Return to the “natural” process of decision-making leads to good strategies

Vladimir Masch ()

Journal of Evolutionary Economics, 2004, vol. 14, issue 4, 462 pages

Abstract: A novel approach to strategic management, Risk-Constrained Optimization $^{\circledR}$ (RCO), is an ensemble of special models, procedures, and algorithms to generate, evaluate, and help in executing good alternative strategies. RCO is a patented system of planning under uncertainty that searches for the most acceptable compromise between improving results and reducing risk in our decisions. Risk management and scenario planning dominate over optimization. RCO still uses maximization, but only in combination with several protective filters that screen, modify, and scale back the strategies, as necessary. As with any protective equipment, RCO could reduce the need for knowledge about the future. Copyright Springer-Verlag Berlin/Heidelberg 2004

Keywords: Strategic management; Risk management; Scenario planning; Decision-making under uncertainty; Management science (search for similar items in EconPapers)
Date: 2004
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DOI: 10.1007/s00191-004-0218-8

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