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Uncertainty is present in every managerial decision, and Managerial Economics: A Mathematical Approach effectively demonstrates the application of higher-level statistical tools to inform and clarify the logic of problem solving in a managerial environment. While illuminating managerial decision-making from all possible angles, this book equips readers with the tools and skills needed to recognize and address uncertainty. The book also explores individual, firm, and market-level decisions; discusses all possible risks and uncertainties encountered in the decision-making process; and prepares readers to deal with both epistemic and aleatory uncertainty in managerial decisions. Managerial Economics features: • An emphasis on practical application through real-life examples and problems • An accessible writing style that presents technical theories in a user-friendly way • A mathematical and statistical point of view that reveals the presence of uncertainty inherent in managerial decisions • Thoroughly class-tested material including problems at the end of each chapter, case study questions, review exercises, and objectives that summarize the main discussions Managerial Economics is an excellent book for upper-undergraduate and graduate-level courses in business and economics departments. The book is also an ideal reference and resource for managers, decision makers, market analysts, and researchers who require information about the theoretical and quantitative aspects of the topic.
This text offers a complete coverage in the Decision Mathematics module, also known as Discrete Mathematics, of the syllabuses of English A-level examination boards. it is a rewritten and modern version of Decision Mathematics (published by Ellis Horwood Ltd in 1986 for The Spode Group, so well known for its development of innovative mathematics teaching). It is also a suitable text for foundation and first year undergraduate courses in qualitative studies or operational research, or for access courses for students needing strengthening in mathematics, or for students who are moving into mathematics from another subject discipline.Compact and concise, it reflects the combined teaching skills and experience of its authors who know exactly what mathematics must be learnt at the readership level today. The text is built up in modular fashion, explaining concepts used in decision mathematics and related operational research, and electronics. It emphasises an understanding of techniques and algorithms, which it relates to real life situations and working problems that will apply throughout future working careers. - Clear explanations of algorithms and all concepts - Plentiful worked examples, clear diagrams - Many exercises (with answers for self-study)
This Book Is Designed To Serve As A Text For Management, Economics, Accountancy (Chartered And Cost Accountancy), And Commerce Students. The Book Covers Concepts, Illustrations And Problems In Statistics And Operations Research. Part I Deals With Statistical Techniques For Decision Making. Part Ii Studies Various Operations Research Techniques For Managerial Decisions.The Book Contains Illustrations And Problems, Drawn Extensively From Various Functional Areas Of Management, Viz., Production, Finance, Marketing And Personnel, Which Are Designed To Understand Real Life Decision Making Situations. In Order To Make The Book Self-Contained, All Relevant Mathematical Concepts And Their Applications Have Been Included. To Enhance The Understanding Of The Subject Matter By The Students Belonging To Different Disciplines, The Approach Adopted In This Book, Both In Statistics And Operations Research, Is Conceptional Rather Than Mathematical. Hence Complicated Mathematical Proofs Have Been Avoided.This Book Would Be An Ideal Reference To Executives, Computer Professionals, Industrial Engineers, Economic Planners And Social Scientists. The Other Books By The Same Authors Are: Operations Research For Management And Business Statistics.
This book is specially designed for a course in Quantitative Techniques taught to MBA students. It provides the students with a thorough introduction to basic quantitative tools required to perform analytical evaluations and arrive at logical decisions. The second edition of the book essentially retains the flavour of the first edition. Concepts have been explained in an easy to understand language and emphasis is on practical applications rather than rigorous mathematical treatment. As far as possible, detailed proofs and axioms associated with pure mathematics have been avoided. The text in the second edition has been suitably modified for giving better clarity. Nearly fifty solved examples have been added to various chapters to enable students to understand the nuances of problem solving. Fifty unsolved problems have also been added to give ample scope to the student for practice. The book also includes chapters on transportation models, assignment models and network analysis. KEY FEATURES : Learning objectives at the beginning of each chapter enable students to focus on important points of a chapter. Case studies and real life problems to connect students to the real-world situations. Worked examples to enhance student comprehension of the subject. Numerous well-balanced chapter-end exercises with answers to help students attain confidence and master the concepts. Illustrations on solutions to problems with the help of computer software. Summary at the end of each chapter to help students review the key concepts.
Choice theory forms the basis for many scientific fields, such as decision making, mathematical models of micro-economics, voting theory, theory of control in socio-economic systems, and some branches of psychology. This volume is a first monograph summing up major scientific results obtained during two decades. The studies presented in the book go beyond the classical approach with a new look at the mathematical theory of choice, taking into account the dependence of choice on the context. The book also provides a new approach to the voting theory, the basis of which forms the description of individual opinions and collective decision as choice functions. The classical approach is shown to be an important but particular case of the developed theory. Students and scientists in economic, social science, decision making and control theory, will find this book of value. The reader does not need special mathematical knowledge as the book uses mainly set-theoretic language.
A broad introduction to algorithms for decision making under uncertainty, introducing the underlying mathematical problem formulations and the algorithms for solving them. Automated decision-making systems or decision-support systems—used in applications that range from aircraft collision avoidance to breast cancer screening—must be designed to account for various sources of uncertainty while carefully balancing multiple objectives. This textbook provides a broad introduction to algorithms for decision making under uncertainty, covering the underlying mathematical problem formulations and the algorithms for solving them. The book first addresses the problem of reasoning about uncertainty and objectives in simple decisions at a single point in time, and then turns to sequential decision problems in stochastic environments where the outcomes of our actions are uncertain. It goes on to address model uncertainty, when we do not start with a known model and must learn how to act through interaction with the environment; state uncertainty, in which we do not know the current state of the environment due to imperfect perceptual information; and decision contexts involving multiple agents. The book focuses primarily on planning and reinforcement learning, although some of the techniques presented draw on elements of supervised learning and optimization. Algorithms are implemented in the Julia programming language. Figures, examples, and exercises convey the intuition behind the various approaches presented.
Everybody has to make decisions—they are unavoidable. Yet we receive little or no education or training on how to make decisions. Business decisions can be dif_ cult: which people to hire, which product lines or facilities to expand and which to sell or shut down, which bid or proposal to accept, which process to implement, how much R&D to invest in, which environmental projects should receive the highest priority, etc. This book gives you all the tools you need to... • clarify and reach alignment on goals and objectives and understand trade-offs in reaching those goals, • develop and examine alternatives, • systematically analyze the effects of risk and uncertainty, and • maximize the chances of achieving your goals and objectives. Success (getting what you want) depends on luck and good decision making. You can’t control your luck, but you can maximize your odds by making the best possible decisions, and this book gets you there. Broadly speaking, this book organizes and presents otherwise formal decision-making tools in an intuitively understandable fashion. The presentation is informal, but the concepts and tools are research-based and formally accepted.
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