A MODEL FOR EVALUATING IMPERFECT CONTROL SYSTEMS |
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Authors: | William H. Hannum |
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Abstract: | A model is developed for evaluating alternative control systems for an ongoing managerial process in terms of expected contribution per unit time under conditions of imperfect information. A variety of process failure distributions and economic characteristics are accepted by the model. An example illustrates the versatility of this approach for comparing alternative systems and for performing sensitivity analysis on process and control system parameters. |
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