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A matheuristic for the resource-constrained project scheduling problem
No full textThis paper presents a matheuristic solution algorithm to solve the well-known resource-constrained project scheduling problem (RCPSP). The problem makes use of a restricted neighbourhood method using an activity selection and a search space restriction module and implements them as two alternative search algorithms. The first algorithm makes use of the best-performing components of the branch-and-bound procedures from the literature, and embeds them into a greedy neighbourhood search. The second matheuristic implements the exact branch-and-bound procedures into a known and well-performing meta-heuristic search algorithm. Computational experiments have been carried out on seven different datasets consisting of 10,000+ project instances. Experiments reveal that the choice of exact algorithm is key in finding high-quality solutions, and illustrate that the trade-off between selecting an activity set size and search space restriction depends on the specific implementation. The computational tests demonstrate that the matheuristic discovered 24 new best known solutions that could not be found by either a meta-heuristic or an exact method individually. Moreover, a new benchmark dataset has been proposed that can be used to develop new matheuristic search procedures to solve the problem consisting of 461 instances from the literature.(Flemish Government, Research Foundation - Flanders
Linking production geography and financial performance
No full textPurpose When is it more profitable for multinational manufacturers to manufacture in high-cost environments and when in low-cost environments? While the literature offers many cues to answer this question, too little empirical research directly addresses this. In this study, we quantitatively and empirically investigate the financial effect of companies' production footprint in low-cost and high-cost environments for different types of production networks. Design/methodology/approach Using the data of 770 multinational manufacturing companies, we analyze the relationship between production footprints and profitability during four calendar semesters in 2018 and 2019 ( N = 2,940), investigating the moderating role of companies' production network type. Findings We find that companies with networks distinguished by both high levels of product complexity and process sophistication profit the most from producing to a greater extent in high-cost countries. For these companies, shifting production to low-cost countries would be associated with negative performance implications. Practical implications Our findings suggest that the production geography of companies should be attuned to their network type, as defined by the companies' process sophistication and product complexity. Manufacturing in low-cost countries is not always the best choice, as doing so can adversely affect profits if the products are highly innovative and the production processes are complex. Originality/value We contribute to the scarce empirical literature on managing global production networks and provide a data-driven analysis that contributes to answering some of the enduring questions in this critical area
Reducing the feasible solution space of resource-constrained project instances
No full textWe introduce three definitions of project instance equivalence.
A reduction of the feasible search space is obtained using new theorems.
A large computational experiment on different datasets is carried out.•
New best known solutions are found and shared.This paper present an instance transformation procedure to modify known instances of the resource-constrained project scheduling problem to make them easier to solve by heuristic and/or exact solution algorithms. The procedure makes use of a set of transformation rules that aim at reducing the feasible search space without excluding at least one possible optimal solution. The procedure will be applied to a set of 11,183 instances and it will be shown by a set of experiments that these transformations lead to 110 improved lower bounds, 16 new and better schedules (found by three meta-heuristic procedures and a set of branch-and-bound procedures) and even 64 new optimal solutions which were never not found before.All computational experiments were carried out using the Stevin Supercomputer Infrastructure at Ghent University (Belgium), funded by Ghent University, Belgium, the Hercules Foundation, Belgium and the Flemish Government – department EWI, Belgium . We also acknowledge the help van Dr. Rob Van Eynde clarifying the feasible set indicators
6 questions about the role and positioning of the HR business partner in the organisation
No full textIn the ever-evolving Human Resources landscape, the role of HR Business Partners (HRBPs) has become increasingly pivotal in shaping and driving organisational success. Collaborating closely with business leaders and line managers, HRBPs are instrumental in crafting and executing effective people agendas that align seamlessly with the overall business strategy (CIPD, n.d.). In this white paper, we dive more deeply into the role and positioning of the HRBP in the organisation by asking 6 questions, organised into 2 chapters
Reconciling risk as threat and opportunity: The social construction of risk in boardrooms
No full textBoard directing is a continuous process of risk analysis and control in response to the duality of risk as threat and opportunity. Judgments are made and remade to simultaneously reduce the potential for damaging threats (e.g., fraud, reputation damage), while exploiting opportunities (e.g., new product development, mergers and acquisitions). Adopting an institutional logics approach, we explore this process of risk analysis and control through the varied subject identities (e.g., directorial roles), risk management practices (the procedures and tools used to identify, assess, and control risk), and risk objects (the product of risk identification, assessment, and control, e.g., a risk matrix or register) of boards. We argue that the contingent interaction between these identities, practices, and objects inform the "risk logic" of a board, which may draw attention to the notion of risk as threat, risk as opportunity, or both threat and opportunity. Using the testimony of 30 executive and nonexecutive directors that represent 62 companies from a range of public, private, and third-sector organizations, we contribute to the literature on the microfoundations of risk analysis in organizations by shining a light on how board directors understand, assess, control, and ultimately govern risk in organizations.The authors wish it to be known that, in their opinion, all authors should be regarded as joint first authors. The order of authors provided in this article was determined by measuring the distance from the grave of the founding father of one of the most important theorems within the risk analysis field (Reverend Thomas Bayes—Bunhill Fields, London), to that of each of the coauthors as would be travelled by bicycle on the day in which final author order was discussed. The results were as follows: Cormac Bryce (750 m), Simon Ashby (411 km), Patrick Ring (770 km). Cofirst authors can prioritize their names when adding this article to their academic CV
Digital platform ecosystems: Nurturing sustainable operations through effective governance mechanisms
No full textCluster-based lateral transshipments for the Zambian health supply chain
No full textMany low- and middle-income countries, including Zambia, suffer from unreliable distribution of health commodities leading to high variation in service levels across health facilities. Our work investigates how transshipment can improve system-wide service levels, equity across facilities, and average inventory levels. We focus on the distribution of malaria medicines in Zambia’s public pharmaceutical supply chain, which is heavily impacted by the rainy season leading to seasonality and uncertainty in demand and lead times. We use the more advanced deep reinforcement learning method Proximal Policy Optimization to develop transshipment policies and compare their performance with currently available, easy-to-use heuristics. To ensure that the model applies to settings of a realistic scale, we adopt a policy architecture that effectively decouples the policy’s complexity from the problem dimensions. We find that deep reinforcement learning is mainly useful in resource-constrained environments where system-wide inventory is scarce. When sufficient inventory is available, transshipment heuristics are more appealing from an overall cost-effectiveness perspective. Based on our numerical experiments, we formulate policy insights that can support policymakers in a humanitarian health context
Unlocking the power of corporate purpose
No full textThe greater the gender balance on the board, the greater a business's sense of purpose. Some 90% of Belgian CEOs and board members believe that having a clear purpose contributes positively to the long-term performance of their business, with 78% having translated this into concrete, strategic objectives. However, only 63% of employees are believed to be aware of the impact of purpose on day-to-day activities – and just 58% report that performance indicators have been properly defined to measure progress on purpose. The greater the gender balance on a business's board, the greater the sense of purpose embodied throughout its strategy, decision-making and communications. These were the main conclusions drawn from a survey on purpose among 116 CEOs and board members. Conducted by Professor Koen Dewettinck and researcher Jana Machtelinckx of Vlerick Business School, the study assessed how much value Belgian businesses place on purpose and whether they ultimately put such social objectives into practice. The importance of purpose is high on the radar Across all sizes and sectors, Belgian businesses are clearly convinced of the crucial role of purpose, with 91% recognising the need for businesses to have a positive social impact, while 90% believe that having a clear long-term purpose also helps improve overall business performance. In addition, nearly 80% of respondents reported that their business has an explicit, written-down articulation of purpose that is clear, authentic and inspiring. Koen Dewettinck, Professor of Human Resources Management at Vlerick Business School: “Corporate purpose extends far beyond businesses’ corporate vision or mission. It defines their whole raison d'être. Why is it they do what they do? What is their social contribution? Businesses who explicitly identify their purpose as a core element of their business strategy are generally higher performing and financially better off. For those wanting to create long-term, sustainable value for both stakeholders and society as a whole, purpose and performance go hand in hand. However, just having a definition on paper is not enough. You need to really activate and implement your corporate purpose throughout the entire organisation.” Concrete implementation could be improved. While having a sense of purpose is important, to reap the benefits of it, it also needs to trickle down to employees, as well as your overall business strategy and objectives. Only 70% of CEOs and board members surveyed believe their employees are sufficiently aware of their businesses' purpose, while only 63% believe employees sufficiently understand its impact on their day-to-day activities. Some 78% report that their articulated purpose is translated into a set of concrete strategic and operational objectives. Just 58% say that progress in terms of purpose and the achievement of said objectives is actually being measured via predefined financial and non-financial performance indicators. Professor Koen Dewettinck: “The survey shows that, while businesses are waking up to the idea of purpose, they are still struggling to embed it into their day-to-day operations, decision-making and operational processes, with employees not sufficiently on board with the wider narrative and what is expected of them. Increasing and improving business communication is crucial for growing employees' levels of engagement, and will also ensure that the business's purpose feeds into its everyday decision-making. Purpose ought to be the touchstone for every decision, ranging from innovation, services and product portfolios to HR policies, investments and customer management. Currently, only half of decisions concerning new suppliers or the supply chain are checked against purpose, for example. C-level management and board members clearly need concrete tools to make their organisation more purpose-driven.” Women leaders make the difference In businesses with a higher board-level gender balance, there is a greater focus on purpose throughout. They embed purpose more explicitly, increase the incorporation of purpose into their decision-making, and communicate about purpose more consistently. In organisations with at least 30% women directors: There is a greater focus on the importance of positive social impact (99% vs. 82%). Their annual reports consistently communicate impact and progress on purpose-based objectives (69% vs. 47%). Purpose is an important decision-making factor when it comes to working with both existing and new suppliers (65% vs. 36%). The strategic objectives resulting from the business's purpose are measured by financial and non-financial criteria (66% vs. 46%)
Balancing outcomes and costs for best value in psoriasis
No full textThe main purpose of healthcare is to provide value for patients. The conceptual framework known as value-based healthcare (VBHC) developed by Porter and Teisberg1 is interesting to apply to psoriasis as it is a common ‘posterchild’ chronic skin disease with high prevalence affecting approximately 2%–3% of the Western population. It is associated with psoriatic arthritis and numerous other comorbidities and it significantly impacts patients' quality of life
2024 M&A report. Shedding light on M&A in Belgium
No full textThe worldwide market in mergers and acquisitions declined in 2023, and this trend was also seen in Belgium. There were not only fewer transactions, but the average transaction price dropped slightly across all size segments. The main causes of this were rising interest rates, macro-economic shifts and geopolitical instability. Noticeably, however, the proportion of foreign transactions remained stable. Almost 75% say that the deal process has become progressively slower, now taking over six months on average. Finally, ESG has become more important in investment policies and companies are increasingly looking to data analytics to help in the decision-making process