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Publication : Vasauskaite, J.; Teufel, S. & Teufel, B. 2017. Smart Framework: Application under the Conditions of Modern Economy , Engineering Economics, 2017, 28, 180-186.

All author(s)
Vasauskaite, J.; Teufel, S. & Teufel, B.
Contributor(s) from your group
TeufelBernd
TeufelStephanie
VasauskaitéJovita
Date
2017
Title
Smart Framework: Application under the Conditions of Modern Economy
Publication media
Engineering Economics, 2017, 28, 180-186
Publication type
Contribution in scientific journal (peer-reviewed)
Abstract
Smart is a term that has earned considerable scientific attention in different areas of research over the last few years. The variety of areas the term smart is used nowadays calls for the development of a comprehensive and inclusive definition that would fit to all the contexts and situations. Many researchers focus on the fragmentary aspects of the concept smart, but systematic research in this area is hard to find. In response to the increasing use of the concept smart, the main aim of this paper is to provide an accurate definition of smart which would be applicable in different areas of modern economy. A standardized definition could be used as an ‘umbrella’ for the development of other relevant topics. This conceptual paper also introduces the smart framework, which incorporates all the components of the definition: challenges, environment, orchestration and sustainable welfare. The smart framework was built by integrating different concepts and principles, such as technology reference models (TRM), open systems interconnection principles (OSI), etc. It reveals the peculiarities of smart performance and application under the conditions and challenges of modern economy.
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