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Article
Publication date: 7 August 2017

Geeta Duppati, Anoop S. Kumar, Frank Scrimgeour and Leon Li

The purpose of this paper is to assess to what extent intraday data can explain and predict long-term memory.

Abstract

Purpose

The purpose of this paper is to assess to what extent intraday data can explain and predict long-term memory.

Design/methodology/approach

This article analysed the presence of long-memory volatility in five Asian equity indices, namely, SENSEX, CNIA, NIKKEI225, KO11 and FTSTI, using five-min intraday return series from 05 January 2015 to 06 August 2015 using two approaches, i.e. conditional volatility and realized volatility, for forecasting long-term memory. It employs conditional-generalized autoregressive conditional heteroscedasticity (GARCH), i.e. autoregressive fractionally integrated moving average (ARFIMA)-FIGARCH model and ARFIMA-asymmetric power autoregressive conditional heteroscedasticity (APARCH) models, and unconditional volatility realized volatility using autoregressive integrated moving average (ARIMA) and ARFIMA in-sample forecasting models to estimate the persistence of the long-term memory.

Findings

Given the GARCH framework, the ARFIMA-APARCH long-memory model gave the better forecast results signifying the importance of accounting for asymmetric information when modelling volatility in a financial market. Using the unconditional realized volatility results from the Singapore and Indian markets, the ARIMA model outperforms the ARFIMA model in terms of forecast performance and provides reasonable forecasts.

Practical implications

The issue of long memory has important implications for the theory and practice of finance. It is well-known that accurate volatility forecasts are important in a variety of settings including option and other derivatives pricing, portfolio and risk management.

Social implications

It could be said that using long-memory augmented models would give better results to investors so that they could analyse the market trends in returns and volatility in a more accurate manner and reach at an informed decision. This is useful to minimize the risks.

Originality/value

This research enhances the literature by estimating the influence of intraday variables on daily volatility. This is one of very few studies that uses conditional GARCH framework models and unconditional realized volatility estimates for forecasting long-term memory. The authors find that the methods complement each other.

Details

Pacific Accounting Review, vol. 29 no. 3
Type: Research Article
ISSN: 0114-0582

Keywords

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Article
Publication date: 28 December 2020

Atul Kumar Sahu, Anup Kumar, Anoop Kumar Sahu and Nitin Kumar Sahu

Today, industrial revolutions demands advanced technologies, means, mediums, tactics and so forth for optimizing their operating behavior and opportunities. It is probed…

Abstract

Purpose

Today, industrial revolutions demands advanced technologies, means, mediums, tactics and so forth for optimizing their operating behavior and opportunities. It is probed that the effectual results can be seized into system by not only developing advance means and technologies, but also capably adapting these developed technologies, their user interface and their utilization at optimum levels. Today, industrial resources need perfect synchronization and optimization for getting elevated results. Accordingly, present study is furnished with the purpose to expose quality-driven insights to march toward excellence by optimizing existing resources by the industrial organizations. The present study evaluates quality attributes of mechanical machineries for seizing performance opportunities and maintaining competitiveness via synchronizing and reconfiguring firm's resources under quality management system.

Design/methodology/approach

In the present study, Kano’s integrated approach is implemented for supporting decision rational concerning industrial assets. The integrative Kano–analytic hierarchy process (AHP) approach is used to reflect the relative importance of quality attributes. Kano and AHP tactics are integrated to define global relative weight and their computational medium is adapted along with ratio analysis, reference point theory and TOPSIS technique for understanding robust decision. The study described an interesting idea for underpinning quality attributes for benchmarking system substitutes. A machine tool selection case is discussed to disclose the significant aspect of decision-making and its virtual qualities.

Findings

The decision executives can realize massive benefits by streaming quality data, advanced information, technological advancements, optimum analysis and by identifying quality measures and disruptions for gaining performance deeds. The study determined quality measures for benchmarking machine tool substitute for industrial applications. Momentous machine alternatives are evaluated by means of technical structure, dominance theory and comparative analysis for supporting decision-making of industrial assets based on optimization and synchronization.

Research limitations/implications

The study linked financial, managerial and production resources under sole platform to present a technical structure that may assist in improving the performance of the manufacturing firms. The study provides a decision support mechanism to assist in reviewing the momentous resources to imitate a higher level of productive strength toward the manufacturing firms. The study endeavors its importance toward optimizing resources, which is an evident requirement in industries as the same not only saves money, escalates production, improves profit margins and so forth, but also gratifies the consumption of scarce natural resources.

Originality/value

The study stressed that advance information can be sought from system characteristics in the form of quality measures and attributes, which can be molded for gaining elevated outcomes from existing system characteristics. The same demands decision supports tools and frameworks to utilize data-driven information for benchmarking operations and supply chain activities. The study portrayed an approach for ease of utilizing data-driven information by the decision-makers for demonstrating superior outcomes. The study originally conceptualized multi-attributes appraisement framework associated with subjective cum objective quality measures to evaluate the most significant machine tool choice amongst preferred alternatives.

Details

The TQM Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1754-2731

Keywords

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Article
Publication date: 11 February 2019

Anoop Srivastava, Sant Kumar Gaur, Sanjeev Swami and D.K. Banwet

Security and safety have remained important concerns for mankind since ancient times. In the context of railways, however, the threat perceptions to safety and security…

Abstract

Purpose

Security and safety have remained important concerns for mankind since ancient times. In the context of railways, however, the threat perceptions to safety and security have increased significantly lately. In view of this, the Indian Railways requires an effective and efficient security management system. The purpose of this paper is to propose an integrated approach to help develop the Indian railway security system (IRSS) by successively reducing the complexity of the system through a series of studies.

Design/methodology/approach

The relevant elements of the complex system of Indian Railways have been identified. The framework in which the elements exist and interact with each other has been clearly established using the interpretive structural modelling (ISM) technique. The output of ISM is further reduced in complexity by having different policy option profiles. A comparison of different option profiles has been done by a multi-criteria decision-making technique, the analytic hierarchy process (AHP), by choosing suitable criteria for comparison.

Findings

The following elements need to be pursued as the key objectives for making IRSS: protection of passengers, protection of property, modernisation, manpower enhancement, multi-skilling of staff, latest technology and enhanced legal powers.

Research limitations/implications

The present research can be extended in many important ways. Interpretive structural models for different contextual relationships can be developed and used for formulating and implementing customised security policy. Policy elements and the ISM structure obtained in this research can be utilised for the system dynamic modelling of IRSS. A pilot study can be done to implement the recommendations made in this study.

Practical implications

The ISM model developed can be implemented as a policy tool in enhancing the railway’s security. Some of the policy elements proposed appear to be consistent with the strategic direction being undertaken in the railway security in the country.

Social implications

Security is an important concern for mankind and social civilisations. The results have significant welfare implications in India and the rest of the world.

Originality/value

The present study is one of the first approaches in a series of studies in railway security in India. The results of this study can be extended to other security scenarios with similar needs.

Details

Journal of Advances in Management Research, vol. 16 no. 3
Type: Research Article
ISSN: 0972-7981

Keywords

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Article
Publication date: 3 April 2017

Rajneesh Kumar, Anoop Kumar and Varun

The purpose of this computational fluid dynamics (CFD)-based study on semicircular rib-roughened equilateral triangular duct is to investigate heat transfer, friction…

Abstract

Purpose

The purpose of this computational fluid dynamics (CFD)-based study on semicircular rib-roughened equilateral triangular duct is to investigate heat transfer, friction factor and thermohydraulic performance parameter. The analysis is carried out by simulating problem in ANSYS (Fluent). The Reynolds number in the study varies from 4,000 to 24,000. Nusselt number is calculated for different Reynolds number using various turbulent models available in ANSYS (Fluent) for a smooth duct and compared the results with the Dittus–Boelter correlation.

Design/methodology/approach

The analysis has been done by solving basic fluid governing equations (continuity, momentum and energy) by using finite volume method (FVM). The semicircular ribs were fabricated on the absorber plate. The constant amount of heat flux is applied on the absorber plate, whereas other two walls are made adiabatic. The semi-implicit method for pressure linked equations (SIMPLE) algorithm is used with pressure–velocity-coupled disretization to estimate the results. The selection of turbulent model has been done on the basis of Nusselt number prediction in the smooth duct.

Findings

The renormalization-group kε model predicts the Nusselt number more accurately as compared to standard kε model, standard kω model, shear stress transport (SST) kω and realizable kε model in the Reynolds number ranges from 4,000 to 24,000 with a ± 5.5% deviation from Dittus–Boelter equation for smooth duct. The maximum thermo-hydraulic performance is observed of the order of 1.7 for arrangement which has a relative roughness height of 0.067 and relative roughness pitch of 7.5 at higher Reynolds Number of 24,000.

Originality/value

Although, many experimental studies are available in the area of rib-roughened ducts, the present study is based on CFD analysis of semicircular rib-roughened equilateral triangular duct and the results are predicted in terms of Nusselt number, friction factor and thermohydraulic performance parameter. Moreover, the predicted result of Nusselt number and friction factor is validated by comparing with Dittus–Boelter correlation and modified Blasius equation, respectively. This advantage made Fluent a powerful tool for analyzing the internal fluid flow through roughened ducts.

Details

International Journal of Numerical Methods for Heat & Fluid Flow, vol. 27 no. 4
Type: Research Article
ISSN: 0961-5539

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Article
Publication date: 8 October 2018

Nitin Kumar Sahu, Atul Kumar Sahu and Anoop Kumar Sahu

Around the world, protecting environment and purchasing green products by the manufacturing firms progressively becomes a popular and important issue. Manufacturers are…

Abstract

Purpose

Around the world, protecting environment and purchasing green products by the manufacturing firms progressively becomes a popular and important issue. Manufacturers are realizing the importance of producing green products under green practices. This study aims to propose an appraisement platform to evaluate the overall performance index of a firm under green practices. Furthermore, the study also helps in identifying ill-performing areas, which necessarily require future attention to augment green supply chain (GSC) of a firm. A case research is conducted to assess the real-life application by the proposed approach.

Design/methodology/approach

The authors used fuzzy performance index to measure the overall performance index of a firm. Beside this, they proposed a degree of similarity approach amalgamated with fuzzy performance importance index to classify the ills and strong indices in GSC extent.

Finding

The intermittent assessment of green practices and their metrics in the organizational supply chain management (SCM) is indeed necessary. The present study provides an appraisement module to assess overall GSC fuzzy performance index and also helps in identifying the ill-performing areas which require future augmentation toward successful green implementation.

Originality/value

The exposed research work dealt with chains of subjective indices (measure and their interrelated metrics), which are induced into hierarchical appraisement module. To tackle the uncertainty of indices, the subjective indices are transposed into interval-valued fuzzy number set (IVFNS), as IVFNs are preferred to undertake the uncertainty of GSC indices. The proposed approach is demonstrated with a case research to justify its validity and originality.

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Article
Publication date: 11 December 2019

Wei Wang, Li Huang, Yuliang Zhu, Liupeng Jiang, Anoop Kumar Sahu, Atul Kumar Sahu and Nitin Kumar Sahu

Supplier evaluation is a part of logistic management. In the present era, resilient supply chain performance (RSCP) assessment of the vendor enterprise is respected as a…

Abstract

Purpose

Supplier evaluation is a part of logistic management. In the present era, resilient supply chain performance (RSCP) assessment of the vendor enterprise is respected as a hot topic. The purpose of this paper is to enable the managers to map the performance in percentage system and also enabling managers for identifying the weak indices-metrics, which need to be improved up to ideal or standard level and strong indices-metrics.

Design/methodology/approach

The authors found two research gaps via a literature survey. The first research gap revealed that the performance of a resilient supplier is computed solely in terms of a fuzzy mathematical scale. The articles are not yet published, which could measure the RSCP in percentage. The second research gap argued about the mitigation of the multi-level hierarchical resilient vendor/supplier evaluation framework for materializing RSCP and identifying weak and strong performing indices-metrics. To compensate the both research gaps, the authors developed a novel fuzzy gain-loss evolutionary computational approach to assess the performance of a firm in percentage. Next, a revised ranking technique coupled with trapezoidal fuzzy set based fuzzy performance importance index is implemented on the framework to seek weak and strong indices-metrics. The performance loss of each metric using the ideal solution concept considering the attitude of decision makers is also revealed.

Findings

The authors found the RSC performance of supplier firm 74 per cent, whereas performance loss 26 per cent, while actual performance is compared with standard fuzzy performance index (SFPI). Performance loss 26 per cent can be compensated by improving the performance of weak indices-metrics.

Originality/value

The novelty of the paper is that the authors used the ideal solution concept to compute the SFPI and compare it with actual FPI for evaluating the gain and loss of resilient supplier firm in percentage and identify weak and strong indices so that managers can improve the performance of weak indices. The work possesses the significant for all organizations, as research work enables the managers to map and improve the RSC performance of any vendor firm in future. The presented work considers the case of an automobile parts supplier industry to validate the developed approach.

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Article
Publication date: 9 January 2018

Anoop Kumar Sahu, Nitin Kumar Sahu and Atul Kumar Sahu

The purpose of this study is to design a DSS for construction sectors, which can determine the status of the related supplier alternatives, accompanying G-T, SC measures…

Abstract

Purpose

The purpose of this study is to design a DSS for construction sectors, which can determine the status of the related supplier alternatives, accompanying G-T, SC measures and their interrelated metrics. In today’s era, a supplier is observed as significant among entire agents of green supply chain (SC) management. Presently, it is determined that appraising worth of the supplier under green-traditional (G-T), SCs concerns still require the support of novel algorithmic/decision support systems (DSSs), which could embrace potential decision-making.

Design/methodology/approach

The authors have proposed a DSS (consisting of the implementation of multi-level multi-criterion decision-making [ML-MCDM], reference point approach [RPA] and multi-objective optimization on the basis of simple ratio analysis [MOOSRA] methods on constructed MCDM supplier evaluation appraisement module) for measuring the performance score of clay-brick suppliers coming under G-T SCs corresponding to fuzzy and non-fuzzy information. A comparative analysis is conducted among the performance scores against alternatives, obtained by the three methods, i.e. ML-MCDM, RPA and MOOSRA, for robustly making a potential decision.

Findings

The presented research offers a DSS toward managers of construction sectors for benchmarking the performance scores against supplier alternatives under G-T SC measures and their interrelated metrics, modeled by fuzzy cum non-fuzzy information.

Originality/value

Presented research work exhibited a DSS that can be used by construction sectors for benchmarking the supplier alternatives in accordance with their performance scores under G-T SCs. The MCDM G-T supplier evaluation appraisement module is constructed pertaining to small-scale clay-brick production units, located in the northern part of India to check the effectiveness of the proposed DSS.

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Article
Publication date: 13 February 2017

Anoop Kumar Sahu, Atul Kumar Sahu and Nitin Kumar Sahu

In present research, the authors conducted the massive literature review and collected the information, in regards to material handling system (MHS) to build a multi…

Abstract

Purpose

In present research, the authors conducted the massive literature review and collected the information, in regards to material handling system (MHS) to build a multi criteria MHS hierarchical module consists of ecological cum fiscal criteria. Moreover, similar literature review assisted the authors to resolve and eventually construct the effectual and robust approach. The purpose of this paper is to facilitate the managers for benchmarking the MHS alternatives operating under similar module via robust decision support system (DSS).

Design/methodology/approach

In present research, the proposed module dealt with ecological (subjective) and fiscal (objective) criteria, where subjective criteria associated with incompleteness, vagueness, imprecision, as well as inconsistency, solicited the discrete information in terms of Grey set via linguistic scale from experts panel. The objective information (capital) has been assigned by expert’s panel in terms of Grey set. To robustly evaluate and select the admirable MHS, three approaches named: degree of possibility, technique for order preference similar to ideal solution as well as Grey relational analysis fruitfully applied to connect and unite discrete information.

Findings

The performance evaluation of MHSs has been carried out under concert of individual fiscal criteria excluding ecological criteria in past researches. Moreover the previous developed DSS tackled sole approach under individual fiscal criteria. The authors found the broad applications of fuzzy sets except Grey set theory in the same context for measuring the performance of MHS alternatives. Aforesaid research gaps have been transformed into research objectives by incorporating the module for both fiscal cum ecological criteria. This research embraces a robust DSS, which has been explored to select the admirable MHS alternative.

Originality/value

An empirical case study has been carried out in order to demonstrate the legitimacy of holistic Grey-MCDM method, implemented over multi criteria MHS hierarchical module. Proposed DSS seems to be the best for organisations, which believe to appraise and select the MHS including fiscal as well as ecological criteria excluding individual fiscal criteria. Moreover, subjective cum objective or individual subjective or objective criteria can be extended with respect to varieties of MHSs.

Details

The International Journal of Logistics Management, vol. 28 no. 1
Type: Research Article
ISSN: 0957-4093

Keywords

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Article
Publication date: 15 January 2018

Nitin Kumar Sahu, Atul Kumar Sahu and Anoop Kumar Sahu

Robot appraisement under various dimensions and directions is a crucial issue in real-time manufacturing scenario. Logistic robots are programable-independent movable…

Abstract

Purpose

Robot appraisement under various dimensions and directions is a crucial issue in real-time manufacturing scenario. Logistic robots are programable-independent movable devices capable of transporting stuffs in a logistic cycle. The purpose of this paper is to opt for the most economical robot under chains of criteria, which is always considered as a sizzling issue in an industrial domain.

Design/methodology/approach

The authors proposed a cluster approach, i.e. ratio analysis, reference point analysis and full mutification form, embedded type-2 fuzzy sets with weighted geometric aggregation operator (WGAO) to tackle the elected problem of industrial robot. The motive to use WGAO coupled with type-2 fuzzy sets is to effectively undertake the uncertainty associated with comprehensive information of professionals against defined dimensions. Furthermore, the cluster approach is used to carry out the comparative analysis for evaluating robust scores against candidate robot’s manufacturing firms, considering 59 crucial beneficial and non-beneficial dimensions. A case research study is carried out to demonstrate the validity of the proposed approach.

Findings

The most challenging task in real-time manufacturing scenario is robot selection for a particular industrial application. This problem has become more complex in recent years because of advanced features and facilities that are continuously being incorporated into the robots by different manufacturers. In the past decade, robots have been selected in accordance with cost criteria excluding other beneficial criteria, which results in declined product quality, customer’s expectation, ill productivity, higher deliver time, etc. The proposed research incorporates the aforesaid issues and provides the various important attributes needed to be considered for the optimum evaluation and selection of industrial robots.

Research limitations/implications

The need for changes in the technological dimensions (speed, productivity, navigation, upgraded product demands, etc.) of robot was encountered as a hardship work for managers to take wise decision dealing with a wide range of availability of robot types and models with distinct features in the manufacturing firms. The presented work aids the managers in taking their decisions effectively while dealing with the aforesaid circumstances.

Originality/value

The proposed work suggests chains of dimensions (59 crucial beneficial and non-beneficial dimensions) that can be used by managers to measure the economic worth of robot to carry out logistic activities in updated manufacturing environment. The proposed work evolves as an effective cluster approach-embedded type-2 fuzzy sets with WGAO to assess manufacturing firms under availability of low information.

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Article
Publication date: 1 October 2018

Atul Kumar Sahu, Harendra Kumar Narang, Mridul Singh Rajput, Nitin Kumar Sahu and Anoop Kumar Sahu

Based on the existing literature in the field of green supply chain management (GSCM), the purpose of this paper is to find essential to conceptualize and develop an…

Abstract

Purpose

Based on the existing literature in the field of green supply chain management (GSCM), the purpose of this paper is to find essential to conceptualize and develop an efficient appraisement platform for the purpose of benchmarking green alternative in supply chain network.

Design/methodology/approach

The authors explored multiple approaches, i.e. Višekriterijumsko kompromisno rangiranje (VIKOR), simple additive weighting (SAW) and grey relational analysis (GRA) by amalgamating fuzzy sets theory to select the most appropriate alternative for GSCM. The work is supported by triangular fuzzy number sets to choose the green alternative industry among available industries, while dealing with the uncertainty and vagueness in GSCM. A case study is exposed to identify strong and weak indices and to exhibit the feasibility of the proposed work.

Findings

It is requisite by the managers of many firms to identify the strong and weak indices relating their firms. Thus, the authors presented an approach for measuring and appraising the performance of the selected green alternative by determining the strong and weak indices. The presented work illustrates the performance measurement model that identifies comprehensive GSCM practices of the firms. The presented work incorporates green supply chain activities to support environmental sustainability throughout the supply chain.

Research limitations/implications

GSCM is necessary to the firms, as it considers impact onto the environment due to their supply chain activities. The authors build decision support system to facilitate the managers of various firms for modeling green practices in their decision making. The authors attempt to devise a conceptual framework linked with knowledge-based theory.

Originality/value

The authors conceptualized VIKOR, SAW and GRA methodology to rank and benchmark the green performance of distinguish alternative industries among available industries. Additionally, the performance measurement model for the selected significant green alternative is presented for determining the strong and weak indices.

Details

Benchmarking: An International Journal, vol. 25 no. 7
Type: Research Article
ISSN: 1463-5771

Keywords

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