC) performance and to propose a framework to quantify the overall SC risk…
Abstract
Purpose
The purpose of this paper is to identify various risk and sub-risk drivers that affect the supply chain (SC) performance and to propose a framework to quantify the overall SC risk index by considering the importance of each risk and sub-risk drivers and their mutual interactions.
Design/methodology/approach
A hybrid method based on decision-making trial and evaluation laboratory and analytical network process has been proposed to develop the risk quantification framework. A case study of Indian petroleum supply chain (PSC) has been illustrated to explain the proposed method.
Findings
The results of this study found that transportation/logistics (delivery system), quality of the petroleum products, crude supply, customer’s order and legal/political regulations are the most significant risk drivers of a typical PSC. It is also found that the Indian PSC possesses a risk score of 34 percent.
Research limitations/implications
The quantification of risk in operational measure provides an unblemished representation of the overall SC risk. Unlike the existing financial measure, it takes complex subjective operational effectiveness like product quality, customer satisfaction, etc., into consideration. Identifying the high-prioritized risks helps the decision and policy makers to merely focus on the most prominent risk drivers, and reduce the impact of overall SC risk. Planning a risk mitigation strategy at a given level of risk is however beyond the scope of this research.
Originality/value
The paper develops a risk quantification framework in the context of a PSC.