Special Issue
Submission Closed
Scope of Statistical Modeling and Optimization Techniques in Management Decision Making Process
View Published Articles →01About This Special Issue
Statistical modeling and optimization techniques find vast applications in management decision making process. Whether designing new products, streamlining a production process or evaluating current vs. prospective customers, today’s business managers face greater complexities than ever before. Running a shop on instinct no longer suffices. Statistics provide managers with more confidence in dealing with uncertainty in spite of the flood of available data, enabling managers to more quickly make smarter decisions and provide more stable leadership to staff relying on them. Statistical analysis of a representative group of consumers can provide a reasonably accurate, cost-effective snapshot of the market with faster and cheaper statistics than attempting a census of very single customer a company may ever deal with. The statistics can also afford leadership an unbiased outlook of the market, to avoid building strategy on uncorroborated presuppositions. Statistics back up assertions. Leaders can find themselves backed into a corner when persuading people to move in a direction or take a risk based on unsubstantiated opinions. Statistics can provide objective goals with stand-alone figures as well as hard evidence to substantiate positions or provide a level of certainty to directions to take the company. Statistics can point out relationships. A careful review of data can reveal links between two variables, such as specific sales offers and changes in revenue or dissatisfied customers and products purchased. Delving into the data further can provide more specific theories about the connections to test, which can lead to more control over customer satisfaction, repeat purchases and subsequent sales volume. Anyone who has looked into continuous improvement or quality assurance programs, such as Six Sigma or Lean Manufacturing, understands the necessity for statistics. Statistics provide the means to measure and control production processes to minimize variations, which lead to error or waste, and ensure consistency throughout the process. This saves money by reducing the materials used to make or remake products, as well as materials lost to overage and scrap, plus the cost of honoring warranties due to shipping defective products.Employing techniques from other mathematical sciences, such as mathematical modeling, statistical analysis, and mathematical optimization, operations research arrives at optimal or near-optimal solutions to complex decision-making problems. Because of its emphasis on human-technology interaction and because of its focus on practical applications, operations research has overlap with other disciplines, notably industrial engineering and operations management, and draws on psychology and organization science. Operations research is often concerned with determining the maximum (of profit, performance, or yield) or minimum (of loss, risk, or cost) of some real-world objective. Originating in military efforts before World War II, its techniques have grown to concern problems in a variety of industries. Operational research (OR) encompasses a wide range of problem-solving techniques and methods applied in the pursuit of improved decision-making and efficiency, such as simulation, mathematical optimization, queuing theory and other stochastic-process models, Markov decision processes, econometric methods, data envelopment analysis, neural networks, expert systems, decision analysis, and the analytic hierarchy process. Nearly all of these techniques involve the construction of mathematical models that attempt to describe the system. Because of the computational and statistical nature of most of these fields, OR also has strong ties to computer science and analytics. Operational researchers faced with a new problem must determine which of these techniques are most appropriate given the nature of the system, the goals for improvement, and constraints on time and computing power.
02Meet the Guest Editors
Our distinguished editors bring deep subject-matter expertise to curate high-quality research and ensure a rigorous peer-review process.
Lead Guest Editor
Vishwa Nath Maurya
Department of Aplied Mathematics and Statistics, School of Science and Technology, The University of Fiji, Lautoka, Fiji
Guest Editor
Ram Bilas Misra
Department of Applied Mathematics, State University of New York, Cobleskill, United States
Guest Editor
Dr.GANDHIYA VENDHAN S
Tamilnadu Agricultural University, Trichy, India
Guest Editor
Dr. Syed Ghani, Ph.D.
Acting Director, Centre for Climate Change, Energy, Environment and Sustainable Development (CCCEESD) The University of Fiji, Fiji, Fiji
Guest Editor
Dr. Rajender Kumar Bathla, MCA, M.Tech., Ph.D.
Senior Assistant Professor, Department of Computer Science & Engineering, Haryana Institute of Engineering and Technology, Kaithal (Kuruchhetra University, Kuruchhetra, India), India
Guest Editor
Bijay Singh
Department of Soils Science, Punjab Agricultural University, Ludhiana, India
Guest Editor
Chandra K. Jaggi
Department of Operations Research, University of Delhi, India
Guest Editor
Charanjeet Singh Arneja
Department of Agricultural Extension, Punjab Agricultural University, Ludhiana, India
Guest Editor
Vijay Vir Singh
Department of Mathematics and Statistics, Yobey State University, Yobe, Nigeria
Guest Editor
Er. Avadhesh Kumar Maurya, B.Tech., M.Tech.
Assistant Professor & Head, Department of Electronics & Communication Engineering, Lucknow Institute of Technology, Lucknow (U.P. Technical University, Lucknow, India), India
03Published Articles
The following articles have been published in this special issue.
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Issue: Volume 4, Issue 2-1, March 2015Pages: 44-51Received: 10 March 2015Accepted: 10 March 2015Published: 21 March 2015DOI: 10.11648/j.ajtas.s.2015040201.16Downloads:Views:Abstract: Present research paper envisages investigation of the incidence and prevalence of Broncho-Pulmonary Dysplasia among infants in UMTH and UDUS Hospitals in Maidguri, Nigeria. The data used in this research paper were obtained from the University of Maiduguri Teaching Hospital (UMTH), Maiduguri and Usmanu Danfodiyo University Teaching Hospital Sokoto ... Show More -
Issue: Volume 4, Issue 2-1, March 2015Pages: 33-43Received: 4 December 2014Accepted: 6 December 2014Published: 11 March 2015DOI: 10.11648/j.ajtas.s.2015040201.15Downloads:Views:Abstract: The present paper envisages analyzing the relationship between work life balance policies and employee job satisfaction. Specifically, it has been focused here that the work life balance policies lead to attaining equilibrium between professional work and other activities. Under the present study is also examined that the work life balance policies... Show More
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Issue: Volume 4, Issue 2-1, March 2015Pages: 27-32Received: 4 December 2014Accepted: 5 December 2014Published: 11 March 2015DOI: 10.11648/j.ajtas.s.2015040201.14Downloads:Views:Abstract: Present paper deals with problems of determining the relationship between the variables of corporate governance and financial performance of Islamic banks, where we dealt the corporate governance in the banking sector, where increasing the importance of corporate governance, due to their special nature, as the bankruptcy of banks affects not only t... Show More
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Issue: Volume 4, Issue 2-1, March 2015Pages: 19-26Received: 4 December 2014Accepted: 5 December 2014Published: 11 March 2015DOI: 10.11648/j.ajtas.s.2015040201.13Downloads:Views:Abstract: Present paper aims to plan and estimate the optimal parameters of an adaptive control chart model for monitoring the mean of a process using sample size and variable interval. Here, the X_BARRA-VSSI chart has been chosen because of its two special features- firstly being an adaptive scheme with great potential for practical application, and second... Show More
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Issue: Volume 4, Issue 2-1, March 2015Pages: 11-18Received: 12 December 2014Accepted: 13 December 2014Published: 11 March 2015DOI: 10.11648/j.ajtas.s.2015040201.12Downloads:Views:Abstract: An ample study of the comparative powers of a number of omnibus multivariate normality tests is main object in this paper. Since testing for multivariate normality tests is considerably more challenging process than for testing of univariate one and therefore, study of testing for multivariate normality tests has its increasing demand. Through this... Show More
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Issue: Volume 4, Issue 2-1, March 2015Pages: 1-10Received: 4 December 2014Accepted: 5 December 2014Published: 11 March 2015DOI: 10.11648/j.ajtas.s.2015040201.11Downloads:Views:Abstract: In the present paper, mathematical modeling for analyzing a Markovian queueing system with two heterogeneous servers and working vacation has been demonstrated. Keeping in view queueing situations in real life problems, here we consider service policy that initially both the heterogeneous servers take vacation when there are no customers waiting fo... Show More
