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The use of modern management tools, a crucial factor to facing challenges

Author

Listed:
  • Irina Canco

    () (Senior Specialist, Ministry of Finance, Albania, International PhD Student, University of Pecs, Hungary)

  • Olgerta Visi

    () (MSc. in Public Administration, Executive Assistant to the Minister, Ministry of Finance, Albania)

Abstract

The transition from a centrally planned to a market free economy, confronts businesses to a competitive environment. The adaptation to this environment engages the managers to a continuous decision-making process. The quality of each decision, to a considerable extent is conditioned by the use of contemporary methods. An integral part of the contemporary methods consists of the mathematical, statistical and computerized methods, traditionally appraised for accuracy. The paper deals with problems concerning the importance of using contemporary methods and their extended use in managers’ decision-making. To the function of this objective hypotheses are formulated from the expert and manager perspectives. The hypothesis verification is reasoned to be performed with the use of non-parametric statistical method – the Mann Whitney criterion. The geographical criterion targets are the major cities such as Tirana, Durres, Shkodra, etc, since they constitute the main centers from the economic, cultural and scientific perspective.

Suggested Citation

  • Irina Canco & Olgerta Visi, 2011. "The use of modern management tools, a crucial factor to facing challenges," Review of Applied Socio-Economic Research, Pro Global Science Association, vol. 1(2), pages 38-43, December.
  • Handle: RePEc:rse:wpaper:v:1:y:2011:i:2:p:38-43
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    More about this item

    Keywords

    decision-making; contemporary methods; Mann Whitney criterion; effective direction;

    JEL classification:

    • M54 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Labor Management

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