Dynamical Systems In Managerial Decision Making
AbstractMany of the complex dynamic effects found in the real world can be better understood with simple tasks, such as dynamical systems. Dynamical systems are a widely used methodology to study complex feedback structures using computer simulation models. This paper discusses the effect of various dynamical systems interventions on dynamic decision making. A series of controlled experiments to test the effect of system interventions is proposed. The aim of this research is to scientifically test systems-based decision aids thereby resulting in increased confidence of their use. Here we present a new research process by which to understand the theory of decision making through dynamical systems. The focus of this paper is to show how a management decision can be determined using the bifurcation theory and dynamical systems.
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Bibliographic InfoArticle provided by ASERS Publishing in its journal Journal of Advanced Research in Management.
Volume (Year): II (2011)
Issue (Month): 1 (June)
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Web page: http://www.asers.eu/journals/jarm.html
dynamical systems; equilibrium points; structural stability; simulation; decision making.;
Find related papers by JEL classification:
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
- E27 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications
- L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
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