Assisting whole-farm decision-making through stochastic budgeting

Assisting Whole-Farm Decision-Making through Stochastic Budgeting

Stochastic budgeting is used to simulate the business and financial risk and the performance over a six-year planning horizon on a Norwegian dairy farm. A major difficulty with stochastic whole-farm budgeting lies in identifying and measuring dependency relationships between stochastic variables. Some methods to account for these stochastic dependencies are illustrated. The financial feasibilit...

An Integrated Gis and Knowledge-based Decision Support System in Assisting Farm-level Agronomic Decision-making

A main task in agriculture production is field management of water and fertilizer. Excessive fertilizer and water application not only waste resource but also pollute the environment. The traditional principle of digital agriculture can only apply in flat or plain place where a large field usually should be partitioned evenly into many little grids and thus decisions on grid-specific agronomic ...

Stochastic Decision Making in Manufacturing Environments

Decision making plays an important role in economics, psychology, philosophy, mathematics, statistics and many other fields. In each field, decision making consists of identifying the values, uncertainties and other issues that define the decision. In any field, the nature of the decisions is affected by environmental characteristics. In this paper, we are considered the production planning pro...

Decision making in forest management with consideration of stochastic prices

  The optimal harvesting policy is calculated as a function of the entering stock, the price state, the harvesting cost, and the rate of interest in the capital market. In order to determine the optimal harvest schedule, the growth function and stumpage price process are estimated for the Swedish mixed species forests. The stumpage price is assumed to follow a stochastic Markov process. A stoch...

Whole-Body Semantic Decision Making