Business Project Research Articles

Agile Software Requirements Engineering Challenges-Solutions—A Conceptual Framework from Systematic Literature Review

Agile software requirements engineering processes enable quick responses to reflect changes in the client’s software requirements. However, there are challenges associated with agile requirements engineering processes, which hinder fast, sustainable software development. Research addressing the challenges with available solutions is patchy, diverse and inclusive. In this study, we use a systematic literature review coupled with thematic classification and gap mapping analysis to examine extant solutions against challenges; the typologies/classifications of challenges faced with agile software development in general and specifically in requirements engineering and how the solutions address the challenges. Our study covers the period from 2009 to 2023. Scopus—the largest database for credible academic publications was searched. Using the exclusion criteria to filter the articles, a total of 78 valid papers were selected and reviewed. Following our investigation, we develop a framework that takes a three-dimensional view of agile requirements engineering solutions and suggest an orchestrated approach balancing the focus between the business context, project management and agile techniques. This study contributes to the theoretical frontier of agile software requirement engineering approaches and guidelines for practice.

Crowdfunding as a Financing Alternative for Entrepreneurial Ventures

Abstract Entrepreneurs often use various sources of financing to finalise an entrepreneurial idea. Crowdfunding on specialised internet platforms is an alternative method for collecting funds from several small sources for business investments and projects. The biggest difference between crowdfunding and other forms of financing is that crowdfunding uses smaller amounts of money from many investors interested in a business idea. Crowdfunding has been globally known for over a decade, and in Croatia, the interest has been growing for several years. The paper aims to demonstrate the importance and potential of crowdfunding, which, as a collective micro-investment of citizens, can serve as an alternative funding source for entrepreneurial ventures. The paper presents the research results conducted in Croatia based on the data collected through survey research. The paper investigates the knowledge and familiarity with the term and motives for investing through crowdfunding platforms.

Business Project Management Using Genetic Algorithm for the Marketplace Administration

In the sales business, the ultimate goal is to derive more sales and increase the profits for interested stakeholders. Maximizing profit margins from highly demanding products is one of their major objectives. Nowadays, there are varieties of intelligent systems available, which can guide the business owners, entrepreneurs, or managers to make smart decision and lead their business towards success. Out of different options, this research study explores the possibility and elaborates on how their objectives can be achieved through a genetic algorithm? The proposed approach can be adopted by businesses to increase their profits by enhancing low profit yielding products sales using optimized Genetic Algorithm. Initially groups are defined by adding products with high and low sales. After applying the proposed genetic algorithm, a “bundle of three” offers are traced out, to promote the product with poor sales history This study helps the businesses with a decision support model to maximize sales resulting in high profits. In this research, optimization algorithm is used along with variety of operations and methods, by the businesses, in order to reach their respective target goals. This can be achieved by applying an optimization method that has stable and reliable functions, selection methods, population size and mutation rate. The final result is to improve the overall profit of different businesses in the marketplace.

Organizational Training in Startups: The Incubators Perspective in Turbulent Times

The flourishing of younger and innovative organizations (start-ups) has never stopped. To grow, start-ups need capital and access to the market, and are often incubated by business incubators (hubs), which offer several services, both educational and practical, essential to enable the transformation of business ideas into concrete business projects. Disruptive times certainly affect the way start-ups are trained and empowered, mixing in-house and remote learning; nevertheless, incubators still deliver their valuable training to new organizations. This contribution intends to explore this change addressing the incubators (trainers) perspective,and to provide a practical contribution to the management literature on training process shifts across startup. A qualitative case study analysis was used in this research. It involves a combination of both secondary data and semi-structured interviews with the Incubatore SEI – a business hub based in the Campania Region – CEO and founder. This study focuses on distinct skill areas that influence startup empowerment processes: (1) individual knowledge, (2) organizational knowledge, (3) observable skills, (4) problem-solving skills, (5) attitudes and beliefs. This study emphasizes the need of change inventive training procedures amid crises, as well as the relevance of highly innovative hubs in delivering their training to startup. Furthermore, research reveals intriguing insights for the growth of incubators as well as intriguing perspectives for the future of the startup ecosystem through continuous empowerment.

A study on implementing QFD (quality function deployment) in the construction of a commercial business center

Purpose This study aims to demonstrate how the process of quality function deployment (QFD) is used to identify the basic requirements of the customers in designing and executing the commercial business center. Design/methodology/approach This study was considered with the aim of determining the approach of QFD methodology used in the planning and designing of commercial business centers. The methodology used in the study is a customer-driven process that includes customer requirements in each and every aspect of the planning and designing of the project. The main focus of this study is to understand the requirements of the customers and to design and execute a commercial business project. Findings This study illustrates the quality requirements of the projects that benefit from the QFD process to obtain customer requirements for the planning and designing of commercial business centers. A case study is used to demonstrate the use of QFD process. This helps to explain the effective application of QFD in the planning and designing of business centers and similar constructions. Research limitations/implications The planning and designing of the commercial business center using the QFD process were challenging and hence it is limited to the design part. The strategic objectives are not taken into account while performing QFD in this case study and the risk of market research is lacking. House of quality (HOQ) can be too complicated at times; hence, the adaptability in the traditional QFD is lacking. Most of the work in the HOQ matrix is done through subjective evaluation. Therefore, this research is mostly useful for a single party responsible for all phases of the planning and designing of the project. Originality/value In the construction industry, the use of the QFD process for project performance analysis and application is restricted. As a result of the scarcity of studies on the planning and design of construction projects, this study on the planning and design of a construction project was inspired.

Asynchronous communication of microservices

More and more business projects use microservice architecture, where large scale and long evolution of the project with the involvement of many developers are expected. This is due to the flexibility of scaling, the possibility of continuous deployment, ease of maintenance, and different teams can work on services without affecting the work pro-cesses as a whole, which is impossible with other architectural styles. Since micro-services are a complex structure consisting of independently designed and deployed ser-vices, communication between them can become a bottleneck, so we must be careful when considering asynchronous communication tools. The most popular open-source tools for asynchronous communication between RabbitMQ and Kafka services are considered. Although RabbitMQ and Kafka are some-times used interchangeably, their implementations are very different from each other. As a result, we cannot consider them as members of the same instrument category; one is a message broker, and the other is a distributed streaming platform. RabbitMQ is best used when we need: advanced and flexible routing rules, mes-sage timing control (managing message expiration or message delay). Advanced fault handling capabilities in cases where consumers are likely to be unable to process mes-sages (temporarily or permanently), simple implementations for consumers. Kafka is used when strict ordering of messages is required, the storage of messages for long periods of time, including the ability to replay past messages, and the ability to achieve high scale when traditional solutions are insufficient. We can implement most use cases using both platforms. However, the project ar-chitect must choose the most appropriate tool for the job. In making this choice, we must consider differences, as noted above. In other cases, when developing complex software systems, it may be tempting to implement all of the necessary messaging use cases using one platform when there are many advantages to using both platforms.

A Review of the Business Management Capability and Adaptability among Malaysian Contractors in the SCORE Program

The selection of contractors for the project is one of the important tasks faced by the client such as developers and government agencies. To ensure that the client has selected a reliable contractor which has a good previous record, the Construction Industry Development Board (CIDB) Malaysia has established one program named SCORE by assessing seven (7) scopes of assessment which are business performance, financial capability, technical capability, project management, procurement management, best practices, and management ability. Thus, this study was done to assess the level of capability and adaptability of Malaysian contractors in the business management aspect (Scope 1). This study adopted a mixed methodology involving quantitative through secondary data and qualitative research methods through interviews. The data collected for this study is through secondary data from CIDB’S database which cover from the year 2017 until 2021. Besides that, a series of interview sessions were done to find out further suggestions for the improvement of Malaysian contractors. The findings have shown that business performance among Malaysian contractors is one of the lowest scores as compared to other scopes. Thus, this study has proposed several suggestions to increase the performance of Malaysian contractors, especially in business performance such as holding awareness programs and coaching programs.

Startup Development Project: Munchies Merch

Everyone certainly has their entertainment tastes, such as being more likely to like Chinese pop music (C-Pop) and Korean pop music (K-Pop). It is undeniable that the world of music today has spread to various countries and hit many people, from teenagers to adults. This business project of Munchies Merch is made for music fans who love collecting all of their favorite band's merchandise. The business project of Munchies Merch will create innovation by making a forum for all the K-Pop and C-Pop. The flow of orders to the transaction system is the same as the big e-commerce in Indonesia. Keeping up with technological advances, this business tries to create an experience of making a forum for the fans that will give a new experience of shopping, hangouts, and getting new friends on it. In this business project, several aspects will be discussed, such as marketing, human resources and management, operations, and finance. The method that will be used for this business project is market research directly to the segmented people (the music fans and people who like to collect merchandise from a band) to find if the business is feasible to run. The expected result that Munchies Merch wants is to become a huge merchandise market for all music fans and lovers and become an official distributor of albums, photos, clothes, and many more from the artists.

Crowdfunding platforms: a systematic literature review and a bibliometric analysis

Due to the financial crisis caused by the COVID-19 pandemic, entrepreneurs and small businesses have had multiple difficulties accessing conventional types of financing. Crowdfunding platforms have gained popularity as an alternative means of online financing. The main objective of this research is to analyze the most important articles that may influence future studies on crowdfunding platforms in Latin America. This article analyzes the Scopus and Web of Science databases considering three of the four categories of crowdfunding based on capital flows: Reward, Equity, and Lending, using a systematic review of the literature and bibliometric analysis. This research resulted in a total of 1032 articles which, after applying the appropriate criteria, resulted in 55 selected articles. The results show that the number of studies conducted in the field of crowdfunding platforms is increasing. Crowdfunding platforms provide a great opportunity for entrepreneurs to obtain alternative financing and a new way for investors to invest their capital. Future lines of research include conducting studies that involve a stronger focus on the technology used in crowdfunding platforms. With systematized access to information, the different actors can understand how the dynamics of crowdfunding platforms can stimulate the development of business projects, as well as the decision-making factor when investing. This document is of great interest to researchers and professionals who wish to increase their knowledge of crowdfunding platforms, especially those of Reward, Equity, and Lending, in addition to gaining knowledge on relevant conclusions and suggestions for future research.

Analysing the Behaviour of Financial Risk Management and Its Impact on Success of Project

In this financial oriented business world, the risk and risk measuring activities such as identifying the issues, analysing and modifying of ambiguity in the credit creation and investment behavioural decision making. (Kishk et. al. 2008) Basically, the risk management process comes when a stakeholder of a corporation or the fund allocator decides on the basis of analysis and attempts to evaluate the probable losses in any investment. To avoid this kind of risk or technically termed as the moral hazard problem, the investor has to take certain necessary action for gaining better profitability or minimize the risk of loss. The risk management strategies are termed as behavior of the financial risk (Moles, 2016). The present paper aims to study the various behavioral decision-making process of the manager or the investor of the corporation towards the profitability. It also aims to emphasizes the impact of this strategic behavior of the firm or corporation’s decision on the successful growth and establishment. The study is significant with respect to evaluate the cause and effect through the strategies implemented by the investors. It also attempted to reveal the project success story by implementing the risk averse practices. The project victory criteria are a measurable or quantifiable term of expected outcome of the running project which must be accepted by the stakeholder. Financial risk measurement is always being an implicit proportion of the management in the firm or industry. The present study adopts the descriptive research method and uses the secondary data sources published in the company’s websites and annual statements. The collected data have been analyzed by an appropriate statistical and econometrical tool to evolve the relationship between the behavioural aspects of risk management strategies and its influence on the project success of the firm. The risk management of credit on commercial bank is most essential for the benefit and stop suffering from the losses on the project. Prevention and controlling the risk of loans and advances is a tough and very challenging target for the business project. It is statistically evidence that there is an association between the profit and credit loss expense. On the whole, the present study explores the profitability and the success of the financial organization.

DIGITALIZATION AS A POWERFUL FACTOR IN ENSURING HIGH COMPETITIVENESS OF THE ENTERPRISE

DIGITALIZATION AS A POWERFUL FACTOR IN ENSURING HIGH COMPETITIVENESS OF THE ENTERPRISE

What Factors Determine Banking Profitability In Indonesia During The Covid-19 Pandemic?

Purpose : The banking industry faced significant challenges during the COVID-19 pandemic. Banking performance is being scrutinized for interested parties to evaluate future business projections. The purpose of this study is to analysis the profitability of Indonesian banks during the COVID-19 pandemic and to investigate what factors influence the profitability.
 Method : This research is quantitative research and uses panel data. The research sample is a banking company listed on the Indonesia Stock Exchange with a two-year observation period (2020-2021), that is, during the COVID-19 pandemic. There are 49 banks and unbalanced panel data obtained from 97-unit analysis. Return on Assets (ROA), Return on Equity (ROE), and Net Interest Margin are all used to measure banking profitability (NIM). The documentation method was used to collect data. The data was analyzed using descriptive statistics and multiple regression analysis with random effect model.
 Findings : The result indicate that only NPL has a significant negative effect on ROA and ROE, according to the findings. Meanwhile, even though it is negative, CAR has a significant impact on ROA and ROE. The effects of size and liquidity on ROA and ROE were not significant. Similarly, there is no significant evidence of size, liquidity, CAR, or NPL on the Indonesian banking NIM. It can be concluded that only NPL and CAR have a significant impact on Indonesian banking profitability.
 Novelty : The novelty in this paper is an analysis of banking profitability in Indonesia during the COVID-19 pandemic (2020-2021) and a study of the factors that influence it. Unbalanced data panel regression with random effect model was used to analyze the data.
 Keywords : Profitability; Return on Assets; Return on Equity; Net Interest Margin; Non-Performing Loan

EXTENDED VERSION OF FOREIGN LANGUAGE COMMUNICATIVE COMPETENCE

Language education in a multicultural world is a foreign language on the quality of training modern, competent and competitive specialists in all spheres of life. Business projects of the global economy have no boundaries, and for their effective implementation, an important factor is the ability of partners to communicate on professional topics in foreign languages. The combinations of project participants depend on the qualifications of the specialists and often involve representatives of different nationalities and cultures. In order for communication in professionally oriented situational foreign languages to contribute to the achievement of the goals of the project, participants need to know a foreign language multi-linguistic and multicultural competence in a foreign language.

Cluster initiatives for the regional museum environment: problems and prospects

Due to the need for clustering of the tourist, cultural and museum environment, the need for scientific research among cultural scientists, museologists and other researchers has increased. The relevance of the article is due to the need for analyze cluster initiatives in the context of the transformation of individual museums into museum clusters. The object of the study is the regional museum environment. The subject of the study is the museums clusterization as a tool for the formation of a museum clusters. The purpose of the article is to study the cluster initiatives in the process of forming a museum cluster. To achieve the goal, the following tasks were defined: 1. consider the theoretical and applied aspects of the formation of cluster initiatives; 2. analyze the factors of participants' interest in creating a museum cluster; 3. identify elements that negatively affect the creation and functioning of museum clusters. General scientific research methods, such as the method of analysis and synthesis, were used in the research. The method of scientific forecasting was also applied to create cluster initiatives in the museum environment. Despite the range of published works, which belong mainly to economic scientists, there are very few studies on the introduction of cluster initiatives into the cultural environment, which necessitates further study of this area. The scientific novelty of the research consists in the analysis of cluster activities in various branches of cultural life and the presentation by the author of the specifics cluster initiatives. The article considers a cluster as a special type of business projects based on the collective actions of their participants (cluster initiative). The concept of "cluster initiative" is also defined, the main purpose and objectives of cluster initiatives are highlighted. The specifics of its use in the creation of museum clusters are considered.

Improving approaches to assessing the activities of business incubators in the agro-industrial complex

One of the mechanisms for the development of small business is the organization of state inter-district business incubators. At the same time, a correct assessment of the effectiveness of their activities is necessary, reflecting the economic positive changes in the economy of the municipalities to which the graduates of the business incubator are sent. The authors propose a methodology for evaluating the effectiveness of a business incubator, taking into account both the overall economic effect of a newly created business and the contribution of the incubator's employees to the results of its activities based on determining a private indicator of business performance and the employee's KTV. Domestic and foreign practice shows that business incubators are one of the tools to accelerate the social and economic development of any municipal area and the country as a whole. Business incubators can play a significant role in organizing their own business in the development of small businesses. The proposed methodology will allow evaluating the results of the business incubator, taking into account the available resources and the existing needs of the market of municipalities and the region. The authors focus on the fact that for the development of small business, the effective use of the available resources of the municipality, it is necessary to create state business incubators that orient the population of municipalities to promising activities when creating their own business. The main objective of these incubators should be the creation of successful entrepreneurs in municipalities. Based on this, the assessment of the activities of the proposed business incubators should be considered from the standpoint of the effectiveness of both personnel and business results of graduates («grown» entrepreneurs). The article presents calculations of the efficiency of a newly opened business in a business incubator. In addition, the assessment of business projects of graduates was carried out. In the final part of the article, the authors formulate conclusions regarding the role of business incubators in ensuring economic development, supporting small businesses and the population as a whole.

CSR—HR Beyond Boundaries?

Very often CSR is presumed to be more of philanthropy, focussed more on funding/donations, and so on. Whilst it may be still there and also needed, CSR is much more evolved than that. Done properly, it is as rigorous as running a business project involving a multi-disciplinary approach. Given that this is a NHRD Publication on the theme of CSR and HR, the article attempts to illustrate how a CSR intervention also has the play of HR systems and processes. The article is a personal reflection of my recent transition to Social Investments function after being in the HR function for almost 30+ years, which has helped me to look at how the elements and science of HR contribute significantly to the success of any CSR intervention.

Management Problems of Innovative Business Projects and Ways of Its Improvement

Introduction. Global innovation challenges existing in the world at this current stage, activation of strategic innovation policy on gaining positions in the Global Innovation Index by the states, rapidly changing consumer demands, the struggle to maintain the advantages of leadership for competitiveness in the world market, the sudden appearance of the COVID-19 pandemic – faced the countries of the world before the complex challenges, which turned the production of innovative products and services, and the modernization of existing ones into an essential condition in a short period.
 Aim and tasks. The research aims to work out ways of improving the problems arising in Georgia's innovative business project management. The following objectives should be carried out to achieve the research goal: studying the characteristics of innovative business project management from the origin of an innovative business idea to its realization based on research and statistical data analysis
 Results. There have been reviewed problems in the management of innovative business projects-difficulties in adequately designing the business model to improve the business idea, which requires extra time, finances, and an experienced professional team. All of these hinder the startups' ability to go through the business process, turn the idea into a competitive product, carry out the correct marketing campaign, and build partnership relations at the local and international levels. Due to the urgency of the issue, the rating of Georgia has been studied regarding the innovation development of the Global Innovation Index. The positive attitude of the country towards the innovation policy has been determined, as reflected in the innovation policy carried out by the government. By analyzing the statistical data, grants and their effectiveness as issued to business projects by "Startup Georgia", "Produce in Georgia", and the European Union have been compared.
 Conclusions. The conclusions have been developed by analyzing the results of the research to eliminate the mentioned problems, according to which the constantly changing environment of the market economy forces companies to quickly adapt to market challenges to gain competitiveness and eliminate the problems existing in project management in parallel with the production of innovative products with the participation of professional project managers.

Problems and prospects of commercialization of innovative educational technologies in Kazakhstan

In recent times, Kazakhstan is faced with the task of choosing the right strategy for commercialization in the field of innovation in education, which would ensure the interaction of both knowledge and technology, and capital in the Kazakhstani educational model. The interpenetration of such technologies is primarily necessary to achieve the quality of the needs of the future professional community under the influence of new trends and to benefit from investments in research. The development trajectories of a modern university should provide a complex of global business research and become a strategic resource for economic development in the commercialization process. Research at the university has a fairly wide range of areas, including fundamental and applied works, which, in turn, are the basis for ensuring rapid and effective scientific and technical activities commercialization results. To increase innovation activity, conditions are created for improving the process of commercialization in the field of scientific and industrial innovation, intellectual property, and technical regulation. The authors considered approaches to creating an innovative environment at the university. As the study result, the prospects for the legal framework development for the intellectual activities results (IAR) commercialization were determined. In modern Kazakhstan, mechanisms for the practical application of IAR with the specific business project implementation have been developed to improve the universities promotion and the new technologies market. The research and multifunctional system of innovative scientific and educational infrastructure development of the University has become the higher education system reserv

Implementation of the Business Model Canvas (BMC) and Projection of Financial Analysis as a Solution for the Continuity of Home Industry Activities

In the midst of very tight similar business competition, a business is expected to be able to meet market desires. When opening a new business, of course, an entrepreneur needs careful calculations and proper market analysis. This study aims to analyze the implementation of the Business Model Canvas (BMC) and projection of financial analysis as a solution for the continuity of home industry activities. The method used in analyzing the data is the Internal Rate of Return (IRR) and Net Present Value (NPV). The result of this study showed that with the Business Model Canvas (BMC) analysis, Freshy Salad Bali can find out how a business model in developing strategies in achieving company goals. There are 9 elements of the Business Model Canvas described below. The business feasibility proposal based on the projected financial analysis in this study obtained positive NPV results of Rp. 91,505,796 and a value and IRR greater than WACC, namely with a value of 64% which can be concluded that the Freshy Salad Bali business is feasible to run. The company hopes that this "Freshy Salad Bali" business can raise the spirit of entrepreneurship for the Indonesian people, especially the younger generation of Indonesia, because if a country has many entrepreneurs, the country's economy will undoubtedly grow rapidly.

Socio-economic approach to transport investments evaluation

Background: Transport plays a crucial role in socio-economic and social processes. Despite the fact that transport can be considered as an independent industry, and transport development projects can be considered as independent business projects, the spectrum of transport influence has not yet been fully studied. A qualitative examination of the spheres of influence of transport shows its impact on all significant aspects of socio-economic relations in society.
 Nevertheless, classical methods of financial management are used to assess the effectiveness of investments in transport, which do not allow to fully reflect the effects arising from the implementation of such investments.
 As practice shows, the use of classical approaches does not allow us to reliably assess the effectiveness of investments in transport. The choice of approaches to assessment is directly dependent on the socio-economic model of the state. The capitalist model focuses on the income received from the implementation of any investment project, whereas the socially oriented model peculiar to Russia is initially focused on the formation of the public good.
 The latter approach, in our opinion, is strategically more advantageous on a national scale and requires wide dissemination for the purposes of financial and economic analysis
 Aim: to consider the list of methods for evaluating investments in transport and determine a set of factors that require consideration for a socially oriented economy.
 Materials and methods: the research methodology is based on the analysis of methods of financial and economic evaluation of investment projects, socio-economic analysis, as well as macroeconomic methods. The information base of the study is based on official legal and methodological information of the authorities of the Russian Federation.
 Results: as a result of the study, a list of factors that need to be taken into account when assessing the effectiveness of investments in transport within the framework of the paradigm of socially oriented public administration is determined.
 Conclusion: the study confirms that the methods currently used to assess the effectiveness of investments in transport do not fully reflect the effects arising from their implementation. The proposed approach to determining the list of socio-economic effects resulting from the impact of transport projects will improve the quality of management decisions in the transport sector.