Pub Date : 2019-12-13DOI: 10.17535/crorr.2019.0022
Gülcan Petriçli, A. G. G. Emel, Tuba Bora Kilincarslan
The socioeconomic or political structures of countries and investment costs play a crucial role in investor decisions, especially in developing countries where the environment is unstable. In this regard, fuzzy models that consider the investment amount and cost may enable making more realistic decisions rather than the deterministic models used in portfolio optimization (PO). Hence, the objective of this paper is to examine the effects of the environment, investment amount and cost on PO in a politically, socially and economically unstable environment. Konno-Yamazaki PO model was fuzzified by adopting fuzzy linear programming (FLP) approaches of Verdegay and Werners for this purpose. Afterward, extended models were created. To do that, investment amount, tax and transaction costs were integrated into the return constraint of the fuzzified models. Mean-Variance Model (MVM) of Markowitz was also used for comparatively interpreting the results of the optimization. Results show that the fuzzified models based on Verdegay and Werners FLP approaches can be suggested as a decision-making tool, respectively for risk-averse and risk-taker investors. The extended models provide much better results compared to the fuzzified models. On the other hand, they are not more successful than the MVM in an unstable environment but the stable environment. The main contributions are onsidering political, social and economic events in the optimization, comparatively analyzing fuzzified Konno-Yamazaki model with its extended versions and the MVM, investigating the relationship between optimization models and investor types.
{"title":"Fuzzy portfolio optimization with tax, transaction cost and investment amount: a developing country case","authors":"Gülcan Petriçli, A. G. G. Emel, Tuba Bora Kilincarslan","doi":"10.17535/crorr.2019.0022","DOIUrl":"https://doi.org/10.17535/crorr.2019.0022","url":null,"abstract":"The socioeconomic or political structures of countries and investment costs play a crucial role in investor decisions, especially in developing countries where the environment is unstable. In this regard, fuzzy models that consider the investment amount and cost may enable making more realistic decisions rather than the deterministic models used in portfolio optimization (PO). Hence, the objective of this paper is to examine the effects of the environment, investment amount and cost on PO in a politically, socially and economically unstable environment. Konno-Yamazaki PO model was fuzzified by adopting fuzzy linear programming (FLP) approaches of Verdegay and Werners for this purpose. Afterward, extended models were created. To do that, investment amount, tax and transaction costs were integrated into the return constraint of the fuzzified models. Mean-Variance Model (MVM) of Markowitz was also used for comparatively interpreting the results of the optimization. Results show that the fuzzified models based on Verdegay and Werners FLP approaches can be suggested as a decision-making tool, respectively for risk-averse and risk-taker investors. The extended models provide much better results compared to the fuzzified models. On the other hand, they are not more successful than the MVM in an unstable environment but the stable environment. The main contributions are onsidering political, social and economic events in the optimization, comparatively analyzing fuzzified Konno-Yamazaki model with its extended versions and the MVM, investigating the relationship between optimization models and investor types.","PeriodicalId":44065,"journal":{"name":"Croatian Operational Research Review","volume":"1 1","pages":"257-273"},"PeriodicalIF":0.7,"publicationDate":"2019-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.17535/crorr.2019.0022","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67613853","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-07-08DOI: 10.17535/CRORR.2019.0012
Damira Keček, V. Boljuncic, Davor Mikulić
The aim of this paper is to estimate total effects of the ICT sector to the growth and development of the Croatian economy. Direct, indirect and induced effects for the period 2010-2015 are expressed in terms of output, gross value added and employment. Output, gross value added and employment of ICT sector is estimated by using hypothetical extraction method. Empirical results of conducted analyzes show that the share of Croatian ICT sectors’ total effects in terms of output, gross value added and employment during the recession period 2010-2013 was decreasing. In the period of economic recovery 2014-2015, related to the accession process of Republic of Croatia to the European Union, total effects of ICT sector in terms of output, gross value added and employment increased. In 2015 the share of the total effects of the ICT sector in terms of output, gross value added and employment in total Croatian economy amounted to 7.37%, 7.74% and 5.58% respectively.
{"title":"Hypothetical extraction approach for measuring total economic effects of Croatian ICT sector","authors":"Damira Keček, V. Boljuncic, Davor Mikulić","doi":"10.17535/CRORR.2019.0012","DOIUrl":"https://doi.org/10.17535/CRORR.2019.0012","url":null,"abstract":"The aim of this paper is to estimate total effects of the ICT sector to the growth and development of the Croatian economy. Direct, indirect and induced effects for the period 2010-2015 are expressed in terms of output, gross value added and employment. Output, gross value added and employment of ICT sector is estimated by using hypothetical extraction method. Empirical results of conducted analyzes show that the share of Croatian ICT sectors’ total effects in terms of output, gross value added and employment during the recession period 2010-2013 was decreasing. In the period of economic recovery 2014-2015, related to the accession process of Republic of Croatia to the European Union, total effects of ICT sector in terms of output, gross value added and employment increased. In 2015 the share of the total effects of the ICT sector in terms of output, gross value added and employment in total Croatian economy amounted to 7.37%, 7.74% and 5.58% respectively.","PeriodicalId":44065,"journal":{"name":"Croatian Operational Research Review","volume":"1 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.17535/CRORR.2019.0012","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41683980","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-07-04DOI: 10.17535/CRORR.2019.0003
Tea Šestanović
In times of pronounced nonlinearity of macroeconomic variables and in situations when variables are not normally distributed, i.e. when the assumption of i.i.d. is not fulfilled, neural networks (NNs) should be used for forecasting. In this paper, Jordan neural network (JNN), a special type of NNs is examined, because of its advantages in time series forecasting suitable for inflation forecasting. The variables used as inputs include labour market variable, financial variable, external factor and lagged inflation, i.e. the most commonly used variables in previous researches. The research is conducted at the aggregate level of euro area countries in the period from January 1999 to January 2017. Based on 250 estimated JNNs, which differ in selected variables, sample breaking point and varying parameters (number of hidden neurons, weight value of the context unit), the model adequacy indicators for each JNN are calculated for two periods: in-the-sample and out-of-sample. Finally, the optimal JNN for inflation forecasting is obtained as the best compromise solution between low mean squared error inthe-sample and out-of-sample and low number of parameters to estimate. This paper contributes to existing literature in using JNN for inflation forecasting since it is rarely used for macroeconomic time series prediction in general. Moreover, this paper defines which set of variables contributes to the best inflation forecast. Additionally, JNN is examined thoroughly by fixing certain parameters of the model and alternating other parameters to contribute to the JNN literature, i.e. finding the optimal JNN.
{"title":"Jordan neural network for inflation forecasting","authors":"Tea Šestanović","doi":"10.17535/CRORR.2019.0003","DOIUrl":"https://doi.org/10.17535/CRORR.2019.0003","url":null,"abstract":"In times of pronounced nonlinearity of macroeconomic variables and in situations when variables are not normally distributed, i.e. when the assumption of i.i.d. is not fulfilled, neural networks (NNs) should be used for forecasting. In this paper, Jordan neural network (JNN), a special type of NNs is examined, because of its advantages in time series forecasting suitable for inflation forecasting. The variables used as inputs include labour market variable, financial variable, external factor and lagged inflation, i.e. the most commonly used variables in previous researches. The research is conducted at the aggregate level of euro area countries in the period from January 1999 to January 2017. Based on 250 estimated JNNs, which differ in selected variables, sample breaking point and varying parameters (number of hidden neurons, weight value of the context unit), the model adequacy indicators for each JNN are calculated for two periods: in-the-sample and out-of-sample. Finally, the optimal JNN for inflation forecasting is obtained as the best compromise solution between low mean squared error inthe-sample and out-of-sample and low number of parameters to estimate. This paper contributes to existing literature in using JNN for inflation forecasting since it is rarely used for macroeconomic time series prediction in general. Moreover, this paper defines which set of variables contributes to the best inflation forecast. Additionally, JNN is examined thoroughly by fixing certain parameters of the model and alternating other parameters to contribute to the JNN literature, i.e. finding the optimal JNN.","PeriodicalId":44065,"journal":{"name":"Croatian Operational Research Review","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.17535/CRORR.2019.0003","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46732802","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-07-04DOI: 10.17535/CRORR.2019.0011
M. Ćukušić, Mario Jadrić, Tea Mijac
The ubiquity of the technology and the availability of (open) data automatically collected in urban environments generate new opportunities, not only in tracking and managing public information services and resources, but also in the way we describe, implement and use these services. Although recent studies have proven that different smart city applications could improve some quality-of-life indicators by as much as 10–30 percent, at the same time it is reported that even the world cities that implement cutting-edge smart technologies are still at the beginning of their journey in a number of aspects. In an effort to identify and explore the challenges, the potential and the priorities for the implementation of smart city applications in a national/local context, a workshop followed by a research survey was conducted. To that end, a suitable research framework related to implementation of over 50 up-to-date smart city applications was adapted, extended and operationalized. The results of the study expose the strategic factors as the most challenging ones in the long-run in the national context of Croatia. In terms of local priorities for introducing smart city applications, the experts agreed on the most important and the least important smart city applications as well as on the potential to introduce these applications within 5 years. For the selection and prioritization of smart city applications in the given context, a proof-of-concept of a decision support tool intended for city managers is then proposed based on simulation modelling.
{"title":"Identifying challenges and priorities for developing smart city initiatives and applications","authors":"M. Ćukušić, Mario Jadrić, Tea Mijac","doi":"10.17535/CRORR.2019.0011","DOIUrl":"https://doi.org/10.17535/CRORR.2019.0011","url":null,"abstract":"The ubiquity of the technology and the availability of (open) data automatically collected in urban environments generate new opportunities, not only in tracking and managing public information services and resources, but also in the way we describe, implement and use these services. Although recent studies have proven that different smart city applications could improve some quality-of-life indicators by as much as 10–30 percent, at the same time it is reported that even the world cities that implement cutting-edge smart technologies are still at the beginning of their journey in a number of aspects. In an effort to identify and explore the challenges, the potential and the priorities for the implementation of smart city applications in a national/local context, a workshop followed by a research survey was conducted. To that end, a suitable research framework related to implementation of over 50 up-to-date smart city applications was adapted, extended and operationalized. The results of the study expose the strategic factors as the most challenging ones in the long-run in the national context of Croatia. In terms of local priorities for introducing smart city applications, the experts agreed on the most important and the least important smart city applications as well as on the potential to introduce these applications within 5 years. For the selection and prioritization of smart city applications in the given context, a proof-of-concept of a decision support tool intended for city managers is then proposed based on simulation modelling.","PeriodicalId":44065,"journal":{"name":"Croatian Operational Research Review","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.17535/CRORR.2019.0011","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49444920","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-07-04DOI: 10.17535/CRORR.2019.0016
D. Nguyen, Haoxun Chen
In this paper, we study a multi-period inventory model for a perishable product with both stochastic supply and demand in a rolling horizon framework. The product has a fixed shelf life such as fresh products, blood cells, chemicals, drugs and other pharmaceutical products. The objective is to minimize the expected total cost composed of ordering, purchasing, holding, shortage and waste costs. We focus on finding a high-quality solution close to the optimal solution of the model that provides decision support for decision-makers. We propose a stochastic programming model and transform it into MILP model based on conditional scenarios (CS) approach to reduce the computational burden. By comparing with the sample average approximation (SAA) method in a numerical study, we show that our method works efficiently.
{"title":"Optimization of a perishable inventory system with both stochastic demand and supply: comparison of two scenario approaches","authors":"D. Nguyen, Haoxun Chen","doi":"10.17535/CRORR.2019.0016","DOIUrl":"https://doi.org/10.17535/CRORR.2019.0016","url":null,"abstract":"In this paper, we study a multi-period inventory model for a perishable product with both stochastic supply and demand in a rolling horizon framework. The product has a fixed shelf life such as fresh products, blood cells, chemicals, drugs and other pharmaceutical products. The objective is to minimize the expected total cost composed of ordering, purchasing, holding, shortage and waste costs. We focus on finding a high-quality solution close to the optimal solution of the model that provides decision support for decision-makers. We propose a stochastic programming model and transform it into MILP model based on conditional scenarios (CS) approach to reduce the computational burden. By comparing with the sample average approximation (SAA) method in a numerical study, we show that our method works efficiently.","PeriodicalId":44065,"journal":{"name":"Croatian Operational Research Review","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.17535/CRORR.2019.0016","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46614974","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-07-04DOI: 10.17535/CRORR.2019.0001
V. Novoselac
This paper considers the investigation of the optimal number of clusters for datasets that are modeled as the Gaussian mixture. For that purpose, the adaptive method that is based on the modified Expectation Maximization (EM) algorithm is developed. The modification is conducted within the hidden variable of the standard EM algorithm. Assuming that data are multivariate normally distributed, where each component of the Gaussian mixture corresponds to one cluster, the modification is provided by utilizing the fact that the Mahalanobis distance of samples follows a Chi-square distribution. Besides, the quantity measure is constructed in order to determine number of clusters. The proposed method is presented in several numerical examples.
{"title":"Investigation of the optimal number of clusters by the adaptive EM algorithm","authors":"V. Novoselac","doi":"10.17535/CRORR.2019.0001","DOIUrl":"https://doi.org/10.17535/CRORR.2019.0001","url":null,"abstract":"This paper considers the investigation of the optimal number of clusters for datasets that are modeled as the Gaussian mixture. For that purpose, the adaptive method that is based on the modified Expectation Maximization (EM) algorithm is developed. The modification is conducted within the hidden variable of the standard EM algorithm. Assuming that data are multivariate normally distributed, where each component of the Gaussian mixture corresponds to one cluster, the modification is provided by utilizing the fact that the Mahalanobis distance of samples follows a Chi-square distribution. Besides, the quantity measure is constructed in order to determine number of clusters. The proposed method is presented in several numerical examples.","PeriodicalId":44065,"journal":{"name":"Croatian Operational Research Review","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.17535/CRORR.2019.0001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44705993","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-07-04DOI: 10.17535/CRORR.2019.0014
Maja Mihelja Žaja, Gordana Kordić, Margaret Gardijan Kedžo
Fiscal rules are among the cornerstones of macroeconomic policies in the European Union, both on the national and the supranational level. The importance of enacting and conducting the fiscal rules has become apparent after the expansion of public debts and budget deficits in the period of the global financial crisis. Besides the supranational rules, governments impose national fiscal rules in order to fulfill the convergence criteria for public debt and the budget deficit. Still, there is an open question on their influence on other economic parameters. This paper examines contextual variables that influenced the efficiency of implementing fiscal rules in 28 European Union countries. We observe the period of the last financial crisis and its aftermath when most of the countries introduced new or adjusted existing national fiscal rules, using two-stage Data Envelopment Analysis (DEA). The main goal of the paper is to study the impact of contextual variables on fiscal rules’ efficiency scores. In the first stage, we specify the DEA model to estimate the relative efficiency for each observed country in each year in the period from 2008 to 2016. After that, in the second stage, the efficiency scores are regressed on several contextual variables to observe the factors that explicate the variation in DEA-efficiency.
{"title":"The analysis of contextual variables affecting the efficiency of fiscal rules in the EU","authors":"Maja Mihelja Žaja, Gordana Kordić, Margaret Gardijan Kedžo","doi":"10.17535/CRORR.2019.0014","DOIUrl":"https://doi.org/10.17535/CRORR.2019.0014","url":null,"abstract":"Fiscal rules are among the cornerstones of macroeconomic policies in the European Union, both on the national and the supranational level. The importance of enacting and conducting the fiscal rules has become apparent after the expansion of public debts and budget deficits in the period of the global financial crisis. Besides the supranational rules, governments impose national fiscal rules in order to fulfill the convergence criteria for public debt and the budget deficit. Still, there is an open question on their influence on other economic parameters. This paper examines contextual variables that influenced the efficiency of implementing fiscal rules in 28 European Union countries. We observe the period of the last financial crisis and its aftermath when most of the countries introduced new or adjusted existing national fiscal rules, using two-stage Data Envelopment Analysis (DEA). The main goal of the paper is to study the impact of contextual variables on fiscal rules’ efficiency scores. In the first stage, we specify the DEA model to estimate the relative efficiency for each observed country in each year in the period from 2008 to 2016. After that, in the second stage, the efficiency scores are regressed on several contextual variables to observe the factors that explicate the variation in DEA-efficiency.","PeriodicalId":44065,"journal":{"name":"Croatian Operational Research Review","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.17535/CRORR.2019.0014","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47159922","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-07-04DOI: 10.17535/CRORR.2019.0013
Marija Vuković, S. Pivac, Duje Kundid
Electronic banking and electronic commerce have lately become an inevitable aspect of financial services. According to data about the percentage of users of Internet banking in Europe, Croatia is at the bottom of the list, with a low number of users. Thus, the question of the acceptance and use of this kind of technology arises. This research uses structural equation modeling to explore whether the motivation for the acceptance and use of Internet banking can be explained by the technology acceptance model (TAM) in the city of Split, Croatia. TAM explains the intent of using information systems through the perceived ease of use and the perceived usefulness of a system. It consists of multiple causal relationships, so structural equation modeling is adequate for hypothesis testing. A survey analysis was designed and applied on a sample of 282 working residents of Split. To make the results more credible, the gender and age structure of the sample was harmonized with the population. It is concluded that both elements of TAM positively influence the acceptance of Internet banking in Split. Since there is not much research on the use of Internet banking in Croatia and Southeast Europe, this research contributes to the poor amount of literature in this scientific area for these countries. The research findings can also help banks to understand the factors of Internet banking acceptance and to develop expansion strategies. Future research could include a cross-country comparison of individuals’ perception about Internet banking, as well as the dependence relationships of TAM factors.
{"title":"Structural equation modeling in the acceptance of internet banking in the city of Split","authors":"Marija Vuković, S. Pivac, Duje Kundid","doi":"10.17535/CRORR.2019.0013","DOIUrl":"https://doi.org/10.17535/CRORR.2019.0013","url":null,"abstract":"Electronic banking and electronic commerce have lately become an inevitable aspect of financial services. According to data about the percentage of users of Internet banking in Europe, Croatia is at the bottom of the list, with a low number of users. Thus, the question of the acceptance and use of this kind of technology arises. This research uses structural equation modeling to explore whether the motivation for the acceptance and use of Internet banking can be explained by the technology acceptance model (TAM) in the city of Split, Croatia. TAM explains the intent of using information systems through the perceived ease of use and the perceived usefulness of a system. It consists of multiple causal relationships, so structural equation modeling is adequate for hypothesis testing. A survey analysis was designed and applied on a sample of 282 working residents of Split. To make the results more credible, the gender and age structure of the sample was harmonized with the population. It is concluded that both elements of TAM positively influence the acceptance of Internet banking in Split. Since there is not much research on the use of Internet banking in Croatia and Southeast Europe, this research contributes to the poor amount of literature in this scientific area for these countries. The research findings can also help banks to understand the factors of Internet banking acceptance and to develop expansion strategies. Future research could include a cross-country comparison of individuals’ perception about Internet banking, as well as the dependence relationships of TAM factors.","PeriodicalId":44065,"journal":{"name":"Croatian Operational Research Review","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.17535/CRORR.2019.0013","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46806975","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-07-01DOI: 10.17535/CRORR.2019.0015
D. Mlinarić, Tunjo Perić, J. Matejaš
Economic diplomacy is an important prerequisite for achieving the economic goals of any country. The issue is worth analysing from several aspects. Since there is a lack of literature in the field, this paper may be one of the first steps in this direction. It focuses on a clear exposition and explanation of multi-objective programming methodology and its connection with economic diplomacy at the micro-level. This connection is achieved by constructing a model that optimises funds allocation for economic diplomacy costs. The model uses multi-objective programming methodology and takes into account the relevant economic diplomacy funding determinants. It defines measurements of criteria, budget limitation, efficiency maximization, and location. The application of the model is illustrated by a numerical example.
{"title":"Multi-objective programming methodology for solving economic diplomacy resource allocation problem","authors":"D. Mlinarić, Tunjo Perić, J. Matejaš","doi":"10.17535/CRORR.2019.0015","DOIUrl":"https://doi.org/10.17535/CRORR.2019.0015","url":null,"abstract":"Economic diplomacy is an important prerequisite for achieving the economic goals of any country. The issue is worth analysing from several aspects. Since there is a lack of literature in the field, this paper may be one of the first steps in this direction. It focuses on a clear exposition and explanation of multi-objective programming methodology and its connection with economic diplomacy at the micro-level. This connection is achieved by constructing a model that optimises funds allocation for economic diplomacy costs. The model uses multi-objective programming methodology and takes into account the relevant economic diplomacy funding determinants. It defines measurements of criteria, budget limitation, efficiency maximization, and location. The application of the model is illustrated by a numerical example.","PeriodicalId":44065,"journal":{"name":"Croatian Operational Research Review","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.17535/CRORR.2019.0015","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46422165","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-07-01DOI: 10.17535/CRORR.2019.0010
B. Marasović, I. Tadić, Tea Kalinić
. Human resources represent crucial resource and capital for any organization’s success, because they generate knowledge, skills, abilities and experience which distinguish organizations and emphasize their competitive advantage. Nowadays, managers are struggling in their competition in order to maximize performance results and other positive effects obtained by their crucial resource and in the same time minimizing production costs and other belonging losses. Although, higher education does not represent production in the true sense of the word, management leads the same battle, related to faculty teaching and researching staff workload, setting goals and various constrains. The main aim of this paper is optimization of human resource allocation within Croatian higher education system, according to several goals, related to their teaching and researching staff workload, minimizing deviation from set goals defined according to Croatian higher education regulations. The paper suggests the use of integer goal programming model in order to find optimal solution presented with the number of teachers and researchers within each department of chosen faculty. The model will be applied to the example of Croatian faculty, due to certain specificities of Croatian higher education system and will be applicable to any other Croatian faculty. Different optimal model solutions, obtained for different number of goals, will be compared within the paper. This model will secure optimal level of teaching and researching positions, considering multiple goals, with the emphasize of evolution and progression on individual level, simultaneously providing the best quality for students, as well as competitive and profitable work of the institution.
{"title":"Optimising the number of teaching and researching staff within Croatian higher education system","authors":"B. Marasović, I. Tadić, Tea Kalinić","doi":"10.17535/CRORR.2019.0010","DOIUrl":"https://doi.org/10.17535/CRORR.2019.0010","url":null,"abstract":". Human resources represent crucial resource and capital for any organization’s success, because they generate knowledge, skills, abilities and experience which distinguish organizations and emphasize their competitive advantage. Nowadays, managers are struggling in their competition in order to maximize performance results and other positive effects obtained by their crucial resource and in the same time minimizing production costs and other belonging losses. Although, higher education does not represent production in the true sense of the word, management leads the same battle, related to faculty teaching and researching staff workload, setting goals and various constrains. The main aim of this paper is optimization of human resource allocation within Croatian higher education system, according to several goals, related to their teaching and researching staff workload, minimizing deviation from set goals defined according to Croatian higher education regulations. The paper suggests the use of integer goal programming model in order to find optimal solution presented with the number of teachers and researchers within each department of chosen faculty. The model will be applied to the example of Croatian faculty, due to certain specificities of Croatian higher education system and will be applicable to any other Croatian faculty. Different optimal model solutions, obtained for different number of goals, will be compared within the paper. This model will secure optimal level of teaching and researching positions, considering multiple goals, with the emphasize of evolution and progression on individual level, simultaneously providing the best quality for students, as well as competitive and profitable work of the institution.","PeriodicalId":44065,"journal":{"name":"Croatian Operational Research Review","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.17535/CRORR.2019.0010","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47675423","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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