Advancing the state of the art in the modelling and simulation of information systems evaluation

It is widely accepted that Information Systems Evaluation (ISE) is a powerful and useful technique that can be used to assess IT/IS investments in an a-priori or a-posteriori sense. Traditional approaches to ISE have tended to centre upon financial and management accounting frameworks, seeking to reconcile tangible and intangible costs, benefits, risks and value factors. Such techniques, however, do not provide the IS researcher or practitioner with further insight or appreciation of any inherent and implicit inter-relationships, in the investment justification process. Thus, this paper outlines and discusses via a taxonomy and resulting classification, alternative and complementary approaches that can be applied to ISE from the fields of Artificial Intelligence (AI), Operational Research (OR) and Management Science (MS). The paper subsequently concludes that such approaches can be potentially used by researchers and practitioners in the field, as a basis for carrying out further research in the field of applied ISE

Innovation and failure in mechatronics design education

Innovative engineering design always has associated with it the risk of failure, and it is the role of the design engineer to mitigate the possibilities of failure in the final system. Education should however provide a safe space for students to both innovate and to learn about and from failures. However, pressures on course designers and students can result in their adopting a conservative, and risk averse, approach to problem solving. The paper therefore considers the nature of both innovation and failure, and looks at how these might be effectively combined within mechatronics design education

Fuzzy Logic and Its Uses in Finance: A Systematic Review Exploring Its Potential to Deal with Banking Crises

The major success of fuzzy logic in the field of remote control opened the door to its application in many other fields, including finance. However, there has not been an updated and comprehensive literature review on the uses of fuzzy logic in the financial field. For that reason, this study attempts to critically examine fuzzy logic as an effective, useful method to be applied to financial research and, particularly, to the management of banking crises. The data sources were Web of Science and Scopus, followed by an assessment of the records according to pre-established criteria and an arrangement of the information in two main axes: financial markets and corporate finance. A major finding of this analysis is that fuzzy logic has not yet been used to address banking crises or as an alternative to ensure the resolvability of banks while minimizing the impact on the real economy. Therefore, we consider this article relevant for supervisory and regulatory bodies, as well as for banks and academic researchers, since it opens the door to several new research axes on banking crisis analyses using artificial intelligence techniques

Delphi Austria - An Example of Tailoring Foresight to the Needs of a Small Country

The world-wide diffusion and recognition of Technology Foresight suggests that it is of value for quite diverse types of economies and societies. Its merit as an important tool of strategic intelligence for policy-making also in small countries and transition economies depends on a careful tailoring to specific needs. Practice of Foresight is rather diverse also among small countries, but approaches tend to be more selective in scope, have more specific goals, and put greater emphasis on demand aspects than in bigger countries. Austria’s first systematic Foresight programme (completed in 1998) is an example of an innovative approach adapted to the needs of a small country. This contribution shows how Delphi Austria was tailored to a small economy which had undergone a successful catch-up process and how the Foresight process as well as its results have been utilised.Technology Foresight, Delphi method, small country, Austria, innovation, technology policy, implementation

CBR and MBR techniques: review for an application in the emergencies domain

The purpose of this document is to provide an in-depth analysis of current reasoning engine practice and the integration strategies of Case Based Reasoning and Model Based Reasoning that will be used in the design and development of the RIMSAT system. RIMSAT (Remote Intelligent Management Support and Training) is a European Commission funded project designed to: a.. Provide an innovative, 'intelligent', knowledge based solution aimed at improving the quality of critical decisions b.. Enhance the competencies and responsiveness of individuals and organisations involved in highly complex, safety critical incidents - irrespective of their location. In other words, RIMSAT aims to design and implement a decision support system that using Case Base Reasoning as well as Model Base Reasoning technology is applied in the management of emergency situations. This document is part of a deliverable for RIMSAT project, and although it has been done in close contact with the requirements of the project, it provides an overview wide enough for providing a state of the art in integration strategies between CBR and MBR technologies.Postprint (published version

Maintenance Knowledge Management with Fusion of CMMS and CM

Abstract- Maintenance can be considered as an information, knowledge processing and management system. The management of knowledge resources in maintenance is a relatively new issue compared to Computerized Maintenance Management Systems (CMMS) and Condition Monitoring (CM) approaches and systems. Information Communication technologies (ICT) systems including CMMS, CM and enterprise administrative systems amongst others are effective in supplying data and in some cases information. In order to be effective the availability of high-quality knowledge, skills and expertise are needed for effective analysis and decision-making based on the supplied information and data. Information and data are not by themselves enough, knowledge, experience and skills are the key factors when maximizing the usability of the collected data and information. Thus, effective knowledge management (KM) is growing in importance, especially in advanced processes and management of advanced and expensive assets. Therefore efforts to successfully integrate maintenance knowledge management processes with accurate information from CMMSs and CM systems will be vital due to the increasing complexities of the overall systems. Low maintenance effectiveness costs money and resources since normal and stable production cannot be upheld and maintained over time, lowered maintenance effectiveness can have a substantial impact on the organizations ability to obtain stable flows of income and control costs in the overall process. Ineffective maintenance is often dependent on faulty decisions, mistakes due to lack of experience and lack of functional systems for effective information exchange [10]. Thus, access to knowledge, experience and skills resources in combination with functional collaboration structures can be regarded as vital components for a high maintenance effectiveness solution. Maintenance effectiveness depends in part on the quality, timeliness, accuracy and completeness of information related to machine degradation state, based on which decisions are made. Maintenance effectiveness, to a large extent, also depends on the quality of the knowledge of the managers and maintenance operators and the effectiveness of the internal & external collaborative environments. With emergence of intelligent sensors to measure and monitor the health state of the component and gradual implementation of ICT) in organizations, the conceptualization and implementation of E-Maintenance is turning into a reality. Unfortunately, even though knowledge management aspects are important in maintenance, the integration of KM aspects has still to find its place in E-Maintenance and in the overall information flows of larger-scale maintenance solutions. Nowadays, two main systems are implemented in most maintenance departments: Firstly, Computer Maintenance Management Systems (CMMS), the core of traditional maintenance record-keeping practices that often facilitate the usage of textual descriptions of faults and actions performed on an asset. Secondly, condition monitoring systems (CMS). Recently developed (CMS) are capable of directly monitoring asset components parameters; however, attempts to link observed CMMS events to CM sensor measurements have been limited in their approach and scalability. In this article we present one approach for addressing this challenge. We argue that understanding the requirements and constraints in conjunction - from maintenance, knowledge management and ICT perspectives - is necessary. We identify the issues that need be addressed for achieving successful integration of such disparate data types and processes (also integrating knowledge management into the “data types” and processes)

Effectiveness of R&D project selection in uncertain environment: An empirical study in the German automotive supplier industry

This paper presents results of an empirical large-scale study on uncertainty reduction of R&D projects and R&D project selection. The empirical field is the German automotive supplier industry. We explore R&D project selection practices in this specific industry and briefly contrast our findings with the academic research and management literature in this field. We concentrate on answering three research questions (with focus on questions no. 1 and 2): I. Which information and related uncertainties are crucial for the product selection decision to the R&D decision makers? II. How do R&D decision makers today cope with typical challenges related to reducing uncertainty? Where do they face major problems and how effective are they? III. What are major implications for managing the Fuzzy Front End (FFE) of innovation process in industry practice and respectively for further academic research in this field? Key findings are that on the one hand certainty about fields of product applications, target markets and production feasibility are most important criteria for initial product selection decisions. On the other hand market and cost related uncertainties (e.g. sales volume, product price, cost per unit) cannot be satisfyingly reduced in practice before project approval for development or definite termination of projects. Although different uncertainty profiles exist within the process of project evaluation, most companies do not systematically choose available product selection methods and tools according to specific uncertainty situations. Intuition still plays a major role in R&D product selection. Some first conclusion drawn from this research are: A sufficient level of resources (including financial and methodological know-how), a systematic use of suitable project selection instruments, and a fit with the company specific as well as the OEMs' product/brand strategies can be potential levers for more effective uncertainty reduction before product decision. --