Vesna Čančer

Systemic decision analysis approaches

Purpose – To complete the general multi‐criteria decision‐analysis process and extend it to the process of requisitely holistic generating ideas and developing them into innovations. Also, in terms of dialectical systems thinking, to recommend the use of individual and group methods and software supporting this process.Design/methodology/approach – In 1974, Mulej invented and introduced the “Dialectical System” concept (DS), and in 1998 Mulej and Kajzer fortified DS with “the Law of Requisite Holism.” The concept was well‐verified in practice, but lacked the support of quantitative versions of systems thinking. In this paper, we eliminate that deficiency: we complete and extend Belton and Stewarts general multi‐criteria decision‐analysis process to a process of generating ideas and developing them into innovations.Findings – Methods and software supportive of creativity can help generate ideas. Multi‐criteria decision‐making (MCDM) methods can be used to complement intuition, verify ideas, and support th...

Why and How to Evaluate the Creditworthiness of SMEs’ Business Partners

In addition to external ratings, an increasing number of enterprises are evaluating creditworthiness by themselves, especially when it comes to short-term decisions. This article presents a method for developing internal ratings to best select among the business partners of a firm. As this is a very complex goal, the Analytic Hierarchy Process is applied, in which the problem is approached step by step. Managers’ and experts’ judgements are taken into consideration when structuring the problem. Since qualitative factors come into play, special attention is given to determining not only quantitative but also qualitative criteria. Their importance is also assessed. The applicability of this method (especially in small and medium-sized enterprises) is discussed and introduced via a practical case from a small Slovenian enterprise.

Multi‐criteria decision making in creative problem solving

Purpose – The purpose of this paper is to present the adapted model per phases of the creative problem solving (CPS) process, where multi‐criteria decision making (MCDM) methods are used in the decision‐making phase. Also, to adapt and complete the steps of the six‐question technique, in order to establish the criterias importance.Design/methodology/approach – The framework procedure of MCDM, together with the Dialectical Systems Theorys guidelines when solving complex problems has already been introduced. The procedure was well‐verified in practice, but lacked the support of creative qualitative techniques in defining problems, and in generating and choosing alternatives. To eliminate this deficiency, in terms of prescriptive approach, the authors adapted the phases of the CPS process, where MCDM methods are used when choosing alternatives, and completed the steps of the six‐question technique to establish the criteria weights. The discrete Choquet integral was used to consider interactions among crite...

Criteria weighting by using the 5Ws & H technique

Criteria weighting by using the 5Ws & H technique Background: This paper introduces the use of the 5Ws & H technique, which is the creative problem solving technique based on who, what, when, where, why and how questions, for the establishing of the criteria weights in multi-criteria decision-making (MCDM). Objectives: The main goal of this paper is to adapt and complete the steps of the 5Ws & H technique, usually used in the problem definition phase, to establish the importance of criteria by the methods based on an interval scale. It also aims to verify the applicability of the proposed approach in the selection of the most appropriate blade. Methods/Approach: In terms of prescriptive approach, the creative 5Ws & H technique was used in the weighting step of the frame procedure for MCDM. During synthesis, the additive model was used, whereas interactions among criteria were considered by using the discrete Choquet integral. Results: The first result is a theoretical statement of the weighting scheme for a new decision mechanism. The second result is the application of this scheme in a real-world case-study. Considering interactions among criteria strengthened the decision-making basis in the selection of the most appropriate blade. Conclusion: The creative 5Ws & H technique proved useful in criteria weighting.

Teaching creative problem solving methods to undergraduate economics and business students

This paper seeks to explore the need for and possibility of teaching current and potential problem solvers – undergraduate students in the economic and business field to define problems, to generate and choose creative and useful ideas and to verify them. It aims to select an array of quick and easy-to-use creative problem solving (CPS) techniques. As the result of our exploratory and descriptive research we compiled an array of CPS techniques, broken down by their primary functions within the CPS. The selected menu of traditional methods proposed in this paper can be adopted for undergraduate study of economics and business. The paper adapts the phases of the CPS process, where multi-criteria decision-making methods are used when choosing alternatives. With adopted knowledge about the selected methods for CPS and the acquired ability to understand and use them to support creating and decision-making, current and potential problem solvers in economics and business can act as coordinators in practice. This way of CPS is a step forward from facilitated modelling: it is not necessary to include an outside facilitator to solve every problem. The selection provided in the paper may encourage problem solvers to adapt the techniques for use in practical situations.

The efficiency of entrepreneurship policy support for the internationalisation of SMEs: the case of Slovenia

The objective of this paper is to evaluate the efficiency of entrepreneurship policy support for the internationalisation of Small- and Medium-sized Enterprises (SMEs) in Slovenia. For this purpose, the mean importance of the primary motives for entering foreign markets, as well as the barriers to entering and doing business in foreign markets, together with knowledge and expectations about governmental and non-governmental support services, were measured in the first part of this research. In the second part, the web portal of the central Slovenian institution for entrepreneurship acceleration – Public Agency for Entrepreneurship and Foreign Investment (PAEFI) – was analysed. The last part of our research comprised website analyses of institutional support for the internationalisation of SMEs, in three other selected member states of the European Union. The study highlights the low awareness and negative experiences of Slovenian SMEs with institutional support for the internationalisation of SMEs.

Burnout of Older and Younger Employees – The Case of Slovenia

Abstract Background and Purpose: People spend a significant part of their lifespan working, but the role of age in job design and implementation of work have largely been ignored. The consequences can be evident in stress and burnout in different symptoms. Thus, age-diverse employees are faced with different symptoms of burnout and stress when carrying out their work. The main aim of this paper is to present burnout of older employees compared to younger employees in Slovenian companies. Design/Methodology/Approach: The paper is based on research including a survey between two age groups of employees, namely the younger employees that were classified in the group of under 50 years of age and the older employees that were classified in the group of above 50 years of age. Since the Kolmogorov-Smirnov and Shapiro- Wilk test showed that the data was not normally distributed, the noan-parametric Mann-Whitney U test was used to verify differences in the physical symptoms of burnout, emotional symptoms of burnout, and behavioral symptoms of burnout in the workplace between two groups. Results: The results show that there are significant differences in the great majority of the variables describing the physical symptoms of burnout, emotional symptoms of burnout, and behavioral symptoms of burnout in the workplace between younger and older employees. Conclusion: Well-being in the workplace of age-diverse employees is a key for long-term effectiveness of organizations. Managers and employers should apply appropriate measures to reduce burnout as well as to contribute to employees well-being and better workplace performance.

Motivation and satisfaction of employees in the workplace

Abstract Background: The aging of the European population is a demographic trend reflected in the ever-growing number of older employees. This paper introduces the importance of motivation and satisfaction in the workplace among age diverse employees in Slovenian companies. Objectives: The goal is to investigate the differences between the motivation and satisfaction of employees from different age groups in the workplace. Methods/Approach: The paper is based on research including a survey of two age groups of employees in Slovenia. We employed the Mann-Whitney U test to verify differences in the motivation and satisfaction in the workplace between the two groups. Results: Older employees are more motivated by flexibility in the workplace; autonomy at work; good interpersonal relationships in the workplace; the possibility of working at their own pace; respect among employees; equal treatment of employees regardless of their age. They are more satisfied with interpersonal relationships in the company; their work; working hours and the distribution of work obligations; and facilitation of the self-regulation of the speed of work performed. Conclusions: Motivation and satisfaction change as individuals age. Using this information, managers and employers can apply appropriate measures to contribute to employees’ well-being and better workplace performance, better working relationships with colleagues, higher productivity, and greater creativity.

The Influential Knowledge Factors of Companies’ Performance in Slovenia

Abstract Background: Knowledge plays a crucial role in supporting the European Union model based on economic growth, social responsibility, and sustainable development. To improve companies’ performance, one must reflect on new forms of knowledge and develop new indicators to measure them. Objectives: The goal of the paper is to investigate the impact of the selected factors of knowledge on companies’ performance in Slovenia. Methods/Approach: A questionnaire was created and sent to small and medium-sized enterprises in Slovenia. The principle axis factoring method was used to identify the factors of knowledge and of companies’ performance, and a regression analysis was conducted to determine the influence of the selected knowledge factors on companies’ performance. Results: The establishment of scientists’ collaboration with companies has a positive impact on companies’ performance, but the obstacles to the establishment of scientists’ collaboration with companies do not have any impact. Conclusions: The results could be useful for governments and companies in the adoption of measures aimed at strengthening scientists’ collaboration with companies. Further research can be oriented toward the common synergy index (e.g., the knowledge triangle).

Performance Indicators of Management Buyouts Using the Analytic Hierarchy Process Method

Abstract Background and Purpose: In Slovenia, few management buyout (MBO) studies have been carried out. The focus was mostly on the motives for acquisition of companies and the success rate of the acquisitions. This paper aims to analyse the indicators which suggest an impending bankruptcy or financial restructuring of companies and explore how these indicators are different for successful and unsuccessful MBOs. Methodology: In the survey, we included 23 selected MBOs in Slovenia between 2005 and 2008, using the following financial and non-financial indicators: profitability, performance, solvency and liquidity, using the analytic hierarchy process method. The key aim of the survey was to use financial and non-financial indicators to study if target companies where bankruptcy or financial restructuring has not yet been initiated prevalently have higher aggregate values compared to those in which bankruptcy or financial restructuring procedures have already begun. Thus, we used the selected indicators to demonstrate one of the possible methods to predict the success of a particular MBO. Results: We found that in most examples of unsuccessful MBOs, target companies have poorer results in terms of performance, solvency and liquidity, when compared to successful MBOs. Based on the selected areas, we divided the results into four quarters. We found that most target companies where MBOs had been unsuccessful are ranked in a lower quarter than most of the target companies where the MBOs had been successful. Conclusion: The papers main contribution is the finding that the selected financial and non-financial indicators differ in cases of successful and unsuccessful MBOs. This knowledge helps us to find ways of avoiding these situations in the future.