RISKS OF MAKING MANAGEMENT DECISIONS USING INFORMATION VISUALIZATION

Abstract

This article offers analysis of management decision making within the context of contemporary economic dynamics, emphasizing the critical role of information visualization and risk mitigation in enhancing the operational efficiency of organizations. The research initially establishes the paramount importance of timely and well-founded managerial decisions as a key determinant of enterprise success in a highly uncertain environment. A meticulous review of the essence of the management decision concept is conducted, synthesizing scholarly approaches that define it as a structured sequence of actions or a volitional act by the subject of management, aimed at selecting the optimal alternative from an available set to achieve predefined goals. This analysis underscores the inherent complexity of the managerial decision making process. The paper thoroughly investigates methods of information visualization , the development of which is stimulated by the exponential growth in corporate data volumes, limited human cognitive capacity, and the imperative to maximize profits while curtailing costs. A crucial aspect of the article is the examination of the multifaceted economic risks inherent in the management decision making process. A classification and analysis of main risk groups are presented: informational risks, economic and financial risks, organizational and managerial risks, and external risks. The study resolutely asserts that systematic risk management is an inseparable component of a well-founded managerial decision. Strategies for risk mitigation are presented, which highlight the necessity of utilizing actual and verified information, conducting analysis of the client base, and maintaining rigorous systems for personnel selection and qualification enhancement. In conclusion, the findings confirm that a comprehensive approach to risk management, effectively supported by high-quality information visualization methods, is the key prerequisite for making informed decisions, leading to significant minimization of potential losses and, consequently, the maximization of economic efficiency.