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Difference Test Between Two Environments - Econometric Method of Substantiating the Decision

Author

Listed:
  • Albici Mihaela

    (“Constantin Brancoveanu” University of Pitesti, Faculty of Management-Marketing in Economic Affairs Ramnicu Valcea)

  • Teselios Delia

    (“Constantin Brancoveanu” University of Pitesti, Faculty of Management-Marketing in Economic Affairs Pitesti)

  • ntonescu Eugenia

    (“Constantin Brancoveanu” University of Pitesti, Faculty of Management-Marketing in Economic Affairs Pitesti)

Abstract

Business decision-making environment must integrate as a whole the experience and beliefs of the techniques makers and decision support systems used. Currently, the business information environment is becoming more complex due to the increasing volume of information relevant for business area, the number of information resources and the number of technologies used for accessing and storing data. Decision support systems should serve as the main tool for decision makers in order to keep up with the exponential growth in size, complexity and speed with which business should be conducted. A decision support system should be an integral component of the decision-making process that extends the ability to process information quickly and to tackle complex problems, time consuming, reducing the time spent in this process. Nevertheless, it will also improve the reliability of decision-making process, encouraging exploration and learning process, thus creating a strategic competitive advantage for the organization.

Suggested Citation

  • Albici Mihaela & Teselios Delia & ntonescu Eugenia, 2012. "Difference Test Between Two Environments - Econometric Method of Substantiating the Decision," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 574-578, Decembre.
    • Handle: RePEc:ovi:oviste:v:xii:y:2012:i:2:p:574-578
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    More about this item

    Keywords

    risk; decision making processes; marginal distributions; marginal frequencies.;
    All these keywords.

    JEL classification:

    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

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