||Beterministic management decision making using forecasting models
||It is widely accepted that forecasting is an activity essential to management decision making.Forecasting models are extensively used by the management to assist evaluation of projectfmmcial viability and its resulting financial commitments and capabilities. Furthermore, thesemodels are used at the corpsrate level with wider implications. However, it appears thatoften, the forecasting models are either used as a procedural necessity without much faith intheir outcome or, they are used fatalistically where the outcome is accepted on the whole.This paper attempts to extend the boundaries of the applications of forecasting models andasserts that the pro-active management should be able to take a progressive attitude towardsthe concept of forecasting and exploit it as a tool for deterministic, rather than fatalisticdecision and policy making.This paper is concerned with the above notions primarily in the context of forecasting modelsfor construction project cash flow. To this end, the paper introduces TASC - amathematically based model - the structure and various features of which, accommodate theimplementation of the above concept.
|Year of publication:
Khosrowshahi F (1993).
Beterministic management decision making using forecasting models. Mathur K S, Betts M P, Tham K W (ed.); Pre-proceedings of the first international conference on the management of information technology for construction; Singapore, August 1993 (ISSN: 2706-6568),