Sequential analysis of variants as a new method of dynamic modeling in making scientifically grounded business decisions

Tetyana Kalna-Dubinyuk, Kateryna I. Ladychenko, Lyudmila P. Syerova, Mariia Kuchma and Svitlana G. Litovka-Demenina
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Tetyana Kalna-Dubinyuk: Department of Public Administration, Management of Innovation & Extension, National University of Life and Environmental Sciences of Ukraine
Kateryna I. Ladychenko: Department of World Economy, Faculty of International Trade and Law, State University of Trade and Economics
Lyudmila P. Syerova: Department of International Management, Faculty of International Trade and Law, State University of Trade and Economics
Mariia Kuchma: Department of Mathematics, Lviv Polytechnic National University
Svitlana G. Litovka-Demenina: Department of International Relations and Organization of Tourism, Interregional Academy of Personnel Management

Advances in Decision Sciences, 2023, vol. 27, issue 1, 45-67

Abstract: [Purpose] The purpose of the research is to study methods of dynamic modeling, substantiate the feasibility of the use of sequential analysis of variations in business in managing a competitive business, and develop an original approach to forecast business development on this basis. The object of research is the development of dynamic modeling methods. [Design/methodology/approach] The methodological framework involves the theoretical (formalization) and general logical (system approach, static, and dynamic modeling methods) methods of inquiry. [Findings] The article considers the methods of dynamic modeling and the features of their practical implementation for making scientifically sound business decisions. The article provides the classical theory of economic dynamics and forecasting, and its development in the Ukrainian school of dynamic modeling with practical applications in business management under certainty, risk, and uncertainty. The application of sequential analysis of variants, a new method of dynamic modeling, is substantiated. [Practical implications] The practical results of the research include the determination of relevant priorities for business support and development under modern conditions. The authors suggest an original approach to forecast business development and optimize the investment allocation, logistical and human resources, the efficiency of calculations of production plans and programs, etc. The article enriches the scientific literature with another example of the implementation of the method of dynamic modeling, which is a sequential analysis of variants for making scientifically grounded business decisions. The research is relevant and original since it solves such a problem as the optimization of the distribution of funds for consulting services provided by the advisory service over the years.

Keywords: forecasting; risk; consulting services; sequential analysis of variants; investment allocation. (search for similar items in EconPapers)
JEL-codes: C32 C61 (search for similar items in EconPapers)
Date: 2023
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