215 research outputs found

    Supplier quality improvement: the value of information under uncertainty

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    We consider supplier development decisions for prime manufacturers with extensive supply bases producing complex, highly engineered products. We propose a novel modelling approach to support supply chain managers decide the optimal level of investment to improve quality performance under uncertainty. We develop a Poisson–Gamma model within a Bayesian framework, representing both the epistemic and aleatory uncertainties in non-conformance rates. Estimates are obtained to value a supplier quality improvement activity and assess if it is worth gaining more information to reduce epistemic uncertainty. The theoretical properties of our model provide new insights about the relationship between the degree of epistemic uncertainty, the effectiveness of development programmes, and the levels of investment. We find that the optimal level of investment does not have a monotonic relationship with the rate of effectiveness. If investment is deferred until epistemic uncertainty is removed then the expected optimal investment monotonically decreases as prior variance increases but only if the prior mean is above a critical threshold. We develop methods to facilitate practical application of the model to industrial decisions by a) enabling use of the model with typical data available to major companies and b) developing computationally efficient approximations that can be implemented easily. Application to a real industry context illustrates the use of the model to support practical planning decisions to learn more about supplier quality and to invest in improving supplier capability

    The Effect of Financial Derivatives on the Financial Performance of Firms in the Financial Sector in Ghana

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    This paper provides evidence on the impact of financial derivatives on the performance of firms in the financial sector in Ghana. Secondary data on financial derivatives, controlled business risks and business performance in terms of return on investment are used for the period 2011-2015. Data are sourced from 23 randomly selected financial firms in Accra, Ghana. A quantitative research technique is used to test four hypotheses. A strong positive correlation between financial derivatives and controlled business risks is found, r (92) = .703, p < .05. Also, there is a strong positive correlation between financial derivatives and business performance in terms of ROI, r (92) = .961, p = .000. This means that the financial performance of businesses improves largely when they trade in financial derivatives. Financial derivatives significantly predict business performance at 5% significance level (t = 32.87, p = .000), where they account for 92.3% of the variation in business performance. Financial firms would, therefore, have to give priority to financial derivatives and their management to boost financial growth. Keywords: Financial derivatives, business risks, financial firms, financial performanc

    Appreciative Methods Applied to the Assessment of Complex Systems

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    Complex systems have characteristics that challenge traditional systems engineering processes and methods. These characteristics have been defined in various ways. INCOSE has previously identified characteristics of complex systems and potential methods to deal with complexity in system development. The purpose of this paper is to provide definitions and describe distinguishing characteristics of complexity using example systems to illustrate approaches to assessing the extent of complexity. The paper applies Appreciative Inquiry to identify and assess complex system characteristics. The characteristics are used to examine several different examples of systems to illuminate areas of complexity. These examples range from seemingly simple systems to complicated systems to complex systems. Different tiers of complexity are identified as a result of the assessment. The paper also identified and introduces topics on managing complexity and the integrating system perspective that represent new directions for the engineering of complex systems. The Appreciative Inquiry approach provides a method for systems engineering practitioners to more readily identify complexity when they encounter it, and to deal more effectively with this complexity once it has been identified

    Climate change impacts on current and future agricultural systems in the semi-arid regions of West Africa

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    Agriculture in the semi-arid regions of West Africa is mainly rain-fed with a large number of smallholder farmers dependent on it for their livelihoods. Farming systems are dominated by cereals and legumes with livestock playing a significant role in the functioning of the systems. In this paper, we use the AgMIP Regional Integrated Assessment methods, which include a set of mid-century climate projections, biophysical (Decision Support Systems for Agro-technological Transfer; DSSAT and Agricultural Production Systems sIMulator; APSIM) and economic (trade-off analysis model: TOA-MD) models, representative agricultural pathways and global economic model projections to explore the impacts of climate change on the economic vulnerability of farm households in Nioro, Senegal. Our results indicate that most climate scenarios -except the hot-dry had positive impacts on peanuts which is one of the main crops in this production system. The effect of climate change on maize was negative and the impacts on millet were variable but changes are small. In tomorrow's production systems and socio-economic conditions, climate change would have positive impact on Nioro farmers livelihoods in almost all cases simulated. However, with low prices, climate change would have a negative impact of Nioro farmers' livelihoods in most cases. For Senegal, these results have significant policy implications, in particular on international trade and regional prices as peanut is one of the major export commodities

    Serious mental illnesses associated with receipt of surgery in retrospective analysis of patients in the Veterans Health Administration

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    BACKGROUND: The STOPP study (Surgical Treatment Outcomes for Patients with Psychiatric Disorders) analyzed variation in rates and types of major surgery by serious mental illness status among patients treated in the Veterans Health Administration (VA). VA patients are veterans of United States military service who qualify for federal care by reason of disability, special service experiences, or poverty. METHODS: STOPP conducted a secondary data analysis of medical record extracts for seven million VA patients treated Oct 2005-Sep 2009. The retrospective study aggregated inpatient surgery events, comorbid diagnoses, demographics, and postoperative 30-day mortality. RESULTS: Serious mental illness -- schizophrenia, bipolar disorder, posttraumatic stress disorder, or major depressive disorder, was identified in 12 % of VA patients. Over the 4-year study period, 321,131 patients (4.5 %) underwent surgery with same-day preoperative or immediate post-operative admission including14 % with serious mental illness. Surgery patients were older (64 vs. 61 years) and more commonly African-American, unmarried, impoverished, highly disabled (24 % vs 12 % were Priority 1), obese, with psychotic disorder (4.3 % vs 2.9 %). Among surgery patients, 3.7 % died within 30 days postop. After covariate adjustment, patients with pre-existing serious mental illness were relatively less likely to receive surgery (adjusted odds ratios 0.4-0.7). CONCLUSIONS: VA patients undergoing major surgery appeared, in models controlling for comorbidity and demographics, to disproportionately exclude those with serious mental illness. While VA preferentially treats the most economically and medically disadvantaged veterans, the surgery subpopulation may be especially ill, potentially warranting increased postoperative surveillance
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