How diversity can alleviate sharks and bandwagons in the gas sector

2019 ◽  
Vol 59 (2) ◽  
pp. 724
Author(s):  
Joanna M. Spanjaard ◽  
Sarah A. McAlister-Smiley
Keyword(s):  
Decision Making ◽  
Decision Maker ◽  
Practical Advice ◽  
The Moment ◽  
The Impact ◽  
Rational Decisions

A level-headed decision maker in a well-run gas business would appear to be a good candidate to navigate through change. But instinctive responses and overconfidence can lead to irrational decision making. During periods of greatest risk, at the moment rationality is needed most, the impulse to act irrationally kicks in. This paper explores how diversity can alleviate risks associated with ‘sharks’ and ‘bandwagons’ in the gas sector. It explores the Queensland gas sector and how diversity of thought can play a powerful role in reducing the impact of bias on identifying risk and making rational decisions. It also offers practical advice as to how the gas sector can improve diversity and metaphorically punch those sharks and halt those bandwagons.

scholarly journals The impact of information technology in decision making process of companies in Kosovo

2018 ◽  
Vol 51 (1-2) ◽  
pp. 13-23
Author(s):  
Emin Qerim Neziraj ◽  
Aferdita Berisha Shaqiri
Keyword(s):  
Decision Making ◽  
Information Technology ◽  
Decision Maker ◽  
Business Process ◽  
New Technologies ◽  
Decision Makers ◽  
Decision Making Process ◽  
Or Organization ◽  
The Impact ◽  
Future Business

Before the decision makers set much higher requirements in the decision-making than ever before due to the environment of decision-makers subject to change under the influence of progress and development of new technologies, networking individual or organization inside and the outside environment, and modern means of communication enabling continuous inflow, flow and sharing of data and information. In these modern conditions the process of collecting, analyzing, selecting data and information to make informed decisions in the context of possible restrictions and the available options, and ultimately making decisions as the basis for future business or behavior, is not simplified. The use of new technologies in the decision-making process provided numerous opportunities to facilitate decisions selection. However, the decision maker should still be able to differentiate which knowledge should be used to serve in decision making, and which models, methods, tools, systems, and procedures to be used in certain situations, with the purpose of successful decision selection. In this paper, we will examine the decision making process during the business process of the companies in Kosovo.

scholarly journals Towards Designing Tools for Universities’ R&D Performance Measurement on Mobile Platform

2019 ◽  
Vol 13 (04) ◽  
pp. 178
Author(s):  
Mohd Faizal Omar ◽  
Siti Rasifah Ahmad Roshidi ◽  
Jastini Mohd. Jamil ◽  
Fazillah Mohmad Kamal ◽  
Mohd Nasrun Mohd Nawi ◽  
...  
Keyword(s):  
Decision Making ◽  
Performance Indicator ◽  
Decision Support Tool ◽  
Education Institution ◽  
Mobile Platform ◽  
Support Tool ◽  
Prototype Development ◽  
The Moment ◽  
The Right ◽  
The Impact

<p class="Abstract">At the moment, there is a great interest in most universities to achieve higher ranking for better international standings and visibility. With shrinking resources such as financial and infrastructures, there is also a huge demand for the university to move forward and perform better in Research and Development (R&amp;D) in each evaluation year. Key Performance Indicator (KPI) is an excellent tool to enculturate research in a Higher Education Institution (HEI). The culture must be built upon HEI’s strength and weaknesses. Hence, the right decision making tool must be develop to priorities different agendas such as QSWUR, THE, etc. Mobile platform provide an efficient way to engage with stakeholders particularly to measure HEI performance on R&amp;D. There are three main activities involves for developing a decision support tool for measuring R&amp;D impact in HEIs i.e. development of decision model using multi criteria decision making, dashboard prototype development including and UI/UX for mobile platform. This paper describe the importance of measuring the impact of R&amp;D, prioritization technique and the process of prototype development. It is anticipates that our work could mitigate the gaps and improve the research ecosystem in HEIs.</p>

scholarly journals THE IMPACT OF ZIMBABWE'S PRICE HYPERINFLATION ON REPORTED LEVELS OF NATIONAL MANUFACTURING SECTOR ACTIVITY

2019 ◽  
Vol 2 (1) ◽  
pp. 1-11
Author(s):  
PURUWETI SIYAKTYA
Keyword(s):  
Decision Making ◽  
Private Sector ◽  
Manufacturing Sector ◽  
International Economy ◽  
Rational Decision ◽  
Rational Decision Making ◽  
Sector Performance ◽  
The Impact ◽  
Rational Decisions

Zimbabwe experienced price hyperinflation as internationally defined in the period March 2007 to January 2009. This paper addresses the issue of how this hyperinflation interacted with manufactur- ing sector performance. Interviews with a small anonymous sample of ‘survivor’ manufacturers suggest that rational decisions as responses to the internal/external structural events from 2000 induced a number of actions that tended to economize on the use of Zimbabwean dollars as the highly monetized manufacturing sector was especially exposed to monetary risks, but was also well connected with the international economy and using other currencies. Though damage to the manufacturing sector continued during the hyperinflation period it did not accelerate as might have been expected. Therefore, analytically, rational decision-making by private sector manufacturers prior to the hyperinflation may have helped protect some of them from its effects but also played a role as acause of the hyperinflation.

scholarly journals A Bi-Level Programming Approach to the Location-Routing Problem with Cargo Splitting under Low-Carbon Policies

Mathematics ◽  
2021 ◽  
Vol 9 (18) ◽  
pp. 2325
Author(s):  
Cong Wang ◽  
Zhongxiu Peng ◽  
Xijun Xu
Keyword(s):  
Decision Making ◽  
Decision Maker ◽  
Programming Model ◽  
Programming Approach ◽  
Low Carbon ◽  
Location Routing Problem ◽  
Routing Problem ◽  
Location Routing ◽  
Level Model ◽  
The Impact

To identify the impact of low-carbon policies on the location-routing problem (LRP) with cargo splitting (LRPCS), this paper first constructs the bi-level programming model of LRPCS. On this basis, the bi-level programming models of LRPCS under four low-carbon policies are constructed, respectively. The upper-level model takes the engineering construction department as the decision-maker to decide on the distribution center’s location. The lower-level model takes the logistics and distribution department as the decision-maker to make decisions on the vehicle distribution route’s scheme. Secondly, the hybrid algorithm of Ant Colony Optimization and Tabu Search (ACO-TS) is designed, and an example is introduced to verify the model’s and algorithm’s effectiveness. Finally, multiple sets of experiments are designed to explore the impact of various low-carbon policies on the decision-making of the LRPCS. The experimental results show that the influence of the carbon tax policy is the greatest, the carbon trading and carbon offset policy have a certain impact on the decision-making of the LRPCS, and the influence of the emission cap policy is the least. Based on this, we provide the relevant low-carbon policies advice and management implications.

scholarly journals Individuals with ventromedial frontal damage have more unstable but still fundamentally transitive preferences

2018 ◽  
Author(s):  
Linda Q. Yu ◽  
Jason Dana ◽  
Joseph W. Kable
Keyword(s):  
Decision Making ◽  
Decision Maker ◽  
Decision Process ◽  
Healthy Controls ◽  
Rational Decision ◽  
Rational Choices ◽  
The Brain ◽  
Intransitive Preferences ◽  
Rational Decisions

AbstractThough the ventromedial frontal lobes (VMF) are clearly important for decision-making, the precise causal role of the VMF in the decision process has still not yet fully been established. Previous studies have suggested that individuals with VMF damage violate a hallmark axiom of rational decisions by having intransitive preferences (i.e., preferring A to B, B to C, but C to A), as these individuals are more likely to make cyclical choices (i.e., choosing C over A after previously choosing A over B and B over C). However, these prior studies cannot properly distinguish between two possibilities regarding effects of VMF damage: are individuals with VMF damage prone to choosing irrationally, or are their preferences simply more variable? We had individuals with focal VMF damage, individuals with other frontal damage, and healthy controls make repeated choices across three categories – artwork, chocolate bar brands, and gambles. Using sophisticated tests of transitivity, we find that, without exception, individuals with VMF damage made rational decisions consistent with transitive preferences, even though they more frequently exhibit choice cycles due to a greater variability in their preferences across time. That is, the VMF is necessary for having strong and reliable preferences across time and context, but not for being a rational decision maker. We conclude that VMF damage affects the noisiness with which value is assessed, but not the consistency with which value is sought.Significance statementThe VMF is a part of the brain that is thought to be one of the most important for preference-based choice. Despite this, whether it is needed to make rational choices at all is unknown. Previous studies have not discriminated between different possibilities regarding the critical necessary role that the VMF plays in value-based choice. Our study shows that individuals with VMF damage still make rational decisions consistent with what they prefer, but their choices are more variable and less reliable. That is, the VMF is important for the noisiness with which value is assessed, but not the consistency with which value is sought. This result has widespread implications for rethinking the role of VMF in decision-making.

scholarly journals Die toepassing van stygende pryspeilveranderinge by kapitaalinvesteringsbesluite

1984 ◽  
Vol 15 (3) ◽  
pp. 140-143
Author(s):  
Sarah S. Visser
Keyword(s):  
Decision Making ◽  
Capital Investment ◽  
Price Level ◽  
Purchasing Power ◽  
Capital Projects ◽  
General Price Level ◽  
The Moment ◽  
The Impact ◽  
Value Of Money

The application of increasing price-level changes to capital investment decisions Inflation (the decreasing purchasing power of money) has become a reality with which one has to live, and for which one has to plan. As a result of the decrease in the purchasing power of money, the prices of production means are going up considerably, and more so where long-term capital projects are involved. The initial investment in respect of a capital project involves the least risk in accuracy, as it has to be known at the moment of decision-making and cannot be changed significantly until the decision has been realized. The other factors essential for decision-making and which will be realized in the future throughout the lifespan of the asset are subject to change in the value of money and it is important that the influence of this change be taken into account. The impact of price-level changes can be taken into account through the use of general or specific price-level changes. The application of this has led to the fact that only general price-level changes, or only specific price-level changes, or general and specific price-level changes can be used for the adjustment of items. The last includes the advantages of using both price-level changes. In each of these applications different methods have been developed which agree in principle, while there may be differences with regard to details of the applications.

Integrated data envelopment analysis and multicriteria decision-making ranking approach based on peer-evaluations and subjective preferences: case study in banking sector

2020 ◽  
Vol 54 (4) ◽  
pp. 551-582
Author(s):  
Jolly Puri ◽  
Meenu Verma
Keyword(s):  
Decision Making ◽  
Data Envelopment Analysis ◽  
Decision Maker ◽  
Multicriteria Decision Making ◽  
Peer Evaluation ◽  
Data Envelopment ◽  
Content Type ◽  
Multicriteria Decision ◽  
Subjective Preference ◽  
The Impact

PurposeThis paper is focused on developing an integrated algorithmic approach named as data envelopment analysis and multicriteria decision-making (DEA-MCDM) for ranking decision-making units (DMUs) based on cross-efficiency technique and subjective preference(s) of the decision maker.Design/methodology/approachSelf-evaluation in data envelopment analysis (DEA) lacks in discrimination power among DMUs. To fix this, a cross-efficiency technique has been introduced that ranks DMUs based on peer-evaluation. Different cross-efficiency formulations such as aggressive and benevolent and neutral are available in the literature. The existing ranking approaches fail to incorporate subjective preference of “one” or “some” or “all” or “most” of the cross-efficiency evaluation formulations. Therefore, the integrated framework in this paper, based on DEA and multicriteria decision-making (MCDM), aims to present a ranking approach to incorporate different cross-efficiency formulations as well as subjective preference(s) of decision maker.FindingsThe proposed approach has an advantage that each of the aggressive, benevolent and neutral cross-efficiency formulations contribute to select the best alternative among the DMUs in a MCDM problem. Ordered weighted averaging (OWA) aggregation is applied to aggregate final cross-efficiencies and to achieve complete ranking of the DMUs. This new approach is further illustrated and compared with existing MCDM approaches like simple additive weighting (SAW) and Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) to prove its validity in real situations.Research limitations/implicationsThe choice of cross-efficiency formulation(s) as per subjective preference of the decision maker and different orness levels lead to different aggregated scores and thus ranking of the DMUs accordingly. The proposed ranking approach is highly useful in real applications like R and D projects, flexible manufacturing systems, electricity distribution sector, banking industry, labor assignment and the economic environmental performances for ranking and benchmarking.Practical implicationsTo prove the practical applicability and robustness of the proposed integrated DEA-MCDM approach, it is applied to top twelve Indian banks in terms of three inputs and two outputs for the period 2018–2019. The findings of the study (1) ensure the impact of non-performing assets (NPAs) on the ranking of the selected banks and (2) are enormously valuable for the bank experts and policy makers to consider the impact of peer-evaluation and subjective preference(s) in formulating appropriate policies to improve performance and ranks of underperformed banks in competitive scenario.Originality/valueTo the best of the authors’ knowledge, this is the first study that has integrated both DEA and MCDM via OWA aggregation to present a ranking approach that can incorporate different cross-efficiency formulations and subjective preference(s) of the decision maker for ranking DMUs.

scholarly journals Post-Pandemic Travel

2021 ◽  
Vol 16 (1) ◽  
Author(s):  
Sneha N
Keyword(s):  
Decision Making ◽  
Tourism Industry ◽  
Decision Making Process ◽  
Academic Literature ◽  
The Future ◽  
Current Scenario ◽  
Research Outcome ◽  
The Moment ◽  
Online Travel ◽  
The Impact

The Indian tourism industry has reached a great scale over the years. With the over-increasing internet penetration, more travellers are booking online travel in India. However, the world and in particular the tourism industry has seen an unprecedented shutdown due to Covid-19 affecting 2020 due to the absence of a universal vaccination at the moment. It is important to understand the current scenario of Indian travel patterns prior to the impact of Corona Virus and the factors which will be influencing the decision-making process of Indian Travellers in the future. Hence, this paper attempts to study and decode the decision-making process of Indian Travellers through extensive review of contemporary academic literature on post-pandemic tourism emerging with COVID-19 crisis. This study area is important because it addresses a pressing problem of comprehending the post pandemic travel and the research outcome suggests practical solutions to overcome the critical barriers arising out of Covid-19 for Indian Travellers and learn to practice a new way of travelling in the future.

scholarly journals Advances in Cone-Based Preference Modeling for Decision Making with Multiple Criteria

2007 ◽  
Vol 1 (2) ◽  
pp. 153-173 ◽  
Author(s):  
Margaret M. Wiecek
Keyword(s):  
Decision Making ◽  
Decision Maker ◽  
Multiple Criteria ◽  
Solution Set ◽  
Unified Framework ◽  
Nondominated Solutions ◽  
Preference Modeling ◽  
Mathematical Properties ◽  
Different Types ◽  
The Impact

Decision making with multiple criteria requires preferences elicited from the decision maker to determine a solution set. Models of preferences, that follow upon the concept of nondominated solutions introduced by Yu (1974), are presented and compared within a unified framework of cones. Polyhedral and nonpolyhedral, convex and nonconvex, translated, and variable cones are used to model different types of preferences. Common mathematical properties of the preferences are discussed. The impact of using these preferences in decision making is emphasized.

scholarly journals A qualitative exploration of proxy decision makers’ expectations of prescribed medications for people with advanced dementia

2018 ◽  
Vol 32 (6) ◽  
pp. 1114-1123 ◽  
Author(s):  
Bridgeen McCloskey ◽  
Carmel Hughes ◽  
Carole Parsons
Keyword(s):  
Decision Making ◽  
Decision Maker ◽  
Healthcare Professionals ◽  
Structured Interview ◽  
Decision Makers ◽  
Advanced Dementia ◽  
Goals Of Care ◽  
Active Involvement ◽  
Prescribed Medicines ◽  
The Impact

Background: Proxy decision makers often have to make decisions for people with advanced dementia. Their expectations regarding prescribed medications have the potential to influence prescription or withdrawal of medications. However, few studies to date have explored this. Aim: To explore proxy decision makers’ expectations of prescribed medications for people with advanced dementia and to consider how these change with changing goals of care and dementia progression. Design: This is a qualitative semi-structured interview study. Setting/participants: In total, 15 proxy decision makers of people with advanced dementia were recruited via general practitioners ( n = 9), Join Dementia Research ( n = 3) and the Alzheimer’s Society Northern Ireland ( n = 3). Results: Five key themes emerged: the role as advocate, attitudes to medicines and medicine taking, uncertainty over the benefit of anti-dementia medications, stopping medications, and communication and decision-making. Proxy decision makers desired more information about prescribed medicines, particularly the indications, benefits and risks of treatment. Despite uncertainty about the benefits of anti-dementia medications, proxy decision makers were reluctant for these medications to be withdrawn. Reluctance to stop other prescribed medicines was also expressed but reduced with changing goals of care and dementia progression. Although some proxy decision makers expected to be involved in medication-related decisions, the majority preferred to delegate these decisions to healthcare professionals. However, they expected to be informed of any medication-related decisions made. Conclusion: Proxy decision makers vary in terms of their desire for active involvement in the medication decision-making process. Healthcare professionals should facilitate proxy decision maker involvement if desired. Further research is required to consider the impact of proxy decision maker involvement in decision-making.

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