bluuebunny/crossref_metadata_2025_split huggingface dataset:
A DECISION THEORETIC APPROACH TO PRICING
Authors: BRAVERMAN JEROME D. 
Published: June 2007

AbstractThe problem of price determination and revision is considered as a case of decision making under uncertainty in which profit is to be maximized. Typically price is a simple function of cost which in turn determines the quantity which will be demanded. This paper proposes that maximum profits could be realized in the long run, if a quantity corresponding to the lowest cost per unit of product under the attendant circumstances was fixed and a price established at which demand would exactly equal the fixed quantity. It further suggests a theoretical approach to the determination of this price based on decision theory. The decision theoretic approach considers the set of possible price levels at which demand will equal the fixed quantity of product as the state of nature. The set of acts consist of the establishment of the product price at each of the possible levels. After an initial price is established, empirical information can then be utilized according to some optimal decision rule for subsequent price revisions.
THE IMPACT OF TAX POLICY ON INVESTMENT BEHAVIOR IN THE CHEMICAL INDUSTRY, 1951‐65
Authors: PITTS JAMES E. , III WILLIAM M. WHITAKER 
Published: June 2007

AbstractThe purpose of this study was to estimate the impact of changes in Federal tax policy on investment behavior in the chemicals and allied products industry and to examine the possibility of a differential impact of changes in tax policy on investment behavior in manufacturing industries. The impact of changes in tax policy on investment behavior in the chemical and allied products industry was estimated and compared with the impact of tax policy on investment behavior in total manufacturing found in earlier studies. The model used to estimate the impact of changes in tax policy on investment behavior in the chemicals and allied products industry was the neo‐classical model of capital accumulation as formulated initially by Dale Jorgenson.The conclusions reached were that changes in tax policy have had a measurable impact on investment behavior in the chemical and allied products industry which was greater as a percentage of gross investment than that found on total manufacturing in earlier studies.
APPLICATIONS OF SPECTRAL ANALYSIS
Authors: SOVEREIGN MICHAEL G. , NOLAN RICHARD L. , MANDEL JAMES P. 
Published: June 2007

AbstractThe basic concepts and application of spectral analysis are explained. Stationary time series and autocorrelation are first defined. Autocorrelation is related to the familiar concepts of variance and covariance. The use of autocorrelation analysis is explained in estimating the interdependent relationship of a time series over discrete time lags. In order to measure the behavior of the time series using autocorrelation, it would be necessary to examine a very large number of autocorrelation lags. Alternatively, the technique of Fourier analysis can be used to transform the autocorrelation function of the time series into a continuous function, termed a spectrum. The spectrum has a one to one correspondence to the autocorrelation for the time series and has the advantage of representing all possible autocorrelations over the discrete time lags. The spectrum can then be examined as a measure of the behavior of the time series. Spectral analysis indicates the reliability of the analysis of autocorrelated variables when familiar statistical techniques such as sample means and variances are used.The application of spectral analysis to management science problems in three general areas is illustrated: (1) inventory demand, (2) transportation simulation, and (3) stock market price behavior. Spectral analysis was used to detect cycles and trends in the data. Analyses were focused on the spectrum which provides a measure of the relative contribution of cycles in a band of frequencies to the total variance of the data.
ON THE EQUIVALENCE OF TWO VERSIONS OF THE PRESENT VALUE PROCEDURE
Authors: SILVER EDWARD A. 
Published: June 2007

AbstractThe central issue in equipment investment analysis is the selection of the best of two or more alternatives. A common procedure is to first assume that for each alternative there is an infinite stream of identical pieces of equipment. The present value of the associated infinite stream of revenues and costs is calculated. Then the alternative having the highest present value (where revenues are positive and costs are negative) is selected. The assumption of the infinite stream, though computationally desirable, is not very palatable to the decision maker. In this paper we show that the above procedure is equivalent to using a criterion which is definitely more appealing. The author has found this “equivalence” result to be helpful in teaching the basic concepts of the present value procedure. Also the result should be of interest to practitioners involved in equipment investment decision making.
A STRUCTURED APPROACH FOR CASE METHODOLOGY IN THE BUSINESS POLICY COURSE*
Authors: ENRICK NORBERT L. , MYERS BUDDY L. 
Published: June 2007

Effective use of case materials in the business policy course is facilitated by a variety of techniques available today. The structured approach seeks to supplement and enlarge this arsenal of methods and philosophies.AbstractStructuring begins with an articulation of management's goals, followed by a definition of the specific problems and objectives to be attained. Wherever possible, relations are expressed in the form of mathematical models, followed by appropriate evaluations. The path towards a solution depends on whether a satisficing or an optimizing philosophy pervades the organization, as well as the approach feasible in a particular instance. Next, ways and means are investigated to implement the alternative solutions in such a way as to achieve the results envisioned. Provision for feedback is required, whereby accomplishments are checked against objectives, and corrective action is sought whenever such is needed.An illustrative example demonstrates how the approach is utilized. Finally, we examine the relation of structured evaluation of case materials to the manner in which problem solving occurs in actual business situations.
A FRAMEWORK FOR THE SYSTEM DESIGN PROCESS1
Authors: NUGENT CHRISTOPHER E. , VOLLMANN THOMAS E. 
Published: June 2007

ABSTRACTMuch discussion and writing about “systems” is often superficial, glib, and of a non‐operational nature. This paper presents a cohesive framework for the process of system design which is felt to be of operational value in the design and management of systems.The framework's central tenet is that all systems are made up of entities and the relationships among the attributes of those entities; and that in designing systems, two processes are used, inclusion and structuring. Inclusion is concerned with what entities to include in a system and structuring with how their attributes are to be related. The system design process is directed or driven by a set (system) of criteria. Systems must be viewed with a time dimension: evolution will and should take place, both in the systems themselves and, more importantly, in the criteria that drive the design and evolution of those systems. In this framework, all problem solvers can usefully regard themselves as system designers.Presentation of the framework is followed by examples, discussion of the criteria set, system design tools, and some implications for teachers and practitioners.
EMPIRICAL UTILITY FUNCTIONS AND RANDOM DEVICES: AN EXPERIMENT
Authors: DYCKMAN THOMAS R. , SALOMON ROBERTO 
Published: June 2007

ABSTRACTThe primary purpose of the present experiment was to examine the effects on the empirical derivation of executive's utility functions caused by the use of random device analogues. The results indicate that utility functions obtained using a random device analogue imply more risk aversion than when these functions are determined by simulating actual decision situations. Furthermore, there is also evidence that the bias is directly related to the monetary amounts involved.
MARKOV PROCESS AND CREDIT COLLECTION POLICY*
Authors: MEHTA DILEEP 
Published: June 2007

ABSTRACTThis paper deals with the evaluation of credit collection policy alternatives, given the credit granting function. Credit collection policy determines the intensity of collection efforts and the timing for recognition of bad debts. The Markov Process is utilized to estimate dynamic cash flow behavior for available policy alternatives. For this purpose, both transient and steady‐state components of cash‐flow behavior are considered. Operational guidelines are outlined with the help of a single example. The strength of the proposed model stems from its a) consistency with the conventional capital budgeting process, b) modest input data requirements, and c) expediency in obtaining results.
THE USE OF FORECAST ERROR MEASURES AS SURROGATES FOR AN ERROR COST CRITERION IN THE PRODUCTION SMOOTHING PROBLEM
Authors: CHENTNIK CHESTER G. 
Published: June 2007

ABSTRACTThis paper presents research on the problem of selecting a proper surrogate for a forecast error cost criterion in the production smoothing problem. Various forecast models estimated future selected demand process values. Resultant error costs were computed and the coincidence of the selection of a forecast model on the basis of least error cost and the various error measures was noted. The error measures used were the mean absolute deviation, average algebraic error(bias), and the mean squared error. Computations necessary to develop the mathematical form of the error cost criterion are presented in an Appendix. Also presented are the penalty costs of using an error measure as a surrogate for an error cost criterion.
ON LEAD TIME DEMAND DISTRIBUTIONS
Authors: McFADDEN FRED R. 
Published: June 2007

ABSTRACTA key factor in establishing inventory policy for an item is the procurement lead time demand distribution (LTDD). Demand during lead time is a random variable if at least one of the components‐length of lead time, order intensity, and order size‐is a random variable. This paper discusses the problem of estimating the functional form of the LTDD for various combinations of the component random variables, using the method of generating functions. Since a normal approximation will often be used in practice, expressions are also given for the mean and variance of the LTDD for the various cases.
A POSITIVE DYNAMIC APPROACH TO INDUSTRIAL DECISION‐MAKING PROCESSES
Authors: Abe Masatoshi A. 
Published: June 2007

ABSTRACTThis paper proposes and tests a decision‐making process of entrepreneurs. History of many industries shows that rapid changes in technology, accompanied by large investments and accumulations of capital occur. One production method is replaced by another as newer cost reducing techniques become available. It seems that the fate of any particular production technique can be better understood in the context of such dynamic factors as changes in technical knowledge, factor prices, demand composition together with decision‐making process of the entrepreneurs.A recursive programming technique is presented that reflects the fact that entrepreneurial decisions are conditioned by interaction between technical, economic, and non‐economic factors. Recursive programming technique is a recent addition to the inventory of decision‐making analysis. This method is applied to the Japanese Iron and Steel Industry. Results suggest that this technique is a very promising tool of decision‐making analysis.
PRODUCT LINE AND INVENTORY STRATEGY
Authors: Howard Keith , Schary Philip B. 
Published: June 2007

ABSTRACTThe problem of optimal variety in inventory heretofore has been approached on an individual item basis. This paper demonstrates the analysis of aggregate inventory through the use of the log‐normal distribution. The theory and application of this distribution to inventory problems are reviewed. This distribution is then applied to the problem of optimal variety, measuring the impact on sales and cost of deletion of slow‐moving items in order to determine the optimal assortment for profitability. This then leads to analysis of optimal margin determination for slow‐moving items. The final part of the discussion deals with inventory characteristics of the distribution channel, utilizing the characteristics of the log‐normal distribution.
Quantitative Theory, Methodology and Technique
Authors: Willis Raymond E. 
Published: June 2007

ABSTRACTIn hypothesis testing, the level of significance, α, often performs a screening as well as an evaluating function. Results which are not “significant” at some preset value of α are simply not reported. Unfortunately, this value of α is usually arbitrarily set at .05 or .01 and bears no relation to the needs of potential users of the study. This paper suggests an approach to making the selection of α more responsive to these potential applications.
Functional and Behavioral Application
Authors: Holloman Charles R. , Hendrick Hal W. 
Published: June 2007

ABSTRACTThis study investigated the influence of status and ability differences upon the quality of group problem solving. Participants in eight sections (N = 113) of an advanced leadership course ranked each other in terms of perceived influence exercised within their section. Each section was then selectively subdivided into groups of five to seven members each. On a problem‐solving task, the ability of high‐status members to influence other group members was significantly greater (p < .01) when those persons, immediately below them in the status hierarchy of their section were not with them in the problem‐solving group.
Functional and Behavioral Application
Authors: Lehmann Donald R. 
Published: June 2007

ABSTRACTThis paper presents a model for explaining preference among similar alternatives. Preference is hypothesized to be governed by the relative position of the alternatives on specific dimensions (attributes). More specifically, preference is stated to be related to the distance of an alternative from an ideal alternative. A summary of a test of the model is presented.Next, a probabilistic form of the model is obtained assuming that the measured distance is affected both by individual uncertainty and measurement error. For a particular case, the resulting normality of the distribution is demonstrated. This introduction of a random element into the model is seen to be a major advance, although final judgment must await extensive testing.
Curricula and State of the Profession
Authors: Kahl Alfred L. , Zimmer Robert K. 
Published: June 2007

ABSTRACTMost of us have encountered problems in developing an effective quantitative analysis program for our business schools in the United States. We have often found managers very reluctant to adopt QA techniques; on the other hand, students, although not reluctant, lacked the necessary mathematical background.During the academic year 1970–71, the authors assisted in the development of a QA department in the business school of a developing nation which offers both resident coursework for graduate students and executives seminars for businessmen. Both the students and the executives had the necessary mathematical background for rapid understanding of QA techniques. The executives appeared eager to use QA in their business operations and the students were highly motivated toward the application of QA to business problems.Our purpose in this article is not to convince all the QA professors to teach in underdeveloped nations, but to furnish information which is likely to be useful to those who attempt to establish similar QA programs in other developing countries.
Curricula and State of the Profession
Authors: Scott Richard A. 
Published: June 2007

ABSTRACTThe business simulation provides an interesting opportunity for incorporating quantitative methods and techniques into marketing management courses. The simulation model can be used to generate a realistic data bank of information on the costs and results of the firm's marketing efforts. Rather than beginning without a history of company operations and results, the simulation becomes an ongoing one where student managers employ data from past simulated operations as inputs to quantitative analyses to support current decisions. Meaningful data is provided in a context that encourages student learning and discovery of the benefits and limitations of decision science techniques.
AN APPLICATION OF QUEUING THEORY TO A CONGESTION PROBLEM IN AN OUTPATIENT CLINIC*
Authors: Keller T. F. , Laughhunn D. J. 
Published: June 2007

ABSTRACTThe purpose of this paper is to discuss an application of queuing theory as an analytical framework for evaluating the adequacy of physician capacity in an outpatient clinic for medically indigent patients. Specific attention is given to the problems of parameter estimation including service and waiting cost. A method is also discussed whereby the relationship of physician cost and patient waiting cost may be imputed after the fact from observation of actual clinic operations.
AN APPROACH TO COST—VOLUME—PROFIT ANALYSIS UNDER UNCERTAINTY*
Authors: Jarrett Jeffrey E. 
Published: June 2007

ABSTRACTCost‐Volume‐Profit analysis is a tool of cost accountants aiding in the choice of an optimal course of action in the solution of a managerial problem. C‐V‐P is a limited analysis since all the needs of management in determining the optimal strategy are not fulfilled. Factors pertinent to the choice of the optimal strategy under uncertainty are variables, although traditional C‐V‐P treats these factors as constants. Hence, an approach to C‐V‐P where pertinent factors necessary for decision making are considered as variables is more desirable than traditional C‐V‐P.By introducing uncertainty, it is also beneficial to broaden C‐V‐P to fulfill the following desire of management. Should management choose a course of action based only on its own estimates of the decision parameters or is it advisable to postpone a terminal decision until additional research into the decision parameters is accomplished? Broadened C‐V‐P solves this problem with the aid of Bayesian Decision Theory for the choice of the optimal course of action in the face of uncertainty.
ADMISSION STANDARDS FOR GRADUATE STUDY IN MANAGEMENT
Authors: Gayle John B. , Jones Troy H. 
Published: June 2007

ABSTRACTThis paper reports the results of a study undertaken to evaluate the validity of requirements for admission to Florida State University's Graduate Program in Management offered by its School of Business in the Cape Kennedy Area of Florida.A multiple regression study was made using as independent variables students' undergraduate grade point average (UGPA), Graduate Record Examination aptitude test score (GRE), and age (AGE) at time of admission. The dependent variable was graduate grade point average (GGPA).The study revealed a significant positive correlation between GRE and GGPA. The correlation between AGE and GGPA was also significant but was positive for values of AGE up to approximately 29 and negative thereafter. UGPA was not even marginally significant.
A COMPUTER SIMULATION MODEL OF AN INDUSTRIAL WORK GROUP
Authors: Brightman Harvey J. , Kaczka Eugene E. 
Published: June 2007

ABSTRACTThe paper illustrates the desirability and feasibility of the computer simulation technique in socio‐psychological research. A computer simulation model of a five‐man industrial work group is constructed. After the model has successfully passed a two stage validation procedure, an experimentation phase is conducted. In a 2 times 3 replicated factorial experiment, five years of simulated weekly data is used to test several hypotheses which relate the independent variables–supervisory style and worker interpersonal orientation–to productivity, worker job satisfaction and group cohesiveness. The hypotheses were derived from the findings of prior short‐lived laboratory and field research. The study indicates that the computer simulation approach is a valuable adjunct to the classical organizational research techniques.
PERFORMANCE OF THE EXPECTED UTILITY METHOD AND TWO OTHER NORMATIVE METHODS IN INSURANCE DECISION MAKING*
Authors: Neter John , Williams C. Arthur 
Published: June 2007

ABSTRACTIn an experiment, thirty‐six professional insurance men employed the utility method, the worry method, and the comparison method in two insurance problems to determine the appropriate insurance coverage. It was found that the best act with the utility method almost always was no insurance, whereas the best act with the other two methods tended to be complete insurance. The utility method best act rarely agreed with the subject's actual preferred act, while the comparison method best act usually was the same or almost the same as the actual preferred act. While the worry method suggests that the subjects typically are risk averse, the utility functions obtained tend to show that the subjects typically are not risk averse.
OPTIMAL PLANNING: THE USE OF SALES FORECASTS
Authors: Childress Robert L. 
Published: June 2007

AbstractBudgets are established and decisions in a firm are made on the basis of the sales forecast. In the majority of firms this forecast is a single value estimate of sales. The decisions made on the basis of the single value estimate frequently fall short of optimal strategies because of costs that occur when actual sales differ from forecast sales. These costs, measured in terms of opportunity losses, can be minimized when considered in conjunction with a probability distribution of sales.Three methods for determining the probability distribution of sales are considered in this paper. These are regression analysis Schlaifer's approach for establishing a subjective distribution, and Bayesian regression. The use of the distribution in conjunction with linear and quadratic loss functions is illustrated.
USING FISHBURN'S TECHNIQUES FOR ANALYSIS OF DECISION TREES: SOME EXAMPLES*
Authors: Barron F. Hutton 
Published: June 2007

AbstractTechniques for the analysis of payoff matrices with “imprecise” assessment of state probabilities are applied to the analysis of decision trees in normal form. The analytical techniques, due to Peter Fishburn, are summarized and then illustrated by analyzing two decision trees. Problem I, a two state problem, provides geometrical analogs for the two most “imprecise” probability assessments and simple analytical and geometrical analogs for the least “imprecise” probability assessment. Problem II, a three state problem, illustrates the application of all four precision levels, from most “imprecise” through least “imprecise.”
THE USES OF BUSINESS GAMING IN EDUCATION AND LABORATORY RESEARCH*
Authors: Rowland Kendrith M. , Gardner David M. 
Published: June 2007

AbstractThis paper reports an empirical investigation of business gaming in education and research. Subjects were approximately 200 junior and senior undergraduate students who were assigned to seven‐man teams on the basis of scores on the Least Preferred Co‐worker (LPC) leadership style questionnaire, and who played the Marksim business game during one academic semester. Relationships were explored between post‐game perceptions of the game, team atmosphere and the leader, combinations of congruent and incongruent leadership styles, and measures of team performance. Also explored were relationships between several predictor variables (including grade point average) and measures of team performance.The results were generally disappointing in regard to business gaming as an educational tool. However, it seems that business gaming may hold promise for laboratory research in the behavioral sciences. The results of this investigation suggest that relationship‐oriented and task‐oriented leadership styles and combinations of these styles within hierarchically structured groups affect members' perceptions of the task and other aspects of the task environment but do not affect group performance, at least directly. These results may have significance for those interested in organizational design and the selection and development of leaders for first and second‐level managerial positions.