Objectives and Multi-Objective Decision Making Under by Dr. J. Wilhelm (auth.)

By Dr. J. Wilhelm (auth.)

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Z •. ). 2 If a bottleneck of liquidity occurs a is unknown. y ••• z •• ) is defined on. 4. 2 1 for e 2 o elsewhere. ~ a2 PartiaZ Objeative8 and ManageriaZ Deai8ion8 It is an unchallenged fact that managerial decisions in reality are made 1) This makes sense if it is assumed that the planning horizon is fixed at that point. and no additional information is available after wards. For this assumption we refer to KrUmmel [1964. p. 194]. 2) a~ contrasts with cash payments which were to be paid by the original contract.

A revision becomes necessary, the cash payments and the cash receipts in tl depend on the revision carried out in tl: if zeZ( x,y,w ) stands for, say, factoring an additional cash receipt will be generated; if z stands for obtaining a moratorium from the creditors a part of the planned payments will be left undone. If there is no balancing activity at all, probably no statements can be made on the true received net cash receipts. Thus for all (x,y,w) and all ze eZ(x,y,w) cash receipts el(x,y,w,z) and cash payments al(x,y,w,z) in tl are determined; with the above-mentioned formal assumption in mind we may define functions e 1 and a 1 on the set of states (x,y,w,z).

2). 1) The previous-mentioned method of excluding actions from consideration which generate such a danger at all turns out to be a special case of the approach here indicated. 44 The chosen formulation of the problem which originally had one objective under certainty only has, under uncertainty, led to a problem with three paFtiaZ objectives (criteria). g. g. e. before the assets in question will normally become liquid (factoring). The first two operations being to shift the dates of aash payments to future period~ the latter is to remove dates of aash Feaeipts from future to present time.

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