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Key management ratios : the 100+ ratios every manager needs to know
Business ratios are the figures that provide management with targets and standards for their organisation. From earnings per share and cash flow to return on investment and sales to fixed assets ratios, this book guides managers through the key ratios at the heart of business practice.
Book
Sustainable third-party reverse logistic provider selection with fuzzy SWARA and fuzzy MOORA in plastic industry
Third-party logistic provider (3PLP) companies play a major role in supply chain management (SCM) by carrying out specialized functions—namely, integrated operation, warehousing, and transportation services. Taking sustainability issues into consideration makes reverse logistics even more significant. In this paper, a combination of sustainability and risk factors was considered for third-party reverse logistic provider (3PRLP) evaluation. Initially, fuzzy step-wise weight assessment ratio analysis (Fuzzy SWARA) was applied for weighing the evaluation criteria; then, Fuzzy multi-objective optimization on the basis of ratio analysis (Fuzzy MOORA) was utilized for ranking the sustainable third-party reverse logistic providers in the plastic industry in the second step. Findings highlight that quality, recycling, health, and safety were the most important criteria in economic, environmental, and social dimensions of sustainability, respectively. Also, operational risk was found to have the highest weight among risk factors.
Journal Article
Compound specific stable isotope analysis of aromatics in diesel fuel to identify potential cocktailing
Estimates suggest billions of dollars are lost annually in the US due to fuel tax fraud. One method of fuel fraud is called “cocktailing” and involves blending products that are non-taxed, lower value, taxed at a lower rate, or unwanted/less-refined petroleum to diesel fuels. The goal of this study was to investigate compound specific isotope analysis (CSIA) using isotope ratio mass spectrometry (IRMS) for small aromatics contained in diesel fuel to determine whether this approach could be used to identify cocktailing and potentially fingerprint possible sources. However, the high chemical complexity of diesel fuels complicates CSIA owing to the need to fully separate individual compounds for effective isotope analysis. Therefore, different methods were investigated to selectively isolate aromatics for CSIA and evaluate these methods for isotopic fractionation. Analyses indicate that there is enough variability in isotopic ratios (δ2H and δ13C) between toluene samples obtained from different sources to use CSIA to differentiate/identify the origin of potential fuel adulterants. Three isolation methods were identified that provided sufficiently pure aromatic fractions for CSIA: selective solvent extraction, ionic liquid coated solid phase microextraction (SPME), and a combination of the two. However, due to the labor-intensive nature of selective solvent extraction, ionic liquid coated SPME represents the best method to quickly isolate aromatics from diesel fuel, without sacrificing selectivity or sensitivity. All methods tested can result in isotopic fractionation, but this can be compensated for by applying a correction factor. Furthermore, the chemical composition of a sample appeared to be important in the degree to which fractionation occurred during isolation. While the tested approaches for aromatic extraction from diesel showed promise, additional studies are required to refine and validate the methods prior to routine use in fuel cocktailing investigations.
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•Toluene from diverse sources has adequate δ2H and δ13C variability for isotopic differentiation from other chemicals in a fuel.•Four different isolation methods coupled with CSIA of small aromatics in diesel fuel were evaluated.•Three isolation methods provided sufficiently pure aromatic fractions for CSIA, ionic liquid coated SPME was the best.•All isolation methods resulted in some isotopic fractionation; however, this is amenable to mathematical correction
Journal Article
Using Combined Accrual and Cash Ratio Analysis to Determine Pre-Bankruptcy Status
Research Questions- 1) To what extent does the combined use of accrual-based and cash-based ratio analysis provide comprehensive insights into a company's solvency, liquidity, profitability and efficiency? 2) Does the combined accrual-based and cash-based ratio analysis help in revealing manipulations in accrual financial statements? 3) How does the analysis of profitability and efficiency explain the results and levels of solvency and liquidity in a company? Do solvency and liquidity depend on external or internal sources of financing? 4) Does the present method of analysis indicate which company is closer to the pre-bankruptcy stage? Motivation- despite high demand from business practice and academics, there are not enough literature and methods combining cash-based and accrual-based ratio analyses in the specific dimensions of solvency, liquidity, profitability and efficiency for the determination of the pre-bankruptcy state of production companies. Idea- in this paper, the author created a method of analysis combining cash-based and accrual-based ratios in four dimensions (solvency, liquidity, profitability and efficiency) for the determination of the pre-bankruptcy state of production companies. Data- historical panel data for the years 2013-2022 obtained from the annual, managerial, and auditor's reports of two production companies listed on the Baltic Stock Exchange. Tools- The mixed methods were used combining quantitative ratio calculations based on the historical panel data from financial statements with qualitative explanatory information from financial reports. Findings- The developed combination of ratio counterparts proves to be highly informative. The ratios used across all dimensions complement each other, providing a comprehensive picture of the companies' financial positions. Discrepancies within the ratio pairs suggest possible manipulations in accrual-based ratios. Low profitability and efficiency results during the first five years of analysis predicted a subsequent decrease in solvency and liquidity. Maintaining high levels of profitability and efficiency, and avoiding reliance on debt is crucial to sustain solvency and liquidity. A company is closer to pre-bankruptcy if the ratio analysis reveals significant discrepancies between the counterparts, with negative results prevailing. Contribution- the paper contributes to both business practice (accountants, auditors, financial managers) and the ongoing academic discussion with the dual method of ratio analysis for a more precise determination of the pre-bankruptcy state of the companies. This method allows to determine manipulations in accrual-based financial statements more effectively.
Journal Article
Unlocking renewable energy potential: A case study of solar and wind site selection in the Kasserine region, central‐western Tunisia
Developing wind and solar photovoltaics on a large scale requires substantial financial investments, making it crucial to identify the most suitable locations beforehand. To address this issue, a spatial analysis is carried out to determine the most potential sites for hosting large‐scale solar photovoltaic and wind systems in the region of Kasserine, central‐western Tunisia. To this end, an integrated model based on Step‐wise Assessment Ratio Analysis (SWARA), Decision‐Making Trial and Evaluation Laboratory (DEMATEL), and Geographic Information System is proposed. An extensive literature survey is conducted to establish suitability criteria and constraints. The SWARA‐DEMATEL is used to assign weights and capture the interdependencies among the considered criteria, while the raster calculator tool from the ArcGis 10.8 software is utilized to extract the final suitability maps. The obtained results indicate that the region of Kasserine exhibits great solar and wind potential, with areas of 635 and 467 km2 extremely fit for installing solar and wind systems, respectively. Furthermore, 349 km2 are identified as potential locations for hosting solar‐wind hybrid systems. Considering these outcomes, policymakers can take the initiative to accelerate the deployment of these facilities, which would assist the country in achieving its plans by 2030.
Journal Article
Evaluation of employment quality of college graduates based on interval MULTIMOORA with combination weights
PurposeThe purpose of this paper is to develop a novel interval Multi-Objective Optimization by a Ratio Analysis plus the Full Multiplicative Form(MULTIMOORA) with combination weights to evaluate the employment quality of college graduates, where the criteria are expressed by interval numbers and the weights of criteria are completely unknown.Design/methodology/approachFirstly, considering the subjective uncertainty of the weights of the criteria, the interval best worst method (I-BWM) was present to determine the subjective weights of the criteria. Secondly, by the improved interval number distance measure, an improved interval deviation maximization method (I-MDM) was introduced to detemine the objective weights. In the following, based on the I-BWM and the improved I-MDM, a combination weighting method that takes into account the subjective and objective weights is proposed. Finally, a multi-criteria decision-making method based on the interval MULTIMOORA with combination weights is present to evaluate the employment quality of college graduates, and then a comparative analysis with some of the existing distance measures of interval numberswas conducted to illustrate the flexibility.FindingsAccording to the data of the Report on Employment Quality of Chinese College Graduats released by Mycos Research Institute in 2016–2020 and 2021–2022, the proposed method was used to evaluate the employment quality of college graduates during the period before and after the COVID-19 epidemic. The results verify that the method is more reasonable because the subjective and objective weights of the criteria can be fully considered. Finally, the feasibility and practicability of the proposed method are further verified by varying parameters.Originality/valuePresent an evaluation method on the employment quality of college graduates based on the Interval MULTIMOORA with combination weights considering the subjective and objective weights. And the proposed method is proved that it can provide a more reasonable evaluation results. At the same time, it is verified that the feasibility and the practicability of the proposed method are affected by varying parameters in the paper.
Journal Article
Comparative Study of Three Commonly Used Methods for Hospital Efficiency Analysis in Beijing Tertiary Public Hospitals, China
Background： Tertiary hospitals serve as the medical service center within the region and play an important role in the medical and health service system. They are also the key targets of public hospital reform in the new era in China. Through the reform of health system, the public hospital efficiency has changed remarkably. Therefore, this study aimed to provide some advice for efficiency assessment of public hospitals in China by comparing and analyzing the consistency of results obtained by three commonly used methods for examining hospital efficiency, that is, ratio analysis （RA）, stochastic frontier analysis （SFA）, and data envelopment analysis （DEA）. Methods： The theoretical basis, operational processes, and the application status of RA, SFA, and DEA were learned through literature analysis. Then, the empirical analysis was conducted based on measured data from 51 tertiary public hospitals in Beijing from 2009 to 2011. Results： The average values of hospital efficiency calculated by SFA with index screening and principal component analysis （PCA） results and those calculated by DEA with index screening results were relatively stable. The efficiency of specialized hospitals was higher than that of general hospitals and that of traditional Chinese medicine hospitals. The results obtained by SFA with index screening results and the results obtained by S FA with PCA results showed a relatively high correlation （r-value in 2009, 2010, and 2011 were 0.869, 0.753, and 0.842, respectively, P 〈 0.01）. The correlation between results obtained by DEA with index screening results and PCA results and results obtained by other methods showed statistical significance, but the correlation between results obtained by DEA with index screening results and PCA results was lower than that between results obtained by SFA with index screening results and PCA results. Conclusions： RA is not suitable for multi-index evaluation of hospital efficiency. In the given conditions, SFA is a stable efficiency analysis method. In the evaluation of hospital efficiency, DEA combined with PCA should be adopted with caution due to its poor stability.
Journal Article
Isotope Calculation Gadgets: A Series of Software for Isotope-Tracing Experiments in Garuda Platform
Isotope tracing is a powerful technique for elucidating intracellular metabolism. Experiments utilizing this technique involve various processes, such as the correction of natural isotopes. Although some previously developed software are available for these procedures, there are still time-consuming steps in isotope tracing including the creation of an isotope measurement method in mass spectrometry (MS) and the interpretation of obtained labeling data. Additionally, these multi-step tasks often require data format conversion, which is also time-consuming. In this study, the Isotope Calculation Gadgets, a series of software that supports an entire workflow of isotope-tracing experiments, was developed in the Garuda platform, an open community. Garuda is a graphical user interface-based platform that allows individual operations to be sequentially performed, without data format conversion, which significantly reduces the required time and effort. The developed software includes new features that construct channels for isotopomer measurements, as well as conventional functions such as natural isotope correction, the calculation of fractional labeling and split ratio, and data mapping, thus facilitating an overall workflow of isotope-tracing experiments through smooth functional integration.
Journal Article
Contribution Biplots
To interpret the biplot, it is necessary to know which points-usually variables-are the ones that are important contributors to the solution, especially when there are many variables involved. This information can be calculated separately as part of the biplot's numerical results, but this means that a table has to be consulted along with the graphical display. We propose a new scaling of the display, called the contribution biplot, which incorporates this diagnostic information directly into the display itself, showing visually the important contributors and thus facilitating the biplot interpretation and often simplifying the graphical representation considerably. The contribution biplot can be applied to a wide variety of analyses, such as correspondence analysis, principal component analysis, log-ratio analysis, and various forms of discriminant analysis, and, in fact, to any method based on dimension reduction through the singular value decomposition. In the contribution biplot, one set of points, usually the rows of a data matrix, optimally represents the spatial positions of the cases or sample units, according to an appropriate distance measure. The other set of points, usually the columns of the data matrix, is represented by vectors that are related to their contributions to the low-dimensional solution. A fringe benefit is that often only one common scale for the row and column points is needed on the principal axes, thus avoiding the problem of enlarging or contracting the scale of one set of points to make the biplot legible. Furthermore, the contribution biplot also solves the problem in correspondence analysis and log-ratio analysis of low-frequency categories that are located on the periphery of the map, giving the false impression that they are important, when they are in fact contributing minimally to the solution. This article has supplementary materials online.
Journal Article
Impacts of Mergers and Acquisitions on Acquirer Banks’ Performance
This study investigates the effects of mergers and acquisitions (M & A) on the operating performance of the acquirer banks in Pakistan. For this purpose, a sample of 18 transactions, involving acquirer banks, listed on the Karachi Stock Exchange, is used. The Financial Ratio Analysis (FRA) is used to determine the effects of M & A. The significance of change in the operating performances is tested through a paired sample t-test. The results indicate a deterioration in the performances of the acquirer banks in the post-merger period.
Journal Article