Capability development in business system in the uncertainty conditions
by Zvonko Kremljak
International Journal of Services Operations and Informatics (IJSOI), Vol. 5, No. 3, 2010

Abstract: The long-term planning is impossible in conditions of uncertainty and continuous changes. The paper encompasses the original synthesis of the theory of real options, risk management, modelling uncertainty, method of analytic hierarchy process and fuzzy logic, and it represents a contribution to the construction of tools for decision-making support for directing the capability development process in business system. The procedure is based on moderate and manageable number of influential sizes and provides a comprehensive management of the problem with searching for suitable solutions. The procedure includes dealing with suitability, i.e. usefulness of logic of theory of real options with development of strategic capacities, as well as obstacles, which limit its usefulness; development of heuristic system approach which, on the basis of theory of real options, encourages the decision-making in capabilities development in business systems; completion of heuristic approach for effective interpretation of numerical results and their support to decision-making process.

Online publication date: Tue, 06-Jul-2010

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