Value of information in decision making: Application in milk production and processing
1995
Kavcic, S. (Ljubljana Univ. (Slovenia). Biotechnical Fac., Zootechnical Dept.)
This paper emphasises the distinction between intuitive and a systematic approach in business decision making and explains the basic elements and principles of decision making theory. It presents most frequently used techniques of risk management as a key factor in decision making and exposes the theoretical background of the term Value of information. Hypothetical examples in milk production and processing are used to illustrate the possibility of applying these methods in practice and some possible disadvantages. Finally, the article critically assesses potential of more sophisticated techniques to overcome these problems.
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