INFORMATION VISUALIZATION TO SUPPORT MANAGEMENT DECISIONS

Information visualization can accelerate perception, provide insight and control, and harness this flood of valuable data to gain a competitive advantage in making business decisions. Although such a statement seems to be obvious, there is a lack in the literature of practical evidence of the benefit of information visualization. The main contribution of this paper is to illustrate how, for a major European apparel retailer, the visualization of performance information plays a critical role in improving business decisions and in extracting insights from Redio Frequency Idetification (RFID)-based performance measures. In this paper, we identify - based on a literature review - three fundamental managerial functions of information visualization, namely as: a communication medium, a knowledge management means, and a decision-support instrument. Then, we provide - based on real industrial case evidence - how information visualization supports business decision-making. Several examples are provided to evidence the benefit of information visualization through its three identified managerial functions. We find that - depending on the way performance information is shaped, communicated, and made interactive - it not only helps decision making, but also offers a means of knowledge creation, as well as an appropriate communication channel. © 2014 World Scientific Publishing Company.

Classifying data quality problems in asset management

© Springer International Publishing Switzerland 2015. Making sound asset management decisions, such as whether to replace or maintain an ageing underground water pipe, are critical to ensure that organisations maximise the performance of their assets. These decisions are only as good as the data that supports them, and hence many asset management organisations are in desperate need to improve the quality of their data. This chapter reviews the key academic research on data quality (DQ) and Information Quality (IQ) (used interchangeably in this chapter) in asset management, combines this with the current DQ problems faced by asset management organisations in various business sectors, and presents a classification of the most important DQ problems that need to be tackled by asset management organisations. In this research, eleven semi structured interviews were carried out with asset management professionals in a range of business sectors in the UK. The problems described in the academic literature were cross checked against the problems found in industry. In order to support asset management professionals in solving these problems, we categorised them into seven different DQ dimensions, used in the academic literature, so that it is clear how these problems fit within the standard frameworks for assessing and improving data quality. Asset management professionals can therefore now use these frameworks to underpin their DQ improvement initiatives while focussing on the most critical DQ problems.

The design of an agent for modelling supply chain network dynamics

A useful insight into managerial decision making can be found from simulation of business systems, but existing work on simulation of supply chain behaviour has largely considered non-competitive chains. Where competitive agents have been examined, they have generally had a simple structure and been used for fundamental examination of stability and equilibria rather than providing practical guidance to managers. In this paper, a new agent for the study of competitive supply chain network dynamics is proposed. The novel features of the agent include the ability to select between competing vendors, distribute orders preferentially among many customers, manage production and inventory, and determine price based on competitive behaviour. The structure of the agent is related to existing business models and sufficient details are provided to allow implementation. The agent is tested to demonstrate that it recreates the main results of the existing modelling and management literature on supply chain dynamics. A brief exploration of competitive dynamics is given to confirm that the proposed agent can respond to competition. The results demonstrate that overall profitability for a supply chain network is maximised when businesses operate collectively. It is possible for an individual business to achieve higher profits by adopting a more competitive stance, but the consequence of this is that the overall profitability of the network is reduced. The agent will be of use for a broad range of studies on the long-run effect of management decisions on their network of suppliers and customers.

Analysis of structural health monitoring data from hammersmith flyover

There has recently been considerable research published on the applicability of monitoring systems for improving civil infrastructure management decisions. Less research has been published on the challenges in interpreting the collected data to provide useful information for engineering decision makers. This paper describes some installed monitoring systems on the Hammersmith Flyover, a major bridge located in central London (United Kingdom). The original goals of the deployments were to evaluate the performance of systems for monitoring prestressing tendon wire breaks and to assess the performance of the bearings supporting the bridge piers because visual inspections had indicated evidence of deterioration in both. This paper aims to show that value can be derived from detailed analysis of measurements from a number of different sensors, including acoustic emission monitors, strain, temperature and displacement gauges. Two structural monitoring systems are described, a wired system installed by a commercial contractor on behalf of the client and a research wireless deployment installed by the University of Cambridge. Careful interpretation of the displacement and temperature gauge data enabled bearings that were not functioning as designed to be identified. The acoustic emission monitoring indicated locations at which rapid deterioration was likely to be occurring; however, it was not possible to verify these results using any of the other sensors installed and hence the only method for confirming these results was by visual inspection. Recommendations for future bridge monitoring projects are made in light of the lessons learned from this monitoring case study. © 2014 This work is made available under the terms of the Creative Commons Attribution 4.0 International license,.

Developing a framework for make-or-buy decisions

The make-or-buy question represents a fundamental dilemma faced by many companies. Companies have finite resources and cannot always afford to have all manufacturing technologies in-house. This has resulted in an increasing awareness of the importance of make-or-buy decisions. This paper reports on the development of a make-or-buy framework to address the make-or-buy decision for either a specific individual part or family of parts. Firstly, a literature review of the principal make-or-buy approaches is discussed. Secondly, the development of a make-or-buy framework is described and the framework is explained and illustrated using case studies. Thirdly, the operationalisation of the framework is outlined. The paper concludes with a discussion of its contribution to both the academic understanding of the subject, and the improvement of industrial practice.

Value roadmapping: A structured approach for early stage technology investment decisions

Deciding to invest in early stage technologies is one of the most important tasks of technology management and arguably also the most uncertain. It assumes a particular significance in the rise of technology companies in emerging economies, which have to make appropriate investment decisions. Technology managers already have a wide range of methods and tools at their disposal, but these are mostly focussed on quantitative measures such as discounted cash flow and real options techniques. However, in the early stages of technology development there seems to be a lot of dissatisfaction with these techniques as there appears to be a lack of accuracy with respect to the underlying assumptions that these models require. In order to complement these models this paper will discuss an alternative approach that we call value road-mapping. By adapting roadmapping techniques the potential value streams of early stages technologies can be plotted and hence a clearer consensus based picture of the future potential of new technologies emerges. Roadmapping is a workshop-based process bringing together multifunctional perspectives, and supporting communication in particular between technical and commercial groups. The study is work in progress and is based on a growing number of cases. (c) 2006 PICMET.

Strategies for product recovery decisions

Product recovery is beset by uncertainty regarding the quality of end-of-life (EOL) products, and in order to ascertain the reusability of these products, they have to undergo expensive tests. This undermines the profitability of the recovery process. The key to improve the effectiveness of product recovery is to improve the quality of information available before testing. Emerging data capture technologies can significantly improve the availability of information. However, in order to maximise the potential of these technologies, appropriate decision-making algorithms that exploit such information must be developed. We model the recovery process using a decision-theoretic approach, and derive strategies to ascertain the reusability of EOL products, and also to decide when tests are beneficial. We show that improving the quality of information leads to increase in effectiveness of the recovery process by reducing the need for tests. Copyright © 2009 Inderscience Enterprises Ltd.