scholarly journals Making management decisions in conditions of risk and uncertainty

KANT ◽  
2020 ◽  
Vol 37 (4) ◽  
pp. 106-109
Author(s):  
Diana Kenina ◽  
Olga Zvyagintseva ◽  
Ludmila Khripkova
Keyword(s):  
Decision Making ◽  
Comparative Analysis ◽  
External Environment ◽  
Research Topic ◽  
Decision Makers ◽  
Strategic Decision ◽  
Risk And Uncertainty ◽  
Mathematical Methods ◽  
Management Decisions ◽  
Modern Economic

The relevance of the research topic is due to the fact that today, in rapidly changing conditions, primarily the external environment, managers as strategic decision-makers need special skills for prompt and competent decision-making. The article contains research, as well as a comparative analysis of modern economic and mathematical methods for developing and making management decisions, and recommendations for their application in practice. Along with the theoretical and methodological significance, the work has a pronounced practical orientation, and is of interest to specialists in the field of Economics and management

scholarly journals Approaches for multicriteria decision-making based on the hesitant fuzzy best–worst method

2021 ◽  
Author(s):  
Jian Li ◽  
Li-li Niu ◽  
Qiongxia Chen ◽  
Zhong-xing Wang
Keyword(s):  
Decision Making ◽  
Comparative Analysis ◽  
Programming Model ◽  
Multicriteria Decision Making ◽  
Decision Makers ◽  
Multicriteria Decision ◽  
Preference Relations ◽  
Fuzzy Preference Relations ◽  
Decision Making Models ◽  
Best Worst Method

AbstractHesitant fuzzy preference relations (HFPRs) have been widely applied in multicriteria decision-making (MCDM) for their ability to efficiently express hesitant information. To address the situation where HFPRs are necessary, this paper develops several decision-making models integrating HFPRs with the best worst method (BWM). First, consistency measures from the perspectives of additive/multiplicative consistent hesitant fuzzy best worst preference relations (HFBWPRs) are introduced. Second, several decision-making models are developed in view of the proposed additive/multiplicatively consistent HFBWPRs. The main characteristic of the constructed models is that they consider all the values included in the HFBWPRs and consider the same and different compromise limit constraints. Third, an absolute programming model is developed to obtain the decision-makers’ objective weights utilizing the information of optimal priority weight vectors and provides the calculation of decision-makers’ comprehensive weights. Finally, a framework of the MCDM procedure based on hesitant fuzzy BWM is introduced, and an illustrative example in conjunction with comparative analysis is provided to demonstrate the feasibility and efficiency of the proposed models.

Nonrepresentative Representatives: An Experimental Study of the Decision Making of Elected Politicians

2017 ◽  
Vol 112 (2) ◽  
pp. 302-321 ◽  
Author(s):  
LIOR SHEFFER ◽  
PETER JOHN LOEWEN ◽  
STUART SOROKA ◽  
STEFAAN WALGRAVE ◽  
TAMIR SHEAFER
Keyword(s):  
Decision Making ◽  
Direct Evidence ◽  
Sunk Costs ◽  
Decision Makers ◽  
Strategic Decision ◽  
Personality Profiles ◽  
Future Time ◽  
Policy Choices ◽  
The Status ◽  
Considerable Body

A considerable body of work in political science is built upon the assumption that politicians are more purposive, strategic decision makers than the citizens who elect them. At the same time, other work suggests that the personality profiles of office seekers and the environment they operate in systematically amplifies certain choice anomalies. These contrasting perspectives persist absent direct evidence on the reasoning characteristics of representatives. We address this gap by administering experimental decision tasks to incumbents in Belgium, Canada, and Israel. We demonstrate that politicians are as or more subject to common choice anomalies when compared to nonpoliticians: they exhibit a stronger tendency to escalate commitment when facing sunk costs, they adhere more to policy choices that are presented as the status-quo, their risk calculus is strongly subject to framing effects, and they exhibit distinct future time discounting preferences. This has obvious implications for our understanding of decision making by elected politicians.

scholarly journals Knowing Yourself and Knowing the Others

2021 ◽  
pp. 121-139
Author(s):  
Xiu-bao Yu
Keyword(s):  
Decision Making ◽  
Deep Understanding ◽  
Decision Makers ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
External Information ◽  
Basic Information ◽  
Resources And Capabilities

AbstractThis chapter introduces the basic information for the need of strategic decision-making, including internal key information of the organization, external information. Strategic decision makers are required to conduct analysis and have a deep understanding of the industry trend and of the organization resources and capabilities.

Analysis and Intuition in Strategic Decision Making

2011 ◽  
pp. 1531-1542
Author(s):  
Zita Zoltay Paprika
Keyword(s):  
Decision Making ◽  
Decision Makers ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Decision Making Process ◽  
Strategic Decisions ◽  
Managerial Skills ◽  
Research Scholarship ◽  
Empirical Tests

Many management scholars believe that the process used to make strategic decisions affects the quality of those decisions. However, several authors have observed a lack of research on the strategic decision-making process. Empirical tests of factors that have been hypothesized to affect the way strategic decisions are made are notably absent (Fredrickson, 1985). This article reports the results of a study that attempts to assess the effects of decision-making circumstances, focusing mainly on the approaches applied and the managerial skills and capabilities the decision makers built on during concrete strategic decisionmaking procedures. The study was conducted in California between September 2005 and June 2006 and it was sponsored by a Fulbright research scholarship grant.

scholarly journals Toward Better Design-Related Decision Making: A Proposal of an Advanced OODA Loop

2019 ◽  
Vol 1 (1) ◽  
pp. 2387-2396
Author(s):  
Mattia Vettorello ◽  
Boris Eisenbart ◽  
Charlie Ranscombe
Keyword(s):  
Decision Making ◽  
Divergent Thinking ◽  
Abductive Reasoning ◽  
Decision Makers ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Decision Making Under Uncertainty ◽  
Alternative Strategies ◽  
Left Behind ◽  
Lateral Thinking

AbstractTo be successful in innovation, organisations need to be dynamically adaptable to novel situations to avoid getting ‘left behind’. Yet, they face vast uncertainties stemming from unforeseeable technological shifts or future user and market behaviour, making strategic decision-making on innovation an extremely difficult task. Decision-makers thus increasingly try to control or shape the future, rather than foresee it. This includes thinking ahead and generating potential pathways that will make an innovation viable. This captures the essence of designerly ways of thinking in reasoning toward ‘what might be’. Extant literature has been reviewed that discusses alternative strategies how this future-oriented thinking can be applied to become better at selecting novel ideas for development. We observe parallels between divergent thinking, abductive reasoning, analogising and lateral thinking suggested by different authors in this process. The paper continues to propose how these key mechanisms can be embedded within an existing framework for decision-making under uncertainty, the ‘OODA Loop’, which has seen increasing uptake in such decision-making scenarios.

scholarly journals Do stakeholders matter in strategic decision making of a sports organization?

2014 ◽  
Vol 54 (6) ◽  
pp. 647-658 ◽  
Author(s):  
Dina Alexandra Marques Miragaia ◽  
João Ferreira ◽  
André Carreira
Keyword(s):  
Decision Making ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Decision Makers ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Correct Identification ◽  
Stakeholder Groups ◽  
Sports Organization ◽  
Pearson Correlations

This study aims to identify and prioritize the stakeholders involved in making decisions in a sports organization. A multiple linear regression analysis was used to assess the influence of the attributes of power, legitimacy and urgency on the salience of the various stakeholders. The results showed a convergence of external and internal decision makers' perceptions, concerning the three main stakeholder groups: top management, sponsors and member association. Pearson correlations identified four types of stakeholder: definitive, dangerous, demanding and non-stakeholders. A generalized differentiation was also found in stakeholder classification, regarding evaluation of attributes, between external and internal decision makers. In addition, the study suggests the success of organizations' management will depend on correct identification of stakeholders and consequent assessment of their relevance, in order to highlight who should get priority, and how, in strategic decision making.

scholarly journals Analysis and intuition in strategic decision making. The case of California

2007 ◽  
pp. 60-67
Author(s):  
Zita Zoltayné Paprika
Keyword(s):  
Decision Making ◽  
Decision Makers ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Decision Making Process ◽  
Strategic Decisions ◽  
Managerial Skills ◽  
Research Scholarship ◽  
Empirical Tests

Many management scholars believe that the process used to make strategic decisions affects the quality of those decisions. However several authors have observed a lack of research on the strategic decision making process. Empirical tests of factors that have been hypothesized to affect the way strategic decisions are made notably are absent. (Fredrickson, 1985) This paper reports the results of a study that attempts to assess the effects of decision making circumstances focusing mainly on the approaches applied and the managerial skills and capabilities the decision makers built on during concrete strategic decision making procedures. The study was conducted in California between September 2005 and June 2006 and it was sponsored by a Fulbright Research Scholarship Grant.

scholarly journals DECISION MAKING PRINCIPLES IN LAND DEVELOPMENT APPROVAL

2021 ◽  
Vol 19 ◽  
Author(s):  
Suhailizan Suliman ◽  
Salfarina Samsudin ◽  
Mohd Hamdan Ahmad
Keyword(s):  
Decision Making ◽  
Land Use ◽  
Land Development ◽  
Decision Makers ◽  
Strategic Decision ◽  
Contributing Factors ◽  
Operational Approach ◽  
Land Use Conflict ◽  
Depth Interview ◽  
Development Application

The inconsistency of legal coordination is one of the contributing factors in land use conflict. This scenario implicates various objections to the court due to the dissatisfaction of the landowners and developers with the decision of land development approval. In Malaysia, studies about land use conflict in land development conducted by previous researchers only cater on conflict factors and not in the perspective of its operational approach by the stakeholder. Therefore, this paper aims to identify the decision-making principles for decision-makers in grant land development approval. This paper adopts qualitative methods that consist of two types of data collection. The first method used was desk study analysis of ten (10) file cases of development application and the second method involved is an in-depth interview with selected respondents. The result from the analysis of ten (10) file cases determined the decision-making trends that were then cross-tabulated with the five principles of decision-making by using an indepth interview with the selected respondents. The result from the analysis indicates five principles of decision-making which is intuition, rational, power, factual, and experience. The findings of this paper contribute towards the aspects of strategic decision-making, decision-maker practices, and further research. A comprehensive decision-making principle will then minimise the risk of fallacy in decision-making.

scholarly journals Advanced Mathematical Business Strategy Formulation Design

Mathematics ◽  
2020 ◽  
Vol 8 (10) ◽  
pp. 1642
Author(s):  
Song-Kyoo (Amang) Kim
Keyword(s):  
Decision Making ◽  
Theoretical Model ◽  
Analytical Model ◽  
Business Strategy ◽  
Matrix Form ◽  
Decision Makers ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Strategic Choices ◽  
Strategy Formulation

This paper deals with the explicit design of strategy formulations to make the best strategic choices from a conventional matrix form of representing strategic choices. The explicit strategy formulation is an analytical model that is targeted to provide a mathematical strategy framework to find the best moment for strategy shifting to prepare rapid market changes. This theoretical model could be adapted into practically any strategic decision making situation when a strategic formulation is described as a matrix form with quantitative measured decision parameters. Analytically tractable results are obtained by using the fluctuation theory and these results are able to predict the best moments for changing strategies in a matrix form. This research can help strategy decision makers who want to find the optimal moments of shifting present strategies.

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