Vezetői döntéshozatal és versenyképesség (The managerial decision making and the competitiveness)

A tanulmány a vezetői döntéshozatal három lényeges aspektusát tárja fel. A Versenyben a világgal c. kutatási program eredményei alapján arra lehet következtetni, hogy a menedzserek döntéshozatali képességei és megközelítései, a vállalati teljesítménymérés és menedzsment döntéseket támogató szerepe, valamint a vállalatok érintettekhez fűződő viszonya meghatározó lehet a hatékony vezetői döntéshozatal során. A vállalati döntéshozatal jellemzőinek bemutatása után megvizsgáljuk azt is, hogy a különböző teljesítményű cégek döntéseit mennyire támogatja a menedzserek felkészültsége, a teljesítménymérési gyakorlat és az érintettek elvárásai. A szerzők úgy találták, hogy a fenti tényezők mindegyike hozzájárul a hazai cégek versenyképességéhez, általánosságban ugyanis elmondható, hogy a döntéseket támogató vállalati környezet jobb üzleti teljesítményhez és gyorsabb reagálóképességhez vezethet. Az eredmények összegzése mellett ajánlásokkal is éltek a vállalatok számára, amelyek alkalmazásával hatékonyabb döntéseket hozhatnak. _______ This study presents three main aspects of the managerial decision making. Based on the results of the research program In competition with the World it points to the fact that decision making abilities and approaches of the managers, the corporate performance appraisal and the management decision support role, and the corporate relations to the stakeholders will be determinant in the process of the efficient managerial decision making. After presentation of characteristics of the corporate decision making the authors examine that how the decisions of enterprises with different performances are supported by the preparedness of the managers, the performance appraisal practice and the stakeholders expectations. The authors have thought that every factor contributes to the competitiveness of the domestic enterprises, and generally the decision supporting corporate environment can lead to better business performance and faster responsive abilities. Besides the results summary the authors give useful recommendations to the corporations with which they can make more efficient decisions.

Ethical decision making

The self-centeredness of modern organizations leads to environmental destruction and human deprivation. The principle of responsibility developed by Hans Jonas requires caring for the beings affected by our decisions and actions. Ethical decision-making creates a synthesis of reverence for ethical norms, rationality in goal achievement, and respect for the stakeholders. The maximin rule selects the "least worst alternative" in the multidimensional decision space of deontological, goal-achievement and stakeholder values. The ethical decision-maker can be characterized as having the ability to take multiple perspectives and make appropriate balance across diverse value dimensions. Modern organizations should develop a critical sensitivity to and empathy toward human and non-human beings with which they share a common environment.

Individual decision-making by top executives as a valuable resource for strategic management – A resource-based view and dynamic capability approach

Strategy is highly important for organisational success and the achievement of competitive advantage. Strategy is dynamic and it depends on accurate individual decision-making from medium and high-level managers and executives. Since managers always formulate strategy, its formulation depends mostly on their assertive decisions. Making good decisions is a complex task, even more in today’s business world where a large quantity of information and a dynamic environment forces people to decide without having complete information. As Shafir, Simonson, & Tversky (1993) point out, "the making of decisions, both big and small, is often difficult because of uncertainty and conflict". In this paper the author will explain a basic theoretical framework about top manager's individual decision-making, showing how complex the process of making high-impact decisions is; then, he will compare this theory with one of the most important streams in strategic management, the Resource-Based View (RBV) of the firm. Finally, within the context of individual decision-making and the RBV stream, the author will show how individual decision makers in top management positions constitute a valuable, rare, non-imitable and non-substitutable resource that provides sustained competitive advantage.

Essays on the impact of stakeholders' sentiment on the financial decision making process

The most important factor that affects the decision making process in finance is the risk which is usually measured by variance (total risk) or systematic risk (beta). Since investors’ sentiment (whether she is an optimist or pessimist) plays a very important role in the choice of beta measure, any decision made for the same asset within the same time horizon will be different for different individuals. In other words, there will neither be homogeneity of beliefs nor the rational expectation prevalent in the market due to behavioral traits. This dissertation consists of three essays. In the first essay, “ Investor Sentiment and Intrinsic Stock Prices”, a new technical trading strategy was developed using a firm specific individual sentiment measure. This behavioral based trading strategy forecasts a range within which a stock price moves in a particular period and can be used for stock trading. Results indicate that sample firms trade within a range and give signals as to when to buy or sell. In the second essay, “Managerial Sentiment and the Value of the Firm”, examined the effect of managerial sentiment on the project selection process using net present value criterion and also effect of managerial sentiment on the value of firm. Final analysis reported that high sentiment and low sentiment managers obtain different values for the same firm before and after the acceptance of a project. Changes in the cost of capital, weighted cost of average capital were found due to managerial sentiment. In the last essay, “Investor Sentiment and Optimal Portfolio Selection”, analyzed how the investor sentiment affects the nature and composition of the optimal portfolio as well as the portfolio performance. Results suggested that the choice of the investor sentiment completely changes the portfolio composition, i.e., the high sentiment investor will have a completely different choice of assets in the portfolio in comparison with the low sentiment investor. The results indicated the practical application of behavioral model based technical indicator for stock trading. Additional insights developed include the valuation of firms with a behavioral component and the importance of distinguishing portfolio performance based on sentiment factors.

Essays on the Impact of Stakeholders' Sentiment on the Financial Decision Making Process

The most important factor that affects the decision making process in finance is the risk which is usually measured by variance (total risk) or systematic risk (beta). Since investors' sentiment (whether she is an optimist or pessimist) plays a very important role in the choice of beta measure, any decision made for the same asset within the same time horizon will be different for different individuals. In other words, there will neither be homogeneity of beliefs nor the rational expectation prevalent in the market due to behavioral traits. This dissertation consists of three essays. In the first essay, Investor Sentiment and Intrinsic Stock Prices, a new technical trading strategy is developed using a firm specific individual sentiment measure. This behavioral based trading strategy forecasts a range within which a stock price moves in a particular period and can be used for stock trading. Results show that sample firms trade within a range and show signals as to when to buy or sell. The second essay, Managerial Sentiment and the Value of the Firm, examines the effect of managerial sentiment on the project selection process using net present value criterion and also effect of managerial sentiment on the value of firm. Findings show that high sentiment and low sentiment managers obtain different values for the same firm before and after the acceptance of a project. The last essay, Investor Sentiment and Optimal Portfolio Selection, analyzes how the investor sentiment affects the nature and composition of the optimal portfolio as well as the performance measures. Results suggest that the choice of the investor sentiment completely changes the portfolio composition, i.e., the high sentiment investor will have a completely different choice of assets in the portfolio in comparison with the low sentiment investor. The results indicate the practical application of behavioral model based technical indicators for stock trading. Additional insights developed include the valuation of firms with a behavioral component and the importance of distinguishing portfolio performance based on sentiment factors.

The role of overseas Chinese investment in the emerging countries of Southeast and East Asia: A Confucian model of the foreign direct investment decision-making process using factors unconsidered in the West

The purpose of this study was to gain a better understanding of the foreign direct investment location decision making process through the examination of non-Western investors and their investment strategies in non-traditional markets. This was accomplished through in-depth personal interviews with 50 Overseas Chinese business owners and executives in several different industries from Hong Kong, Singapore, Taiwan, Malaysia, and Thailand about 97 separate investment projects in Southeast and East Asia, including The Philippines, Malaysia, Hong Kong, Singapore, Vietnam, India, Pakistan, South Korea, Australia, Indonesia, Cambodia, Thailand, Burma, Taiwan, and Mainland China.^ Traditional factors utilized in Western models of the foreign direct investment decision making process are reviewed, as well as literature on Asian management systems and the current state of business practices in emerging countries of Southeast and East Asia. Because of the lack of institutionalization in these markets and the strong influences of Confucian and patriarchal value systems on the Overseas Chinese, it was suspected that while some aspects of Western rational economic models of foreign direct investment are utilized, these models are insufficient in this context, and thus are not fully generalizable to the unique conditions of the Overseas Chinese business network in the region without further modification.^ Thus, other factors based on a Confucian value system need to be integrated into these models. Results from the analysis of structured interviews suggest Overseas Chinese businesses rely more heavily on their network and traditional Confucian values than rational economic factors when making their foreign direct investment location decisions in emerging countries in Asia. This effect is moderated by the firm's industry and the age of the firm's owners. ^

Sex Work and Class

Prostitution scandals stigmatize workers for their entire lives, but the politician involved is marred for only one news cycle. “White knight” feminists shame women for sexually catering to the patriarchy but talk from a place of economic privilege. Religious organizations engage in misguided attempts to “save” women who use the industry as a job. Exploitive policies aimed at curtailing sex work hurt the individuals who wish to practice safe sex for their own protection. In the guise of aiding sex workers, or saving them from themselves, those that would advocate for more restrictive policies ignore the ramifications of what these laws would entail.

Exploring the rural passenger experience, information needs and decision making during public transport disruption

Acknowledgements The research described here is supported by the award made by the RCUK Digital Economy programme to the dot.rural Digital Economy Research Hub; award reference: EP/G066051/1. Further, we would like to acknowledge the RCUK research grant EP/J000604/2.

Design and Implementation of a Low Cost Virtual Rugby Decision Making Interactive

The paper describes the design and implementation of a novel low cost virtual rugby decision making interactive for use in a visitor centre. Original laboratory-based experimental work in decision making in rugby, using a virtual reality headset [1] is adapted for use in a public visitor centre, with consideration given to usability, costs, practicality and health and safety. Movement of professional rugby players was captured and animated within a virtually recreated stadium. Users then interact with these virtual representations via use of a lowcost sensor (Microsoft Kinect) to attempt to block them. Retaining the principles of perception and action, egocentric viewpoint, immersion, sense of presence, representative design and game design the system delivers an engaging and effective interactive to illustrate the underlying scientific principles of deceptive movement. User testing highlighted the need for usability, system robustness, fair and accurate scoring, appropriate level of difficulty and enjoyment.

The role of muscarinic cholinergic signaling in cost-benefit decision making

Thesis (Ph.D.)--University of Washington, 2016-08

'Artificial Immune Systems: A new Decision Making Paradigm for Operational Research'

Over the last few years, more and more heuristic decision making techniques have been inspired by nature, e.g. evolutionary algorithms, ant colony optimisation and simulated annealing. More recently, a novel computational intelligence technique inspired by immunology has emerged, called Artificial Immune Systems (AIS). This immune system inspired technique has already been useful in solving some computational problems. In this keynote, we will very briefly describe the immune system metaphors that are relevant to AIS. We will then give some illustrative real-world problems suitable for AIS use and show a step-by-step algorithm walkthrough. A comparison of AIS to other well-known algorithms and areas for future work will round this keynote off. It should be noted that as AIS is still a young and evolving field, there is not yet a fixed algorithm template and hence actual implementations might differ somewhat from the examples given here

A New Paradigm for Heuristic Decision Making, Invited Keynote Talk

Over the last few years, more and more heuristic decision making techniques have been inspired by nature, e.g. evolutionary algorithms, ant colony optimisation and simulated annealing. More recently, a novel computational intelligence technique inspired by immunology has emerged, called Artificial Immune Systems (AIS). This immune system inspired technique has already been useful in solving some computational problems. In this keynote, we will very briefly describe the immune system metaphors that are relevant to AIS. We will then give some illustrative real-world problems suitable for AIS use and show a step-by-step algorithm walkthrough. A comparison of AIS to other well-known algorithms and areas for future work will round this keynote off. It should be noted that as AIS is still a young and evolving field, there is not yet a fixed algorithm template and hence actual implementations might differ somewhat from the examples given here.

Computational approaches to emotional decision making

Findings on the role that emotion plays in human behavior have transformed Artificial Intelligence computations. Modern research explores how to simulate more intelligent and flexible systems. Several studies focus on the role that emotion has in order to establish values for alternative decision and decision outcomes. For instance, Busemeyer et al. (2007) argued that emotional state affects the subjectivity value of alternative choice. However, emotional concepts in these theories are generally not defined formally and it is difficult to describe in systematic detail how processes work. In this sense, structures and processes cannot be explicitly implemented. Some attempts have been incorporated into larger computational systems that try to model how emotion affects human mental processes and behavior (Becker-Asano & Wachsmuth, 2008; Marinier, Laird & Lewis, 2009; Marsella & Gratch, 2009; Parkinson, 2009; Sander, Grandjean & Scherer, 2005). As we will see, some tutoring systems have explored this potential to inform user models. Likewise, dialogue systems, mixed-initiative planning systems, or systems that learn from observation could also benefit from such an approach (Dickinson, Brew & Meurers, 2013; Jurafsky & Martin, 2009). That is, considering emotion as interaction can be relevant in order to explain the dynamic role it plays in action and cognition (see Boehner et al., 2007).

Assessing Decision Making Skill in Complex and Dynamic Environments Using Representative and Simulated Tasks

Traditional decision making research has often focused on one's ability to choose from a set of prefixed options, ignoring the process by which decision makers generate courses of action (i.e., options) in-situ (Klein, 1993). In complex and dynamic domains, this option generation process is particularly critical to understanding how successful decisions are made (Zsambok & Klein, 1997). When generating response options for oneself to pursue (i.e., during the intervention-phase of decision making) previous research has supported quick and intuitive heuristics, such as the Take-The-First heuristic (TTF; Johnson & Raab, 2003). When generating predictive options for others in the environment (i.e., during the assessment-phase of decision making), previous research has supported the situational-model-building process described by Long Term Working Memory theory (LTWM; see Ward, Ericsson, & Williams, 2013). In the first three experiments, the claims of TTF and LTWM are tested during assessment- and intervention-phase tasks in soccer. To test what other environmental constraints may dictate the use of these cognitive mechanisms, the claims of these models are also tested in the presence and absence of time pressure. In addition to understanding the option generation process, it is important that researchers in complex and dynamic domains also develop tools that can be used by `real-world' professionals. For this reason, three more experiments were conducted to evaluate the effectiveness of a new online assessment of perceptual-cognitive skill in soccer. This test differentiated between skill groups and predicted performance on a previously established test and predicted option generation behavior. The test also outperformed domain-general cognitive tests, but not a domain-specific knowledge test when predicting skill group membership. Implications for theory and training, and future directions for the development of applied tools are discussed.

Enabling effective operational decision making on a Combined Heat and Power System using the 5C architecture

The use of Cyber Physical Systems (CPS) to optimise industrial energy systems is an approach which has the potential to positively impact on manufacturing sector energy efficiency. The need to obtain data to facilitate the implementation of a CPS in an industrial energy system is however a complex task which is often implemented in a non-standardised way. The use of the 5C CPS architecture has the potential to standardise this approach. This paper describes a case study where data from a Combined Heat and Power (CHP) system located in a large manufacturing company was fused with grid electricity and gas models as well as a maintenance cost model using the 5C architecture with a view to making effective decisions on its cost efficient operation. A control change implemented based on the cognitive analysis enabled via the 5C architecture implementation has resulted in energy cost savings of over €7400 over a four-month period, with energy cost savings of over €150,000 projected once the 5C architecture is extended into the production environment.