• MATHEMATICAL MODELLING OF SOCIO-ECONOMIC PROCESSES AND SYSTEMS

    COMPLEX SYSTEM, UTILITY AND DECISION CONTROL: A RISK PORTFOLIO OPTIMIZATION CASE

    Mathematical Modeling, Vol. 2 (2018), Issue 2, pg(s) 84-87

    The decision making is based on the objective preferences and starting from this position the incorporation of human preferences in complex systems is a contemporary trend in scientific investigations. In Complex system where a human participation is decisive for the final decision the human thinking, notions and preferences have cardinal significance and need analytical representation. Mathematical modeling of complex „human – process” systems and build mathematically well-founded control solution need analytical representation of quantitative information like preferences. This could be made by utility theory and stochastic approximation theory. The objective of the paper is to present a strict logical mathematical approach for modeling and estimation of human preferences as machine learning in the process of building of mathematical models of complex systems with human participation. The approach is demonstrated on a case study in the area of risk portfolios optimization and financial risk management with color noise. The objective of the paper is to present a mathematical approach for modeling and estimation of human preferences as machine learning in the process of building of mathematical models of complex systems with human participation.

  • ADJUSTING THE SALES PROCESS TO THE PERSONALITY OF THE BUYER (RESEARCH THE AUSTRIAN INVESTMENT GOODS INDUSTRY)

    Machines. Technologies. Materials., Vol. 9 (2015), Issue 1, pg(s) 16-21

    The sales process in the investment goods industry is sophisticated and long-lasting when compared to commodity products.
    Sometimes it takes years to close the business. Therefore it is of enormous importance for both parties – the buyer and the seller – that this process is as efficient as possible. Commitment, trust and cooperation are key elements in developing enduring and successful relationships between sellers and buyers in a b2b setting. Commitment and trust can only be developed when individuals understand each other and the expectations of each other (pervin, cervone and john 2000, p.526). Understanding does not just mean that it is based on business information, e.g. Technical specifications; it is extremely important to understand the buyer as a whole person – the personality of the person. People are different and people behave differently; therefore based on an individual’s personality, he or she will have different expectations and also expect different things depending on how he or she is treated.
    The motivation to explore this topic is derived from the tremendous influence that the buyer’s personality can have on the sales process and outcome. Adapting to personal needs, preferences, thinking and decision-making styles shows the buyer that the seller understands him or her, which consequently establishes a strong relationship.