Inclusion of uncertainty with different types of fuzzy numbers into DEMATEL

Nowadays the multi-criteria decision making is very complicated due to uncertainty, vagueness, limited sources, knowledge and time. The Decision-making Trial and Evaluation Laboratory (DEMATEL) method is a widely used multi-criteria decision-making method to analyze the structure of a complex system. It is useful in analysing the cause and effect relationships between the components of the system. Fuzzy sets can be used to include uncertainty in multi-criteria decision making. Linguistic assessments of decision makers can be translated into fuzzy numbers. In this study, fuzzy numbers, intuitionistic fuzzy numbers and neutrosophic fuzzy numbers were used for the decision makers evaluations in the DEMATEL method. The aim of this study was to evaluate how different types of fuzzy numbers affect the final results. An application of risk in construction projects was selected from the literature, where seven experts used a linguistic scale to evaluate different criteria. The results showed that there are only slight differences between the weights of the criteria with regard to the type of fuzzy numbers.

Utilization of shop floor management as a tool for communication and knowledge sharing in the framework of lean logistics: A case study

The study investigates whether establishing of the shopfloor management in the company is beneficial for the company or not even in difficult conditions (food production with BRC standards of production, presence of foreigners, agency employees). A qualitative research based on detailed long-term observation the real process of planning and establishing the shopfloor management in the company was used, as well as interviews with industrial engineers, first line managers, blue-collar workers, and shopfloor management practitioners. The company was chosen for this case study on purpose. The findings say it was good to establish SFM in the company. In spite of obstacles, the utilization of machines increased by 20% and one machine (out of 12) could be sold due to redundancy. The need for human capital decreased, the number of scraps decreased, and the cooperation improved.

Adoption of agile methodology for improving IT project performance

Most of the IT organizations are facing various challenges such as technological advancement, new customer requirements, merger & acquisition, and changing market demands, which should be addressed to survive in the industry. For enhancing more value to the customer in the project, the best option is to choose Agile Methodology for managing the project, which helps to accommodate the ad-hoc business requirement than pre-planned. Though, most of the organization, especially in the IT industry is shifting to Agile methodology practice, which helps to enjoy the benefit of better collaboration and customer experience. The study was conducted among 404 IT professionals from the IT corridors of India to understand the influence of Agile methodology on IT project performance. Most responses received from people who have sound experience in IT project management which assures the quality of results obtained. From study, it has been found that Agile methodology (b= 0.630, p<0.00) has a significant and positive impact on the project performance. Also, the study proves that people who are working in Scrum framework (Agile methodology) improves the project quality as well as business value. Based on Stepwise regression results, Product ownership has higher degree of importance than other independent variable for the individual work performance which solidifies the requirement for software development. Multicollinearity Assessment shows Product Ownership and Development Practice have more impact on project performance than Team considered for the study. Previous studies didn't cover the aspect as well as areas proposed in this study to arrive the conclusion of Scrum framework for project performance, and it opens the pathway for future research work.

Impact of premium reserve on life insurance investments in the Western Balkans

The growing importance of life insurance in the world imposes a greater need for research in this area, particularly in the Western Balkans where the trend of growth has been closely accompanied by life insurance for the past two decades. Taking into consideration that life insurance companies are significant participants in the financial market, this research paper examines the impact of the premium reserve on the volume of financial investments of life insurance companies in Western Balkan countries, based on aggregate data on country level. In order to test its effect, linear correlation and regression models were used, based on data collected for the period 2006-2016. Additionally, comparative analysis was used to compare the position of life insurance companies in financial markets. The results obtained by applying correlation and regression analysis showed that there is a strong positive correlation between premium reserve and financial investments in all of the aforementioned countries in the region. This result is an important strategic guideline for the regulators and policymakers to make advancements in the life insurance sector as well as in the financial market of the Western Balkans.

FDI determinants in Europe and Chinese influence

Despite recent concerns about the increasing influence of outside investors on the European Union (EU) and Western Balkans, the developed European countries are still a dominant source of foreign direct investment (FDI) in the region, confirming the benefits of EU membership. At the same time, fast-growing connectivity and lower trade costs in accession and neighboring countries determine the FDI growth from China, particularly via the Belt and Road Initiative (BRI). By applying panel data over 2000-2019 for 34 countries, which form 89% of all European FDI, we first examine FDI patterns around Europe, compare the EU, NMS, and Western Balkans; verify the importance of EU membership for FDI, caused reducing trade costs and improving connectivity. Thus, the new EU member states (NMS) and Western Balkans appear both as a home country and as a pre- entry destination to the EU. Then, we calculate trade costs indices for each selected country and partners over time and find that Europe and China are closely interconnected through trade and FDI. It means that stronger ties with China can be realized for the sample countries at the cost of easing relations with the EU. Finally, incorporating trade costs indices into the FDI model; we evaluate the impact of connectivity on FDI and estimate how BRI affected FDI in Europe. Additionally, we validate that the old framework of horizontal and vertical FDI not representative well and even new complex vertical or export-oriented FDI strategies are shifting today.

Project management in manufacturing enterprises

Current time of turbulent changes is related to the necessity of innovation, of both the products and the entire organization management system. However, innovation activities must be implemented in a short time. Unfortunately, most of the organizations struggle with insufficient costs and the lack of creative and active human resources. All of this might lead to a loss of market position and a decrease in competitiveness. If an organization wants to succeed on the market and survive in the long term, the trial and error method is ruled out. The project management is a possible way of dealing with the issue. Project management is characterized by a detailed examination of all the aspects of the project, their detailed planning, culminating in the implementation of the change and innovation. Therefore, the current managers need to define the precise goals, the responsible persons, and deadlines, allocate the tasks, costs and define the procedures crucial for project management clearly. Only in this way an organization is able to react to major changes quickly and without any mistakes. The aim of the paper is to evaluate the factors, important for the manufacturing enterprises in the projects, and to find out the relations of such factors. The research was carried out in 2019 in 116 manufacturing enterprises in the Czech Republic. The project managers often focus their attention on customer satisfaction and cost magnitude in evaluating of the projects.

Managing quality in industrial companies: The empirical study of quality management systems in the Czech Republic

Since monitoring, managing, sustaining and improving the quality are is so important to the competitiveness of the company, it is advisable to use a variety of Quality Management tools (QMTs) and techniques, in addition to comprehensive Quality Management Systems (QMSs). The main aim of this research study is to explore the connection between Quality Management System (QMS) and selected Quality Management tools (QMTs) in industrial companies in the Czech Republic. This study summarizes the results of the online questionnaire survey between April 2017 and July 2017. The final sample consisted of answers from 200 companies. It has been found that 46% of surveyed companies monitor and evaluate quality of their business processes. Furthermore, it has been found that 59% of surveyed companies are ISO 9001 certified. Larger companies tend to monitor and evaluate quality of their business processes and to have ISO 9001 certification. The relationships between the use of Quality Management tools (QMTs), monitoring and quality assessment of business processes (MQABP) and ISO 9001 certification have been found based on the Pearson's Chi-square Test of Independence, the Fisher's Exact Test of Independence and the Column Proportions Z-Test.

Network programming theory application to project portfolio formation

The paper deals with an application of the network (dichotomous) programming method for solving multi-extremal problems and discrete optimization problems. The concept of a generalized dual problem is introduced and a theorem on its convexity is proved. Network programming method is used to build a business-forming project portfolio as well as an algorithm for solving completely dependent related projects is developed. Also, this method is used to solve the problem of building a business-supporting project portfolio for which the lower cost estimate is obtained. A computational experiment is carried out to evaluate the suggested algorithm, which showed that for large dimensions of the problem it is more effective than for solving the problem by linear programming methods.

Laplace, Hansen-Sargent and Beveridge-Nelson a note towards unified business application

The paper derives the equivalence condition between the Beveridge-Nelson decomposition and the Hansen-Sargent prediction formula in continuous time using Laplace transforms. The results presented show how the Hansen-Sargent prediction formula is relevant not just for present value discounting but also for the trend-cycle decomposition of cash flow streams in corporate finance.

Trends, risks and prospects for industrial complex development of South of Russia in new economic realities

Events caused by complex crisis which became evident in regional economies as a result of the spread of COVID-19 have affected the manufacturing industry of the South of Russia. The purpose of this article is to identify and analyse the prospects for the sustainable development of industry in the South of Russia in the context of new economic trends. The methodological basis of the study is founded on the theory of shocks, which made it possible to place at the center of the system of cause-and-effect relationships a set of factors in business activity decrease, which are considered as shocks that form new development trends. The analysis revealed the presence of problems of production interruptions and break of supply chains, reduction in resource flows, as well as a decrease in effective demand for industrial products. According to the opinion of the authors, the prospects for the development of the industrial complex of the region are associated with the balance of market self-regulation and government regulation, and are also determined by the accumulated potential of the regional industry and available adaptive capabilities.