A Portfolio Approach for Purchasing Systems: Impact of Switching Point
Current tools of operations management do not offer insight for advanced decision making. One potential method for tracking these signals may be the development of the GARCH technique (proven useful in financial risk management and awarded the 2003 Nobel Prize in Economics). Improving precision in...
| Main Authors: | , , |
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| Format: | Working Paper |
| Language: | English |
| Published: |
2008
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| Subjects: | |
| Online Access: | http://hdl.handle.net/1721.1/41918 |
| Summary: | Current tools of operations management do not offer insight for advanced decision making. One potential method for tracking
these signals may be the development of the GARCH technique (proven useful in financial risk management and awarded the 2003 Nobel Prize in Economics). Improving precision in predictive analytics may help in better execution of the switching point decision making (among other things) for much larger and more complex operations with vast number of decision parameters. The incorporation of ambient intelligence or algorithms from artificial intelligence may help purchasing
systems learn how to be autonomous and/or help human operators to decide between portfolio of approaches by evaluating decisionable information extracted from data analytics (acquired from a plethora of business processes). Taken together, these represent potentially interesting future steps. |
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