Title :
Optimal decision making in a complex business simulation
Author :
Campbell, Terry L.
Author_Institution :
Pennsylvania State Univ., University Park, PA, USA
Abstract :
The author provides insights into the possibility of inculcating the next generation of management with a commitment to consider optimization of management decision models. The approach used was to integrate the Business Management Laboratory/Systems Laboratory for Information Management (BML/SLIM) and the Interactive Financial Planning System/Optimum (IFPS/Optimum) in a semester-long course on decision support and expert systems. Eight groups of three second-year MBA students participated for a series of three trial decisions and 12 `real´ decisions with the conceptual goal of optimizing the firm´s operations. The research method was a complex case-study approach modified to fit a classroom situation. One insight indicates that optimization may follow a similar trend in usage as discounted cash-flow techniques experienced in financial analysis
Keywords :
corporate modelling; decision support systems; educational courses; BML/SLIM; Business Management Laboratory/Systems Laboratory for Information Management; IFPS/Optimum; Interactive Financial Planning System/Optimum; MBA students; case-study approach; classroom situation; complex business simulation; decision support; discounted cash-flow techniques; expert systems; financial analysis; management decision models; semester-long course; Decision making; Expert systems; Financial management; Information management; Knowledge management; Laboratories; Pricing; Project management; Quality management; Weapons;
Conference_Titel :
System Sciences, 1989. Vol.III: Decision Support and Knowledge Based Systems Track, Proceedings of the Twenty-Second Annual Hawaii International Conference on
Conference_Location :
Kailua-Kona, HI
Print_ISBN :
0-8186-1913-9
DOI :
10.1109/HICSS.1989.49202
