A new method for evaluating worst- and best-case (WBC) economic consequences of technological development

Hans Schjær-Jacobsen

    Research output: Contribution to journalConference articlepeer-review

    Abstract

    This paper is addressing the problem of evaluating economic worst- and best-care (WBC) consequences of technological development in industrial companies faking into account uncertainties and lack of exact cost and market information. In the theoretical part of the paper, the mathematical concepts of interval analysis are introduced in order to establish a basis for adequately handling the complexity involved in true WBC analysis. The practical part of the paper demonstrates the applicability of WBC budgeting in a cash-flow case related to a real-life decision situation at the project level in an industrial company.
    Original languageEnglish
    JournalInternational Journal of Production Economics
    Volume46-47
    Pages (from-to)241-250
    ISSN0925-5273
    DOIs
    Publication statusPublished - 1996
    Event 8th International Working Seminar on Production Economics - Innsbruck, Austria
    Duration: 21 Feb 199425 Feb 1994
    Conference number: 8

    Conference

    Conference 8th International Working Seminar on Production Economics
    Number8
    Country/TerritoryAustria
    CityInnsbruck
    Period21/02/199425/02/1994

    Keywords

    • Worst-case
    • Best-case
    • Economic consequences
    • Technological development

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