Purpose – The purpose of this editorial is to explore the usefulness of distinguishing between “risk” and “Knightian uncertainty.” Design/methodology/approach – The paper presents a representative, insurance-based model of Knightian uncertainty arising out of potential major...

Purpose – This paper aims to resolve the phenomenon of the gaps between plentiful data and useful information for many manufacturing companies. Design/methodology/approach – By introducing Bayesian dynamic sampling processes, a quality process control cycle will be achieved through the...

Purpose – This editorial aims to consider certain aspects of the parallel development of statistics and actuarial science that are instructive in understanding the value of intellectual cross-fertilization in research. Design/methodology/approach – The paper addresses the fundamental problem...

Purpose – This editorial aims to consider certain aspects of the parallel development of statistics and actuarial science that are instructive in understanding the value of intellectual cross‐fertilization in research. Design/methodology/approach – The paper addresses the fundamental...

Purpose – This editorial aims to consider certain aspects of the parallel development of statistics and actuarial science that are instructive in understanding the value of intellectual cross-fertilization in research. Design/methodology/approach – The paper addresses the fundamental problem...

Purpose – The purpose of this two‐part series is to consider the role of the “scientific method” (SM) in human understanding, questioning both its consistency in actual practice and its reasonableness as a system of philosophy and action. Design/methodology/approach – Part 2 considers...

Purpose – The purpose of this paper is to suggest a framework for sales forecasting more suitable for smaller firms. The authors examine the sales forecasting practices of small firms and then proceed to discuss the application of Bayesian decision theory in the production of sales forecasts,...