The Influence of Value Orientations and Demographics on Quality-of-Life Perceptions: Evidence from a National Survey of Singaporeans

This paper explores the linkages between value orientations, demographics and the quality of life perceptions for Singaporeans based on a nationwide values and lifestyles study conducted in 2001. The quality of life perception is assessed using cognitive evaluations of satisfaction with life in general (subjective personal well-being) and with aspects of living in Singapore (subjective social well-being). Five different value orientations, namely family values, materialism, status consciousness, societal consciousness and traditionalism, are examined for their effects on quality of life. The key demographics used are gender, age, marital status, education and personal income.     

Multi‐Echelon Inventory Management under Short‐Term Take‐or‐Pay Contracts

We extend the Clark–Scarf serial multi‐echelon inventory model to include procuring production inputs under short‐term take‐or‐pay contracts at one or more stages. In each period, each such stage has the option to order/process at two different cost rates; the cheaper rate applies to units up to the contract quantity selected in the previous period. We prove that in each period and at each such stage, there are three base‐stock levels that characterize an optimal policy, two for the inventory policy and one for the contract quantity selection policy. The optimal cost function is additively separable in its state variables, leading to conquering the curse of dimensionality and the opportunity to manage the supply chain using independently acting managers. We develop conditions under which myopic policies are optimal and illustrate the results using numerical examples. We establish and use a generic one‐period result, which generalizes an important such result in the literature. Extensions to cover variants of take‐or‐pay contracts are included. Limitations are discussed.     

CUSUM Chart with Transformed Exponential Data

Time Between Events (TBE) charts were proposed to monitor the time between events occur based on exponential distribution, and have been shown to be more effective than monitoring the fraction non conforming directly. In this article, we consider monitoring the TBE data with CUSUM scheme by transformation. The idea behind it is to transform the TBE data to normal, and then apply the CUSUM scheme for the approximate normal data. Several simple transformation methods are examined. The calculation of Average Run Length (ARL) with Markov chain approach is described. Comparative studies on the ARL performance show that the transformed CUSUM is superior to the X-MR (Moving Range) chart with transformation, the Cumulative Quantity Control (CQC) chart, and have comparable performance with exponential CUSUM charts. The design procedures of optimal CUSUM chart are also presented. This study provides another possible alternative for monitoring TBE data with easy design procedures and relatively good performance.     

Classification with discrete and continuous variables via general mixed-data models

We study the problem of classifying an individual into one of several populations based on mixed nominal, continuous, and ordinal data. Specifically, we obtain a classification procedure as an extension to the so-called location linear discriminant function, by specifying a general mixed-data model for the joint distribution of the mixed discrete and continuous variables. We outline methods for estimating misclassification error rates. Results of simulations of the performance of proposed classification rules in various settings vis-à-vis a robust mixed-data discrimination method are reported as well. We give an example utilizing data on croup in children.     

The comonotonic sure-thing principle

This article identifies the common characterizing property, the comonotonic sure-thing principle, that underlies the rank-dependent direction in non-expected utility. This property restricts Savage's sure-thing principle to comonotonic acts, and is characterized in full generality by means of a new functional form—cumulative utility—that generalizes the Choquet integral. Thus, a common generalization of all existing rank-dependent forms is obtained, including rank-dependent expected utility, Choquet expected utility, and cumulative prospect theory.     

A variability taxonomy to support automation decision-making for manufacturing processes

Abstract

Although many manual operations have been replaced by automation in the manufacturing domain in various industries, skilled operators still carry out critical manual tasks such as final assembly. The business case for automation in these areas is difficult to justify due to increased complexity and costs arising out of process variabilities associated with those tasks. The lack of understanding of process variability in automation design means that industrial automation often does not realize the full benefits at the first attempt, resulting in the need to spend additional resource and time, to fully realize the potential. This article describes a taxonomy of variability when considering the automation of manufacturing processes. Three industrial case studies were analyzed to develop the proposed taxonomy. The results obtained from the taxonomy are discussed with a further case study to demonstrate its value in supporting automation decision-making.