The Mechanism of Highly Effective Decision Making in Modern Business Systems

Abstract

Purpose

The purpose of the research is to develop a universal mechanism of highly effective decision-making in modern business systems in any business environment.

Methodology

The methods of logical analysis, modeling of managerial processes, and formalization are used.

Conclusions

A universal mechanism of highly effective decision-making in modern business systems is developed – it could be applied in any business environment and any business system. The mechanism is based on the interactive algorithm of decision-making in modern business systems that allows adapting the process of decision-making to the current situation in the business system and the business environment in view of the changing complexity of problems and criteria of optimality of managerial decisions. The tools of implementing the mechanism are outsource, mediation, and intellectual support for managerial decisions. These tools are used as an addition to traditional tools – organizational structure, organizational culture, and leadership. The result of implementing the developed mechanism is high probability of making of optimal managerial decisions and supporting sustainability and stability of the business system.

Originality/Value

The developed mechanism of highly effective decision-making in modern business systems allows selecting the best model of decision-making depending on current needs and possibilities of the business system instead of following one selected model in all situations. That is, the key advantage of this mechanism is its interactive character, which ensures high flexibility of the process of making of managerial decisions together with sustainability of the business system.

Citation

Ilyina, L.A., Tikhonov, V.S., Sakhno, Y.S. and Viktorova, N.V. (2019), "The Mechanism of Highly Effective Decision Making in Modern Business Systems", Popkova, E.G. and Chesnokova, A.V. (Ed.) The Leading Practice of Decision Making in Modern Business Systems, Emerald Publishing Limited, Leeds, pp. 115-121. https://doi.org/10.1108/978-1-83867-475-520191013