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Economic planning is a resource allocation mechanism based on a computational procedure for solving a constrained maximization problem with an iterative process for obtaining its solution. Planning is a mechanism for the allocation of resources between and within organizations contrasted with the market mechanism.
In economics, the field of public finance deals with three broad areas: macroeconomic stabilization, the distribution of income and wealth, and the allocation of resources. . Much of the study of the allocation of resources is devoted to finding the conditions under which particular mechanisms of resource allocation lead to Pareto efficient outcomes, in which no party's situation can be ...
If the inputs are indivisible and complementary, a small scale may be subject to idle times or to the underutilization of the productive capacity of some sub-processes. A higher production scale can make the different production capacities compatible. The reduction in machinery idle times is crucial in the case of a high cost of machinery. [10]
Strictly dominated strategy is a strategy where the other strategy chosen always results in a lousier outcome. [84] Weakly dominated strategy is a strategy where it produces the lousier or equivalent outcom when compared to the outcome of the alternate strategy.
An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions , agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
Strategic management tools. In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates.
Scalability is the property of a system to handle a growing amount of work. One definition for software systems specifies that this may be done by adding resources to the system. [1] In an economic context, a scalable business model implies that a company can increase sales given increased resources. For example, a package delivery system is ...
In Computer Science, Optimal Computing Budget Allocation (OCBA) is a simulation optimization method designed to maximize the Probability of Correct Selection (PCS) while minimizing computational costs. First introduced by Dr. Chun-Hung Chen in the mid-1990s, OCBA determines how many simulation runs (or how much computational time) or the number ...