Entrepreneurship, which is the process of identifying, evaluating and developing opportunities, has been recently identified as the most important element in the economic development of countries in various areas and industries, including banking industry. Since opportunity identification is the first step in entrepreneurship, the present research attempts to investigate and prioritize the indi...

This paper presents the development of a model based decision support system with a case study on solving the supplier selection problem in a chemical processing industry. For the evaluation and selection of supplier, the analytical hierarchy process (AHP) and grey relational analysis (GRA) were used. The intention of the study is to propose an appropriate platform for process industries in ...

In the last two decades Soft Sensors established themselves as a valuable alternative to the traditional means for the acquisition of critical process variables, process monitoring and other tasks which are related to process control. This paper discusses characteristics of the process industry data which are critical for the development of data-driven Soft Sensors. These characteristics are co...

Simulation and Virtual Reality (VR) have been extensively used in many industries, where the success of the initiative has been reliant on technology, training objective and correctly set expectations. Early in VR’s use, success was assured with huge budgets, for instance the military and aerospace. Later on in its use, cheap VR failed because the technology was lacking fidelity, expectations w...

In the 1960s researchers and practitioners realized that software development was more than just creating effective programming languages [1]. It is a complex endeavour requiring creative effort from people guided by an appropriate organization and procedures [1]. Early descriptions of the software development lifecycle were presented detailing various stages of a software product’s lifetime e....

Process industry requires now accurate, efficient and flexible operation of the plants. There is always a need for development of innovative technologies and integrated software tools for process modelling, dynamic trajectory optimization and high-performance industrial process control. Process dynamics tend to become too complex to be efficiently controlled by the current generation of control...

In today’s business world, competitiveness defines as an industry leader to drive towards maximum efficiency and it is constantly at the forefront of the companies objectives. Managers across the country are striving to adopt lean manufacturing practices to improve their bottom line cellular manufacturing and it helps to build a variety of products with as little scrap as possible. Layout a fac...

Today, service companies like hotel chains, tour operators, insurance companies, and banks have to deal with tough competition in their respective markets. To survive in this situation the companies’ business models, cost reduction initiatives, and efforts for increasing revenues require continuous adjustments. Otherwise, these companies might fall prey to the ongoing consolidation process. Due...

The electricity industry is currently confronted with regulatory and technological change that leads to fundamental transformation of the value propositions and innovation processes of enterprises. New services are one possibility to compete in the new market environment. This paper proposes a service development process for the electricity industry that builds up on existing approaches. The pr...

Softwood logs are processed into green boards through a series of horizontal or vertical sawing operations that reduce lumber thickness. This paper uses physical understanding to model how systematic and random errors in board thickness accumulate during sequential resawing. The error model is validated on board thickness measurements gathered at a northern California sawmill. The analysis • ex...