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Services Cost Analysis Under Risk

Author

Listed:
  • Golea Pompiliu

    ("Dimitrie Cantemir" Christian University)

  • Balogh Petru

    ("Dimitrie Cantemir" Christian University)

Abstract

In this paper, an integrated approach based on Monte Carlo simulation and Six Sigma methodology is used to analyze the risk associated with a services cost. Monte Carlo simulation is applied to understand the variability in total cost caused by the probabilistic cost items. By Six Sigma methodology the range of variation of the service cost can be reduced by operating on the input factors with the greatest impact on total cost to cover the variation of 6s between the limits that were established in the design phase of Six Sigma.

Suggested Citation

  • Golea Pompiliu & Balogh Petru, 2011. "Services Cost Analysis Under Risk," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 835-838, May.
    • Handle: RePEc:ovi:oviste:v:11:y:2011:i:1:p:835-838
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    More about this item

    Keywords

    Services cost risk; Six Sigma; Monte Carlo simulation;
    All these keywords.

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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