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Return to the “natural” process of decision-making leads to good strategies

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  • Vladimir Masch

Abstract

A novel approach to strategic management, Risk-Constrained Optimization $^{\circledR}$ (RCO), is an ensemble of special models, procedures, and algorithms to generate, evaluate, and help in executing good alternative strategies. RCO is a patented system of planning under uncertainty that searches for the most acceptable compromise between improving results and reducing risk in our decisions. Risk management and scenario planning dominate over optimization. RCO still uses maximization, but only in combination with several protective filters that screen, modify, and scale back the strategies, as necessary. As with any protective equipment, RCO could reduce the need for knowledge about the future. Copyright Springer-Verlag Berlin/Heidelberg 2004

Suggested Citation

  • Vladimir Masch, 2004. "Return to the “natural” process of decision-making leads to good strategies," Journal of Evolutionary Economics, Springer, vol. 14(4), pages 431-462, October.
    • Handle: RePEc:spr:joevec:v:14:y:2004:i:4:p:431-462
    DOI: 10.1007/s00191-004-0218-8
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    Citations

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    Cited by:

    1. Raffaella Coppier & Francesca Grassetti & Elisabetta Michetti, 2021. "Non-compliant behaviour in public procurement: an evolutionary model with endogenous monitoring," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 44(1), pages 459-483, June.
    2. Vladimir A. Masch, 2013. "Extensions of stochastic multiscenario models for long-range planning under uncertainty," Environment Systems and Decisions, Springer, vol. 33(1), pages 43-59, March.
    3. Vladimir A. Masch, 2017. "¡°Shifting the Paradigm¡± in Superintelligence," Review of Economics & Finance, Better Advances Press, Canada, vol. 8, pages 17-30, May.
    4. Muhammad Nadeem Shahzad & Muhammad Tahir Khan Farooqi & Waqar Ali, 2020. "Relationship of Principals Academic Decision-Making Practices with Faculty Morale: A Study of Colleges in Punjab," Global Regional Review, Humanity Only, vol. 5(1), pages 376-385, March.

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