Application of Econometrics in Business Research

2021 ◽  
pp. 137-159
Author(s):  
Jhumur Sengupta
Keyword(s):  
Decision Making ◽  
Quantitative Analysis ◽  
Economic Model ◽  
Business Management ◽  
Econometric Models ◽  
Econometric Analysis ◽  
Decision Making Process ◽  
Business Research ◽  
Managerial Decision ◽  
Important Input

The last few years have seen great developments in econometrics for a better understanding of economic phenomena. The range of areas in which econometric models are successfully applied has steadily widened including finance and business management. Econometric analysis is concerned with the quantitative relationships between economic variables and it can provide an important input into the decision-making process. The range of areas in which econometric models are successfully applied has steadily widened including finance and business management. Econometrics has enhanced our understanding of the way the managerial decision works. Econometrics is used in doing quantitative analysis of actual economic phenomena based on theory and observations. An economic model is based on a set of assumptions to simplify the complex economic phenomena. This chapter is an attempt to review the application of econometrics using business data. The main objective of this chapter is to chart the application of this science in various fields of business management.

scholarly journals Fogyasztói magatartás a hazai utazási szolgáltatások piacán - a hibrid vásárlói magatartás vizsgálata (Consumer behaviour on market of the Hungarian travel services – Examination of hybrid consumption)

2010 ◽  
pp. 50-62
Author(s):  
Ágnes Neulinger ◽  
Judit Simon ◽  
Kata Kelemen ◽  
Ágnes Hofmeister Tóth ◽  
Edit Bódi
Keyword(s):  
Decision Making ◽  
Quantitative Analysis ◽  
Consumer Behaviour ◽  
Total Sample ◽  
Decision Making Process ◽  
Qualitative And Quantitative Analysis ◽  
Qualitative And Quantitative ◽  
Travel Services

A szerzők kutatási projektjükben a hazai lakosság utazással kapcsolatos fogyasztási, vásárlási magatartását vizsgálták, különös tekintettel a hibrid fogyasztói viselkedés alakulására. A kutatás a rendszeresen utazó vagy az utazás iránt érdeklődő csoportra terjedt ki. Az első, kvalitatív fázisban a nyaralás értelmezését, a keresés és döntés kritériumait tárták fel, majd következő lépésben statisztikai elemzésekkel vizsgálták a fogyasztói magatartás jellemzőit. Indexszámítás alapján besorolták a válaszadókat a hibrid fogyasztás kategóriáiba. Besorolásuk szerint a megtakarításorientált olcsón vásárlók és a komfortorientált márkavásárlók jelentik a legnagyobb csoportokat, az előbbi 31,9%-ot, az utóbbi 29,6%-ot képviselve a mintában. A megtakarítás-orientált márkavásárlók 21%-ot, a komfortorientált olcsón vásárlók 17,5%-ot tesznek ki. Elemzésük igazolta, hogy a hibrid vásárlói magatartás elméleti megközelítése jól használható a hazai utazási piac elemzésekor. ________ Recent study examines travelling behaviour in Hungary with special emphasis on hybrid consumption. Using qualitative and quantitative analysis the study explore the decision making process related to hybrid consumption in travel services. Based on indexes the authors classified respondents into categories of hybrid consumption. According to their classification the main groups are savings-oriented budget shoppersand comfort-oriented brand shoppers, representing 31,9% and 29,6% share in the total sample, accordingly. Based on their analysis the approach of hybrid consumption proved to be useful to analyse consumer behaviour in travel services.

Managerial Decision-Making Process in the Modern Business Conditions in the EU

2020 ◽  
pp. 324-348
Author(s):  
Boban Melovic ◽  
Slavica Mitrovic Veljkovic ◽  
Dragana Cirovic ◽  
Ivana Djakovic Radojicic
Keyword(s):  
Decision Making ◽  
Cultural Dimensions ◽  
Decision Making Process ◽  
Managerial Decision ◽  
Business Decisions ◽  
Eu Countries ◽  
Content Analysis Method ◽  
Modern Business ◽  
The Eu

This chapter analyzes the differences of decision-making process in the EU member countries, caused by differences in main dimensions of national culture of each of them. The influence of different cultural dimensions on decision-making process is explained. Thanks to the application of qualitative research method and deductive approach, there are conclusions about specificities of decision-making process, in particular EU countries. Using the inductive approach, content analysis method and method of synthesis, the EU countries were grouped regarding to the decision-making styles that are the most appropriate in each of them, based on the characteristics of the cultural framework that exist within them. Obtained results may help managers to better understand their decision-maker role in different cultural environment and it would enable them to apply the appropriate decision-making style, which would increase the quality of business decisions that are being made.

Sustainability Appraisement of Industrial Robots by GRA for Real Automation Environment

2019 ◽  
Vol 10 (3) ◽  
pp. 53-68
Author(s):  
Atul Kumar Sahu ◽  
Harendra Kumar Narang ◽  
Mridul Singh Rajput ◽  
Nitin Kumar Sahu
Keyword(s):  
Decision Making ◽  
Set Theory ◽  
Industrial Robot ◽  
Industrial Robots ◽  
Decision Making Process ◽  
Managerial Decision ◽  
Relational Approach ◽  
Knowledge Based ◽  
Sets Theory ◽  
Grey Relational

A knowledge-based tool for executing the managerial decision-making process is presented in this work. The work evaluated the significant robot i.e. industrial machines for sustainably handling the real time manufacturing environment. The presented tool integrates the grey sets theory with grey relational approach (GRA) to support the decision-making process for opting most significant industrial robot. The performance mapping of industrial robots by GRA under grey set theory is presented for defining a sustainable real automation environment. The work offers the essence of both grey set theory and grey relational approach under a sole ring. The work implicates grey sets theory to capture the uncertainties associated with the evaluation of robot measures and implicated GRA to recognize the most valuable robot alternative. The proposed tool is developed by categorizing the list of qualitative and quantitative characteristics; which links the robot evaluation properties. The work attempts to draft a knowledgeable tool for effectively executing manufacturing activities by the robots.

A Model of Sales and Operations Planning: Example of Parameters Used and Decision-Making Process in a Japanese Industry

2020 ◽  
Vol 49 ◽  
pp. 181-186
Author(s):  
Hamza Samouche ◽  
Abdellah El Barkany ◽  
Ahmed El Khalfi
Keyword(s):  
Decision Making ◽  
Literature Review ◽  
Business Management ◽  
Operational Performance ◽  
Decision Making Process ◽  
Theoretical Studies ◽  
Operations Planning ◽  
Japanese Industry ◽  
Corrective Actions ◽  
The Impact

Many companies are facing a constant need to develop coordination between operational functions to quickly respond to customer requests. Thus, many practitioners are resorting to an established and integrated business management methodology, the Sales and Operations Planning (S&OP). The impact of the S&OP on operational performance was significantly demonstrated in many studies. However, it turns out that the theoretical studies made differ from what is actually applied, in addition to several parameters that are considered in the calculations especially with regard to Japanese industries. So, how is S&OP operated in this industry? What are the different calculation parameters used? and how are the results obtained and analyzed?In this paper, we will first present a short literature review of S&OP and its role and benefits. Then, we present a model of S&OP used in a wire harnesses Japanese industry. The goal is to show first a concrete example, where we present the various parameters considered in the calculations, and then we will explain how the resulting graphs are analyzed by managers and what could be done as corrective actions in case of gap existing.

Ethical Decisions and Gender Differences of European Hospitality Students

2007 ◽  
Vol 7 (3-4) ◽  
pp. 230-241 ◽  
Author(s):  
LaChelle R. Wilborn ◽  
Robert A. Brymer ◽  
Ray Schmidgall
Keyword(s):  
Gender Differences ◽  
Decision Making ◽  
Ethical Decision ◽  
Ethical Decision Making ◽  
Business Management ◽  
Decision Making Process ◽  
Ethical Behaviour ◽  
Hospitality Students ◽  
Ethical Decisions ◽  
And Gender

The purpose of this paper is to assess the sources influencing an ethical decision-making process of European hospitality students. Ten scenarios were used (1) to indicate whether the action posed was ‘ethical’, ‘unethical’, or ‘not a question of ethics’ and (2) to indicate what they would do if they were in this situation. We found that of the nearly 400 European hospitality students, 54 per cent females and 46 per cent males, both genders indicated that parents, close friends, and business management courses influenced their ethical beliefs the most. Additionally, we found that responses were significantly different for only one of the ten scenarios with regards to gender. The action responses to the proposed scenarios were, however, statistically significant for five scenarios; four of these five were business scenarios. Female European hospitality students were more likely to engage in ethical behaviour and are generally less tolerant of questionable practices than their male peers.

STRATEGIC PLANNING OF FUTURE PRODUCTS WITH PRODUCT SCENARIOS

2010 ◽  
Vol 07 (03) ◽  
pp. 237-246 ◽  
Author(s):  
VOLKER GRIENITZ ◽  
VOLKER BLUME
Keyword(s):  
Decision Making ◽  
Strategic Planning ◽  
Evolutionary Algorithms ◽  
Holistic Approach ◽  
Decision Making Process ◽  
Managerial Decision ◽  
Managerial Decision Making ◽  
Manufacturing Resources ◽  
Technology Strategies ◽  
Innovation Processes

Manufacturing based corporations often find themselves confronted with complexities of increased pressures to innovate in order to ensure their comparative market positions. In order to react to various exogenous changes corporations need to develop strategies that match their manufacturing resources as well as products with the markets requirements. Product scenarios represent a holistic approach for managing innovation processes and technologies efficiently. The analysis through evolutionary algorithms for compatibility between and amongst the product structure segments provides the necessary information about their suitability. The resulting scenarios, roadmaps and regular monitoring processes are prerequisite for the managerial decision making process and the implementation of product and technology strategies.

scholarly journals Mathematical-physical model of solving inventive problems

2021 ◽  
Vol 49 (3) ◽  
pp. 726-733
Author(s):  
Dušan Rajić
Keyword(s):  
Decision Making ◽  
Differential Geometry ◽  
Quantitative Analysis ◽  
Physical Model ◽  
Physical Modeling ◽  
Decision Making Process ◽  
Engineering System ◽  
Exact Calculations ◽  
Relevant Degree ◽  
Adequate Resource

The spatial-temporal LT-contradiction matrix is an inventology tool that enables exact calculations of certain parameters in an engineering system through mathematical-physical modeling. It objectifies the decision-making process and creates the preconditions to finding an adequate resource (X-element) with a higher probability, and thus to reach a higher degree of ideality solution (HDIS) of an inventive problem as well. Any engineering system that generates an inventive problem can be described using the LT-contradiction matrix. By crossing the appropriate parameters in the LT-contradiction matrix, with the help of the differential geometry of the tensor, a qualitative-quantitative analysis and calculation of relevant degree all contradictions that exist in the inventive problem can be performed. After that, the path to finding the physical characteristics of the X-element in the mathematical-physical model is facilitated, i.e. finding a real resource that will enable a HDIS of the inventive problem in an engineering system.

A Framework for Using Analytics to Make Decisions

2009 ◽  
pp. 251-264
Author(s):  
Paul J. Bracewell
Keyword(s):  
Decision Making ◽  
Quantitative Analysis ◽  
Predictive Models ◽  
Analytical Techniques ◽  
Decision Makers ◽  
Decision Making Process ◽  
Technological Design ◽  
Data Manipulation ◽  
Analytical Process ◽  
Analytical Technology

Analytics provides evidence for objective corporate decision-making. Lack of understanding of analytical techniques can create confusion amongst decision-makers. Confusion generates mistrust which leads to the exclusion of analytics from the decision-making process. Confusion is avoided by ensuring that results are justified. This requires that the analytical process is auditable. Aligning technological design and deployment with human roles creates the necessary framework for auditability. This is achieved with four analytical technology components: data manipulation, statistical and quantitative analysis, creation, and export of exploratory and predictive models, and delivery of output. These components correspond with key stages and phases of collaboration in the analytical process. Describing the interaction and alignment leads to a proposed framework for the socio-technical development of analytical software and process which considers both user and non-user needs. This framework can be expanded to other domains where technology and users of technology must collaborate with non-users who dictate acceptance.

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