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THE USE OF MARKOV CHAINS IN STRATEGIC MANAGEMENT OF MINING COMPANIES

Katarzyna Tobór–Osadnik

Abstract

In the era of dynamically changing business environment, planning in an enterprise is a part of decision making process. Therefore, a good prepared action plan is necessary. The rationality of decisions included in the plan depends on the quantity and quality of information available to the decision maker. Enterprises, including coal mines, are a set of interdependent phenomena. For that, we need to create decision support tools, the results of which will be visible in the future. Common tools include methods based on statistical calculations using statistical data. Markov chains have a special place within the probabilistic models. The main advantages of Markov models are a relative simplicity of design and an ease of inference. The publication have presented the use of Markov chains in strategic management of coal mines. The authors have used these method for the determine the level of employment in the hard coal mines. These model can also be used to determine the number of stone, stone-coal and coal excavations in these mines. In summary, Markov chains can be used to forecast economic indicators, risk factors or to create early warning systems in mining companies of the study and used methods.

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DOI resolver: doi.org/10.5593/sgem2018/1.3/s03.133

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