Development of a tool for optimizing the management processes in the field of innovation in the Bulgarian furniture enterprises

Daniela Georgieva, Radostina Popova-Terziyska and Nikolay Neykov

MPRA Paper from University Library of Munich, Germany

Abstract: Innovation is primarily associated with a high level of uncertainty, risk, and a lot of investments. These negatively affect the Bulgarian forest enterprises, which in general are “low-tech” and are investing less in innovation. The main goal of the paper is, by the use of the Markov Chains methodology, to propose an adapted methodology for risk assessment at the beginning of the innovation process in Furniture production in Bulgaria. Additionally, the study presents possible situations and describes them throughout the theoretical approaches in a probabilistic way. The research results can be used to avoid some decision-making mistakes before the start of the innovation process through an easy-to-use methodology

Keywords: innovation; furniture enterprises; Markov Chains; decision-making (search for similar items in EconPapers)
JEL-codes: M20 O10 O30 O32 (search for similar items in EconPapers)
Date: 2021, Revised 2021
New Economics Papers: this item is included in nep-cse and nep-ore
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Published in Academy of Accounting and Financial Studies Journal 26.1(2022): pp. 1-11

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:110745

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