<abstract xmlns="http://www.w3.org/1999/xhtml"><bold>Background: </bold>This paper connects several sides of the web and mobile usages in business. The idea is to utilize Customer Relations Management (CRM) as the vehicle to establish connection from Web one and Web two into Web three. <bold>Objectives: </bold>This paper has the main purpose combine efforts in developing business strategies into general path of future Web development. <bold>Methods/Approach: </bold>Using the extensive literature, business cases and software trends in the area, the paper is focused on predicting the future in the area of the business trends in Information Technology (IT). <bold>Results: </bold>After discussion of the development using selected milestones: CRM is supported by the Social Networks (SN) and is enabled by Cloud Computing (CC), we were able to achieve the predictions. <bold>Conclusions: </bold>The final conclusion is in the convergence of the business efforts and SN methods on the new paradigm called the User eXperience (UX).</abstract>

Invited Article: The Future of CRM is UX

<abstract xmlns="http://www.w3.org/1999/xhtml"><bold>Background</bold>: Organizational architecture is a holistic approach to design of humane organizations and studies an organization from five perspectives: structure, culture, processes, strategy and individuals. In this paper, the concept of organizational architecture is firstly formalized using the fractal principle and then applied to multi-agent systems’ (MAS) organizations. <bold>Objectives</bold>: Providing a holistic framework for modeling all aspects of MAS reorganization. <bold>Methods/Approach</bold>: MAS organizations are formalized using graph theoryand a new active graph rewriting formalism inspired by active database theory is intoduced. <bold>Results</bold>: The newly developed framework is graphical, event-driven and applicable in a distributed MAS environment. <bold>Conclusions</bold>: By defining organizational units, processes, strategies and cultural artefacts in a recursive way, it is shown that labeled graphs andhypergraphs can be used to model various levels of organizational architecture while active graph grammars allow one to model reorganization of each of the architectural perspectives.</abstract>

Reorganization in Multi-Agent Architectures: An Active Graph Grammar Approach

<abstract xmlns="http://www.w3.org/1999/xhtml"><bold>Background: </bold>Monitoring systems decouple monitoring functionality from application and infrastructure layers and provide a set of tools that can invoke operations on the application to be monitored. <bold>Objectives: </bold>Our monitoring system is a powerful yet agile solution that is able to online observe and manipulate SOA (Service-oriented Architecture) applications. The basic monitoring functionality is implemented via lightweight components inserted into SOA frameworks thereby keeping the monitoring impact minimal. <bold>Methods/Approach: </bold>Our solution is software that hides the complexity of SOA applications being monitored via an architecture where its designated components deal with specific SOA aspects such as distribution and communication. <bold>Results: </bold>We implement an application-level and end-to-end monitoring with the end user experience in focus. Our tools are connected to a single monitoring system which provides consistent operations, resolves concurrent requests, and abstracts away the underlying mechanisms that cater for the SOA paradigm. <bold>Conclusions:</bold> Due to its flexible architecture and design our monitoring tools are capable of monitoring SOA application in Cloud environments without significant modifications. In comparisons with related systems we proved that our agile approaches are the areas where our monitoring system excels</abstract>

Monitoring SOA Applications with SOOM Tools: A Competitive Analysis

<abstract xmlns="http://www.w3.org/1999/xhtml"><bold>Background: </bold>The application and introduction of ERP systems have become a central issue for management and operation of enterprises. The competition on market enforces the improvement and optimization of business processes of enterprises to increase their efficiency, effectiveness, and to manage better the resources outside the company. The primary task of ERP systems is to achieve the before-mentioned objectives. <bold>Objective: </bold>The selection of a particular ERP system has a decisive effect on the future operation and profitability of the enterprise. The qualitative correlation between the size of enterprises, market position, etc. and the applied selection criteria for ERP systems should be analysed as to whether which criteria are used at multinational enterprises or at SMEs. <bold>Methods/Approach: </bold>Our research is grounded in a literature review and case studies of everyday practice related to the introduction, implementation and roll-out of ERP systems. <bold>Results: </bold>The dominant critical success factor of ERP introduction seems to be “ERP software suitability”, “Information quality”, “ERP vendor quality”. <bold>Conclusion: </bold>The set of criteria on one hand shows strong correlation with non-functional requirements codified in standards, and on the other hand with usual functional requirements for ERP systems.</abstract>

Eötvös University of Budapest, Faculty of Informatics, Information Systems Department, Budapest, Hungary

Dénes Gábor University of Applied Sciences, Budapest, Hungary

Selection Process of ERP Systems

<abstract xmlns="http://www.w3.org/1999/xhtml"><bold>Background: </bold>In light of the latest global financial crisis and the ongoing sovereign debt crisis, accurate measuring of market losses has become a very current issue. One of the most popular risk measures is Value-at-Risk (VaR). <bold>Objectives: </bold>Our paper has two main purposes. The first is to test the relative performance of selected GARCH-type models in terms of their ability of delivering volatility estimates. The second one is to contribute to extend the very scarce empirical research on VaR estimation in emerging financial markets. <bold>Methods/Approach: </bold>Using the daily returns of the Macedonian stock exchange index-MBI 10, we have tested the performance of the symmetric GARCH (1,1) and the GARCH-M model as well as of the asymmetric EGARCH (1,1) model, the GARCH-GJR model and the APARCH (1,1) model with different residual distributions. <bold>Results: </bold>The most adequate GARCH family models for estimating volatility in the Macedonian stock market are the asymmetric EGARCH model with Student’s t-distribution, the EGARCH model with normal distribution and the GARCH-GJR model. <bold>Conclusion: </bold>The econometric estimation of VaR is related to the chosen GARCH model. The obtained findings bear important implications regarding VaR estimation in turbulent times that have to be addressed by investors in emerging capital markets</abstract>

An Empirical Evaluation of GARCH Models in Value-at-Risk Estimation: Evidence from the Macedonian Stock Exchange

<abstract xmlns="http://www.w3.org/1999/xhtml"><bold>Background: </bold>The renewal function is widely useful in the areas of reliability, maintenance and spare component inventory planning. Its calculation relies on the type of the probability density function of component failure times which can be, regarding the region of the component lifetime, modelled either by the exponential or by one of the peak-shaped density functions. For most peak-shaped distribution families the closed form of the renewal function is not available. Many approximate solutions can be found in the literature, but calculations are often tedious. Simple formulas are usually obtained for a limited range of functions only. <bold>Objectives: </bold>We propose a new approach for evaluation of the renewal function by the use of a simple discrete approximation method, applicable to any probability density function. <bold>Methods/Approach: </bold>The approximation is based on the well known renewal equation. <bold>Results: </bold>The usefulness is proved through some numerical results using the normal, lognormal, Weibull and gamma density functions. The accuracy is analysed using the normal density function. <bold>Conclusions: </bold>The approximation proposed enables simple and fairly accurate calculation of the renewal function irrespective of the type of the probability density function. It is especially applicable to the peak-shaped density functions when the analytical solution hardly ever exists.</abstract>

A Simple Discrete Approximation for the Renewal Function

<abstract xmlns="http://www.w3.org/1999/xhtml"><bold>Background: </bold>With the aim of encouraging mobility between higher education institutions in the Western Balkan countries and those in the European Union (EU), the European Commission initiated a series of measures to increase the share of students primarily from the Western Balkans who spend at least one semester away from their home institutions, but also the share of young people from EU member states who come to Western Balkan (WB) countries. <bold>Objectives: </bold>Aim of the paper is to determine the degree of representation of internationalisation strategy and policy elements in the internal documents of higher education institutions and its direct impact on the development of mobility. <bold>Methods/Approach: </bold>An electronic survey has been created and sent to representatives of 9 EU and 11 WB universities. Respondents were mainly international relations officers or management representatives. Mann-Whitney test was applied in order to test differences between EU and WB universities. <bold>Results: </bold>The conducted Mann-Whitney nonparametric tests show that the degree of representation of internationalisation strategy and policy elements in the internal documents of a higher education institution has a direct impact on the development of mobility. <bold>Conclusions: </bold>By 2020, the European Commission aims to have 20% of all students acquiring an academic degree within the European Higher Education Area participate in mobility. This paper sheds light on this segment and indicates possible directions for actions aimed at developing mobility at institutions in Western Balkan countries</abstract>

University of Sarajevo, Sarajevo, Bosnia and Herzegovina

University of Sarajevo, School of Economics and Business, Sarajevo, Bosnia and Herzegovina

Academic Mobility in the Western Balkans

<abstract xmlns="http://www.w3.org/1999/xhtml"><bold>Background: </bold>There are several factors that lead to the growth or decline of the nonperforming loans, such as macroeconomic variables and bank specific variables, banks ownership structure, corruption and information sharing. Among them one of the main factors that affect the non-performing loans are the corruption. In developing countries corruption plays very important role in the growth of non-performing loans. <bold>Objectives: </bold>This study investigates the impact of corruption at economy level and institution level on the nonperforming loans. This study also examines the association of information sharing between depositors, lenders and financial institutions. <bold>Methods/Approach: </bold>The current study used time series data over the period of 2001 to 2010 and employed OLS method. <bold>Results: </bold>The results provide no significant association of corruption and information sharing with non-performing loans. <bold>Conclusions: </bold>The results suggest no significant impact of corruption on non-performing loans because of the nature of the data used, but as literature provides significant impact of corruption on non-performing loans, therefore State Bank of Pakistan and commercial banks can reduce the level of non-performing loans by reducing the chance of corrupt practices by following the rules and regulation of credit allocation, supervision and loan monitoring.</abstract>

Corruption and Information Sharing as Determinants of Non-Performing Loans

AHEAD OF PRINT

Volume 14 (2023): Issue 2 (December 2023)

Volume 14 (2023): Issue 1 (September 2023)

Volume 13 (2022): Issue 3 (October 2022)

Volume 13 (2022): Issue 2 (December 2022)

Volume 13 (2022): Issue 1 (June 2022)

Volume 12 (2021): Issue 2 (December 2021)

Volume 12 (2021): Issue 1 (May 2021)

Volume 11 (2020): Issue 3 (November 2020)

Volume 11 (2020): Issue 2 (October 2020)

Volume 11 (2020): Issue 1 (March 2020)

Volume 10 (2019): Issue 2 (September 2019)

Volume 10 (2019): Issue 1 (April 2019)

Volume 9 (2018): Issue 2 (July 2018)

Volume 9 (2018): Issue 1 (March 2018)

Volume 8 (2017): Issue 2 (September 2017)

Volume 8 (2017): Issue 1 (March 2017)

Volume 7 (2016): Issue 2 (September 2016)

Volume 7 (2016): Issue 1 (March 2016)

Volume 6 (2015): Issue 2 (September 2015)

Volume 6 (2015): Issue 1 (March 2015)

Volume 5 (2014): Issue 3 (September 2014) “Novel solutions or novel approaches in Operational Research” co-published with the Slovenian Society INFORMATIKA – Section for Operational Research (SDI-SOR), Issue Editors: Ksenija Dumičić (University of Zagreb), Lidija Zadnik Stirn (University of Ljubljana), and Janez Žerovnik (University of Ljubljana)

Volume 5 (2014): Issue 2 (June 2014)

Volume 5 (2014): Issue 1 (March 2014) Special Issue: Embedded Systems Applications: Future Society Applications

Volume 4 (2013): Issue 2 (December 2013)

Volume 4 (2013): Issue 1 (March 2013)

Volume 3 (2012): Issue 2 (September 2012) "Innovative Approaches to Operations Research Methodology and Its Applications in Business, Economics, Management and Social Sciences" co-published with the Slovenian Society INFORMATIKA - Section for Operational Research (SDI-SOR)

Volume 3 (2012): Issue 1 (June 2012)

Volume 2 (2011): Issue 2 (June 2011)

Volume 2 (2011): Issue 1 (January 2011)

Volume 1 (2010): Issue 1-2 (January 2010)

Business Systems Research Journal

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