The Importance of Order for the Decision in Uncertainty

Abstract

In a rapidly changing economic, financial and business environment, the management and treatment of uncertainty has already became an essential problem for the scientific community as well as for practitioners. This paper presents a new methodological framework for the study of uncertainty that is often encountered in real world decision problems in several fields including finance, economy and management. The key concept within the proposed framework is “order” that constitutes the focal point in what could be called the “theory of order”. Based on the traditional concept of order, this theory provides the necessary models and algorithms whose flexibility and adaptability enable the decision makers to consider the uncertainty that underlies the environment within which the decisions are taken.