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Application Of Bayess Principle Optimum - Optimization Model For Managerial Decision And Continual Improvement

Author

Listed:
  • Katarina Teplicka

    (Technical University of Košice, Faculty BERG)

  • Katarina Culkova

    (Technical University of Košice, Faculty BERG)

  • Ondrej Zeleznik

    (Technical University of Košice, Faculty BERG)

Abstract

This contribution presents utilization of quantitative method of operational analysis - Bayes principle optimum in the area of utilizing alternative power sources. By this quantitative model we can find out solution of economic and technical difficulty in the area of biomass. Optimization of production processes brings lower cost and continual input – wood pulp for boiler plant. Following application of this model we can support decisions of processes and to optimize parameters of processes. Results of this optimization bring low cost, high quality and optimal processing time. It is direction to continual improvement in the firm that it brings competitive advantages for classification of the firm as” world-class business”.

Suggested Citation

  • Katarina Teplicka & Katarina Culkova & Ondrej Zeleznik, 2015. "Application Of Bayess Principle Optimum - Optimization Model For Managerial Decision And Continual Improvement," Polish Journal of Management Studies, Czestochowa Technical University, Department of Management, vol. 12(2), pages 170-179, December.
    • Handle: RePEc:pcz:journl:v:12:y:2015:i:2:p:170-179
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    References listed on IDEAS

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    1. Hiroshi Konno & Hiroaki Yamazaki, 1991. "Mean-Absolute Deviation Portfolio Optimization Model and Its Applications to Tokyo Stock Market," Management Science, INFORMS, vol. 37(5), pages 519-531, May.
    2. Adina Michaela Dinu, 2015. "Informatic Models Used In Economic Analysis Of Correlation Between Gdp And Fdi," Polish Journal of Management Studies, Czestochowa Technical University, Department of Management, vol. 11(2), pages 7-16, June.
    3. Vörös, József, 2013. "Multi-period models for analyzing the dynamics of process improvement activities," European Journal of Operational Research, Elsevier, vol. 230(3), pages 615-623.
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    1. Hana Stverkova & Michal Pohludka, 2018. "Business Organisational Structures of Global Companies: Use of the Territorial Model to Ensure Long-Term Growth," Social Sciences, MDPI, vol. 7(6), pages 1-9, June.

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