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About Chaos Economics
This paper argues that chaos theory can provide a useful framework for understanding the dynamic evolution of industries and complex interactions among firms. It describes how industries can be conceptualized as complex, nonlinear systems that exhibit both unpredictability and underlying order. The paper illustrates how a simulation model of a computer manufacturer's international supply chain, based on the author's research, demonstrates the managerial implications of applying chaos theory, such as how small disruptions can interact to make supply chains highly volatile and costly. While forecasting is difficult, patterns emerge that can help managers improve decision-making and identify approaches to lower costs.
Detailed Information
| Author: | ['deanp97'] |
|---|---|
| Publication Year: | 2013 |
| Pages: | 12 |
| Language: | English |
| Format: | |
| Price: | FREE |
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