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A fuzzy project buffer management algorithm: a case study in the construction of a renewable project
No full textOne of the major problems with projects is that they are not completed according to schedule. Uncertainty always exists at the heart of real-world project scheduling problems. This paper introduces a fuzzy project buffer management (FPBM) algorithm which is a combination of the adaptive procedure with resource tightness (APRT) and fuzzy failure mode and effects analysis (FFMEA) methods. This paper aims to present an efficient model for project buffer sizing by taking FFMEA into account to reach a more realistic schedule. In this research, for increasing the efficiency of the APRT method, the FFMEA technique is simultaneously applied with them. This research was carried out as a case study in a renewable energy (RE) project. The methodology of this research consists of two phases. The first phase is the implementation of the APRT buffer sizing method. In the second phase of the research methodology, the fuzzy FMEA method is implemented. To validate the proposed model, the results are compared to several buffer management models proposed recently. Also, the results were compared with the results of similar projects. The findings show that considering the fuzzy FMEA technique in the APRT method, a more realistic schedule was obtained in this project
How private equity-backed buyout contracts shape corporate governance
No full textThis paper explores how contracts in private equity-backed buyouts shape corporate governance in portfolio companies. Drawing upon agency theory and incomplete contracting theory, 50 actual contracts are analyzed in detail. Contracts focus on reducing adverse selection risks through limiting pre-investment information asymmetries and aligning the goals of investors and sellers. Moral hazard risks vis-à-vis management are limited through limiting post-investment information asymmetries and limiting shirking behavior through limiting free cash flows. Goal alignment is achieved through high-powered incentive structures combined with shifting risk of underperformance to management. Managerial hold-up problems are addressed through restricting share transactions and limiting managerial actions. Residual powers and contingencies are mainly used to deal with incomplete contract designs due to uncertainties. Few clauses are used to address the reverse agency problem in which management is protected against moral hazard problems created by the private equity investor. PE contracts have transparent and very strong outcome-based cash flow rights, both limiting downside risk and rewarding upside potential. This contrasts with VC contracts which are especially contingency-based given the high levels of uncertainty of the portfolio companies
Putting manufacturing on the offensive
No full textThe path for elevating the role of manufacturing in the company strategy in the last few decades has been rather clear: Improve the basic production capabilities—typically quality, reliability, lead times, and cost efficiency of production processes. Leading Japanese companies, like Toyota, showed the way. But as many have heeded the advice and followed suit, this approach has become essentially a defensive strategy; you must do it not to fall behind. Has manufacturing lost its potential to create capabilities on which a company's strategy can rest? Our answer is absolutely not. In fact, unlike before, manufacturing has multiple paths for creating a competitive advantage and these paths require development of new and often nontraditional capabilities. We identify five sets of new capabilities, and since it is hard to excel in all of them, we provide a framework for choosing the right mix depending on the company's business strategy. The framework focuses on the implications of two recent trends: increasing information density embedded in products and increasing connectedness of manufacturing processes. We suggest specific mixes of the five groups of capabilities that can support and accelerate a company's strategy to exploit these trends. We use examples from three multinationals to illustrate the process. These new opportunities change the traditional role of manufacturing executives. Their focus will need to shift exceedingly to collaborating and interfacing with colleagues in other functions as well as managing relationships beyond the boundaries of the company
Common short selling and excess comovement: Evidence from a sample of LSE stocks
No full textWe use new data on short positions disclosed to the Financial Conduct Authority to construct a measure of common short selling.
The measure is intuitive and captures the strategies of short sellers taking net negative positions against many stocks.
For our sample, we find that common short selling is positively and significantly related with future excess comovement.
We explore two hypotheses that could drive this relationship: price pressure and the informative trading.
We show that these results can be used to obtain diversification benefits.For a sample of 356 LSE stocks from the period 2013–2019, we find that common short sold capital is positively and significantly associated with one-month ahead four-factor residual return correlation, controlling for many pair characteristics, including similarities in size, book-to-market, and momentum. The relation weakens with stock illiquidity, whereas it strengthens when short positions originate from informed agents, such as hedge funds, active investors, and short sellers with high past performance. This supports our hypothesis that the relation is driven by information, not price pressure. We show that these results can be used to obtain diversification benefits
Mandatory CSR reporting in Europe: A textual analysis of firms’ climate disclosure practices
No full textWe introduce a machine learning approach that accurately captures disclosure quality by quantifying the thematic content of climate reporting in annual reports. We then use our approach to analyze firms’ climate reporting practices in the context of the widespread European Non-Financial Reporting Directive. For a large sample of annual reports from 2010 to 2020, we find that firms significantly changed their climate reporting narratives in the periods following the announcement and implementation of the mandate. Using the Task Force on Climate-Related Financial Disclosures’ framework as the benchmark for high-quality climate reporting, we show that these changes correspond with improvements in disclosure quality. We further show that the comparability of reporting improves over time and provide first descriptive evidence of a more pronounced comparability change in the years following the implementation of the mandate. Overall, our results highlight the validity of our model and provide further descriptive evidence on the disclosure impact of nonfinancial reporting regulation. Our study also adds to the growing body of research applying machine learning to analyze information from annual reports
Competitive Digital Innovation, Transforming Products, Processes and Business Models to Win in the Digital Economy
No full textInnovative digital technologies are forcing companies to rethink how they compete. The focus of digital innovation in business has shifted from internal transformation within firms to their market interface and ecosystems. While opportunities for innovation in internal operations are well established, it’s less clear how to leverage technology at the market interface. This often has strategic implications, and the goal of this book is help you connect digital innovation to business strategy. By understanding how to leverage digital technologies, you can redefine your market-facing business processes, your products, services and even your business models and stay competitive in today’s hybrid markets. This book provides a coherent and comprehensive approach to not just survive but rather thrive in the 21st Century global marketplace. With global, real-world examples and original frameworks, this is an ideal bookfor executives and anyone who wants to understand digital strategy. Highly practical but infused with rigorous research, it shows you how your business can use digital technologies to compete in today’s hybrid markets
Cost variability in medical treatments: A value-based healthcare perspective
No full textThis comprehensive thesis is dedicated to the crucial topic of cost transparency within the healthcare sector, with a primary focus on its significance in achieving the goals of value-based healthcare (VBHC). The research is structured into five studies, each addressing specific research objectives and significantly contributing to healthcare management. Paper 1 conducts an extensive systematic literature review that delves into the complex cost variability in healthcare settings. This review identifies and categorizes various cost drivers across different medical domains. It presents a comprehensive overview of the factors contributing to cost variations and offers valuable recommendations for future research regarding variables to investigate and methodologies to employ. This chapter significantly enhances our understanding of the intricacies of cost variability in healthcare, paving the way for more informed decisions and practices. Paper 2 takes a deep dive into early-stage invasive breast cancer treatment costs. Employing the innovative approach of time-driven activity-based costing (TD-ABC), this chapter aims to unravel the specific drivers of cost variability within this medical domain. By analyzing factors such as patient characteristics and disease severity, this research provides essential insights into the dynamics of treatment cost determinants. These findings are critical for optimizing care delivery and resource allocation. Paper 3 narrows its scope to the field of dermatology care, specifically concentrating on the consultation component of psoriasis treatment. Utilizing TD-ABC, this chapter identifies and explores key cost drivers, including patient status, personality type, and therapy switches. The empirical analysis sheds light on the factors contributing to cost variability and offers actionable recommendations for process improvements within dermatology departments. Paper 4 builds upon the foundational research initiated in Paper 2, specifically focusing on the luminal B molecular subtype of breast cancer. This chapter uses statistical analysis to examine a broader dataset, providing insights into the cost drivers for the entire treatment cycle and the surgical intervention within this treatment pathway. These findings are essential for optimizing care and exploring potential applications of bundled payments in the context of breast cancer treatment. Paper 5 focuses on bundled payments, a prominent reimbursement approach within VBHC. This chapter conducts a scoping literature review to compare the existing body of research on bundled payments with the theoretical framework proposed by Porter and Kaplan. This analysis uncovers significant gaps and challenges in implementing bundled payments, highlighting the need for further exploration and standardization. In summary, this thesis comprehensively explores cost transparency in healthcare and its implications for achieving value-based healthcare. By systematically addressing critical gaps in the existing literature and providing practical insights, this research seeks to empower healthcare providers and policymakers to enhance the efficiency and value of healthcare delivery, ultimately benefitting patients and the entire healthcare ecosystem
Managing the bumps in the DEI Journey
No full textDiversity, equity and inclusion (DEI) are some of the most discussed topics when talking about the current workforce in our societies. We see cases going from unconscious bias and discrimination in the recruitment process to bullying and harassment in the workplace. Despite the abundance of literature on DEI, many organisations are left wondering where to put their focus in the first place. This whitepaper contributes to deciding which interventions are your best bet for increasing workplace diversity, equity and inclusion
Game—How to Share the Gains of Collaboration?
No full textSupply chain collaborations may generate substantial cost savings. Many such initiatives cease to exist, however, due to not reaching an agreement on how to share the gains. We describe an exercise to understand the challenges in collaborative gain sharing.
Funding: This project has received funding from the European Union’s Seventh Programme for research, technological development and demonstration (FP7 Transport) [Grant Agreement 284926].This project has received funding from the European Union’s Seventh Programme for research, technological development and demonstration (FP7 Transport) [Grant Agreement 284926]
Organizational frontlines in the digital age: The Consumer–Autonomous Technology–Worker (CAW) framework
No full textWhile organizational frontlines in the digital age involve complex interactions between consumers, autonomous technology (AT), and frontline workers, research so far largely focuses on the effect of AT on either the consumer or the worker. Bridging the fields of marketing and organizational behavior, we develop the Consumer–Autonomous Technology–Worker (CAW) framework, which reflects the implications of consumer–worker–AT interactions. We consider that AT can be consumer-facing, such as service robots, or worker-facing, such as AT-enabled knowledge-based systems supporting a worker’s decision-making. Drawing on illustrative interviews in hospitality contexts with workers who co-work with robots and the consumers served, we develop research propositions that highlight avenues for future research. We expect consumer–worker relations to strengthen when AT augments instead of replaces the worker. Human leadership is critical for consumers’ and workers’ acceptance of AT, while AT anthropomorphism is less critical in the presence of a human worker.The authors wish to convey their appreciation to the special issue editors Nicolai Fabian, Evert de Haan, and in particular thank Arnd Vomberg as the editor of this paper for his insightful and valuable inputs and constructive feedback during the entire review process. Addition ally, the authors also want to express their gratitude to the three anonymous reviewers whose thoughtful engagement, encouragement
and helpful suggestions strengthened the paper. The article further benefited from discussions at the Thought Leader-Conference “Digital Knowledge Engineering for Strategy Development” and support from
the Groningen Digital Business Center. Furthermore, the authors thank Sandra Nijgh for tremendous help with the data collection