VR-PMS: a new approach for performance measurement and management of industrial systems

A new performance measurement and management framework based on value and risk is proposed. The proposed framework is applied to the modelling and evaluation of the a priori performance evaluation of manufacturing processes and to deciding on their alternatives. For this reason, it consistently integrates concepts relevant to objectives, activity, and risk in a single framework comprising a conceptual value/risk model, and it conceptualises the idea of value- and risk based performance management in a process context. In addition, a methodological framework is developed to provide guidelines for the decision-makers or performance evaluators of the processes. To facilitate the performance measurement and management process, this latter framework is organized in four phases: context establishment, performance modelling, performance assessment, and decision-making. Each phase of the framework is then instrumented with state of-the-art quantitative analysis tools and methods. For process design and evaluation, the deliverable of the value- and risk-based performance measurement and management system (VR-PMS) is a set of ranked solutions (i.e. alternative business processes) evaluated against the developed value and risk indicators. The proposed VR-PMS is illustrated with a case study from discrete parts manufacturing but is indeed applicable to a wide range of processes or systems

Incorporating stakeholders’ knowledge in group decision-making

International audienc

Multi crteria decision making and its applications : a literature review

This paper presents current techniques used in Multi Criteria Decision Making (MCDM) and their applications. Two basic approaches for MCDM, namely Artificial Intelligence MCDM (AIMCDM) and Classical MCDM (CMCDM) are discussed and investigated. Recent articles from international journals related to MCDM are collected and analyzed to find which approach is more common than the other in MCDM. Also, which area these techniques are applied to. Those articles are appearing in journals for the year 2008 only. This paper provides evidence that currently, both AIMCDM and CMCDM are equally common in MCDM

KEMNAD: A Knowledge Engineering Methodology for Negotiating Agent Development

Automated negotiation is widely applied in various domains. However, the development of such systems is a complex knowledge and software engineering task. So, a methodology there will be helpful. Unfortunately, none of existing methodologies can offer sufficient, detailed support for such system development. To remove this limitation, this paper develops a new methodology made up of: (1) a generic framework (architectural pattern) for the main task, and (2) a library of modular and reusable design pattern (templates) of subtasks. Thus, it is much easier to build a negotiating agent by assembling these standardised components rather than reinventing the wheel each time. Moreover, since these patterns are identified from a wide variety of existing negotiating agents(especially high impact ones), they can also improve the quality of the final systems developed. In addition, our methodology reveals what types of domain knowledge need to be input into the negotiating agents. This in turn provides a basis for developing techniques to acquire the domain knowledge from human users. This is important because negotiation agents act faithfully on the behalf of their human users and thus the relevant domain knowledge must be acquired from the human users. Finally, our methodology is validated with one high impact system

Mean-risk models using two risk measures: A multi-objective approach

This paper proposes a model for portfolio optimisation, in which distributions are characterised and compared on the basis of three statistics: the expected value, the variance and the CVaR at a specified confidence level. The problem is multi-objective and transformed into a single objective problem in which variance is minimised while constraints are imposed on the expected value and CVaR. In the case of discrete random variables, the problem is a quadratic program. The mean-variance (mean-CVaR) efficient solutions that are not dominated with respect to CVaR (variance) are particular efficient solutions of the proposed model. In addition, the model has efficient solutions that are discarded by both mean-variance and mean-CVaR models, although they may improve the return distribution. The model is tested on real data drawn from the FTSE 100 index. An analysis of the return distribution of the chosen portfolios is presented

A decision support system for fostering smart energy efficient districts

The role of ICT is becoming prominent in tackling some of the urban societal challenges such as energy wastage and increasing carbon emissions. In this context, the concept of DAREED aims to deliver an integrated decision support system (DSS) to drive energy efficiency and low carbon activities at both a building and district level. The main aim of this paper is to present the technical concept of the Best Practices recommendation component of the DAREED system. This component seeks to compare and identify existing best practices to recommend practical actions to various stakeholders (e.g. building managers, citizens) in order to improve energy performance considering the global needs of a building. This paper also discusses the context of the three field trial sites (based in UK, Spain and Italy) in which the DAREED platform along with the best practices tool is to be tested and validated.This work evolved in the context of the project DAREED (Decision support Advisor for innovative business models and useR engagement for smart Energy Efficient Districts), www.dareed.eu, a project cofunded by the EC within FP7, Grant agreement no: 609082