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1666. Managerial econophysics unveiled: a comprehensive literature review on the amalgamation of business process management (BPM) and information entropy analysis
Invited abstract in session MC-8: Applications of knowledge and innovation in finance, stream AI & Innovation in Sustainable Finance.
Monday, 12:30-14:00Room: 1020 (building: 202)
Authors (first author is the speaker)
| 1. | Apostolos Mouzakitis
|
| PhD Studies, New York College Greece | |
| 2. | Anastasios Liapakis
|
| Department of Archival, Library & Information Studies (ALIS), University of West Attica |
Abstract
This paper explores the fusion of BPM and information entropy analysis. Its objective is threefold: to uncover potential synergies in enhancing organizational efficiency, present novel perspectives about decision-making processes, and introduce a novel scientific sub-field termed Managerial Econophysics. BPM, integrating IT and management, optimizes workflows, reduces costs, and boosts productivity. The review traces BPM's evolution from quality control to its modern manifestations. It addresses challenges like randomness and complexity, proposing entropy analysis to tackle uncertainty. Entropy metrics aid in performance optimization and resource allocation. The synthesis extends to econophysics, linking financial economics with entropy. Notable figures like Popovic and Shannon are discussed, highlighting entropy's role in financial market analysis. The broader scope of econophysics, including social systems, is explored. This paper argues for additional research into the application of econophysics in organizational settings, bridging the gap between economics, management, and physics. It advocates for integrating econophysics and information entropy analysis into managerial science, creating innovative approaches to process management. Just as natural vectors combine to form geometric spaces, diverse scientific disciplines can merge to forge new scientific frontiers. Managerial Econophysics emerges as an epistemological frontier in process management.
Keywords
- Continuous Optimization
- Decision Support Systems
- Management Information Systems
Status: accepted
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