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The Statistical Risk Analysis As The Basis Of The Sustainable Development

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  • KARTLOS J. KACHIASHVILI

    (Vekua Institute of Applied Mathematics of the Tbilisi State University, 2, University st. 0043 Tbilisi, Georgia)

  • MUNTAZIM A. HASHMI

    (Abdus Salam School of Mathematical Sciences of GC University, 68-B, New Muslim Town Lahore, Pakistan)

  • ABDUL MUEED

    (Abdus Salam School of Mathematical Sciences of GC University, 68-B, New Muslim Town Lahore, Pakistan)

Abstract

In the work the problem of sustainable development of production, i.e., an optimum choice of parameter values of technological process with the purpose of minimization of risk of obtaining production of not planed quality also incorrect making decision about quality of production and maximization of profit of production at the guaranteed social and economic effects is formalized. Different statements of the problem depending on the put ultimate purpose are considered. The general method of solution of the put task using Bayesian approach of testing many hypotheses is offered.

Suggested Citation

  • Kartlos J. Kachiashvili & Muntazim A. Hashmi & Abdul Mueed, 2012. "The Statistical Risk Analysis As The Basis Of The Sustainable Development," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 9(03), pages 1-10.
    • Handle: RePEc:wsi:ijitmx:v:09:y:2012:i:03:n:s0219877012500241
    DOI: 10.1142/S0219877012500241
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    References listed on IDEAS

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    1. JosÉ Figueira & Salvatore Greco & Matthias Ehrogott, 2005. "Multiple Criteria Decision Analysis: State of the Art Surveys," International Series in Operations Research and Management Science, Springer, number 978-0-387-23081-8, September.
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    Cited by:

    1. Kachiashvili KJ, 2019. "Modern State of Statistical Hypotheses Testing and Perspectives of its Development," Biostatistics and Biometrics Open Access Journal, Juniper Publishers Inc., vol. 9(2), pages 41-44, March.

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