Managerial Decision-making: Measuring and Manifesrtaion of Risks and the Possibilities of their Reducing

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F47813059%3A19240%2F11%3A%230004443" target="_blank" >RIV/47813059:19240/11:#0004443 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Result language
angličtina
Original language name
Managerial Decision-making: Measuring and Manifesrtaion of Risks and the Possibilities of their Reducing
Original language description
The paper is concerned with measuring and assessment of risks in managerial decision-making. It builds upon economic information entropy as a degree of uncertainty, which is converted into the concept of risk expressed in terms of probability and using confidence intervals of the predicted quantities. The paper explains the relation of a degree of risk expressed by the classical information measure, bit, by the concept of confidence intervals, or possibly by the standard deviation. When making decisions, the manager is interested not only in the quantitatively expressed value of risk with the use of forecasting models, but mainly in the impact of decrease/increase of decision-making risk expressed by the effect, i.e. profit/loss caused by such a decision to achieve targets. A method of decision effect calculation is proposed which is derived from the entropy change and the change in risk in managerial decision-making. Forecasting models are applied which are based on an expert estimate
Czech name
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Czech description
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Type
J<sub>x</sub> - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)
CEP classification
AH - Economics
OECD FORD branch
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Project
<a href="/en/project/ED1.1.00%2F02.0070" target="_blank" >ED1.1.00/02.0070: IT4Innovations Centre of Excellence</a><br>
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Publication year
2011
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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