Possibility to Apply Selected Decision-Making Models in Designing and Implementing Cost Strategy in an Insurance Company
AbstractThe purpose of this paper is to analyse the possibility of applying selected decision-making models in the design and implementation of a cost strategy in an insurance company undertaking subject to the achievement of financial management objectives. In the area related to decision analysis two groups of decision-making models have developed. These are the groups that include prescriptive (normative) models, and descriptive models. The presented models are analysed in the context of the possibility of their application by insurance companies when implementing the cost strategy. This analysis is carried out using the deduction method. As a result, seven areas were identified which are related to factors determining the selection and design of cost strategy in an insurance company. In addition, the paper is supplemented by the presentation and description of the organizational and behavioural aspect of the implementation of a cost strategy in an insurance company.
|Publication size in sheets||0.5|
|Book||Soliman Khalid S. (eds.): Education Excellence and Innovation Management: A 2025 Vision to Sustain Economic Development during Global Challenges, 2020, International Business Information Management Association (IBIMA), ISBN 9780999855141|
|Keywords in English||Insurance Company, Cost Strategy, Financial Management, Decision-Making Models|
|Uwaga||"The project is financed by the Ministry of Science and Higher Education in Poland under the programme "Regional Initiative of Excellence" 2019 - 2022 project number 015/RID/2018/19 total funding amount 10 721 040,00 PLN".|
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