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Markowitz showed that assets can be combined to produce an “efficient” portfolio that will give the highest level of portfolio return for any level of portfolio risk, as measured by variance or standard deviation. These portfolios can then be connected to generate what is termed an “efficient frontier” (EF). Discusses the calculation of the efficient frontier for combinations of assets, again using the spreadsheet optimizer. To illustrate the derivation of the efficient frontier, uses the data from the Investment Property Databank Long Term Index of Investment Returns for the period 1971 to 1993. Many investors might require a certain specific level of holding or a restriction on holdings in at least some of the assets. Such additional constraints may be readily incorporated into the model to generate a constrained EF with upper and/or lower bounds. This can then be compared with the unconstrained EF to see whether the reduction in return is acceptable. To see the effect that these additional constraints may have, adopts a fairly typical pension fund profile, with no more than 20 per cent of the total held in property. Shows that it is now relatively easy to use the optimizer available in at least one spreadsheet (EXCEL) to calculate efficient portfolios for various levels of risk and return, both constrained and unconstrained, so as to be able to generate any number of efficient frontiers.

Monte Carlo simulation is one of a number of analytical techniques available to enable managers to assess the risks surrounding capital budgeting decisions. Although it is covered in most texts on financial management, surveys have for many years pointed to only limited use of the technique by practising managers making decisions about investment projects. Describes and analyses a simulation model utilizing facilities available to most managers. The model uses a macro to automate the simulation process and generate a frequency distribution of a project′s net present value. The model can be rapidly implemented, uses a large number of individual simulations to provide a reliable frequency distribution and aids managerial decision making by presenting managers with an easily understood perspective on the uncertainty surrounding an investment project.

The purpose of this paper is to present a new framework for designing and implementing simple but effective advanced planning and scheduling (APS) systems in glass container industry by means of spreadsheets.

The conceptual framework for APS system design is developed by integrating principles of end-user computing and mixed-integer programming (MIP). This framework comprises the APS implementation and its integration with enterprise resource planning systems. Such a proposal is applied in a real-world glass bottle manufacturer and its performance assessment is carried out by using metrics of the well-known supply chain operations reference (SCOR) model.

The case study shows that the framework application can improve the responsiveness of glass container supply chain (SC) as well as reduce significantly SC planning costs. A further assessment of the end-user computing satisfaction highlights the general acceptance of the framework.

The proposed framework can assist glass industry managers and practitioners to solve their complex production planning problem since custom solutions are not available for this sector. Another important implication is the possible generalization of the framework given that MIP models for production planning are currently available in the literature for different industries.

On the one hand, the new framework successfully integrates concepts of end-user computing and MIP bridging the gap between theory of aforementioned areas and their practical applications. On the other hand, the paper contributes to the scarce literature on performance evaluation of APS systems and their impact on production system performance. The novel APS gain analysis based on SCOR metrics ensures that the system potential benefits are aligned with the modern concepts of supply chain management.

This research was conducted to study benefits of a concept, known as lean manufacturing, which elicits organizations to do more with less effort, time, space, and equipment by eliminating waste. Because lean implementation involves finances, dedication, and cultural change in business, there is a need to assess a company's lean initiative.

A comprehensive lean assessment tool is designed targeted for use by manufacturing companies. Research of lean principles and practices was conducted through lean organizations, trade publications, manufacturing web sites, professional articles, textbooks, lean exhibitions, and non‐profit lean organizations.

This led to the development of a lean survey questionnaire delivered to 143 lean companies and lean consultants for authentic input. Based on the response, survey participation met a goal of 95 percent accuracy with 15 percent error. Completed surveys were compiled and analyzed for fundamental practices of lean organizations. Answers to the survey were assigned numerical values based on lean significance, and a lean assessment model was developed based on Excel. The lean assessment model was fine‐tuned and programmed to output a numerical and descriptive lean assessment grade. It was tested for soundness by inputting mock lean and traditional company answers into the model. Output results from the model correlated with the input.

Lean thinking philosophy and lean manufacturing methods and principles were exhaustively researched to make a successful lean organization. The research led to the development of a visual indicator, the Lean Thinking Management Wheel. This model to assess lean thinking manufacturing initiatives unique and has a great potential to use industry wide.

South African business organisations operate in an environment that is changing rapidly. One of the key drivers of this change is advances in information technology (IT). Accountants are educated at various tertiary institutions to prepare them to be competent as information and knowledge workers in the South African business environment. This article aims to determine the nature and demands of the South African business and the IT environment in which accountants must function. This analysis identifies the context within which IT skills are applied by accountants by investigating the South African business and IT environment to determine how educational institutions could ensure that the students they deliver possess the critical IT skills they need to be competent in the South African business environment.

As a tool to help compliance with relevant health and safety legislation, a cost‐effective method of risk assessing construction workers' exposure to hand‐arm vibration (HAV) is presented that allows larger numbers of workers to be evaluated, either as a stratified sample of a population or as a population where numbers are not prohibitive.

The method, developed and tested in the field with a national UK contractor, employs work study to collect exposure level data of workers undertaking real work and analyse these, to inform HAV management and risk control decisions.

The method benefits from economies of scale to efficiently risk assess large numbers of workers, without the need for specialist equipment or analysis software. It can be applied to sample strata defined by, for example, equipment used, types of work or classifications of worker.

Results add to the growing body of academic knowledge relating to construction worker HAV exposure and its management.

The method can easily be moulded to suit any type of construction organisation and help control cost associated with HAV legislation compliance.

Potential benefits of controlled HAV exposure include reduced incidence of (HAV induced) medical conditions and concomitant personal financial gains to society.

The method and context are novel. The methodology of work study and sampling in a broader sense are well established.

The purpose of this paper is to present the findings of a research on collaborative personal knowledge registration (PKR). It seeks to explain the interrelationship between records professionals and human resource (HR) and training professionals, as well as the views of management and quality managers on collaborative PKR. It aims to raise awareness of records professionals as specialists in information management, including personal knowledge.

Qualitative methodology was used to conduct the research. It was a multiple-case study, covering 12 organizations in Iceland. In these organizations, 32 professionals were interviewed. The research sought to understand how PKR was being facilitated, as well as how personal knowledge was made accessible and usable for employees.

The organizations had not been as successful as anticipated in PKR. The role and responsibility of records professionals was limited in the PKR process. Different professionals seemed unaware of the possible synergy effect of collaborative PKR.

There is a lack of studies that explore the juxtaposition and collaboration of records professionals and HR and training professionals in organizations. The aim of this research was to bridge this gap. Its originality lies in how it approaches diverse professions and their collaborative PKR effort. This research provides a valuable practical and theoretical contribution to a rapidly growing interdisciplinary field of information and records management. It can lay the foundation for further research into the field.

The purpose of this paper is to find appropriate forms of analysis of multiple-choice questions (MCQ) to obtain an assessment method, as fair as possible, for the students. The authors intend to ascertain if it is possible to control the quality of the MCQ contained in a bank of questions, implemented in Moodle, presenting some evidence with Item Response Theory (IRT) and Classical Test Theory (CTT). The used techniques can be considered a type of Descriptive Learning Analytics since they allow the measurement, collection, analysis and reporting of data generated from students’ assessment.

A representative data set of students’ grades from tests, randomly generated with a bank of questions implemented in Moodle, was used for analysis. The data were extracted from a Moodle database using MySQL with an ODBC connector, and collected in MS Excel^TM worksheets, and appropriate macros programmed with VBA were used. The analysis with the CTT was done through appropriate MS Excel^TM formulas, and the analysis with the IRT was approached with an MS Excel^TM add-in.

The Difficulty and Discrimination Indexes were calculated for all the questions having enough answers. It was found that the majority of the questions presented values for these indexes, which leads to a conclusion that they have quality. The analysis also showed that the bank of questions presents some internal consistency and, consequently, some reliability. Groups of questions with similar features were obtained, which is very important for the teacher to develop tests as fair as possible.

The main contribution and originality that can be found in this research is the definition of groups of questions with similar features, regarding their difficulty and discrimination properties. These groups allow the identification of difficulty levels in the questions on the bank of questions, thus allowing teachers to build tests, randomly generated with Moodle, that include questions with several difficulty levels in the tests, as it should be done. As far as the authors’ knowledge, there are no similar results in the literature.

In the classic recency‐frequency‐monetary value (RFV or RFM) approach to market segmentation, customers are grouped together into an arbitrary number of segments according to data on their most recent day of purchase (R), the number of buying orders placed (F) and the total monetary value of their purchases (V). The purpose of this paper is to show how to select the order in which the RFV dimensions are applied to data and choose the number of segments and the time frame used in such a way as to maximize the results of direct marketing campaigns.

A “genetically” optimized RFV model is built from data collected from a real world direct marketing campaign. The results produced when it is used are compared with the results yielded without the use of any forecasting method at all and with the support of a widely used basic RFV model.

Not only does the new model provide better results, but it is also easy to build and allows for the introduction of new dimensions that may improve its performance even further.

The new model improves the cost‐effectiveness of direct marketing campaigns by permitting more accurate identification of a company's most valuable customers and improving the quality of communication with its customers. It can thereby help them to become more competitive and profitable. This has clear implications for the gathering of marketing intelligence and planning of marketing strategies.

Although genetic algorithms have been shown to be powerful tools for problem solving, their use in marketing has been little reported. This work is a step towards bridging that gap. The genetically optimized RFV model is a new contribution to direct and relationship marketing, generating a positive qualitative and quantitative impact on the way companies relate to their customers.

This study evaluates “potentials for using tourism in promoting indigenous resources for community development at Musina Municipality, Limpopo Province, South Africa.”

The study used a questionnaire survey, focus group discussions, and field observations to gather data. Microsoft Excel, Spreadsheet, cross-tabulation analysis, and manual sorting contributed to quantitative and qualitative data analyses.

The study uncovered vast significant indigenous species, resources, and tourism potentials with low impacts of indigenous species and resource benefits to the local communities. The details pointing to the actual and potential indigenous resources situations around tourism activities in Musina municipality emerged prominently. Thus, the study concluded such significant indigenous species, resources, and better tourism potentials need a well-combined strategy to channel the benefits to the local community's livelihoods.

The issue of indigenous resources, forests, trees, and tourism concerning rural community livelihoods has become of curiosity in the past few years. Nonetheless, few such studies have investigated the synergies between tourism and significant indigenous species and resources to improve their livelihoods.