An economic-statistical design of double sampling control chart

The double sampling (DS) chart can reduce the sample size when monitoring the process mean. In this study, Duncan's cost model was modified by adding the statistical constraints to develop the design model of DS chart for the optimization of design parameters—sample size, control limit coefficient, warning limit coefficient and sampling interval. A numerical example was provided to illustrate the use of this model. A sensitivity analysis of the effects of model parameters and statistical constraints on the optimal design of DS chart was also performed.     

Exploring perceptions and attitudes towards teaching and learning manual technical drawing in a digital age

This paper examines the place of manual technical drawing in the 21st century by discussing the perceived value and relevance of teaching school students how to draw using traditional instruments, in a world of computer aided drafting (CAD). Views were obtained through an e-survey, questionnaires and structured interviews. The sample groups represent professional CAD users (e.g., engineers, architects); university lecturers; Technology Education teachers and student teachers; and school students taking Scottish Qualification Authority (SQA) Graphic Communication courses. An analysis of these personal views and attitudes indicates some common values between the various groups canvassed of what instruction in traditional manual technical drafting contributes towards learning. Themes emerge such as problem solving, visualisation, accuracy, co-ordination, use of standard conventions, personal discipline and artistry. In contrast to the assumptions of Prensky’s thesis [(2001a) Digital natives, digital immigrants. On the Horizon 9, 5. NCB University Press Retrieved Oct 2006 from http://www.marcprensky.com/writing/Prensky%20-%20Digital%20Natives,%20Digital%20Immigrants%20-%20Part1.pdf; (2001b) Digital natives digital immigrants, Part 2: Do they really think differently? On the Horizon 9, 6. NCB University Press retrieved Oct 2006 from http://www.marcprensky.com/writing/Prensky%20%20Digital%20Natives,%20Digital%20Immigrants%20-%20Part2.pdf] of digital natives, the study reported in this paper indicates that the school students apparently appreciate the experience of traditional drafting. In conclusion, the paper illustrates the perceived value of such learning in terms of transferable skills, personal achievement and enjoyment.     

An exploratory investigation of the elements of B2B brand image and its relationship to price premium

Much of the extant work on brand equity in business markets has focused on predicting brand loyalty, as in what brand image elements that make buyers prefer to buy a brand. The question what drives buyers to pay more or less for brands has however been somewhat overlooked, despite price premium being a distinct and economically important outcome of a favourable brand image. In an attempt to answer this question, this paper suggests that the corporate brand image determinants of price premium can be conceptualised into six dimensions: brand familiarity-, product solution-, service-, distribution-, relationship- and company associations. Findings from a small-scale qualitative investigation, based on interviews with buyers of corrugated packaging, are used to illustrate this model as well as to explore its microelements and demonstrate why they can be assumed to be mentally related to buyers' willingness to pay.     

A review of: “ENGINEERING ECONOMY, 4th. Ed.” By E. Paul DeGarmo The Macmillan Company 1967 532 pp. $10.95.

A risk measure, expected opportunity loss (EOL), is introduced to quantify the potential loss of making an incorrect choice in risk-based decision making. Different from Savage's (1951 Savage, L. J. 1951. The theory of statistical decision. Journal of the American Statistical Association, 46(253): 55–67. [Taylor &; Francis Online], [Web of Science ®] , [Google Scholar]) minimax regret principle, EOL can account for the unbounded continuous random outcomes of alternatives and decision makers’ acceptable risk. This article studies the effects of the forms of loss function, correlation among outcomes, and the acceptable risk on the ranking results by considering the loss function in the power form. The results show that the loss functions and the outcomes correlations can significantly influence the rankings of alternatives in risk-based decision making.     

Discounting Indices Proposed for Capital Investment Evaluation: A Further Examination

A recent publication [2 Bernhard , Richard H. , “ A Comprehensive Comparison and Critique of Discounting Indices Proposed for Capital Investment Evaluation ,” The Engineering Economist , Volume 16 , Number 3 , Spring 1971 .[Taylor &; Francis Online] , [Google Scholar]] in this journal presented a comprehensive comparison and critique of discounting indices proposed for (i) the examination of whether a proposed independent project should be accepted and (ii) selection of a project from a set of mutually exclusive projects. The present paper examines procedures available in the literature of engineering and managerial economics and in practice for selecting projects from a given number of proposed capital investment projects, if a given capital constraint does not permit the undertaking of all proposed projects. It appears that the present state of the art is subject to much controversy and confusion. The ensuing presentation intends to rectify this situation. In addition, a procedure for the above selection problem is developed. Usage of this procedure is recommended for the many policy makers who are continually faced with the trade-off between elaborate methods on the one hand and cursory /approximations on the other.     

Market Share and Price Setting Behavior for Private Labels and National Brands

In this paper, we focus on the nature of demand and competitive response in the market for private label and national branded grocery products. Specifically,we employ less restrictive functional forms than usedin prior research. Specifically, we incorporateLA/AIDS demands and the corresponding price reactionequations to estimate consumer price sensitivities andsupply side price strategies for national brand andprivate label products. Oligopolistic priceinterdependence is explored further by specifyingbrand share, brand Herfindahl, and a measure of thestructure of the local retail markets in the supplyside relations to evaluate explicitly the impact ofmarket structure.In our empirical analysis, we estimate a system of market share and price equations simultaneously inorder to examine (i) the determinants of the demandresponse to pricing and promotion decisions and (ii)the determinants of private label and national brandpricing behavior. Using data for 143 food productcategories and 59 geographic markets, we develop amodel that captures the variation in privatelabel-national brand share and pricing acrosscategories and markets. Key findings include: (i)demand response to price and promotion is decidedlyasymmetric, (ii) price followship between privatelabels and national brands is positive, but notstrong, and (iii) markets characterized by highernational brand market share and higher supermarketconcentration tend to have higher prices forboth national brands and private labels.     

Brand Imitation: Do the Chinese Have Different Views?

Trademark infringement is a big problem for international brands in Asia, especially among the three Chinese societies — the PRC, Taiwan, and Hong Kong. An exploratory study of the perceptions and attitudes of these consumers regarding their acceptability and willingness to purchase brands which imitate the look of multinational brands was carried out. The results showed the Hong Kong Chinese to be more aware and loyal to multinational brands. The PRC nationals and Taiwanese generally had low awareness of which brands were originals and which were imitators. All respondents thought the manufacture of imitator brands to be unethical, but not the purchase of such brands. The major predictor of choosing an imitator brand was the respondent's ability to identify the original brand. The results from this study suggest marketers should educate their new consumers that they are the original brand or market leader in their product category.