Data parameters
In decision theory, data parameter is an (economic) variable that cannot be influenced by the decision maker in the context of his decision by setting his action parameter.
General
If an action parameter is used, this automatically results in reaction and data parameters. Data or data parameters “are to be understood as such exogenous variables on which the company cannot or does not want to exert any direct or indirect influence, which it must accept or accept as conditions.” In this, Erich Kosiol makes it clear that data is not is about established facts , but about future facts that have to be forecast . If the decision-maker has information about the probability of occurrence of the reaction parameters , it is a decision under uncertainty ; if such ideas of probability are absent, a decision is made under uncertainty . In theory, one can generally assume that the data parameters are given quantities - not necessarily constant over time, but as functions of time that do not have to be continuous (data can change suddenly). It is therefore a question of - at least in the short term - variables from the environment of the economic subject that cannot be influenced either directly or indirectly.
environment
The environment in the sense of decision theory includes all factors that cannot be influenced by the decision maker and that affect the result of the individual action parameters. The environmental influences on these decisions are divided into endogenous factors such as the internal acceptance of company decisions or the susceptibility to failure in the implementation of the service processes and exogenous factors . This includes natural ( climate , weather ) and societal data (such as laws , collective agreements , action parameters of competitors , suppliers and buyers , or institutions ) that are not to be understood as a reaction to their own action parameters. If the decision-maker fails to make any attempt to influence the situation, the societal conditions are also data parameters, as is the case with natural conditions. In particular, they are the boundary conditions defined by the external environment of a company ( competition , market , state , central bank , supervisory authorities , foreign countries ) which, at least in the short term, cannot be influenced either directly or indirectly by one's own decisions. The decision-making framework therefore sees the decision-making environment as an unchangeable date. The term date is often used as a synonym for data parameters.
Data parameters in business
If a decision maker has knowledge of the state of the environment , he makes a decision under uncertainty. This will mainly be the case with companies with exogenous data such as market prices , market shares or laws with an impact on the company. Knowledge of this exogenous data is assumed for decision-makers.
If the delivery capacity on a procurement market is limited in the medium term, this will have to be taken into account as a date when making a decision on whether to expand one's own production . This also applies to the logistics bottleneck as a bottleneck factor . In particular, laws with economic effects for affected economic entities (such as accounting law , tax laws ) or the minimum wage apply as the date for business decisions. As part of the accounting capability so companies have statutory accounting prohibitions in accounting to be considered as data parameters. If an exporter decides to export a certain product (action parameter ), he must observe and accept a specific state export ban for this as a data parameter and is thus prevented from exporting. A date to be accepted for exporters and importers alike is the exchange rate . All official market regulations act in this form as data parameters. So for example in the banking system , the minimum reserve requirements regime of the ECB for the commercial banks one for granted to be regarded size, have to meet the banks. The key interest rate of the ECB is also an acceptable variable that you have to take into account when making your own decisions. In addition, random events in credit decisions, such as credit defaults and damage events that have occurred in the case of insurance companies , are to be taken into account as data parameters.
Data of this kind have a restrictive effect on action parameters and limit the content of the decision, at least for a short time. However, data can change suddenly, so that not all existing data parameters have to be planned and accepted as permanently unchangeable quantities. For example, export bans can be lifted, changes in the law, particularly in tax law, can lead to data changes, or restrictive working conditions can be wholly or partially eliminated, for example by easing working hours .
Data parameters in everyday life
The term originating from decision theory can be applied to all everyday situations in which decisions are pending. For those who have to decide which means of transport to use to travel to work and choose the bicycle , for them the bicycle is the action parameter , the road traffic is a reaction parameter and the weather is a data parameter.
Individual evidence
- ↑ Erich Kosiol , Baussteine der Betriebswirtschaftslehre , Volume 1, 1973, p. 361
- ^ Gerhard Vogler, General Business Administration , 1976, p. 56.
- ^ Jürgen Wild, Fundamentals of Corporate Planning , 1982, p. 50.
- ^ Gerhard Vogler, General Business Administration , 1976, p. 55.
- ↑ Dieter Farny , Versicherungsbetriebslehre , 2006, p. 302.