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Title: THE USE OF MARKOV CHAINS IN STRATEGIC MANAGEMENT OF MINING COMPANIES
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THE USE OF MARKOV CHAINS IN STRATEGIC MANAGEMENT OF MINING COMPANIES
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1314-2704
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English
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18
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1.3
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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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conference
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18th International Multidisciplinary Scientific GeoConference SGEM 2018
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18th International Multidisciplinary Scientific GeoConference SGEM 2018, 02-08 July, 2018
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Proceedings Paper
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STEF92 Technology
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International Multidisciplinary Scientific GeoConference-SGEM
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Bulgarian Acad Sci; Acad Sci Czech Republ; Latvian Acad Sci; Polish Acad Sci; Russian Acad Sci; Serbian Acad Sci & Arts; Slovak Acad Sci; Natl Acad Sci Ukraine; Natl Acad Sci Armenia; Sci Council Japan; World Acad Sci; European Acad Sci, Arts & Letters; Ac
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1061-1068
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02-08 July, 2018
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website
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cdrom
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362
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coal mining; Markov chain; statistic model; human resources
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