Strategy of Highly Efficient Decision Making in Modern Business Systems

Abstract

Purpose

The purpose of the chapter is to develop a framework strategy of highly efficient decision-making in modern business systems, which defines subjects, conditions, limitations, and resources that are necessary for successful practical implementation of the mechanism of highly efficient decision-making in modern business systems.

Methodology

The set goal is achieved with the help of the methods of strategic modeling of dynamic economic systems and the method formalization.

Conclusions

A framework strategy of highly efficient decision-making in modern business systems is developed. The presented strategy has the following advantages as compared to the existing strategies, based on regional models of this process: flexibility of subjects of making of managerial decisions, presence of limitations, consideration of the time factor during organization of the process of making of managerial decisions, and mandatory connection to current conditions in which the business system functions.

Originality/Value

The developed strategy showed importance and necessity for increasing the flexibility of management of modern business systems for supporting their competitiveness, sustainability, and high effectiveness in the changing business environment. In view of the fact that the presented strategy is oriented at high volatility of the conditions of the business system, it should be applied in practice at the downward phase of the economic cycle – that is, in the period of economic crisis and post-crisis restoration of economy.

Citation

Kovanova, E.S., Kolieva, A.E., Mustafin, R.F. and Tedeeva, Z.B. (2019), "Strategy of Highly Efficient Decision Making in Modern Business Systems", Popkova, E.G. and Chesnokova, A.V. (Ed.) The Leading Practice of Decision Making in Modern Business Systems, Emerald Publishing Limited, Leeds, pp. 123-129. https://doi.org/10.1108/978-1-83867-475-520191014