A Variety of Processes in Decisions Making and Management

Wiktor Kolwzan, Agnieszka Skowronek-Gradziel, Jozef Ledzianowski and Justyna Malysiak

European Research Studies Journal, 2021, vol. XXIV, issue Special 1 - Part 1, 592-608

Abstract: Purpose: The main goal of the article is to emphasize the role of process diversity in decision making and management. Additionally, the contribution of the random factor in the behavior of processes and the related management factor of such processes was analyzed. Design/Methodology/Approach: Due to their complexity, multivariate and multivariate random processes are difficult to research, so they are more mysterious to put them into mathematical forms. The methodology of recognizing such processes used in the work (article) combines two fields of science, information theory and stochastic processes (Markov chains). Findings: The methodological approach adopted by the authors to the set goal of the study, i.e., to study the diversity of Nature's processes, allowed to formulate a conclusion: one can compare the behaviors of different processes, compare their behavioral diversity in the entropy dimension, regardless of the number of their conservation states. Practical Implications: The results (conclusions) obtained from the research allow for their application in practice, and in a wide range. Because you can compare the indeterminacy (entropy) of two (or several) qualitatively different random processes. So, basically to predict a more stable behavior in relation to another given random process, or less stable. Originality/value: The novelty of the content of the article is, as already mentioned above, the combination of sciences and their research methods in relation to the formulated goal of the article.

Keywords: Diversity of processes; information; decision making; management. (search for similar items in EconPapers)
JEL-codes: C01 C18 C44 D81 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://ersj.eu/journal/2062/download (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ers:journl:v:xxiv:y:2021:i:special1-part1:p:592-608

Access Statistics for this article

More articles in European Research Studies Journal from European Research Studies Journal
Bibliographic data for series maintained by Marios Agiomavritis ().