Practical Advice to Entrepreneurs Series by ACE Adjunct Professor Dean Shepherd: Practical advice on pulling the plug on a failing business

The author, Dean Shepherd, is of entrepreneurship—how entrepreneurs think, decide to act, and feel. He recently realized that while his publications in academic journals have implications for entrepreneurs, those implications have remained relatively hidden in the text of the articles and hidden in articles published in journals largely inaccessible to those involved in the entrepreneurial process. This series is designed to bring the practical implications of his research to the forefront.

Practical Advice to Entrepreneurs Series by ACE Adjunct Professor Dean Shepherd: Practical advice for coping with business failure

The author, Dean Shepherd, is of entrepreneurship—how entrepreneurs think, decide to act, and feel. He recently realized that while his publications in academic journals have implications for entrepreneurs, those implications have remained relatively hidden in the text of the articles and hidden in articles published in journals largely inaccessible to those involved in the entrepreneurial process. This series is designed to bring the practical implications of his research to the forefront.

Whose business is dying? Death, the home and palliative care

The process of dying at home brings the nexus between the paternalism of conventional palliative care and a social understanding of end of life care into sharp focus. Away from institutional places of care, issues of ownership, compliance and communal responsibility are heightened. At this interface, palliative care services are confronted with the irony of relinquishing their 'ownership' of dying whilst leading communities to reclaim their principal role in the business of dying. This benign – but enduring – paternalism remains a barrier to a paradigmatic shift towards a more complete understanding of the business of dying. Whilst nascent attempts to promote community engagement in end of life issues are evident in the interface between palliative care and public health, dying remains, for the most part, the remit of health care services. In this article, I contend that the business of dying is incompletely attended. This lack of attention will be partially redressed here by considering the home as a fitting death scene.

A qualitative study of small-scale artist run 'Indie' music business in Brisbane

This study is an examination of three small-scale artist run music businesses based in Brisbane. The researcher embedded himself within these three environments over the space of three years, using participant observation and content analysis to establish the key motivations, theories, and ideas which drove these businesses. As a researcher participant the author also drew on his own experiences to interrogate those investigated by other researchers in the field, with the underlying key theories influenced by Pierre Bourdieu's writings on Small-Scale production. This study provides a fascinating insight into Brisbane music culture, in particular the independent music scenes.

Do prediction markets produce well-calibrated probability forecasts?

This article presents new theoretical and empirical evidence on the forecasting ability of prediction markets. We develop a model that predicts that the time until expiration of a prediction market should negatively affect the accuracy of prices as a forecasting tool in the direction of a ‘favourite/longshot bias’. That is, high-likelihood events are underpriced, and low-likelihood events are over-priced. We confirm this result using a large data set of prediction market transaction prices. Prediction markets are reasonably well calibrated when time to expiration is relatively short, but prices are significantly biased for events farther in the future. When time value of money is considered, the miscalibration can be exploited to earn excess returns only when the trader has a relatively low discount rate.

Consolidation of business process model collections

This thesis presents novel techniques for addressing the problems of continuous change and inconsistencies in large process model collections. The developed techniques treat process models as a collection of fragments and facilitate version control, standardization and automated process model discovery using fragment-based concepts. Experimental results show that the presented techniques are beneficial in consolidating large process model collections, specifically when there is a high degree of redundancy.

The Six Core Elements of Business Process Management

The previous chapters gave an insightful introduction into the various facets of Business Process Management. We now share a rich understanding of the essential ideas behind designing and managing processes for organizational purposes. We have also learned about the various streams of research and development that have influenced contemporary BPM. As a matter of fact, BPM has become a holistic management discipline. As such, it requires that a plethora of facets needs to be addressed for its successful und sustainable application. This chapter provides a framework that consolidates and structures the essential factors that constitute BPM as a whole. Drawing from research in the field of maturity models, we suggest six core elements of BPM: strategic alignment, governance, methods, information technology, people, and culture. These six elements serve as the structure for this BPM Handbook.

The mining boom and Western Australia's changing landscape : towards sustainability or business as usual?

The practices and public reputation of mining have been changing over time. In the past, mining operations frequently stood accused of being socially and environmentally disruptive, whereas mining today invests heavily in ‘socially responsible’ and ‘sustainable’ business practices. Changes such as these can be witnessed internationally as well as in places like Western Australia (WA), where the mining sector has matured into an economic pillar of the state, and indeed the nation in the context of the recent resources boom. This paper explores the role of mining in WA, presenting a multi-disciplinary perspective on the sector's contribution to sustainable development in the state. The perspectives offered here are drawn from community-based research and the associated academic literature as well as data derived from government sources and the not-for-profit sector. Findings suggest that despite noteworthy attitudinal and operational improvements in the industry, social, economic and environmental problem areas remain. As mining in WA is expected to grow in the years to come, these problem areas require the attention of business and government alike to ensure the long-term sustainability of development as well as people and place.

The Australian mining industry and the ideal mining woman : mobilizing a public business case for gender equality

Despite ongoing ‘boom’ conditions in the Australian mining industry, women remain substantially and unevenly under-represented in the sector, as is the case in other resource-dependent countries. Building on the literature critiquing business-case rationales and strategies as a means to achieve women’s equality in the workplace, we examine the business case for employing more women as advanced by the Australian mining industry. Specifically, we apply a discourse analysis to seven substantial, publically-available documents produced by the industry’s national and state peak organizations between 2005 and 2013. Our study makes two contributions. First, we map the features of the business case at the sectoral rather than firm or workplace level and examine its public mobilization. Second, we identify the construction and deployment of a normative identity – ‘the ideal mining woman’ – as a key outcome of this business-case discourse. Crucially, women are therein positioned as individually responsible for gender equality in the workplace.

Reframe : QUT's evaluation framework survey business rules

Reframe is changing our approach to the evaluation of courses, units, teaching and student experience at QUT. We are moving away from a single survey tool to a richer, more holistic and customisable approach. This approach will help our academics design and deliver high-quality learning experiences, and review the impact of their teaching practice on student learning. Through it, we will also be able to provide more timely access to specialised support and meet external reporting requirements.

Controlled automated discovery of collections of business process models

Automated process discovery techniques aim at extracting process models from information system logs. Existing techniques in this space are effective when applied to relatively small or regular logs, but generate spaghetti-like and sometimes inaccurate models when confronted to logs with high variability. In previous work, trace clustering has been applied in an attempt to reduce the size and complexity of automatically discovered process models. The idea is to split the log into clusters and to discover one model per cluster. This leads to a collection of process models – each one representing a variant of the business process – as opposed to an all-encompassing model. Still, models produced in this way may exhibit unacceptably high complexity and low fitness. In this setting, this paper presents a two-way divide-and-conquer process discovery technique, wherein the discovered process models are split on the one hand by variants and on the other hand hierarchically using subprocess extraction. Splitting is performed in a controlled manner in order to achieve user-defined complexity or fitness thresholds. Experiments on real-life logs show that the technique produces collections of models substantially smaller than those extracted by applying existing trace clustering techniques, while allowing the user to control the fitness of the resulting models.

Applying threshold learning theory to teach sustainable business practice in post-graduate engineering education

This paper presents the results of a qualitative action-research inquiry into how a highly diverse cohort of post-graduate students could develop significant capacity in sustainable development within a single unit (course), in this case a compulsory component of four built environment masters programs. The method comprised applying threshold learning theory within the technical discipline of sustainable development, to transform student understanding of sustainable business practice in the built environment. This involved identifying a number of key threshold concepts, which once learned would provide a pathway to having a transformational learning experience. Curriculum was then revised, to focus on stepping through these targeted concepts using a scaffolded, problem-based-learning approach. Challenges included a large class size of 120 students, a majority of international students, and a wide span of disciplinary backgrounds across the spectrum of built environment professionals. Five ‘key’ threshold learning concepts were identified and the renewed curriculum was piloted in Semester 2 of 2011. The paper presents details of the study and findings from a mixed-method evaluation approach through the semester. The outcomes of this study will be used to inform further review of the course in 2012, including further consideration of the threshold concepts. In future, it is anticipated that this case study will inform a framework for rapidly embedding sustainability within curriculum.

Generating natural language texts from business process models

Process Modeling is a widely used concept for understanding, documenting and also redesigning the operations of organizations. The validation and usage of process models is however affected by the fact that only business analysts fully understand them in detail. This is in particular a problem because they are typically not domain experts. In this paper, we investigate in how far the concept of verbalization can be adapted from object-role modeling to process models. To this end, we define an approach which automatically transforms BPMN process models into natural language texts and combines different techniques from linguistics and graph decomposition in a flexible and accurate manner. The evaluation of the technique is based on a prototypical implementation and involves a test set of 53 BPMN process models showing that natural language texts can be generated in a reliable fashion.

Global business today, 3rd Asia Pacific Edition

The third edition of Global Business Today continues to effectively combine a world-wide orientation with an emphasis on the strategic issues that impact global business in our region. The authors provide background on the political, economic, social or cultural aspects of countries grappling with an international business issue, raising students' awareness of how national and geographic differences affect the conduct of international business. Chapter 7, for example, contains a new Country Focus box titled, "India's stuttering economic transformation". Developing economies are covered in the new Emerging Markets feature emphasizing the global coverage of the text and the increasing complexities and opportunities in international business. Chapter 13 contains Another Perspective box titled, "The China-plus-one Strategy."