MODERN TECHNOLOGIES FOR MAKING EFFECTIVE MANAGEMENT DECISIONS AS A FACTOR IN THE SUCCESS OF AN ORGANIZATION
DOI:
https://doi.org/10.32782/ecovis/2024-2-6Keywords:
management decisions, decision-making, innovative decision-making, organizational success, management decision-makingAbstract
The purpose of the article is to systematize and identify modern technologies for making effective management decisions as a factor in the success of an organization. The article uses such methods of scientific research as a literature review, analysis, synthesis, comparison, generalization and systematization of information. The relevance of formulations regarding the importance and significance of the management decision-making system in the success of an organization is presented. The relevance of innovation in making management decisions is depicted. The relationship between the making of management decisions of an enterprise and the indicators of the effectiveness of its activities is revealed. The origin and development of the definition of decision-making are reflected. Some classifications of management decisions and the main elements of this process are presented. The attributes of management decision-making and the five pillars of organizational excellence are highlighted. The place and role of game theory in effective decision-making in an organization is reflected. It is proved that innovative effective management decisions play a primary role in supporting organizations and are considered as a link between the expressed strategic intentions of organizations and the achievement of strategic expectations. As organizations strive for excellence through effective management decisions, potential decision traps should be avoided and efforts should be made to continuously develop innovative ideas that generate organizational excellence. This study aimed to assess the relationship between effective managerial decision-making and organizational excellence, and to provide a basis for future research on this discourse. Based on a literature review, this study argues that innovative managerial decision-making is essential for business organizations that seek to consistently outperform global competition, as well as maintain exceptional interactive relationships with their customers and other stakeholders. Effective managerial decision-making has been shown to be crucial for organizational excellence and sustaining in the face of complex challenges and volatile business environments that characterize our modern business world.
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