Notes and Study material for Exams
DECISION MAKING under uncertainty The area of choice under uncertainty represents the heart of decision theory. Known from the 17th century (Blaise Pascal invoked it in his famous wager, which is contained in his Pensées, published in 1670), the idea of expected value is that, when faced with a number of actions, each of which could give rise … Read more
Measurement of any physical quantity involves comparison with a certain basic, arbitrarily chosen, internationally accepted reference standard called unit. The result of a measurement of a physical quantity is expressed by a number (or numerical measure) accompanied by a unit. A unit of measurement is a definite magnitude of a quantity, defined and adopted by … Read more
Organised crime: Organized crime is described as any group having a corporate structure whose main aim is to obtain Money through unlawful activities often surviving on fear and Corruption. Today, organized crime is business at large scale that is conducting global commerce for the trafficking of illegal Services and products as well as developing the … Read more
The Zero-Hour Economy: A Precarious Balancing Act The world of work is changing rapidly, driven by technological advancements, globalization, and a growing demand for flexibility. One of the most prominent shifts is the rise of the “zero-hour contract,” a flexible employment arrangement that has become a defining feature of the modern economy. This article delves … Read more
DECISION MAKING is an essential part of planning. Decision making and problem solving are used in all management functions, although usually they are considered a part of the planning phase. A discussion of the origins of management science leads into one on modeling, the five-step process of management science, and the process of engineering … Read more