Decision-Making: Art or Science ?

Barbu Catalin Mihail () and Meghisan Flaviu ()
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Barbu Catalin Mihail: University of Craiova
Meghisan Flaviu: University of Pitesti

Ovidius University Annals, Economic Sciences Series, 2011, vol. XI, issue 1, 173-178

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.

Keywords: decision-making theory; decision-making models. (search for similar items in EconPapers)
JEL-codes: M10 M16 (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:ovi:oviste:v:11:y:2011:i:1:p:173-178

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