Finnairin lentopetrolihankinnat ja niiden kehittäminen

Tutkimuksen päätavoitteena on ollut Finnair Oyj:n lentopetrolihankintojen tutkiminen ja hankintatoimen kehittäminen. Tutkimuksen pääongelmana on ollut korkea lentopetrolin hinta ja siksi tutkimus on etsinyt ratkaisuja, joiden avulla kustannuspaineita voidaan pienentää. Tutkimus on laadullinen, koska Finnairin lentopetrolihankinnat ovat muutaman henkilön vastuulla ja siten kvantitatiivisen tutkimuksen tekeminen olisi ollut vaikeaa. Empiirinen osuus on tehty henkilökohtaisina haastatteluina joko "face-to-face" -tyyppisenä tai sähköpostitse. Tutkimuksen teoreettisen osuuden sateenvarjona on ollut hankintastrategia, jonka alaisuudessa tutkimuksen muita teorioita ja malleja on käsitelty. Koska hankintastrategian osatekijöiden käyttö ja valinta vaikuttaa ratkaisevasti transaktiokustannusten esiintymiseen, on ollut järkevää katsoa syntyviä kustannuksia hankintastrategisesta näkökulmasta. Elinkaarikustannukset on otettu mukaan tutkimukseen, koska Lisa Ellramin kehittämä Total Cost of Ownership –malli implikoi voimakkaasti ostoprosessin eri vaiheisiin. Tutkimuksen tuloksena voidaan kertoa, että mitään yksiselitteistä ratkaisua korkeaa lentopetrolihintaa vastaan ei ole olemassa. Lentopetrolihankintoja voidaan kehittää, erityisesti hyödyntämällä sähköistä hankintatoimea, jossa prosesseja tehostetaan tietotekniikkaa käyttäen. Lentopetrolihankintoja voidaan tehostaa myös perinteisimmillä menetelmillä, kuten järjestelemällä uudelleen toimintoja ja fyysiseen tankkaustapahtumaan liittyviä keinoja. Hankintastrategian yhteisostot –osatekijä antaa hyvän välineen vipuvaikutuksen käyttämiseen hankinnoissa, taktisen ostamisen ohella. Toimittajasuhteiden syventämisellä ja transaktiokustannusten pienentämisellä voidaan saavuttaa kilpailuetua koko toimitusketjulle. Case –yhtiön tapauksessa tämä tarkoittaa edullisempia lentolippuja loppuasiakkaalle ja kasvavaa kysyntää Finnairille.

International Growth Strategies of Small and Medium-Sized Enterprises in Infocom Sector

Tutkimuksen päätavoite on selvitää infocom-toimialan pk-yritysten kansainväliset kasvustrategiat. Aluksi on tarkasteltu kasvua edesauttaneita ja hidastaneita tekijöitä, jotka muodostavat pohjan kansainvälisen kasvun suunnittelulle. Näiden pohjalta on aikaisemmin esitettyihin teoriamalleihin ja yritysten kansainvälistymisen asteeseen yhdistettynä määritelty infocom-toimialan pk-yrityksten kansainväliset kasvustrategiavaihtoehdot. Tutkimuksen tarkasteluun on vaikuttanut born global-ilmiö, jonka pääpiirre on nopea kansainvälistyminen yrityksen aikaisessa kehitysvaiheessa. Työn empiirisessä osassa on havainnollistettu teoriassa käsiteltyjä kansainväliseen kasvuun liittyviä tekijöitä. Empiirisessä osassa on käytetty sekä kvantitatiivisia että kvalitatiivisia menetelmiä. Kvantitatiivinen survey tutkimus on pohjautunut aineistoon, joka on kerätty vuosina 1999-2000 Telecom Business Research Centerissä Lappeenrannassa. Kvalitatiivisessa case-tutkimuksessa on haastateltu infocom-toimialan pk-yrityksiä. Nopeasti kehittyvän infocom-toimialan pk-yrityksille kansainvälistyminen on haaste ja tärkein menestyksen edellytys. Pk-yritysten kasvuresurssit ovat rajalliset, mutta lisääntyvän verkostoitumisen myötä on yritysten välisestä yhteistyöstä saavutettu etuja, jotka ovat mahdollistaneet kansainvälisen kasvun. Markkinoiden muutosnopeus on suuri ja siksi strategisen suunnittelun aikaväli lyhenee. Kansainvälisiä kasvustrategioita muodostettaessa yritykset joutuvat samanaikaisesti turvautumaan useampaan eri kasvustrategiaan, joiden yhdistelmänä yritysten merkittävimmäksi kasvustrategiaksi muodostuvat hybridit kasvustrategiat.

Teknisen analyysin menestyksellisyys suomalaisilla osakemarkkinoilla

Tutkielmassa analysoitiin yhteensä 73:n teknisen analyysin menetelmävariaation ja samalta ajanjaksolta lasketun osta ja pidä -strategian tuottojen eroja aineistolla, joka koostui 43 Helsingin Arvopaperipörssin päälistalla vuodesta 1991 vuoteen 1998 noteeratun yhtiön osakkeiden päivän päätöskursseista. Empiiriset testit toteutettiin tutkielmaa varten laadituilla Pascal-ohjelmilla, joilla simuloitiin eri teknisen analyysin menetelmien mukaista päivittäistä kaupankäyntiä. Tulokset osoittivat, ettei teknisen analyysin menetelmien avulla olisi tarkasteluperiodilla päässyt osta ja pidä -strategian tuottotasolle, sillä ainoastaan yksi strategioista ylitti osta ja pidä -strategian tuottotason. Negatiivinen korrelaatio kunkin teknisen analyysin menetelmän tuottamien kauppojen lukumäärän ja strategian kannattavuuden välillä oli erittäin vahva; mitä suurempi signaaliherkkyys, sitä heikompi oli kyseisen strategian tulos. Tutkimustulokset tukivat siten markkinatehokkuuden heikkojen ehtojen hypoteesia, jonka mukaan mennyt hintainformaatio ei ole monetäärisesti hyödynnettävissä.

On Option Price Information Content and Extraction of Implied Probability Distributions

In this study we used market settlement prices of European call options on stock index futures to extract implied probability distribution function (PDF). The method used produces a PDF of returns of an underlying asset at expiration date from implied volatility smile. With this method, the assumption of lognormal distribution (Black-Scholes model) is tested. The market view of the asset price dynamics can then be used for various purposes (hedging, speculation). We used the so called smoothing approach for implied PDF extraction presented by Shimko (1993). In our analysis we obtained implied volatility smiles from index futures markets (S&P 500 and DAX indices) and standardized them. The method introduced by Breeden and Litzenberger (1978) was then used on PDF extraction. The results show significant deviations from the assumption of lognormal returns for S&P500 options while DAX options mostly fit the lognormal distribution. A deviant subjective view of PDF can be used to form a strategy as discussed in the last section.

Impact of Investment Strategies on Performance in Pulp and Paper Industry

The main objective of this study was to examine, what kind of investment strategies the leading European and North American pulp and paper industry companies (PPI) used in 1991-2003, and how the selected strategies affected their performance. The investment strategies were categorised in three classes including mergers and acquisitions, investments in new capacity and investments in existing capacity. The results showed that mergers and acquisitions represented the largest share of total investments in 1991-2003 followed by investments in existing capacity. PPI companies changed investment strategies over time by increasing the share of mergers and acquisitions, which decreased investments in new capacity especially among North American companies. According to the results, good asset quality and investments in new and existing capacity provided better profitability than often expensive acquisitions. Also the capacity decreases had a positive impact on profitability. Average asset quality and profitability were higher among European companies. The study concluded that in the long term the available value creating investment opportunities should limit capital expenditure levels, not the relation of capital expenditure to depreciation.

Growth Strategies in Pulp and Paper Industry: An Empirical Investigation on Profitability Effects

This study investigates whether there are differences in profitability of PPI companies based on the growth strategy they have chosen to follow. It is examined whether those companies following organic growth strategy are more profitable than those companies following acquisitive growth strategy. It is also investigated are ones larger than the others, or are ones growing faster than the others. Also, the factors affecting the profitability of acquisitive companies are further examined. The results showed that there actually are differences between the two groups. Organically grown companies were found to be more profitable, smaller and growing slower than acquisitive companies. When it comes to examining only acquisitive companies there could be found factors that better or worsen the profitability of companies. For example targets that the company has bought in developing markets were making them more profitable.

Comovement of stock price risk in strategic alliance — Case: mobile internet

The focus of this study has been comovement of stock price risk level between two companies as they form strategic alliance. Thus the main reason has been to shed more light to possible increased risk level that the stockholder confronts when a company he owns forms a strategic alliance with another company. This study has centralized to interfirm cooperation between mobile and internet companies, which have furthered the development of mobile internet. The study has been divided into theoretical and empirical part. In theoretical part the main concepts riskiness of a stock (volatility), comovement and strategic alliance have been run through. In empirical part seven strategic alliances formed by mobile internet companies have been examined. Based on this, strategic alliance seems to increase comovement of stock price risk in some degree. This comovement seems to be stronger when core businesses or operating environments of cooperating companies differ more from each other.

Hintariskienhallinta pitkäaikaisissa urakoissa

Pitkäaikaisten rakennusurakoiden tarjouslaskennassa on ennakoitava hintojen muutoksia useiden vuosien päähän, kun tarjoukset on tehtävä kiinteillä hinnoilla. Kustannusten ennakointi ja hintariskienhallinta on kriittinen tekijä rakennusalan yrityksen kilpailukyvylle. Tämän tutkielman tavoitteena on kehittää YIT Rakennus Oy:n Infrapalveluille toimintamalli ja työkalu, joiden avulla hintariskejä voidaan hallita tarjouslaskennassa sekä hankintatoimessa. Ratkaisuksi kehitettiin kustannusten ennakointi -malli, jossa panosryhmien hintojen kehitystä ennustetaan asiantuntijaryhmissä säännöllisesti. Kustannusten ennakointi -mallin käyttöönotto vaatii ennustettavien panosryhmien määrittelyä. Lisäksi on nimettävä asiantuntijaryhmä sekä valittava aikajänne, jolle ennuste tehdään. Ennusteisiin sisältyvä epävarmuus saadaan esiin Monte Carlo simulaatiolla, ja urakan hintariskiä voidaan siten arvioida todennäköisyysjakaumien ja herkkyysanalyysin avulla. Valmiita ennusteita hyödynnetään tarjouslaskennassa sekä hankintatoimessa taktiikoiden ja strategioiden valinnassa.

Merchandising Strategies and Retail Performance for Seasonal Fashion Products

This study presents mathematical methods for evaluation of retail performance with special regard to product sourcing strategies. Forecast accuracy, process lead time, offshore / local sourcing mix and up front / replenishment buying mix are defined as critical success factors in connection with sourcing seasonal products with a fashion content. As success measures, this research focuses on service level, lost sales, product substitute percentage, gross margin, gross margin return on inventory and mark down rate. The accuracy of demand forecast is found to be a fundamental success factor. Forecast accuracy depends on lead time. Lead times are traditionally long and buying decisions are made seven to eight months prior to the start of the selling season. Forecast errors cause stockouts and lost sales. Some of the products bought for the selling season will not be sold and have to be marked down and sold at clearance, causing loss of gross margin. Gross margin percentage is not the best tool for evaluating sourcing decisions and in the context of this study gross margin return on inventory, which combines profitability and assets management, is used. The findings of this research suggest that there are more profitable ways of sourcing products than buying them from low cost offshore sources. Mixing up front and inseason replenishment deliveries, especially when point of sale information is used for improving forecast accuracy, results in better retail performance. Quick Response and Vendor Managed Inventory strategies yield better results than traditional up front buying from offshore even if local purchase prices are higher. Increasing the number of selling seasons, slight over buying for the season in order to

Spare part business analysis and development

The purpose of this Thesis was to comprehensively analyze and develop the spare part business in Company Oy’s five biggest product groups by searching development issues related to single spare parts’ supply chains as well as the spare part business process, make implementation plans for them and implement the plans when possible. The items were classified based on special characteristics of spare parts and on their actual sales volumes. The created item classes were examined for finding improvement possibilities. Management strategies for classified items were suggested. Vendors and customers were analyzed for supporting the comprehensive supply network development work. The effectiveness of the current spare part business process was analyzed in co-operation with the spare part teams in three business unit locations. Several items were taken away from inventories as uselessly stocked items. Price list related to core items with one of the main product group’s core item manufacturer was suggested to be expanded in Town A. Refinement equipment seal item supply chain management was seen important to develop in Town B. A new internal business process model was created for minimizing and enhancing the internal business between Company’s business units. SAP inventory reports and several other features were suggested to be changed or developed. Also the SAP data material management was seen very important to be developed continuously. Many other development issues related to spare parts’ supply chains and the work done in the business process were found. The need for investigating the development possibilities deeper became very clear during the project.

Equivalence and translation strategies in multilingual thesaurus construction

In the present dissertation, multilingual thesauri were approached as cultural products and the focus was twofold: On the empirical level the focus was placed on the translatability of certain British-English social science indexing terms into the Finnish language and culture at a concept, a term and an indexing term level. On the theoretical level the focus was placed on the aim of translation and on the concept of equivalence. In accordance with modern communicative and dynamic translation theories the interest was on the human dimension. The study is qualitative. In this study, equivalence was understood in a similar way to how dynamic, functional equivalence is commonly understood in translation studies. Translating was seen as a decision-making process, where a translator often has different kinds of possibilities to choose in order to fulfil the function of the translation. Accordingly, and as a starting point for the construction of the empirical part, the function of the source text was considered to be the same or similar to the function of the target text, that is, a functional thesaurus both in source and target context. Further, the study approached the challenges of multilingual thesaurus construction from the perspectives of semantics and pragmatics. In semantic analysis the focus was on what the words conventionally mean and in pragmatics on the ‘invisible’ meaning - or how we recognise what is meant even when it is not actually said (or written). Languages and ideas expressed by languages are created mainly in accordance with expressional needs of the surrounding culture and thesauri were considered to reflect several subcultures and consequently the discourses which represent them. The research material consisted of different kinds of potential discourses: dictionaries, database records, and thesauri, Finnish versus British social science researches, Finnish versus British indexers, simulated indexing tasks with five articles and Finnish versus British thesaurus constructors. In practice, the professional background of the two last mentioned groups was rather similar. It became even more clear that all the material types had their own characteristics, although naturally not entirely separate from each other. It is further noteworthy that the different types and origins of research material were not used to represent true comparison pairs, and that the aim of triangulation of methods and material was to gain a holistic view. The general research questions were: 1. Can differences be found between Finnish and British discourses regarding family roles as thesaurus terms, and if so, what kinds of differences and which are the implications for multilingual thesaurus construction? 2. What is the pragmatic indexing term equivalence? The first question studied how the same topic (family roles) was represented in different contexts and by different users, and further focused on how the possible differences were handled in multilingual thesaurus construction. The second question was based on findings of the previous one, and answered to the final question as to what kinds of factors should be considered when defining translation equivalence in multilingual thesaurus construction. The study used multiple cases and several data collection and analysis methods aiming at theoretical replication and complementarity. The empirical material and analysis consisted of focused interviews (with Finnish and British social scientists, thesaurus constructors and indexers), simulated indexing tasks with Finnish and British indexers, semantic component analysis of dictionary definitions and translations, coword analysis and datasets retrieved in databases, and discourse analysis of thesauri. As a terminological starting point a topic and case family roles was selected. The results were clear: 1) It was possible to identify different discourses. There also existed subdiscourses. For example within the group of social scientists the orientation to qualitative versus quantitative research had an impact on the way they reacted to the studied words and discourses, and indexers placed more emphasis on the information seekers whereas thesaurus constructors approached the construction problems from a more material based solution. The differences between the different specialist groups i.e. the social scientists, the indexers and the thesaurus constructors were often greater than between the different geo-cultural groups i.e. Finnish versus British. The differences occurred as a result of different translation aims, diverging expectations for multilingual thesauri and variety of practices. For multilingual thesaurus construction this means severe challenges. The clearly ambiguous concept of multilingual thesaurus as well as different construction and translation strategies should be considered more precisely in order to shed light on focus and equivalence types, which are clearly not self-evident. The research also revealed the close connection between the aims of multilingual thesauri and the pragmatic indexing term equivalence. 2) The pragmatic indexing term equivalence is very much context-depended. Although thesaurus term equivalence is defined and standardised in the field of library and information science (LIS), it is not understood in one established way and the current LIS tools are inadequate to provide enough analytical tools for both constructing and studying different kinds of multilingual thesauri as well as their indexing term equivalence. The tools provided in translation science were more practical and theoretical, and especially the division of different meanings of a word provided a useful tool in analysing the pragmatic equivalence, which often differs from the ideal model represented in thesaurus construction literature. The study thus showed that the variety of different discourses should be acknowledged, there is a need for operationalisation of new types of multilingual thesauri, and the factors influencing pragmatic indexing term equivalence should be discussed more precisely than is traditionally done.