A number of simulation techniques may be applied to strategy and decision-making. In using such techniques it is important to understand the role of models, in the context of the wider decision-making process which is largely a communal and political process; the choice of a particular approach or technique depends not only on the type of decision being considered, but also on the stage of the ...

A decision support system is formulated for a multi-product biorefinery. A structured approach is used for feed, product, and technology selection and capacity design. Uncertainty in ethanol prices is modeled using real-options analysis. The results show prefernece for an incremental capacity design over economies of scale, and selection of a higher costing flexible production platform that can...

The research addresses the management dilemma of a decrease in the number of capital project investments, due to the current methods of capital budgeting (i.e. net present value analysis using discounted cash flows) being ineffective, because it does not effectively deal with uncertainty in the investment, and also does take management's flexibility into account. It has been determined that a s...

When faced with a complex scenario, how does understanding arise in one’s mind? How does one integrate disparate cues into a global, meaningful whole? Consider the chess game: how do humans avoid the combinatorial explosion? How are abstract ideas represented? The purpose of this paper is to propose a new computational model of human chess intuition and intelligence. We suggest that analogies a...

The present paper introduces a parametric generalized exponential measure of fuzzy divergence of order α with the proof of its validity. A particular case of proposed fuzzy divergence measure is studied. Some properties of the new divergence measure between different fuzzy sets are proved. We establish a relation between exponential fuzzy entropy of order α and our fuzzy divergence measure. Fur...

Strategic decision-making process is a crucial part of strategy formulation and implementation. However, most inquiries into strategic decision-making process use quantitative methods. Even if there have been calls for more qualitative method for decision-making research, most researchers still predominantly use quantitative method as a main tool to find the results. This paper is aimed to chal...

A test of adverse events and strategic timing theories can be conducted by determining whether some relevant financial decision variables, such as financial benefit from filing for bankruptcy, or debt discharged in bankruptcy are endogenous with the bankruptcy decision or not. For the strategic timing theory such decisions are endogenous, while for the adverse events theory they are not. Hausma...

Disputes and lawsuits are quite common in business and are often a source of significant liabilities. We conjecture that measurement challenges and lack of adequate analysis tools have greatly inhibited the ability of the General Counsel’s offices in selecting the best mode for the resolution (i.e. litigation vs. out-of-court settlement) of business conflicts and disputes. Easily quantified dir...

3 ACKNOWLEDGMENTS 5 TABLE OF CONTENTS 6 LIST OF FIGURES 8 LIST OF TABLES 9 CHAPTER