The aspects of modeling the decisional processes in theory and practice of contemporary management.

Abstract

Decision making can be regarded as the cognitive process resulting in the selection of a course of action among several alternative scenarios. Every decision making process produces a final choice. The output can be an action or an opinion of choice. Logical decision making is an important part of all science-based professions, where specialists apply their knowledge in a given area to make informed decisions. Modeling is a fairly complex, complicated process and operates with a set of theoretical concepts, such as the decision-making system, decision-making elements, decision finalities etc. Moreover, not every manager knows the fundamentals of the theory and practice of modeling the decision process. The lack of in-depth knowledge in this area leads company managers to take hasty decisions and inappropriate activity in a real work conditions. Therefore, it is particularly important in organizational management to identify functional principles and decision-relevant criteria in achieving set objectives.