Decision Making Based on Ill-Known Decision Trees

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216305%3A26510%2F18%3APU129076" target="_blank" >RIV/00216305:26510/18:PU129076 - isvavai.cz</a>
Result on the web
—
DOI - Digital Object Identifier
—

Result language
angličtina
Original language name
Decision Making Based on Ill-Known Decision Trees
Original language description
IB (Insolvency and Bankruptcy) tasks are ill-known processes. Real life decision making related to IB is based on common sense reasoning only. To formalise such vague, sparse, partially inconsistent and subjective tasks as IB classical decision making trees can be used. However, traditional evaluation of these trees requires a complete set of relevant numerical values. These values are often either prohibitively inaccurate or they are unknown as they are unique. Moreover, decision economists dealing with IBs are usually not willing to invest too much time into study of complex mathematical theories. IB problem is transferred into a decision making tree which indicates all sub-decisions and random lotteries. Random lotteries quantifies such sub-IBs events which are not certain. Such decision trees are evaluated using well known methods. However, the required data sets are often incomplete. The problem of missing data items is solved by introducing a simple and generally applicable heuristic – a longer sequence of events is less probable. A company has legislatively supported several options how to deal with bankruptcy situation. Each of the option can be solved in three different ways by using decision–making tree as tool for probability determination, using already known probabilities from previous case.
Czech name
—
Czech description
—

Publication year
2018
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection
6th REDETE Conference RESEARCHING ECONOMIC DEVELOPMENT AND ENTREPRENEURSHIP IN TRANSITION ECONOMIES
ISBN
978-99938-46-80-2
ISSN
—
e-ISSN
—
Number of pages
427
Pages from-to
329-345
Publisher name
Neuveden
Place of publication
Banja Luka
Event location
Banja Luka
Event date
Apr 13, 2018
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
—

Similar results(10)