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Article
Publication date: 11 March 2014

A. Garg, K. Tai and M.M. Savalani

The empirical modelling of major rapid prototyping (RP) processes such as fused deposition modelling (FDM), selective laser sintering (SLS) and stereolithography (SL) has…

Abstract

Purpose

The empirical modelling of major rapid prototyping (RP) processes such as fused deposition modelling (FDM), selective laser sintering (SLS) and stereolithography (SL) has attracted the attention of researchers in view of their contribution to the overall cost of the product. Empirical modelling techniques such as artificial neural network (ANN) and regression analysis have been paid considerable attention. In this paper, a powerful modelling technique using genetic programming (GP) for modelling the FDM process is introduced and the issues related to the empirical modelling of RP processes are discussed. The present work aims to investigate the performance of various potential empirical modelling techniques so that the choice of an appropriate modelling technique for a given RP process can be made. The paper aims to discuss these issues.

Design/methodology/approach

Apart from the study of applications of empirical modelling techniques on RP processes, a multigene GP is applied to predict the compressive strength of a FDM part based on five given input process parameters. The parameter setting for GP is determined using trial and experimental runs. The performance of the GP model is compared to those of neural networks and regression analysis.

Findings

The GP approach provides a model in the form of a mathematical equation reflecting the relationship between the compressive strength and five given input parameters. The performance of ANN is found to be better than those of GP and regression, showing the effectiveness of ANN in predicting the performance characteristics of the FDM part. The GP is able to identify the significant input parameters that comply with those of an earlier study. The distinct advantages of GP as compared to ANN and regression are highlighted. Several vital issues related to the empirical modelling of RP processes are also highlighted in the end.

Originality/value

For the first time, a review of the application of empirical modelling techniques on RP processes is undertaken and a new GP method for modelling the FDM process is introduced. The performance of potential empirical modelling techniques for modelling RP processes is evaluated. This is an important step in modernising the era of empirical modelling of RP processes.

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Book part
Publication date: 23 September 2014

Marc Wouters and Susana Morales

To provide an overview of research published in the management accounting literature on methods for cost management in new product development, such as a target costing…

Abstract

Purpose

To provide an overview of research published in the management accounting literature on methods for cost management in new product development, such as a target costing, life cycle costing, component commonality, and modular design.

Methodology/approach

The structured literature search covered papers about 15 different cost management methods published in 40 journals in the period 1990–2013.

Findings

The search yielded a sample of 113 different papers. Many contained information about more than one method, and this yielded 149 references to specific methods. The number of references varied strongly per cost management method and per journal. Target costing has received by far the most attention in the publications in our sample; modular design, component commonality, and life cycle costing were ranked second and joint third. Most references were published in Management Science; Management Accounting Research; and Accounting, Organizations and Society. The results were strongly influenced by Management Science and Decision Science, because cost management methods with an engineering background were published above average in these two journals (design for manufacturing, component commonality, modular design, and product platforms) while other topics were published below average in these two journals.

Research Limitations/Implications

The scope of this review is accounting research. Future work could review the research on cost management methods in new product development published outside accounting.

Originality/value

The paper centers on methods for cost management, which complements reviews that focused on theoretical constructs of management accounting information and its use.

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Book part
Publication date: 23 April 2005

S. Hoti and Michael McAleer

Abstract

Details

Modelling the Riskiness in Country Risk Ratings
Type: Book
ISBN: 978-0-44451-837-8

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Article
Publication date: 1 June 2015

Kym Fraser, Hans-Henrik Hvolby and Tzu-Liang (Bill) Tseng

Maintenance and its management has moved from being considered a “necessary evil” to being of strategic importance for most competitive organisations around the world. In…

Abstract

Purpose

Maintenance and its management has moved from being considered a “necessary evil” to being of strategic importance for most competitive organisations around the world. In terms of the identification and use of organisational-wide maintenance management models the picture is not clears from both a literature and practical perspective. The purpose of this paper is to shed light on the various models and their use in real-world applications, and in doing so, explores the gap between academic research and practice.

Design/methodology/approach

For this paper two comprehensive reviews of the literature were undertaken, first, to identify and categorise the various maintenance management models, and second, to determine the depth of empirical evidence for the popular models in real-world applications. Descriptive analysis of both the practical examples and empirical evidence rates (EER) for maintenance related journals is provided.

Findings

Within the literature 37 maintenance management models were identified and categorised. From these, three models were found to be popular: total productive maintenance (TPM), condition based maintenance, and reliability centred maintenance. While several thousand papers discussed these three models, only 82 articles were found to provide empirical evidence.

Research limitations/implications

While providing a sound foundation for future research the outcomes are based solely on academic literature. Analysis of EER outside the field of maintenance is needed to make comparisons.

Practical implications

The paper offers practitioners a detailed contemporary overview of maintenance management models along with tabulated results of practical examples to present day organisations. Such practical-focused papers are very limited within academic literature.

Social implications

With EER as low as 1.5 per cent for some journals this paper acts as a reminder to researchers that they have an obligation to society to spend taxpayer funded research on addressing social needs and real-world problems.

Originality/value

This paper makes a concerted attempt to link academic research with management and operational practitioners. While the paper is critical of the current academic imbalance between theory and practice, a number of suggestions to improve EER are offered in the conclusions.

Details

International Journal of Quality & Reliability Management, vol. 32 no. 6
Type: Research Article
ISSN: 0265-671X

Keywords

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Article
Publication date: 1 December 2004

Jocelyn Horne

This paper examines and dissects eight popular conjectures about exchange rates. The conjectures are: there exists a systematic linkage between economic fundamentals and…

Abstract

This paper examines and dissects eight popular conjectures about exchange rates. The conjectures are: there exists a systematic linkage between economic fundamentals and exchange rates; flexible exchange rates are unstable due to destabilising speculation; flexible exchange rates are excessively volatile; the foreign exchange market is efficient; purchasing power parity holds; volatile exchange rates are harmful to trade; depreciating exchange rates trigger a “vicious” inflationary circle; and countries with current account deficits have depreciating exchange rates. The main message is that there is weak theoretical and empirical support for the majority of the conjectures. Only one proposition, relative PPP has strong empirical support but its policy relevance is weakened by the difficulty of interpreting departures from PPP. The remaining group for which there is inconclusive support presents the greatest challenge to research and policy as it includes the first conjecture.

Details

Journal of Economic Studies, vol. 31 no. 6
Type: Research Article
ISSN: 0144-3585

Keywords

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Book part
Publication date: 22 November 2012

Tae-Seok Jang

This chapter analyzes the empirical relationship between the pricesetting/consumption behavior and the sources of persistence in inflation and output. First, a small-scale…

Abstract

This chapter analyzes the empirical relationship between the pricesetting/consumption behavior and the sources of persistence in inflation and output. First, a small-scale New-Keynesian model (NKM) is examined using the method of moment and maximum likelihood estimators with US data from 1960 to 2007. Then a formal test is used to compare the fit of two competing specifications in the New-Keynesian Phillips Curve (NKPC) and the IS equation, that is, backward- and forward-looking behavior. Accordingly, the inclusion of a lagged term in the NKPC and the IS equation improves the fit of the model while offsetting the influence of inherited and extrinsic persistence; it is shown that intrinsic persistence plays a major role in approximating inflation and output dynamics for the Great Inflation period. However, the null hypothesis cannot be rejected at the 5% level for the Great Moderation period, that is, the NKM with purely forward-looking behavior and its hybrid variant are equivalent. Monte Carlo experiments investigate the validity of chosen moment conditions and the finite sample properties of the chosen estimation methods. Finally, the empirical performance of the formal test is discussed along the lines of the Akaike's and the Bayesian information criterion.

Details

DSGE Models in Macroeconomics: Estimation, Evaluation, and New Developments
Type: Book
ISBN: 978-1-78190-305-6

Keywords

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Article
Publication date: 1 October 1997

C.S. Agnes Cheng and Charles J.P. Chen

Previous research and logic indicate that capital markets generally value spending for advertising and promotion; however, empirical results from these studies are far…

Abstract

Previous research and logic indicate that capital markets generally value spending for advertising and promotion; however, empirical results from these studies are far from consistent. While most studies find a positive relationship between a firm's advertising spending and its market value (Hirschey, 1985; Jose, Nichols and Stevens, 1986; Lustgarten and Thomadakis, 1987;Morck, Shleifer and Vishny, 1988; and Morck and Yeung, 1991), others find a negative relationship when control variables are added to the empirical model (Erickson and Jacobson, 1992). Differences in model specification may explain these conflicting results. Previous studies have included a variety of control variables such as return on investment, market share, research and development (R&D) spending, and book value (Erickson and Jacobson, 1992; Chauvin and Hirschey, 1993; Hirschey, 1982) when testing the relationship between promotional expenses and market value. Different firm characteristics (e.g. sales, total assets, book value of equity and price) have been selected as scalers for empirical measures of both the dependent and independent variables. Although these studies investigated an essentially identical theoretical relationship, variation in model specifications renders interpretations different.

Details

Managerial Finance, vol. 23 no. 10
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 February 2002

J. Will M. Bertrand and Jan C. Fransoo

Gives an overview of quantitative model‐based research in operations management, focusing on research methodology. Distinguishes between empirical and axiomatic research…

Abstract

Gives an overview of quantitative model‐based research in operations management, focusing on research methodology. Distinguishes between empirical and axiomatic research, and furthermore between descriptive and normative research. Presents guidelines for doing quantitative model‐based research in operations management. In constructing arguments, builds on learnings from operations research and operations management research from the past decades and on research from a selected number of other academic disciplines. Concludes that the methodology of quantitative model‐driven empirical research offers a great opportunity for operations management researchers to further advance theory.

Details

International Journal of Operations & Production Management, vol. 22 no. 2
Type: Research Article
ISSN: 0144-3577

Keywords

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Article
Publication date: 7 April 2015

Daniel J. Adriaenssen and Jon-Arild Johannessen

– The purpose of this paper is to make a small contribution to reflections on general methodology, not specific methods, in social science.

Abstract

Purpose

The purpose of this paper is to make a small contribution to reflections on general methodology, not specific methods, in social science.

Design/methodology/approach

Systemic methodology.

Findings

First, schematic typology of six conceptual models. Second, typology for determining levels of abstraction for different models and degrees of generalisation. Third, typology for generalisation on the basis of a case study. Fourth, strategy for developing conceptual models.

Research limitations/implications

Research falls into two main categories: conceptual generalisation and empirical generalisation. Conceptual generalisation is an investigation whereby the researcher uses other researchers’ empirical findings in conjunction with his or her own process of conceptualisation in order to generalise and identify a pattern. This contrasts with empirical generalisation, where the researcher investigates a phenomenon or problem that is apparent in the empirical data, and only thereafter generalises in the light of his or her own findings.

Practical implications

A low level of understanding of conceptual generalisation among masters and PhD students. With this paper the authors try to change this perception among students.

Originality/value

Developing a systemic methodology in order for students and university teachers to understand conceptual generalisations.

Details

Kybernetes, vol. 44 no. 4
Type: Research Article
ISSN: 0368-492X

Keywords

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Article
Publication date: 20 January 2012

Mamoun N. Akroush

The purpose of this research is to examine an empirical model of marketing strategy and shareholder value through customer satisfaction and financial performance by using…

Abstract

Purpose

The purpose of this research is to examine an empirical model of marketing strategy and shareholder value through customer satisfaction and financial performance by using a value‐based marketing approach on organisations listed in Amman Stock Exchange Market operating in Jordan.

Design/methodology/approach

A quantitative methodology was employed through conducting two surveys targeting Jordanian organisations' marketing managers and their customers as well as utilising hard measures for financial performance and shareholder value data analysis. A total of 218 marketing managers were involved in the managers' survey and 1,200 customers were involved in the customers' satisfaction survey. A series of exploratory and confirmatory factor analyses were used to assess the research constructs dimensions, unidimensionality, validity and composite reliability. Structural path model analysis was also used to test the hypothesised research model.

Findings

The empirical results indicate that external and internal marketing orientations (IMOs) exerted a positive and significant effect on marketing strategy components, namely: product, price, promotion and distribution strategies. Marketing strategy components exerted a positive and significant effect on customer satisfaction. The findings also indicate that product and price strategies are the strongest drivers of customer satisfaction. Customer satisfaction has a positive and significant effect on financial performance. More importantly, financial performance has a strong positive contribution to shareholder value measured by market value added and earning per share.

Originality/value

This is the first empirical research paper that has investigated a model of marketing strategy and shareholder value through customer satisfaction and financial performance especially in developing countries, e.g. Jordan. This research offered executives and marketing directors empirical evidence on drivers of shareholder value maximisation and how to enhance marketing's strategic influence on strategic decisions which were not available to them before.

Details

Competitiveness Review: An International Business Journal, vol. 22 no. 1
Type: Research Article
ISSN: 1059-5422

Keywords

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