Duc Hoc Tran and Luong Duc Long
As often in project scheduling, when the project duration is shortened to reduce total cost, the total float is lost resulting in more critical or nearly critical activities…
Abstract
Purpose
As often in project scheduling, when the project duration is shortened to reduce total cost, the total float is lost resulting in more critical or nearly critical activities. This, in turn, results in reducing the probability of completing the project on time and increases the risk of schedule delays. The objective of project management is to complete the scope of work on time, within budget in a safe fashion of risk to maximize overall project success. The purpose of this paper is to present an effective algorithm, named as adaptive multiple objective differential evolution (DE) for project scheduling with time, cost and risk trade-off (AMODE-TCR).
Design/methodology/approach
In this paper, a multi-objective optimization model for project scheduling is developed using DE algorithm. The AMODE modifies a population-based search procedure by using adaptive mutation strategy to prevent the optimization process from becoming a purely random or a purely greedy search. An elite archiving scheme is adopted to store elite solutions and by aptly using members of the archive to direct further search.
Findings
A numerical construction project case study demonstrates the ability of AMODE in generating non-dominated solutions to assist project managers to select an appropriate plan to optimize TCR problem, which is an operation that is typically difficult and time-consuming. Comparisons between the AMODE and currently widely used multiple objective algorithms verify the efficiency and effectiveness of the developed algorithm. The proposed model is expected to help project managers and decision makers in successfully completing the project on time and reduced risk by utilizing the available information and resources.
Originality/value
The paper presented a novel model that has three main contributions: First, this paper presents an effective and efficient adaptive multiple objective algorithms named as AMODE for producing optimized schedules considering time, cost and risk simultaneously. Second, the study introduces the effect of total float loss and resource control in order to enhance the schedule flexibility and reduce the risk of project delays. Third, the proposed model is capable of operating automatically without any human intervention.
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Oanh Thi Kim Vu, Abel Duarte Alonso, Wil Martens, Lan Do, Luong Ngoc Tran, Thanh Duc Tran and Trung Thanh Nguyen
The purpose of this study is to gain a more nuanced understanding of the relationship between a national product (coffee) and gastronomy. Moreover, incorporating the…
Abstract
Purpose
The purpose of this study is to gain a more nuanced understanding of the relationship between a national product (coffee) and gastronomy. Moreover, incorporating the resource-based view of the firm framework, the importance of coffee is examined, as is the extent and potential to “marry” coffee and gastronomy into a tourism activity, and the need to develop such potential.
Design/methodology/approach
Semi-structured, face-to-face and online interviews were used to gather the viewpoints of 79 chefs and coffee shop owners/managers operating in Vietnam, the world’s second-largest coffee producer and home to a vibrant coffee shop industry.
Findings
The selected inductive analysis identified 11 dimensions, including “coffee infrastructure”, “coffee-based innovation”, “coffee-trigger” and “coffee resources”, emerged. These dimensions reveal a strong potential for a coffee and local gastronomy “marriage”. Furthermore, nine of the 11 dimensions provide direct guidance concerning the importance, the potential for “marriage”, coffee tourism development and what is needed to fulfil this potential.
Practical implications
The study affords understanding of Vietnam’s coffee industry, in particular its resources, and how these can be leveraged to combine with the nation’s gastronomy and produce more fulfilling food and beverage experiences.
Originality/value
Gastronomy, hospitality and tourism represent a well-defined partnership that can result in memorable consumer experiences. While the strength of this partnership is recognised, little is known about the potential to “marry” a national product such as coffee and local gastronomy. The study breaks new ground in this area and concludes with various theoretical and practical implications that contribute to more understanding of the coffee–gastronomy relationship.
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This chapter provides information on the development of Vietnamese education under the influence of global forces based on the analysis of relevant education research and policies…
Abstract
This chapter provides information on the development of Vietnamese education under the influence of global forces based on the analysis of relevant education research and policies using Wolhuter’s frameworks. In the process of coming up with ways to develop education in the face of different influences of globalization, besides having reactions with patterns commonly found in countries around the world, Vietnam also has responses that reflect its own political, sociocultural and economic characteristics. The state still plays a controlling role in education at all levels and many culture-related features that have existed throughout the country’s history have hardly changed, namely aspects related to teachers, learners and teaching and learning methods. To sustain its education in the globalized era, Vietnam must make more efforts in various aspects such as the link between education and employment, the logic of education objectives, the feasibility and appropriateness of curricula, quality of education, especially of higher education and equality in education for underprivileged groups.
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Alessandro Bressan, Abel Duarte Alonso, Oanh Thi Kim Vu, Luong Ngoc Tran and Thanh Duc Tran
The purpose of this study is to shed new light on empirical and conceptual aspects related to chefs’ careers and the hospitality sector. The study examines how the future of the…
Abstract
Purpose
The purpose of this study is to shed new light on empirical and conceptual aspects related to chefs’ careers and the hospitality sector. The study examines how the future of the chef’s profession is perceived, how future generations of chefs could be developed and the main emerging trends within the chef’s scene.
Design/methodology/approach
Semi-structured, face-to-face, online and telephone interviews were conducted with 34 chefs operating in Australia and 35 in Vietnam.
Findings
The findings reveal ten dimensions that strongly adhere to knowledge management (KM) and the notions of the knowledge-based view of the firm. In addition, numerous differences in how the two groups perceived aspects of their careers transpire. Based on these findings, a conceptual framework was developed, with important theoretical and practical implications.
Practical implications
The importance of KM through talent development, mentoring, creating a learning environment and enhancing problem-solving skills is highlighted.
Originality/value
While scholarly works emphasise chefs’ value, importance and contributions, little is known about the links between their careers and KM. Furthermore, almost no study has compared chefs across geographic/cultural domains. The study addresses these research gaps and contributes to the conceptual understanding of KM within the chefs’ domain.
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Phuoc Luong Le and Nguyen Thi Duc Nguyen
To deal with the present situation and recover after the COVID-19 pandemic, construction firms are required to recognise the trends in construction supply chain management (CSCM…
Abstract
Purpose
To deal with the present situation and recover after the COVID-19 pandemic, construction firms are required to recognise the trends in construction supply chain management (CSCM) for the upcoming years and determine the appropriate practices towards the trends for the improvement of construction activities in terms of strategy, tactic and operations. This paper aims to recognise key trends in CSCM and uses these trends as strategic criteria for the evaluation and prioritisation of lean construction (LC) tools at different project phases including design and architectural engineering, planning and control, on-site construction and safety management.
Design/methodology/approach
The integrated analytic hierarchy process–Delphi method is used to collect and analyse the data from construction experts to evaluate the importance levels of the CSCM trends and recommend the appropriate tools for LC practices to improve project performances.
Findings
Seven key CSCM trends are identified: lean supply chain management (SCM), supply chain (SC) integration, SC standardisation, SC problem-solving, SC information-sharing, SC flexibility and SC sustainability. Based on these trends, a set of prioritised lean tools are suggested for LC practices, in which “virtual design construction” (VDC) and “last planner system” are considered as the central tools. These two LC practices can be integrated with other effective tools to support the strategic, tactical and operational targets in construction supply chain (CSC) projects.
Research limitations/implications
This study gives the managerial implications by developing an application framework of LC practices for CSC projects. The framework promotes “VDC” as a strategic tool for the phase of design and architectural engineering and considers “last planner system” as the central LC practice for the phase of project planning and control. The framework also focuses on the improvement of efficiency in construction operations by taking into account the aspects of on-site collaboration, problem-solving, improvement and safety.
Originality/value
Up to date, there is still a lack of researches in classifying and prioritising the significant LC tools for each project phase to deal with CSC issues in both breadth and depth. Thus, this study is performed to provide construction managers with the awareness of CSCM trends on which they can focus to have strategic criteria for selecting LC practices to improve CSC performances.
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Duc-Hoc Tran and Putri Basenda Tarigan
The concept of sustainability is about the relationships among people, the planet, and profit. Nowadays, it has been spread to many areas, including construction projects…
Abstract
The concept of sustainability is about the relationships among people, the planet, and profit. Nowadays, it has been spread to many areas, including construction projects. Sustainability in construction projects has been so important in the present time. It is commonly pointed to the environment and construction materials. Nevertheless, it is also important in construction management which addresses sustainable project scheduling. Sustainable project scheduling will help to deliver the project under the deadlines, within the available budget, and also ensuring about the quality of the works. This study presents the trade-off among time, cost, and quality in the construction project to provide the decision-maker some alternative solutions in the planning phase to conduct a sustainable construction project. Multi-objective optimisation using Symbiotic Organism Search (SOS) algorithm is done to find the best solutions to the problem under investigation. Then, fuzzy logic approach is utilised to model the diverse environment and uncertainty in the construction project. A case study in repetitive construction project is analysed to see the capability of the model to work in time cost quality trade-off to reach into a sustainable construction project.
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Le-Nguyen Duc Chinh and Martin Hayden
Vietnam is firmly committed to attaining the Sustainable Development Goals articulated in the United Nations 2030 Sustainable Development Agenda. Goal 4 concerns quality…
Abstract
Vietnam is firmly committed to attaining the Sustainable Development Goals articulated in the United Nations 2030 Sustainable Development Agenda. Goal 4 concerns quality education, and target 4.3 refers to ensuring access by all men and women to quality and affordable technical, vocational and tertiary education, including university education. In 2017, the Prime Minister issued a directive that included five actions to be taken by Vietnam’s Ministry of Education and Training to achieve target 4.3 in the context of the higher education sector. This chapter provides an opportunity to review some challenges the Ministry faces in implementing the five actions specified.
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The purpose of this study is to enable the planning of construction projects with simultaneous consideration of time, cost and safety risks. It also aims to improve the…
Abstract
Purpose
The purpose of this study is to enable the planning of construction projects with simultaneous consideration of time, cost and safety risks. It also aims to improve the decision-making process by evaluating the effectiveness of the Rao-2 algorithm in solving multi-objective time-cost-safety risk problems. In the end, this model is designed to support project managers in enhancing management approaches by addressing project challenges and constraints more efficiently.
Design/methodology/approach
In this study, the Rao-2 algorithm, along with Grey Wolf Optimization (GWO) and Whale Optimization algorithm (WOA), were improved using the crowding distance-based non-dominated sorting method. Rao-2 was first compared to GWO and WOA. Subsequently, it was compared with well-established algorithms in the literature, including genetic algorithm (GA), particle swarm optimization (PSO) and differential evolution (DE). The C-metric, hypervolume and spread metrics were employed for performance measurement. The performance of the algorithms was evaluated on four case studies consisting of 11, 13, 18 and 25 activities.
Findings
The results revealed that Rao-2 performs better than other algorithms as the number of activities increases, when compared using the Hypervolume, Spread and C-metric measures. In terms of performance measures, the GWO algorithm outperformed Rao-2 in some evaluation metrics for the instance involving 11 activities. However, as the number of activities grew, the Rao-2 method consistently generated higher-quality Pareto fronts and outperformed GWO and WOA in all evaluation metrics. The solutions generated by Rao-2 were also superior to those obtained from GA, PSO and DE in all case studies, further demonstrating the capability of our framework to produce a wide range of optimal solutions with high diversity across different case studies.
Originality/value
This research demonstrates that Rao-2 not only improves solution quality when generating Pareto fronts but also achieves better results with fewer function evaluations compared to GA, PSO and DE. The algorithm's efficiency makes it particularly well-suited for optimizing time, cost and safety risks in large-scale construction projects, which in turn positions Rao-2 as a better choice for such projects by producing superior results compared to other algorithms. By providing high-quality solutions with reduced computational demands, Rao-2 offers a faster and more resource-efficient tool for decision-making, contributing to advancements in both the theory and practice of construction project management.
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Syed Zulfiqar Ali Shah, Maqsood Ahmad and Faisal Mahmood
This paper aims to clarify the mechanism by which heuristics influences the investment decisions of individual investors, actively trading on the Pakistan Stock Exchange (PSX)…
Abstract
Purpose
This paper aims to clarify the mechanism by which heuristics influences the investment decisions of individual investors, actively trading on the Pakistan Stock Exchange (PSX), and the perceived efficiency of the market. Most studies focus on well-developed financial markets and very little is known about investors’ behaviour in less developed financial markets or emerging markets. The present study contributes to filling this gap in the literature.
Design/methodology/approach
Investors’ heuristic biases have been measured using a questionnaire, containing numerous items, including indicators of speculators, investment decisions and perceived market efficiency variables. The sample consists of 143 investors trading on the PSX. A convenient, purposively sampling technique was used for data collection. To examine the relationship between heuristic biases, investment decisions and perceived market efficiency, hypotheses were tested by using correlation and regression analysis.
Findings
The paper provides empirical insights into the relationship of heuristic biases, investment decisions and perceived market efficiency. The results suggest that heuristic biases (overconfidence, representativeness, availability and anchoring) have a markedly negative impact on investment decisions made by individual investors actively trading on the PSX and on perceived market efficiency.
Research limitations/implications
The primary limitation of the empirical review is the tiny size of the sample. A larger sample would have given more trustworthy results and could have empowered a more extensive scope of investigation.
Practical implications
The paper encourages investors to avoid relying on heuristics or their feelings when making investments. It provides awareness and understanding of heuristic biases in investment management, which could be very useful for decision makers and professionals in financial institutions, such as portfolio managers and traders in commercial banks, investment banks and mutual funds. This paper helps investors to select better investment tools and avoid repeating expensive errors, which occur due to heuristic biases. They can improve their performance by recognizing their biases and errors of judgment, to which we are all prone, resulting in a more efficient market. So, it is necessary to focus on a specific investment strategy to control “mental mistakes” by investors, due to heuristic biases.
Originality/value
The current study is the first of its kind, focusing on the link between heuristics, individual investment decisions and perceived market efficiency within the specific context of Pakistan.
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Phuc requested that he be allowed to resign, according to a statement issued after the Central Committee meeting which took place, but he was clearly forced from power. His ouster…