CC BY
98
УДК 342.55
DOI: 10.30914/2411-9687-2018-4-2-134-144
PSYCHOLOGICAL ASPECTS OF MANAGERIAL DECISION-MAKING
1 2 3
N. Jankelova , A. Jankurova , O. Rasovec
University of Economics Bratislava, Slovak Republic 2Danubius University, Sladkovicovo, Slovak Republic 3Slovak Medical University, Bratislava, Slovak Republic
ПСИХОЛОГИЧЕСКИЕ АСПЕКТЫ УПРАВЛЕНЧЕСКОГО ПРИНЯТИЯ РЕШЕНИЙ
1 2 3
Н. Янкелова , А. Янкурова , О. Рашовец
1 Экономический университет, Братислава, Словацкая Республика 2Университет Данубиус, Сладковичово, Словацкая Республика 3Словацкий медицинский университет, Братислава, Словацкая Республика
Managerial decision-making is a summary of rational and intuitive capabilities of manager. There are numerous debates going on in scientific fields discussing the appropriate degree of rationality, intuition or influence of other subjective factors on decision-making process. This contribution is focused at identification and assessment of new methods and tendencies in decision-making with regard to its theoretical framework and consecutive examination of existence and utilization of these cognitions during decision-making process of enterprises in Slovakia. We have highlighted the importance of subjective approaches in managerial decision-making in this thesis. Based on the survey among enterprise managers in Slovakia, certain tendency to use their intuition has arisen, although they are more oriented on rational-analytic approaches. The tendency to underestimate influence of emotional, cognitive and socially caused trends prevails. Human behavior (including economic) is determined by two basic motivational systems (mechanisms). One is looking for a reward, the other is to avoid being lost. Behavioral economics and neuroeconomics have confirmed that emotion and intuition can greatly influence economic decisions, although intuition is used rather as a complementary decision-making tool in certain situations or as one of the decision-making methods. It is used especially if it can reveal that something is wrong and also if it is necessary to check the results of the rational analysis and the intuition can send warning signals to find additional information, to resolve the situation. From research results, the prevailing tendency was to underestimate the impact of emotional, cognitive and socially conditioned tendencies. Regarding strategic decision-making, a rational approach is dominant. However, it is difficult to understand and use the basic analytical tools of strategic decision-making, since mainly mathematical and statistical methods are used.
Введение. Умение принимать решения для менеджеров является необходимым качеством, сочетающим рациональные и интуитивные способности. В научных кругах возникают дискуссии о мере рациональности, интуиции или о влиянии других субъективных факторов в процессе принятия решений. Субъективные подходы играют в процессе принятия решений важную роль. Те, кто принимают решения, очень часто находятся под влиянием разных предрассудков, состояния мысли или «спецэффектов», и, вопреки тому, что они любым способом стремятся вести себя рационально, попадают в их ловушку Одновременно они считают, что у них достаточно много опыта для принятия решений на основе интуиции. Целью исследования является идентификация и значение неизбежных факторов в процессе принятия решений. Наблюдая бесконечные сомнения и дискуссии по теме рациональности и интуиции в процессе принятия решений менеджерами и для подчеркивания потребности качественных методов исключительного характера решаемых задач и перемен обстановки, статья занимается исследованием, критической оценкой и предоставляет собственные мнения по субъективным подходам в принятии решений менеджерами в современной трактовке и последовательную верификацию полученных знаний на практике работы компаний в Словакии. Материалы и методы. Методологической основой исследования является система метода научного знания как общих научных (диалектики, формальной логики, анализа и синтеза, моделирования), а также и специальных методов (статистических, функциональных), которые дадут возможность достичь цели и образуют методологическую основу статьи. Результаты. На вышеприведенном основании была построена гипотеза исследования, которая не подтвердилась. Опрос менеджеров компаний в Словакии показал тенденцию использовать интуицию, но они в большей мере ориентированы в сторону рационально-аналитического подхода. С другой стороны,
Other important strategic tools are unrecognized or known and not used to a sufficient extent. These results cast doubt on rationality in strategic decision-making.
Keywords: decision-making, psychology, intuition, behavioural economics, neuroeconomics.
Acknowledgements: the scientific study is the outcome of the international scientific research project of the VolgaTech № 01/2015 "Modern trends in the management of local government organizations as an instrument for sustainable development".
подтвердилась гипотеза, что менеджеры компаний в Словакии при объяснении своих решений недооценивают влияние эмоциональных, когнитивных и социально подчиненных склонов. Заключение. Исследование доказало что менеджеры не считают эмоции важным фактором в процессе принятия решений. В рамках принятия решений менеджеры в Словакии также недооценивают отклонений от рациональности. На стратегическом уровне принятия решений в большей мере проявляется рациональность принятия решений.
Ключевые слова: принятие решений, психология, интуиция, поведенческая экономика, нейроэкономика.
Благодарность: научное исследование является результатом международного научно-исследовательского проекта № ПГТУ 01/2015 «Современные тенденции в управлении организациями местных органов власти как инструмент устойчивого развития».
Introduction
Managerial decision-making influences lives of many other people. Therefore, there is no doubt about its importance. Manager is expected to make the right decisions, well-founded by relevant information and supplemented by his adequate judgement. Successful managers have high proportion of good decisions, but the process of achieving them is not simple at all. History and contemporary praxis can list many examples when bad choices have led to negative results. Nothing is more important than to know - „to know how to decide right".
We decided to research, critically asses and at the same time provide own opinions on subjective approaches in present managerial decision-making and subsequently verify acquired knowledge in praxis of Slovak enterprises by taking into account constant discussions about the importance of rationality and intuition in decision-making processes of management and emphasizing the need of qualitative methods as a consequence of uniqueness of dealt with cases and changeability of environment.
Decision making and problem solving of manager is the subject of a number of disciplines - economics, cognitive psychology, decision theory and artificial intelligence. Decision-making has been working its way without psychology for a long time and rational arguments were bases for decision-making processes ever since. However, in the 1990s, scientists began to promote new methods of imaging
human body activities, which are also related to decision-making processes, and have unexpectedly explored the most basic questions of economic theory such as the nature of benefits and the relationship of rational and emotional processes to economic solutions tasks. (Klucharev, 2014). For example, an experiment by Shiv, Loewenstein, Bechara et al. (2005, In. Frankovsky, Birkner, 2015) has shown an interesting way that, for example, emotions can have a significant impact on success in investing in a negative direction. Automatically generated emotions are essential for a person's life because they make it possible to narrow down selection choices in decision-making processes. There are few decision-making processes where influences of emotion and intuition are mostly negative (including financial investment decisions). Consequently, emotions need to be controlled under financial decisions. (Balaz, 2009, In. Frankovsky, Birkner, 2015). The primary way of managers thinking and impact of so called -cognitive errors make a significant contribution to decision-making of managers and influence the level of accuracy of decisions taken. The importance of the position of cognitive mistakes in the management decision process is also highlighted by the fact that the results of manager's decisions affect not only their lives but also all their associates, the performance of the organization and, ultimately, the whole economy. Cognitive errors are seen as part of each person's life (not exceeding the limits of mental
disorder), therefore their presence is also natural in decision-making processes of managers. However, managers are generally unaware of their cognitive mistakes. A cognitive error is a false conclusion, in which the manager does not record the real situation without knowing it (Zibrínová, Birknerová, 2012).
The article presents findings that allow to predict subjective approaches in managerial decision-making. Nowadays, more and more opinions about indispensability of intuition and suggestibility of decision-making processes by various tricks of mind have emerged. This is due to the fact, that in management, the main emphasis is on the subject of decision-making, its qualitative aspects, including its experience and capabilities, level of its knowledge, value system and personality.
1. Theoretical framework
Research in the field of subjective approaches in managerial decision-making is presented in numerous works. Based on great amount of studied scientific literature, we conclude, that nowadays, the interest for psychological aspect of decision-making prevails and many authors are trying to understand and to precisely look into this, yet mysterious field in decision-making processes.
Intuition and its role in decision-making process have a significant position in research studies, whereby there are different opinions in the form of supporting arguments - Klein (2003), Plessner, Betsch, C., Betsch, T. (2008), Wilson (2003), Gladwell (2005), Kaufmann et al (2017) and others, as well as negative attitudes Duggan (2007), Hayashi (2001) or Bonabeau (2003). However, the most widely spread are ideas about combination of both of these systems of thinking, founded by Kahnemann's conceptual framework of (2002) intuition and rational thinking- Hayashi (2001), Sadler -Smith (2010), Hammond (1996), Dane - Pratt (2007), Fotr (2006), Epstein (2008), Robbins -Coulter (2004), Matzler - Bailom (2007), Calabretta et al (2017), Carter et al (2017) and others. Intuition is incorporated into the models of decision-making as well. Provided that we understand decision-making as acting up to intuition, this decision-making process is described in image theory, introduced by Beachom (1988).
In our opinion, intuitive decision-making is not inevitably independent of rational analyses. More likely, these two approaches supplement one anoth-
er, and manager with experience of particular or similar problem from his past would often react more quickly, what could be seen as making decisions without sufficient information. This kind of manager does not place reliance on systematic and rigorous analysis of a problem or identification and evaluation of alternatives; instead he makes use of his experience and already made conclusions. On the other hand, intuition is absolutely inappropriate in a number of contexts, mainly in cases when exact quantification is needed, when it is better to rely on analytic thinking. Intuitive thinking is the most effective when it is properly combined with analytic thinking. Both methods of using our brains have irreplaceable role, however it is necessary to be aware of their strengths and weaknesses and to use them proportionally.
The science that deals with collecting, analyzing and interpreting information from outside world and our own memories, and with studying how we apply various mental (psychological) abbreviations, intuition, preferences and emotions during decision-making is called behavioural economics. Wide range of authors concerned with these issues in decision-making exists, and it is possible to divide them into several groups. It is a role of emotions and affects during decision-making - Bell (1982), Loomes and Sugden (1986), Loewenstein, Weber, Hsee and Welch (2001), Rajeev and Bhattacharyya (2007), Alvino, Franco (2017) and others. Authors Mellers et al. (1999, 2001) elaborated, nowadays already well-known, empirically-based theory of deciding affect (decision affect theory). Recently, sphere of counterfactual thinking has been making its way to forefront. According to Ruisel (2009), we think counterfactually when we look at: „What if... "and our mind is occupied by alternatives other than the one that actually occurred. We estimate possible consequences of choosing other alternatives and we compare them. This whole process is accompanied by strong emotions. Svenson (2003) points to a role of counterfactual thinking in various stages of decision-making process; before the decision, after the decision and during implementation of decision. Connolly, Zeelenberg (2002), Roese, Morrison (2009) and others were, as well, concerned with counterfactual thinking. Different deviations from rationality, which represent systematic errors in judgements and proceeding, occurring in certain situations (Balaza, 2009) were also examined.
Innovative approach in the field of decision-making is using findings of neuroeconomics (Mc Clure et al., 2004), which combines the knowledge of economics, psychology and neuroscience. Its aim is to find out what is going on in our brains while making decisions.
The SCARF model, set up by David Rock in 2008, defines a link between neuroscience and management, a brain-based model that should serve to promote co-operation and effective action on other people. The model is based on the findings of neurosciences that point out that most social behaviors are governed by the principle of minimizing threats and maximizing rewards. This model labeled the SCARF acronym, which marks the initial letters of five areas of social experience: Status, Certainity, Autonomy, Relatedness, and Fairness. Status is of relative importance with respect to others. It's about being able to predict the future. Autonomy is about feeling control over events. Collaboration in relationships is associated with the feeling of being secure among others (especially among friends). Fairness represents the perception of justice among people. These five areas may activate the «primary reward» or «primary threat» circuitry and their respective areas. For example, perceived status threats activate similar brain connections as a life threatening or perceived increase in fairness activates areas similar to receiving a financial reward (Rock, 2008).
2. Metodology
The article presents the results of research focused on the application of subjective approaches in decision making. Based on the analysis of theoretical sources and observation of Slovak enterprises at the same time, we have set our main objective to be the identification and assessment of new directions and tendencies in the theory of decision-making and subsequent examination of their existence and utilization in the process of decision-making of enterprises in Slovakia. Main emphasis is on subjective approaches in managerial decision-making. In context of our main aim these partial objectives have been defined:
• Identification of present tendencies in managerial decision-making based on the analysis and subsequent synthesis of domestic and foreign literature.
• Analysis of psychological aspects of decision-making with an emphasis placed on identification of deviations from rationality, intuition and neurosci-
ence in a sense of theory and their connection with on-going decision-making processes in Slovak enterprises.
• Synthesis of results obtained from conducted research and formulation of ideas and measures in order to initiate further advancement of theory and praxis in the process of decision-making in particular fields.
Research study was made based on questionnaire survey and realization of semi-structured interview with managers of observed enterprises. The survey contained questions (opened and closed), divided into more thematic sections, whereby its structure resulted from the above defined partial objectives of the research. We have tried to fulfil the main aim of the research and to develop recommendations for managers in the researched sphere.
2.1. Surveyed sample
The questionnaire survey was conducted in 2016 on the sample of 280 enterprises operating within the boundaries of Slovak Republic and 280 managers at different levels in terms of organizational hierarchy and different specializations. We tried to include the widest possible range of enterprises with regard to their size, field of operation, scope of activity, length of presence on the market, ownership structure and generated profit during a timeframe of last five years.
The data analyzed in the present article were obtained using an original questionnaire that contains besides mainly dichotocmi and trichotomic closed questions defining the manager, the level of management, and the type and size of the business, 36 open and closed (mostly polytomic enumeration questions, for example: "What information system do you use? a) computer information system, b) management information system, c) decision support system, d) expert systems, e) support systems, f) systems for support of group decision making, g) I don't know") questions and items in the form of statements describing various aspects of cognitive errors in the decision making process. The task of the respondents was to answer mostly Likert-type 6-point questionnaire item (almost always - very often -often - sometimes - rarely - never, for example: "How often do you decide on team in your organization?") or to define the frequency of use of a particular behavior or use of the decision-making method (at all, occasionally, quite often, almost always -for example: "How much do you use intuitive
decision-making?". The survey was attended by senior managers at strategic level, mid-level managers as well as operative level managers at various percentages. The obtained data were analyzed using mathematical-statistical methods of descriptive and inductive statistics.
With reference to the numbers of employees, the enterprises in the surveyed sample were represented more or less evenly. From the point of view of industry branch, the most numerous group (29 %) was composed by manufacturing businesses, followed by commercial enterprises (27 %) and enterprises providing services (25 %). The largest group consisted of enterprises with 100 % national ownership (52 %), followed by enterprises with full foreign ownership (29 %). 56 % of enterprises were profitable in each of the last five years, almost 40 % of enterprises have made profit, even though not each year, and only 6 % of enterprises made no profit in any of these years. Majority of enterprises operate across the boundaries of Slovakia (26 % report transnational operations within European Union and 24 % of enterprises operate outside of European Union, on several continents). The most abundantly represented were enterprises operating within the territory of Slovakia (30 %).
Top executive managers at the strategic level of management, middle level of management and even managers at the operating level have participated in this survey in varying percentage representation.
2.2. Analysis of selected results of questionnaire
survey and discussion
A key characteristics of high-performing organizations is the ability of its management to make good decisions and to realize them as soon as possible. Although various factors influencing the final decision exist, it is possible to contribute to the improvement of decision-making process by having knowledge of these factors.
Based on the above stated objectives, we have formulated following hypotheses:
Hypothesis no. 1. Enterprise managers in Slovakia base their decisions more on a „good feeling"than on the rational problem-solving and they ascribe great proportion of their success to intuition.
Hypothesis was proven wrong. Based on the survey among Slovak enterprise managers, there is certain tendency to use intuition; however
managers are more oriented on rational-analytic approaches.
As much as 49 % answered that rational and analytical process is prevailing in their decision-making, 11 % have chosen intuitive process and 40 % said that they use both, rational as well as intuitive approaches in their decision-making1.
rational and analytical rational and intuitive intuitive
Graph 1. The thought process of managers
We assume, that recently manager training has advanced as a result of suggestions and requirements by business practice and that subjects directed towards providing basic knowledge and capabilities in the field of constructing models of decision-making processes and resolving them by wide range of mathematical, statistical and other quantitative methods have become integral part of their training. Their utilization was, and continues to be, motivated by efforts to limit intuitive decision-making and to eliminate negative consequences of subjective problem-solving of management. Globalization of markets and the resulting requirements on management have lead to ever stronger penetration of exact methods into decision-making. The rapid development of computer technology that makes for essential framework of application of these methods, and accessibility of plentiful software support are also a cause that leads to an increased number of managers using rational-analytic approaches in decision-making.
1 When defining the hypothesis, we used a research realized at the Department of marketing in 2007 and 2010 as a part of VEGA projects, where the hypothesis, stating that in spite of the influence of scientific literature as well as influence of many other new methods and techniques, that are being spread by infiltration of foreign capital into Slovak enterprises, managers continue to rely on own knowledge, experience and intuition in decision-making process, was proven right.
Graph 2. Using intuition in decision making
The research showed that intuition is used, but rather as a complementary tool of decision-making in certain situations, than as one of the methods of decision-making. Managers stated, that they use it especially if it can detect that something is not right or when it is necessary to examine the results of rational analysis and intuition which can send warning signals to determine the need of finding out additional information, respectively to re-address the situation.
synthesis of knowledge
Graph 3. Reasons for using intuition in decision making
In our opinion, intuition is still a nebulous factor in decision-making and we appreciate the orientation of Slovak enterprise managers on rational side of decision-making. Although there are still many shortcomings in this field, it is possible to improve decision-making process in enterprises by their gradual removal.
In 77 % enterprises, managers at strategic level use rational approaches when making decisions. Managers not only prefer these approaches, but the research shows that they even want to improve their
analytical skills in order to keep pace with competition. Managers at the top level said, that their companies plan to use business analysis to a greater extent in the future. At the same time, almost three quarters of these executives think that executive management of their company is trying to push ahead business analyses and that company's strategy, as well as its unique capabilities, are built upon them.
Main limitations in this area detected by the research are as follows:
• shortcomings in understanding and consecutive using of specific decision-making methods, rationality is mainly manifested by having knowledge and using of exact methods by the use of software products, whereby basic decision-making methods do not even include their understanding, other are conceptually known but unused, what in the end leads to decreasing of quality of decision-making process,
• insufficient quantitative qualification of managers, deficit of „analytical talent" in enterprises.
Therefore our recommendations are:
• Enhancing the use of quantitative methods in decision-making, not only at the hand of various courses, but also by hiring new qualified employees who have completed specific educational programs focused on acquisition of knowledge of methods to address managerial decision-making problems.
• Improving own analytical capabilities in the enterprise and using of analysis to predict and influence consumer behaviour, to introduce new products to the market, to optimize supply chains or to identify the factors that positively influence financial performance and consecutively convert knowledge with competitive potential to applicable strategies of profit maximization.
• Using of evidence-based approach that is still in the forefront even in the contemporary theory of decision-making and allows us to go more in depth. By thus enabling us to find more detailed information, to detect causes of various problems and ultimately to improve managerial decision-making, to reorient numerous companies from single -department focused approach to programs of full information management that function across the whole enterprise.
Enterprises using enterprise-wide analysis have great competitive advantage compared to enterprises still relying on intuition in their decision-making. Regardless of current issues, leading enterprises
consider analytical capabilities to be a powerful tool that differentiates them significantly from other enterprises and provides them wide range of nonnegli-gible advantages influencing the final result.
Hypothesis no. 2. Enterprise managers in Slovakia underestimate the impact of emotional, cognitive and socially caused inclinations when clarifying their decisions.
The hypothesis was confirmed. Research pointed out, that managers do not consider emotions to be a very important factor in decision-making. In majority of answers influence of emotions was intermittent or none at all. An interesting finding is that managers take more notice of impact of expected emotions than impact of actual emotions in the process of decision-making.
at all sometimes quite often almost always
Graph 4. Affecting decision - making with current emotions
at all sometimes quite often almost always
Graph 5. Affecting decision - making with expected emotions
It is a complex process to examine the relationship between emotions and decision-making process. In this field of study, many researches focused
not only on the impact of emotions on decision-making, but also on consequences of decisions on manager's emotions, are being conducted.
Deviations from rationality are equally underestimated by Slovak enterprise managers with regard their decision-making process. Although managers are knowledgeable about these terms, as they are commonly known, but being aware of them as a possible protection against incorrect decisions is imperfect. An important fact is that the more complex and important the decisions, the more inclinable to distortions managers are, because a large number of estimates, inputs and assumptions by many different people is taken into account. Described traps can operate in isolation, but the most dangerous is, that they can be mutually reinforced. The dramatic first impression can anchor manager's way of thinking; subsequently the manager can selectively search for information confirming his original assumptions. The result is expedited decision that creates a new status quo. As the sunk costs increase, he is being trapped and unable to search for better solutions.
Therefore we offer the following recommendations:
• It is necessary to know and to be aware of impact of both emotions, as well as of the psychological traps on decision-making process.
• It is crucial to implement tests and approaches that help to detect confusions in consideration phase, before the confusions become mistakes in assessment, in order to be able to cope better with emotional and psychological inclinations.
• To reduce the negative impact of all psychological deviations, the problem must be viewed from different perspectives, it is important to be open-minded and to search for information and opinions in variety of different sources.
• Changes shouldn't be perceived as element of uncertainty, contrariwise they should be implemented into processes of management, e. g. in the form of motivation.
• To formulate the corporate culture in a way that accepts the belief, that also good ideas can sometimes lead to bad results. Thereby it is possible to encourage people to limit the losses rather than to accumulate them.
• To use the rational approach in decision-making in order to eliminate the effect of psychological and emotional inclinations.
• Teamwork is an important tool for reducing the effect of above listed deviations. Even though this tool is not frequently used by enterprises, it is necessary to create constructive team environment that is based on diversity of ideas and opinions and on seeking counter-argument in order to improve the quality of decisions.
Psychological aspects of decision-making are interesting, but very complex area of research. Our aim was to ascertain opinions of managerial praxis on given issue. Considering the general tendency to underestimate their influence on decision-making process, it is advisable to carry out an independent research focused on effect of psychological aspects in relation to effective decisions.
Hypothesis no. 3. Taking into account particularities of strategic decision-making process, it is based to a greater extent on rationality than on intuition. Rationality of strategic decisions is formed mainly my factors of external environment.
The first part of hypothesis was supported. In very truth, as much as 87 % of managers use rational approach in their strategic decision-making. However, questionable is knowledge and usage of basic analytical tools of strategic decision-making, that is on very low level, what prevents improving of given process. Managers are oriented more on mathematical and statistical methods, but have no knowledge of e. g. portfolio methods. When speaking of heuristic methods or scenarios, knowledge and usage of these tools is at the low level as well. These results call in question the rationality indi-
methods of operational
analysis mathematical-statistical methods
expert methods | 3
heuristic methods ~| 1,3
scenarios | 2,2
portfolio methods | 1,5
SWOT analysis j | 3,1
Graph 6. Knowledge and use of analytical tools in strategic decision - making
Survey values: 1 - I do not know, 2 - I know, but I do not use, 3 - I know and I rarely use, 4 - I know, I often use, 5 - I know and I use very often
Rationality is strongly manifested in larger enterprises. The research has shown that smaller business units are more flexible and can cope better with external influences, yet their behaviour is less rational. On the other hand, larger enterprises are more rigid in strategic decision-making in an effort to preserve the existing strategy, whit its strategic decisions being based on rational analysis.
We asked managers what factor according to the following three types: decision, enterprise, and environment and especially the level of management have influenced their rate of rationality or intuition in a given strategic decision? For each factor, various variables of that factor were given, that manag-
cated in decision-making by managers themselves. ers were supposed to identify.
management at the operational level
management at the tactical level
top management
f
r
36%
31%
32%
14%
47%
36%
^4% 31% 53%
□ never □ at times □ sometimes ■ quite often
Graph 7. Using intuition by level of management
1%
9
3%
12%
] 2,5
I 4,1
Our findings indicate, that rationality of strategic decision-making processes is formed by variables identified from all of three, by us given perspectives, hence not only by perspective of external environment. Considering the level of rationality, without a doubt, the most significant factor is the factor of company's results and importance of the decisions; however it is not possible to omit the factors related to external environment, even though they are less important according to managers.
In terms of amount of information needed to reach the decision, managers make strategic decisions mostly by using maximalist approach. At the same time, they are strongly focused on number of created opportunities.
Strategic decision-making is a set of complex activities. With regard to the extent of contribution, we have decided to direct our attention mainly towards the assessment of strategic decision-making approaches, in terms of the intensity of applied rationality and usage of intuition and experiences of managers. Rational approach is dominant. We recommend managers who prefer using of intuition to perceive the case in such a way, that what lies before them is a new terrain full of challenges that are slightly, or completely different from those they faced in their past. It reveals to them, that relying solely on past habits and experiences is not a guarantee of further success; reversely it may be a path to failure.
In certain cases limiting rationality leads to the application of principle of satisfactions that replaces the principle of optimization in the process of rational decision-making. Therefore the principle, in which knowing just key facts and searching for satisfying and acceptable solutions is sufficient for manager to make a decision, was detected. Limited rationality is objective, nonetheless worse is, that it is moreover a consequence of insufficient quantitative analyses, low level of knowledge and usage of analytical tools in these enterprises.
Given the dynamics of external environment, uncertainty of its development and lack of relevant information, we assumed that externally determined approach to strategic decision-making is prevailing, what increases the efforts of managers to decide rationally. The research results indicate that approach of Slovak enterprise managers to strategic decision-making is not based solely on one per-
spective. Development in this area is directed at integration of all perspectives (internal factors of enterprise, external environment, specific characteristics of decision), whereby the predominance of one of them is given by the size and type of enterprise, nature of the competitive environment and also by cultural context.
Conclusion
Decision-making rightfully belongs to the core activities of managers and makes up for basis of management, because the quality of imbraced decisions crucially affects the efficiency of business operations. The ability and especially the right to make decisions give managers a special status that can be attractive for some, and challenging for others.
Theory of decision-making is largely built on normative principles and decision makers are rational. The term itself suggests that managers are decisive. In fact, the decision-making process is rarely explicit and straightforward. Managers mostly face numerous constraints, loops arise during decision-making and access to information is usually complicated. Subjective approaches play crucial role in decision-making process. Decision makers are usually influenced by various preconceptions, states and tricks of mind when making decisions, and even though they try their best to be rational, they fall into their trap. They also think, that they have accumulated such a great amount of experience and conclusions, that they will have no problem deciding intuitively.
Nowadays, the issue of involving intuition and subjective approaches is one of the areas managerial decision-making have to deal with. As mentioned above, a lot of opinion trends exist and neither of these approaches is ideal. Quality decisions cannot be realized e. g. only through intuition, although under certain circumstance intuition can be an additional, and sometimes even key factor in decision-making processes. Decision maker, who is focused on quality decisions, needs to properly balance the rational and subjective approaches. Ultimately, it means to incorporate experience and intuition to the rational approach in decision-making process and at the same time to eliminate things such as personal prejudice, bias and other emotional and socially conditioned tendencies. In this way decision-making definitely acquires interdisciplinary nature.
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Статья поступила в редакцию 15.03.2018 г.
Submitted 15.03.2018.
Citation for an article: Jankelova N., Jankurova A., Rasovec O. Information for the use of external users in the evaluation of payments. Vestnik of the Mari State University. Chapter "Agriculture. Economics". 2018. vol. 4, no. 2, pp. 134-144. DOI: 10.30914/2411-9687-2018-4-2-134-144
Для цитирования: Янкелова Н., Янкурова А., Рашовец О. Психологические аспекты управленческого принятия решений // Вестник Марийского государственного университета. Серия «Сельскохозяйственные науки. Экономические науки». 2018. Т. 4. № 2. С. 134-144. DOI: 10.30914/2411-9687-2018-4-2-134-144
Nadezda Jankelova, PhD, associate professor Ing., University of Economics Bratislava, Slovak Republic,
nadezda.jankelova@euba. sk
Andrea Jankurova, PhD, Danubius University, Sladkovicovo, Slovak Republic,
andrea.jankurova@vsdanubius.sk
Ondrej Rasovec, PaedDr., doctoral student, Slovak Medical University, Bratislava, Slovak Republic
Янкелова Надежда, PhD, доцент, Экономический университет, г. Братислава, Словацкая Республика, nadezda.jankelova@euba. sk
Янкурова Андреа, PhD, Университет Данубиус, Сладковичово, Словацкая Республика, andreajankurova@vsdanubius. sk
Рашовец Ондрей, PaedDr., докторант, Словацкий медицинский университет, г. Братислава, Словацкая Республика
