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Optimal Decisions Under Uncertainty - Methods, Models, and Management (Paperback, Softcover reprint of the original 1st ed. 1985)
Loot Price: R1,509
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Optimal Decisions Under Uncertainty - Methods, Models, and Management (Paperback, Softcover reprint of the original 1st ed. 1985)
Series: Universitext
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Understanding the stochastic enviornment is as much important to
the manager as to the economist. From production and marketing to
financial management, a manager has to assess various costs imposed
by uncertainty. The economist analyzes the role of incomplete and
too often imperfect information structures on the optimal decisions
made by a firm. The need for understanding the role of uncertainty
in quantitative decision models, both in economics and management
science provide the basic motivation of this monograph. The
stochastic environment is analyzed here in terms of the following
specific models of optimization: linear and quadratic models,
linear programming, control theory and dynamic programming.
Uncertainty is introduced here through the para meters, the
constraints, and the objective function and its impact evaluated.
Specifically recent developments in applied research are
emphasized, so that they can help the decision-maker arrive at a
solution which has some desirable charac teristics like robustness,
stability and cautiousness. Mathematical treatment is kept at a
fairly elementary level and applied as pects are emphasized much
more than theory. Moreover, an attempt is made to in corporate the
economic theory of uncertainty into the stochastic theory of opera
tions research. Methods of optimal decision rules illustrated he re
are applicable in three broad areas: (a) applied economic models in
resource allocation and economic planning, (b) operations research
models involving portfolio analysis and stochastic linear
programming and (c) systems science models in stochastic control
and adaptive behavior."
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