I. Lagoudis, M. Lekakou, H. Thanopoulou, Ilias M. Pantelaros
{"title":"Evaluating ferry services through an AHP estimated KPI system: a focus on central Aegean","authors":"I. Lagoudis, M. Lekakou, H. Thanopoulou, Ilias M. Pantelaros","doi":"10.1504/IJDSRM.2011.040752","DOIUrl":"https://doi.org/10.1504/IJDSRM.2011.040752","url":null,"abstract":"The paper proposes a methodology for creating an evaluation system of the passenger ferry services on the basis of key performance indicators (KPIs) derived through the analytic hierarchy process based on a recent survey in the Central Aegean. The AHP methodology is used to estimate weights of criteria and sub-criteria of data collected among an expert group of stakeholders from the Island of Syros, which is the main node of Central Aegean shipping services. The results of the survey show that users attribute the highest weights to safety related KPIs and the lowest weights are attributed to accessibility, quality of service, cost and time related ones. The methodology and the results of the survey are discussed in the context of survey specifics and of the need to devise an objectively-based system for evaluating the Greek ferry system.","PeriodicalId":170104,"journal":{"name":"International Journal of Decision Sciences, Risk and Management","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127134787","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Real options and business practice","authors":"Spyridon Andriopoulos","doi":"10.1504/IJDSRM.2011.040754","DOIUrl":"https://doi.org/10.1504/IJDSRM.2011.040754","url":null,"abstract":"The logic of real options is increasingly gaining importance nowadays because it helps decision makers have a more accurate and realistic view of their investment plans and at the same time secure projects in terms of handling uncertainty. The objective of this paper is to make a brief bibliographical overview of the real options approach helping readers understand the true meaning and virtues of real options and at the same time give useful examples regarding their application areas. It unfolds the aspects of real options, contrasting them with standard investment evaluation techniques and sorting them into ‘on’ and ‘in’ projects. Applications but also boundaries of real options are also included in this paper in order to make the connection between theory and business practice.","PeriodicalId":170104,"journal":{"name":"International Journal of Decision Sciences, Risk and Management","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122866839","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Evaluating flexible manufacturing systems using Euclidean distance-based integrated approach","authors":"R. Rao, Dinesh Singh","doi":"10.1504/IJDSRM.2011.040746","DOIUrl":"https://doi.org/10.1504/IJDSRM.2011.040746","url":null,"abstract":"A flexible manufacturing system (FMS) is designed to combine the efficiency of a mass-production line and the flexibility of a job shop to produce a variety of products on a group of machines. Even though a number of studies were proposed in the past to address the issue of evaluation and selection of FMSs, there is a need for a simple and systematic method to guide user organisations in taking a proper decision. In this paper, a new multiple attribute decision making (MADM) method, named as 'Euclidean distance-based approach (EDBA)', is presented for the selection of an FMS from a set of mutually exclusive alternatives. The results are compared with the results obtained by using other decision making methods. The method considers the objective weights of importance of the attributes as well as the subjective preferences of the decision maker to decide the integrated weights of importance of the attributes. Furthermore, the method uses fuzzy logic to convert the qualitative attributes into the quantitative attributes. Three examples are presented to illustrate the potential of the proposed approach.","PeriodicalId":170104,"journal":{"name":"International Journal of Decision Sciences, Risk and Management","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134507654","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Dividend policy and capital structure: an empirical application in the Portuguese corporate context","authors":"M. Augusto, J. Lisboa, Elísio Brandão","doi":"10.1504/IJDSRM.2011.040745","DOIUrl":"https://doi.org/10.1504/IJDSRM.2011.040745","url":null,"abstract":"This study provides new evidence for the interdependency between capital structure and dividend policies, considering investment as a decision variable and taking into account a number of corporate attributes that may have the potential to influence these decisions. \u0000 \u0000The methodology used in this study recognises that each financial decision is a function of those which remain and all such decisions are affected by a group of the firm’s attributes. The methodology used allows the quantification of direct, indirect, and total effects among the attributes of the firms and the financial decisions. This offers new insights into some of the contradictory results found in previously published research. \u0000 \u0000Using a sample of 623 Portuguese companies, this study finds evidence that the interactions of financial decisions are dependent on the firms’ attributes. It also shows, explicitly, the direct, indirect and total effects of the different attributes of the company on those decisions.","PeriodicalId":170104,"journal":{"name":"International Journal of Decision Sciences, Risk and Management","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126548965","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Heart disease diagnosis: an efficient decision support system based on fuzzy logic and genetic algorithm","authors":"K. Rajeswari, V. Vaithiyanathan","doi":"10.1504/IJDSRM.2011.040749","DOIUrl":"https://doi.org/10.1504/IJDSRM.2011.040749","url":null,"abstract":"Computerised clinical guidelines can provide benefits to health outcomes and costs; however, their effective implementation presents significant problems. One effective solution to achieve the optimal trade-off between data ambiguity and good decision-making would be to integrate data mining and artificial intelligence techniques. We devise an efficient clinical decision support system (CDSS) for heart disease diagnosis using data mining and AI techniques. The proposed algorithm makes use of the association pattern mining algorithm, apriori and genetic algorithm (GA) to formalise the treatment of vagueness in decision support architecture. The GA produces a set of high impact parameters and their respective optimal values essential for heart disease diagnosis. The fuzzy logic is employed as a decision-making tool in the proposed CDSS. Based on the fuzzy membership function, the system effectively diagnoses the clinical cases of heart disease. Experimental results demonstrate the effectiveness of the proposed CDSS in heart disease diagnosis.","PeriodicalId":170104,"journal":{"name":"International Journal of Decision Sciences, Risk and Management","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128983644","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Developing a stochastic DEA model for considering non-discretionary inputs","authors":"Sina Saeid Taleshi, R. K. Mavi","doi":"10.1504/IJDSRM.2011.040748","DOIUrl":"https://doi.org/10.1504/IJDSRM.2011.040748","url":null,"abstract":"Formal statistical inference on efficiency measures is not possible. Stochastic DEA can deal effectively with noise in the non-parametric measurement of efficiency. In any realistic situation, however, there may be exogenously fixed or non-discretionary inputs or outputs that are beyond the control of a DMU's management. The objective of this paper is to present a methodology for treating non-discretionary variables in stochastic formulation. Based on the proposed method, an effective performance measurement tool is developed to provide a basis for understanding the efficiency in stochastic situations. A numerical example is presented. In short, the main contributions of this work are as follows: an stochastic DEA model is extended to encompass non-discretionary variables and stochastic data, thus a typical model for efficiency analysis is developed as an effective performance measurement tool that is the contribution of the paper.","PeriodicalId":170104,"journal":{"name":"International Journal of Decision Sciences, Risk and Management","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125683005","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A kernel view of critical infrastructure modelling","authors":"D. Ward, V. Matuzienė","doi":"10.1504/IJDSRM.2011.040750","DOIUrl":"https://doi.org/10.1504/IJDSRM.2011.040750","url":null,"abstract":"The discussion starts with the concepts of networks and sectoral infrastructures making reference to the recent Council Directive 2008-114-EC which is the basis for the identification of European critical infrastructures. Two arbitrary but interdependent infrastructures are then considered (power station and water works) which form the basis of kernel network that is then subsequently analysed under four different cases of disruption (without recovery). The kernel network therefore idealises a monolith or basic architecture consisting of just two nodes and two edges with the intent to illustrate some of the basic characteristics of the kernel as well as understand what happens in the event of a disruption and how this might propagate with consequent cascading effects. The paper begins by taking primarily a didactic and preparatory approach and then progresses into more detailed and complex modelling by illustrating the same kernel modelled using three modules by Mathworks (MATLAB, Simulink and Stateflow). Later the concepts of fuzziness and fuzzy cognitive maps are introduced and discussed in the context of network modelling. The discussion closes with possible developments of the kernel network and what tools may be exploited to model more complex situations and successfully tackle the resulting challenges.","PeriodicalId":170104,"journal":{"name":"International Journal of Decision Sciences, Risk and Management","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126865406","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Challenging the mainstream practice of planned change in cases of higher-order transformation","authors":"Stefanos Michiotis, Bruce Cronin","doi":"10.1504/IJDSRM.2011.040753","DOIUrl":"https://doi.org/10.1504/IJDSRM.2011.040753","url":null,"abstract":"This paper examines some of the fundamental assumptions and usual pitfalls of the mainstream linear and deterministic logic of planned change that appear when dealing with complex problems or in cases of higher-order transformation. Adopting the complex adaptive character of human systems, the paper considers that non-linear change methodologies are more appropriate in such cases and outlines some of their principles. Finally, it presents the main phases of a suggested methodology, based on non-linearity, along with the skills necessary to apply it.","PeriodicalId":170104,"journal":{"name":"International Journal of Decision Sciences, Risk and Management","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127263555","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Risk, production and conflict when utilities are as if certain","authors":"K. Hausken","doi":"10.1504/IJDSRM.2010.037485","DOIUrl":"https://doi.org/10.1504/IJDSRM.2010.037485","url":null,"abstract":"The article analyses a production and conflict model of risk, supplementing the common rent seeking analysis. Agents differ in attitudes toward risk, productive efficiencies, fighting efficiencies and resources for production versus fighting. A fighting decisiveness parameter determines distribution of utilities. Skaperdas' (1991) analysis of conflict and risk attitudes is generalised from a symmetric to an asymmetric risk function, from two agents to many agents of two kinds, and the fraction of risk seekers is endogenised. Specific functional forms of the utility function and production function are used. The amount of fighting increases in the amount of risk aversion, contrary to received rent seeking theory, but consistently with much experience. Surprisingly, higher production costs or lower fighting costs for risk seekers cause higher utility for risk seekers, contrary to the received theory of higher utility to risk avoiders. We show how the first agent taking on risk benefits, given that the other agents remain risk averse, whereas risk seeking by all agents is the worst scenario.","PeriodicalId":170104,"journal":{"name":"International Journal of Decision Sciences, Risk and Management","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122963239","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Semiconductor manufacturing: decision analysis for fab site selection","authors":"T. Daim, Ramin Neshati","doi":"10.1504/IJDSRM.2010.037483","DOIUrl":"https://doi.org/10.1504/IJDSRM.2010.037483","url":null,"abstract":"A decision analysis model that facilitates the assessment of a multi-criteria decision from among a variety of competing alternatives is presented in this paper. The model is tested for sensitivity and found to be robust when one criterion is changed while others are held constant. The decision itself is related to locating a semiconductor manufacturing plant in one of many equally attractive and equally problematic sites worldwide. It is essentially a problem under conditions of near-certainty with no EMV or payback considerations by construction. The decision analysis described herein is a data-driven methodology with a two-step process where an algorithm is used to narrow down the choice of locations from a starting count of eight to a more manageable group of five. In the second step of the process, a decision model is defined and implemented. Hierarchical decision modelling is used in this study to disaggregate the complex decision into its component parts, to quantify and normalise judgements and to assign weights to the decision alternatives to obtain the proper result.","PeriodicalId":170104,"journal":{"name":"International Journal of Decision Sciences, Risk and Management","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123625853","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}