Bayesian Approach Of Decision Problems

Dragoş Stuparu (), Tomiţă Vasile () and Cora-Ionela Dăniasă
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Dragoş Stuparu: University of Craiova, Romania
Tomiţă Vasile: University of Craiova, Romania
Cora-Ionela Dăniasă: University of Craiova, Romania

Annals of the University of Petrosani, Economics, 2010, vol. 10, issue 3, 321-332

Abstract: Management is nowadays a basic vector of economic development, a concept frequently used in our country as well as all over the world. Indifferently of the hierarchical level at which the managerial process is manifested, decision represents its essential moment, the supreme act of managerial activity. Its can be met in all fields of activity, practically having an unlimited degree of coverage, and in all the functions of management. It is common knowledge that the activity of any type of manger, no matter the hierarchical level he occupies, represents a chain of interdependent decisions, their aim being the elimination or limitation of the influence of disturbing factors that may endanger the achievement of predetermined objectives, and the quality of managerial decisions condition the progress and viability of any enterprise. Therefore, one of the principal characteristics of a successful manager is his ability to adopt the most optimal decisions of high quality. The quality of managerial decisions are conditioned by the manager’s general level of education and specialization, the manner in which they are preoccupied to assimilate the latest information and innovations in the domain of management’s theory and practice and the applying of modern managerial methods and techniques in the activity of management. We are presenting below the analysis of decision problems in hazardous conditions in terms of Bayesian theory – a theory that uses the probabilistic calculus.

Keywords: certitude; uncertainty; risk; decision; probability; Bayesian theory (search for similar items in EconPapers)
JEL-codes: C11 (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (2)

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