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Article
Publication date: 8 February 2011

Johan Conijn and Frans Schilder

This paper aims to present a model that analyses the value gap, the difference between vacant possession value and tenanted investment value, for the houses of Dutch…

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1094

Abstract

Purpose

This paper aims to present a model that analyses the value gap, the difference between vacant possession value and tenanted investment value, for the houses of Dutch housing associations. The paper also aims to explore why the value gap is a structural phenomenon in The Netherlands and why it is an important factor contributing to the malfunctioning of the housing market. This gives an interesting expansion of the value gap theory.

Design/methodology/approach

By using the well‐known concept of user costs and using market equilibrium as a reference, the model quantifies the influence of six factors that cause the value gap. This is done for The Netherlands in total and for each of the 452 housing associations separately.

Findings

The value gap between the owner‐occupied and the rental sector is immense. This is especially the case with the rented houses owned by the housing associations, constituting one‐third of the total housing stock. The vacant possession value of these houses is on average €151,000; the reported tenanted investment value is no more than €33,000. Important factors that are responsible for this gap are, on the one hand, the fiscal subsidies in the owner‐occupied sector and, on the other hand, rent control and the policy of the housing associations characterised by a low rent level and high maintenance and management costs.

Originality/value

This is the first paper that analyses and quantifies the factors contributing to the value lost by Dutch housing associations' operations.

Details

Property Management, vol. 29 no. 1
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 3 July 2009

Susan McKnight

The purpose of this paper is to serve as a reminder to all managers that they must understand their customers, from the customers' perspective, and not make assumptions…

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3423

Abstract

Purpose

The purpose of this paper is to serve as a reminder to all managers that they must understand their customers, from the customers' perspective, and not make assumptions about customer needs.

Design/methodology/approach

Customer value discovery workshops are held with undergraduate on‐campus students and academic staff at Nottingham Trent University to identify customer values and irritations. Library staff participate in the workshops and vote as they expect their customers to vote. The gaps identified between staff assumptions of customer perceptions of service importance and performance serve as a catalyst for staff engagement in the change process that is necessary to deliver on the value propositions and reduce customer irritations.

Findings

Library staff assumptions of customer perceptions are not always accurate. The gaps identified help to engage staff in the change process that is necessary to improve perceptions of value and to reduce irritations. By explicitly addressing the value propositions with the aims of adding value and reducing irritation, student satisfaction with library services, as measured by two independent satisfaction surveys, improves considerably.

Research limitations/implications

The research is based on two customer segments of one university library. The research should be repeated after a gap of three‐four years to check if the value propositions and irritations have changed in that time. If so, the goals of the library's operational plan would have to change to reflect the new value propositions.

Practical implications

A comparison of the Customer Value Discovery methodology with LibQUAL+™, which is used internationally, and the Rodski Research Group's method, used in Australia and New Zealand, is given.

Originality/value

The Customer Value Discovery methodology is most often used in the commercial sector. This paper explores its potential in the not‐for‐profit sector in the context of a university library service.

Details

Performance Measurement and Metrics, vol. 10 no. 2
Type: Research Article
ISSN: 1467-8047

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Article
Publication date: 17 September 2019

Jan M. Myszewski and Madhav Sinha

The purpose of this paper is to find determinants of the effectiveness of the business improvement processes that create value for services offered to patients in…

Abstract

Purpose

The purpose of this paper is to find determinants of the effectiveness of the business improvement processes that create value for services offered to patients in healthcare industries. The words patients and customers are used interchangeably throughout without any distinction. The features that distinguish medical services of different types and their inter-related factors are examined. The aim is to come up with a model of value vs cost that can help healthcare managers examine and use this exercise as an example of improvement micro-projects to help reduce cost and eliminate the patient’s dissatisfaction gaps.

Design/methodology/approach

The list of factors or attributes influencing the creation of value of a given medical process or a single procedure is described. The factors in the value creation are examined that will help in the categories for the risk analysis to determine the value-added benefits for the patient outcome. The cost analysis is approached from two angles to include: the cost of the service, and the costs of poor quality of service.

Findings

The model describes the value for the patient satisfaction depending on the quality level or grade of the treatment or procedures used and the cost factor. The analysis is done at several levels with special reference to case examples. A search for various analogous models in similar service providing situation used in business process management of other process types is highlighted and discussed.

Originality/value

The model is an interesting generic illustration for considering value vs cost in all patient care strategies. It enables the position of various medical procedures that can be applied to the same disease in order to keep the variations as minimum as possible within the quality control specification limits. The importance in different aspects of check-points or hold points for inspection is also discussed.

Details

Business Process Management Journal, vol. 26 no. 3
Type: Research Article
ISSN: 1463-7154

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Article
Publication date: 21 October 2013

Giuseppe Marzo

The purpose of the paper is to offer some advancing in the understanding of the market-to-book value (MBV) gap (or ratio) as the symptom and the metrics for intellectual…

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1563

Abstract

Purpose

The purpose of the paper is to offer some advancing in the understanding of the market-to-book value (MBV) gap (or ratio) as the symptom and the metrics for intellectual capital (IC) value, and to discuss the major criticisms against it. The original contribution of the paper lies in developing the analysis of the meaning of the MBV from a theory-of-the-firm perspective. Such an approach is employed to shed light on the two sides of MBV: book and market values.

Design/methodology/approach

The paper reviews research on MBV and the theory of the firm, employing a deductive approach that explores criticisms and advantages of the use of the MBV gap as the symptom and the metrics of IC according to a specific theory of the firm.

Findings

The paper finds that the presumption that an “accounting fallacy” exists, which refers to the gap between market and book values, must be revised depending on the chosen theory of the firm. In fact, depending on the theory of the firm to which IC scholars refer, book value could not necessarily equate to market value, even if the latter was unbiased. Again, market value could not be able to express the value of IC.

Research limitations/implications

Implications of the paper are mainly for improving consistency in research, but they also support practice for consciousness and awareness. Limitations are the following. First, the paper offers an analysis of just three selected theories of the firm. Second, the analysis is based on a deductive reasoning that can be criticised for results even if not for the aim. Third, one could feel that an IC-centred theory of the firm does not yet exist at all.

Practical implications

Once reasons for abandoning the misbelief that accounting standards should be set in order to close the gap are highlighted, research on IC can move towards more appropriate goals. On the basis of the criticism presented in the paper, empirical research, which makes use of market and book data, could be carried out in a much more consistent way in relation to theoretical background. The paper highlights how the use of the MBV approach can lead to mistakes without a clear reference to the theory of the firm.

Originality/value

The paper focuses on the meaning of the MBV from a theory-of-the-firm perspective, assisting the researcher in avoiding potential mistakes and inconsistencies in their work, and also suggesting some consequences on the practice of IC.

Details

Journal of Intellectual Capital, vol. 14 no. 4
Type: Research Article
ISSN: 1469-1930

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Article
Publication date: 1 December 2005

Yakov Ben‐Haim

To study the effect of Knightian uncertainty – as opposed to statistical estimation error – in the evaluation of value‐at‐risk (VaR) of financial investments. To develop…

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1822

Abstract

Purpose

To study the effect of Knightian uncertainty – as opposed to statistical estimation error – in the evaluation of value‐at‐risk (VaR) of financial investments. To develop methods for augmenting existing VaR estimates to account for Knightian uncertainty.

Design/methodology/approach

The value at risk of a financial investment is assessed as the quantile of an estimated probability distribution of the returns. Estimating a VaR from historical data entails two distinct sorts of uncertainty: probabilistic uncertainty in the estimation of a probability density function (PDF) from historical data, and non‐probabilistic Knightian info‐gaps in the future size and shape of the lower tail of the PDF. A PDF is estimated from historical data, while a VaR is used to predict future risk. Knightian uncertainty arises from the structural changes, surprises, etc., which occur in the future and therefore are not manifested in historical data. This paper concentrates entirely on Knightian uncertainty and does not consider the statistical problem of estimating a PDF. Info‐gap decision theory is used to study the robustness of a VaR to Knightian uncertainty in the distribution.

Findings

It is shown that VaRs, based on estimated PDFs, have no robustness to Knightian errors in the PDF. An info‐gap safety factor is derived that multiplies the estimated VaR in order to obtain a revised VaR with specified robustness to Knightian error in the PDF. A robustness premium is defined as a supplement to the incremental VaR for comparing portfolios.

Practical implications

The revised VaR and incremental VaR augment existing tools for evaluating financial risk.

Originality/value

Info‐gap theory, which underlies this paper, is a non‐probabilistic quantification of uncertainty that is very suitable for representing Knightian uncertainty. This enables one to assess the robustness to future surprises, as distinct from existing statistical techniques for assessing estimation error resulting from randomness of historical data.

Details

The Journal of Risk Finance, vol. 6 no. 5
Type: Research Article
ISSN: 1526-5943

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Article
Publication date: 23 January 2009

Vinh Sum Chau and Yu‐Ying Kao

This paper seeks to apply the SERVQUAL model to identify critical performance measures in the airline industry, exploring differences between Eastern and Western…

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4442

Abstract

Purpose

This paper seeks to apply the SERVQUAL model to identify critical performance measures in the airline industry, exploring differences between Eastern and Western expectations of airline service quality and delivery.

Design/methodology/approach

Data from 263 effective questionnaire responses were collected from two locations – Taipei (Taiwan) and London (UK) – to compare differences between the well‐documented gap‐5 (between perceived and expected levels of service quality) values of respondents from these places of origin.

Findings

The paper generally finds that: there is a statistically significant difference between the perceived and expected levels of service quality in the airline industry; these are affected by such demographic factors as education, occupation and income levels (but not all that were examined); the SERVQUAL model's dimensions represent appropriately the airline industry; and the gap‐5 sizes of these quality dimensions have a significant impact on customer satisfaction and service value; but there does not seem to be a statistically significant difference between the gap‐5s of respondents from the two locations.

Research limitations/implications

The paper limited the research to data from two locations, and makes a bold assumption that the two locations make adequate representations of views from the East and West.

Practical implications

Gap‐5 and general SERVQUAL analyses seem to apply well to the airline industry. Further, management effort need not be different for the delivery of service quality between Eastern and Western passengers/customers. The findings are generalizable to other sectors for which service quality is an important public sector concern (e.g. household utilities).

Originality/value

A generic framework is presented for how service quality dimensions, and issues of gap‐5, relate to overall service quality, customer satisfaction, and service value, in the passenger airline industry.

Details

Managing Service Quality: An International Journal, vol. 19 no. 1
Type: Research Article
ISSN: 0960-4529

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Article
Publication date: 8 July 2014

Sladjana Cabrilo, Leposava Grubic Nesic and Slavica Mitrovic

The purpose of this paper is to identify relevant gaps in human capital (HC) related to innovation performance, which might be the basis for creation of more effective…

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1475

Abstract

Purpose

The purpose of this paper is to identify relevant gaps in human capital (HC) related to innovation performance, which might be the basis for creation of more effective innovation strategies.

Design/methodology/approach

The proposed approach contains the following four steps: HC survey, assessment of HC value drivers, identification of gaps related to the HC value drivers and recommendations for an innovation strategy based on identified gaps. The HC survey includes 554 managers from Serbian companies within seven different industries.

Findings

The biggest gaps in observed Serbian industries are related to crucial HC value drivers for innovation process, such as innovativeness, education and knowledge sharing and social skills.

Research limitations/implications

Although there are limitations in measuring HC and innovation drivers, this approach seems to be valid in recommending more effective innovation strategies/policies on micro and macro level.

Practical implications

This research reveals potentials and barriers within HC in different Serbian industries, crucial to innovation, pointing to the initiatives which might improve innovation performance across Serbian industries. The identification of HC gaps across industries is valuable for gathering sounder intelligence of the sources of innovation and fine-tuning of national innovation strategy according to specific features of industries.

Originality/value

The proposed approach integrates a new perspective into current innovation measurement paradigm. It includes gaps within HC in the assessment of innovation performance, which might foster intangible innovation potential.

Details

Journal of Intellectual Capital, vol. 15 no. 3
Type: Research Article
ISSN: 1469-1930

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Article
Publication date: 24 August 2012

Arash Shahin, Ali Attafar and Monireh Samea

The purpose of this research is to propose a systematic and integrative approach for evaluating, assessing, analysing, and improving service quality and effectiveness.

Abstract

Purpose

The purpose of this research is to propose a systematic and integrative approach for evaluating, assessing, analysing, and improving service quality and effectiveness.

Design/methodology/approach

A new approach is proposed, in which SERVQUAL and overall administration effectiveness (OAE) are integrated. The recycling pavilion service process of Isfahan municipality is examined. By distributing 120 questionnaires containing the 22 questions of the SERVQUAL instrument developed by Parasuraman et al. in four pavilions of four different regions of the city of Isfahan, the services quality gap was measured and the OAE indicator performance was calculated. In OAE, the quality ratio was measured based on the quality gap, and performance and availability ratios were measured based on the characteristics of the recycling pavilion services.

Findings

The empirical findings imply that the application of the proposed approach has resulted in a reduction of 0.59 of the gap average and a 36 per cent improvement of the OAE indicator.

Research limitations/implications

While a general approach is proposed for service application, the results of the case study may not be generalisable.

Originality/value

The proposed approach of this study presents a method for simultaneous analysis of service quality and effectiveness.

Details

Measuring Business Excellence, vol. 16 no. 3
Type: Research Article
ISSN: 1368-3047

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Article
Publication date: 12 August 2014

Arash Shahin, Hadi Balouei Jamkhaneh and Sayedeh Zahra Hosseini Cheryani

The major aim of this investigation is to propose a novel approach for evaluating the implementation of the European Quality Award, i.e. the model of European Foundation…

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2280

Abstract

Purpose

The major aim of this investigation is to propose a novel approach for evaluating the implementation of the European Quality Award, i.e. the model of European Foundation for Quality Management (EFQM).

Design/methodology/approach

The EFQM model includes both enablers and results, while in the service quality gaps model, only the gaps between the organization and customer are studied. In this paper, a new approach has been proposed to assess seven determined gaps in implementing the EFQM model based on the concepts of the service quality gaps model and the ServQual approach. The new approach to the EFQMQual has been examined in Isfahan Province Gas Company using different viewpoints of senior and middle managers and senior experts on four elements of determined gaps. These include perceptions of goals, expectations of goals, perceptions of assessment and expectations of assessment.

Findings

Findings indicate that leadership and key results criteria have the lowest and the highest gap values, respectively. In addition, the fifth gap, i.e. the difference between expectations of assessment and perceptions of assessment, has the lowest average, while the seventh gap, i.e. elements of the EFQM model, has the highest average. With regard to the correlation among the seven gaps, it became obvious that there is a significant correlation among the first, fifth and sixth gaps; and also between the fourth and fifth gaps. Finally, based on the Pareto rule, the priority of the criteria related to each of the gaps has also been determined.

Research limitations/implications

One of the limitations of this study is the complexity of the concepts in the questionnaires, which makes it difficult for respondents to understand the items of the questionnaires. To overcome this, therefore, the researcher has attached a guideline to the distributed questionnaires.

Originality/value

As the literature review indicates, there has not been any research on integrating the concepts of the service quality gaps model, the ServQual approach, and the EFQM model, while also analyzing the weak and strong results obtained from implementing the EFQM model based on such an integrated approach. The significance of the study lies further in the fact that based on an approach similar to the proposed EFQMQual, such concepts can be applied for evaluating the implementation of other quality award systems.

Details

Measuring Business Excellence, vol. 18 no. 3
Type: Research Article
ISSN: 1368-3047

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Article
Publication date: 1 April 1997

Stan Maklan and Simon Knox

Outlines a new approach for managing brands that brings the process into line with recent advances in the management of flatter, customer‐facing organizations. Argues that…

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5921

Abstract

Outlines a new approach for managing brands that brings the process into line with recent advances in the management of flatter, customer‐facing organizations. Argues that the traditional marketing and brand‐building approach, characterized by a narrow, product‐focussed selling proposition, no longer adds sufficient customer value. As a result, a gap has arisen between the value offered by the brand and the value expected by its customers. The factors which contribute to this value gap are discussed in the context of the changing customer and the changing organization where customer value is increasingly generated by business processes traditionally outside the remit of brand management. Introduces a management tool, the Unique Organization Proposition (UOP) to bridge this value gap by integrating the company’s core business processes into a visible set of credentials that adds customer value through the supply chain. Identifies and discusses the ways in which the UOP links with each of five core business processes. In conclusion argues that if marketers are to regain their role in the heart of the value‐adding process, they must lead in the management of the UOP and relegate their traditional brand engineering tools to an appropriate place in the overall UOP architecture.

Details

Journal of Product & Brand Management, vol. 6 no. 2
Type: Research Article
ISSN: 1061-0421

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