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Bayesian Approach Of Decision Problems

Author

Listed:
  • Dragoş Stuparu

    (University of Craiova, Romania)

  • Tomiţă Vasile

    (University of Craiova, Romania)

  • Cora-Ionela Dăniasă

    (University of Craiova, Romania)

Abstract

Management is nowadays a basic vector of economic development, a concept frequently used in our country as well as all over the world. Indifferently of the hierarchical level at which the managerial process is manifested, decision represents its essential moment, the supreme act of managerial activity. Its can be met in all fields of activity, practically having an unlimited degree of coverage, and in all the functions of management. It is common knowledge that the activity of any type of manger, no matter the hierarchical level he occupies, represents a chain of interdependent decisions, their aim being the elimination or limitation of the influence of disturbing factors that may endanger the achievement of predetermined objectives, and the quality of managerial decisions condition the progress and viability of any enterprise. Therefore, one of the principal characteristics of a successful manager is his ability to adopt the most optimal decisions of high quality. The quality of managerial decisions are conditioned by the manager’s general level of education and specialization, the manner in which they are preoccupied to assimilate the latest information and innovations in the domain of management’s theory and practice and the applying of modern managerial methods and techniques in the activity of management. We are presenting below the analysis of decision problems in hazardous conditions in terms of Bayesian theory – a theory that uses the probabilistic calculus.

Suggested Citation

  • Dragoş Stuparu & Tomiţă Vasile & Cora-Ionela Dăniasă, 2010. "Bayesian Approach Of Decision Problems," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 10(3), pages 321-332.
    • Handle: RePEc:pet:annals:v:10:y:2010:i:3:p:321-332
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    Citations

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    Cited by:

    1. Iuliana Cenar, 2017. "The Accounting Professional and Environmental Management Assumptions, Stakes and Challenges," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 17(1), pages 45-54.
    2. Claudia Elena Dinucă, 2011. "Web Structure Mining," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 11(4), pages 73-84.

    More about this item

    Keywords

    certitude; uncertainty; risk; decision; probability; Bayesian theory;
    All these keywords.

    JEL classification:

    • C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General

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