International Journal of Economics and Statistics

E-ISSN: 2309-0685
Volume 4, 2016

Notice: As of 2014 and for the forthcoming years, the publication frequency/periodicity of NAUN Journals is adapted to the 'continuously updated' model. What this means is that instead of being separated into issues, new papers will be added on a continuous basis, allowing a more regular flow and shorter publication times. The papers will appear in reverse order, therefore the most recent one will be on top.

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Volume 4, 2016

Title of the Paper: The Role of Management of Marketing in Strategy “divide et impera” In World Cruising


Authors: Tihomir Luković, Antun Asić, Ivo Šperanda

Pages: 229-238

Abstract: The world's great cruising is one of the strongest capital industries of nautical tourism. His development past few decades takes place continuously upwards, as opposed to most industries recorded in the same period. This development is taking place despite the global crisis, but the foundation of this development lies in the constant research of market demand. For the purpose of presentation and analysis of examples of good management of marketing that has evolved in an age of global world crisis, the main purpose of this research analysis management of marketing of the large corporations in the cruise tourism. A good organization within the company cruising, forming groups/corporations, branding brands, strong market orientation of management, skillfully use the strategy of diversification, constant research of market demand, the areas where this study deals. All this, are factors that the development of cruising, which is planned by 2019, is realistic and the risk of the ambitious development plan, despite the crisis, reduced to a minimum. Analysis of the needs of potential passengers on cruise ship cruising allows to secure a competitive advantage in the global market of tourist demand. That is, in the category of famous and crucial in tourism "value for money", cruising almost no competitor. Therefore, the way to manage the development of cruising becomes a model to other industries in the actual era of global world economic crisis. It is precisely at this time, for the management is imperative to look for and find the option and method for shaping its development opportunity, in order to ensure economic growth. The main hypothesis of this study is contained in the statement that constant research of market demand enables the development of management of marketing that achieves diversification of markets

Title of the Paper: Debt Relief of Individuals in Five Regions of the Czech Republic


Authors: M. Randáková, J. Bokšová, O. Buben, J. Maixner

Pages: 222-228

Abstract: This paper presents the results of an ongoing research of personal bankruptcies in the regions of the Czech Republic. Five regions were examined and compared so far: the South Bohemian Region, the Prague Region, the Liberec Region, the Usti Region and the Central Bohemian Region. The research is focused on successful proposals for debt relief and various factors influencing its success across these regions. The option of undergoing a debt relief is possible in the Czech Republic since 2008 when a new Act No. 182/2006 Coll. came into force and, as there is growing awareness of this possibility among Czech population, the number of proposals was significantly increasing ever since. The research thus compares debtors according to the success rate of their proposals, their age, gender, income, the total amount of debt, the structure of creditors as well as university education level.

Title of the Paper: Adaptive Model of Sustainable Business Development Against the Example of the Conurbation of Upper Silesia and Dąbrowa Basin


Authors: G. Sierpiński, I. Celiński, M. Staniek

Pages: 210-221

Abstract: The 3P (Profit, People, Planet) model is one of basic tools of sustainable business development where three equivalent aspects, namely economic, social and environmental ones, are taken into account. Most frequently, the attention of persons in charge of business development is mainly focused on the economic aspects of operations. However, the authors claim that people related to the business comprise an equally significant sphere of its activity, and the only one which may be considered subject-oriented. Bearing such a perspective in mind, this article provides a proposal of an adaptive model of sustainable business development targeting the economic activity subject, analysed from the angle of networks being most important for the latter, namely the transport and the settlement network. The authors have discussed a dynamic method of assessing the degree of matching (adaptation) between businesses and various networks, such as the aforementioned settlement and transport network as well as others. Dynamic adaptation is of key importance on account of the human factor of business activity which may be dynamically allocated against diversified contexts, the most important ones being the transport and the settlement network context, followed by other prioritised systems, i.e. economy, culture and entertainment, education etc. The transport network is the main factor for effectively delivering sustainability of business development. Adaptation to this network is decisive of other aspects of sustainable business and its functioning, mainly the economic and the personal, but also the environmental ones. In light of all the aforementioned networks, the matching (adaptation) of a business, according to its specificity, allows it to attain satisfactory economic profit and other benefits conforming with expectations of the local community and principles of environmental protection. Through adaptation to requirements of the said systems, businesses also pursue the personalistic concept of economic theory.

Title of the Paper: On the Existence of Maximum Likelihood Estimates in Modulated Gamma Process


Authors: Alicja Jokiel-Rokita, Ryszard Magiera

Pages: 203-209

Abstract: The problem of existence of maximum likelihood estimates (MLE’s) of unknown parameters in a modulated gamma process (MGP) is considered. It is shown that the MLE’s do not always exist. A theorem is established which gives the conditions under which the MLE’s can be determined. A simulation study was conducted for some chosen values of the process model parameters for small numbers of the process events observed. The aim of the simulation was: 1) to provide frequency of appearing the respective conditions formulated under which the MLE’s do exist, 2) to demonstrate the frequency of appearing the condition formulated under which the MLE’s do not exist and 3) in the case when the MLE’s do exist to give their values and accuracy. The MGP considered is a member of the rich class of the trend renewal processes which were considered among others in the fields of reliability, economics and medicine.

Title of the Paper: Time Factor in Spatial Description of Business Processes Execution


Authors: Cezary Stepniak

Pages: 196-202

Abstract: The article was devoted to the issues of the time factor in the framework of descriptions of business processes. In the considerations spatial description was proposed to describe the business processes models and its execution. It involves the use of GIS technology. In the article, the time factor has been treated in five contexts: as a measure of the length of time to develop new sources of revenue, implementation of new or modified process models, the element description of the operation carried out in the framework of processes, defining element of performance indicators and a factor contributing to the search for new lines of business. The proposed concept is based on the extended description of the business process models covering the algorithm process, actors, documentation, resources and efficiency ratios. It assumes that the execution of each operation under the implemented processes must be described in a computer system. Thanks to the integration of different types of information systems implemented processes can be visualized in tools such as Maps of Enterprises and Maps of Processes

Title of the Paper: Capital Profitability of Non-Financial Corporations


Authors: Tomas Verner

Pages: 191-195

Abstract: This paper deals with non-financial corporations. This secotr is the largest creator as well as contributor of gross value added at national level. The behavior of this sector can be examined by several indicators. Paper focuses on capital profitability of non-financial corporations. Selected indicators were used: gross return on capital employed before taxes and net return on equity after taxes within the Visegrad group plus countries and EU-28 average during period 2004-2014. On average, according to those indicators Slovakia reaches the highest profitability followed by Austria, Poland, Czech Republic, Hungary, EU-28 average and Slovenia.

Title of the Paper: Credit Risk of SMEs: Attitudes of Czech and Slovak Entrepreneurs


Authors: Jaroslav Belás, Aleksandr Ključnikov

Pages: 186-190

Abstract: The aim of this paper is to define significant credit risk factors, quantify attitudes and evaluations of entrepreneurs in the SME segment and compare the attitudes of Czech and Slovak entrepreneurs in relation to such factors as the gender and the level of education of the entrepreneur, and the age of the company. Our research showed that Czech entrepreneurs evaluated the attitude of the commercial banks to lending to the SME segment more positively in comparison to their Slovak counterpart. This trend was also reflected when we compared the opinions of entrepreneurs by the gender, the level of education, and the age of the company. Despite of the fact that entrepreneurs in both countries agreed with the opinion that a better understanding of credit conditions improves an access to credit, the level of knowledge of credit conditions low in both countries. We found that there are statistically significant differences in the knowledge of credit conditions in relation to all monitored factors. Only 30.24% of the Czech and 33.79% of the Slovak entrepreneurs agreed with the opinion that credit conditions are transparent. No statistically significant differences in positive answers among entrepreneurs in the Czech Republic and Slovakia were identified in relation to the gender and the level of education of the entrepreneur.

Title of the Paper: Factor Analysis as an Alternative Approach to Measurement of Human Development


Authors: I. Majerova, J. Nevima

Pages: 180-185

Abstract: The alternative indicators are increasingly used for measuring the socio-economic level of individual economies. One of them is the Human Development Index, which measures this level not only by GDP per capita, but also trough the indicators in the field of education and healthy life. This index was originally designed for comparing the level of human development in the economies as a whole. Because of differences in this development are not only at the national level, it is an effort to measure them also at level of regions. The aim of this article is, using the quantification of regional human development, to determine the most significant indicators of human through factor analysis. The regions of the Visegrad Group countries at NUTS II level were selected for this purpose. The research was made in the period from 2004 till 2013. There is initially set the assumption that the most important factor of human development is economic level, measured by gross domestic product per capita. It was not confirmed and was found that the most important role is played by another factor, namely lifelong learning.

Title of the Paper: Measurement of Human Development in the Regions of Visegrad Group Plus


Authors: I. Majerova

Pages: 172-179

Abstract: The most common indicators for measuring the economic level of countries are the macroeconomic aggregates such as the Gross National Product or the Gross National Income per capita. Though they reflect the creation of added value, they do not include social, political, cultural or environmental aspects. It was therefore necessary to create and use alternatives for measuring ongoing economic development. These alternatives reflect socio-economic development and one of them is the Human Development Index. However, the human development index does not express the differences in regions of countries. The aim of the paper is to construct a modified Human Development Index for a group of countries of the Visegrad Group Plus (hereafter V4+) at the NUTS II level, called the NUTS Human Development Index, the NHDI. Two years were chosen for the comparison – 2005, which was the beginning of the EU memberships of most of the compared countries and the last year when all indicators were available (2013). Our expectations about the positive influence of the EU membership on decreasing regional disparities among the regions, based on the results of the NHDI, were not confirmed.

Title of the Paper: Modified Human Development Index and Its Weighted Alternative


Authors: Jan Nevima, Zuzana Kiszová

Pages: 166-171

Abstract: The contribution solves the problem of alternative access towards Modified human development index of the Visegrad Four NUTS 2 regions. The basic aim of the contribution is due to the method of analytic hierarchy process to define the position of NUTS 2 regions in period of 2004 – 2013 years. The sense of applying the method will be setting the order of NUTS 2 regions reflecting their human development index for the year. The analytic hierarchy process (AHP) is a concrete method of multicriteria decision making method which uses the hierarchy of elements and pairwise comparisons. This method is used to derive unknown weights of macroeconomic indicators influencing the Modified human development index.

Title of the Paper: Regional Disparity in Selected Regions of the Czech Republic – With New Definition


Authors: Karin Gajdová

Pages: 161-165

Abstract: Regional disparities are common term of last time, which is solved in the regional economy. Regional differences are examined at different levels of regions. View on the regional disparities varies. The main contribution of this paper is a new perspective on regional disparities and determination of the new definitions. Then there is analyze of the regional disparity economic sphere through selected two indicators – it is the export performance and the unemployment rate. Aim of this paper is to use the new definition of regional disparities in the analysis and determine the positive or negative disparity in the regions of the Czech-Polish border.

Title of the Paper: The Development of Family Business Literature in 2000-2014: What Can we Learn from Scopus?


Authors: Ondřej Machek

Pages: 156-160

Abstract: In this paper, we provide a summary of family business literature in the 21st century based on the information extracted from Scopus. We present the time development of the number of studies dealing with family business and compare it with the number of all studies in the field of management. Then, we present an overview of countries where most family business research has been published, and again, we compare their frequencies with other management disciplines. Subsequently, we present the most active academic institutions and the most important academic journals publishing family business studies, including incoming citations from recent years. Finally, we analyze the frequencies of keywords used in family business studies.

Title of the Paper: Business Valuation Used in Practice


Authors: E. Kramná

Pages: 147-155

Abstract: The importance of equity valuation in the current business environment is forced by recent trend of mergers and acquisitions. However, the business valuation can be done for a wide range of purposes. The main aim of this paper is to investigate the current valuation practice in the Czech Republic. On the basis of the expert´s valuation reports, the paper allows overview of the purposes and methods that are used in nowadays practice. The results confirm that the change of business ownership is the most frequent reason for equity valuation in nowadays practice. For determination of company value were used mainly assets based models and discounted cash flow models in comparison with relative valuation that has only limited applicability in the Czech Republic. The analysis is focused furthermore on the inherence of financial, strategic and sensitivity analysis in business valuation process. However, from the survey it is evident that sensitive analysis does not appertain to the standard part of business valuation process and it occurs rather sporadic despite the fact that it should be routine operation.

Title of the Paper: Correlating Ethical Reputations and Trading Partners: A Preliminary Analysis Applying Social Comparison Theory


Authors: John D. Keiser

Pages: 141-146

Abstract: This research analyzes the Corruption Perceptions Index (CPI) scores of approximately 160 different countries to test whether countries’ major trade partners are fairly similar in terms of ethical reputation. Social Comparison Theory [1] would predict that countries would prefer to trade with similar other countries. In a second analysis, this paper also analyzes the membership make-up of 11 major international trade agreements to determine whether the CPI scores of member countries in trade pacts are more similar than those of non-members. Trade data comes from 2005-2009 with CPI data from 2010. Results partially support the hypotheses that countries are inclined to conduct trade with other countries with similar ethical reputations.

Title of the Paper: Evolution of the Conception of Business Value Management – Resource-Based, Process-Based and Relational View


Authors: Izabela Jonek-Kowalska

Pages: 136-140

Abstract: The objective of the paper is to present the key development stages of business value management. It is a theoretical study based on literature review that includes a resource-based, process-based and relational view as well as the conception of corporate social responsibility. The background of the considerations conducted is a theological view on the company.

Title of the Paper: The Applicability of Business Intelligence Systems in the Support of Managerial Decisions in the International Enterprises


Authors: Leszek Ziora

Pages: 131-135

Abstract: The aim of the paper is to presents research results concerning application and identification of the role of Business Intelligence (BI) systems in the support of managerial decision processes at strategic, tactical and operational level of management in the international enterprises. It was presented the notion and characteristic of BI systems and benefits resulting from its application in the support of decision processes in the management of enterprises. The empirical research is followed by review of foreign research and case studies in selected subjects.

Title of the Paper: The Negotiated Procedure in Procurement Based on the Belief Theory and the Value Model


Authors: Z. Merkaš, K. Ćurko, I. Bakula

Pages: 124-130

Abstract: The procurement procedure includes analytical modelling that enables better decision-making. Negotiations generally take place in the conditions of incertitude. Incertitude is frequently the result of lack of information, lack of understanding of such information, and of encountering equally attractive alternatives in the process of decision-making. The Dempster–Shafer belief theory is used so that information from multiple sources is combined into a consolidated presentation; the plausibility of the sources is taken into account in the calculation, which should enable better insight into the situation of decision-making on the other side, that is, of both parties participating in the negotiated procedure. The hypothesis that, from the aspect of resolving conflict situations, the use of DST enables better insight into the situation of decision-making on the other side, that is, of both parties participating in the negotiated procedure, was confirmed.

Title of the Paper: The Economics of Pharmaceuticals in Central and Eastern Europe: A Focus on Generics, Research, and Development


Authors: Steven J. Szydlowski, Robert Babela

Pages: 120-123

Abstract: The cost of health care delivery continues to increase at alarming levels in the world. Public health departments, health institutions, government agencies, and other key health stakeholders continue to work towards controlling and minimizing costs of care while increasing access and quality. A major contributor driving the cost of health care is pharmaceutical expenditures among others such as technological advances and uncoordinated care. The following article reviews health economic considerations as they relate to health system capacity to provide efficient and low cost care. The authors focus on economic implications for the pharmaceutical industry in Central and Eastern Europe.

Title of the Paper: Night-Time Earth Remote Sensing Data as a Source for Monitoring Territorial Dynamics


Authors: Vladimíra Šilhánková, Michael Pondělíček, Jan Langr, Jan Kamenický, Pavel Struha

Pages: 109-119

Abstract: The key spatial process that is currently under way in Europe is the process of urbanization. However, this process has several stages dependant on the socio-economic conditions in the relevant territory. So far we have been missing an objective and politically as well as “professionally” uninfluenceable and independent instrument at regional and local levels which would allow the monitoring of individual urbanizing and development processes thus objectively ascertaining the status of changes in the territory. The article introduces the possibilities of utilisation of night-time remote sensing data for measuring and monitoring territorial changes or more precisely for measuring changes at the regional and local levels – the so-called territorial dynamics indicator. The territorial dynamics indicator consists of two sub-indicators, namely a) the trend of light intensity development over time and b) the value of the year-on-year change in the light intensity (increases or decreases).

Title of the Paper: Game Theory - Crisis Management Tool for Creation Security Policies


Authors: J. Fuka, I. Obršálová, L. Jelínková, O. Slavíček

Pages: 102-108

Abstract: Issue of terrorism and national, regional or private company security policies are becoming still more important part of security strategies and crisis management worldwide. Czech Republic is state that would not be actually threatened by international terrorism, but prevailing security situation poses number of challenges and especially Czech domestic extremism and terrorism should be considered as significant security threat. Problem of extremist and terrorist activities is increasingly studied using Game Theory, which seems to be proper instrument of crisis management in case when it is not possible to examine various conflict participants, without consideration of their reaction and interaction. This work deals with the Czech extremist and terrorist scene as a potential threat for the Czech state. In this article is analysis of Czech terrorist scene, on the basis of which is designed the direction in which it is possible to proceed in the case of using Game Theory. Solutions for private and mainly public sector are therefore based on available information obtained by analysing domestic extremism and terrorism, and description of Czech public administration. It can be assumed that the framework related to Czech conditions would be possible to use in larger or smaller modifications in other states of European Union.

Title of the Paper: Multidimensional Test Statistics and Statistical Comparison of Histograms


Authors: Sergey I. Bityukov, Nikolai V. Krasnikov, Anastasia V. Maksimishkina, Vera V. Smirnova

Pages: 98-101

Abstract: Several approaches for the comparison of histograms are considered. A new method for the distinguishing of flows of events via multidimensional comparative analysis of histograms is proposed. The example of the use of the method is presented.

Title of the Paper: Fitting Extreme Gains and Losses of the Prague Stock Exchange Index


Authors: Ján Gogola, Ondřej Slavíček

Pages: 89-97

Abstract: In this paper we focused on the daily log returns of investment in the Prague stock exchange index, PX-Index. Considering an investment trust that takes a „passive“ investment strategy and invests its assets in a specified stock-market index - the PX Index. We analysed data from January 1st, 1995 to February 20th, 2014. A popular model for stock market returns is that the log investment returns are independent and identically distributed (i.i.d.) normal random variables. We focused on the daily log returns and analysed the distribution of these returns. By means of the well-known Jarque-Bera test we reject the i.i.d. normal hypothesis of daily log returns. We emphasize this by looking at the data using graphical techniques, such as histogram and Q-Q plot. We can see that the data has fatter left and right-hand tails than the normal distribution. Conclusions of our basic analysis are that the daily log returns are leptokurtic and heavy tailed. They are not i.i.d. and volatility varies over time. Also we can say that extreme daily log returns appear in clusters. Further we investigated a simple model which incorporates stochastic volatility. We analysed volatility-standardised residuals using a GARCH approach. We can see that standardised residuals do not show any clusters of high and low volatility. Plotted standardised residuals also show that there are more exceedances of the lower threshold than the upper and that they are larger. International banking regulations require banks to pay specific attention to the probability of large losses over short periods of time. We were focusing on the tails of the standardised residual. We fitted tail data separately using a Pareto distribution. Estimated parameters of the Pareto distributions show us that the Pareto distribution gives a generally better fit over the tails than t and non-central t distribution.

Title of the Paper: Declaring Personal Bankruptcy: Help or a Threat? Situation in the Czech Republic


Authors: Monika Randáková, Jiřina Bokšová

Pages: 81-88

Abstract: Personal bankruptcy has been implemented into the Czech law in year 2008. The number of debt reliefs has been gradually rising each year since then, even though the pace has slowed down in the past few years. For variety of individuals this is the only way how to get rid of their numerous debts and start a new life without being heavily indebted. Conducted research was focused on individuals who started their insolvency procedures in the period of time between 1.1.2008 to 31.12.2011 and at the same time were successfully finished until 31.3.2015. Individuals were researched for their age, source and level of their monthly income, the overall amount of their acknowledged debt and the overall amount of acknowledged creditor’s demands. From the acquired data it was possible to determine the level of satisfaction of creditors during the insolvency process. The most indebted group of debtors were people of the age between 30 to 44 years old, whose source of income was via employment contract and whose net monthly income was between 15,000 CZK to 19,999 CZK. Surprising finding of the research was that 52.6% of debtors who underwent the process of personal bankruptcy were able to satisfy 100% of their creditor’s need.

Title of the Paper: Deforestation in Watershed Area; Case of Jompi Watershed Area of Indonesia


Authors: Abdi, Usman Rianse, Muhidin, Weka Gusmiarty Abdullah, Dasmin Sidu, Raden Marsuki Iswandi, Zulfikar, La Ode Midi, Samsul

Pages: 72-80

Abstract: Largeness of deforestation area in Indonesia tends to increase very year, and this phenomenal occurs in forest area of Jompi watershed in Indonesia. This research aimed at (1) identifying the perpetrators of deforestation in Jompi watershed area, (2) knowing the land largeness of the society within the forest area of Jompi watershed, and (3) knowing the factors influencing land largeness of the society in the aforementioned area. The results of this research showed that (1) the agents of deforestation in forest area of Jompi watershed comprised people who worked as farmers and not farmers. The people who worked as not farmers, i.e. : merchants, civil servants, and retired civil servants, carpenter/bricklayer, and drivers; (2) the land largeness of the society on the researched area was about 0.08-0.75 ha per person with the average land largeness was 0.34 ha per person; (3) largeness of deforestation in forest area of Jompi watershed was influenced by household income per capita, the number of family members, lack of knowledge about the function of forest, land largeness outside the forest area of Jompi watershed, transportation expenses to the nearest market, distance of house to the forest, and side job.

Title of the Paper: Exploring Competitiveness of the Countries of Visegrad Group Plus Using Period and Cross Effects of Panel Regression


Authors: I. Majerová, J. Nevima

Pages: 64-71

The paper "Exploring Competitiveness of the Countries of Visegrad Group Plus Using Period and Cross Effects of Panel Regression" by I. Majerová, J. Nevima has been retracted.

Title of the Paper: From Intangible Assets to Management of Intellectual Capital within Health Care Industry. A Comparative Study Between Sweden and Poland


Authors: Dorota Jelonek, Amra Halilovic

Pages: 57-63

Abstract: In the knowledge based economy the success of organization's functionality in the sector of medical services is dependent on taking operations in the scope of intellectual capital management, making the main potential of the organization. Intellectual capital is identified by many researchers as intangible assets which can be used for building the value of the organization. The intellectual capital in consideration of its multidimensional and intangible form requires suitable technologies of management. In the sector of medical services the human capital has a significant meaning among intangible resources, its knowledge and competences, relational internal resources with patients and structural resources. In the article were considered relations between the notions: knowledge, intangible resources and intellectual capital. The aim of considerations is to show that the management of intellectual capital in healthcare allows more effectively realize all aims and assignments of the health care, and first of all to assure patients the best path of treatment and care. The paper presents selected case studies of management of intellectual capital and management of intangible assets within health care industry in Sweden and in Poland. The model of intellectual capital management in healthcare in Sweden is analyzed in the context “of good practices” for healthcare in Poland and in other countries which begin the implementation of models of intellectual capital management. It was indicated that the informational technology, especially the internet technology is an effective support in management of intangible assets within health care industry.

Title of the Paper: The Analysis of Capital Structure in the Trading Companies


Authors: Radojko Lukić, Nenad Lalić, Srdjan Lalić, Nataša Tešić, Dragan Milovanović

Pages: 39-49

Abstract: Specific the capital structure of trade companies. There are numerous determinants of the capital structure in trade companies. Typical are: the growth opportunity (assets and sales growth), profitability, structure of assets, business risk, tax shield, liquidity, the analysis of capital structure and technology. The capital structure of trade companies is also affected by other factors, above all factors of external nature, like specific industrial determinants (industrial leverage, industrial growth) and macroeconomic determinants (inflation, GDP growth, capital flows, tax shield). Nevertheless numerous internal and external factors affect the capital structure of companies the issue of this analysis are only specific determinants of capital structure in a function of its optimization (and improvement of overall performance of trade in Serbia). The aim of this work is thorough analysis of the capital structure determinants in trade of Serbia. The knowledge of the intensity of their positive or negative effect is very significant for trade managers concerning the establishing optimal capital structure (with efficient financial management) in a function of meeting target performance on the level of single trade company and the trade as a whole. In that we find the scientific and professional contribution of this work. The capital structure of commercial firms in Serbia is unsatisfactory. It is necessary to take appropriate measures in function of its optimization. (JEL Classification: F65 L81 M40)

Title of the Paper: Models for Project Management in 2016 Olympic Games


Authors: Maria José Sousa, Fabiano Lima, Jair Rodrigues Martins

Pages: 32-38

Abstract: The Olympic Games are the major sports event on the planet gathering people for all over the world and integrating several kind of resources that need to be managed in order to achieve efficiency and the sustainability of the event. The research question of this paper is “Which project management business model best fit a mega event like the 2016 Olympic Games?” The organizations which participate in the Olympic Games project management in Rio are under the pressure of external scenarios of uncertainty and also intense competition and internally the organizations that manage all the Olympic resources need to deal with limitations of costs and time – the business model adopted can help to achieve a major success of the event. According to studies made on the past Olympics Project Managers face various challenges and the models adopted can made an integration of various and disperse project management tools. The main finding of this research is that project management maturity models benefits management approaches and reinforce the definition and the use of strategic plans enhancing the control techniques of project management and also the sustainability model is necessary to orchestrate the successful completion of a project with the amplitude of Olympic Games.

Title of the Paper: Cattle Traceability: From the Pasture to the Port


Authors: Maia A. P. M., Dias E. M.

Pages: 25-31

Abstract: Agribusiness for thirteen consecutive years, since 2001, has fueled the Brazilian economy, a growing sector that needs investment in infrastructure and technologies to strengthen it and make it more competitive. To keep up with the current global scenario, which together with the ease of transmission of information, the consumer is becoming increasingly aware and demanding in relation to food. This scenario stimulates the reorganization of activities of the meat supply chain, by tracking technology across all links in the chain. Allowing the entire chain to receive accurate information and quality, for fast information responses and offering the consumer an assurance where the meat is obtained, so that it is ensured quality. The objective of this work is to present the economic importance of the export of beef to the economy of Brazil, the progress in this sector, the growth projections for the coming years and the need to insert traceability technology into the livestock sector. Traceability technology will contribute to safer and more efficient growth, increase the chances of competitiveness in foreign markets and ensure the quality of the product in the domestic market.

Title of the Paper: Metaheuristic Algorithms Helping to Take Decisions in Investment Portfolios


Authors: Freddy Baño, Ángel Mena, Fausto Viscaino, Jorge Rubio, Gustavo Rodríguez-Bárcenas

Pages: 19-24

Abstract: Actually, Managers who take decisions need to have a system that provides them information for decision-making in a record time and in the more reliable manner, especially if they have to invest the money of their investors, determining the best investment portfolio with a minimal risk and high return, it consists in actives whose rate is variable at the market, that?s way we have performed an approach to comparing two metaheuristics algorithms, the first using the mean-variance technique directly and the second with a genetic algorithm, both powered by a discrimination algorithm assets less than zero risk and high profitability. Evaluation’s Techniques of every investment portfolio is presented as an aversion risk.

Title of the Paper: The Factors Affecting to the Resignment of the Students in Tourism Industry and Hospitality Management Program at Suan Sunandha Rajabhat University


Authors: Poonsup Setsri

Pages: 14-18

Abstract: This research is the study of the factors affecting to the resignment of the students in Tourism Industry and Hospitality Management program at Suan Sunandha Rajabhat University. The main objective is to study the factors affecting to the resignment of the students in Tourism Industry and Hospitality Management program at Suan Sunandha Rajabhat University. The samples are 40 first to fourth year students enrolling in Tourism Industry and Hospitality Management Program. The results of the study got from the interview the sampling groups are as in the following: most students give the importance on the family factors which affect to their resignment especially the poverty of the families, the separation and divorces of their parents. The parents try to support their children’s education even they do not have enough money to pay the tuition fee. The next important factor concerning the university itself, e.g. their homes are far away from it, university facilities are not sufficient for too many students. The third factor concerning the curriculum , high tuition fee and expenses for required trips, too difficult courses for some students. The last factor concerning the students themselves : their average achievement in students is lower than the requirements of the university, sex and gambling problems among them including the drug . Especially the poverty of the family, the separation and divorces of their parents. Their parents try to support the children’s education even they do not have enough money to pay the tuition fee. The next important factor concerning the university itself ,e.g. their homes are far away from it, university’s facilities are not sufficient for many students , The third factor concerning the curriculum, high tuition fee and the courses to difficult for some students. The last factor concerning strudels then selves : their average achievement is lower than the requirements of the university, sex problems and gambling among them and drug.

Title of the Paper: The Concept of Organization Learning in Human History or the Value of Historical Registers: can a Nation or Continent Actually Learn?


Authors: José M. Arias

Pages: 7-13

Abstract: The concept of the learning organization and organization learning as a natural derivation of knowledge management has proven itself to be useful in academia, industry, and administration. The idea of an extension to a higher level in the hierarchy of sociotechnical systems within the framework of Ludwig von Bertalanffy’s general system theory does not appear to be yet clear. Organization learning in the context of a region, a nation, or a continent would have to deal with problems like prostitution regulation and war management.

Title of the Paper: Marketing Communication Tactics of Tourism Businesses in Preparation Towards ASEAN Economic Community


Authors: Sasitorn Chetanont

Pages: 1-6

Abstract: The objectives of this study are to study marketing communication tactics of tourism businesses in preparation towards ASEAN Economic Community and to find out marketing communication methods in creating prominent points for tourism businesses. The research methodology was a qualitative research. The sample of the research was 20 tourism businesses, 10 small-sized travel agencies and 10 medium-sized travel agencies, which organized inbound and domestic tours and have received a tourism award. The research interviewed a variety of people, i.e. entrepreneurial representatives, marketing representatives, academic group and user group. The questions focused on marketing communication tactics and details of the research methodology were as follows: The qualitative research was analyzed through the content analysis by categorizing data from the interview, separating aspects and source of data. After that, meaning of the data was analyzed and evaluated according to the contextual frame of the qualitative data to find out marketing communication methods in creating prominent points for tourism businesses in the era of ASEAN Economic Community, then verifying the research by the triangulation method. As for the results of this study the researcher found that Small- and medium-sized tourism businesses use a variety of marketing communication tactics and mostly adopt 6 similar tactics as follows 1.Online media and social media 2.Personal media 3.Printed media 4.Outdoor media 5.Activity media 6.Television media and the results of Methods of Developing Marketing Communication Tactics for Tourism Businesses especially the tourism businesses should adopt the Marketing 3.0 Strategy.