general and applied uses

7/29/2019 General and Applied Uses

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General and applied uses

As a method ofapplied mathematics, game theory has been used to study a wide variety of

human and animal behaviors. It was initially developed ineconomicsto understand a largecollection of economic behaviors, including behaviors of firms, markets, and consumers. The use

of game theory in the social sciences has expanded, and game theory has been applied topolitical, sociological, and psychological behaviors as well.

Game-theoretic analysis was initially used to study animal behavior byRonald Fisherin the

1930s (although evenCharles Darwinmakes a few informal game-theoretic statements). Thiswork predates the name "game theory", but it shares many important features with this field. The

developments in economics were later applied to biology largely byJohn Maynard Smithin his

bookEvolution and the Theory of Games.

In addition to being used to describe, predict, and explain behavior, game theory has also been

used to develop theories of ethical or normative behavior and toprescribesuch behavior.[3]

In

economics and philosophy, scholars have applied game theory to help in the understanding ofgood or proper behavior. Game-theoretic arguments of this type can be found as far back as

Plato.[4]

Economics and business

This article is incomplete. Please help to improve the article, or discuss the issue on thetalk

page.(November 2010)

Game theory is a major method used inmathematical economicsand business formodeling

competing behaviors of interactingagents.[6]

Applications include a wide array of economicphenomena and approaches, such asauctions,bargaining,mergers & acquisitionspricing,

[7]fair

division,duopolies,oligopolies,social networkformation,agent-based computational

economics,[8]

general equilibrium,mechanism design,[9]

andvoting systems,[10]

and across suchbroad areas asexperimental economics,

[11]behavioral economics,

[12]information economics,

[13]

industrial organization,[14]

andpolitical economy.[15][16]

This research usually focuses on particular sets of strategies known asequilibriain games. These

"solution concepts" are usually based on what is required by norms ofrationality. In non-

cooperative games, the most famous of these is theNash equilibrium. A set of strategies is aNash equilibrium if each represents a best response to the other strategies. So, if all the players

are playing the strategies in a Nash equilibrium, they have no unilateral incentive to deviate,

since their strategy is the best they can do given what others are doing.[17][18]

The payoffs of the game are generally taken to represent theutilityof individual players. Often

in modeling situations the payoffs represent money, which presumably corresponds to an

individual's utility. This assumption, however, can be faulty.
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A prototypical paper on game theory in economics begins by presenting a game that is an

abstraction of a particular economic situation. One or more solution concepts are chosen, and the

author demonstrates which strategy sets in the presented game are equilibria of the appropriatetype. Naturally one might wonder to what use should this information be put. Economists and

business professors suggest two primary uses (noted above): descriptive andprescriptive.[3]

is the process of modeling the strategic interaction between two or more players in a situation

containing set rules and outcomes. While used in a number of disciplines, game theory is most notably

used as a tool within the study ofeconomics. The economic application of game theory can be a

valuable tool to aide in thefundamental analysisofindustries,sectorsand any strategic interaction

between two or more firms. Here, we'll take an introductory look at game theory and the terms

involved, and introduce you to a simple method of solving games, called backwards induction.

Definitions

Any time we have a situation with two or more players that involves known payouts or quantifiable

consequences, we can use game theory to help determine the most likely outcomes.

Let's start out by defining a few terms commonly used in the study of game theory:

Game: Any set of circumstances that has a result dependent on the actions of two of more

decision makers ("players")

Players: A strategic decision maker within the context of the game

Strategy: A complete plan of action a player will take given the set of circumstances that might

arise within the game

Payoff: The payout a player receives from arriving at a particular outcome. The payout can be in

any quantifiable form, from dollars toutility.

Information Set: The information available at a given point in the game. The term information

set is most usually applied when the game has a sequential component.

Equilibrium: The point in a game where both players have made their decisions and an outcome

is reached.

Assumptions

As with any concept in economics, there is the assumption ofrationality. There is also an assumption of

maximization. It is assumed that players within the game are rational and will strive to maximize their

payoffs in the game. (The question of rationality has been applied to investor behavior as well. Read

Understanding Investor Behaviorto learn more.)

When examining games that are already set up, it is assumed on your behalf that the payouts listed

include the sum of all payoffs that are associated with that outcome. This will exclude any "what if"

questions that may arise.
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The number of players in a game can theoretically be infinite, but most games will be put into the

context of two players. One of the simplest games is a sequential game involving two players.

Read more:http://www.investopedia.com/articles/financial-theory/08/game-theory-

basics.asp#ixzz2KgQY8QJp

An economy in which the input requirements for production are directly proportional to

the levels of production can be described by a set of linear equations. For details seeInput

Output Analysis. The linear equations can be expressed in terms of matrices.

Suppose an economy has n industries each producing a single unique product. (There is a

generalization of input output analysis, called activity analysis, in which an industry mayproduce more than one product, some of which could be pollutants.) Let the product input

requirements per unit of product output be expressed as an nxn matrix A. Let X be the n

dimensional vector of outputs and F the n dimensional vector of final demands. The

amounts of production used up in producing output X is AX. This is called the

intermediary demand. The total demand is thus AX+F. The supply of products is just the

vector X. For an equilibrium between supply and demand the following equations must be

satisfied.

X = AX + F

The equilibium production is then given by

X = (IA)-1F

A viable economy is one in which any vector of nonnegative final demand induces a vector

of nonnegative industrial productions. In order for this to be true the elements of (IA)-1

must all be positive. For this to be true (IA) has to satisfy certain coditions.

A minor of a matrix is the value of a determinant. The principal leading minors of an nxn

matrix are evaluated on what is left after the last m rows and columes are deleted, where mruns from (n-1) down to 0.

The condition for the nxn matrix of (IA) to have an inverse of nonnegative elements is

that its principal leading minors be positive. This is known as the Hawkins-Simon

conditions.
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1. Competency Mapping

2. WHAT IS COMPETENCY MAPPING? Competency mapping involves the process

by which we determine: The nature and scope of a specific job role, the skills required,

the level of knowledge required, and the behavioral capacities required to apply thoseskills and knowledge in that role. Competency Mapping plays a vital role in selecting,

recruiting and retaining the right people. When the competency required for a particularposition is mapped, an accurate job profile is created.

3. DEFINITION Competency can be defined as the process of identifying key attributesand skills for each position and process with in the company.

4. CHARACTERISTICS OF INDIVIDUALIN COMPETENCY Motive: Underlying

need or thought pattern that drives, directs and selects an individuals behavior. Eg need

for achievement Trait: A general disposition to behavior responds in a certain way, forinstance with self-confidence, self-control, stress resistance Self-concept: What they

think they value, what they think they do or interested in doing Knowledge: Content

knowledge

5. COMPETENCY MAPPINGTHROUGH FOLLOWING STAGES Job Analysis

Behavioral Event Interview 6. PROBLEM WITH COMPETENCYMAPPING A problem with competency

mapping, especially when conducted by an organization is that there may be no room for

an individual to work in a field that would best make use of his or her competencies.

Psychologists Job Analysts HR Specialists Experts7. WHO CAN IDENTIFIESTHECOMPETENCIES?

Use of job description Questionnaire Task Analysis work Shops Task Forces Group

work Interviews8. METHODS USED IN COMBINATION FORCOMPETENCYMAPPING

9. Thank you

Building the core competition For time management Focus on performing Roles.10.

NEED FOR COMPETENCYMAPPING 11. BROAD CATEGORIES INCOMPETENCY Generic Competencies which are

considered essential for all employees regardless of their function or level. For example

- Communication, initiative, listening skills etc. Managerial Competencies

Competencies which are considered essential for managerial or supervisory

responsibility

12. BROAD CATEGORIES INCOMPETENCY Technical / Functional Specificcompetencies which are considered essential to perform a specific role in the organisation

within a defined technical or functional area of work.

13. COMPETENCY BASEDRECRUITMENT Competency based recruitment processes

reduce the chances of a costly hiring mistake and increase the likelihood of identifying

and selecting the right person for the right job

Competencies14. COMPETENCY BASEDPERFORMANCE APPRAISAL enable

establishment of clear high performance standards Collection and proper analysis of

factual data against the set standards. Conduct of objective feedback meetings direction with regard to specific areas of improvement


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15. COMPETENCY BASEDTRAINING Opportunity to identify/ develop specific

training programmes Focused Training enabling improvement in specific technical andmanagerial competencies

Competencies16. COMPETENCY BASEDDEVELOPMENT enhances the

understanding of development and the individual gets the necessary tools to take

responsibility for their own development give the managers a tool to empower themto develop people

17. COMPETENCY BASED PAY Provide an incentive for employees to grow and

enhance their capabilities

COMPETENCY MAPPING :

COMPETENCY MAPPING

Presentation ByShailendra Deshpande :

Presentation ByShailendra Deshpande

Difference Between Performance & Competency. :

Difference Between Performance & Competency. Performance is a deliberate and purposeful

action or set of actions that an individual takes in order to achieve a desired result or output of some kind

that has got value to the individual. Competency can be thought of as the tools that individuals use for

successful or exemplary (best-in-class) performance. The best performer is always called as

Competent performer and not vice versa.

Competency As A Tool :

Competency As A Tool Competencies are based on Knowledge: - information accumulated in a particular

area of expertise (e.g., accounting, selling, servicing, management) Skills: - the demonstration of

expertise (e.g., the ability to make effective presentations, or to negotiate successfully) Motive: - recurrent

thoughts driving behaviors (e.g., drive for achievement, affiliation) Attitude: - self-concept, values and self-

image Traits: - a general disposition to behave in certain ways (e.g., flexibility)

Categories of Competencies :

Categories of Competencies Two major categories of competencies: - Threshold competencies: - They

are the characteristics, which any job holder needs to have to do that job effectively but do not

distinguish the average from superior performer. Differentiating competencies: - They are the


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characteristics, which superior performers have but are not present in average performers. Competencies

establish a causal link between certain behaviors and the achievement of success.

Types of Competencies :

Types of Competencies The four major types which are normally evaluated as: - Mobilizing innovationand change: - ability to conceptualize, creativity, risk-taking, visioning. Managing people and tasks: -

coordinating, decision-making, leadership / influencing others, managing conflict, planning, and

organizing. Communication: - interpersonal relationships, listening to others, oral and written

communication. Managing self: - learning new things, time management, personal strategies, problem

solving.

Procedure For Acquiring Competencies :

Procedure For Acquiring Competencies Traits Self Image Skills Thought Process Behavior

Difference Between Skill & Competency :

Difference Between Skill & Competency E.g. 2 people in same of office. They have 2 Similar skills 80

words in a minute with no error. Entertain the guest. Why choice of manager differs??? How to

differentiate between skill & competency?? how can one know when a person has acquired and is

appropriately using a competency in a performance situation?

Behavior Indicators :

Behavior Indicators Each competency must have associated with it one to five (maybe more) behavioral

indicators. Behavioral indicators describe actions or behaviors that one can observe an individual takingor using that signify an appropriate application of the competency in a specific performance setting.

For Example :

For Example Conflict Management: Anticipates or seeks to resolve confrontations, disagreements, or

complaints in a constructive manner.Behavioral Indicators: - Recognizes the root cause for conflicts,

confrontations, or disagreements. Resolves conflicts, confrontations, or disagreements in a constructive

manner. Addresses formal and informal complaints from employees or from person other than employees

(e.g., customers, suppliers). Attempts to resolve employee complaints or from persons other than

employees.

3 Important Definitions In Competency Mapping :

3 Important Definitions In Competency Mapping Competency Map. A competency map is a list of an

individuals competencies that represent the factors most critical to success in given jobs, departments,

organizations, or industries that are part of the individuals current career plan. Competency Mapping.

Competency mapping is a process an individual uses to identify and describe competencies that are the

most critical to success in a work situation or work role.


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Continued. :

Continued. Top Competencies. Top competencies are the vital few competencies (four to seven, on

average) that are the most important to an individual in their ongoing career management process.

Importance to the individual is an intuitive decision based on a combination of three factors: past

demonstrated excellence in using the competency, inner passion for using the competency, and the

current or likely future demand for the competency in the individuals current position or targeted career

field.

Slide 13:

Competency Mapping HR Functional Role lies in: Identifying Competencies required by organisations

Designing the Assessment/Development Center ( For Selection/promotion and development of

managers) Designing scientific instruments for assessment (Psychological tests, In-Baskets etc)

Developing Internal Assessor capabilities Facilitating Developmental outcomes/action plans

Institutionalizing the process in the organisation

Challenges Faced By Individuals :

Challenges Faced By Individuals The first challenge has to do with the fact that effective competency

mapping calls for insight analysis into the requisite competencies for success in the individuals career

field and in key positions of interest. The second challenge is it will be a bit difficult for many individuals to

create their own competency maps, because of limited experience with competencies and their

behavioral definitions, as well as some blind spots about their own prior accomplishments.

Continued.. :Continued.. A third challenge has been mentioned earlier. A common occurrence for many career

consultants is encountering individuals who are less than comfortable putting the extra effort into &

focusing so much on accomplishments, since this activity often feels to them like self-congratulatory back-

patting. The major reason, for all these, is that all competencies include, other attributes such as traits,

thought patterns, self-esteem, mindsets, and other characteristics that extend beyond ones knowledge

and skills alone.

Summary :

Summary No matter how formal or informal and organizations practices are regarding development

planning, the important idea for the individual is to map his or her top competencies that are important totheir future career passion and success. From among those top competencies, the individual needs to

identify their current competency strengths, and also their future competency development needs.

general and applied uses

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