This paper examines the association between voluntary disclosure, earnings announcement lag and the cost of debt in Hong Kong. The research sample consists of 20 listed companies in the Hong Kong Stock exchange over the period spanning from 2008 to 2011. A disclosure checklist is used to measure the extent of voluntary disclosure in companies ‘annual reports. Earnings announcement lag is proxied by the difference between the end of fiscal year and the publication date of financial statements. Results of this study confirm that voluntary disclosure and earnings announcements lag reduce the cost of debt in Hong Kong. These findings suggest that voluntary disclosures play an essential role in reducing cost of debt in Hong Kong context, and managers tend to disclose in early manner to reduce the information asymmetry between their firm and creditors. These findings may have policy implications for managers since they demonstrate that the extent of voluntary and timely disclosures affect the cost of debt.

Optimization of machining processes not only increases machining efficiency and economics, but also the end product quality. In recent years, among the traditional optimization methods, stochastic direct search optimization methods such as meta-heuristic algorithms are being increasingly applied for solving machining optimization problems. Their ability to deal with complex, multi-dimensional and ill-behaved optimization problems made them the preferred optimization tool by most researchers and practitioners. This paper introduces the use of pattern search (PS) algorithm, as a deterministic direct search optimization method, for solving machining optimization problems. To analyze the applicability and performance of the PS algorithm, six case studies of machining optimization problems, both single and multi-objective, were considered. The PS algorithm was employed to determine optimal combinations of machining parameters for different machining processes such as abrasive waterjet machining, turning, turn-milling, drilling, electrical discharge machining and wire electrical discharge machining. In each case study the optimization solutions obtained by the PS algorithm were compared with the optimization solutions that had been determined by past researchers using meta-heuristic algorithms. Analysis of obtained optimization results indicates that the PS algorithm is very applicable for solving machining optimization problems showing good competitive potential against stochastic direct search methods such as meta-heuristic algorithms. Specific features and merits of the PS algorithm were also discussed.

In this paper, a period review inventory model with controllable lead time has been considered where shortages are partially backlogged. The backorder rate is dependent on the backorder discount and the length of the protection interval, which is sum of the review period and the lead time. Two cases have been discussed for protection interval demand which are (a) Demand distribution is known (Normal Distribution) (b) Demand distribution is unknown (Minimax distribution). Further, algorithms have been developed which jointly optimize the backorder discount, the review period and the lead time for each case. Numerical examples are also presented to illustrate the results.

The evaluation and selection of energy technologies involve a large number of attributes whose selection and weighting is decided in accordance with the social, environmental, technical and economic framework. In the present work an integrated multiple attribute decision making methodology is developed by combining graph theory and analytic hierarchy process methods to deal with the evaluation and selection of energy technologies. The energy technology selection attributes digraph enables a quick visual appraisal of the energy technology selection attributes and their interrelationships. The preference index provides a total objective score for comparison of energy technologies alternatives. Application of matrix permanent offers a better appreciation of the considered attributes and helps to analyze the different alternatives from combinatorial viewpoint. The AHP is used to assign relative weights to the attributes. Four examples of evaluation and selection of energy technologies are considered in order to demonstrate and validate the proposed method.

Production engineers are frequently faced with the multi-criteria selection problems in the manufacturing environment. Over the years, many multi-criteria decision making (MCDM) methods have been proposed to help decision makers in solving different complex selection problems. This paper introduces the use of an almost unexplored MCDM method, i.e. range of value (ROV) method for solving cutting fluid selection problems. The main motivation of using the ROV method is that it offers a very simple computational procedure compared to other MCDM methods. Applicability and effectiveness of the ROV method have been demonstrated while solving four case studies dealing with selection of the most suitable cutting fluid for the given machining application. In each case study the obtained complete rankings were compared with those derived by the past researchers using different MCDM methods. The results obtained using the ROV method have excellent correlation with those derived by the past researchers which validate the usefulness and effectiveness of this simple MCDM method for solving cutting fluid selection problems.

This exploratory paper will investigate the concept of supply chain risk management involving supplier monitoring within a cooperative supply chain. Inventory levels and stockouts are the key metrics. Key to this concept is the assumptions that (1) out-of-control supplier situations are causal triggers for downstream supply chain disruptions, (2) these triggers can potentially be predicted using statistical process monitoring tools, and (3) carrying excess inventory only when needed is preferable as opposed to carrying excess inventory on a continual basis. Simulation experimentation will be used to explore several supplier monitoring strategies based on statistical runs tests, specifically "runs up and down" and/or "runs above and below" tests. The sensitivity of these tests in detecting non-random supplier behavior will be explored and their performance will be investigated relative to stock-outs and inventory levels. Finally, the effects of production capacity and yield rate will be examined. Results indicate out-of-control supplier signals can be detected beforehand and stock-outs can be significantly reduced by dynamically adjusting inventory levels. The largest benefit occurs when both runs tests are used together and when the supplier has sufficient production capacity to respond to downstream demand (i.e., safety stock) increases. When supplier capacity is limited, the highest benefit is achieved when yield rates are high and, thus, yield loss does not increase supplier production requirements beyond its available capacity.

Six Sigma is a strategic approach of significant value in achieving overall excellence. It helps to accomplish the organizations strategic aim through the effectual use of project controlled methodology. As Six Sigma is a project controlled approach, it is necessary to prioritize projects which give utmost economic benefits to the firm. In real practice, Six Sigma projects selection is very tough assignment because poor project selection also happens even in the well-managed organizations and this can weaken the success and trustworthiness of the Six Sigma practice. The present study aims to develop a project selection approach based on a combination of fuzzy and MADM technique to help organizations determine proper Six Sigma projects and identify the priority of these projects mainly in automotive companies. VIKOR and TOPSIS methods have been used to select the proper Six Sigma project composed with fuzzy logic. In this context, seven critical parameters have been considered for selection of finest alternative. The weights of evaluation criteria are obtained using the MDL (modified digital logic) method and final ranking is calculated through primacy index obtained by using fuzzy based VIKOR and TOPSIS methodology. A factual case study from automotive industry is used to investigate the efficacy of the planned approach.

The aim of this study is to correlate work piece material hardness with surface roughness in prediction studies. The proposed model is for prediction of surface roughness of tool steel materials of hardness 55 HRC to 62 HRC (±2 HRC). The machining experiments are performed under various cutting conditions using work piece of different hardness. The surface roughness of these specimens is measured. The result showed that the influence of work piece material hardness on surface finish is significant for cutting speed and feed in CNC end milling operation. It is also observed that the surface roughness prediction accuracy of Adaptive neuro fuzzy inference system using triangular membership function is better than Gaussian, bell shape membership function and regression analysis. Surface roughness prediction accuracy with material hardness as input parameter is 97.61%.

The objective of this paper is to optimize the process parameters by combined approach of VIKOR and Entropy weight measurement method during Electrical discharge machining (EDM) process of Al-18wt.%SiCp metal matrix composite (MMC). The central composite design (CCD) method is considered to evaluate the effect of three process parameters; namely pulse on time (Ton), peak current (Ip) and flushing pressure (Fp) on the responses like material removal rate (MRR), tool wear rate (TWR), Radial over cut (ROC) and surface roughness (Ra). The Entropy weight measurement method evaluates the individual weights of each response and, using VIKOR method, the multi-objective responses are optimized to get a single numerical index known as VIKOR Index. Then the Analysis of Variance (ANOVA) technique is used to determine the significance of the process parameters on the VIKOR Index. Finally, the result of the VIKOR Indexed is validated by conformation test using the liner mathematical model equation develop by responses surface methodology to identify the effectiveness of the proposed method.

Job shop has been considered as one of the most challenging scheduling problems and there are literally tremendous efforts on reducing the complexity of solution procedure for solving job shop problem. This paper presents a heuristic method to minimize makespan for different jobs in a job shop scheduling. The proposed model is based on a constructive procedure to obtain good quality schedules, very quickly. The performance of the proposed model of this paper is examined on standard benchmarks from the literature in order to evaluate its performance. Computational results show that, despite its simplicity, the proposed heuristic is computationally efficient and practical approach for the problem.