Standard Business Research Articles

An Analysis of Policy Frameworks on Business Formulization and Disaster Management to Mitigate Flood Loss and Damage Among Informal Businesses in Sri Lanka

The 27th Conference of the Parties to the United Nations Framework Convention on Climate Change in Egypt made a historical decision on disaster loss and damage for vulnerable countries. Even though parties agreed to salvage vulnerable nations with generous support, a fundamental question remains as to the extent to which these vulnerable countries can accurately identify the most vulnerable communities/areas. In Sri Lanka, informal businesses are particularly vulnerable to floods, but their informal status has limited the extent to which they could receive flood protection, including disaster-resilient infrastructure developments. The main objective of this paper, therefore, is to identify challenges that informal businesses have experienced in dealing with flood disaster risks. In doing so, we analyzed government policies and laws that are related to business formalization and disaster management. We also conducted interviews with key informants to verify our data. Our analysis found that the Sri Lankan government requires informal business owners to follow complicated rules to register their businesses. For these owners, who are not highly educated, these processes and fear of high tax rates discouraged registering their businesses. The central government tends to prioritize flood mitigation actions for formalized business areas. Informal businesses are not usually covered by flood insurance and compensation. In conclusion, we emphasize the need to establish widely available legal and administrative support for informal businesses to register. Adopting business continuity plans (BCPs) and keeping standardized business records also help businesses minimize flood loss and damage.

Chicken Onion Ring (Allium Cepa L) With Tar-Tar Suace pada Majas Space & Resto Atb Bandung

Onion rings are made from onion slices coated in breadcrumbs and fried, typically served with tartar sauce. Chicken onion rings are a variation that combines onion rings with a chicken batter that envelops the onions. The chicken batter is made from ground chicken breast fillet mixed with tapioca flour as a binder and various spices to impart a distinctive flavor. This research aims to determine the panelists' level of preference for the organoleptic test, which includes appearance, aroma, color, texture, and taste, as well as standard recipes and business analysis. The research method employed is research and development. The study results reveal the standard recipe for making Chicken Onion Rings with Tartar Sauce, consisting of the following ingredients: 250g chicken breast fillet, 50g tapioca flour, 2 onions, 50g all-purpose flour, 250g breadcrumbs, 2 eggs, 500ml cooking oil, 5g salt, 10g chicken powder, 15g MSG, 3g ground pepper, 100g mayonnaise, 20g gherkin, and 50ml water. The evaluation criteria indicate that for appearance, 92% (very much liked) and 8% (liked); for color, 96% (very much liked) and 4% (liked); for aroma, 84% (very much liked) and 16% (liked); for texture, 88% (very much liked) and 12% (liked); and for taste, 92% (very much liked) and 8% (liked). Based on the business analysis of the Chicken Onion Rings with Tartar Sauce, the following conclusions can be drawn: food cost is Rp8,778, and selling price is Rp22,000. The product will break even after selling 151 portions. To achieve a target margin of Rp3,000,000 per month, the author must sell 378 portions per month. The author takes a profit of 40% from sales.

Inovasi Resep Lumpia Goreng Isi Jantung Pisang untuk Meningkatkan Daya Saing dalam Industri Kuliner

Semarang spring rolls are generally filled with bamboo shoots, which some people may not prefer. In this study, banana flower was chosen as an alternative filling, considering its potential for processing, particularly in sambal. The aim of this research is to evaluate the level of preference among panelists for fried spring rolls filled with banana flower based on five attributes: appearance, color, texture, aroma, and taste, as well as to determine a standard recipe, business analysis, and product shelf life. The method used is research and development with a hedonic test involving 20 panelists, including 5 expert panelists and 15 trained panelists. The results indicate a very positive level of preference: appearance (80%), color (95%), texture (95%), aroma (85%), and taste (90%). The standard recipe consists of 250 grams of banana heart, 15 grams of dried shrimp, 1 egg, and other ingredients, yielding 16 pieces per batch. The business analysis shows a cost price of IDR 6,190 per pack (containing 5 pieces), with a break-even point of 165 packs per day and a profit target of IDR 5,000,000 with sales of 753 packs per month. The shelf life of the spring rolls at chiller temperature (4ºC–6ºC) is proven to last up to 5 days before frying. This study recommends further development in the processing techniques of banana heart to improve its digestibility.

Automation, Bargaining Power, and Labor Market Fluctuations

We argue that the threat of automation weakens workers’ bargaining power in wage negotiations, dampening wage adjustments and amplifying unemployment fluctuations. We make this argument based on a business cycle model with labor market search frictions, generalized to incorporate automation decisions. In the model, procyclical automation threats create endogenous real wage rigidity that amplifies labor market fluctuations. The automation mechanism is consistent with empirical evidence. It is also quantitatively important for explaining the large volatilities of unemployment and vacancies relative to that of real wages, a puzzling observation through the lens of standard business cycle models. (JEL E13, E24, E32, J31, J63, J64)

Enhancing small business success through effective tax management and policy optimization

The examination of fiscal practices and challenges faced by small businesses underscores the pivotal role of effective tax management in their success and growth. Tax deductions, which allow businesses to reduce taxable income by subtracting certain expenses, are essential tools that help alleviate financial pressures. Despite their potential benefits, many small business owners struggle due to insufficient tax planning and the need for meticulous financial record-keeping. The reviewed studies reveal a significant need to optimize tax policies to support small business development. For instance, proposals such as the Standard Business Deduction (SBD) aim to simplify the tax process by providing a fixed amount that can be claimed above the line, reducing the need for detailed expense tracking and potentially lowering compliance and enforcement costs. Additionally, recommendations for improving accounting practices highlight the importance of simplifying and standardizing accounting requirements to meet informational needs and enhance efficiency. Further research indicates that tailoring tax policies to specific sectors, such as agriculture, can address the unique challenges faced by small businesses in these areas. Effective tax planning and a well-organized accounting system are crucial for maximizing tax benefits and enabling productive investment in business growth. Overall, the intersection of business structure, tax systems, and accounting organization is critical for the effective operation of small enterprises. Future research should focus on refining these areas to provide solutions that support the sustainable development and prosperity of small businesses.

Replicating business cycles and asset returns with sentiment and low risk aversion

I solve for the sequences of shocks (or wedges) that allow a standard real business cycle model to exactly replicate the quarterly time paths of U.S. macroeconomic variables and asset returns since 1960. The resulting shock sequences can be grouped into three main categories: (1) shocks that affect household sentiment and preferences, (2) shocks that appear in the law of motion for capital, and (3) shocks that appear in the production function for output. For most variables including output, no single shock category is clearly dominant in explaining the observed movements in U.S. data. While some variables are driven by a single dominant shock category, the dominant category is different for each of those variables. The results imply that there is no “most important shock.” Rather, U.S. economic outcomes have been shaped by a complex and time-varying mixture of fundamental and non-fundamental disturbances.

Building Digital Twins to Overcome Digitalization Barriers for Automating Construction Site Management

Construction sites are highly unpredictable environments involving a wide variety of stakeholders with complex information exchanges, which lead to the well-known inefficiencies and unproductivity of the construction sector. The adoption of Building Digital Twins (BDT) in the construction site is a promising solution to this issue, by automating data acquisition and knowledge extraction processes and providing what-if scenario simulation capabilities. Furthermore, the current research sets the principles to define, replicate, and scale-up the architecture of a Building Digital Twin Platform (BDTP), conceived as a scalar ecosystem, which allows to seamlessly manage on-site construction processes, integrating cross-cutting domains for the construction site optimization (Progress monitoring, Quality control, Operational Health and Safety, Equipment control, and Production planning). The starting point of the research is a comprehensive diagnosis of on-site process inefficiencies and the barriers to its digitalization leading to the user requirements, which have been underpinned by questionnaires and interviews addressed within an open innovation user-centered approach around Living Labs. The research has been conceived following the Design Science Research (DSR) methodology and based on the Plan-Do-Check-Act (PDCA) analysis for the continuous improvement of the construction process. By means of the adoption of the standard Business Process Model and Notation (BPMN), based on the BDTP architecture, the research has resulted in BPMN workflows stemmed from the Digital Twin (DT) where the DT itself is an actor in a service-oriented data-exchange workflow. Moreover, the use of a BDTP can pave the way for the transition from user-driven construction management to hybrid management, coexisting with both human and digital actors and merging expert knowledge with artificial intelligence techniques.

SME Failures Under Large Liquidity Shocks: an Application to the Covid-19 Crisis

Abstract We study the effects of financial frictions on firm exit when firms face large liquidity shocks. We develop a simple model of firm cost-minimization, where firms’ borrowing capacity to smooth temporary shocks to liquidity is limited. In this framework, firm exit arises from the interaction between this financial friction and fluctuations in cash flow due to aggregate and sectoral changes in demand conditions, as well as more traditional shocks to productivity. To evaluate the implications of our model, we use firm level data on small and medium sized enterprises (SMEs) in 11 European countries. We confirm that our framework is consistent with official failure rates in 2017–2019, a period characterized by standard business cycle fluctuations. To capture a large liquidity shock, we apply our framework to the COVID-19 crisis. We find that, absent government support, SME failure rates would have increased by 6.01 percentage points, putting 3.1% of employment at risk. Our results also show that in the presence of financial frictions and in the absence of government support, the firms failing due to COVID have similar productivity and growth to firms that survive COVID.

A Grand Challenge: Digital Transformation for the Upstream Oil and Gas Industry

_ This is the fourth in a series of six articles on SPE’s Grand Challenges in Energy, formulated as the output of a 2023 workshop held by the SPE Research and Development Technical Section in Austin, Texas. Described in a JPT article last year, each of the challenges will be discussed separately in this series: geothermal energy; net-zero operations; improving recovery from tight/shale resources; digital transformation; carbon capture, utilization, and storage; and education and advocacy. _ The interval from the oil price decline of 2014–2015 through the global COVID-19 pandemic of 2020–2022 was a difficult period for the upstream oil and gas business. The industry has responded, as so many times before, by seeking to reduce structural costs with the minimum impact to required new investments, including those in nondiscretionary domains (security, including cybersecurity, and safety, health, and environmental performance) as well as those required to appropriately hedge against the emergence of new, more sustainable energy sources. Digital transformation is one of the key opportunities for the industry to systematically reduce costs across multiple business domains. While there has been active discussion of the “digital oil field” for several decades, the economic shock of the past decade revived interest in the application of digital technologies across the enterprise to improve the cost structure of businesses. Of course, at the same time, entirely new industries, such as social media, have emerged exploiting new digital technologies, including machine learning, web software and connectivity, and cloud storage and computing. These technologies have also transformed traditional industries such as retail and manufacturing. But taking the same path in the upstream industry has some special challenges and opportunities. This review focuses on digital transformation opportunities that are, to a greater or lesser degree, unique to the special data and operating environment of the modern petroleum industry. There are many valuable opportunities, including business process automations, that can and should be adopted by upstream companies, but are not different in kind from such innovations in other industries. Data Is Not the New Oil One challenge is the sheer mass and heterogeneity of upstream data. The upstream oil and gas industry is an old industry, with both business and technical records stretching back for many companies to the 19th century. These can be in paper form or a variety of digital forms reflecting the different methods of storing data since computers became a standard business and scientific tool in the 1950s. Conversion of this data to more modern formats suitable for cloud storage, for example, is not cost-free. Thus, a key principle in digital transformation is that it must be value-driven. A frequently used phrase, “data is the new oil,” is, at least for the oil and gas business itself, deeply misleading. Most of the data held by any enterprise, be it in libraries, shared data servers, or personal hard drives, is not economically useful. Much other data, while potentially valuable, requires such substantial spending on quality assurance, data curation, data transfer to points of computation, and use of (highly paid) domain experts to interpret data analysis and make business decisions that there is no pathway to reliable value based on the data.

Chemical Leasing (Ch.L.) and the Sherwood Plot

Although the Circular Economy (CE) has made remarkable technological progress by offering a wide range of alternative engineering solutions, an obstacle for its large-scale commercialization is nested in the adoption of those business and financial models that accurately depict the value generated from resource recovery. Recovering a resource from a waste matrix conserves natural reserves in situ by reducing demand for virgin resources, as well as conserving environmental carrying capacities by reducing waste discharges. The standard business model for resource recovery is Industrial Symbiosis (IS), where industries organize in clusters and allocate the process of waste matrices to achieve the recovery of a valuable resource at an optimal cost. Our work develops a coherent microeconomic architecture of Chemical Leasing (Ch.L.) contracts within the analytical framework of the Sherwood Plot (SP) for recovering a Value-Added Compound (VAC) from a wastewater matrix. The SP depicts the relationship between the VAC’s dilution in the wastewater matrix and its cost of recovery. ChL is engineered on the SP as a financial contract, motivating industrial synergies for delivering the VAC at the target dilution level at the market’s minimum cost and with mutual profits. In this context, we develop a ChL market typology where information completeness on which industry is most cost-efficient in recovering a VAC at every dilution level determines market dominance via a Kullback–Leibler Divergence (DKL) metric. In turn, we model how payoffs are allocated between industries via three ChL contract pricing systems, their profitability limits, and their fitting potential by market type. Finally, we discuss the emerging applications of ChL financial engineering in relation to three vital pillars of resource recovery and natural capital conservation.

The Interaction between Credit Constraints and Uncertainty Shocks

AbstractThis paper proposes a novel link between credit markets and uncertainty shocks. We introduce a role for credit uncertainty via collateral constraints in an otherwise standard real business cycle (RBC) model and show that an increase in credit uncertainty triggers a precautionary response that interacts with the collateral constraint to generate a simultaneous decline in output, consumption, investment, real wages, and hours; a feature that previous work on uncertainty shocks without credit constraints is unable to produce in a flexible‐price environment. We also empirically test the theoretical predictions and show that an unforeseen increase in credit uncertainty generates a simultaneous decline in a broad measure of real activity in recessions.

Pengukuran Kualitas Produk Dengan Metode Statistical Process Control

PT DIFA KREASI is a service company in the printing sector. Established in 1972 on the basis of an effort that started from National Publishers, who have been active since the beginning of independence, to have a modern offset industry. As the basis for the overall activities of PT DIFA KREASI and the commitment of all existing personnel to make PT DIFA KREASI an international standard business actor, it is very necessary to implement a Quality Management System. The aim of the research is to measure the quality of paperback type products using statistical process control methods. The research method used is a combination method of direct observation and interviews. The research results show that the statistical process control method is appropriate to use for measuring the quality of paperback type products. Based on the results of product quality measurements using control charts in the perfect bending process, it is controlled (uniform), while measurements in the printing process produce uncontrolled (non-uniform) data. Meanwhile, the biggest causes of defects in the printing and perfect bending processes are respectively dirty and melted glue.

Enhancing Flexibility in Industry 4.0 Workflows: A Context-Aware Component for Dynamic Service Orchestration

Manufacturing processes of the future will rely on standards for asset interoperability and service orchestration. The Asset Administration Shell (AAS) facilitates information exchange among Industry 4.0 assets, while standardized Business Processes enable workflow execution in manufacturing systems. Combining these technologies provides agility and scalability to manufacturing systems by incorporating asset services within business processes. Service orchestration involves coordinating multiple services, which must be dynamic during runtime to manage unforeseen situations that may arise during the manufacturing process. Context information plays a crucial role in identifying such scenarios and selecting the most suitable devices/services in response, and the Semantic Web accurately represents this information. This paper proposes a context-aware approach for service orchestration using industrial asset services. Our contributions include (1) a component for Context-Aware Service Re-Selection. (2) a domain-specific ontology (DeviceServiceOnt) for Semantic Web-based context representation. And, (3) validation of our proposal in a manufacturing setting where robots are responsible for dispatching and distributing materials within a warehouse. Opportunities for future work are also highlighted, with a primary focus on enhancing workflow dynamicity with context-aware capabilities.

A monetary business-cycle model with an augmented cash-inadvance constraint, investment tax credit and a government sector: the case of Bulgaria (1999-2022)


 
 
 We modify an otherwise standard business cycle model with a richer government sector, and add an augmented cash-in-advance (CIA) considerations. In particular, the cash in advance constraint of Cole (2020) is extended to include private investment and government consumption, and allows a proportion of total expenditure to be done using credit. Additionally, we allow for the presence of an investment subsidy (“investment tax credit”). This specification is then calibrated to Bulgarian data after the introduction of the currency board (1999-2022), gives a role to money in accentuating economic fluctuations. In particular, the modified CIA constraint pro- duces a mechanism that allows the framework to reproduce better observed variability and correlations among model variables, and those characterizing the labor market in particular.
 
 

Стандартизация бизнес-процессов ресурсосбережения в рамках концепции наилучших доступных технологий

The relevance of the study is determined by the need to improve standard business models in the context of economic transformation and management systems, where non-traditional new types of managerial activity are becoming more important in connection with ensuring resource efficiency, one of which is the concept of the best available technologies. The aim of the study is to substantiate the role of BAT in ensuring resource conservation in the industrial sector, and the importance of standardization of business processes of BAT im-plementation. The combination of modern scientific approaches used in the study, in particular the use of methods for establishing cause-and-effect relationships, formalization, systematic and comparative analysis, generalization, formed the methodological basis of the study, and allowed to identify problems, patterns and directions for ensuring the implementation of the concept of the best available technologies. To achieve this goal, strategies for increasing the resource efficiency of industrial enterprises aimed at ensuring sustainable economic development are analyzed; theoretical approaches to determining the essence and role of BAT in ensuring resource conservation in the industrial sector. The significance of the development and implementa-tion of models and concepts of sustainable development of enterprises, including support for the creation of modern domestic equipment is substantiated. The stages of standardization of business management pro-cesses within the framework of the BAT concept are defined, providing a resource-saving strategy by reducing costs and the share of fuel and energy resources and raw materials in the cost of production. It is concluded that the creation and introduction of new technologies and innovative materials for the domestic industry is a necessary condition for the transition from traditional production models to resource-saving production sys-tems, which will contribute to the development of scientific and technological progress and increase the effi-ciency of resource-environmental measures.

Training microentrepreneurs over Zoom: Experimental evidence from Mexico

Standard in-person business training programs are costly and difficult to scale to the millions of microenterprises in the developing world. We conduct an experiment to test the feasibility, cost-savings, and impact of delivering live training sessions over Zoom to microentrepreneurs in Mexico and Guatemala. We demonstrate that it is now feasible to both recruit and train self-employed women online, covering a wide geographic area, with few technology issues. However, the cost-savings over in-person classes are less than expected. Training improved business practices and performance over 2 months, but impacts had dissipated within 6 months.

Endogenous Uncertainty and Credit Crunches

Abstract We develop a theory of endogenous uncertainty in which the ability of investors to learn about firm-level fundamentals is impaired during financial crises. At the same time, higher uncertainty reinforces financial distress. Through this two-way feedback loop, a temporary financial shock can cause a persistent reduction in risky lending, output, and employment that coincides with increased uncertainty, default rates, credit spreads, and disagreement among forecasters. We embed our mechanism into standard real business cycle and New-Keynesian models and show how it generates endogenous and internally persistent processes for the efficiency and labour wedges.

A Comparative Analysis of Standardized Inputs and Adaptation Innovation Strategies of Aeon Group and IKEA

Aeon Group and IKEA, as the first foreign retail enterprises to enter the Chinese market, entered the market with the innovative competitive advantages of standardized business modes. Finally, a re-standardized business model was formed, and the chain expansion was developed. This paper studies and analyzes the development process of their localization explorations so as to explore effective ways for multinational companies to carry out long-term development of localization in China. The author summarizes and compares their respective development paths through a thorough SWOT analysis of IKEA and Aeon. Similarities lies in many aspects of these two companies, such as brand building, cooperation with locals, marketing strategies and so on. However, differences can be seen mainly through their respective ways to solve the problems due to their own existing circumstances which obeys their backgrounds. In general, both experienced standardized inputs and innovation strategies on adaptions in accordance with local policy, marketing circumstances, customer preferences and other factors are essential to these enterprises and a brand-new localized strategy is needed.

Consensus to identify the dangerous drugs risks in hospital pharmacy services

ObjectiveTo identify the hazards and define the theoretical occupational risks arising from the process of handling hazard drugs in hospital pharmacy services on the basis of expert consensus. MethodAn expert consensus was conducted (nominal group and documentary techniques) using a mixed method of two face-to-face rounds (meeting of participants and approval of proposals) and three masked rounds (individualized review). The analysis was applied to the field of hospital pharmacy. The stages of the process were designed using the standardized graphical Business Process Model and Notation. ResultsA specific flowchart was obtained for the management and traceability of hazardous drugs. All general process phases were characterized. A management chart included operations addressing the reception and storage, compounding, conservation, and dispensation of hazardous drugs in hospital pharmacy services. This chart provides a description of the chemical hazards and exposure routes. ConclusionsThe hazardous drug process should be integrated in a standard management system to improve the safety of patients and healthcare professionals. Efficiency can maximized and procedural incidents minimized, thereby ensuring the quality and the safety of hazardous drugs handling in hospital pharmacy services.Once hazards are identified, risk assessment should be implemented using a systematic and preventative methodology to minimize the risk and severity of any adverse event.

Robotics Process Automation (RPA) And The Import/Export Customs Declaration Process

RPA (Robotics Process Automation) technology, which automatically handles repetitive tasks without human intervention, is attracting attention in many fields. Many companies have introduced RPA systems into their daily operations, which has had a significant positive impact on costs, process accuracy, reliability, and error minimization. RPA systems are more effective for companies with many standardized and repetitive business processes. The process of international import and export must go through customs procedures according to the customs laws of each country, and in this process, a lot of paperwork and computer input are required. Since import and export customs procedures are standardized and repetitive, positive effects such as maximization of work efficiency and improvement in import and export processing speed are expected when RPA is introduced into import and export customs clearance. In this study, interviews were conducted with trading companies and Korean customs brokers who have introduced or are planning to introduce the RPA system in order to analyse the effects that can be obtained by introducing the RPA system in import and export customs procedures. As a result of the study, implications such as the disadvantages of optical character recognition (OCR) and high initial development and operating costs were suggested. import, export, customs clearance, robotics process automation, customs attorney, optical character recognition, RPA