Stochastic Programming for Optimal Decision Making through Scaling Measures

Authors

  • Tirupathi Rao Padi Associate Professor, Dept. of Statistics, Pondicherry University, Puducherry -605014, India
  • Kiran Kumar Paidipati Research Scholar, Dept. of Statistics, Pondicherry University, Puducherry -605014, India
  • umashankar C Professor, Dept. of S.Q.C. & O.R., Rayalaseema University, Kurnool, A.P. India

DOI:

https://doi.org/10.24297/ijmit.v6i1.748

Keywords:

Decision scores, Scaling Measures, Stochastic programming problem, Bivariate stochastic processes, Stochastic Modeling

Abstract

In this paper, a stochastic programming problem for scaling measures similar to Likert's format is developed. The objective function is formulated with a view of maximizing the expected decision making score. The constraints are designed with minimum expected decision score and with minimum targeted precision. The very objective of this problem is to find the decision variables of finding the optimal handled number of assignments by a manager in different categories. While developing the programming problem, the statistical measures such as mean and variances of decision scores are derived from the developed stochastic models based on bivariate stochastic processes as a result of spread sheet experimentation. Sensitivity analysis is carried out with the numerical outputs after solving the derived NLPP using a mathematical software LINGO.

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Author Biographies

Tirupathi Rao Padi, Associate Professor, Dept. of Statistics, Pondicherry University, Puducherry -605014, India

Department of Statistics,Associate Professor

Kiran Kumar Paidipati, Research Scholar, Dept. of Statistics, Pondicherry University, Puducherry -605014, India

Research Scholar, Department of Statistics

umashankar C, Professor, Dept. of S.Q.C. & O.R., Rayalaseema University, Kurnool, A.P. India

Professor,Dept. of Statistical Quality Control & Operations Research

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Published

2013-09-30

How to Cite

Padi, T. R., Paidipati, K. K., & C, umashankar. (2013). Stochastic Programming for Optimal Decision Making through Scaling Measures. INTERNATIONAL JOURNAL OF MANAGEMENT &Amp; INFORMATION TECHNOLOGY, 6(1), 665–671. https://doi.org/10.24297/ijmit.v6i1.748

Issue

Vol. 6 No. 1 (2013)

Section

Articles

License

Creative Commons License All articles published in Journal of Advances in Linguistics are licensed under a Creative Commons Attribution 4.0 International License.

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