Critical analysis of classical scenario-based decision rules for pure strategy searching
Helena Gaspars-Wieloch · Scientific Papers of Silesian University of Technology Organization and Management Series · 2020
Purpose: The contribution briefly presents the essence and applications of the well-known classical decision rules designed for decision making under uncertainty with unknown probabilities and based on scenario planning.We concentrate on games against nature, pure strategy searching and one-criterion optimization.Design/methodology/approach: The main goal of this work is to analyse numerous case studies and formulate conclusions concerning the properties (in particular drawbacks and limitations) of the aforementioned strategic procedures.Findings: The paper focuses on the limited usefulness of classical decision rules in real economic decision problems.It is advised to apply them very carefully. Research limitations/implications:A similar analysis for mixed strategy searching and multicriteria optimization should be performed within a future research.Originality/value: The work offers numerous practical guidelines modifying existing procedures and allowing decision makers to obtain logic recommendations.