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Article
Publication date: 29 April 2014

Yifei Tong, Zhaohui Tang, Kaijun Zhou and Ying dong

The increase in demand variability created by manufacturing enterprises presents new challenges for increasing resource usage and sharing flexibility. For this reason, it…

Abstract

Purpose

The increase in demand variability created by manufacturing enterprises presents new challenges for increasing resource usage and sharing flexibility. For this reason, it is of great importance to research manufacturing grids and their service modes. The purpose of this paper is to establish a systematic strategy and a system tool for manufacturing grid systems.

Design/methodology/approach

A manufacturing service oriented manufacturing grid (MSoMG) system is presented with open grid service architecture as the system architecture and GT3.9 as a development tool. A framework is proposed to support MSoMG by providing advisory tools and methods for uncertain information analysis and processing, multi-objective decision making of manufacturing grid service execution, manufacturing grid service performance prediction based on knowledge template, and flexible manufacturing grid service scheduling and solution. The methodology of the adopted rough set is discussed in detail. Finally, the design support strategies for MSoMG are investigated to guide the coordination of manufacturing activities.

Findings

Many conventional methods and models become very limited for manufacturing grid service with uncertain information. The processing of uncertain information and reasonable application flow can help to improve the completion rate and reliability of manufacturing grid services.

Practical implications

This research provides a solid foundation for manufacturing gird operations and can promote the use of a manufacturing grid mode.

Originality/value

A MSoMG system is presented. The manufacturing grid service with uncertain information is considered as well as design support strategies.

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Article
Publication date: 29 January 2020

Fei Zhang, Xiao-Hua Zhou, Jiafu Su, Sang-Bing Tsai and Yu-Ming Zhai

The purpose of this paper is to examine how signals of uncertainty in the media affect retail investor decisions and initial public offering (IPO) underpricing through…

Abstract

Purpose

The purpose of this paper is to examine how signals of uncertainty in the media affect retail investor decisions and initial public offering (IPO) underpricing through theoretical and empirical methods.

Design/methodology/approach

The authors construct a theoretical model of the influence of media signals on IPO pricing, which describes the micro process in which uncertain signals in media influence retail investors’ decisions and IPO underpricing. Besides, the authors take 516 small and medium-size enterprises (SMEs) listed in A-share from July 2009 to December 2012 as samples for empirical tests and establish an in-depth learning model for text analysis with Java programming to measure Chinese media tone. Finally, the results of the model analysis are verified by empirical results.

Findings

The results show that authoritative media with high credibility can reduce the uncertainty of information sources attract more investors’ attention and improve the valuation and demand of retail investors. The higher the media credibility is the higher the IPO underpricing rate is. The uncertain tone of the media will increase the decision-making cost of investors reduce the valuation expectation and demand of the secondary market and lead to a lower IPO underpricing rate.

Originality/value

The authors study the influence of the uncertainty of media source and media content on the degree of IPO underpricing of SMEs. This is a useful supplement to the Chinese media tone research system that is still in the exploration stage. The research has reference value for government regulation and investor decision-making.

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Article
Publication date: 6 July 2015

Hyeong-Uk Park, Jae-Woo Lee, Joon Chung and Kamran Behdinan

The purpose of this paper is to study the consideration of uncertainty from analysis modules for aircraft conceptual design by implementing uncertainty-based design…

Abstract

Purpose

The purpose of this paper is to study the consideration of uncertainty from analysis modules for aircraft conceptual design by implementing uncertainty-based design optimization methods. Reliability-Based Design Optimization (RBDO), Possibility-Based Design Optimization (PBDO) and Robust Design Optimization (RDO) methods were developed to handle uncertainties of design optimization. The RBDO method is found suitable for uncertain parameters when sufficient information is available. On the other hand, the PBDO method is proposed when uncertain parameters have insufficient information. The RDO method can apply to both cases. The RBDO, PBDO and RDO methods were considered with the Multidisciplinary Design Optimization (MDO) method to generate conservative design results when low fidelity analysis tools are used.

Design/methodology/approach

Methods combining MDO with RBDO, PBDO and RDO were developed and have been applied to a numerical analysis and an aircraft conceptual design. This research evaluates and compares the characteristics of each method in both cases.

Findings

The RBDO result can be improved when the amount of data concerning uncertain parameters is increased. Conversely, increasing information regarding uncertain parameters does not improve the PBDO result. The PBDO provides a conservative result when less information about uncertain parameters is available.

Research limitations/implications

The formulation of RDO is more complex than other methods. If the uncertainty information is increased in aircraft conceptual design case, the accuracy of RBDO will be enhanced.

Practical implications

This research increases the probability of a feasible design when it considers the uncertainty. This result gives more practical optimization results on a conceptual design level for fabrication.

Originality/value

It is RBDO, PBDO and RDO methods combined with MDO that satisfy the target probability when the uncertainties of low fidelity analysis models are considered.

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Article
Publication date: 7 November 2016

Zhen Zhen Ma and Jianjun Zhu

Currently, for the evaluation of enterprise credit, many specific values of indexes are difficult to obtain, so decision makers tend to give a form of uncertain linguistic…

Abstract

Purpose

Currently, for the evaluation of enterprise credit, many specific values of indexes are difficult to obtain, so decision makers tend to give a form of uncertain linguistic variable. To solve this kind of problem, the purpose of this paper is to introduce an uncertain pure linguistic approach on evaluation of enterprise integrity based on grey information.

Design/methodology/approach

Initial uncertain linguistic variables given by experts are transferred into interval grey numbers, and their greyness of degree is computed. Then, the greyness of degree is applied to adjust the weights of experts. Moreover, the core of each interval grey number is calculated, and through giving the positive ideal point and negative ideal point, which are binary numbers, the comprehensive grey relational grade between the linguistic number and the two points is calculated, respectively, as well to get the ranking result of projects by considering both core and greyness of degree.

Findings

The model is applied to a case, and the result verifies the validity and practicability of the model which reveals high effectiveness.

Practical implications

This model provides a new feasible method in a growing number of fuzzy evaluation schemes in the fields of enterprise integrity and contributes to getting better and more accurate results.

Originality/value

In this paper, the greyness of degree is introduced to the model to adjust the experts’ weights, and it reflects the thought of “making full use of the information” in grey system theory and further enriches the system of grey decision-making theory as well as expanding its application scope.

Details

Grey Systems: Theory and Application, vol. 6 no. 3
Type: Research Article
ISSN: 2043-9377

Keywords

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Article
Publication date: 20 May 2020

Nanlei Chen and Naiming Xie

The purpose of this paper is to propose an uncertainty representation and information measurement method for characterizing grey numbers, estimating their internal laws…

Abstract

Purpose

The purpose of this paper is to propose an uncertainty representation and information measurement method for characterizing grey numbers, estimating their internal laws and solving how to generate them based on available information data in the real world.

Design/methodology/approach

This paper attempts to present a new mathematical methodology in the field of grey numbers. The generalized grey number is defined at first with the concept of information elements and information samples. Then, the probability function of a grey number is proposed to describe the internal law of the grey number. By finding the feasible information elements from information samples, the probability calculation method for the true value of a grey number is presented. Finally, some numerical examples and comparisons are carried out to assess the efficiency and performance.

Findings

The results show that the uncertainty representation and information measurement method is effective in characterizing and quantifying grey numbers based on available information data.

Practical implications

Uncertain information is widespread in practical applications. In this manuscript, the grey number is represented and its information is measured through some existing data in discrete or interval forms, which provides a grey information concept that utilizes information elements to represent uncertainty in the real world.

Originality/value

The proposal presents a novel data-driven method to generate a grey number representation from available data rather than the classical whitening weight function constructed from experience, and the dynamic evolution process of a grey number is measured by the increase of information samples.

Details

Grey Systems: Theory and Application, vol. 10 no. 4
Type: Research Article
ISSN: 2043-9377

Keywords

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Article
Publication date: 5 January 2021

Xu Xiuqin, Xie Jialiang, Yue Na and Wang Honghui

The purpose of this paper is to develop a probabilistic uncertain linguistic (PUL) TODIM method based on the generalized Choquet integral, with respect to the…

Abstract

Purpose

The purpose of this paper is to develop a probabilistic uncertain linguistic (PUL) TODIM method based on the generalized Choquet integral, with respect to the interdependencies between criteria, for the selection of the best alternate in the context of multiple criteria group decision-making (MCGDM).

Design/methodology/approach

Owing to decision makers (DMs) do not always show completely rational and may have the preference of bounded rational behavior, this may affect the result of the MCGDM. At the same time, criteria interaction is a focused issue in MCGDM. Hence, a novel TODIM method based on the generalized Choquet integral selects the best alternate using PUL evaluation, where the generalized Choquet integral is used to calculate the weight of criterion. The generalized PUL distance measure between two probabilistic uncertain linguistic elements (PULEs) is calculated and the perceived dominance degree matrices for each alternate relative to other alternates are obtained. Furthermore, the comprehensive perceived dominance degree of each alternate can be calculated to get the ranking.

Findings

Potential application of the PUL-TODIM method is demonstrated through an evaluation example with sensitivity and comparative analysis.

Originality/value

As per author's concern, there are no TODIM methods with probabilistic uncertain linguistic sets (PULTSs) to solve MCGDM problems under uncertainty. Compared with the result of existing methods, the final judgment value of alternates using the extended TODIM methodology is highly corroborated, which proves its potential in solving MCGDM problems under qualitative and quantitative environments.

Details

International Journal of Intelligent Computing and Cybernetics, vol. 14 no. 2
Type: Research Article
ISSN: 1756-378X

Keywords

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Article
Publication date: 8 May 2017

Scott Baker and Morela Hernandez

The purpose of this paper is to explore the question of if and when leaders should communicate bad news to their stakeholders. Previous research in the crisis…

Abstract

Purpose

The purpose of this paper is to explore the question of if and when leaders should communicate bad news to their stakeholders. Previous research in the crisis communication literature has highlighted the need to communicate quickly and persuasively to minimize losses; however, the authors argue that such tactics assume certainty in negative outcomes and tend to generate predominantly one-way, company-centric communication. In this paper, the authors propose that under conditions of uncertainty (i.e. when the bad news has an unknown outcome or cause) different communication strategies are needed.

Design/methodology/approach

Drawing on the stakeholder theory, the authors argue that organizational decision makers have a clear moral obligation to share bad news with affected stakeholders. The authors then review the existing approach to crisis communication and discuss its limitations under conditions of uncertainty. Finally, the authors develop a set of scenarios to guide the communication of bad news under conditions of uncertainty.

Findings

The authors formulate a framework to guide leaders on how to communicate with stakeholders when the nature of the bad news is uncertain and open to multiple interpretations. The authors propose a situational approach for responding to stakeholders that emerges from the context of the bad news.

Originality/value

The authors propose a situational framework for communicating bad news that overcomes the current limitations of extant crisis communication strategies under conditions of uncertainty. This involves balancing existing crisis communication recommendations with a more collaborative sensemaking approach.

Details

International Journal of Public Leadership, vol. 13 no. 2
Type: Research Article
ISSN: 2056-4929

Keywords

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Article
Publication date: 2 July 2020

Chun-Teck Lye, Tuan-Hock Ng, Kwee-Pheng Lim and Chin-Yee Gan

This study uses the unique setting of unusual market activity (UMA) replies to examine the market reaction and the effects of disclosure and investor protection amid…

Abstract

Purpose

This study uses the unique setting of unusual market activity (UMA) replies to examine the market reaction and the effects of disclosure and investor protection amid information uncertainty.

Design/methodology/approach

A total of 1527 hand-collected UMA replies from the interlinked stock exchanges of Indonesia, Malaysia, Thailand and Singapore for the period of 2015–2017 were analysed using event study and Heckman two-step methods with market and matched control firm benchmarks.

Findings

The overall results support the uncertain information hypothesis. The UMA replies with new information were also found to reduce information uncertainty, but not information asymmetry, and they are complementary to investor protection in enhancing abnormal returns. The overall finding suggests that the UMA public query system can be an effective market intervention mechanism in improving information certainty and efficiency.

Research limitations/implications

This study provides insight on the effects of news replies and investor protection on abnormal returns, and support for the uncertain information hypothesis. The finding is useful to policymakers and stock exchanges as they seek to understand how to alleviate investors' anxiety and to create an informationally efficient market. Nevertheless, this study is limited by the extensiveness of the hand-collected UMA replies and also the potential issue of simultaneity-induced endogeneity.

Originality/value

This study uses UMA replies and cross-country data taking into account the effects of market surroundings such as information uncertainty and the level of investor protection on market reaction.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

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Article
Publication date: 6 April 2012

Ming‐Chao Wang and Shih‐Chieh Fang

Network structures are critical in the acquisition of resources; however, their impact on innovative performance remains unclear, especially in an uncertain environment…

Abstract

Purpose

Network structures are critical in the acquisition of resources; however, their impact on innovative performance remains unclear, especially in an uncertain environment. This study aims to advance research on network research by investigating how the configuration of the industrial environment shapes the relationship between network structures of a new venture and its innovative performance.

Design/methodology/approach

Empirical support was derived from entrepreneurial survey data. Data were collected through a survey of 1,510 new ventures in Taiwan for this research study.

Findings

The authors find that innovative performance is impacted by different aspects of the network structure, and that environmental uncertainty contributes to this impact. Overall, the authors find that network structure, innovative performance and environmental uncertainty together contribute to a contingent view of the conditions under which network boundary conditions impact innovative performance.

Practical implications

Given the contradictory role of network centrality and the cooperative network on innovativeness, managers need to focus on acquiring a critical position in the industrial network rather than expecting to obtain resources and information from strong relationships with cooperators, especially in an uncertain environment.

Originality/value

This research contributes to network theory in two ways. First, it provides descriptive data on different aspects of the network structure and how these aspects impact innovative performance. Second, it sheds light on the configuration of resources and allocations for new ventures, which must compete with rivals in an uncertain environment.

Content available
Article
Publication date: 26 July 2018

Peide Liu and Hui Gao

Intuitionistic linguistic fuzzy information (ILFI), characterized by linguistic terms and intuitionistic fuzzy sets (IFSs), can easily express the fuzzy information in the…

Abstract

Purpose

Intuitionistic linguistic fuzzy information (ILFI), characterized by linguistic terms and intuitionistic fuzzy sets (IFSs), can easily express the fuzzy information in the process of muticriteria decision making (MCDM) and muticriteria group decision making (MCGDM) problems. The purpose of this paper is to provide an overview of aggregation operators (AOs) and applications of ILFI.

Design/methodology/approach

First, some meaningful AOs for ILFI are summarized, and some extended MCDM approaches for intuitionistic uncertain linguistic variables (IULVs), such as extended TOPSIS, extended TODIM, extended VIKOR, are discussed. Then, the authors summarize and analyze the applications about the AOs of IULVs.

Findings

IULVs, characterized by linguistic terms and IFSs, can more detailed and comprehensively express the criteria values in the process of MCDM and MCGDM. Therefore, lots of researchers pay more and more attention to the MCDM or MCGDM methods with IULVs.

Originality/value

The authors summarize and analyze the applications about the AOs of IULVs Finally, the authors point out some possible directions for future research.

Details

Marine Economics and Management, vol. 1 no. 1
Type: Research Article
ISSN: 2516-158X

Keywords

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