3D Virtual Worlds: Business and Learning Opportunities

Virtual worlds (VWs) are rampant and easily accessible to common internet users nowadays. Millions of users are already living their virtual lives in these worlds. Moreover, the number of users is increasing continuously. The purpose of this paper is to review all the business opportunities on these virtual worlds along with the learning opportunities for the real world companies and business students. This paper clearly and precisely defines the virtual worlds in the context of social networking sites and also aims at discussing the past, present and future of VWs. All the possible business opportunities for the real world companies including advertisement & communication, retailing opportunities, application for human resource management, marketing research and organizations' internal process management through virtual worlds are critically reviewed here. In addition to the discussion current learning and training opportunities for the real world companies and business students are also reviewed. The paper aims at proving that the VWs are full of business and marketing applications and they could be widely used by the real world companies for effective and efficient business operations

3D Virtual Worlds: Business and Learning Opportunities

Virtual worlds (VWs) are rampant and easily accessible to common internet users nowadays. Millions of users are already living their virtual lives in these worlds. Moreover, the number of users is increasing continuously. The purpose of this paper is to review all the business opportunities on these virtual worlds along with the learning opportunities for the real world companies and business students. This paper clearly and precisely defines the virtual worlds in the context of social networking sites and also aims at discussing the past, present and future of VWs. All the possible business opportunities for the real world companies including advertisement & communication, retailing opportunities, application for human resource management, marketing research and organizations' internal process management through virtual worlds are critically reviewed here. In addition to the discussion current learning and training opportunities for the real world companies and business students are also reviewed. The paper aims at proving that the VWs are full of business and marketing applications and they could be widely used by the real world companies for effective and efficient business operations

Business Process Quality Management

During the past 25 years, research in the field of business process management as well as the practical adoption of corresponding methods and tools have made substantial progress. In particular, this development was driven by the insight that well-managed business processes enable organizations to better serve their stakeholders, save costs and, ultimately, realize competitive advantage. It is therefore not surprising that improving business processes ranks high on the list of priorities of organizations. In practice, this challenge is currently being addressed through approaches such as benchmarking, industry-specific best practice reference models or process reengineering heuristics. However, no systematic and generic proposition towards managing business process quality has achieved broad acceptance yet. To address this gap, this thesis contributes to the field of business process quality management with the results lined out in the following. First, it defines a concise notion of business process quality based on organizational targets, and applies it to a sample real-world case. This definition is not specific to any particular application field, and thus constitutes a vital first step towards systematic and generic business process quality management. On that basis, an approach is developed to model business objectives in the sense of the requirements that shall be fulfilled by the results of a business process. In turn, this approach enables appraising if a business process achieves its business objective as one of the core criteria relevant to business process quality. Further, this thesis proposes extensions to common business process meta-models which enable quality-aware business process modeling, and demonstrates how fundamental quality characteristics can be derived from corresponding models. At this stage, the results achieved have enabled an advanced understanding of business process quality. By means of these insights, a model of business process quality attributes with corresponding quality criteria is developed. This model complements and exceeds preceding approaches since, for the first time, it systematically derives relevant quality attributes from a business process management perspective instead of adopting these from related fields. It enables appraising business process quality independently of a particular field of application, and deriving recommendations to improve the processes assessed. To enable practical adoption of the concepts developed, the integration of procedures and functionality relevant to quality in business process management lifecycles and system landscapes is discussed next. To establish the contribution of this thesis beyond the previous state of the art, the proposed quality model is then compared to existing business process reengineering practices as well as propositions in the area of business process quality. Further, quality attributes are employed to improve a substantial real-world business process. This experience report demonstrates how quality management practices can be applied even if quality-aware system landscapes are not in place yet. It thus contributes to bridging the gap between the research results proposed in this thesis and the conditions present in practice today. Finally, remaining limitations with regard to the research objectives pursued are discussed, and challenges for future research are lined out. Addressing the latter will enable further leveraging the potentials of business process quality management

Slovene Management Education In The Changed World Through Appreciative Inquiry

Paper presents the study of appreciative inquiry (AI) methodology in the context of management education. Current perception of managers in Slovenia about economic situation is negative which may have a significant impact on investment and positive outlook of future business. Therefore, we propose that AI which focuses on positive aspects of doing business needs to be investigated and implemented into management education of future managers and we provide empirical evidence of thinking patterns of three generations of students at the Faculty of Economics University of Ljubljana. AI means researching what gives success to human systems when they function at their best. It represents discovery process of optimum identity and a way to the best possible future. Positive core of existing situation is chosen as the focus of AI process. AI is researching into stories that give energy for further action. Purpose of this paper is to offer an alternative approach to tackling challenges, based on analyzing the causes of previous successes. Further, we aim to offer the scientific community a new methodology that solves real business, relational or individual challenges. In the Winter semester during study years 2012/13, 2013/14 and 2014/15 we invited our students to be in a state of inquiry about themselves, their life and their work. We asked them: What is the best future you can imagine? In a longitudinal study we have gathered 171 AI pair interviews documentations. Students’ AI data was analyzed in three thematic segments: 1) favorite quotes; 2) preservation of past and present into the future and 3) vision of the future. Analysis of all three generations’ AI interviews revealed emphasis in their favorite quotes on the “people” component and the need of the students to understand life and make sense of gained knowledge and experiences. They also stress the need to think about contemporary issues and gain practical experiences. Students would most like to preserve in the future their work ethics, dedication to hard work, creativity, family members around them, experiences and knowledge gained. Their visions are focused on balancing successful international careers and family lives. New ways of communication represent an important consideration for the students. They expressed their wish to be driven by intrinsic motivation and being respected in their profession. Theoretical advantages of our paper are in elaborating on AI in management education. Practical implications are in helping students to clarify their strategic goals and visions through introspection and qualitative methodology. Professors can implement and adjust the AI questionnaire based on their own developmental objectives and also based on the needs of their students. Contribution of our paper is in the field of management education and AI field. Keywords: appreciative inquiry, management education, student developmen

Effective Utilization of Historical Data to Increase Organizational Performance: Focus on Sales/ Tendering and Projects

Master's thesis in Offshore technologyIn Oil and Gas industry there was not enough focus on this topic as cost was not a big factor in good olden days. But the sensational drop in oil prices below US$40 per barrel at the end of 2015 made the price more than 60 percent down compared to the one in previous years. It’s clear that the sector is going through one of the most transformative periods in its history. This situation has created more challenges to all O&G company leaders by forcing them to change their business strategies. The operating companies in the Oil and Gas industry have been focusing to reduce costs and increase organizational performance. Accordingly suppliers companies need to acknowledge their focus on the efficiency and optimization of resources to be able to sustain and grow in a competitive market. It demands better control of estimates and cost on future sales/tendering process. As quoted by one of the Operations Managers “An informed organization saves cost and wins faster”. The only way to get reliable information for any organization is by analyzing ‘what happened in the past’ and what we learned from it. In other words this is achieved through utilization of historical data from previous projects and by developing benchmarking metrics. Further, usage of the historical data can improve estimation and scheduling, support strategic planning, and improve the organizational processes. The historical project data or information can help in making strategic business decisions in any Organization. It can play a significant role in providing very distinct advantage over the competitors. Historical data can help the management to decide what projects are right for the future of the company and which projects can be avoided. Further, it can help to learn from past mistakes and win future bids by not repeating them. Most of the top management understands the importance of having and using historical project information or data. The problem is that very few companies have the methodologies, procedures, and systems in place to effectively use this information to improve their project processes and to support the estimation, scheduling, and control of future projects (opportunities). The present work focuses on historical data, estimation process and lessons learned for enhancing organizational performance. Further, the work includes a case study and number of expert interviews conducted at ABB. The work discusses how to collect, normalize, and analyze historical project data to develop practical information. Three models have been developed for project estimation process with a feedback loop, Lessons learned process model and Historical data utilization process. The recommendations have been made to use the historical data for establishing references for the sales/tendering department for future estimates, which can reduce the dependency on manual or a single person’s judgment and improve the estimation process. Some suggestions have also been made for establishing lessons learned process which can improve organizational performance. The results from analysis show that by applying the recommended processes, organizations can achieve efficiency through easy access and storage of historical database, easy access to lessons learned, measurable KPIs. Also use of key variables like project complexity and severity of requirements for estimation process and historical data process can form a better relation for data analysis and utilization.AB

The evolving role of information specialists:change agents in process redesign

The research investigates the past, present and potential future role of Information Specialists (ISps) in process oriented companies. It tests the proposition that ISps in companies that have undertaken formal process reengineering exercises are likely to become more proactive and more business oriented (as opposed to technically oriented) than they had previously been when their organisations were organised along traditional, functional lines. A review of existing literature in the area of Business Process Reengineering and Information Management reveals a lack of consensus amongst researchers concerning the appropriate role for ISps during and after BPR. Opinion is divided as to whether IS professionals should reactively support BPR or whether IT/IS developments should be driving these initiatives. A questionnaire based ‘Descriptive Survey’ with 60 respondents is used as a first stage of primary data gathering. This is followed by follow-up interviews with 20 of the participating organisations to gather further information on their experiences. The final stage of data collection consists of further in-depth interview with four case study companies to provide an even richer picture of their experiences. The results of the questionnaire are analysed and displayed in the form of simple means, frequencies and bar graphs. The ‘NU-DIST’ computer based discourse analysis package was tried in relation to summarising the interview findings, but this proved cumbersome and a visual collation method is preferred. Overall, the researcher contends that the supposition outlined above is proven, and she concludes the research by suggesting the implications of these findings. In particular she offers a ‘Framework for Understanding and Action’ which is deemed to be relevant to both practitioners and future researchers

Venture Capital Due Diligence: Issues & Processes

This paper discusses the areas and methods by which venture capitalists need to concentrate their efforts when assessing the attractiveness of an investment. The information is additionally valuable for entrepreneurs seeking funding to expand their businesses and academics researching the topic. A series of books, trade journals, articles and interviews were referenced in an effort to present a thorough and unbiased investigation of the topic. The research is significant given that private equity has remained an understudied area in comparison to larger public equity markets. Additionally, the traditionally shorter periods of operating history of private companies add a layer of difficulty to predicting future performance not present in public equities. First, the characteristics of the high-growth businesses best suited for venture capital funding are discussed. The structures present in the industry and its boom and bust cycle over the past ten years are covered. Finally the fact and fiction in pervasive rumors about venture capital, such as a funding bias towards high-tech startup companies and the general difficulty of getting funded are discussed. The second section covers the recent trends towards international venture capital investments and lower levels of investment liquidation through initial public offerings, primarily in favor of mergers and acquisitions. The next section covers the best practices in screening prospective investments. The value of referrals, especially from a VC’s trusted inner-circle, is explained. Additionally, screening companies based on desired industries, geographic locations, and growth stages are discussed. Finally, eliminating prospective investments based on business plan quality, the quality of other investors and the reputation of business associates is covered. Next, the process of assessing the management team, considered the most critical aspect of an investment by many VCs, is discussed. Suggested questions for references are presented along with methods to conduct interviews and assess management team member’s integrity and ethics. Making use of trusted sources and psychological tests to determine the completeness of the executive team and their level of preparedness are covered. Finally, recommendations for assessing the commitment and value of board members are discussed briefly. The section on assessing the business includes research on how to determine the strength and fit of an entrepreneur’s product or service with a market need. The market represents the other aspect of due diligence that some VCs argue is more important than the management team. Lastly, methods for assessing the operational performance of the business are covered. The next section of the paper covers major issues in finalizing an investment. The key legal issues and primary method for valuing a firm are discussed. Lastly, the summary and conclusion restates the main points of the paper and recommends VCs begin to adapt their due diligence process to accommodate increasing levels of international investments and exits through methods other than US public equity markets

India: a Case of Fragile Wireless Service and Technology Adoption?

Wireless penetration and the Indian economy have grown significantly over the past few years, but how robust and sustainable is the adoption of wireless services and products? Several papers have discussed India as a wireless service and product market, and sometimes tried to assess quantitative attributes thereof. The present paper aims instead at looking, from a management point of view, at the unique underlying evolution processes, bottlenecks and risks. On specific facets, a comparison is given to adoption indicators in other key markets such as China.For example, just to illustrate highlights of these unique attributes , it is indeed surprising that such a major economy with its very large population has not yet achieved the wireless service usage and mobile terminal penetration ratios of neither an early European adopter ,nor of a recent large scale adopter like China or Russia . India has also been characterised by a surprising regulatory development process quite different from many other contexts, both in terms of its both centralised and regional structure, of very low tariffs providing almost no ROI to investors in a stable situation, and of absence of neutrality across communications technologies. At the same time, a very large fraction of the population has not , for affordability and regional coverage reasons, been able to get the access opportunities of more developed regions , leading to a distribution unbalance which is also a significant opportunity .Also , the wireless service and product adoption pattern in India , specific to communicating services , has so far been in rather sharp contrast with the widely known software and outsourcing services industry evolutions in that country .Therefore it is important to compare the most relevant known wireless service and product adoption theories, to establish from facts whether they apply in the Indian context, and, if not, suggest new or mixed theories able to explain all such facts and cast some light into its likely future structural evolution. It is of high relevance in management to validate if indeed established models apply or not in a significant case like India, just as it is also of high relevance for the main stakeholders to identify methodology able to support their analyses.The paper first provides background information on wireless, fixed, and other operators, on wireless penetration, on telecommunications infrastructure and investments, and on Indian human capital. Thereafter is analyzed in detail the relevance, or not, of five traditional technology adoption models across the Indian user base: the absorption business model, the perceived benefits business model, consumer attitudes, the globalisation business model, and finally the brand management business model. These first analyses are followed by the identification and detailed analysis of five other business models or structural processes, some rather unique to India: the two-tier migration model, large scale imported adoption without a telecommunications infrastructure & terminals industry, unstable adoption with lack of consistent public policies, knowledge sharing and productivity enhancement adoption model, and finally late foreign capital investments into a large emerging market.From the comparison of facts and background data , with these ten wireless service and product adoption models , the paper establishes which are not relevant, and which are too some degree . Furthermore the relevant business models are shown to share, further attributes of sustainability (or not) and dynamic behaviour. This allows concluding that India has had an overall quite fragile adoption and deployment path with growing tensions such as coverage, quality of service and affordability disparities. The model comparison also allows to diagnose the key three structural measures needed to reach a sustainable equilibrium from the business, economic and social points of view.India;Mobile communications;Adoption;Business models;Economic development;Infrastructure;Manufacturing;Mobile terminals;Wireless