Management support by knowledge using the concept of utility of sustainable development

• Autorzy: Kulikowski R.
• Języki publikacji: EN

Abstrakty

EN

The paper deals with management support employing the two-factors utility function. The first factor represents the expected return on invested capital while the second factor expresses the risk of the worse case (crises) survival. Such a utility function, being consistent with the behavioral prospect theory, is called utility of sustainable development. Using that concept it is possible to support the management activities which involve market and operational risks. It is also possible to derive the optimum strategies for the budget allocation among different projects or contracts. The methodology presented enables us also to derive a fair allocation of duties and benefits among the cooperating partners in organizations and find the best strategies of loss prevention or elimination (by insurance).

Słowa kluczowe

EN

risk management; optimisation; budgeting; sustainable development; market risk; utility theory; budget allocation

• Wydawca: Oficyna Wydawnicza Politechniki Wrocławskiej
• Czasopismo: Systems Science
• Rocznik: 2004
• Tom: Vol. 30, no 2
• Strony: 61--73
• Opis fizyczny: Bibliogr. 9 poz.

Twórcy

autor

Kulikowski R.

• Systems Research Institute, ul. Newelska 6, 01-447 Warsaw, Poland,

Bibliografia

• [1] Banek T., Kulikowski R., Management of intellectual capital. Bulletin of the Polish Academy of Sciences, Sci. Tech., Vol. 51, No. 3, 2003.
• [2] Harmantzis F. L., Risky business, OR/MS Today, February 2003.
• [3] Kulikowski R., Portfolio optimization: two factors-utility approach. Control and Cybernetics, Vol. 27, No. 3, 1998.
• [4] Kulikowski R., URS methodology - a tool for stimulation of economic growth by innovations. Bulletin of the Polish Academy of Sciences, Sci. Tech., Vol. 50, No. I, 2002.
• [5] Kulikowski R., On general theory of risk management and decision support systems, Bulletin of the Polish Academy of Sciences, Sci. Tech., Vol. 51, No. 3,2003.
• [6] Kulikowski R., Acceleration of economic growth by technological change and knowledge management (ibid).
• [7] Kulikowski R., Wspomaganie zarządzania przez maksymalizację użyteczności w granicach dopuszczalnego ryzyka, XIV Krajowa Konferencja Automatyki 24-27 VI 2002.
• [8] Kulikowski R., Risk and utility of sustainable development, [in:] Grzegorzewski P., Krawczak M., Zadrożny S. (eds.), Soft Computing - Tools, Techniques and Applications, 2004.
• [9] Tversky A., Kahneman D., The framing of decisions and the psychology of choice. Science, Vol. 211, January 1981