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Purpose – The purpose of this paper is to develop a new decision making method based on distance measures that uses the probabilistic weighted averaging (PWA) operator. The paper introduces the PWA distance (PWAD) operator. It is a new aggregation operator that uses probabilities, weighted averages (WAs) and distance measures. Some of its main properties and particular cases are studied such as the arithmetic weighted Hamming distance and the arithmetic probabilistic Hamming distance. An application in a group decision making problem concerning the selection of investment strategies is also presented. Design/methodology/approach – The paper follows the aggregation operator literature by designing new aggregation operators based on the use of distance measures. Also an application in investment selection is developed. Findings – The PWAD operator is presented. It permits to use distance measures with probabilities and WAs in the same formulation. Moreover, the paper also finds the PWA norm aggregation and implements them in a group decision making problem. Practical implications – The PWAD operator can be applied in a wide range of problems including statistics, economics and engineering. The paper focuses on a multi-person decision making application concerning the selection of the optimal investment strategies. Originality/value – New aggregation operators by using distance measures are presented. Their main advantage is that they unify the WA with the probability. Thus, the paper considers distance measures that include subjective and objective information in the same formulation. [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this paper is to present application of recency, frequency and monetary value (RFM) approach to predict customer insolvency using telecommunication data corresponding to RFM of late payments. The study tackles a serious problem that telecommunication companies often face and shows the ways to deal with it. Design/methodology/approach – Based on a real telecom customer data, RFM approach was tested against decision trees and logistic regression models. Proposed models were evaluated with lift measure, area under the receiver operating characteristic and the ability to detect significant amount of money owed by insolvent customers. Findings – The main findings from the research are twofold: RFM approach offers a viable alternative for customer insolvency classification. The proposed models perform well and all of them can capture significant amount of money owed by insolvent customers what is of high importance for the revenue assurance. Originality/value – In comparison to previous studies proposed research presents novelty in the following areas. First, it deals with RFM applied to insolvency data (previous studies dealt with direct marketing data). Second, with these three variables it is possible to act as an early warning system for predicting the risk level and probable anomalies as quickly as it is possible (data retrieval and computational time is reduced). Third, RFM approach was tested against decision trees and logistic regression and the quality of the models was also assessed three months after the estimation. [ABSTRACT FROM AUTHOR]

Real-world problems in decision analysis, economics, optimization and other fields are characterized by fuzzy and partially reliable information. In this regard, Prof. Zadeh suggested the concept of a Z-number, as an ordered pair Z  = ( A, B ) of fuzzy numbers A and B , the first of which describes a linguistic value, and the second one is a fuzzy value of probability measure of the first one, playing a role of reliability of information. Construction of mathematical models to handle Z-number-based information is a new challenge which requires development of Z-number-valued analysis including Z-number-valued equations, Z-number-valued derivative and integral and other concepts. One of the basic concepts in this realm is an inverse of addition operation. In the existing literature devoted to set-valued arithmetic and fuzzy arithmetic this operation is referred to as Hukuhara difference. For interval numbers and fuzzy numbers, the existence conditions of Hukuhara difference are derived. Unfortunately, the concept of Hukuhara difference for Z-numbers is not developed. In this work for the first time we suggest a fundamental approach for development of the concept of Hukuhara difference of Z-numbers. Examples are provided in the paper to show validity of the suggested approach. [ABSTRACT FROM AUTHOR]

With the rapid growth of data sets nowadays, the object sets in an information system may evolve in time when new information arrives. In order to deal with the missing data and incomplete information in real decision problems, this paper presents a matrix based incremental approach in dynamic incomplete information systems. Three matrices (support matrix, accuracy matrix and coverage matrix) under four different extended relations (tolerance relation, similarity relation, limited tolerance relation and characteristic relation), are introduced to incomplete information systems for inducing knowledge dynamically. An illustration shows the procedure of the proposed method for knowledge updating. Extensive experimental evaluations on nine UCI datasets and a big dataset with millions of records validate the feasibility of our proposed approach. [ABSTRACT FROM AUTHOR]

For decades, the business world has been fixated on achieving sustainable competitive advantage, a position within an industry that allows a company to best its rivals over the long term. Though we can all point to organizations that have succeeded with this approach--think GE and Unilever--in today's world, the edge of most companies doesn't last long. The forces at work here are familiar: the digital revolution, disappearing barriers to entry, globalization. In a turbulent environment, businesses can't afford to spend months crafting a single long-term strategy. They need a portfolio of multiple transient advantages that can be built quickly and abandoned just as rapidly. Transient advantages call for a whole new playbook, says Columbia Business School's McGrath. It involves a view of strategy that is less industry-bound and more customer-centric. Executives who grasp this shift don't rely solely on analysis to develop strategy; they use tools like advanced pattern recognition and observation to set broad strategic themes and then let people experiment within them. They also adopt decision metrics that support entrepreneurship, replacing the net present value rule, for instance, with the logic of real options. And, knowing that product features can be copied instantly, they focus on providing experiences and solutions to problems to customers, and turn relationships into competitive barriers. INSET: Idea in Brief. [ABSTRACT FROM AUTHOR]

It's tough to get consumers to adopt innovations--and it's getting tougher all the time. That's because more and more markets are taking on the characteristics of networks. The interconnections among today's companies are so plentiful that often a new product's adoption by one player depends on its systematic adoption by other players. Consider the disparate companies involved with the popularization of digital photography: software vendors, camera manufacturers, broadband communications companies, printer manufacturers, and so on. By contrast, Kodak was pretty much the sole player involved with popularizing film photography. The traditional levers executives use to launch products--such as targeting unique customer segments or developing compelling value propositions--don't work as well in this new environment. Instead, innovators must orchestrate a change of behaviors across the market, unraveling the status quo so that a large number of players adopt their offerings and believe they are better off for having done so. In this article, Monitor Group's Bhaskar Chakravorti outlines a four-part framework for doing just that. The innovator must reason back from a target endgame, implementing only those strategies that maximize its chances of getting to its goal. It must complement power players, positioning its innovation as an enhancement to their products or services. The innovator must offer coordinated switching incentives to three core groups: the players that add to the innovation's benefits, the players that act as channels to adopters, and the adopters themselves. And it must preserve flexibility in case its initial strategy fails. Chakravorti uses Adobe's introduction of its Acrobat software as an example of an innovator that took into account other players in the network--and succeeded because of it. [ABSTRACT FROM AUTHOR]

Describes the investment mania related to Internet company stocks. Manias in the history of investing; Expectation of a correction for these stocks; Signs of excess; Question of what will trigger a correction; Status of various industry stocks; Impact of Internet stocks on the rest of the market; Rules of safe investing being overwhelmed; Risks taken by Internet investors; Mania driven by a change in the culture of investing; Day traders. INSET: What's an Internet firm worth? by James Pethokoukis.

The article looks at the process of downsizing from large mainframe computers to personal computers (PCs) in U.S. corporations as of 1993. The author lists the benefits of downsizing, including flexibility, efficiency, and reduced expenses, but also pays attention to potential risks such as necessary investments, safety concerns, and the need for quick decision making. Reviewed are downsizing projects in companies including Bank of America, United Parcel Service (UPS), and Texas Instruments.

For a long time to come, managers will bear the responsibility for judging the value of advances in marketing "science." Moreover, they will have to decide whether new knowledge can be used to improve their companies' fortunes--and, if so, how? In doing so, they will be helped by research done by professional groups such as the American Marketing Association and the Marketing Science Institute. But perhaps more immediately they will be assisted by some recently published books and articles--here reviewed by Robert D. Buzzell, Assistant Professor of Business Administration at the Harvard Business School. [ABSTRACT FROM AUTHOR]

The article discusses the guidelines by which corporations determine how their executives receive their compensation. A useful, if broad, compensation structure is one which is sufficient to attract executives who are able to lead a company and inspired enough to help it expand and diversify. This structure has its limitations, however, and is very much dependent on the nature of the work and the needs of the company. The leadership qualities of the individual are essential to his perceived value to the corporation and its board.

This article explores the business participation in regional planning in the United States. The article discusses the support for the studies of metropolitan problems, the magnitude of metropolitan planning, and the creation of a countermovement towards reaffirmation of community. The article also discusses the promotion of economic development, the revitalization of the pattern of local life, and the re-creation of workable institutions of local self-government. The article explains that in order to be effective, business participation in metropolitan planning will require major expenditures of time top-level corporate decisions.

This article is based on wide experience in the application of high-speed automatic computers to the solution of scientific, engineering, and operations research problems, and on extensive consideration of the use of computers in business and industry. It should be stressed, however, that many of the applications discussed in this article do not belong to the category of examples which have already been worked through to completion. Thus the conclusions set forth here represent extrapolations from a broad base of experience into the future. The author--who is Chief, Computing Services Section, Raytheon Manufacturing Company--would have preferred to wait three to five years and then draw conclusions from accomplished facts, but there has been substantial demand for a more specific prediction of fields and methods of application and detailed requirements of personnel and cost. It is hoped that these objectives are met in this article, even though there is risk of oversimplification and consequent misinterpretation. For example, the reader may be startled at the magnitude of effort required to realize the full potential of the automatic computer. He is urged therefore to observe how large this potential is and to bear in mind that a modest expenditure will suffice to get started on a paying basis. [ABSTRACT FROM PUBLISHER]

The article mentions research on industrial relocation in the United States and focuses on the decision making and planning processes. When a manufacturing plant in the North is considering a move to the South, comparative cost data is needed to evaluate the cost differentials between the current and prospective locations, as well as expected profits. Important factors in relocation are the expense of transferring operations and equipment, estimating construction costs, recruiting and training a work force, and compensating employees left behind. Topics include 16 questions that aid in making a decision, the social cost of relocating a business, and data for labor costs, tax levels, and unemployment insurance.

The article discusses the use of life-cycle costing by a therapy service to make sound equipment acquisitions. Topics covered include life-cycle costing's identification of all costs relevant to ownership of an asset, a checklist of factors like initial price, usage, and disposal to be considered, and the importance of checking a supplier's marketplace reputation. Also noted is the challenge of getting as much information as possible on an equipment to find the bottom line.

The article focuses on a warning by researcher Leigh Turner regarding the charging of some exorbitant fees by stem cell clinics for participation in experimental treatments marketed as clinical trials. According to Turner, the U.S. National Institute of Health (NIH) need to account for allowing questionable pay-to-participate trials to be listed on its website ClinicialTrials.gov.

The article discusses the lessons to be learned by public, academic, and special libraries from those that have adopted radio frequency identification (RFID) as a replacement for bar code system. Topics include issues to be considered during the initial decision to implement RFID, the need for libraries to reconsider many workflow conceptions and weigh the benefits of such a system, and library-centric RFID vendors including 3M, Bibliotheca, and Tech Logic.

The article focuses on open access (OA). It discusses two main routes of infrastructure for OA, who pays for OA publishing and the use of OA in higher education. It mentions the relationship between OA and journal impact factor and how librarians can show their support for OA. It highlights that role of OA in social sciences and humanities.

The article discusses how automation can help generate significant operational improvements and cost reductions for health systems. It mentions intelligent automation (IA) platform incorporates a combination of technologies such as machine learning, natural language processing, optical character recognition, robotic process automation, and workflow orchestration that broadens the potential use cases while empowering humans to work alongside these digital assets.

The article presents information on the growing demad for organic food. A study conducted by Stanford University found no significant difference in nutrient levels of organic and conventional foods. The 2010 Nielsen Global Online Survey found that people buy organic foods for more than just their vitamin or phytochemical content. INSET: 7 WAYS TO REDUCE PESTICIDE RESIDUES.

The author offers guidelines to institutions on choosing rare books and special collections to digitize for successful digital assets. She explains the importance of selection for digitization including shaping the online collections that are built by libraries, archives and historical societies. She suggests that institutions should have a selection process to evaluate materials and determine when digital conversion is most appropriate. The cost of digitization is also discussed.

The article focuses on individuals' behavioral economics which affects economic decision-making. It discusses several tools from behavior economics which include choice architecture, nudge that changes behavior and attracts attention, and framing in which economic gains and losses are considered. It adds strategies from professional services company Towers Watson to change health care behavior that include encouraging optimism, motivation by stories, and breaking the endowment effect. INSETS: What Is Behavioral Economics?;Some Useful Tools From Behavioral Economics;Practical Strategies;Behavioral Economics and Health Care Reform

The article discusses the advertisements in India which uses children as storytellers of products. Topics mentioned include the influence of children to the decision making of their parents to buy the product, the comment of senior psychiatrist Jitendra Nagpal on the unhealthy use of children in advertisement which is like child labour, and the short and long-lasting impact of advertisement.

The article analyzes conditions on the U.S. stock market as of November 15, 1957. Particular focus is given to the role of emotions in an investor's decision to buy or sell a particular stock. It is the author's opinion that investors often fail to recognize the peak of the bull market and the bottom of the bear market as a result of the hopes or fears that dominate their decision making.

The article discusses the mental health of workers in Britain as of July 2011, and the efforts on their behalf by Mind, a British charity. It cites figures from various sources such as Aviva, the BBC and the Young Foundation, which found that 30% of employees suffered from mental stress such that it affected their work and resulted in absenteeism. According to Mind, this costs industry about 26 billion pounds a year, so it set up Taking Care of Business--Mental Health at Work, a five-year program to help reduce stress at work through various initiatives. INSETS: CASE STUDY;MIND'S TOP FIVE TIPS TO ACHIEVE A MENTALLY HEALTHY WORKPLACE;WHAT MIND IS CALLING FOR;CASE STUDY

The author discusses aspects of decision-making of personnel managers in evaluating jobs and making trade-offs business organizations. It explains the logic of cost control over additional costs in recruiting, training, and retaining the best employees in terms of compensation and boosted production. It cites the Marshmallow test in evaluating trade-offs from delayed gratification to future success.

The article discusses the failure of many physicians to realize that they are not paid for carrying costs that make the vaccine's real retail cost much higher than what they paid for. Topics covered include the unreimbursed carrying costs like getting the product into a refrigerator, negotiating payments with payers, and the immunization business. Also mentioned are the American Academy of Pediatrics (AAP) and multivalent vaccines.