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Private equity (PE) firms are investment firms that acquire equity shares in companies. The goal of PE firms is to exit the investment after few years with a substantial increase in value. PE firms often claim to outperform the market, i.e. to create alpha.
The overall aim of this paper is to unravel the mystery of value creation in the PE industry. First, the author presents a conceptual framework for value creation in the PE industry based on a multiple valuation model that breaks down value creation into different elements. Second, the paper evaluates whether PE firms really create value by analysing and combining results from prior empirical studies based on the conceptual framework.
The results show that existing empirical evidence is mixed but that there is indeed a tendency toward a positive evidence that PE firms create economic value in average. However, there are methodological difficulties in measuring the value creation and studies are often subject to bias. Finally, it is pointed out that the question whether PE firms really create value has to be viewed from different perspectives such as the perspective of the PE firm, the investors and the portfolio companies.
Software evolvability is an important quality attribute, yet one difficult to grasp. A certain base level of it is allegedly provided by service- and microservice-based systems, but many software professionals lack systematic understanding of the reasons and preconditions for this. We address this issue via the proxy of architectural modifiability tactics. By qualitatively mapping principles and patterns of Service Oriented Architecture (SOA) and microservices onto tactics and analyzing the results, we cannot only generate insights into service-oriented evolution qualities, but can also provide a modifiability comparison of the two popular service-based architectural styles. The results suggest that both SOA and microservices possess several inherent qualities beneficial for software evolution. While both focus strongly on loose coupling and encapsulation, there are also differences in the way they strive for modifiability (e.g. governance vs. evolutionary design). To leverage the insights of this research, however, it is necessary to find practical ways to incorporate the results as guidance into the software development process.
Background: Design patterns are supposed to improve various quality attributes of software systems. However, there is controversial quantitative evidence of this impact. Especially for younger paradigms such as service- and microservice-based systems, there is a lack of empirical studies.
Objective: In this study, we focused on the effect of four service-based patterns - namely process abstraction, service façade, decomposed capability, and event-driven messaging - on the evolvability of a system from the viewpoint of inexperienced developers.
Method: We conducted a controlled experiment with Bachelor students (N = 69). Two functionally equivalent versions of a service-based web shop - one with patterns (treatment group), one without (control group) - had to be changed and extended in three tasks. We measured evolvability by the effectiveness and efficiency of the participants in these tasks. Additionally, we compared both system versions with nine structural maintainability metrics for size, granularity, complexity, cohesion, and coupling.
Results: Both experiment groups were able to complete a similar number of tasks within the allowed 90 min. Median effectiveness was 1/3. Mean efficiency was 12% higher in the treatment group, but this difference was not statistically significant. Only for the third task, we found statistical support for accepting the alternative hypothesis that the pattern version led to higher efficiency. In the metric analysis, the pattern version had worse measurements for size and granularity while simultaneously having slightly better values for coupling metrics. Complexity and cohesion were not impacted.
Interpretation: For the experiment, our analysis suggests that the difference in efficiency is stronger with more experienced participants and increased from task to task. With respect to the metrics, the patterns introduce additional volume in the system, but also seem to decrease coupling in some areas.
Conclusions: Overall, there was no clear evidence for a decisive positive effect of using service-based patterns, neither for the student experiment nor for the metric analysis. This effect might only be visible in an experiment setting with higher initial effort to understand the system or with more experienced developers.
Parallel applications are the computational backbone of major industry trends and grand challenges in science. Whereas these applications are typically constructed for dedicated High Performance Computing clusters and supercomputers, the cloud emerges as attractive execution environment, which provides on-demand resource provisioning and a pay-per-use model. However, cloud environments require specific application properties that may restrict parallel application design. As a result, design trade-offs are required to simultaneously maximize parallel performance and benefit from cloud-specific characteristics.
In this paper, we present a novel approach to assess the cloud readiness of parallel applications based on the design decisions made. By discovering and understanding the implications of these parallel design decisions on an application’s cloud readiness, our approach supports the migration of parallel applications to the cloud.We introduce an assessment procedure, its underlying meta model, and a corresponding instantiation to structure this multi-dimensional design space. For evaluation purposes, we present an extensive case study comprising three parallel applications and discuss their cloud readiness based on our approach.
New business opportunities appeared using the potential of the Internet and related digital technologies, like the Internet of Things, services computing, artificial intelligence, cloud, edge, and fog computing, social networks, big data with analytics, mobile systems, collaboration networks, and cyber-physical systems. Companies are transforming their strategy and product base, as well as their culture, processes and information systems to adopt digital transformation or to approach for digital leadership. Digitalization fosters the development of IT environments with many rather small and distributed structures, like the Internet of Things, Microservices, or other micro-granular elements. Digitalization has a substantial impact for architecting the open and complex world of highly distributed digital servcies and products, as part of a new digital enterprise architecture, which structure and direct service-dominant digital products and services. The present research paper investigates mechanisms for supporting the evolution of digital enterprise architectures with user-friendly methods and instruments of interaction, visualization, and intelligent decision management during the exploration of multiple and interconnected perspectives by an architecture management cockpit.
The emergence of agile methods and practices has not only changed the development processes but might also have affected how companies conduct software process improvement (SPI). Through a set of complementary studies, we aim to understand how SPI has changed in times of agile software development. Specifically, we aim (a) to identify and characterize the set of publications that connect elements of agility to SPI, (b) to explore to which extent agile methods/practices have been used in the context of SPI, and (c) to understand whether the topics addressed in the literature are relevant and useful for industry professionals. To study these questions, we conducted an in-depth analysis of the literature identified in a previous mapping study, an interview study, and an analysis of the responses given by industry professionals to SPI related questions stemming from an independently conducted survey study. Regarding the first question, we identified 55 publications that focus on both SPI and agility of which 48 present and discuss how agile methods/practices are used to steer SPI initiatives. Regarding the second question, we found that the two most frequently mentioned agile methods in the context of SPI are Scrum and Extreme Programming (XP), while the most frequently mentioned agile practices are integrate often, test-first, daily meeting, pair programming, retrospective, on-site customer, and product backlog. Regarding the third question, we found that a majority of the interviewed and surveyed industry professionals see SPI as a continuous activity. They agree with the agile SPI literature that agile methods/practices play an important role in SPI activities but that the importance given to specific agile methods/practices does not always coincide with the frequency with which these methods/practices are mentioned in the literature.
The promise of immutable documents to make it easier and less expensive for consumers and producers to collaborate in a verifiable way would represent an enormous progress, especially as companies strive for establish service contracts which are based on the flow of many small transactions using machine-to-machine communication. The blockchain technology logs these data, verifies the authenticity and make them available for service offers. This work deals with an architecture enabling to setup order processing between consumers and produceers using blockchain. In this way, the technical feasibility is shown and the special characteristics of blockchain production networks will be discussed.
With on-demand access to compute resources, pay-per-use, and elasticity, the cloud evolved into an attractive execution environment for High Performance Computing (HPC). Whereas elasticity, which is often referred to as the most beneficial cloud-specific property, has been heavily used in the context of interactive (multi-tier) applications, elasticity-related research in the HPC domain is still in its infancy. Existing parallel computing theory as well as traditional metrics to analytically evaluate parallel systems do not comprehensively consider elasticity, i.e., the ability to control the number of processing units at runtime. To address these issues, we introduce a conceptual framework to understand elasticity in the context of parallel systems, define the term elastic parallel system, and discuss novel metrics for both elasticity control at runtime as well as the ex post performance evaluation of elastic parallel systems. Based on the conceptual framework, we provide an in depth analysis of existing research in the field to describe the state-of-the art and compile our findings into a research agenda for future research on elastic parallel systems.
Fatigue and drowsiness are responsible for a significant percentage of road traffic accidents. There are several approaches to monitor the driver's drowsiness, ranging from the driver's steering behavior to the analysis of the driver, e.g. eye tracking, blinking, yawning, or electrocardiogram (ECG). This paper describes the development of a low-cost ECG sensor to derive heart rate variability (HRV) data for drowsiness detection. The work includes hardware and software design. The hardware was implemented on a printed circuit board (PCB) designed so that the board can be used as an extension shield for an Arduino. The PCB contains a double, inverted ECG channel including low-pass filtering and provides two analog outputs to the Arduino, which combines them and performs the analog-to-digital conversion. The digital ECG signal is transferred to an NVidia embedded PC where the processing takes place, including QRS-complex, heart rate, and HRV detection as well as visualization features. The resulting compact sensor provides good results in the extraction of the main ECG parameters. The sensor is being used in a larger frame, where facial-recognition-based drowsiness detection is combined with ECG-based detection to improve the recognition rate under unfavorable light or occlusion conditions.
Enterprise Governance, Risk and Compliance (GRC) systems are key to managing risks threatening modern enterprises from many different angles. Key constituent to GRC systems is the definition of controls that are implemented on the different layers of an Enterprise Architecture (EA). Controls become part of a “concern” of the EA, which allows to use an EA viewpoint to cover control compliance assessments. In this article we explore this relationship further, derive a metamodel linking control and EA, and elicit how this linkage give rise to a hierarchic understanding of the viewpoint concept for EAs. We complement these considerations with an expository instantiation in a cockpit for control compliance applied in an international enterprise in the insurance industry.
In this paper, we deal with optimizing the monetary costs of executing parallel applications in cloud-based environments. Specifically, we investigate on how scalability characteristics of parallel applications impact the total costs of computations. We focus on a specific class of irregularly structured problems, where the scalability typically depends on the input data. Consequently, dynamic optimization methods are required for minimizing the costs of computation. For quantifying the total monetary costs of individual parallel computations, the paper presents a cost model that considers the costs for the parallel infrastructure employed as well as the costs caused by delayed results. We discuss a method for dynamically finding the number of processors for which the total costs based on our cost model are minimal. Our extensive experimental evaluation gives detailed insights into the performance characteristics of our approach.
Sowohl bei den industriellen als auch wissenschaftlichen Institutionen nimmt die Anwendung der additiven Fertigung stetig zu und ist insbesondere in den Bereichen der Prototypenentwicklung nicht mehr wegzudenken. Die werkzeuglose Herstellung von Teilen ermöglicht eine dynamische Nutzung der Produktionsressourcen bis unmittelbar zum Fertigungsstart. Dies erlaubt, einerseits in den Bereichen der Feinterminierung und Ablaufplanung, agil auf Veränderungen zu reagieren und andererseits Modelle unterschiedlicher Fertigungsaufträge miteinander zu kombinieren, um somit eine hohe Effizienz der Fertigungsanlagen zu erreichen. Bei der Nutzung von multiplen Anlagen in einem Unternehmen oder im Partnerverbund stellt die vorhandene Intransparenz Unternehmen und Unternehmensnetzwerke vor viele Herausforderungen. Die Blockchain Technologie ermöglicht eine gemeinsame Datenbasis zwischen den Teilnehmern. Die Einträge werden protokolliert und die Authentizität der Teilnehmer wird gewährleistet. Dies führt, im Falle der Beziehung zwischen Kunden und Produzenten, zu einer nachprüfbaren Zusammenarbeit, da Unternehmen Dienstleistungsverträge abschließen, die auf dem Fluss vieler kleiner Transaktionen basieren. In diesem Beitrag wird dargestellt, wie verfügbare additive Fertigungsressourcen erkannt werden, sowie, unter der Verwendung der Blockchain-Technologie, in einem dezentralen Produktionsnetzwerk angeboten und von unterschiedlichen Akteuren genutzt werden können.
Artefaktkorrektur und verfeinerte Metriken für ein EEG-basiertes System zur Müdigkeitserkennung
(2019)
Fragestellung: Müdigkeit ist ein oft unterschätztes, aber dennoch großes Problem im Straßenverkehr. Von rund 2,5 Mio. Verkehrsunfällen 2015 in Deutschland, waren 2898 Unfälle, mit insgesamt 59 Toten (~1,7 % der Todesfälle), auf Übermüdung zurückzuführen. Schätzungen gehen von einer Dunkelziffer von bis zu 20 % aus. In einer ersten eigenen Studie wurde überprüft, ob ein mobiles EEG in einem Fahrsimulator Müdigkeitszustände zuverlässig erkennen kann. Die Erkennungsrate lag lediglich bei 61 %. Ziel dieser Arbeit ist, das verwendete Messsystem zu verbessern. Dazu wird die Genauigkeit durch eine Artefaktkorrektur und mit Hilfe von verfeinerten Qualitätsmetriken erhöht. Eine erkannte Übermüdung wird dem Fahrer dann in angemessener Weise angezeigt, so dass er entsprechend reagieren kann.
Patienten und Methoden: Die Independent Component Analysis (ICA) ist ein multivariates Verfahren, um mehrere Zufallsvariablen zu analysieren. Für die Entscheidung, ob ein Fahrer gerade müde oder wach ist, wird der erstellte Merkmalsvektor für jede Sequenz mit ICA klassifiziert. Dafür wird ein trainierter Machine-Learning-Algorithmus eingesetzt, der in der Lage ist, auch unbekannte Datensätze in Klassen einzuteilen. Um die benötigten Frequenzwerte zu erhalten, wurde für jeden EEG-Kanal eine Fourier Transformation durchgeführt. Der erstellte Merkmalsvektor wird im nächsten Schritt durch ein Künstliches Neuronales Netz klassifiziert. Für das Training werden vorab erstellte Merkmalsvektoren mit den Klassen „Wach“ und „Müde“ versehen. Diese Daten werden zufällig gemischt und im Verhältnis 2:1 in eine Trainings- und Testmenge geteilt. Das Experiment wurde mit acht Personen mit jeweils zweimal 45 min Testfahrt durchgeführt.
Ergebnisse: Der komplette Datensatz besteht aus 150.000 Signalwerten, welche zu ca. 7000 Sequenzen zusammengefasst werden. Durch die Anwendung der Qualitätsmetrik bleiben 4370 Sequenzen für das Training übrig. Bei invaliden Sequenzen aufgrund von EEG-Artefakten gibt es deutliche Unterschiede. Im „Wach“ Zustand werden dreimal so viele Sequenzen verworfen als im „Müde“ Zustand. Insgesamt werden bei wachen Probanden im Schnitt ca. 50 % der Sequenzen verworfen, bei Müden lediglich 25 %. Im Durchschnitt erreicht das System eine Erkennungsrate von 73 % für beide Zustände. Vergleicht man nun das Verhältnis von „Wach“ und „Müde“ und lässt „Leichte Müdigkeit“ außen vor, liegen die Ergebnisse bei über 90 %.
Schlussfolgerungen: Die Ergebnisse zeigen, dass die Aufmerksamkeit während des Experiments abnimmt bzw. die Müdigkeit zunimmt. Dies verdeutlichen zum einen subjektive und objektive Beobachtungen von Müdigkeitsanzeichen. Zum anderen lassen sich messbare und klassifizierbare Unterschiede im EEG Signal nachweisen. Die als Merkmale eingesetzten Theta-Wellen zeigten eine niedrigere Amplitude gegen Ende des Experiments. Die Erweiterung der binären Klassifizierung führt zu einer weiteren Stabilisierung der Ergebnisse. Artefaktkorrektur und Qualitätsmetriken steigern die Güte der Daten weiter. Die entwickelte Anwendung zur Müdigkeitserkennung ermittelt messbare Zeichen von Müdigkeit und kann eine gute Entscheidung über die Fahrtauglichkeit treffen.
Purpose – Many start-ups are in search of cooperation partners to develop their innovative business models. In response, incumbent firms are introducing increasingly more cooperation systems to engage with startups. However, many of these cooperations end in failure. Although qualitative studies on cooperation models have tried to improve the effectiveness of incumbent start-up strategies, only a few have empirically examined start-up cooperation behavior. The paper aims to discuss these issues.
Design/methodology/approach – Drawing from a series of qualitative and quantitative studies. The scale dimensions are identified on an interview based qualitative study. Following workshops and questionnaire-based studies identify factors and rank them. These ranked factors are then used to build a measurement scale that is integrated in a standardized online questionnaire addressing start-ups. The gathered data are then analyzed using PLS-SEM.
Findings – The research was able to build a multi-item scale for start-ups cooperation behavior. This scale can be used in future research. The paper also provides a causal analysis on the impact of cooperation behavior on start-up performance. The research finds, that the found dimensions are suitable for measuring cooperation behavior. It also shows a minor positive effect on start-up’s performance.
Originality/value – The research fills the gap of lacking empirical research on the cooperation between start-ups and established firms. Also, most past studies focus on organizational structures and their performance when addressing these cooperations. Although past studies identified the start-ups behavior as a relevant factor, no empirical research has been conducted on the topic yet.