bluuebunny/crossref_metadata_2025_split huggingface dataset:
FIRM EXPANSION THROUGH FRANCHISING: A MODEL AND SOLUTION PROCEDURES
Authors: Pirkul Hasan , Narasimhan Sridhar , De Prabuddha 
Published: June 2007

ABSTRACTThis paper presents a practical model for firm expansion through franchising. The model allows the possibility of opening both company‐owned and franchised stores. The objective is to maximize the expected returns to the franchisor from both types of stores, subject to the total capital outlay budget and the excess capacity available at each warehouse. A relaxation for this problem is studied and a heuristic solution procedure that makes use of this relaxation is developed. Experimental results over a wide range of problem structures show this solution methodology to be very effective, with gaps between feasible solution values and upper bounds generally in the 0 to 1 percent range. An efficient branch‐and‐bound code also is developed. This code is tested on problems with up to 100 potential store locations and 20 regions. It is found to be at least two orders of magnitude faster than a state‐of‐the‐art commercial integer programming package.
TOWARD TEACHING EXCELLENCE IN THE DECISION SCIENCES*
Authors: Brightman Harvey J. 
Published: June 2007

ABSTRACTRecently the National Commission on Higher Education Issues found serious problems with college‐level teaching and recomended educational reforms. This paper describes one attempt at reform—namely, a course at Georgia State University on university teaching for College of Business doctoral students. The 45‐hour seminar, based on a university teaching model, covers setting instructional objectives, lecture and discussion methods, teaching methods for higher‐level learning, test construction, course evaluation instruments, and instructional and technological innovations. Previous studies have demonstrated repeatedly that teaching improvement seminars can improve teacher and student performance in the classroom. This paper discusses how the seminar could be implemented at other colleges of business administration, extended to faculty development workshops, and ultimately result in a master teacher or instructional professorship.
OPTIMAL PORTFOLIO SELECTION OF BONDS AND STOCKS*
Authors: Cheung C. Sherman , Kwan Clarence C. Y. 
Published: June 2007

ABSTRACTIn the present study, we offer an alternative approach to bond portfolio management which differs from the traditional immunization approach. In doing so, we formalize what has been a common practice among some investors who form portfolios of bonds and stocks with a view to optimizing the trade‐off between risk and return. By using the general multiindex model to characterize the variance‐covariance structure of security returns, both duration theory and modern equilibrium theories of the term structure are incorporated in the analysis. In addition, a simplified selection procedure based on a single‐index model is derived. This procedure is intuitively appealing to practitioners since it selects assets on the basis of reward per unit of risk of individual assets.
A MATHEMATICAL PROGRAMMING APPROACH TO SENSITIVITY ANALYSIS IN SINGLE‐STAGE DECISION MAKING
Authors: Buckley James J. 
Published: June 2007

ABSTRACTThis paper presents sensitivity analyses for a single‐stage decision problem where an action which will maximize the expected payoff must be chosen from a finite number of actions given the states of nature, their probabilities, and the payoffs corresponding to each action and state of nature. Three types of sensitivity analysis are developed: (1) sensitivity analysis on the probabilities keeping the payoff numbers fixed, (2) sensitivity analysis on the payoffs keeping the probabilities fixed, and (3) joint sensitivity analysis on the payoffs and the probabilities. The approach is illustrated with an example. Quite often the sensitivity analysis can be conducted by solving an appropriate linear or quadratic programming problem.
WARRANTY COST ESTIMATION: A GOAL PROGRAMMING APPROACH
Authors: Mitra Amitava , Patankar Jayprakash G. 
Published: June 2007

ABSTRACTThis paper proposes a goal programming approach to the warranty cost estimation problem. Past research on this topic has mostly dealt with a single objective—the minimization of the warranty reserve cost or the maximization of profit. A more realistic approach to warranty cost problems could, however, involve several goals, some of which might be conflicting to others. In this paper, three goals are prioritized. The goals considered are minimization of warranty reserve cost per unit, offering a minimum level of warranty time based on an allowable proportion of failures within the warranty period, and capturing a minimum specified market share of the product. An example is illustrated using the proposed formulation, and goal achievements are discussed.
DIVERSIFICATION GAINS FROM INCLUDING REAL ESTATE IN MIXED‐ASSET PORTFOLIOS*
Authors: Webb James R. , Curcio Richard J. , Rubens Jack H. 
Published: June 2007

ABSTRACTDiversification gains in mean‐variance efficiency derived from including real estate in financial asset portfolios are examined. Optimal financial and mixed‐asset portfolios were generated by selecting from an investment universe including several distinct financial and real estate media. Deficiencies of previous studies were overcome by employing data with improved representativeness and comparability. The efficient mixed‐asset portfolios dominated the efficient financial asset portfolios implying that purely financial asset diversification is inefficient. The optimal mixed‐asset portfolio prescribed that approximately two‐thirds of the investment wealth be allocated to real estate and one‐third to the financial media.
A Variable Selection Criterion in the Linear Programming Approaches to Discriminant Analysis*
Authors: Nath Ravinder , Jones Thomas W. 
Published: June 2007

ABSTRACTThere are numerous variable selection rules in classical discriminant analysis. These rules enable a researcher to distinguish significant variables from nonsignificant ones and thus provide a parsimonious classification model based solely on significant variables. Prominent among such rules are the forward and backward stepwise variable selection criteria employed in statistical software packages such as Statistical Package for the Social Sciences and BMDP Statistical Software. No such criterion currently exists for linear programming (LP) approaches to discriminant analysis. In this paper, a criterion is developed to distinguish significant from nonsignificant variables for use in LP models. This criterion is based on the “jackknife” methodology. Examples are presented to illustrate implementation of the proposed criterion.
A Principle for Corner Store Positioning under Intrinsic Modeling for Traffic Orientation*
Authors: Hibshoosh Aharon 
Published: June 2007

ABSTRACTThis paper presents the following normative positioning principle in convenience store competition at an intersection.In countries where traffic advances on the right (left) side of the street, other things being equal, a convenience corner store should locate clockwise (counterclockwise) adjacent to the already established stores.This principle is established within a spatial framework emphasizing the relationship among the following: consumer‐driver preferences, relative volume of traffic movements, and store potential at different corners. The analysis demonstrates the dependence of competitor strategy on available locations, sequence of positioning, and utility considerations.
Solving Resource Allocation Problems When Earning Effects Are Present
Authors: Harrison Terry P. , Kochenberger Gary A. , Prave Rose S. , Rishel Tracy D. 
Published: June 2007

ABSTRACTLearning effects play an important role in certain resource allocation problems, and several authors have proposed models for these problems that capture the relevant relationships. However, the models may be difficult to implement or have shortcomings in the prescribed solution procedures. In this paper, we selectively review the work to date and present a simple reformulation that facilitates solution by off‐the‐shelf software.
A Minimax Approach to Cost Variance Investigation with Imperfect Parameter Knowledge
Authors: Finley David R. 
Published: June 2007

ABSTRACTAlthough models of the multiperiod cost variance investigation decision problem have been extensively analyzed, their implementation is hindered by the manager's lack of knowledge of parameter values essential to determining the optimal investigation strategy. This paper develops a minimax approach to determine a reasonable investigation strategy, even without knowledge of certain parameters. Specifically, the Dittman‐Prakash Markovian variance investigation model is modified to allow specification of a suitable strategy when neither the probability of staying in the in‐control state nor the expected cost for the out‐of‐control state is known. An objective function based on controllable costs is derived and a solution technique for the resulting minimax problem is developed. Numerical results indicate that the inherently robust minimax approach captures most of the cost savings available from methods that place greater input demands on the manager.
Freezing the Master Production Schedule Under Demand Uncertainty
Authors: Sridharan V. , Berry William L. 
Published: June 2007

ABSTRACTManaging the trade‐off between achieving a stable master production schedule (MPS) and being responsive to changes in customer requirements is a difficult problem in many firms where providing a high level of customer service is viewed as an important competitive factor. One alternative for managing this trade‐off is to freeze an agreed portion of the MPS. This paper investigates the impact of adjustments in the design parameters of MPS freezing methods on two performance measures (MPS lot‐sizing cost and stability) under stochastic demand conditions in a rolling planning horizon environment given a service level target. Simulation experiments are reported which indicate that many of the conclusions regarding the design of MPS freezing methods obtained under deterministic demand conditions hold under stochastic demand.
Committee Decision Making in Organizations: An Experimental Test of the Core
Authors: Steckel Joel H. 
Published: June 2007

ABSTRACTOne concept that has been widely supported in experiments on predicting the outcome of majority‐rule voting committees is the Core, the set of alternatives that cannot be defeated by any other in a binary contest. Unfortunately, the applicability of these experiments to organizations is limited by a set of rigid controls intended to ensure that the experiments are internally valid. This paper tests the Core in a laboratory environment that relaxes these controls. The Core is found to be highly predictive under these relaxed conditions, thereby enhancing confidence in its external validity.
The Individually Responsible and Rational Decision Approach to Economic Lot Sizes for One Vendor and Many Purchasers
Authors: Joglekar Prafulla , Tharthare Suresh 
Published: June 2007

ABSTRACTBanerjee's [2] joint economic lot size (JELS) model, along with related works by Monahan [12] and Lal and Staelin [10], represents one approach to minimizing the total inventory carrying and ordering costs of a vendor and his purchaser(s). Noting that JELS philosophy requires a coordinated system and that its practical implementation is problematic, we present an alternative approach to the same problem: the individually responsible and rational decision (IRRD) approach. The IRRD approach is consistent with a free enterprise system and easy to implement. In order to show that the IRRD approach is also more economical than the JELS approach, we first build a more refined JELS model for the case of one vendor and many identical purchasers. Drawing on earlier criticisms of specific JELS models, our refinement relaxes the lot‐for‐lot assumption commonly used by JELS scholars. To be comparable with earlier works, we retain the assumption of deterministic conditions and demonstrate the economic advantages of IRRD over JELS through a numerical example. An algebraic proof of IRRD's superiority over JELS is offered in the more general and realistic case of a vendor dealing with K nonidentical purchasers with reasonably predictable annual demand but uncertain order quantities and timings.
An Evaluation of the Role and Performance of a Decision Support System in Business Education*
Authors: King William R. , Premkumar G. , Ramamurthy K. 
Published: June 2007

ABSTRACTWith the rapid growth in end‐user computing, there has been an increasing demand on business schools to train managers in the use of computers for effective decision support. While computer‐aided instruction (CAI) has been in vogue for over a decade, there are very few studies that evaluate the impact of computers on decision‐making skills in a business education context. The study makes use of a controlled experiment to evaluate the impact of computers on the accuracy and quality of decision making in a business decision support context. It also addresses the relationships between decision performance and various student characteristics such as aptitude, attitude, domain experience, domain expertise, gender, and system experience. The study revealed that computer support positively influenced both dimensions of decision performance.
Estimation of Nonlinear Models in the Presence of Measurement Error*
Authors: Higgins Lexis F. , Judd Charles M. 
Published: June 2007

ABSTRACTTechniques used in decision sciences and business research to estimate interactions between latent variables are limited in controlling for measurement error. This article uses a latent structure modeling approach that substantially controls for measurement error in nonlinear relationships. The results of this technique are compared to the results obtained applying hierarchical regression analysis and the impact of measurement error is assessed. The paper provides a unique assessment of the validity of the multi‐attribute attitude model. The validity of the multiplicative rule in the model is supported.
A Maximum‐Entropy Based Heuristic for Density Estimation from Data in Histogram Form*
Authors: Golany B. , Phillips F. Y. 
Published: June 2007

ABSTRACTWe look at a specific but pervasive problem in the use of secondary or published data in which the data are summarized in a histogram format, perhaps with additional mean or median information provided; two published sources yield histogram‐type summaries involving the same variable, but the two sources do not group the values of the variable the same way; the researcher wishes to answer a question using information from both data streams; and the original, detailed data underlying the published summary, which could give a better answer to the question, are unavailable. We review relevant aspects of maximum‐entropy (ME) estimation, and develop a heuristic for generating ME density estimates from data in histogram form when additional means and medians may be known. Application examples from several business and scientific areas illustrate the heuristic's use. Areas of application include business and social or market research, risk analysis, and individual risk profile analysis. Some instructional or classroom applications are possible as well.
The Effects of Memory Structure on Using Rule‐Based Expert Systems for Training: A Framework and an Empirical Test*
Authors: Pei Buck K.W. , Reneau J. Hal 
Published: June 2007

One justification for eliciting and representing the judgment strategy of an expert in a rule‐based expert system (RBES) is to facilitate knowledge transfer to individuals with less expertise. However, prior research suggests complexities and potential problems when using RBESs for training. In this paper, a conceptual framework of user learning from RBESs is presented. It is proposed that learning may be ineffective when the problem representation of the RBES is inconsistent with the user's mental representation of the task‐domain knowledge.An experiment was conducted to examine the effects of consistency (inconsistency) between the problem‐solving strategy of RBESs and individuals' memory structures. Groups of subjects whose memory structure either matched or did not match two RBESs' problem‐solving strategies were examined using an internal control evaluation task. The results suggest that learning was facilitated only for groups with congruence between the RBES's problem‐solving strategy and a subject's memory structure.
An Efficient Zero‐One Formulation of the Multilevel Lot‐Sizing Problem
Authors: McKnew Mark A. , Saydam Cem , Coleman B. Jay 
Published: June 2007

ABSTRACTThis paper presents a zero‐one linear formulation of the multilevel lot‐sizing problem for materials requirement planning systems without capacity constraints. The model is an efficient statement of the problem and has a structure that is particularly convenient for research work. In addition, it is demonstrated that the relaxed linear programming solution to this formulation will always be integer. The results of a rather large computational history are reported along with a variable reduction methodology that allows for the solution of reasonably sized research problems.
How Long Should a Customer Wait for Service?
Authors: Davis Mark M. 
Published: June 2007

ABSTRACTA major concern for service managers is the determination of how long a customer should wait to be served. Services, due to the customer's direct interaction with the process, must face a trade‐off between minimizing the cost of having a customer wait and the cost of providing good service. A total cost model is presented for determining how long a customer should wait when these two conflicting cost components are considered. An integral part of this model includes a measure of customer satisfaction with waiting time which is used to develop a waiting cost function. The model is then applied to a major fast food chain, using data collected at several locations. Analysis of the data reveals that the “ideal” waiting time for this firm is significantly less than the current corporate waiting time policy. Thus, as indicated by the model, a corporate policy change is recommended to provide much faster service. The adoption of such a policy would result in increased labor costs, and would simultaneously increase the firm's overall profits. Although appearing contradictory, increases in current labor costs and long‐term profits are both possible when management takes the long‐range perspective suggested in this paper.
A Comparative Evaluation of Labor Tour Scheduling Methods
Authors: Bechtold Stephen E. , Brusco Michael J. , Showalter Michael J. 
Published: June 2007

ABSTRACTThis paper presents an initial study of relative performance for a number of the labor tour scheduling heuristic methods proposed in the literature. These heuristic methods were classified as either linear programming (LP) based or construction. Each of the methods was applied to a tour scheduling problem, subject to a variety of labor demand requirements distributions, with the singular objective being the minimization of total labor hours scheduled. Statistical analysis revealed that effective tour schedule solutions were generated by both LP‐based and construction methods. Since the performances of the Keith [13], Morris and Showalter [18], and Bechtold and Showalter [5] methods were superior, their solutions were also compared across a number of secondary criteria. An overall analysis of the performances of these three methods resulted in the identification of a number of important managerial and decision‐making issues. We conclude that service operations management should consider integrating these heuristic methods into a decision support system. Finally, suggestions for future research are provided.
Tour Scheduling and Task Assignment of a Heterogeneous Work Force: A Heuristic Approach
Authors: Loucks John S. , Jacobs F. Robert 
Published: June 2007

ABSTRACTThe dual problem of work tour scheduling and task assignment involving workers who differ in their times of availability and task qualifications is examined in this paper. The problem is presented in the context of a fast food restaurant, but applies equally well to a diverse set of service operations. Developing a week‐long labor schedule is a nontrivial problem, in terms of complexity and importance, which a manager spends as much as a full workday solving.The primary scheduling objective (the manager's concern) is the minimization of overstaffing in the face of significant hourly and daily fluctuations in minimum staffing requirements. The secondary objective (the workers’ concern) is the minimization of the sum of the squared differences between the number of work hours scheduled and the number targeted for each employee. Contributing to scheduling complexity are constraints on the structure of work tours, including minimum and maximum shift lengths and a maximum number of workdays.A goal programming formulation of a representative problem is shown to be too large, for all practical purposes, to be solved optimally. Existing heuristic procedures related to this research possess inherent limitations which render them inadequate for our purposes. Subsequently, we propose and demonstrate a computerized heuristic procedure capable of producing a labor schedule requiring at most minor refinement by a manager.
Production System Development for Expert Systems Using a Recursive Partitioning Induction Approach: An Application to Mortgage, Commercial, and Consumer Lending
Authors: Cronan Timothy P. , Glorfeld Louis W. , Perry Larry G. 
Published: June 2007

ABSTRACTThe concepts of expert systems and decision support systems have received considerable attention recently. While systems have been proposed for various problem areas in business, difficulties still exist in the knowledge acquisition phase of development. This paper presents a recursive partitioning analysis (RPA) approach to knowledge acquisition. The RPA production system approach was applied to data sets representing the mortgage, commercial, and consumer lending problems. Comparison of the classification rates across these problems to the results of a generalized inductive inference production system (Quinlan's ID3 algorithm) and across the mortgage and commercial lending problems to traditional statistical modeling approaches indicated that the RPA approach provided superior results while using fewer variables.
Modelling Survey Response Data and Determining the Optimal Number of Questionnaires
Authors: Wilson John G. , Singer E. Mendel 
Published: June 2007

ABSTRACTA modification of Huxley's [3] mail response model is proposed. This new approach retains the simplicity and intuitiveness of Huxley's technique and leads to statistically valid conclusions. Using this model, a procedure is developed to find the optimal number of questionnaires that should be mailed in order to meet some prespecified target.
Decisional Conflict and User Acceptance of Multicriteria Decision‐Making Aids*
Authors: Kottemann Jeffrey E. , Davis Fred D. 
Published: June 2007

ABSTRACTDespite the development of increasingly sophisticated and refined multicriteria decision‐making (MCDM) methods, an examination of the experimental evidence indicates that users most often prefer relatively unsophisticated methods. In this paper, we synthesize theories and empirical findings from the psychology of judgment and choice to provide a new theoretical explanation for such user preferences. Our argument centers on the assertion that the MCDM method preferred by decision makers is a function of the degree to which the method tends to introduce decisional conflict. The model we develop relates response mode, decision strategy, and the salience of decisional conflict to user preferences among decision aids. We then show that the model is consistent with empirical results in MCDM studies. Next, the role of decisional conflict in problem formulation aids is briefly discussed. Finally, we outline future research needed to thoroughly test the theoretical mechanisms we have proposed.