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June 2023 (published: 31.05.2023)
Number 2(53)
Home > Issue > Peculiarities of decision making in business under uncertainty
Kalakutskaya E.S. , Gavrilyuk E.S.
Over the last 5 years the business leaders have had to adapt to the constantly changing conditions, search for the optimal strategic and managerial decisions, because of the financial-economic crises (including the Covid-19 pandemic period), external and internal political conflicts. The unstable economic and political situation in the world arena determines the relevance of this study. The article provides an overview of decision-making methods for business in conditions of uncertainty, reviews trends in strategic decision-making, as well as technologies that can significantly reduce the risks in the choice of alternatives. The purpose of this paper was to identify an effective algorithm for business decision-making under uncertainty. The objectives of this study were to analyze new technologies and trends in decision making, to identify key problems and factors in choosing the best alternative, to outline the role of new research in human behavior and brain function for decision making. The paper applies the analytical method to identify the features of decision-making for business in situations with high levels of uncertainty, the method of grouping, generalization and abstraction to review decision-making technologies and techniques. A comparison method was used to evaluate the effectiveness of the methods used to select alternatives. The analysis evaluated the effectiveness of available techniques by grouping to be able to implement a consistent analysis and comparison of available decision-making methods in conditions of high uncertainty. Based on the analysis of the considered classifications of methods of decision-making in conditions of uncertainty, the author made a model taking into account the promising direction in the field of decision-making - cognitive technologies.
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Keywords: decision-making, high uncertainty, trends in business, modern decision-making technologies, cognitive technologies.
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
UDC 338.28
Peculiarities of decision making in business under uncertainty
Over the last 5 years the business leaders have had to adapt to the constantly changing conditions, search for the optimal strategic and managerial decisions, because of the financial-economic crises (including the Covid-19 pandemic period), external and internal political conflicts. The unstable economic and political situation in the world arena determines the relevance of this study. The article provides an overview of decision-making methods for business in conditions of uncertainty, reviews trends in strategic decision-making, as well as technologies that can significantly reduce the risks in the choice of alternatives. The purpose of this paper was to identify an effective algorithm for business decision-making under uncertainty. The objectives of this study were to analyze new technologies and trends in decision making, to identify key problems and factors in choosing the best alternative, to outline the role of new research in human behavior and brain function for decision making. The paper applies the analytical method to identify the features of decision-making for business in situations with high levels of uncertainty, the method of grouping, generalization and abstraction to review decision-making technologies and techniques. A comparison method was used to evaluate the effectiveness of the methods used to select alternatives. The analysis evaluated the effectiveness of available techniques by grouping to be able to implement a consistent analysis and comparison of available decision-making methods in conditions of high uncertainty. Based on the analysis of the considered classifications of methods of decision-making in conditions of uncertainty, the author made a model taking into account the promising direction in the field of decision-making - cognitive technologies.
Read the full article
Keywords: decision-making, high uncertainty, trends in business, modern decision-making technologies, cognitive technologies.
DOI 10.17586/2310-1172-2023-16-2-71-81