The role of emotions in decision-making continues to receive interest, as evidenced by a special issue on affect and emotion in decisionmaking (Peters et al., 2006). Yiend, (2010) reviewed the effects of emotion on attention. A review of the influence of discrete emotions on judgement and decision-making in laboratory conditions concluded that the effects on outcomes are moderate to large (Angie et al, 2011). However, few studies have investigated emotional influences on decisionmaking in ‘real contexts’, as opposed to laboratory conditions. The present paper addresses this gap in the literature. It provides empirical support for the influencing role of mood on decisionmakingprocess, when the nature of the decision task, and its context, give rise to the affect and emotional state. The mood state is integral and related to the decision task rather than incidental and unrelated. (Lerner et al., 2015).
While communicating the package is influencing stages of consumer decisionmakingprocess. In the stage of need perception, the package, which is attracting consumer attention, determines not planned need in case of impulsive purchase. In the stage of information search the package becomes the source of information about the product. The stage of information search is very important in the case of high involvement in the decisionmakingprocess and here the verbal package communication is the most important. Consumer is evaluating alternatives of product according established criteria in the stage of alternatives evaluation. The package impact is the biggest at this stage, because verbal and non-verbal package components are communicating the comprehensive information about the product. Stage of choice is frequently compared with the stage of alternatives evaluation, because the estimation of the best alternative determines the choice of consumer. Therefore the package LV LQIOXHQFLQJ WKH FKRLFH VWDJH WKURXJK DOWHUQDWLYHV¶ evaluation stage. At the stage of the behaviour purchase elements of package tell the consumer how to use the product properly, influence quality evaluation while using the product and help to identify the product during the repeated purchase.
and resources (H3) and the attitude towards others (H5). This is against the expectations of the literature. There is a significant association between faith in intuition and only two out of five principles of effectuation (H4, H6). These differences can be supported by previous research, which has shown that the entrepreneurial decision-makingprocess can be a combination of causational and effectual actions (Sarasvathy, 2001). However, there is no evidence that the principles which are not influenced by the intuitive thinking style are contrariwise associated with radical thinking; there is no significant relationship between need for cognition and the entrepreneurial decision-making and its underlying principles. Moreover, the quiet similar means between the principle of exploiting contingencies and the principle of pre-existing knowledge indicate that there is no necessity of a tendency between effectuation and causation when making a decision, towards unexpected events. This result challenges the assumption that a more effectual approach is more effective in situations of uncertainty (Sarasvathy, 2001). As mentioned by Arend and Burkemper (2015), the concept of effectuation lacks in addressing personal resources and capabilities underlying this logic. This leads to the idea that not the individuals’ thinking style alone may act as a single predictor for the behavior in the decision-makingprocess. Besides the individuals’ preference in thinking, it needs to be investigated whether there are common means of entrepreneurs, such as who they are, whom they know and what they know (Sarasvathy, 2001; Sarasvathy, Kumar, York, & Bhagavatula, 2013), and how they change over time (Krueger, 2007). For example, as evidenced in this research, the educational background in business administration studies has a negatively impact on the causational decision-making. Thus, research firstly needs to concentrate on the circumstances that force an individual to decide for a business administration study, followed by an investigation how this study program, or the development of domain-relevant knowledge, affects the preference for either causational or effectual decision-making. Considering the example of Sarasvathy (2001), where she compares the process of effectuation to cooking without a recipe where the outcome will be more uncertain than cooking on schedule. In order to predict the use of effectual decision- making, the reasons that may lead to the decision to not cook on schedule needs to be investigated. Additionally, it needs to be challenged whether experience in cooking without a recipe and knowledge about this process influences the outcome.
much highlighted in market/news and like to invest in stock which gave extra return in the past so they like to choose the stock which is giving the extra-large gain.
Ahmed & khalil, (2011) presented the concept of individual decisionmaking and how rational and irrational decisionimpact. Wickham, (2003) stated that people face the decision bias due to representative heuristics that encourage them to overvalue low probability actions that leads to incorrect decisions about the new ventures trading. It’s further analyzed by Griffin and Tversky, (1992) that when people decide about future investment they ignore statistical explanations and give more weight to source means they biased towards strength then its fault. Kliger and Kudryavtsev, (2010) elaborated in individual decisionmaking that the people generally take the decision on the basis of their past experience in the presence of heuristic. Sevil, et al (2007) also asserted that the decisionmakingprocess in the stock exchange is much influence due to heuristics.
E-mail: firstname.lastname@example.org Abstract
The study aims to find out the impact of leadership styles in the administrative decision-makingprocess in Jordanian industrial companies as the hypotheses underlying the research and testing have been formulated through the distribution of a questionnaire on specialists in the Jordanian industrial sector. The study has found that the most common technique in the decision-makingprocess is the authoritarian style as most of the Jordanian industrial companies are owned by the family after which the company is named , followed by the democratic style then the last style, called the laissez-faire style , sometimes called the liberal approach. The study recommends the adoption of the authoritarian approach in the administrative decision-makingprocess in family-owned companies as most of these companies achieve profits continuously without changing the existing supervisory authorities.
The principles of bureaucracy was reinforced with the fast development in Europe until the end of the renaissance in Europe, and had been established with the political, economical, and social transformation in Europe, also with the huge transformations in industry during the 19 th century, and the initiating of organizations and corporations all over the world and in particular in Europe and United States. The concept of bureaucracy was connected with the work of organizations and was being the main factor for decisionmaking inside the organization, in addition to that the concept of bureaucracy was associated with the a pyramid summit structuring the organization and going down to the lowest managerial levels, at that time bureaucracy represented the authority of bureau.
Other than this, all the end users pointed out the importance of the data warehouse for the decision-makingprocess when compared to the current process as a valid and practical proposition. However, that the data managers addressed the issues related to data quality, access rights and security in the information product evaluation interview is worth noting, and the significance of which has been found by other researchers such as Winter and deMul. But, in the survey majority of respondents mentioned that, there are no concerns of data security and information privacy should incorporate to the data warehouse development. This may be due to the lack of understanding of data warehouse implementation by end users or they did not understand the question properly. However, increased data exchange brings the issue of confidentiality and access to the fore and this is well recognised. According to Clifton (2004), “a comprehensive framework that handles the fundamental problems underlying privacy preserving data integration and sharing is necessary”. Also data quality is again identified as being a critical factor in the use of integrated information and while data warehouse can provide some support for data quality improvement, there is further organisation change management that needs to occur to effectively address this. There are many limitations and difficulties experienced in the development of this project as presented in sub section 6.1.
Each video clip was edited by using two software programs (Adobe Premiere and Final Cut Pro). We manipulated the original video clips as follows: either we reduced the speed of a real-time video clip four times or we increased the speed of a slow-motion video clip four times. The video clips were cut down to the essential fragment to be able to come to a correct decision. This resulted in two identical video clips for each situation, 60 video clips in real time (mean duration 3.08 s) and the same 60 video clips in slow motion (mean duration 12.32 s). The same information was present in both video speed conditions, only the temporal dynamics were modu- lated. The video clips are MP4 files (720 × 406 pixels), with good quality and with the background sound removed. Two independent and experienced ex-international referees, still involved as referee match observers for UEFA, determined the reference decisions based on the rules established by Law 12: Foul and Misconduct (FIFA, 2016). Both modes (real time and slow motion) were available to determine the reference decisions. These two referees were able to view the clips multiple times and they knew the decisions that had been made by the original referees during the game. As an expert panel, both referees made independent evaluations first and then discussed the video clips with the UEFA chief refereeing officer to resolve any disagreement. They
available information in their decision- makingprocess. As a result, they regularly make errors. It turns out too that the errors they make repeat in the same way, and are, therefore, termed systematic errors. Luckily, because of this systematic character, these errors are often predictable and avoidable. The common errors that they make are also termed as behavioral biases some of them are overconfidence, anchoring, herding, regret aversion, misunderstanding, randomness, mental accounting, representativeness etc. This paper examines the role of behavioral biases on investment decisionmakingprocess.
necessity as wants or desires The world of communications has undergone not just one, but two comparable paradigm shifts since that time. The first being the invention and widespread popularity of the traditional telephone and the other is the invention and adoption of the cell phone. The development of mobile phones and technologies has been an extended history of innovation and advancements cropped up due to dynamic changes in consumers’ needs and preferences. Among these developments, mobile phone devices have had one of the fastest household adoption rates of any technology in the world’s modern history nowadays, mobile handsets have become an integral part of human daily life and personal communication across the globe. In the current highly competitive mobile phone market, manufacturers constantly fight to find additional competitive edge and differentiating elements to persuade consumers to select their brand instead of a competitor’s. There are various studies conducted to identify factors that make companies better than their competitors in influencing the customers purchase decision. Consumers’ of mobile phone found throughout the world greatly influenced by those different factors affecting mobile phones purchase decision. These factors may be related to the characteristics of the consumer and the features associated with the mobile phones. This leads mobile phone companies to come up with a variety of mobiles with different brands and features. There is various research studies conducted to identify factors affecting consumers’ choice of mobile phones. These studies indicated a range of items as a determinant factor influencing purchase decision. These factors include price, features, quality, brand name, durability, social factors and so on.
This research study will help to maximize the beneficial impact of accounting information in the decision-making processes of an organization. This boosts the profitability of the organization as well as ensuring its continuity as a business entity. It will help in the efficient allocation of scares resources that have alternative uses as well as increase productivity thereby up lifting the standard of living. In fact all interested groups like shareholders, employee, investors, creditors, government, etc will benefit immensely.
In addition to causing multiple impacts, the chronological emergence of these impacts was also observed during the role plays. For example, introduction of the technical resource caused multiple impacts, both positive and negative, on the decisionmaking of the domain-novice participants. Initially, it proved disruptive to the decision-makingprocess, but even- tually the decision makers were able to exploit the resource to advance their decisionmaking through changes to their ap- proach, method, and process. In addition, impacts on the pro- cess were evident through the interactions between the four de- cision makers changing four times (see Section 4.2.2) as a result of the introduction of the technical information resource. In summary, the findings from the experiments provide clear evidence that resources used within decisionmaking can impact on decisionmaking in terms of the approach, method, and process, the method and process, or the process adopted within it (see Figure 13). Thus, at the start of decisionmaking, the available resources have the potential to impact the definition of how decisionmaking will occur in terms of the approach, method, and process used. Furthermore, as decisionmaking progresses and changes to the resources oc- cur within the decision-making network because of the dy- namic nature of decisionmaking (e.g., new information being added), then those resource changes can impact on one or more of the decision-making approach, method, and process. Thus, the decisionmaking evolves in terms of how it is per- formed. Moreover, as changes are made to one of these ele- ments, they can propagate downward to the next level (e.g., approach A can change to A 0
Because critical decisions are not made every moment, the leadership can be dispensable. Selznick points out that the function of the leader is to arrive at policy-making rather than at pol- icy-serving decisions, that is, decisions that can affect the survival of the organization. He stresses that critical decisions involve chosen key values and create a social structure that embodies such values. However, these decisions are not only the work of the general manager. Selznick argues that throughout the process of co-optation, external elements can be incorporated into the decision- making structures of the organization. In addition, the institutional leader welds the members of the organization into a "committed polity", with a high sense of identity, purpose and commitment. Drucker (1954) emphasizes that strategic decisions are multidimensional decisions, which will have an impact on the future of the enterprise. From this perspective, the great difficulty lies in finding the right question, not the right answer. The basic role of top managers is seen as shap- ing organizational objectives and strategy, with strategy intervening to define organizations' rela- tions with their resource environments. Thus, strategy and strategic decisions act as an important determinant of organizations' performance outcomes.
Thus every household has to expend upon some minimal amount of foodstuffs in order to keep its members in good living conditions and the exis- tence of uncertainty will then influence rather the purchases of all other goods. In the budget of every household, the stabile amount of expenditures for foodstuffs occurs. These minimal expenditures vary for every household and the related deviations can be explained by the amount of the non-purchased production to a great extent. Then, non-purchased production can notably reduce the aforementioned impact of fundamental uncertainty on household de- cision making on food consumption. The importance of this fact can be assessed by means of Figure 6. The households have estimated the percentage share of their consumption that they do not have to purchase (self-production, production of relatives or friends). The acquired data were ordered by the percentage range of meeting the food consumption by the non-
Many of this will take a new dimension if we consider that they will be resolved by a group of individuals, each one with a different type of personality. Our society is characterized by the use of groups to make decisions about some subject of interest for the organization in which they are involved. If we predict the personality of our adversaries we could find the best arguments to be used in the negotiation process in order to reach a consensus or a better decision in the shortest possible time. Emotions have proven effects on cognitive processes such as action selection, learning, memory, motivation and planning. Our emotions both motivate our decisions and have impact on our actions.
According to Williams (2006), tourism and hospitality have become principal key global economic activities as expectations with regard to our use of leisure time have evolved, attributing greater meaning to our free time. These results in marketing have potentially bigger importance in tourism than in other industries but unfortunately this potential is not always fulfilled (Morgan and Pritchard, 2002). Also, a major reason for such unfulfilled potential lies in most tourism marketing focusing on the destination or outlet (in other words, the products or services which are offered) and lacking focus on the consumer (Williams,2006). Furthermore, Urry (1990) claims that the tourist gaze is ‘. . . constructed and sustained through a variety of non-tourist practices, such as film, TV, literature, magazines, records and videos’. What Urry (1990) was advocating was that the image consumers have of a destination in today’s modern world is strongly formed and influenced by such media forms as film and television. The role of image in promotion within a service industry such as tourism is an important key in today’s competitive market place. Consumers may make purchase decisions based on the influence of image, as a marketing construct. As Morgan et al. (2003) state “the need for destinations to portray a unique identity is more crucial than ever”. Films (especially if they have a high profile and are commercially successful) can help establish such an identity (a new brand image in a sense) and provide a platform to attract interest to a tourist destination from a wide market base. If consumers are firmly influenced by image, this becomes a strong argument to focus more on such forms of media that impact their purchase decisions.
However, the results of the current study are opposite to ﬁndings of the online experiment of Scheibehenne and von Helversen (2015) that positive mood increases the probability to use a compensatory strategy. A potential reason for the contradiction of results is currently un- explained. One might search for the cause of contradictory ﬁndings in the diﬀerences in the visual design of the task or the type of the en- vironment in which the experiment was carried out (laboratory vs. online experiment). Although there is no explanation of why the dif- ferences in the visual presentation should be responsible for the results, previous research has found that even subtle variations of context factors can inﬂuence the strategy selection process, presumably by guiding visual attention to speciﬁc aspects of a task (Bröder et al., 2013). As another possible reason for diﬀerences in the results one could suspect the way of data analysis: while Scheibehenne and von Helversen (2015) used the Bayesian approach, the current study em- ployed multi-level modelling. However, even the conventional analysis of the original experiment would show the trend that is opposite to the current result – the average proportion of non-compensatory choices in the positive mood condition was 38% in the original study versus 67% in the current study. Alternatively, since the positive mood activates heuristic processing of information according to the “mood-as-in- formation” account, the availability of heuristics in a sample could have an impact on the results. As previous studies have shown that people can learn how to apply decision-making strategies (Rieskamp & Otto, 2006), participants with more experience in decision experiments might use a compensatory strategy as a default strategy.
The results of probability plots of residuals indicate that the data points fall more or less along the diagonal line with no substantial deviation from the line. This together with relevant Histogram confirms the normality of the error term. The Scatter plots of standardized residuals versus the predicted values show no random pattern to indicate heteroscedasticity. The results of multi-collinearity test indicate that the values of tolerance and variance inflation factor (VIF) fall within acceptable range (tolerance 0.57 to 0.89 and VIF 1.11 to 1.74) outliers were identified and removed using a case-wise diagnostics and partial regression plot approach. Based on regression analysis that is given in Table 3 the four contextual variables cumulatively were able to explain 35% of the observed variations in the extent of decentralization in the decision-makingprocess. This is very much lower than that achieved by Papadakis et al. (1998) who obtain a 54% explanatory power. The F-value of 4.21 is significantly large to reject the hypothesis of no linear relationship between extents of decentralization in the decision-makingprocess with the contextual variables. An examination of the significance of each of these contextual variables indicates that four variables have significant influence on extent of decentralization of the decisionprocess. In their order of impact, they are: organizational slack, environmental dynamism, decision familiarity and manager need for achievement.
Given the growth of hospitality franchising in emerging tourism markets, this study also has practical implications for both franchisors and franchisees. Franchisors seeking to expand in China should understand how guanxi relationships can be used to attract prospective franchisees. In addition, they also should understand the importance of task-related criteria when evaluating alternatives and ensure that the information that franchisees seek on the brand, the products and the cost is not only readily available but accurate. Hospitality franchisors need to be aware of the feasibility of their franchise model in markets where labor restrictions could severely impact on the viability of franchised units with extensive menus. Franchisors also should understand the importance of negotiation within a Chinese context. While franchise fees are likely to remain non-negotiable, the importance of taking time to discuss the rationale for the fees in relation to the support provided should be recognized. The importance of supply chain management in hospitality franchises should be understood by all franchisor representatives. This negotiation process provides the foundation for a guanxi relationship with franchisees and the information exchanged during negotiations is used during the post-purchase review. The importance of partner-related criteria during this review should also be recognized.
In the decision-making problem field, if influences/dependencies exist between criteria, which the AHP does not consider, using the AHP might lead to a decision that is less than optimal. In those cases, using the analytic network process (ANP) is more appropriate. By using the ANP, we can model the dependencies and feedback between the decision-making elements, and calculate more precise weights of criteria, and local and global priorities of alternatives. In this paper, we will describe the ANP method, present its steps using a demonstrative example (Section 2), address some weaknesses of the method based on a literature review and our experience, and propose some upgrades to the ANP that might impact on eliminating the identified weaknesses (Section 3).