In the study of choice processes the classical model is Utility Theory — its characteristics and limitations are discussed. Several taxonomies of choice heuristics from the…
Abstract
In the study of choice processes the classical model is Utility Theory — its characteristics and limitations are discussed. Several taxonomies of choice heuristics from the literature are compared and information processing models are then analysed. The article concludes with suggestions for future research.
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Sukran N. Kadipasaoglu, Wenguang Xiang and Basheer M. Khumawala
This paper reports the results of our collaborative work with Changde Telecommunication Equipment Company (CTEC) which produces digital transfer control systems for telephone…
Abstract
This paper reports the results of our collaborative work with Changde Telecommunication Equipment Company (CTEC) which produces digital transfer control systems for telephone networks. The manufacturing operations consist of two principle stages of module production and system assembly. Critical system components are produced in the module production stage where high inventories were a major managerial concern. We studied CTEC’s module production system and proposed three modifications to reduce inventories and improve system performance. The current system and the proposed modifications were simulated and compared in terms of various operational and financial criteria. The simulation was repeated in its entirety under a high level of demand due to CTEC’s anticipation of increased market share. The results, endorsed by CTEC’s management, demonstrate that significant operational and financial benefits can indeed be realized using the proposed modifications. This study provides motivation for the development of concepts and methodologies that will be useful in future theoretical and practical research.
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Harri Ryynänen and Risto T. Salminen
The purpose of this paper is to increase understanding about the key persons (promoters) in project business organizations. By doing this, the managers may enhance the…
Abstract
Purpose
The purpose of this paper is to increase understanding about the key persons (promoters) in project business organizations. By doing this, the managers may enhance the communication flow by connecting the experts and the executives more efficiently.
Design/methodology/approach
The paper is an in-depth single case study in which the case represents a typical industrial project sales process. The case is analysed through content analysis and social network analysis that offers a structured and rigorous method of analysing social networks.
Findings
The findings indicate that during project sales there may be numerous process promoters with the dual roles of power and process promoter. In addition, this study demonstrated the appearance of process promoters in the project supplier's social network. The findings of the present study contribute to the literature on promoters by focusing especially on process promoters during project sales.
Practical implications
The results of the present study suggest that the process promoters need to be identified and supported in order to build an effective cross-functional project sales team in project business.
Originality/value
While the extant literature identifies the promoters in organizations, there appears to be a dearth of studies that relate to the early phases of project sales, despite the fact that these phases have a substantial impact on subsequent phases. This study is a rare example to study empirically the promoters in the project business organization's social network.
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Brent D. Williams and Travis Tokar
The purpose of this paper is to provide a review of inventory management articles published in major logistics outlets, identify themes from the literature and provide future…
Abstract
Purpose
The purpose of this paper is to provide a review of inventory management articles published in major logistics outlets, identify themes from the literature and provide future direction for inventory management research to be published in logistics journals.
Design/methodology/approach
Articles published in major logistics articles, beginning in 1976, which contribute to the inventory management literature are reviewed and cataloged. The articles are segmented based on major themes extracted from the literature as well as key assumptions made by the particular inventory management model.
Findings
Two major themes are found to emerge from logistics research focused on inventory management. First, logistics researchers have focused considerable attention on integrating traditional logistics decisions, such as transportation and warehousing, with inventory management decisions, using traditional inventory control models. Second, logistics researchers have more recently focused on examining inventory management through collaborative models.
Originality/value
This paper catalogs the inventory management articles published in the major logistics journals, facilitates the awareness and appreciation of such work, and stands to guide future inventory management research by highlighting gaps and unexplored topics in the extant literature.
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K. Nikolopoulos and V. Assimakopoulos
The need effectively to integrate decision making tasks together with knowledge representation and inference procedures has caused recent research efforts towards the integration…
Abstract
The need effectively to integrate decision making tasks together with knowledge representation and inference procedures has caused recent research efforts towards the integration of decision support systems with knowledge‐based techniques. Explores the potential benefits of such integration in the area of business forecasting. Describes the forecasting process and identifies its main functional elements. Some of these elements provide the requirements for an intelligent forecasting support system. Describes the architecture and the implementation of such a system, the theta intelligent forecasting information system (TIFIS) that that first‐named author had developed during his dissertation. In TIFIS, besides the traditional components of a decision‐support onformation system, four constituents are included that try to model the expertise required. The information system adopts an object‐oriented approach to forecasting and exploits the forecasting engine of the theta model integrated with automated rule based adjustments and judgmental adjustments. Tests the forecasting accuracy of the information system on the M3‐competition monthly data.
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Norazira Abd Karim, Anuar Nawawi and Ahmad Saiful Azlin Puteh Salin
The purposes of this study are to examine the standard operating procedure (SOP) on inventory management practices, identify any weaknesses in inventory management and examine its…
Abstract
Purpose
The purposes of this study are to examine the standard operating procedure (SOP) on inventory management practices, identify any weaknesses in inventory management and examine its impact on the performance of the company. Inventory management is important because it ensures smooth production and prevents loss of sales because of stockout and/or customer dissatisfaction.
Design/methodology/approach
This study selects one manufacturing company as a case study and uses the mixed data collection method of document analysis and observation. The research analysis was conducted by using COSO Internal Control – Integrated Frame work 2013 as guidance.
Findings
It is revealed that a company practices risky inventory management in keeping stock, as it relies heavily on third-party warehousing services beyond the control of the company. This study also reveals that the SOPs are too general and lack specificity. However, poor inventory management has a modest influence on the financial performance of the company.
Research limitations/implications
In completing this study, some limitations are experienced such as changes on the management structure of the company as well as the department itself. Frequent changes on several procedures also may influence this study to obtain accurate information. In addition, some highly confidential documents such as detailed information and minutes from management meeting were not permitted to be examined.
Practical implications
This study provides recommendations to improve weak internal controls particularly on SOPs, so that fraud and mismanagement opportunities can be reduced.
Originality/value
This study makes an original contribution, as it enhances the theoretical and practical understanding on inventory control and management systems, particularly for a manufacturing company in the emerging market environment. In addition, it examines various internal financial reports and directly observes the process in supply change management, which are generally difficult to be accessed by academic researchers.
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Organisations have over time adopted conservative, structured and controlled processes to manage and achieve goals set with their stakeholders. Contrary to that, an environment of…
Abstract
Organisations have over time adopted conservative, structured and controlled processes to manage and achieve goals set with their stakeholders. Contrary to that, an environment of disruption has emerged, that being a faster, less predictable and less certain environment than the previous fifty or more years. This environmental difference has emerged due to the interconnectivity of trade formed out of globalisation, technology, internet and social media. The historical organisational decision models and structures are perhaps too slow and conservative for a faster less certain new age. Whilst pandemic was considered but one disruption to consider for the new age, more guidance is required for those leading and managing organisations through the current specific Covid-19 pandemic, into the pending recovery and beyond.
Whilst wide-scale jobs may be lost in this new future, new opportunities for entrepreneurs, creativity and skills will likely emerge. This article will research how disruption, pandemic in particular, is changing leadership and management practices. Additionally, this article recognises that many of the organisational structures and processes of today were originally designed over thirty to forty years ago, so may no longer be appropriate. The design aspects or organisations, decision models and dealing with stakeholders will likely need to change in a pandemic, so this paper will recommend new and modified ways for organisations to operate. This research will offer a theoretical solution to assist management and leaders adjust their business and decision models in a pandemic. The past operating organisational models may lack the creativity and flexibility necessary for a world that has locked down, works from home or have closed without notice at once. Leading and managing is so different in a pandemic, especially when so much has changed so quickly, so this article will contribute by recommending new organisational principles to work to.