Optimizing the Managerial Decision in Energetic Industry

Codruta Dura () and Claudia Isac ()

MPRA Paper from University Library of Munich, Germany

Abstract: Making a decision is a complex process which must be based upon a method that is able to establish the optimum criteria in choosing an alternative, in evaluating the main effects of implementing the decision which was taken and in estimating the risks involved. The optimizing methods and techniques fall into several groups. Thus, judging by the number of criteria that was taken into consideration when making decisions, the optimization methods and techniques can be identified as uni-criterial decisions and multi-criterial decisions; considering the objective condition state which affects the problem that needs decisional solution, there can be decisional methods and techniques used in optimizing decisions in conditions of certainty, decisional methods and techniques used in optimizing decisions in conditions of uncertainty and decisional methods and techniques used in optimizing decisions in risky conditions. The continuous improvement of the decisional subsystem - an important component of the firm’s management - represents a necessity under the circumstances that the latest decades reveal a development of the decisional elements, both in the theoretic-methodological field and in the application field. The decisional methods and techniques must be found in the managers’ decisional processes at different hierarchical levels (individual managers or group managers), so that a high scientific materialization level of the methods should be ensured.

Keywords: decision; variant; optimizing methods and techniques; decisional tree; certainty; uncertainty; risk (search for similar items in EconPapers)
JEL-codes: C61 M10 M21 (search for similar items in EconPapers)
Date: 2007-05-15, Revised 2007-06-05
New Economics Papers: this item is included in nep-bec
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