Access to Measuring and Balancing of Enterprise’s Key Performance Indicators
Measuring performances business processes nowadays, has become routine practice in enterprises that have adopted quality management system according to ISO 9001 standard requests, since that is one of the key requests of that standard. On the other hand, in recent scientific literature the term “Key Performance Indicators (KPIs)” is introduced, primarily as a tool for enterprise’s market performance analysis. However, reviewing the mentioned literature as well as insight into practical use in the enterprises have shown that measuring and analyzing enterprise’s performances doesn’t have a systematic approach, and that there is a large number of different models in use. Rarely, one can find a business field where Key Performance Indicators model has been brought to the level of standardization. This paper is about establishing a comprehensive, systematic model of enterprise’s performances identification and their measuring methods through appropriate key indicators, according to the existing models, a step forward was made in terms of suggesting the way of reaching the satisfying level of performances balance, by putting them into Balanced Scorecard. The method of constant monitoring over the performances is implied (over their indicators), as well as the case study.
Personal Income and Aversion to a Sure Loss – Are Money-Makers willing to Risk More to Evade Certain Loss?
Miroslav FERENČAK, Dušan DOBROMIROV, Mladen RADIŠIĆ
In this paper, we will present the results of the research done to establish employment status as an influence for aversion to a sure loss under ambiguity. We recognized the need for such research in order to distinguish the decision-making process between employed and non-employed persons. Basic behavioral effects that influence the investment decision-making process are presented, together with the explanation of different states according to the information available on the market. The methodology is explained in detail, as as it is based on stock simulation rather than on hypothetical cases, and the subject group description is be presented. We utilized Fisher exact test together with descriptive statistics. The results are somewhat inconclusive, giving that there is no difference between the two subject groups.
Synergy between Industry 4.0 and Lean Methodology
Dragan PAVLOVIĆ, Peđa MILOSAVLJEVIĆ, Srđan MLADENOVIĆ
Following the ongoing trend of the manufacturing industry digitalization, a new industrial paradigm called Industry 4.0 has emerged as one of the most discussed concepts. Industry 4.0 is changing the way the products are manufactured, integrating a smart network of machines and ICT systems and creating an intelligent factory. Lean is a widely recognized methodology for improving productivity and decreasing costs in manufacturing organizations. Both of these approaches aim to increase productivity and flexibility. In recent years, there have been few studies and articles showing similarities and differences between Industry 4.0 and Lean methodology, and whether these two approaches are suitable for each other. The goal of this paper is to review the available literature on the relation between Industry 4.0 and Lean, and to show if they can complement each other or are in conflict.
Economic Challenges and Integration Engineering: The Smart Cities Context
The modern city development policy uses many new concepts including smart cities. In this regard, the implementation of the smart city concept has to be principally reasoned by ensuring higher efficiency and long-term sustainability. Understanding smart cities’ importance has a fundamental role in facing new barriers, resolving problems and improving life quality. The aim of this research is to identify economic challenges and explore an engineering and managerial approach to the smart city concept. Smart cities are increasingly under pressure from challenges such as: high implementation costs, high energy consumption, integration of technology, smart management systems, infrastructure, and business changes. The special attention in the paper is devoted to the business process changes and using management tools, techniques, and approaches in the explanation of a smart city as a large-scale enterprise.