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1

Statistical Control Charts: Performances of Short Term Stock Trading in Croatia

100%
Dumičić K., Žmuk B.
Business Systems Research Journal
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2015
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vol. 6
|
issue 1
22-35
EN
Background: The stock exchange, as a regulated financial market, in modern economies reflects their economic development level. The stock market indicates the mood of investors in the development of a country and is an important ingredient for growth. Objectives: This paper aims to introduce an additional statistical tool used to support the decision-making process in stock trading, and it investigate the usage of statistical process control (SPC) methods into the stock trading process. Methods/Approach: The individual (I), exponentially weighted moving average (EWMA) and cumulative sum (CUSUM) control charts were used for gaining trade signals. The open and the average prices of CROBEX10 index stocks on the Zagreb Stock Exchange were used in the analysis. The statistical control charts capabilities for stock trading in the short-run were analysed. Results: The statistical control chart analysis pointed out too many signals to buy or sell stocks. Most of them are considered as false alarms. So, the statistical control charts showed to be not so much useful in stock trading or in a portfolio analysis. Conclusions: The presence of non-normality and autocorellation has great impact on statistical control charts performances. It is assumed that if these two problems are solved, the use of statistical control charts in a portfolio analysis could be greatly improved.
2

Decision making based on single and double acceptance sampling plans for assessing quality of lots

100%
Dumičić K., Žmuk B.
Business Systems Research Journal
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2012
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vol. 3
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issue 2
27-40
EN
Background: Acceptance sampling is a statistical tool of quality control. Sampling plans and operating characteristic (OC) curves are very useful for conducting acceptance sampling and provide the quality manager with tools to evaluate the quality of a production run or shipment. There are developed different sampling plans, but common used in practise are single and double acceptance sampling plans. Objectives: The goal of the paper is to test if applying of single and double sampling plan can lead to statistically significant different conclusion about quality level of observed lot. Methods/Approach: Statistical tests of difference in proportions are used to test if there is some statistically significant difference in probabilities of lot fraction defectives between a single and a double sampling plan at the same levels of probability of acceptance. Results: The results of the analysis show that in some cases there is statistically significant difference. Namely, the quality manager should be careful when he chooses to use, instead of the first, the second sampling plan with different parameters because on that way he could make statistically significant different conclusion about quality level of observed lot. Conclusions: The paper shows that some intentional manipulations by using different sampling plans are possible.
3

Regression Analysis of Variables Describing Poultry Meat Supply in European Countries

81%
Simonič M., Dumičić K., Devetak G.
Organizacija
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2012
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vol. 45
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issue 6
289-299
EN
In this paper, based on the analysis of official FAOSTAT and EUROSTAT data on poultry meat for 38 European countries for years 2007 and 2009, two hypotheses were examined. Firstly, considering four clustering variables on poultry meat, i.e. production, export and import in kg/capita, as well as the producer price in US $/t, using descriptive exploratory and cluster analysis, the hypothesis that the clusters of countries may be recognized was confirmed. As a result six clusters of similar countries were distinguished. Secondly, based on multiple regression analysis, this paper proofs that there exists the statistically significant relationship of poultry meat production on export and import of that kind of meat, all measured in kg/capita. There is also a high correlation between production, as a dependent, and each of two independent variables.
4

Editorial for

81%
Dumičić K., Stirn L., Žerovnik J.
Business Systems Research Journal
|
2012
|
vol. 3
|
issue 2
4-5
EN
The 11th International Symposium on Operational Research (SOR'11) was organized by Slovenian Society INFORMATIKA - Section for Operational Research (SDI-SOR) in Dolenjske Toplice, Slovenia, during the week of 28 - 30 September 2011. At SOR'11 it was decided to publish a Special Issue of Business Systems Research Journal (SI of BSRJ) on innovative approaches to OR methodology and its applications in business, micro and macro-economics, management, finance, social sciences, energy, environment, transport and other areas. The call for papers for SI of BSRJ was open, and it was directed to the participants of SOR'11 as well as to other researchers and practitioners from the field of OR. We have received 9 submissions for this special issue, some of them being extended journal versions of short conference papers from proceedings (Zadnik Stirn et al., 2011). Each submission was first reviewed by the Guest Editors, and the papers were then blind reviewed by two experts.
5

Statistical Methods Use in Small Enterprises: Relation to Performance

81%
Dumičić K., Bregar L., Žmuk B.
Business Systems Research Journal
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2014
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vol. 5
|
issue 3
37-48
EN
Background: There are several factors that lead to an improved level of competitiveness and increased net income of enterprises. Previous studies have shown that an appropriate use of statistical methods has positive effects on the level of competitiveness and on enterprises’ net income in general. Objectives: This study analyses the statistical methods use in Croatian small enterprises. The goal of this research is to establish whether most Croatian small enterprises use statistical methods and whether the enterprises that use statistical methods on average have greater net income than the enterprises that do not use statistical methods. Methods/Approach: A web survey was conducted on the sample of 631 small enterprises in Croatia in 2012. In the analysis a complex survey design was taken into account. Results: The results have shown that in most Croatian small enterprises statistical methods are not used. The enterprises that use statistical methods on average have greater net income than the enterprises that do not use them. Conclusions: The results suggest that even though the use of statistical methods in small enterprises leads to higher net income, they are not used in the majority of Croatian small enterprises. If Croatian small enterprises want to succeed on the demanding European Union’s market they should consider using statistical methods in their business.
6

Editorial for the special issue: “Novel solutions or novel approaches in Operational Research”

81%
Dumičić K., Stirn L. Z., Žerovnik J.
Business Systems Research Journal
|
2016
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vol. 7
|
issue 2
1-4
EN
The special issue of Business Systems Research (SI of BSR) is co-published by the Slovenian Society INFORMATIKA – Section for Operational Research (SSI – SOR) and contains developments and new techniques in operations research (OR) models and their practical uses in various fields of business and economics. Seven papers that investigate developments and new techniques in operations research (OR) models and their practical uses in various fields of business and economics have been selected for this SI of BSR.
7

Business Client Segmentation in Banking Using Self-Organizing Maps

81%
Bach M. P., Juković S., Dumičić K., Šarlija N.
South East European Journal of Economics and Business
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2014
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vol. 8
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issue 2
32-41
EN
Segmentation in banking for the business client market is traditionally based on size measured in terms of income and the number of employees, and on statistical clustering methods (e.g. hierarchical clustering, k-means). The goal of the paper is to demonstrate that self-organizing maps (SOM) effectively extend the pool of possible criteria for segmentation of the business client market with more relevant criteria, including behavioral, demographic, personal, operational, situational, and cross-selling products. In order to attain the goal of the paper, the dataset on business clients of several banks in Croatia, which, besides size, incorporates a number of different criteria, is analyzed using the SOM-Ward clustering algorithm of Viscovery SOMine software. The SOM-Ward algorithm extracted three segments that differ with respect to the attributes of foreign trade operations (import/export), annual income, origin of capital, important bank selection criteria, views on the loan selection and the industry. The analyzed segments can be used by banks for deciding on the direction of further marketing activities.
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