22nd Annual Student Research Conference
Calculating the Cost of a Document Control System Using Markov Processes
Matthew F. Macari
Dr. Dean DeCock, Faculty Mentor
Many organizations use a controlled document system in order to maintain their strategic business practices, which include but are not limited to reference files, forms, standard operating procedures, and work instructions. However, the cost of creating, auditing and maintaining such a system is considered a hidden cost, and many companies do not know the cost of their document control system. The cost of these systems is often not known because organizations do not have the resources available to track the costs of the system effectively. I will show that a complex document control system can be easily modeled by using Markov Process and a cost matrix. I will also discuss the potential application of the same model to calculating the estimated time required to complete a process.
Keywords: Markov Processes, Cost Matrix, Document Control
Topic(s):Mathematics
Business Administration
Presentation Type: Oral Paper
Session: 32-4
Location: VH 1416
Time: 2:00