Everybody knows that digital technology has revolutionized our economy and our lifestyles. But how many of us really understand the drivers behind the technology – the significance of going digital; the miniaturization of electronic devices; the role of venture capital in financing the revolution; the importance of research and development? How many of us understand what it takes to make money from innovative technologies? Should we worry about manufacturing going offshore? What is the role of India and China in the digital economy? Drawing on a lifetime’s experience in the industry, as an engineer, a senior manager, and as a partner in a global venture capital firm, Henry Kressel offers an expert personalized answer to all these questions. He explains how the technology works, why it matters, how it is financed, and what the key lessons are for public policy.

Competing for the Future

Hierarchical latent variable models in PLS-SEM: guidelines for using reflective-formative type models

The project benefits of Building Information Modelling (BIM)

Over the last 35 years, business failure prediction has become a major research domain within corporate finance. Numerous corporate failure prediction models have been developed, based on various modelling techniques. The most popular are the classic cross-sectional statistical methods, which have resulted in various ‘single-period’ or static models, especially multivariate discriminant models and logit models. To date, there has been no clear overview and discussion of the application of classic statistical methods to business failure prediction. Therefore, this paper extensively elaborates on the application of (1) univariate analysis, (2) risk index models, (3) multivariate discriminant analysis, and (4) conditional probability models in corporate failure prediction. In addition, because there is no clear and comprehensive analysis in the existing literature of the diverse problems related to the application of these methods to the topic of corporate failure prediction, this paper brings together all problem issues and enlarges upon each of them. It discusses all problems related to: (1) the classical paradigm (i.e. the arbitrary definition of failure, non-stationarity and data instability, sampling selectivity, and the choice of the optimisation criteria); (2) the neglect of the time dimension of failure; and (3) the application focus in failure prediction modelling. Further, the paper elaborates on a number of other problems related to the use of a linear classification rule, the use of annual account information, and neglect of the multidimensional nature of failure. This paper contributes towards a thorough understanding of the features of the classic statistical business failure prediction models and their related problems.

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35 years of studies on business failure: an overview of the classic statistical methodologies and their related problems

Exploring the Value of Project Management: Linking Project Management Performance and Project Success

Project Success: A Multidimensional Strategic Concept

Beyond the Balanced Scorecard

Large firms have traditionally commanded a competitive advantage in the marketplace over small firms by being able to use their financial strength to perform large‐scale market research studies, to design and implement wide reaching advertising campaigns, and to establish computer and information systems to communicate with their staff and suppliers. This empirical study of 192 large and small companies indicates that small firms are using new media technologies to level the competitive playing field. Cost‐effective new media technologies are making it easier for small firms to enjoy some of the benefits that previously were only available to large companies. Contributes to the scholarship because little relevant research currently exists on the marketing uses of new media technologies for small firms and their potential for altering the competitive advantages long enjoyed by larger firms.

New media in marketing redefine competitive advantage: a comparison of small and large firms

Measuring organizational success is a continuous challenge for both managers and researchers. While financial measures were in wide use for many years, new frameworks have emerged in recent years that extend organizational perspectives beyond traditional financial measures. Among them the Balanced Scorecard is one of the most popular new frameworks. However, in spite of its wide usage, it has shown to be inadequate in various circumstances and across differing firm types. Additional studies are therefore needed to keep exploring a problem that has been relevant for at least thirty years. This study was dedicated to the question of how to assess the organizational success of commercial firms. It also tested specific measures that are relevant to different kinds of organizations, and provides managers with a useable template for assessing organizational success. We have identified twelve potential baseline measures across five major success dimensions (financial, market, process, people, and future) that can be examined as applicable to different firms and firm types. Specific firms can use this framework as a starting point from which to choose measures that would best fit their environment and strategic direction.

Refining the Search for Organizational Success Measures

No organization is sustainable without change, and changes are increasigly introduced through projects. With today's accelerated project-based business environments, corporate success is clearly dependent on the effectiveness of such time-bounded initiatives called projects or programs. As temporary organizations, projects are impacting success both in the short and the long run. This study is thus dedicated to an integrative view of the two distinct levels, corporate and project, from an overall success scorecard standpoint. In particular, we explore the contribution of measuring the human capital and preparing for the future dimensions to overall business success over time. This paper makes the case that an integrated project-based business lifecycle may become a fruitful domain for further investigation, and would go beyond the traditional focus on products and processes only, on one hand and on entire business success, on the other hand. While multiple dimensions of corporate success have received much attention in recent years, they were often studied separately. Few studies spanned more than one organizational level, while looking at detailed success measures from a very short-term to a very long-term perspective. The dynamic framework developed in this paper includes five integrated dimensions: short-term financial and efficiency measures; benefits to the customer; process effectiveness; human capital management; and preparing (and or creating) the future. This framework may build a basis for organizations to develop specific measures for both the corporate and project levels. Our findings provide implications for management on each dimension, and show how to address the human capital as well creating the future infrastructure required for an organization to build sustainable prosperity in the long run.

Alan C. Maltz

Papers

Project Success: A Multidimensional Strategic Concept

Beyond the Balanced Scorecard

New media in marketing redefine competitive advantage: a comparison of small and large firms

Refining the Search for Organizational Success Measures

Integrating Success Scorecards Across Corporate Organizational Levels