WSEAS Transactions on
Business and Economics
Print ISSN: 1109-9526
Volume 9, 2012
Issue 1, Volume 9, January 2012
Title of the Paper: Customer Needs and Technology Analysis in New Product Development via Fuzzy QFD and Delphi
Authors: Zon-Yau Lee, Chung-Che Pai, Chin-Fu Yang
Abstract: The advanced technology in terms of interaction between human and machine as well as considerable Emotion Interaction Products (EIP) promoted by companies have facilitated a new era. For example, voice recognition and synthesis, hand writing and hand signal identification and virtual reality technologies have enabled the connection between human and computer interaction. Moreover, the application is expended from PC, Personal Digital Assistant (PDA) to mobile phone. Future technological products are expected to respond human emotion and improve human life quality. This research centers on EIP and compares 20 customer needs and 14 technologies using Quality Function Deployment (QFD). Additionally, experts and professionals are invited to express their opinions towards EIP through Fuzzy Delphi Method (FDM) to discuss the dimensions and criteria to be fulfilled. The results demonstrate which customer needs and technologies should be heavily focused, and contribute to design and manufacture EIP effectively.
Keywords: Emotion Interaction Product (EIP), Human Machine Interaction, Quality Function Deployment (QFD), Fuzzy Delphi Method (FDM)
Title of the Paper: ?h? Comparative Review of the Impact of Central Banks on the Dynamics of Fluctuations in the Financial Markets
Authors: Milorad Bejatovic, Marijana Dukic-Mijatovic, Zaklina Spalevic
Abstract: In this paper the authors analyze comparative review of the impact of central banks on dynamics of fluctuations in the financial markets and point out the significance of the heretofore accomplished harmonization of the domestic banking legislation with the current world standards set up in the field of banking, pointing out that we, by rendering a modern law, such as the Law on Banks, created prerequisites not only for the development of the banking system but for the development of mortgage and financial markets which are characteristic for the countries in transition at the very beginning of development. The qualities of the Law on banks are both the direct implementations of the world corporative solutions and harmonization with the regulations of the European Union ( Directive 2000/12/EC) and principles and definitions established by the Basel Committee for banking supervision (Basel I, Basel II). Authors concluded that it is necessary to continue with the harmonization of the domestic banking legislation and the development of the domestic mortgage and financial market, especially instructed by the experiences of the countries which have developed economies, taking into consideration the fact that current global recession is actually a circumstance of the shortcomings in the organization of the corporative management in the banks, firstly investment ones, crisis of the developed mortgage and financial markets, but also a liberal politics of the central banks. Conclusions have been verified with results of empirical research of various scientists in the field of economy.
Keywords: financial markets, central banks, financial systems, credit capacity of banks, corporate management, regulatory framework, mortgage market
Title of the Paper: The Consequences of Climate Change and Social Responsible Behaviour
Authors: Mirela Matei, C?t?lin Popescu, Irina Gabriela R?dulescu
Abstract: Taking in account its implications, the climate change is an economic and social issue. The dimensions of this phenomenon are dramatic and because of that, the international and regional organizations and public have initiated different adaptation and mitigation measures in order to cope with this problem. The private sector is also preoccupied by this topic and financial institutions, companies, portfolio investors and exchanges have tried to adapt to this new challenge. On financial market, the innovation is intense, and in some directions, this phenomenon is determined by climate change. New financial products have been lunched and the interest of investors for these products is high because they have additional speculative and hedging instruments. In addition, the behaviour of public authorities, investors and corporations has been changed, in some extent, by the climate change. For example, the public authorities from developed countries initiated different green public procurement policies, the corporations run social responsible programs with an environmental component, and portfolio investors are focused on environmental, social and governance (ESG) issues in order to make social responsible investment.
Keywords: Mirela Matei, C?t?lin Popescu, Irina Gabriela R?dulescu
Title of the Paper: Internal Client Satisfaction Improvement Plan Using a Performance Model
Authors: Pansoo Kim, Jihye Lee
Abstract: Education has been categorized as an intangible service industry based on the characteristics of its service activities by Christopher . In order to enhance the service quality of education it is critical to attain a high degree of satisfaction of teachers, who are the internal customers, which will help to increase the degree of satisfaction of students, who are the external customers of education. As a result, it is expected that the general quality of education services will be enhanced. This study measures the degrees of satisfaction among teachers and evaluates the importance of various factors in the teaching environment that are critical to teachers’ job satisfaction. The results of an analysis based on teachers’ gender, career, and workplace indicate that the most critical factors are performance-based reward systems and welfare programs.
Keywords: Performance Model, Service Quality, Service Quality of Education, Internal Client
Title of the Paper: Profile of Absolute Poverty in Romania by some Key Characteristics and Determinants
Authors: Cristina Stroe, Eva Militaru, Silvia Cojanu, Codruta Dragoiu, Isadora Lazar, Ioana Malureanu
Abstract: This paper presents a profile of absolute poverty in Romania, taking into account its most important characteristics and main determinants. The area of residence, age, employment, education and household size were used to conduct the analysis of absolute poverty in Romania. For each type of the main determinants, an analysis for the absolute poverty rate, for the distribution of the poor people, and for the distribution in the total population was made. The analysis and the correlation between the 3 indicators mentioned above were made in dynamics, during 2003-2006. All the analysis of these indicators regarding the poverty rates, which combine important statistical data both in the total population of poor people and in the total population bring a significant contribution to the correct understanding of the positive aspects related to poverty reduction, representing at the same time guidelines and warning signs regarding the necessity of further documented, coordinated and applied measures in the field of poverty reduction.
Keywords: absolute poverty, poverty indicators, dynamics, determinants, distribution
Title of the Paper: Worldwide Image of Relative Poverty: Comparative Analysis in Dynamics of Laeken Indicators
Authors: Cristina Stroe, Eva Militaru, Silvia Cojanu, Isadora Lazar, Codruta Dragoiu, Eliza-Olivia Lungu, Ioana Malureanu
Abstract: The paper presents several poverty and social indicators at a European and comparative level and in dynamics for 30-32 countries during 2005-2008. Our analysis is extended over a large period and for the whole portfolio of social European indicators. However, only a part of them is presented in this paper. The purpose of this article is to present and analyze the poverty and social exclusion indicators all over the world (for countries reporting these indicators to EUROSTAT), because the level of poverty should be permanently monitored in order to develop strategic documents and to globally reduce poverty and its extreme forms.
Keywords: Relative poverty, poverty indicators, dynamics, inequality, education, employment
Issue 2, Volume 9, April 2012
Title of the Paper: A New N-factor Affine Term Structure Model of Futures Price for CO2 Emissions Allowances: Empirical Evidence from the EU ETS
Authors: Kai Chang, Su-Sheng Wang, Jie-Min Huang
Abstract: In recent years, carbon emission markets have become liquid and promising markets within the European Union emissions trading scheme (EU ETS). In order to fit and forecast futures price for CO2 emissions allowances, we propose a new N-factor affine term structure model for CO2 futures price and estimate parameters in the new affine model by using the Kalman filter technique. Our empirical results show that CO2 futures price follow significant mean-reversion process, and the estimated coefficients of meanreversion speed, market risk premium, volatility and correlation among state variables are almost significant. Compared with one-factor model, mean absolute errors (MAE) and root mean square errors (RMSE) in prediction errors from two-factor and three-factor model are lower, accordingly two-factor and three-factor model can accurately describe the term structure of CO2 futures price.
Keywords: CO2 emissions allowances, futures prices, new affine model, term structure, Kalman filter
Title of the Paper: Cohesion Policy, Convergence and Regional Disparities: The Case of the European Union
Authors: Michal Tvrdon
Abstract: The aim of this paper is to discuss development of EU Cohesion Policy and its efficiency. This policy has become the core policy among EU economic policies. Regional disparities have become a debated topic in the last decades and this paper also deals with the development of regional income disparities and the convergence process in selected EU Member States. Emphasis is placed on selected new Member States (Visegrad group). The first part of the paper offers a review of EU Cohesion Policy evolution, the second part deals with different approaches to measurement of regional disparities. Regional trends are mainly measured using a variety of approaches – the coefficient of variation, the Herfindahl index, the Geographic concentration index and the Theil index. The third part of the paper is based on empirical data and calculations of the indices or the coefficients. Using gross domestic product and gross domestic product per capita in purchasing power standard data, the paper examines trends in regional disparities at the NUTS 2 level during the period 1996-2007. The analysis shows a significant convergence process and a perceptible increase in regional disparities in the case of new Member States.
Keywords: Cohesion policy, Convergence, European Union, Regional disparities, Visegrad group
Title of the Paper: Performance Modeling of Projects with Multi-Variate Input and an Output Using Data Envelopment Analysis
Authors: Ku Ruhana Ku-Mahamud, Faudziah Ahmad, Maznah Mat Kasim, Nor Farzana Abd. Ghani, Fader Abdullah
Abstract: Current efficiency models have not been used to measure the efficiency of projects conducted within an organization. Hence, the study aims to develop an efficiency model based on projects undertaken within an organization using non-parametric approach, specifically, data envelopment analysis. In-Fusion Solutions Sdn. Bhd. (ISSB) was chosen as the case study and data were collected from primary and secondary sources. Primary data were obtained through interviews conducted with personnel from the main office and the company branch in Chennai, India. Secondary data were obtained from published and unpublished documents, consisting of thirty-nine completed projects. The data used were of three inputs and an output namely, labor cost, material cost, project duration, and project contract value, respectively. The experimental result was able to identify efficient and inefficient projects. The results obtained showed that three (3) of the projects were efficient, while the remaining projects were not. Improvements for the inefficient projects were suggested based on input and output orientation.
Keywords: Data envelopment analysis, efficiency measurement model; project efficiency; non-parametric model
Title of the Paper: Gambling Industry and Corporate Social Responsibility – The Czech Experience
Authors: Lib?na Tet?evová, Jan Sv?dík
Abstract: This article deals with the context of the social responsibility of enterprises and the gambling industry, and it illustrates these interactions and links on the example of gambling operators in the Czech Republic. The introduction defines the term of the corporate social responsibility within an alternative concept and discusses possible areas of the corporate social responsibility. Furthermore, the attention is paid to the methods of measuring social responsibility and to its indicators from the general point of view. Subsequently, we suggest indicators of corporate social responsibility measurement in the gambling industry in the economic, social, environmental, ethical and philanthropic areas. On the basis of these indicators, we assess behaviour of gambling operators in the Czech Republic and recommend the areas and measures of possible changes.
Keywords: Corporate social responsibility, areas of corporate social responsibility, indicators of corporate social responsibility, gambling, gambling providers, gambling industry, stakeholders
Title of the Paper: Industrial Production Management: Tendencies and Reflections
Authors: Emmanouil Katsanos
Abstract: Modern Management can be thought of as a synergy between humans and machines in order to produce value. Management determines the relationships of the company with its environment by taking into account the production process, the type of products produced, the purchasing power, the geographical dispersion and the effect of the society on the company. This means that managers need to have a deep understanding of theories, methodologies and systems of industrial production Management in order to take appropriate decisions. This paper analyzes such theories, methodologies and systems from various perspectives and presents a critical review of the information required to take decisions in the various production systems. The paper closes with research findings describing the tendencies and necessary requirements for an efficient industrial production process.
Keywords: Industrial production management, manufacturing systems, operations management, production control
Issue 3, Volume 9, July 2012
Title of the Paper: Quality Management Procedure Applied in Transport Projects Dissemination
Authors: Augustin Mitu, C?t?lin Popescu, Daniela U??
Abstract: Nowadays, more and more principles of Quality Management are applied in implementing and evaluating a project. For the European Community co-financed projects, quality indicators are set out for all processes and quality principles are spread within the project, from elaborating project proposal to actual implementation, evaluation and dissemination of the project. All project activities can be organized by the Total Quality Management principles, but the activity that can actually challenge the implementation of such principles to a project level is dissemination, mostly because of its “larger horizon”. Dissemination begins once with the project and it virtually never ends. A procedure can be developed, at transport projects level for better dissemination based on the experience gained in disseminating CIVITAS SUCCESS Project.
Keywords: Transport projects, dissemination, quality management, dissemination and exploitation plan, promotion, dissemination forms
Title of the Paper: Analyzing Postponement/Speculation Strategic in a Two-Echelon Supply Chain with Considerations of Uncertainty Profiles
Authors: Chia-Hua Chang
Abstract: In the short life cycle era, many companies struggle to survive by increasing their product spectrum to gain more market share. For the pressure of such competitive environment coupled with the difficulty of forecast, the design of products tends to employ the concept of modularity and postponement strategy in supply chain management. In this study, a novel mathematical model with considerations of the environmental uncertainty profiles is developed to analyze postponement, speculation and hybrid strategies with diverse system properties to compare the cost effect incurred. Accordingly, the decision maker can utilize this model to determine which supply chain strategy should be adopted to reach better performance.
Keywords: Modular design, postponement, speculation, inventory management, uncertainty management, supply chain management
Title of the Paper: Information Systems and Supply Chain Management via B2B Transitions
Authors: Shapoor Zarei, Nikos E.Mastorakis, Amin Daneshmand Malayeri
Abstract: The use of IT to share data between customers and suppliers has created an effective system. While most supply chains is incomplete visibility of actual demand, the information shared between supply chain partners can be fully leveraged from side to side process integration. This integration means a collaborative relationship between suppliers and customers, development of common products, common information systems and shared. In addition, the MRC has the advantage of improvements in the supply chain, as companies have opted for a new model that focuses on adapting the level of customer service with the individual customer and the real needs of the customer for a service. In a B2B situation, most customers will be fully developed large companies looking to automate or improve the way they treat their business with suppliers. However, the supplier also has to choose a regular and technical approach, as most companies can improve their competitive advantage through the wealth of a manager right supplier.
Keywords: Information systems, supply chain management, e-SCM, CRM
Issue 4, Volume 9, October 2012
Title of the Paper: E-banking Process Standardization - An Evaluation of Customer Perception and Satisfaction
Authors: Sukanya Kundu, Saroj Kumar Datta, Vishal Vyas
Abstract: E-banking initiatives of Indian Public sector banks have started generating awareness among the customers. However the e-banking services and the service process differ from bank to bank. Through electronic delivery channel banks are targeting customers from all of geographical location, educational background, age of the individual and the income level. The differentiation in service delivery process creates confusion among the customers especially when the customers are from varied background. Some selected parameters of standardisation related to ATM and Internet banking services has been taken into consideration. Based on the primary data gathered on the perception and satisfaction level of customers of some selected Public sector banks on these parameters, it has been found that there exists a gap between the customer perception and satisfaction level. Going into further analysis, some essential factors have been identified which affects the perception and satisfaction level of the customers of Indian PSBs. How the individual parameters in factors are influencing the overall factor has also been identified. Three factors of perception and four factors of satisfaction have been identified from the research that has equal weight in their respective area. Finally, some measures have been suggested for the PSBs on how they should address this problem of process standardization of e-banking. The research paper bears out that if more standardised services are offered through the e-banking delivery channels keeping in mind perception level of the customers then it will not only attract new customers but also will help the PSBs to retain its existing customer.
Keywords: Process standardisation, Internet banking, customer satisfaction, customer perception, service quality
Title of the Paper: Collective Orders and Human Organisation Challenges
Authors: Rinaldo C. Michelini, Roberto P. Razzoli
Abstract: The civilisation is bewildering accomplishment, rooted in voluntary measures that men conceive and apply to the surrounds, aiming at improving their life-quality. The paper gives an overview of how the artificial mind worlds coherently prefigure such (actually ascertained) happening, with, nevertheless, emerging construal ambiguities. The devised pictures are background of increased concern about the man civilisation continuation. The sustainability of the growth is impeding threat, produced by the ecology globalization, viz., the vibrant alarm on bio-sphere (today mistrusted) reliability. In truth, several reasons exist for fear about future growth, especially, when considering the advanced countries, too much used into undiscerning faith about financial instruments. The ecology comes to be sharp intruder in the economy globalisation prospects, worsening the already actually serious events. The analysis, without hiding the critical character of the challenge, is somehow comforting. The progress, if organised on merely a posteriori rationales, will persist, on condition of ground-breaking discoveries of the man intelligence. The ‹cognitive revolution› is a devised up-turn, offsetting the current industrialism over-pollution and over-consumption, by means of the ‹to de-materialise› and the ‹to re-materialise› routines of the robot age technologies.
Keywords: Collective Order, Human Civilisation, Economy Globalisation, Sustainable Growth, Cognitive Revolution, Meme Evolution
Title of the Paper: The Evaluation of the Economic Value of Long Lasting Professional Football Player Performance Rights
Authors: Raffaele Trequattrini, Rosa Lombardi, Fabio Nappo
Abstract: In recent years, the transfer of professional football players has become most important in consideration of increased cost of acquisition and management. It was recorded, in fact, an exponential increase in the average cost of transfer fees due to competitive pressures, to a over-assessment of low level players and to an imprudent type of management. In this context, the doctrine and best practice in business management have focused on technical assessment of professional players sport performance rights, on the methodological aspects related to the evaluation process and on the impact on the management of football companies. The present work aims to analyzed the methods to evaluation of transfer fees, investigating an analysis of the main contributions in the evaluation of these assets and suggests a possible alternative based on experience from well-established doctrine on the evaluation of human capital. The reference to existing evaluation methods highlights the need to identify assessment techniques specifically applicable, characterized by theoretical consistency, which are based on the evaluation of individual skills of each professional players and on the relationships that are established in the group, for the purposes of achieve best performances in all organizations characterized by a systemic configuration. The identification of this methodology is consistent with theories that assign to corporate intangible resources a key role in the process of creating business value. The proposed method substantially serves to determine players’ economic value in the event of purchase or sale.
Keywords: Human capital, football teams, transfer fees, professional football players, economic evaluation, balance sheet