Wednesday, February 26, 2020
Innovative Approaches to Managerial Development Research Paper - 1
Innovative Approaches to Managerial Development - Research Paper Example Such innovations are required more because of the growing competition in the world of business. When innovations are included as part of the managerial development in organizations, they become capable of producing new products, develop new processes and systems, that in turn enable the organizations to cope with the changing conditions of markets, introduction and use of new technologies, and competition. Innovations in organizational and managerial development are practical concerns of the managers of an organization, and thus several theories have also been developed to support the innovative approaches to managerial development (Lawson & Samson, 2001). While considering different approaches within an organization, leaders give confidence, look forward to and recompense innovation from every sphere within the organization that are beyond the only fields of research and development. In this way, organizational learning and knowledge may be associated with the products, processes, technologies and conventional competencies. Innovations in the recent times are not used by organizations as any means for inadequate resources for indecisive results. Rather, managements incorporate innovations in order to use them as means for generating new understanding and competitive advantage. â€Å"They recognize that business units producing profits today may not represent the best opportunities for business tomorrow. Mainstream factors and innovation are therefore managed integratively so that the two work in harmony†(Lawson & Samson, 2001). Organizations that are adaptive focus on innovations by maintaining open and dynamic network relationships, thereby making organizations capable of handling situations that not usual. In this way, networks and ideas are exchanged among different organizations through which cultural changes are promoted that assist in modification of such networks and organizational relationships that are
Monday, February 10, 2020
Statistical Models for Forecasting milk production Statistics Project
Statistical Models for Forecasting milk production - Statistics Project Example In time series analysis, an autoregressive integrated moving average (ARIMA) model is a generalization of an autoregressive moving average (ARMA) model. In theory, the most general class of models for forecasting a time series are stationary and can be made stationary by transformations such as differencing and logging. ARIMA models form an important part of the Box-Jenkins approach to time-series modeling. A non-seasonal ARIMA model is classified as an ARIMA (p, d, q) model, where: p is the number of autoregressive terms, d is the number of non-seasonal differences and q is the number of moving average terms.Estimation At the identification stage one or more models are tentatively chosen that seem to provide statistically adequate representations of the available data. The parameters are estimated by modified least squares or the maximum likelihood techniques appropriate to time series data.Diagnostic For adequacy of the model, the residuals are examined from the fitted model and alternative models are considered. Different models can be obtained for various combinations of AR and MA individually and collectively. The satisfactory model is considered which adequately fits the data.Method selection The best model is obtained on the basis of minimum value of Akaike Information Criteria (AIC) which is given by:                               AIC = -2 log L + 2m                                               Where m = p + q                                                               L is the likelihood function p& q are orders of Auto-Regressive and Moving Average models respectively - number of parameters, Akaike (1974)
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