Implications of Economic Decision-Making to the Project Manager - An Investigative Report

Decision-making is required frequently from a project manager. Therefore, this study investigates the fundamentals of economic decision-making, beneficial project manager characteristics, methods that help the project manager’s decision-making, and when economic decision-making should be applied. It was found that internal and external factors influence economic decision-making for a project manager. Also, it was established that economic decision-making should be implemented throughout the duration of the project. When there is not enough data to support economic estimation methods and no time to improve the method, then the project manager must use his/her experience to make a decision.

Food Experience Design to Prevent Unintended Consequences and Improve Well-being

This article introduces a novel and comprehensive conceptual framework for designing innovative food experiences that enhance food well-being. We call this framework the novel food experience design. It supports managers in cocreating customer-centric food experiences to limit unintended detrimental consequences and enhance individual and societal food well-being. The novel food experience design (1) employs a systemic (vs. endemic) approach to the innovation process and (2) promotes prioritizing ethical decision-making alongside economic decision-making. Building on insights derived from ecosystem theory and the ethical principles literature, we develop four fundamental propositions to innovate food experiences: do no harm, do good, ensure autonomy, and ensure fairness. Our framework promotes higher levels of individual and societal food well-being than restricted food design innovations, preventing unintended consequences. Finally, we illuminate the implications for service research and practice.

Does Enhancing Paid Maternity Leave Policy Help Promote Gender Equality? Evidence from 31 Low- and Middle-Income Countries

Globally, women continue to have less economic decision-making power and face gender-unequal norms at work. Little is known about the impact of national public policies on norms surrounding equality. We examined the impact of extending paid maternity leave policy on decision making in the household and gender norms in the workplace, specifically whether women have sole or joint decision-making power with respect to large household purchases and whether women are perceived as having an equal right to jobs when jobs are scarce. We used difference-in-differences models to analyze the impact of increasing paid maternity leave on outcomes measured in the Demographic Health Surveys and World Values Surveys collected in 31 low- and middle-income countries. A one-month increase in the legislated duration of paid maternity leave increased the odds that women and their partners/spouses reported that women had more decision-making power by 40% (95% CI 1.14, 1.70) and 66% (95% CI 1.36, 2.03), respectively. A one-month increase in the legislated duration of paid maternity leave was associated with 41.5 percentage-point increase in the prevalence of individuals disagreeing with the statement that “when jobs are scarce, men should have more right to a job than women.” More generous maternity leave increases gender equality in economic decision making in the household and improves gender norms related to work. Future studies should examine the impact of paternity leave and non-discrimination policy, as well as other large-scale policies aiming to improve gender equality at work and at home.

Mental health changes and the willingness to take risks

Utilizing the longitudinal SOEP data representative of the German population, we find that mental health shocks significantly decrease the willingness to take risks. We also find that mental health improvements increase the willingness to take risks significantly. Our findings are relevant for better understanding the economic decision making of the large number of individuals with mental health issues.

Accounting Information System Implementation and Compatibility with MSMEs Accounting Standards for Preparing Financial Statements at Micro, Small and Medium Enterprises (MSMEs) in Malang, East Java, Indonesia

This study aims to determine the application of Accounting Information Systems in micro, small and medium enterprises in Malang Raya. With a population of entrepreneurs of trade and services and industry in Malang with a sample of 200 respondents. The form of research is interpretive research with primary data, and data collection is a survey using a questionnaire. The study results indicate that many micro and small companies in Malang Raya have implemented accounting information systems but have not been able to perfectly compile complete financial reports that can be used for economic decision-making. However, medium-sized companies have started to make perfect records. Accounting information systems include purchasing systems, sales systems, production systems, cash disbursements, and cash receipts systems.

OP179 Quantitative Evidence Synthesis Methods For Assessing The Effectiveness Of Treatment Sequences For Clinical And Economic Decision-Making: Methodology Review

IntroductionThe sequential use of alternative treatments for chronic conditions represents a complex, dynamic intervention pathway; previous treatment and patient characteristics affect both choice and effectiveness of subsequent treatments. Evidence synthesis methods that produce the least biased estimates of treatment-sequencing effects are required to inform reliable clinical and policy decision-making. A comprehensive review was conducted to establish what existing methods are available, outline the assumptions they make, and identify their shortcomings.MethodsThe review encompassed both meta-analytic techniques and decision-analytic modelling, any disease condition, and any type of treatment sequence, but not diagnostic tests, screening, or treatment monitoring. It focused on the estimation of clinical effectiveness and did not consider the impact of treatment sequencing on the estimation of costs or utility values.ResultsThe review included ninety-one studies. Treatment-sequencing is usually dealt with at the decision-modelling stage and is rarely addressed using evidence synthesis methodology for clinical effectiveness. Most meta-analyses are of discrete treatments, sometimes stratified by line of therapy. Prospective sequencing trials are scarce. In their absence, there is no single best way to evaluate treatment sequences, rather there is a range of approaches, each of which has advantages and disadvantages and is influenced by the evidence available and the decision problem. Due to the scarcity of data on sequential treatments, modelling studies generally apply simplifying assumptions to data on discrete treatments. A taxonomy for all possible assumptions was developed, providing a unique resource to aid the critique of decision-analytic models.ConclusionsThe evolution of network meta-analysis in HTA demonstrates that clinical and policy decision-making should account for the multiple treatments available for many chronic conditions. However, treatment-sequencing has yet to be accounted for within clinical evaluations. Economic modelling is often based on the simplifying assumption of treatment independence. This can lead to misrepresentation of the true level of uncertainty, potential bias in estimating the effectiveness and cost effectiveness of treatments and, eventually, the wrong decision.

Milk production, mortality, and economic parameters in the context of heat-stressed dairy cattle.

As climate change progresses, higher temperatures and longer periods of extreme weather are likely to increasingly impact the production and health of dairy cattle, in turn affecting farm-level profits and economic decision-making. This review identifies and summarizes the currently available research on the effect of climate-related heat stress or heat stress mitigation measures on milk yield, mortality, and economic parameters on dairy farms. A scoping review approach was adopted to map the volume, range, and characteristics of the existing body of evidence and to identify research gaps. Through a comprehensive search, 286 studies published between 2010 and 2020 were identified and underwent data extraction and analysis. These studies were conducted in 46 countries, and encompassed both research and non-research herds as well as simulation models. The Temperature-Humidity Index (THI) was the most common indicator of heat stress, although a range of atmospheric, physiological, and descriptive indicators were used. Three-quarters of these studies examined at least one heat stress mitigation strategy, such as genetic manipulations, mechanical interventions, and diet manipulation. Approximately 97% of studies evaluated the impact of heat stress on milk yield, and 10% of studies examined at least one economic parameter. Research gaps exist in the analysis of economic parameters related to heat stress in dairy cattle. Given the urgent and increasing nature of climate challenges, additional economic analyses of the effects of heat stress in dairy cattle are needed to inform production and animal health decisions in a rapidly changing environment.

Learning to wait and be altruistic: Testing a conversational training in economic education for primary school children

Individual economic competence is important but increasingly challenging to manage due to the growing complexity of the nature of economic decisions people must make and the substantial impacts of some of these decisions on their lives. Decision-making ability develops from childhood and is closely related to specific economic components and prosocial behaviour such as fairness, altruism, and delay of gratification. However, while there are financial-education programs for children and young people focusing on financial products, few studies have examined training for the psychological abilities underlying economic decision-making. To promote those psychological skills that contribute to a more socially effective decision-making, we designed and tested a conversational-based training program for primary school children using reflective thinking. A total of 110 (male = 47, female = 63) children aged 8 to 10 years (Mean age = 9.71 years) from two schools in Northern Italy participated in the study with 55 children in a training group and 55 in a control group. All participated in pre-tests measuring their socio-economic background and economics-related skills and abilities. The training group were told stories relaying values of fairness, altruism, and delayed gratification. Both groups participated in task-based post-tests relating to fairness, altruism, and delayed gratification. Results revealed that children in the training group showed significant improvement at the post-test in altruistic and investment behaviour, showing the training efficacy, suggesting that similar programs could be implemented in primary schools as foundational teaching of economics and fiscal responsibility.