The Best Romanian Management Studies 2017-2018
Edited by Ovidiu NICOLESCU, Constantin OPREAN, Aurel- Mihail ŢÎŢU
ISBN 978-615-81353-4-4 (print)
ISBN 978-615-81353-5-1 (online)
The only inexhaustible resource whose development trend is positive is knowledge. This extraordinary capital, which represents the legacy of the effort and creative work of both the past and present generations, has made specialists from all over the world unanimously agree that we live in a knowledge-based society. Such a society can only be built with knowledge-based organizations. Global management must have a modern approach with no ambiguity. The correct solution for this is a management based on applicable procedures for recognizing people’s moral and professional competences. Competent and well-trained people are the only ones who can provide the right solution for the success of the organization. This volume collects engaging management studies from various fields of management.
By Aurel-Mihail ȚÎȚU
Author(s): Ovidiu Nicolescu, Ciprian NicolescuAbstract:
This study is based on the yearly evaluation of the national management characteristics in the Romania, made by representative samples of managers, management university teachers, consultants and trainers working in the management field. Analysis of the answers provided by the sample components to the questions of two questionnaires has identified the most frequent management strengths and weaknesses in every year taken into consideration. In the paper we examine the dynamic of the most frequent management strengths and weaknesses which allow us to characterise the management evolution in Romania and to reveal certain trends. Last part of the paper contains a set of conclusions regarding the dynamic of national Romanian management.
Author(s): Daniela Popescu, Diana Dragomir, Radu Comes, Sorin Popescu, Mihai Dragomir, Călin NeamțuAbstract:
The cultural heritage of Europe, both material and immaterial, is one of the most significant elements that differentiate our continent in relation with the others. Romania is an integral part of this European landscape of traditions, crafts, artefacts, monuments and citadels, and employs it for attracting tourists and generating business opportunities under its own branding. While heritage is recognized more and more for its diplomatic and economic potential, the world is undergoing a massive digital transformation in all aspects of society and the economy such as the one envisioned by the Digital Agenda for Europe. The new digital technologies (VR/AR/MR, smart devices, 3D scanning and printing, big data, internet of things) can be used in the service of cultural heritage-based activities in the public and private sectors, to open up new markets, deliver innovative services and increase efficiency. The present analysis starts from modern management models (e.g. UNESCO framework for cultural heritage management systems and standardized management systems such as ISO 9001/ISO31000) and explores the ways in which digital tools can be used for enhancing the administration and promotion of cultural institutions: mixed real-virtual environment exhibitions of Dacian culture to stimulate customer attendance and engagement, new product development using additive manufacturing in the field of souvenirs based on Neolithic artefacts, increasing access to cultural 3D content using online databases and virtual reality, supporting local based hospitality business by increasing the visibility of wooden churches in Transylvania.
The Level of Perception of the KAIZEN Philosophy, KAIZEN Management and 5S Technique in the Academic and Business Environment in Romania
Author(s): Mihail Aurel Țîțu, Constantin Oprean, Ştefan Țîțu, Alina Bianca Pop, Oana Elena Negoiță-HopârteanAbstract:
Whether talking about the economic environment, the teaching environment or the social environment, the principles and values promoted by the KAIZEN philosophy, once understood, are easy to apply and follow. According to Professor Masaaki Imai, the founding father of the KAIZEN management, the model has a universal character being able to be applied in any country and organization, regardless of its field of activity. It is true that one of the features that makes the most profound difference between KAIZEN management and all other types of management is the fact that it takes into consideration the future organization’s requests, adapting to change, whether talking about financial crisis, the number or training of the employees from within the organization, the costs of the raw materials, market demands or internal expenses. However, the same basic needs are also found in the academic and social environments because, regardless of the country they come from, culture or living standards they have, people share a common need of improving their life quality. Precisely why it is important to become aware of the perception level of the KAIZEN concept, the extent to which it is known and how much from the values and principles promoted by KAIZEN are used by individuals for improving the quality of life. All these fundamental ideas highlighted above find their explanations and appropriate explicit treatment in the content of this management study.
Author(s): Ion Popa, Ana Alexandra GoraAbstract:
Knowledge management and competitive advantage are two important topics in research world. The purpose of this article is to establish the connection between those two concepts in order to identify new research directions starting from the analysis of the literature. The research methodology involves a bibliometric analysis based on mapping and clustering of keywords. The paper presents the analysis of 1083 articles and reviews related to the topic of knowledge management and competitive advantage, published between 2000 and 2018 and indexed in the Scopus database. The main results underline how the number of papers in the topic analyzed evolved during the selected period, how these papers are geographically distributed, which are the most productive journals that published papers on the subject of knowledge management and competitive advantage, who are the authors with the most contributions in the subject, which are the most cited articles of the selected ones. Furthermore, the results present a mapping and clustering of keywords reported in the selected and analyzed papers, which allows the analysis of the links between them.
Evaluating the Performance of University Innovative Companies: The Management of Academic Spin-offs and Start-ups in Romania
Author(s): Nicolae Bibu, Lavinia Mihali, Valentin Munteanu, Diana SalaAbstract:
The study is contributing to the development of the existing theory and practice in the field of innovative entrepreneurship through identifying the factors which influence the economic and financial performance and, implicitly, the survival rate of academic spin-off (ASO) and academic start-up (ASU) organizations. The importance of the research is given by the actuality of this subject and by the fact that in Romania it is still a controversial field, considering that there have been no studies about the factors that influence the survival of these two types of innovative organizations. ASOs and ASUs are founded for exploiting the practical results of scientific research which is transferred from the academic environment into the industrial environment for the purpose of being commercialized.
Author(s): Faouzi Bensebaa, Ion Stegăroiu, Ruxandra GeorgescuAbstract:
In the present context, multicultural organizations represent a real challenge for the Romanian society, especially as the strong interdependence of individual - culture - organization is highlighted. Thus, the question arises necessarily: Why would it be necessary to study the role of culture in organizational performance in Romanian organizations? Culture is a determining factor in an organization's performance, but in some situations it can be a difficult barrier. Very often, cultural incompatibilities hinder economic activity and is the reason for the failure of many mergers between companies. When such mergers occur between nationalities and, implicitly, different cultures, quite a few inconveniences can arise, especially problems related to the leadership of multicultural teams. In order to overcome these problems and succeed, it is necessary for the organizations that face them to make major efforts to overcome these barriers so that they can understand all the employees and thus meet all the demands both economic and human. The attempt to understand a certain organizational culture is particularly important and at the same time necessary, especially to be able to see and anticipate, how the employees are affected both by the multicultural society and especially by the multicultural management.
Author(s): Alexandrina Țenu, Carmen Nadia CiocoiuAbstract:
The impact and probability of event and festivals risks has increased for several years. Also, the risk management in the event industry has an increasingly important role. Starting from these evolutions, the purpose of this research is to analyze the current situation of risk management in the festival industry and the most important risks faced by festival organizers. There are analyzed the risk management stages specific to the events and festivals industry. Also, there are presented the categories of risks that can be used in the event industry, types of risks whose probability has increased in recent years and new ways to reduce them, as well as a comparative approach between examples of good practice in the field and festivals in Romania. The results may be useful for festivals and events risk managers as well as for researchers in the field.
Comparative Managerial Approaches on Immunization through Vaccination at European Level and its Relation to the Living Standard
Author(s): Claudiu Cicea, Corina Marinescu, Udroiu Ioana AndradaAbstract:
This paper focuses on a subject of great interest to contemporary society, widely debated around the world: immunization through vaccination. The authors aim at first to present the main features of the health care systems in European countries, with emphasis on immunization related aspects. Afterwards, the authors conduct a comparative macroeconomic analysis of the vaccination schemes existing in European countries in order to highlight specific aspects of vaccination as an intervention in the public health system. Furthermore, the comparative analysis serves as a tool for selecting 28 European countries to be included in a diagram with the following dimensions: the mandatory vaccination level (to prevent a certain disease, for example mumps) and the effectiveness of vaccination (measured by the number of cases recorded for that disease). For each country included in the matrix, the vaccination rate for the disease will also be considered. The vaccination diagram or matrix allows one to position the selected countries according to the two dimensions, creating four distinct situations. These will highlight either countries where immunization through vaccination proves useful, or countries where measures need to be taken to imply adequate control of diseases that can be prevented by vaccination. In the same time, as compared to the living standard of the population (quantified by the Gross National Income per capita), the vaccination reveals both its influence and also the fact that its success may be influenced by the living standard.
Author(s): Ioan Petrișor, Diana CozmiucAbstract:
In the years 2010 – 2020, the Industrial Economy has been transforming into the Knowledge Economy at a much faster pace and greater scale than ever in history. Digital technology, generally understood as IDC’s third platform, impacts and changes businesses, industries, society in a process called digital transformation. All industries are impacted and disrupted in a digital vortex. In manufacturing industries, digital transformation comprises Industry 4.0, which may be understood as the fourth generation of manufacturing technology, digitalization, that follows automation, electrification and mechanization; an emerging market for a group of technologies; a vision for the future of manufacturing industries; a national competitiveness strategy for Germany and Europe. Industry 4.0 will bring new manufacturing technology: big data, autonomous robots, simulation, horizontal and vertical system integration, internet of things, cloud computing, additive manufacturing, augmented reality and cyber security - that will replace existing manufacturing technology in a boom. The first step to Industry 4.0 will generate big data to the cloud and the internet of things. It will pave the way to the digital twin of physical reality in virtual reality via simulation, horizontal and vertical system integration. Once the full digital twin of physical reality is created, the full step to Industry 4.0 will be achieved by cyber-physical systems, which will transform manufacturing capabilities via new processes, new business models, new forms of value and performance. Organizations will be digitally transformed into digital enterprises; value chains will be transformed into value networks; digital strategy and execution will be reinvented. This chapter is a case study about digital transformation at Siemens’ customers, the leading market share of manufacturers.
Author(s): Amalia Venera TodoruțAbstract:
Education is increasingly facing challenges that involve adapting to change, as well as transforming the world in which we live. In modern knowledge-based society, creativity and innovation play a key role, being major strategic elements that contribute to long term economic growth. In fact education is the key to the global integrated framework of sustainable development goals. This paper highlights the need to empower innovation and creativity in educational managerial process and proposes several approaches. It focuses on issues related to creative learning and innovative teaching in societies where the acquisition of knowledge utilises forms of increasing intensity thus requiring changes and deep transformations in all educational environments. The fundamental objective of the paper is to underline the need to learn creatively and to teach innovatively, given that the development of information technologies and the many and varied sources of information, demand that students need to develop and expand their own personal learning approach. Based on scientific studies, best practices and comparative analyses, the paper identifies the facilitators which, along with technology, support creative learning and innovative teaching. An innovative management model in educational establishments with deep effects on the personal development of pupils and student, is described. The author proposes to implement Lean Management principles in educational process, as a tool to increase creativity and innovation in teaching and learning activities, as well as generate new added value to the educational process. A novel model entitled „Learning by development” has been developed, which focuses on learning through practical experience and emotional intelligence, factors that contribute to educational performance, as well as personal well-being.
Dynamic Capabilities and Option Thinking for a Spectral Portfolio Management: The Case of Alternative Investment Funds in Romania
Author(s): Mircea Boscoianu, Costel CeoceaAbstract:
Even if the macroeconomic indicators are impressive, and the individual performances of the companies selected by MCSI are very good, Romanian capital market is still a frontier-market and investors are still waiting for the signal toward the status of emerging market. The good news in Romanian capital market are related to the emerging interest in alternative investments and Alternative Investment Funds (AIF). After decades of indicial management, the mutual fund market is ready to engage in other strategies that could offer a better profile of performance- risk- liquidity triangle. Fund managers are open now for innovative architectural configurations and the portfolio managers try to adapt their instruments to this trend. In addition the new configurations could offer synergies with co-investments, public- private partnerships (PPP) and the expansion via retail. The actual interest of investors oriented toward superior long- term returns will contribute to the process of closing financial gaps, the growth of the interest in initial public offerings IPO, with direct impact on the development capacities of Romanian capital market. Alternative investments via AIFs (both closed- end and open- end investment funds) are still limited and only recently authorized (2017-2018), but they prove professionalism and transparency, together with real capabilities to exploit the market opportunities and to control the risks. Romanian AIFs demonstrated that portfolio managers understand the realities in the market and flexible adapt their strategies to offer performance and stability These trends could benefit by the governmental support regarding the development of the alternative investment culture, the acceleration of the specific regulatory infrastructure, the institutionalization of specific processes, public- private partnerships PPP and retailization. AIFs could benefit from the actual context and could also offer new paths in the development of Romanian capital market, with capacity to build buffers of liquidity and automated natural stabilization of segments of market and also a robust impact on the capacity to finance projects in the real economy. AIFs could also contribute to the market discipline and the operational practices. In a frontier-capital market with low liquidity and a lot of opportunities but also frictions, the managers should also integrate the new concept of spectral portfolio management, represented by a set of rotating sub- portfolios that activate around a core stable sub- portfolio. In this case it is possible to capture the spectral dynamics that characterize frontier capital markets, with the interactions between a rigid or inactive central portfolio and the set of active sub- portfolios with styles of management (hedge fund style, private equity/ venture capital fund style). Fund managers and especially portfolio managers try improve their performance together with the qualitative elements in their search for a robust alpha- Jensen. In this case, we propose a second contribution to the art of portfolio management in frontier/ emerging markets, regarding the integration of the new concept of dynamic capabilities as a paradigm for portfolio strategic management together with option thinking (real options on sub- portfolios), as a paradigm for tactical portfolio management.
Knowledge-based Management Particularities in Small and Medium-sized Enterprises in the North-Eastern Region of Romania
Author(s): Andreea Feraru, Costel Ceocea, Ovidiu Leonard Turcu, Nicoleta PopoviciAbstract:
In Romania, small and medium-sized enterprises play an essential role in economic life; they have special features that make the adaptation to the knowledge-based economy easier. If the managers of some successful companies in Romania were asked about the value, structure, management, effects, etc. of the company’s intellectual capital, most of their answers would probably be limited to assessments of their patents, product trademarks and IT programs held. At the same time, in an intuitive manner, the answers would also refer to the level and form of training and the talent and experience gained by the employees. The present paper identifies the particularities of knowledge-based management and focuses on the importance of intellectual capital and the benefits it generates in general and in particular for the SMEs in the North-Eastern Region of Romania, also exploring the role of the entire process to provide a valuable human resource as a support for performance increase. The results of the present research, assisted by certain concepts from the specialized literature regarding the role and importance of knowledge, define the competitive advantages of knowledge-based management. Knowledge, as an intangible asset, has proven to be a strategic resource, and the creation of knowledge is a basic competence of present-day organizations. Knowledge is no longer seen as an objective, scientific entity, but as an integration of the subjective and the objective, able to reflect a part of the economic reality. The research highlights the wish to implement diligent recruitment strategies, which are devised in close connection with the reputation that large competitors have, to motivate the opportunities of working in small and medium enterprises that are dynamic and innovative, to clearly define in the recruitment process the requirements that valuable employees should meet from the organization’s point of view, to ensure communication with employees, to offer the guarantee of advantages if they choose to work in that particular enterprise to the detriment of large competitors, to have as objectives the devising of an employee-centred image (“employer brand”) with stress being laid on communication and visibility, including through the website of the organization, social media, promotion of the organization’s message, promotion of models created in the organization and of its performances, to promote the results of the so-called advantages which are too good to refuse (“additional employee benefits”). The small- and medium-sized enterprises in the North Eastern part of Romania that have understood the importance of intellectual capital use knowledge-based management as an instrument to adapt to the ever-changing environment, by way of the timely identification of opportunities and risk avoidance, a behaviour that overlaps with the strategic orientation of the company, understood as its ability to position itself in such a way as to generate and maintain its competitive advance in the long run.
Author(s): Virgil Nicula, Simona SpanuAbstract:
In 2009, a "Master Plan for the development of balneary tourism in Romania" was developed, which contained strategic changes for the development of balneary tourism in Romania: localities with thermal baths - leisure possibilities, anti-aging treatment stations, traditional social tourism, renovation and modernizing the balneary facilities. This strategy was updated in 2015 and focuses on the implementation of an innovative public-private partnership, aimed at developing a health tourism tourism cluster, supporting the development of medical tourism by setting up a thematic destination management organization, on the development complex tourism products that combine ecotourism offers with health tourism and capitalize on the Romanian know-how in the field of anti-aging treatments. In 2018, the Ministry of Tourism elaborated a project to set up the Destination Management Organization (MDG) to promote Romania's tourist destinations. The basic argument of this concept is the development of tourism through an integrated destination management system that ensures sustainability and vision regarding the development of a territorial administrative unit, a region or the whole country. The newly established body must have an integrative role but also as a coordinator and support in the development of competitive tourist destinations. The tourist products that are based on the natural and wild environment, even if less attractive at the moment due to the lack of specific infrastructure are competitive. Romania benefits from a well-preserved natural environment that is among the most impressive in Europe. As the balneary and wellness sector is structurally linked to the natural environment (climate) and the natural elements of cleanliness, the association with nature tourism can be easily achieved and has a major potential to generate positive synergies. Health and maintenance products have a major advantage not so much related to their authenticity - Romania cannot necessarily offer wellness and balneary products exotic or different from its neighbours - as much as to the natural environment and the attractions that can be associated with the product. To reach the potential development, health and maintenance products are among the ones that require the least marketing effort due to the fact that they benefit from the pure character of Romania's nature, as well as the very attractive level of prices.
The Evaluation of Human Resources Performances: Between Achieving the Organisation Goals and Motivating the Employees
Author(s): Constanța Popescu, Roxana GeorgescuAbstract:
The specialists’ opinions with regard to the role and the importance of the performance assessment at organisation level highlight both the practical side, related to how this assessment is conducted, and the philosophical side, approach which focuses on the reasons why such assessment is conducted. There is a powerful connection between these two sides; all and any anomaly in the evaluation process negatively influences the fulfilment of the basic objectives of this action. The assessment of the performances is a motivated, permanent and vital managerial activity, of paramount importance to both the organisation and the individual. This study presents the most important results regarding evaluation of the teaching staff in the pre-university education in relation to the performances of the organisation to which they belong. The data represent the results collected following a questionnaire applied on a representative sample of teachers in the pre-university education in Dâmbovița County, teachers who carry out their activity in theoretical, technology and vocational secondary schools. They were used in outlining an overview of the teachers’ evaluation in obtaining notable results at organisational level.