APPLICATION OF BAYESS PRINCIPLE OPTIMUM - OPTIMIZATION MODEL FOR MANAGERIAL DECISION AND CONTINUAL IMPROVEMENT

Katarina Teplicka (), Katarina Culkova and Ondrej Zeleznik
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Katarina Teplicka: Technical University of Košice, Faculty BERG
Katarina Culkova: Technical University of Košice, Faculty BERG
Ondrej Zeleznik: Technical University of Košice, Faculty BERG

Polish Journal of Management Studies, 2015, vol. 12, issue 2, 170-179

Abstract: This contribution presents utilization of quantitative method of operational analysis - Bayes principle optimum in the area of utilizing alternative power sources. By this quantitative model we can find out solution of economic and technical difficulty in the area of biomass. Optimization of production processes brings lower cost and continual input – wood pulp for boiler plant. Following application of this model we can support decisions of processes and to optimize parameters of processes. Results of this optimization bring low cost, high quality and optimal processing time. It is direction to continual improvement in the firm that it brings competitive advantages for classification of the firm as” world-class business”.

Keywords: model; quantitative method; optimization; profit; business management (search for similar items in EconPapers)
Date: 2015
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