Preface

Chapter 8 127

Chapter 9 141

Chapter 10 167

Chapter 11 181

Chapter 12 201

Chapter 13 217

The Role of Wealth in Gain and Loss Perception: An Empirical

Saving Time in Portfolio Optimization on Financial Markets

A Global Method for a Two-Dimensional Cutting Stock Problem in

Selection of Food Items for Diet Problem Using a Multi-objective

A Query Matching Approach for Object Relational Databases Over

by Saman Hassanzadeh Amin, Samantha Mulligan-Gow

Contribution of Professional Pedagogy to Decision-Making

by Hafiz Muhammad Faisal, Muhammad Ali Tariq, Atta-ur-Rahman, Anas Alghamdi and Nawaf Alowain

by Yao-Huei Huang, Hao-Chun Lu, Yun-Cheng Wang, Yu-Fang

by Todor Atanasov Stoilov, Krasimira Petrova Stoilova

and Miroslav Dimitrov Vladimirov

the Manufacturing Industry

Approach under Uncertainty

and Guoqing Zhang

by Franco Blezza

Semantic Cache

II

Chang and Chun-Kai Gao

Analysis

by Andrea Lippi

Application of Decision Science in Business and Management is a book that synthesizes the analytical principles with business management practices of Decision Science.

It shows the relationship between the main disciplines of administrative, organizational, and engineering/technology abilities of decision science. It also considers other specialties such as finance economics, risk analysis, decision making, marketing, etc.

Decision science synthesizes the methods and techniques employed in decisionmaking. They can be qualitative/quantitative, exact or not, etc., and therefore, the solution can be optimal or not. The decisions are generally classified regarding to the period as operational (short period), strategic (long period), and politic (very long period).

The chapters introduce and demonstrate a decision-making theory to practice case studies. It demonstrates key results for each sector with diverse real-world case studies. Theory is accompanied by relevant analysis techniques, with a progressive approach building from simple theory to complex and dynamic decisions with multiple data points, including big data, lot of data, etc. Computational techniques, dynamic analysis, probabilistic methods, and mathematical optimization techniques are expertly blended to support analysis of multi-criteria decision-making problems with defined constraints and requirements.

The book is aimed at graduate students and professionals in business administration, industrial organization, operations management, applied microeconomics, and the decisions sciences, either studying decision-making analysis, or who are required to solve large, specific, and complex multi-criteria decision-making problems as part of their jobs. The work will also be of interest to industrial engineers and engineering designers working with optimization problems, but this is not the main audience, and finally researchers from the academia.

> Fausto Pedro García Márquez Ingenium Research Group, University of Castilla-La Mancha, Spain

**1**

**Chapter 1**

**Abstract**

*Shaoqiong Zhao*

consumers' decision-making.

improve their products accordingly.

**1. Introduction**

The Role of Reviews in

With the rise of social media such as blogs and social networks, these interpersonal communication expressed by online reviews has become more and more important as an influential source of information both for the managers and for the consumers. In-depth purchasing-related information is made available to markers. Now we can utilize this new source of information to understand how consumers evaluate products and make decision in relation with it. Since reviews are text data, new ways to analyze the data is needed and text-mining plays the role here together with the help of traditional statistical methods. With these methods, we can examine the contents of reviews and identify the key areas that impact

**Keywords:** reviews, text-mining, decision-making, consumers, analytics

We finally enter this technologic era where people and technology integrate with each other. It only took 4 years for Internet to reach 50 million people while comparing to telephone it is 75 years. Especially for Generation Z, majority of them grow up using the Internet and social media. Overall, more than half of the world's population is online. The rise of Internet and especially social media shifted the way people communicate and interact with each other. With the rise of social media such as blogs and social networks, these interpersonal communication expressed by online reviews has become more and more important as an influential source of information both for the managers and consumers. With the rapid growth of comments by consumers over the Internet, in-depth purchasing related information is available to markers. The wide availability of lengthy and numerous text-based online reviews provides a treasure trove of information that can potentially reveal a much wider set of variables that determine the consumers' attitude/evaluation toward the products. There has been numerous of research on how to utilize the information. In [1], the authors investigated consumers' usage of online recommendation sources and their influence on online product choices. Later in [2], Kumar and Benbasat use empirical evidence to demonstrate the influence of recommendations and online reviews on the consumers' perceptions of usefulness and social presence of the websites. As for the firms, online consumer reviews can provide valuable insights and help them

There also have been many research articles (i.e., "for example, see [3–6]") which try to identify the variables that affect the decisions of individuals to make recommendations of product, or not. By their very nature, these studies are only

Decision-Making

## **Chapter 1**
