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Decision-Making: Art or Science ?

Author

Listed:
  • Barbu Catalin Mihail

    (University of Craiova)

  • Meghisan Flaviu

    (University of Pitesti)

Abstract

In this paper we realized an extensive review of the decision-making process as it was developed in the specialty literature. Decision-making is one of the most important managerial issue to which a great attention was devoted by the specialists. However the efforts to synthesize all the vast research were scarce. For this purpose we present in our paper the classical theory and the new models. In our opinion a decision-maker does not use only one of the modalities of decision-making. Another hypothesis is that the decision-making should be regarded less as an exact science with quantifiable parameters. Probably is too much to consider the decision-making an art. It is obvious that decision-making has its shadow areas in which the imagination, the intuition, the creativity, the emotions of the decision-maker can bring some light.

Suggested Citation

  • Barbu Catalin Mihail & Meghisan Flaviu, 2011. "Decision-Making: Art or Science ?," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 173-178, May.
    • Handle: RePEc:ovi:oviste:v:11:y:2011:i:1:p:173-178
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    More about this item

    Keywords

    decision-making theory; decision-making models.;

    JEL classification:

    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • M16 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - International Business Administration

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