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Decision Support Systems For New Project Development In Fast Moving Consumer Goods Industries

Author

Listed:
  • NINKO KOSTOVSKI

    (UNIVERSITY AMERICAN COLLEGE SKOPJE, REPUBLIC OF MACEDONIA)

  • MARJAN BOJADJIEV

    (UNIVERSITY AMERICAN COLLEGE SKOPJE, REPUBLIC OF MACEDONIA)

  • HARI LOKVENEC

    (UNIVERSITY AMERICAN COLLEGE SKOPJE, REPUBLIC OF MACEDONIA)

Abstract

In any contemporary business, decision makers are confronted with increasing amount of information, not necessarily incorporated properly into decision making process. Moreover, decision makers show several cognitive limitations and biases. Managerial decision support systems are intended to assist decision makers in taking advantage of available information. Research proved that that these systems could compensate for the relative weaknesses of the managers as decision makers. They prevent common biases of human decision-making and foster objective and reliable information. With number of variables that must be taken into consideration, internal and external, technological, financial and market related, the new product development and the specifics of that process in fast moving consumer goods industries is perfect for application of computerized decision support system. The results of implementation of such system based on Exsys Corvid in processed food industry are presented with review of overall impressions for the usefulness of the new software, provided by the managers involved in the process. They found that the system consistently offers realistic decisions, that the system is convenient for capturing the institutional knowledge of the process, but also that the system not always follows the standard procedure. They think that the system is user-friendly. However, the implemented system will be useful and consistently outperform expectations only if the company is ready to continuously upgrade the embedded tacit institutional knowledge and experience. However, doing so, the company should never neglect the consumers changing preferences as the most important environmental domain of information critical for new product development.

Suggested Citation

  • Ninko Kostovski & Marjan Bojadjiev & Hari Lokvenec, 2017. "Decision Support Systems For New Project Development In Fast Moving Consumer Goods Industries," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 5, pages 4-14, October.
  • Handle: RePEc:cbu:jrnlec:y:2017:v:5:p:4-14
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    References listed on IDEAS

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