Management Of Risks And Uncertainties Of Business Processes By Means Of Stochastic Approaches

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F25720384%3A_____%2F21%3AN0000003" target="_blank" >RIV/25720384:_____/21:N0000003 - isvavai.cz</a>

Alternative codes found

RIV/61384399:31810/21:00057279 RIV/61384399:31130/21:00057279

Result on the web

<a href="https://msed.vse.cz/msed_2021/article/551-Spacek-Miroslav-paper.pdf" target="_blank" >https://msed.vse.cz/msed_2021/article/551-Spacek-Miroslav-paper.pdf</a>

DOI - Digital Object Identifier

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Result language

angličtina

Original language name

Management Of Risks And Uncertainties Of Business Processes By Means Of Stochastic Approaches

Original language description

The purpose of the paper is to present an advanced approach to the analysis and management of risks and uncertainties of business processes within a framework of Industry 4.0. Risks and uncertainties are meaningful factors that are closely tied with company business processes. Unless treated properly they may both hamper company financial performance and shake company competitive position. The effectiveness and validity of managerial decision-making are thus weakened. The goal of this paper is to develop and demonstrate the functionality of SW based decision-making tool that significantly enhances the quality of managerial decision-making. The solution uses stochastic simulation of key process risks represented by risk factors by means of the replacement of their deterministic values by probability distributions. The prerequisite for successful application of this approach is the possibility of development of mathematical model describing direct relationships between independent and dependent variables. Theoretical framework for the development of simulation software comes out of Business Model Canvas (BMC) which provides illustrative lay-out of processes that are instrumental in company management. The software development applied Business Process Modelling Notation Approach (BPMN) that is popular among programmers and fully suits the purpose. The software was validated on examples of selected business processes.

Czech name

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Czech description

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Type

D - Article in proceedings

CEP classification

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OECD FORD branch

50204 - Business and management

Project

<a href="/en/project/FV30110" target="_blank" >FV30110: Tools for the innovation and optimization of company processes performance within the framework of INDUSTRY 4.0</a><br>

Continuities

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Publication year

2021

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection

The 15th International Days of Statistics and Economics

ISBN

978-80-87990-25-4

ISSN

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e-ISSN

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Number of pages

11

Pages from-to

1083–1093

Publisher name

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Place of publication

Praha

Event location

Praha

Event date

Sep 9, 2021

Type of event by nationality

EUR - Evropská akce

UT code for WoS article

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