When Optimal Isn’t Optimal
Complex systems, complexity theory, network systems, complex networks, tipping points, optimization and multiple criteria decision analysis
Whether you’re an operations manager, a financial executive, an engineer, or an analyst, chances are you’ve been taught to optimize the outcomes of your decisions. And taken in a vacuum, that makes a good deal of sense. But as the new discipline of complex adaptive networks shows, in our heavily interconnected, interdependent world optimizing can introduce hidden vulnerabilities to surprisingly expensive failures. In this webinar we’ll discuss examples of such failures and identify conditions for which a satisfactory but not optimal solution is the best approach overall.
Burk, R. (2020). When Optimal Isn’t Optimal. Operations Management Presentations. Retrieved from https://scholarworks.uark.edu/opmapub/2