MANAGEMENT DECISIONS MAKING: ESSENCE AND CURRENT DEVELOPMENT TRENDS

Keywords: management decision, management decision-making, decision-making methods and techniques, decision-making models, management activity

Abstract

The purpose of the article is studying the essence of management decision-making and trends in the development of this concept at the current stage. The relevance of the topic is due to the need to ensure the effectiveness of management actions, which will help companies achieve their goals. Therefore, managers should be familiar with a wide range of new decision-making methods and techniques. In this work, general scientific methods of research are used, namely: description of empirical methods, analysis, generalization and explanation from theoretical methods and system method. The article reveals the essence of the concept of management decision-making. Different approaches of scientists to the definition of this definition are described. Typical steps in decision-making by managers are given. It is indicated under what conditions modern managers have to make a choice regarding the solution of organizational problems. Modern decision-making techniques are studied. Their features regarding the use of formalized or intuitive criteria when making a choice are described. Specific modern methods of decision-making by managers are given. The «decision tree» method, SERVO-method, game theory in decision-making are detailed. The essence of the most popular models is detailed, which helps managers choose a way to solve the organization's tasks. It is specified the situations they are most effective. The trends observed in the field of managerial decision-making in modern conditions are analyzed. A tendency to standardize management decisions with a repeating cycle has been revealed. The growing trend regarding the involvement of specialists from consulting companies in the formation of decision options for the organization was studied. A graphic representation of the decision-making process and options for alternative choices of the manager are presented according to one of the methods. Conclusions were made regarding the need for further research into this aspect of management activity. The practical value of the article is determined by the complexity of making management choices at the present time and the need to increase the effectiveness of managers’ decisions.

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Published
2022-06-28
How to Cite
Kravchenko, M., & Holiuk, V. (2022). MANAGEMENT DECISIONS MAKING: ESSENCE AND CURRENT DEVELOPMENT TRENDS. Economy and Society, (40). https://doi.org/10.32782/2524-0072/2022-40-37
Section
ECONOMICS