Evaluation of investment funds through different performance measures

Purpose - The aim of this study is to examine the evaluation of Brazilian equity funds from different performance measures. Theoretical framework - In the literature, several indexes are available that can be used to evaluate the performance of investment funds. Design/methodology/approach - Monthly return data were collected from 1,901 Brazilian equity funds. Fund performance was estimated using four indexes: the Sharpe ratio, the Sortino ratio, Jensen’s alpha, and the Treynor ratio. Findings - The results showed that all four performance measures are positively associated. This means that there are no significant differences in the ranking of Brazilian equity funds in terms of performance. Research, Practical & Social implications - The comparison of different performance indexes contributes to the literature on the subject by providing further data for researchers to adequately define the indexes considered in studies on the performance of funds. Originality/value - This study fills a gap in the literature regarding the analysis of performance measures of investment funds. Keywords - Mutual funds. Equity funds. Performance.

Maturity Business Process Management at Companhia Energética de Minas Gerais

Purpose: This study aims to assess the maturity of Companhia Energética de Minas Gerais in business process management. Theoretical framework: Business Process Management is an alternative to the standard departmentalized structure. This alternative presents Maturity in Processes as the degree of explicit definition, management, measurement, control and effectiveness that a process has. Thus, this Maturity excels in assessing the current situation in order to direct improvement initiatives and control the development of what is being measured. Design/methodology/approach: Data was collected through a questionnaire, obtaining a sample of 729 respondents, and the data was analyzed using the structural equation modeling technique. Findings: The company being studied is at level 4, and is called quantitatively managed, where the promotion of actions to recognize those responsible for the processes and alignment of information systems to customer needs are some of the actions needed to increase this stage. Research, Practical & Social implications: Through the maturity identified, Companhia Energética de Minas Gerais can promote actions to improve its processes, resulting in social impacts arising from the provision of services to the community. Originality/value: From a theoretical perspective, this study contributes by making use of a maturity model and by showing its results for comparisons between companies; because, empirically, it contributes to that company so that it is aware of its current stage and actions to increase that stage. Keywords: BPM; business process management; BPMMM; maturity model; electrical sector.

Stakeholders in product-service systems: a preliminary analysis of the literature

Purpose – The main challenges for adopting product-service systems (PSS) include defining the needs, engagement, collaboration, and the satisfaction of different stakeholders involved in the PSS life cycle. In this context, the following questions were raised in the study: what are the roles of stakeholders? what barriers exist that prevent stakeholders from collaborating and how can they be overcome? The aim of this study is then to answer these questions through a literature review. Design/methodology/approach – A systematic literature review was carried out focusing on the role of the different stakeholders through the lifecycle of product-service systems, the barriers preventing them from collaborating, and the practices used to overcome them, based on methods which combine bibliometric analyses as well as a content analysis. Findings – The results show that this subject continues to be relatively unexplored in the product-service system literature which contributes to the formation of a fragmented view of the role of the stakeholders and how the success of the systems is linked to this. Originality/value – This work identifies the main stakeholders and their roles, the main barriers to collaboration, and suggests some practices to avoid or mitigate them. Keywords - Product-Service System; Stakeholders; Literature Review.

Layout optimization methods and tools: A systematic literature review

Purpose: This article aims to show the methods used to optimize layout and tools that have been applied since 2010 in the most diverse production environments. Theoretical Reference: Due to the intense competitiveness and uncertainties in the current market, improving processes and increasing production efficiency by managing the layout of a facility can be one of the methods to benefit organizations. In this context, knowledge of the main tools and methods is essential in defining the conduct of studies. Design/methodology/approach: Research was carried out through a systematic literature review. The databases used were Science Direct and Portal Capes. Using keywords, a defined scope and the relevance of the theme, international articles were selected for reading and discussion. Findings: Through the review, it was possible to select 51 articles which were relevant to the topic. Due to the complexity of the layout management study, it was found that increasingly more algorithms, mathematical and computational models are being used to solve these NP-hardness problems. Research, Practical & Social implications: adjusting to new methods and ways of solving problems laying out facilities, although scenarios can be extremely varied, they can improve business results by making the process more efficient. Originality/value: The article compiles and briefly explains the methods found to optimize the layout, which is of great importance considering the knowledge that these models spread on production management practices. Keywords: Layout optimization. Algorithm. Method. Facility layout planning

Mathematical modeling to optimize production planning and scheduling in a small foundry with multiple alternating furnaces

Purpose - This study presents an extension to a model in the literature for lot-sizing and scheduling in a small foundry with multiple alternate furnaces. The purpose of the model is to minimize delays and inventory costs. In addition, it determines the best use of the load capacity in the furnaces. Theoretical framework – Lot-sizing in foundries in the marketplace is a subject of academic interest due to its applicability and mathematical and computational complexity. Many papers address the production problem in foundries with a single furnace, however, few papers address the possibility of multiple furnaces. Design/methodology/approach - Mathematical modeling was used to represent the lot-sizing and scheduling problem in a small foundry. Data from the company's order books were collected and model validation questionnaires were applied. Findings - The extended model was able to generate good production plans at different planning horizons, with better performance than the current methods obtained by the company. Originality/value - the extension of the model contributes to the literature by addressing the existence of multiple non-simultaneous furnaces, a feature that has not been greatly explored. A comparison with other models is performed to indicate the most suitable model for actual application. Keywords: Alloys scheduling. Foundry. Lot size. Mixed integer programming.

Towards Unifying Scheduling and Location Problems: A Non-Stationary Hypercube Model

Purpose – this paper aims to develop a non-stationary hypercube model capable of uniting the properties that models for both problems seek (location and shift-scheduling problems). Theoretical framework – We present the proposed model using a mixed discrete-continuous time Markov chain and compares it to a discrete-event simulation through an illustrative example. Design/methodology/approach – The method used in this paper is quantitative with a comparison between an approach of simulation and an exact model. Findings – The results show a high similarity between both models. However, the proposed model does not present noise in performance measures such as waiting times and travel times. Nevertheless, the study of their residuals revealed that the proposed model has a lower sensitivity to events, such as shift endings and imperfections in dispatch preferences. Further studies may reduce such a variation by improvements in the calculations of performance measurements. Research, Practical & Social implications – The mentioned results suggest that the proposed model may become an option for applications uniting location and shift-scheduling problems. Originality/value – When developing location problems, we seek models that are capable of representing the pertinent geographic characteristics to the problem. On the other hand, when developing shift-scheduling problems, we seek models capable of capturing transient fluctuations in the components (such as demand, service times, available workforce, among others) of such a system. Therefore, in the search to improve the daily operations of systems, such as emergency service systems (ambulances, police, firefighters) using either of the two problems individually, it may lead to flawed conclusions. Keywords - Emergency Service Systems; Queueing Theory; Hypercube non-stationary; Discrete Event Simulation; Performance Measurement.

Procurement process and financial performance: a systematic literature review

Purpose – The aim of this study was to identify the elements and practices under the responsibility of the Procurement process that can influence the financial performance of a company. Design/methodology/approach - A Systematic Literature Review (SLR) was conducted to identify the elements and practices from the Procurement process and financial indicators. Findings - Twelve elements were identified (focusing on: Information technology and shared information and communications) and eight practices in the procurement process (focusing on: supplier relationship management and cost reduction), which contributes to the company's financial performance, mainly on the Profit and ROI financial indicators. Originality/value - This study presents an overview, a consolidated view of the literature on the current relationship between the procurement process and financial performance. Keywords – Procurement. Financial Performance. Systematic Literature Review. Elements. Practices.

The use of a Detrended Cross-Correlation Analysis on returns from agricultural commodities in the subprime crisis

Purpose: To understand the dynamics of the agricultural commodities market and predict a possible economic crisis, in addition to helping agricultural producers balance their product portfolio, diversifying their goods and reducing risks. Theoretical framework: Prices of agricultural commodities have changed significantly since 2002; although had been an increase in demand, where weather problems negatively affected supply, resulting in price increases. With the global financial crisis of 2008, there was a reduction in international credit and an increase in the US dollar against the Brazilian Real. Design/Methodology/Approach: Detrended Cross-Correlation Analysis and Detrended Fluctuation Analysis methods were used to understand the behavior of the cross correlations of the price of five Brazilian agribusiness commodities (cotton, sugar, coffee, corn and soybeans) for the previous periods, during and after the subprime crisis. Findings: Both methods showed a significant change in the behavior of the series in the period of crisis, when compared to their temporal neighborhoods. Research, Practical & Social Implications: It was found that the crisis changed the structure of the correlation of the returns on the commodities analyzed. This change implies alterations to a possible product portfolio in order to minimize risks. Originality/Value: The long-term nonlinear correlation behavior was calculated and analyzed on the temporal series for the return on the main agricultural commodities in the period of the subprime crisis and its temporal neighborhoods were calculated and analyzed, allowing several changes to be found in the product correlation structure, due to the crisis process. Keywords: Subprime Financial Crisis; Agricultural Commodities; Detrended Fluctuation Analysis; Detrended Cross-Correlation Analysis.

Comparison of PERT/CPM and CCPM Methods in Project Time Management

Purpose: Evaluate and compare PERT/CPM and Critical Chain Project Management (CCPM) techniques, from the Theory of Constraints (TOC), in relation to indicators of delivery time estimation and reliability in meeting established deadlines. Theoretical framework: The research is based on the time management theory established by the PERT/CPM and CCPM methods. Design/methodology/approach: This work has an experimental character, using a method of computer simulation by applying the Promodel software. A fictitious project environment managed by PERT/CPM and CCPM techniques was modeled in order to evaluate and compare their performances in terms of estimation of, and compliance with, project completion deadlines. Findings: The results obtained showed that the CCPM method proved to be more effective in reducing project completion time and meeting established deadlines. Conversely, the PERT/CPM method increased planned project completion time by 189%. Research, Practical & Social implications: Many managers assume that the best approach to project planning, especially when aiming for short and reliable deadlines, is to allocate margins of safety to each scheduled activity. This research reinforced the already widely held perception of TOC that, due to certain ordinary human behaviors, local optimizations do not guarantee, and usually adversely effect, good global results. Originality/value: There is a lack of research comparing PERT/CPM and CCPM techniques through modeling and computer simulations of project environments subjected to certain degrees of uncertainty, particularly in terms of performance variables such as those studied here. The results of this research, therefore, address this opportunity, bringing to light comparative scenarios and explanations for the different behaviors observed. Keywords: Computational Simulation; Project Management; Goldratt; Critical Chain; CCPM; PERT/CPM.

Green supply chain management: definition of criteria and selection of suppliers in the foundry sector

Purpose – This article aims to propose criteria for the selection of green suppliers in the foundry sector and select the best suppliers for the organization where researched, by applying the AHP method. Design/methodology/approach – An applied survey was carried out where specialists from the foundry sector were consulted and after the survey had been completed, criteria were defined to select green suppliers. Findings – Adopting the defined criteria and applying the Analytical Hierarchy Process (AHP) decision-making method, five suppliers were classified, with Environment, Health and Safety criteria being considered the most important according to the opinion of the experts consulted in this survey. Originality/Value – The study allows organizations to see the importance of the supplier selection process in the foundry sector, where worldwide concerns for the environment are increasingly present and environmental standards and regulations are strict. Keywords – Green supply chain. Supplier selection. AHP method.