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1.0MARKTGUThttps://marktgut.com/enmarktgut-adminhttps://marktgut.com/en/author/marktgut-admin/rich600338<blockquote class="wp-embedded-content" data-secret="fnyaLFde98"><a href="https://marktgut.com/en/management-decisions/">Management Decisions</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://marktgut.com/en/management-decisions/embed/#?secret=fnyaLFde98" width="600" height="338" title="„Management Decisions“ — MARKTGUT" data-secret="fnyaLFde98" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script type="text/javascript"> /* <![CDATA[ */ /*! This file is auto-generated */ !function(d,l){"use strict";l.querySelector&&d.addEventListener&&"undefined"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!/[^a-zA-Z0-9]/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret="'+t.secret+'"]'),o=l.querySelectorAll('blockquote[data-secret="'+t.secret+'"]'),c=new RegExp("^https?:$","i"),i=0;i<o.length;i++)o[i].style.display="none";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute("style"),"height"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):"link"===t.message&&(r=new URL(s.getAttribute("src")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener("message",d.wp.receiveEmbedMessage,!1),l.addEventListener("DOMContentLoaded",function(){for(var e,t,s=l.querySelectorAll("iframe.wp-embedded-content"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute("data-secret"))||(t=Math.random().toString(36).substring(2,12),e.src+="#?secret="+t,e.setAttribute("data-secret",t)),e.contentWindow.postMessage({message:"ready",secret:t},"*")},!1)))}(window,document); /* ]]> */ </script> [et_pb_section fullwidth=”on” specialty=”off”][et_pb_fullwidth_slider admin_label=”Vollbreiter Slider” show_arrows=”on” show_pagination=”on” auto=”off” parallax=”off” parallax_method=”off”][et_pb_slide background_image=”https://marktgut.com/en/wp-content/uploads/sites/2/2017/11/1603-131.jpg” background_color=”#ffffff” alignment=”center” background_layout=”dark” allow_player_pause=”off” /][/et_pb_fullwidth_slider][/et_pb_section][et_pb_section][et_pb_row][et_pb_column type=”4_4″][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left”] Decision-making in Management 10 November 2017 [/et_pb_text][et_pb_social_media_follow admin_label=”Sozialen Medien folgen” link_shape=”rounded_rectangle” background_layout=”light” url_new_window=”on” follow_button=”on”][et_pb_social_media_follow_network social_network=”linkedin” url=”https://www.linkedin.com/company/marktgut-gmbh/” bg_color=”#007bb6″]LinkedIn[/et_pb_social_media_follow_network][/et_pb_social_media_follow][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left”] The decision-making process is still one of the biggest challenges for managers. Large amounts of data, digitization efforts and the latent uncertainty of the global economy do not make the allocation of limited resources any easier. Modern potential-value-analysis methods to support qualitative decision making provide a help. Every year in late autumn, budgeting for the next business year is on the agenda. Although this situation does not surprise the management, it causes problems repeatedly. Particularly in the context of digitization and an increasingly fast moving global economy, the challenges for managers are growing from year to year. Increasingly large amounts of data have to be evaluated in order to extract the necessary information, categorize it and ultimately use it for decision making. However, this is only half the battle, as decisions of one’s own have to be justified before the controlling and the board of directors, which rarely succeeds at first go. But what is the way out of this muddled situation? [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row][et_pb_column type=”1_3″][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left”] Challenges [/et_pb_text][et_pb_counters admin_label=”Balkenzähler” background_layout=”light” background_color=”#dddddd” bar_bg_color=”#0097c7″][et_pb_counter percent=”80″]Uncertainty[/et_pb_counter][et_pb_counter percent=”30″]Subjectivity[/et_pb_counter][et_pb_counter percent=”20″]Opportunism[/et_pb_counter][et_pb_counter percent=”65″]Time Pressure[/et_pb_counter][et_pb_counter percent=”40″]Risk[/et_pb_counter][/et_pb_counters][/et_pb_column][et_pb_column type=”2_3″][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left”] Project and budget decisions [/et_pb_text][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left”] Project and budget decisions do not only exist since classical business administration has defined them as such, but have always existed. Management decisions have also always been made under the premises of risk or uncertain circumstances. In this regard, there has been no change in the basis of the decision-making processes for allocating limited resources within the framework of budgeting for the next financial year. But what has changed is the complexity of the decision-making processes. This is due to the availability of the resource information, which must be extracted from exponentially growing volumes of data. Paradoxically, despite immense amounts of data, this raw material is becoming increasingly limited, hindering decision-making processes and ultimately leading to suboptimal budget planning that fails to keep pace with market developments. [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row][et_pb_column type=”4_4″][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left”] Data availability and complexity The availability of quantitative data does not automatically lead to better management decisions, as increasingly complex business models and shorter innovation and product life cycles overload the cognitive performance of the human brain. Researchers even talk about the fact that the improved data situation does not lead to better decisions, but simply results in overwhelming challenges. As a result, the multitude of decision options hinders the ability to make optimal project and budgeting decisions. This effect is impressively demonstrated by a study conducted by the Federal Institute for Occupational Safety and Health (Bundesanstalt für Arbeitsschutz und Arbeitsmedizin). According to this study, 21 percent of managers are already complaining about quantitative overload, while only 5 percent claim to feel that they are overtaxed in terms of quality. In addition, Hays concludes that the increasing […]