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Logic and risk as qualitative and quantitative dimensions of decision-making processes

Author

Listed:
  • Tadeusz Galanc
  • Wiktor Kołwzan
  • Jerzy Pieronek
  • Agnieszka Skowronek-Grądziel

Abstract

Key problems in the field of decision-making have been considered. The authors’ aim was to indicate the extremely important for management role of logic and risk in relation to decisions taken under conditions of uncertainty. In the course of the research, the following hypothesis was tested: the complexity of risk is determined by the diversity of reality. The result of this is that in science there is no current study developing a uniform methodology for the assessment of risk. It might even be doubtful whether it can be created. In a certain sense, this is indicated in the article by the discussion about the dimensions of logic and risk apparent in any decisions taken by a man. The paper presents the complexity and diversity of risk assessment on the basis of selected, but essential to the discussed issue, fields of knowledge. This is valid when the numerical or qualitative level of risk is substantial in the context of the analyzed problem.

Suggested Citation

  • Tadeusz Galanc & Wiktor Kołwzan & Jerzy Pieronek & Agnieszka Skowronek-Grądziel, 2016. "Logic and risk as qualitative and quantitative dimensions of decision-making processes," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 26(3), pages 21-42.
    • Handle: RePEc:wut:journl:v:3:y:2016:p:21-42:id:1231
    DOI: 10.5277/ord160302
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    References listed on IDEAS

    as
    1. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    2. Tadeusz Galanc & Wiktor Kołwzan & Jerzy Pieronek, 2014. "The role of normal logical form in decision-making and knowledge management," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 24(2), pages 35-58.
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    1. Tadeusz Galanc & Wiktor Kołwzan & Jerzy Pieronek & Agnieszka Skowronek-Grądziel, 2017. "Management and decisions in the structures of human activities," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 27(4), pages 45-69.
    2. Tadeusz Galanc & Wiktor Kołwzan & Jerzy Pieronek & Agnieszka Skowronek-Grądziel, 2020. "Risk estimation and decision making in management (in selected areas of science)," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 30(1), pages 47-66.
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