scholarly journals MATRIC ASPECTS OF PREDICTIONS OF BUSINESS EFFICIENCY OF SMALL AND MEDIUM ENTERPRISES AS PRECONDITION OF INTERNATIONAL COMPETITIVENESS // MATRIČNI ASPEKTI PREDIKCIJE POSLOVNE EFIKASNOSTI MALIH I SREDNJIH PREDUZEĆA KAO PREDUSLOV MEĐUNARODNE KONKURENTNOSTI

2018 ◽  
Vol 15 (1) ◽  
Author(s):  
Mirjana Landika ◽  
Vanja Sredojević ◽  
Sanel Jakupović
Keyword(s):  
Decision Making ◽  
Theoretical Model ◽  
Quantitative Description ◽  
Business Environment ◽  
Market Potential ◽  
Decision Makers ◽  
Entrepreneurial Activity ◽  
Business Systems ◽  
Business Results ◽  
Business Efficiency

Entrepreneurial activity of transition countries, such as the RS and BiH, is filled with many threats from the environment, particularly concerning the lack of adequate entrepreneurial education, institutional support as well as the communication infrastructure between them and their significant financial impotence.The potential of SME entrepreneurship represents a significant precondition in the development of the national economy as well as the prerequisite of prevention and / or exit from the economic crisis, provided that their potential is exploited by a planned, not uncontrolled approach. Maximizing of market potential and resource capabilities requires the establishment of an adequate decision-making system where problems are solved through planning, selection, application and measuring of the systemic environment from the aspect of significance, while at the same time, taking into account the internal potentialities.Adequate communication between decision-makers with theoretical models and their effective implementation in business planning enables business systems and SME to achieve maximum business efficiency and effectiveness through the optimal combination of their own potential and business environment. The theoretical model is a virtual tool which is used for symbolic - quantitative description of the real system, where the degree of conformity of the model and the reality which we described in it, is the determining factor in the success of real application of the modeled information.The control problem is solved only by an adequate theoretical model that covers, selects, quantifies and functionally linked internal and external factors of “treated” reality. Functional linking of factors in the applied model must be adapted to decision-making conditions, which concerns the conditions of certainty, uncertainty or risk. The classification of decision makers should go into the direction of recognizing input, random and output variables as well as detecting the conditions and forms of their interdependence, adapted to decision-making conditions.The business system is a goal-oriented system that requires optimization at several different levels to achieve system optimal as an adequate synergic suboptimal resultant.The proposed approach is related to the stochastic optimization of the product portfolio harmonized with market potential, and after that the deterministic optimization of production processes in the function of achieving the optimal production portfolio.The payment matrix as a virtual aid, or a brief summary of possible business results, allows the choice of optimal business strategy with maximum approval of model-based prediction and real business results.

scholarly journals Competitive intelligence: Leaven of a New Managerial Device for Decision Support

2015 ◽  
Vol 16 (1) ◽  
pp. 167
Author(s):  
Salima El Fadili ◽  
Firdaous Gmira
Keyword(s):  
Decision Making ◽  
Management Practices ◽  
Business Environment ◽  
Decision Makers ◽  
Competitive Intelligence ◽  
Strategy Formulation ◽  
Sustained Competitive Advantage ◽  
The Earth ◽  
Research Task ◽  
The Right

In a highly competitive environment saturated in information traversing the earth in nanosecond, the major challenge for companies is to have the right information at the right time, to exploit it and transform it into useful organizational knowledge for strategy formulation and decision-making. Nowadays, several management practices have been developed and designed to cope with the complexity that exists in the business environment and to maintain a sustained competitive advantage. Competitive intelligence is one of these innovative strategic management practices that play an increasingly important role in decision-making. This article attempts to present an overview of its fundamental concepts, functions and process and to explain how information is utilized in supporting decision-making process. The findings of this research suggest that decision makers should focus on developing competitive intelligence process in their organizations. This paper falls under a research task that was not confronted yet with the test of the terrain survey.

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.

Sensegiving in organizations via the use of business analytics

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Morteza Namvar ◽  
Ali Intezari ◽  
Ghiyoung Im
Keyword(s):  
Decision Making ◽  
Thematic Analysis ◽  
System Development ◽  
Technological Development ◽  
Theory Development ◽  
Business Environment ◽  
Decision Makers ◽  
Business Analytics ◽  
Content Type ◽  
Sensemaking Theory

PurposeBusiness analytics (BA) has been a breakthrough technological development in recent years. Although scholars have suggested several solutions in using these technologies to facilitate decision-making, there are as of yet limited studies on how analysts, in practice, improve decision makers' understanding of business environments. This study uses sensemaking theory and proposes a model of how data analysts generate analytical outcomes to improve decision makers' understanding of the business environment.Design/methodology/approachThis study employs an interpretive field study with thematic analysis. The authors conducted 32 interviews with data analysts and consultants in Australia and New Zealand. The authors then applied thematic analysis to the collected data.FindingsThe thematic analysis discovered four main sensegiving activities, including data integration, trustworthiness analysis, appropriateness analysis and alternative selection. The proposed model demonstrates how these activities support the properties of sensemaking and result in improved decision-making.Research limitations/implicationsThis study provides strong empirical evidence for the theory development and practice of sensemaking. It brings together two distinct fields – sensemaking and business analytics – and demonstrates how the approaches advocated by these two fields could improve analytics applications. The findings also propose theoretical implications for information system development (ISD).Practical implicationsThis study demonstrates how data analysts could use analytical tools and social mechanisms to improve decision makers' understanding of the business environment.Originality/valueThis study is the first known empirical study to conceptualize the theory of sensemaking in the context of BA and propose a model for analytical sensegiving in organizations.

The role of logistics information system in the business-decision process

2007 ◽  
Vol 13 (3) ◽  
pp. 571-582
Author(s):  
Vlado Galicic ◽  
Ljubica Pilepic
Keyword(s):  
Decision Making ◽  
Information Systems ◽  
Decision Process ◽  
Business Systems ◽  
Business Decision ◽  
Logistics Information System ◽  
Business Efficiency ◽  
Information And Communication ◽  
Logistics Information ◽  
Efficiency And Productivity

The development of logistics information systems that support decision-making, together with the use of business intelligence, provides assistance and support to logistics managers in the decision process, thereby impacting on the quality of business and productivity. Being better informed and having greater intelligence for decision-making can help to create new value and gain competitive advantage. Logistics business systems in a tourism destination appreciate the importance of information and communication technology in the decision process and seek to develop efficient logistics information systems that will make it possible to take better and more appropriate decisions directly aimed at improving business efficiency and productivity.

A Framework for Improving Knowledge Management Using Cloud-Based Business Intelligence

2019 ◽  
pp. 322-345
Author(s):  
Wasan Shaker Awad ◽  
Dalal N. Al-Noaimi
Keyword(s):  
Decision Making ◽  
Information System ◽  
Knowledge Management ◽  
Business Intelligence ◽  
Management Information System ◽  
Research Method ◽  
Quantitative Research ◽  
Business Environment ◽  
Decision Makers ◽  
Global Changes

Business environment is becoming more complex which creates a big pressure on organizations to increase the performance and decrease the budget and time. Typical management information system failed to reach decision makers' expectations. In order to adapt to the global changes and support decision makers, organizations may implement different solutions and strategies. One of the solutions is to implement business intelligence (BI) in large organizations. The aim of this chapter is to assess the effectiveness of BI solutions and propose a solution for improving knowledge management using BI and cloud computing. A quantitative research method is used which includes survey and interviews. The results will be analyzed to evaluate the current BI solutions in order to identify the problems of knowledge management and decision-making process. Accordingly, a solution will be proposed to overcome the identified problem using cloud BI.

Decision making based on intuitionistic fuzzy preference relations with additive approximate consistency

2020 ◽  
Vol 39 (3) ◽  
pp. 4041-4058
Author(s):  
Fang Liu ◽  
Xu Tan ◽  
Hui Yang ◽  
Hui Zhao
Keyword(s):  
Decision Making ◽  
Decision Makers ◽  
Real Interval ◽  
Preference Relations ◽  
Intuitionistic Fuzzy ◽  
Proposed Model ◽  
Fuzzy Preference Relations ◽  
Novel Concept ◽  
Fuzzy Weights ◽  
Fuzzy Preference

Intuitionistic fuzzy preference relations (IFPRs) have the natural ability to reflect the positive, the negative and the non-determinative judgements of decision makers. A decision making model is proposed by considering the inherent property of IFPRs in this study, where the main novelty comes with the introduction of the concept of additive approximate consistency. First, the consistency definitions of IFPRs are reviewed and the underlying ideas are analyzed. Second, by considering the allocation of the non-determinacy degree of decision makers’ opinions, the novel concept of approximate consistency for IFPRs is proposed. Then the additive approximate consistency of IFPRs is defined and the properties are studied. Third, the priorities of alternatives are derived from IFPRs with additive approximate consistency by considering the effects of the permutations of alternatives and the allocation of the non-determinacy degree. The rankings of alternatives based on real, interval and intuitionistic fuzzy weights are investigated, respectively. Finally, some comparisons are reported by carrying out numerical examples to show the novelty and advantage of the proposed model. It is found that the proposed model can offer various decision schemes due to the allocation of the non-determinacy degree of IFPRs.

strategi dalam pengambilan keputusan

2019 ◽  
Author(s):  
Suci Handayani Handayani ◽  
Hade Afriansyah
Keyword(s):  
Decision Making ◽  
Imperfect Information ◽  
Economic Value ◽  
Decision Makers ◽  
Decision Making Process ◽  
Administrative Process ◽  
Left Behind ◽  
Information Time ◽  
Complex Matter ◽  
General Individuals

Decision making is one element of economic value, especially in the era of globalization, and if it is not acceptable in the decision making process, we will be left behind. According to Robins, (2003: 173), Salusu, (2000: 47), and Razik and Swanson, (1995: 476) say that decision making can be interpreted as a process of choosing a number of alternatives, how to act in accordance with concepts, or rules in solving problems to achieve individual or group goals that have been formulated using a number of specific techniques, approaches and methods and achieve optimal levels of acceptance.Decision making in organizations whether a decision is made for a person or group, the nature of the decision is often determined by rules, policies, prescribed, instructions that have been derived or practices that apply. To understand decision making within the organization it is useful to view decision making as part of the overall administrative process. In general, individuals tend to use simple strategies, even if in any complex matter, to get the desired solution, because the solution is limited by imperfect information, time and costs, limited thinking and psychological stress experienced by decision makers.

A Soft Hierarchical Process Approach for Decision Making in A Supply Chain

2015 ◽  
Vol 4 (1and2) ◽  
Author(s):  
Rajeev Dhingra ◽  
Preetvanti Singh
Keyword(s):  
Decision Making ◽  
Process Approach ◽  
Decision Makers ◽  
Analytic Hierarchy ◽  
Conflicting Objectives ◽  
Realistic View ◽  
Hierarchy Process ◽  
Pair Wise Comparison ◽  
Supplier Selection Problem ◽  
Selection Of

Decision problems are usually complex and involve evaluation of several conflicting criteria (parameters). Multi Criteria Decision Making (MCDM) is a promising field that considers the parallel influence of all criteria and aims at helping decision makers in expressing their preferences, over a set of predefined alternatives, on the basis of criteria (parameters) that are contradictory in nature. The Analytic Hierarchy Process (AHP) is a useful and widespread MCDM tool for solving such type of problems, as it allows the incorporation of conflicting objectives and decision makers preferences in the decision making. The AHP utilizes the concept of pair wise comparison to find the order of criteria (parameters) and alternatives. The comparison in a pairwise manner becomes quite tedious and complex for problems having eight alternatives or more, thereby, limiting the application of AHP. This paper presents a soft hierarchical process approach based on soft set decision making which eliminates the least promising candidate alternatives and selects the optimum(potential) ones that results in the significant reduction in the number of pairwise comparisons necessary for the selection of the best alternative using AHP, giving the approach a more realistic view. A supplier selection problem is used to illustrate the proposed approach.

scholarly journals An Innovative Grey Approach for Group Multi-Criteria Decision Analysis Based on the Median of Ratings by Using Python

Axioms ◽  
2021 ◽  
Vol 10 (2) ◽  
pp. 124
Author(s):  
Dragiša Stanujkić ◽  
Darjan Karabašević ◽  
Gabrijela Popović ◽  
Predrag S. Stanimirović ◽  
Florentin Smarandache ◽  
...  
Keyword(s):  
Decision Making ◽  
Decision Analysis ◽  
Likert Scale ◽  
Decision Makers ◽  
Interval Numbers ◽  
Multi Criteria Decision Analysis

Some decision-making problems, i.e., multi-criteria decision analysis (MCDA) problems, require taking into account the attitudes of a large number of decision-makers and/or respondents. Therefore, an approach to the transformation of crisp ratings, collected from respondents, in grey interval numbers form based on the median of collected scores, i.e., ratings, is considered in this article. In this way, the simplicity of collecting respondents’ attitudes using crisp values, i.e., by applying some form of Likert scale, is combined with the advantages that can be achieved by using grey interval numbers. In this way, a grey extension of MCDA methods is obtained. The application of the proposed approach was considered in the example of evaluating the websites of tourism organizations by using several MCDA methods. Additionally, an analysis of the application of the proposed approach in the case of a large number of respondents, done in Python, is presented. The advantages of the proposed method, as well as its possible limitations, are summarized.

scholarly journals A Multi-Criteria Decision Support Concept for Selecting the Optimal Contractor

2021 ◽  
Vol 11 (4) ◽  
pp. 1660 ◽  
Author(s):  
Ivan Marović ◽  
Monika Perić ◽  
Tomaš Hanak
Keyword(s):  
Decision Making ◽  
Decision Support ◽  
Project Performance ◽  
Decision Makers ◽  
Construction Project Management ◽  
Analytic Hierarchy ◽  
Conflicting Demands ◽  
Decision Making Problem ◽  
Scientific Approach ◽  
Hierarchy Process

A way to minimize uncertainty and achieve the best possible project performance in construction project management can be achieved during the procurement process, which involves selecting an optimal contractor according to “the most economically advantageous tender.” As resources are limited, decision-makers are often pulled apart by conflicting demands coming from various stakeholders. The challenge of addressing them at the same time can be modelled as a multi-criteria decision-making problem. The aim of this paper is to show that the analytic hierarchy process (AHP) together with PROMETHEE could cope with such a problem. As a result of their synergy, a decision support concept for selecting the optimal contractor (DSC-CONT) is proposed that: (a) allows the incorporation of opposing stakeholders’ demands; (b) increases the transparency of decision-making and the consistency of the decision-making process; (c) enhances the legitimacy of the final outcome; and (d) is a scientific approach with great potential for application to similar decision-making problems where sustainable decisions are needed.

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