Is credit rating reserved territory for credit rating agencies? A MULTIMOORA approach for European firms and countries

Credit Rating Agencies rate firms and countries by internal experts but with a final qualitative judgment by their management acting as decision makers. These ratings on their turn influence the countries credit rating and ipso facto of their enterprises. The work of the CRA is in fact double: credit rating of firms and other organizations at one side and countries on the other. Considering the credit rating of firms, the CRA made significant mistakes during the Recession 2007−2009 and their judgment is too much American oriented, in any way from a European point of view. Consequently, in Europe many efforts were made to come to a new agency, but all efforts failed. It could be different for the rating of countries. Is a more scientific approach, eventually on a quantitative and structural basis, not possible? Therefore, MULTIMOORA, a quantitative method, is suggested. The study was made for all countries of the European Continent. Based on data available in 2013 and on their extrapolation, the results are quite comparable to the results of Standard & Poor’s Credit Rating System of the moment. As the classifications of Moody’s and Fitch are very similar to those of Standard & Poor’s the outcome would be similar for these other Credit Rating Agencies

Business strategy development model for applying knowledge management in construction

This study aims at developing a knowledge management (KM) model that construction companies can apply for effective knowledge management implementations in their businesses. In developing the proposed model, a mixed methodology of analysing related literature and identifying the gaps in some existing models intended for the construction industry is applied. In addition, a questionnaire and interviews approaches are conducted to prepare, enhance, strengthen and validate the developed model. The major finding of this study is proposing a new KM model – named as BAN model – that fits potential conditions for construction contracting firms, especially enterprises that are small in size and nonadopting KM. The developed model comprises six main stages: (1) preliminary stage; (2) development of an organizational strategy stage; (3) start-up stage; (4) implementation stage; (5) monitoring and evaluation stage; and (6) derivation of short- and long-term KM values. The proposed model is capable of filling and solving the gaps in existing knowledge management models and defining major success factors in KM implementation. The benefits of the proposed model include the enhancement of the KM implementation process, facilitation of the decision-making process, attainment and maintenance of competitive advantages, improvement of innovation, and continuance of effective KM performance

Modelling relationships between agility, lean, resilient, green practices in cold supply chains using ISM approach

This study aims at identifying the key agile, lean, resilient and green practices that influence capability of cold supply chain (CSC) using Interpretive Structural Modelling (ISM) technique. Various measures of lean, green, resilient, and agile practices in CSC were identified from previous studies and experts’ opinions. Contextual relationships between practice measures were established via brainstorming session. Measures were then classified based on their driving and dependence powers. The results showed that measures of lean, green, resilient, and agile practices in CSC can be organized in a six-level structural model. Moreover, highly dependent measures at top level in CSC model are operational costs and customer satisfaction, whereas the highly driving at most bottom level of this model are ISO 14001 implementation and government support system for green cold supply chain. Validity of CSC model was assessed in three CSC firms; food, pharmaceutical, and Third Party logistics firms. In conclusion, measures emerging with higher driving power and those with high dependence in ISM hierarchy contribute significantly to enhancing capability of CSC. The proposed ISM may support decision makers in prioritization improvement efforts and achieving effective CSC

Proposed procedure for optimal maintenance scheduling under emergent failures

Production lines are usually subjected to emergent machine failures. Such emergent failures disrupt pre-established maintenance schedules, which challenge maintenance engineers to react to those failures in real time. This research proposes an optimization procedure for optimizing scheduling repairs of emergent failures. Three optimization models are developed. Model I schedules failures in newly idle repair shops with the objective of maximizing the number of scheduled repairs. Model II maximizes the number of assigned repairs to untapped ranges. Model III maximizes both the number of assigned failure repairs and satisfaction on regular and emergency repairs by resequencing regular and emergent failures in the shop that contains the largest free margin. A real case study is provided to illustrate the proposed optimization procedure. Results reveal that the proposed models efficiently scheduled and sequenced emergent failures in the idle maintenance shops, the untapped ranges between repairs of regular failures, and in the maintenance shop with the largest free margin. In conclusions, the proposed models can greatly support maintenance engineers in planning repairs under unexpected failures.

VINERS Method for the Multiple Criteria Analysis and Neuromarketing of Best Places to Live

The best and worst places to live have been analysed in the world for many years and multiple criteria analysis has been used for that purpose. The quality of housing and its environment, pollution, green places, public spaces, physical movement and health, crime rates and individual safety, the wellbeing of youngsters, unemployment, job value, economic scarcity, governance, circadian rhythm, weekly rhythm and other factors are the focus of such analyses that aim to determine levels of positive emotions and happiness in built environment. Questionnaires are the most common tool for such analyses, where inhabitants are asked to rank their happiness experience as a whole in built environment. Many studies demonstrate that happy people are effective in multiple areas of their life including job efficiency, salary, health, human relations, etc. The innovative aspect of this research stems from the fact that biometric technologies (affective attitudes, emotional and physiological states) and the VINERS method developed by the authors are used to determine the best places to live and to serve neuro ads of homes for sale. To do this, rational segments of homebuyers are determined according to their demographic profiles (age, gender, education, marital status, families with children, main source of income), consumer psychographics and behaviour (happy, sad and angry along with valence and heart rate) and then select a rational video ad for such rational segment. The aim of our research is to develop the VINERS Method for the Multiple Criteria Analysis and Neuromarketing of Best Places to Live (VINERS method) by combining the Somatic Marker Hypothesis, biometrics, neuromarketing and COPRAS method. This article presents a case study to demonstrate the VINERS method put to practice

Pastatų ūkio valdymo pagrindai

Mokomojoje knygoje nagrinėjama pastatų ūkio valdymo samprata, aprašoma strateginio pastatų ūkio planavimo proceso koncepcija, analizuojamas investavimo į pastatų ūkio valdymą procesas, su nekilnojamuoju turtu susijusi rizika. Taip pat šioje mokymo priemonėje komentuojami pagrindiniai teisiniai dokumentai, reglamentuojantys pastatų ūkio valdymą bei aprašomos įvairios internetinės technologijos, kurias galima taikyti pastatų ūkio valdyme. Šis leidinys supažindins su paskutiniųjų dešimtmečių tendencijomis: ekologiško namo, ekologiškos gyvenvietės, protingo namo koncepcijomis bei šių sričių vystymosi tendencijomis. Mokomoji knyga skirta studentams, studijuojantiems statybos inžineriją, nekilnojamojo turto vadybą, nekilnojamojo turto vertinimo ir valdymo studijų programas. Ja gali naudotis ir kitų aukštųjų mokyklų studentai bei statybos inžinerijos specialistai. VGTU statybos ir nekilnojamojo turto sričių I pakopos studijų programų atnaujinimas diegiant inovatyvius mokymo(si) metodus. Projekto kodas Nr. VP1-2.2-ŠMM-07-K-01-032

Impacts of Renewable Energy Policies on CO2 Emissions Reduction and Energy Security Using System Dynamics: The Case of Small-Scale Sector in Jordan

Renewable energy policies, such as feed-in-tariffs (FiTs) and subsidy policies, have been reported effective in enhancing the social acceptability to install solar photovoltaic (PV) systems. Nevertheless, a quantitative assessment approach is still needed to measure the extent to which these policies can achieve the clean energy goals and support the decision-making process. This study, therefore, develops system dynamics models to assess the impacts of PV policies on the social acceptability to install PV systems, energy security, and CO2 emission reduction in the small-scale sector in Jordan. Simulation was then conducted from the period 2016 to 2050. The results for the FiTs (subsidy) policies showed that the predicted accumulated PV installations, power generated, and CO2 emission reductions will reach 67.125 (88.38) Gigawatt (GW), 115.853 (152.588) Terra Wh (TWh), and 74.49 (98.114) million tons CO2, respectively. To achieve these goals, the required cumulative FiTs and subsidy policy costs are 2.2 and 7.59 billion USD, respectively. Sensitivity analyses followed to determine the optimal FiTs price and subsidy proportion that optimize PV goals under uncertainty. In conclusion, the developed models are found valuable tools for measuring the impacts of energy policies on PV goals and thereby provide great input information to the decision-making processes when selecting the appropriate energy policies and actions. In the end, adopting FiTs and/or subsidy policies, Jordan is expected to achieve a high level of clean energy security by 2050, which enhances energy capabilities and mitigates global warming. Future research will examine the factors that affect social acceptability for PV systems

Analysis of experience and efficiency of distance learning master's degree programme in construction economics and property management

This paper reviews the distance learning development in the world and in Lithuania. Nine years of theoretical and practical experience of distance learning under two study programmes at the Department of Construction Economics and Property Management at Vilnius Gediminas Technical University is presented. These masters degree study programmes were one of the first in Central and Easten Europe. According to the questionnaire of both former and current students, the findings of this poll are analysed. Mostly there were employees from real estate sector and construction enterprises questioned. The conclusions are drawn, emphasising the problems of learning process. In addition, social, economical, technological, and ethical points are analysed as well as the problem of the integration of trained professionals into the market. First Published Online: 14 Oct 201

A comparative analysis on housing policies in Turkey and Lithuania

The housing sector is a very important sector in the national economy worldwide. The greater importance of the housing sector is broadly defined, to include financing, upgrading, repairs, management, valuation, taxation and population. The article presents a comparative analysis on housing policies in Turkey and Lithuania. The housing strategies ‐their differences and similarities – of Turkey and Lithuania are presented in the article. Strategic principles and preferences of housing are analysed in the countries under investigation. Some economic aspects are underlined. The policies of social housing of investigated countries are presented. The housing problems of both analysed countries are described. Special attention is paid to sustainable housing and social cohesion in housing. Būsto politikos Turkijoje ir Lietuvoje lyginamoji analizė Santrauka Busto sektorius yra labai svarbus sektorius visame pasaulyje. Didele įtaka busto sektoriui turi finansavimas, remontai, valdymas, vertinimas, mokesčiai, gyventoju skaičius. Straipsnyje atliekama būsto politikos Turkijoje ir Lietuvoje lyginamoji analize, pateikiami Turkijos ir Lietuvos būsto strategijų bendri bruožai ir skirtumai, analizuojami strategijų principai ir prioritetai. Analizuojama gyventoju skaičiaus įtaka būsto sektoriui. Akcentuojami tam tikri ekonominiai aspektai. Ištirta ir pateikta socialinio būsto politika nagrinėjamose šalyse. Pateikiamos būsto problemos dviejose analizuojamose šalyse. Atskiras dėmesys nukreiptas į subalansuota būstą ir socialine sanglauda būsto srityje, taip pat apžvelgta būsto nuomos rinka bei susijusios problemos. Pateikiama Turkijos ir Lietuvos SSGG analize. First published online: 18 Oct 201