Decision-making, economic analysis

COMPUTERS IN DEVELOPMENT DECISION MAKING, ECONOMICS, AND MARKET ANALYSIS... 

Robotics The introduction of robotics has given a new dimension to packaging in that it is now possible to do repetitive tasks with speed and accuracy at notably lower cost than if done by people. The manufacture of robots is well established with corporations of substantial resources providing a quality product with continuity of service, supply, and software support. There is also a specialty industry which is available to supply both accessory hardware and software which are custom designed to handle specific user situations. Economic analysis needs to be done before making the decision as to whether to automate using robots, fixed automation, or the labor of people aided by work aids. 

Bayesian networks for multivariate reasoning about cause and effect within R D with a flow bottleneck model (Fig. 11.6) to help combine scientific and economic aspects of decision making. This model can, where research process decisions affect potential candidate value, further incorporate simple estimation of how the candidate value varies based on the target product profile. Factors such as ease of dosing in this profile can then be causally linked to the relevant predictors within the research process (e.g., bioavailability), to model the value of the predictive methods that might be used and to perform sensitivity analysis of how R D process choices affect the expected added... 

For such major system acquisitions, a more thorough analysis of the system s economics will probably be required. In such a case it is best if those responsible for exploring and/or securing the benefits of LIMS technology, understand the financial decision making process that goes on in the firm and can assess for themselves the value of anticipated benefits and the investment which such benefits would justify. Not only will this insure a judicious system acquisition, but it will develop, in advance, the specific data that the financial decision makers require and which proves the value of the system not just to the labs, but to corporate organization as a whole. 

Moreover, the application of this tool permitted to evaluate the effect and efficiency of combinations of measures. Using multi-criteria analysis during the decision-making process allows taking into consideration several criteria such as technical efficiency of the measures, cost of their application, political criteria and socio-economic issues. 

Finally, not to overemphasize the role of economics in making decisions on issues such as those surrounding the DRRA, it may be that economics can and should play only a small part in these decisions. That is, perhaps such decisions should be based primarily on social grounds. Too much appears to be expected of economic analysis, particularly cost-benefit analysis. Normally only parts of a problem and alternatives to solving it are amenable to economic analysis. We should not expect more regardless of the recent surge in demands for economic impact analysis. 

Multi-criterion analysis is a decision-making tool for qualitative weighting of aggregated impact assessment indicators. Further information is available in the OECD Technical Guidance Document on the use of Socio-economic Analysis in Chemical Risk Management Decision-Making [510]. 

Technical Guidance Document on the use of Socio-economic Analysis in Chemical Risk Management Decision Making,... 

Risk management is the decision-making process that follows the completion of a risk assessment. The risk assessment provides important information that supports decision-making and is integrated with other factors, including economic, feasibility, and cost-benefit analysis, in the risk management process. 

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