THE STATISTICAL RISK ANALYSIS AS THE BASIS OF THE SUSTAINABLE DEVELOPMENT

Kartlos J. Kachiashvili (), Muntazim A. Hashmi () and Abdul Mueed ()
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Kartlos J. Kachiashvili: Vekua Institute of Applied Mathematics of the Tbilisi State University, 2, University st. 0043 Tbilisi, Georgia
Muntazim A. Hashmi: Abdus Salam School of Mathematical Sciences of GC University, 68-B, New Muslim Town Lahore, Pakistan
Abdul Mueed: Abdus Salam School of Mathematical Sciences of GC University, 68-B, New Muslim Town Lahore, Pakistan

International Journal of Innovation and Technology Management (IJITM), 2012, vol. 09, issue 03, 1-10

Abstract: In the work the problem of sustainable development of production, i.e., an optimum choice of parameter values of technological process with the purpose of minimization of risk of obtaining production of not planed quality also incorrect making decision about quality of production and maximization of profit of production at the guaranteed social and economic effects is formalized. Different statements of the problem depending on the put ultimate purpose are considered. The general method of solution of the put task using Bayesian approach of testing many hypotheses is offered.

Keywords: Sustainable development; production; risk assessment; optimization; hypotheses testing (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (1)

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DOI: 10.1142/S0219877012500241

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