Search results for: consumer decision making

Authors: Malte Brettel, David Bendig, Michael Keller, Marius Rosenberg

Abstract:

What are the core competences necessary in order to sustain manufacturing in high-wage countries? Aspiring countries all over the world gain market share in manufacturing and rapidly close the productivity and quality gap that has until now protected some parts of the industry in Europe and the United States from dislocation. However, causal production planning and manufacturing, the basis for productivity and quality, is challenged by the ever-greater need for flexibility and customized products in an uncertain business environment. This article uses a case-study-based approach to assess how production managers in high-wage countries can apply decision-making principals from successful entrepreneurs. 'Effectuation' instead of causal decision making can be applied to handle uncertainty of mass customization, to seek the right partners in alliances and to advance towards virtual production. The findings help managers to use their resources more efficiently and contribute to bridge the gap between production research and entrepreneurship.

Keywords: case studies, decision-making behavior, effectuation, production planning

Procedia PDF Downloads 318

Authors: Mehdi Asgarkhani

Abstract:

Today, investment on Information Technology (IT) solutions in most organizations is the largest component of capital expenditure. As capital investment on IT continues to grow, IT managers and strategists are expected to develop and put in practice effective decision making models (frameworks) that improve decision-making processes for the use of IT in organizations and optimize the investment on IT solutions. To be exact, there is an expectation that organizations not only maximize the benefits of adopting IT solutions but also avoid the many pitfalls that are associated with rapid introduction of technological change. Different organizations depending on size, complexity of solutions required and processes used for financial management and budgeting may use different techniques for managing strategic investment on IT solutions. Decision making processes for strategic use of IT within organizations are often referred to as IT Governance (or Corporate IT Governance). This paper examines IT governance - as a tool for best practice in decision making about IT strategies. Discussions in this paper represent phase I of a project which was initiated to investigate trends in strategic decision making on IT strategies. Phase I is concerned mainly with review of literature and a number of case studies, establishing that the practice of IT governance, depending on the complexity of IT solutions, organization's size and organization's stage of maturity, varies significantly – from informal approaches to sophisticated formal frameworks.

Keywords: IT governance, corporate governance, IT governance frameworks, IT governance components, aligning IT with business strategies

Procedia PDF Downloads 379

Authors: Zebider Asire Munyelet, Yibeltal Chanie Manie

Abstract:

In the modern digital landscape, the increase of social media platforms has become identical to the evolution of online consumer behavior. This study investigates the complicated relationship between social media and the purchasing decisions of online buyers. Through an extensive review of existing literature and empirical research, the aim is to comprehensively analyze the multidimensional impact that social media exerts on the various stages of the online buyer's journey. The investigation encompasses the exploration of how social media platforms serve as influential channels for information dissemination, product discovery, and consumer engagement. Additionally, the study investigates into the psychological aspects underlying the role of social media in shaping buyer preferences, perceptions, and trust in online transactions. The methodologies employed include both quantitative and qualitative analyses, incorporating surveys, interviews, and data analytics to derive meaningful insights. Statistical models are applied to distinguish patterns in online buyer behavior concerning product awareness, brand loyalty, and decision-making processes. The expected outcomes of this research contribute not only to the academic understanding of the dynamic interplay between social media and online buyer behavior but also offer practical implications for marketers, e-commerce platforms, and policymakers.

Keywords: consumer Behavior, social media, online purchasing, online transaction

Procedia PDF Downloads 33

Authors: Yani Shi, Jiaqi Yan

Abstract:

A new product is important for companies to extend consumers and manifest competitiveness. New product often involves new features that consumers might not be familiar with while it may also have a competitive advantage to attract consumers compared to established products. However, although most online retailers employ recommendation agents (RA) to influence consumers’ product choice decision, recommended new products are not accepted and chosen as expected. We argue that it might also be caused by providing a new product recommendation in the wrong way at the wrong time. This study seeks to discuss how new product evaluations sourced from third parties could be employed in RAs as evidence of the superiority for the new product and how the new product recommendation could be provided to a consumer at the right time so that it can be accepted and finally chosen during the consumer’s decision-making process. A 2*2 controlled laboratory experiment was conducted to understand the selection of new product recommendation sources and recommendation timing. Human subjects were randomly assigned to one of the four treatments to minimize the effects of individual differences on the results. Participants were told to make purchase choices from our product categories. We find that a new product recommended right after a similar existing product and with the source of the expert review will be more likely to be accepted. Based on this study, both theoretical and practical contributions are provided regarding new product recommendation.

Keywords: new product recommendation, recommendation timing, recommendation source, recommendation agents

Procedia PDF Downloads 128

Authors: Symbat Moldabekova

Abstract:

This research explores the practice of decision-making in commercial banks in Kazakhstan. It focuses on recent technologies, such as contactless payments and QR code, and uses interviews with bank executives and industry practitioners to gain an understanding of how decisions are made and the role of financial assessment methods. The aim of the research is (1) to study the importance of financial techniques to evaluate IT investments; (2) to understand the role of different expert groups; (3) to explore how market trends and industry features affect decisions on IT; (4) to build a model that defines the real practice of decision-making on IT in commercial banks in Kazakhstan. The theoretical framework suggests that decision-making on IT is a socially constructed process, where actor groups with different background interact and negotiate with each other to develop a shared understanding of IT and to make more effective decisions. Theory and observations suggest that the more parties involved in the process of decision-making, the higher the possibility of disagreements between them. As each actor group has their views on the rational decision on an IT project, it is worth exploring how the final decision is made in practice. Initial findings show that the financial assessment methods are used as a guideline and do not play a big role in the final decision. The commercial banks of Kazakhstan tend to study experience of neighboring countries before adopting innovation. Implementing contactless payments is widely regarded as pinnacle success factor due to increasing competition in the market. First-to-market innovations are considered as priorities therefore, such decisions can be made with exemption of some certain actor groups from the process. Customers play significant role and they participate in testing demo versions of the products before bringing innovation to the market. The study will identify the viewpoints of actors in the banking sector on a rational decision, and the ways decision-makers from a variety of disciplines interact with each other in order to make a decision on IT in retail banks.

Keywords: actor groups, decision making, technology investment, retail banks

Procedia PDF Downloads 93

Authors: Serhat Tuzun, Tufan Demirel

Abstract:

Multi-Criteria Decision Making (MCDM) is the modelling of real-life to solve problems we encounter. It is a discipline that aids decision makers who are faced with conflicting alternatives to make an optimal decision. MCDM problems can be classified into two main categories: Multi-Attribute Decision Making (MADM) and Multi-Objective Decision Making (MODM), based on the different purposes and different data types. Although various MADM techniques were developed for the problems encountered, their methodology is limited in modelling real-life. Moreover, objective results are hard to obtain, and the findings are generally derived from subjective data. Although, new and modified techniques are developed by presenting new approaches such as fuzzy logic; comprehensive techniques, even though they are better in modelling real-life, could not find a place in real world applications for being hard to apply due to its complex structure. These constraints restrict the development of MADM. This study aims to conduct a comprehensive analysis of preference methods in MADM and propose an approach based on information. For this purpose, a detailed literature review has been conducted, current approaches with their advantages and disadvantages have been analyzed. Then, the approach has been introduced. In this approach, performance values of the criteria are calculated in two steps: first by determining the distribution of each attribute and standardizing them, then calculating the information of each attribute as informational energy.

Keywords: literature review, multi-attribute decision making, operations research, preference method, informational energy

Procedia PDF Downloads 193

Authors: Jan Franciszek Jacko

Abstract:

This investigation presents the principle of methodological rationality of decision making and discusses the impact of an organisation's members' methodologically rational or irrational decisions on its security. This study formulates and partially justifies some research hypotheses regarding the impact. The thinking experiment is used according to Max Weber's ideal types method. Two idealised situations("models") are compared: Model A, whereall decision-makers follow methodologically rational decision-making procedures. Model B, in which these agents follow methodologically irrational decision-making practices. Analysing and comparing the two models will allow the formulation of some research hypotheses regarding the impact of methodologically rational and irrational attitudes of members of an organisation on its security. In addition to the method, phenomenological analyses of rationality and irrationality are applied.

Keywords: methodological rationality, rational decisions, security of organisations, philosophy of economics

Procedia PDF Downloads 116

Authors: Mehtap Dursun, Zeynep Şener

Abstract:

Supplier selection is considered as one of the most critical issues encountered by operations and purchasing managers to sharpen the company’s competitive advantage. In this paper, a novel fuzzy multi-criteria group decision making approach integrating quality function deployment (QFD) and decision making trial and evaluation laboratory (DEMATEL) method is proposed for supplier selection. The proposed methodology enables to consider the impacts of inner dependence among supplier assessment criteria. A house of quality (HOQ) which translates purchased product features into supplier assessment criteria is built using the weights obtained by DEMATEL approach to determine the desired levels of supplier assessment criteria. Supplier alternatives are ranked by a distance-based method.

Keywords: DEMATEL, group decision making, QFD, supplier selection

Procedia PDF Downloads 400

Authors: Haikal Achmad Thaha, Pujo Laksono, Dhamma Nibbana Putra

Abstract:

Customer service is one of the core interest in a service sector of a company, whether as the core business or as service part of the operation. Most of the time, the people and the previous research in service industry is focused on finding the best business model solution for the service sector, usually to decide between total in house customer service, outsourcing, or something in between. Conventionally, to take this decision is some important part of the management job, and this is a process that usually takes some time and staff effort, meanwhile market condition and overall company needs may change and cause loss of income and temporary disturbance in the companies operation . However, in this paper we have offer a new concept model to assist decision making process in service industry. This model will featured information platform as central tool to integrate service industry operation. The result is service information model which would ideally increase response time and effectivity of the decision making. it will also help service industry in switching the service solution system quickly through machine learning when the companies growth and the service solution needed are changing.

Keywords: service industry, customer service, machine learning, decision making, information platform

Procedia PDF Downloads 596

Authors: Eric Ohene, Albert P. C. Chan, Shu-Chien HSU

Abstract:

The rising building energy consumption and related carbon emissions make it necessary to construct net-zero carbon buildings (NZCBs). The objective of net-zero buildings has raised the benchmark for building performance and will alter how buildings are designed and constructed. However, there have been growing concerns about uncertainty in net-zero building design and cost implications in decision-making. Lessons from practice have shown that a robust net-zero building design is complex, expensive, and time-consuming. Moreover, climate conditions have an enormous implication for choosing the best-optimal passive and active solutions to ensure building energy performance while ensuring the indoor comfort performance of occupants. It is observed that 20% of the design decisions made in the initial design phase influence 80% of all design decisions. To design and construct NZCBs, it is crucial to ensure adequate decision-making during the early design phases. Therefore, this study aims to explore practical strategies to design NZCBs and to offer a design framework that could help decision-making during the design stage of net-zero buildings. A parametric simulation approach was employed, and experts (i.e., architects, building designers) perspectives on the decision framework were solicited. The study could be helpful to building designers and architects to guide their decision-making during the design stage of NZCBs.

Keywords: net-zero, net-zero carbon building, energy efficiency, parametric simulation, hot climate

Procedia PDF Downloads 70

Authors: Kamran Yazdanbakhsh, Somayeh Mahmoudi

Abstract:

Three reasons make good use of the decision theory in medicine: 1. Increased medical knowledge and their complexity makes it difficult treatment information effectively without resorting to sophisticated analytical methods, especially when it comes to detecting errors and identify opportunities for treatment from databases of large size. 2. There is a wide geographic variability of medical practice. In a context where medical costs are, at least in part, by the patient, these changes raise doubts about the relevance of the choices made by physicians. These differences are generally attributed to differences in estimates of probabilities of success of treatment involved, and differing assessments of the results on success or failure. Without explicit criteria for decision, it is difficult to identify precisely the sources of these variations in treatment. 3. Beyond the principle of informed consent, patients need to be involved in decision-making. For this, the decision process should be explained and broken down. A decision problem is to select the best option among a set of choices. The problem is what is meant by "best option ", or know what criteria guide the choice. The purpose of decision theory is to answer this question. The systematic use of decision models allows us to better understand the differences in medical practices, and facilitates the search for consensus. About this, there are three types of situations: situations certain, risky situations, and uncertain situations: 1. In certain situations, the consequence of each decision are certain. 2. In risky situations, every decision can have several consequences, the probability of each of these consequences is known. 3. In uncertain situations, each decision can have several consequences, the probability is not known. Our aim in this article is to show how decision theory can usefully be mobilized to meet the needs of physicians. The decision theory can make decisions more transparent: first, by clarifying the data systematically considered the problem and secondly by asking a few basic principles should guide the choice. Once the problem and clarified the decision theory provides operational tools to represent the available information and determine patient preferences, and thus assist the patient and doctor in their choices.

Keywords: decision making, medicine, treatment strategies, patient

Procedia PDF Downloads 558

Authors: S. da Costa, D. Páez, E. Martínez, A. Torres, M. Beramendi, D. Hermosilla, M. Muratori

Abstract:

This study examined the association between creative performance, organizational climate and leadership, affectivity, shared flow, and group decision making. The sample consisted of 315 cadets of a military academic unit of South America. Satisfaction with the decision-making process during a creative task was associated with the usefulness and effectiveness of the ideas generated by the teams with a weighted average correlation of r = .18. Organizational emotional climate, positive and innovation leadership were associated with this group decision-making process r = .25, with shared flow, r = .29 and with positive affect felt during the performance of the creative task, r = .12. In a sequential mediational analysis positive organizational leadership styles were significantly associated with decision-making process and trough cohesion with utility and efficacy of the solution of a creative task. Satisfactory decision-making was related to shared flow during the creative task at collective or group level, and positive affect with flow at individual level.This study examined the association between creative performance, organizational climate and leadership, affectivity, shared flow, and group decision making. The sample consisted of 315 cadets of a military academic unit of South America. Satisfaction with the decision-making process during a creative task was associated with the usefulness and effectiveness of the ideas generated by the teams with a weighted average correlation of r = .18. Organizational emotional climate, positive and innovation leadership were associated with this group decision-making process r = .25, with shared flow, r = .29 and with positive affect felt during the performance of the creative task, r = .12. In a sequential mediational analysis positive organizational leadership styles were significantly associated with decision-making process and trough cohesion with utility and efficacy of the solution of a creative task. Satisfactory decision-making was related to shared flow during the creative task at collective or group level, and positive affect with flow at individual level.

Keywords: creativity, innovation, military, organization, teams

Procedia PDF Downloads 101

Authors: I. Arockiarani

Abstract:

The focus of the paper is to furnish the entropy measure for a neutrosophic set and neutrosophic soft set which is a measure of uncertainty and it permeates discourse and system. Various characterization of entropy measures are derived. Further we exemplify this concept by applying entropy in various real time decision making problems.

Keywords: entropy measure, Hausdorff distance, neutrosophic set, soft set

Procedia PDF Downloads 224

Authors: Ivana Mokrá

Abstract:

The article deals with modelling of the fire pragmatism in the area of military management and its experimental verification. Potential approaches are based on the synergy of mathematical and theoretical ideas, operational and tactical requirements and the military decision-making process. This issue has taken on importance in recent times, particularly with the increasing trend of digitized battlefield, the development of C4ISR systems and intention to streamline the command and control process at the lowest levels of command. From fundamental and philosophical point of view, these new approaches seek to significantly upgrade and enhance the decision-making process of the tactical commanders.

Keywords: military management, decision-making process, strike modeling, experimental evaluation, pragmatism, tactical strike modeling

Procedia PDF Downloads 365

Authors: Zhengyang Ma, Zhiyao Li, Jiayi Zhang

Abstract:

This article examines the prospect theory’s arguments about decision-making through two case studies, the First Gulf War and Russia’s annexation of Crimea. The article uses the methods of comparative case analysis and process tracing to investigate the prospect theory’s fundamental arguments. Through evidence derived from existing primary and secondary sources, this paper argues that both former U.S. President Bush and Russian President Putin viewed their situations as a domain of loss and made risky decisions to prevent further deterioration, which attests the arguments of the prospect theory. After the two case studies, this article also discusses how the prospect theory could be used in analyzing the decision-making process that led to the current Russia-Ukraine War.

Keywords: the prospect theory, international relations, the first gulf war, the crimea crisis

Procedia PDF Downloads 86

Authors: Babak Daneshvar Rouyendegh

Abstract:

The aim of this study is to develop and describe a new methodology for the Multi-Criteria Decision-Making (MCDM) problem using Intuitionistic Fuzzy Elimination Et Choix Traduisant La REalite (IFELECTRE) model. The proposed models enable Decision-Makers (DMs) on the assessment and use Intuitionistic Fuzzy numbers (IFN). A numerical example is provided to demonstrate and clarify the proposed analysis procedure. Also, an empirical experiment is conducted to validation the effectiveness.

Keywords: Decision-Makers (DMs), Multi-Criteria Decision-Making (MCDM), Intuitionistic Fuzzy Elimination Et Choix Traduisant La REalite (IFELECTRE), Intuitionistic Fuzzy Numbers (IFN)

Procedia PDF Downloads 643

Authors: Marina Tsetseli, Eleni Zetou, Maria Michalopoulou, Nikos Vernadakis

Abstract:

Game performance, besides the accuracy and the quality skills execution, depends heavily on where the athletes will focus their attention while performing a skill. The purpose of the present study was to examine and compare the effect of internal and external focus of attention instructions on the decision making in tennis at players 8-9 years old (M=8.4, SD=0.49). The participants (N=40) were divided into two groups and followed an intervention training program that lasted 4 weeks; first group (N=20) under internal focus of attention instructions and the second group (N=20) under external focus of attention instructions. Three measurements took place (pre-test, post-test, and retention test) in which the participants were video recorded while playing matches in real scoring conditions. GPAI (Game Performance Assessment Instrument) was used to evaluate decision making in three game situations; service, return of the service, baseline game. ANOVA repeated measures (2 groups x 3 measurements) revealed a significant interaction between groups and measurements. Specifically, the data analysis showed superiority of the group that was instructed to focus externally. The high scores of the external attention group were maintained at the same level at the third measurement as well, which indicates that the impact was concerning not only performance but also learning. Thus, cues that lead to an external focus of attention enhance the decision-making skill and therefore the game performance of the young tennis players.

Keywords: decision making, evaluation, focus of attention, game performance, tennis

Procedia PDF Downloads 317

Authors: Adel Ali Elshaibani

Abstract:

Risk management indicators augment the reporting infrastructure, particularly for the board and senior management, to identify, monitor, and manage risks. This enhancement facilitates improved decision-making throughout the banking organization. Decision tree analysis is a tool that visually outlines potential outcomes, costs, and consequences of complex decisions. It is particularly beneficial for analyzing quantitative data and making decisions based on numerical values. By calculating the expected value of each outcome, decision tree analysis can help assess the best course of action. In the context of banking, decision tree analysis can assist lenders in evaluating a customer’s creditworthiness, thereby preventing losses. However, applying these tools in developing countries may face several limitations, such as data availability, lack of technological infrastructure and resources, lack of skilled professionals, cultural factors, and cost. Moreover, decision trees can create overly complex models that do not generalize well to new data, known as overfitting. They can also be sensitive to small changes in the data, which can result in different tree structures and can become computationally expensive when dealing with large datasets. In conclusion, while risk management indicators and decision tree analysis are beneficial for decision-making in banks, their effectiveness is contingent upon how they are implemented and utilized by the board of directors, especially in the context of developing countries. It’s important to consider these limitations when planning to implement these tools in developing countries.

Keywords: risk management indicators, decision tree analysis, developing countries, board of directors, bank performance, risk management strategy, banking institutions

Procedia PDF Downloads 30

Authors: Bassam Shaikh, R. S. A. Jumain

Abstract:

Game addiction has become an extremely important topic in psychology researchers, particularly in understanding and explaining why individuals become addicted (to video games). In previous studies, effect of online game addiction on social responsibilities, health problems, government action, and the behaviors of individuals to purchase and the causes of making individuals addicted on the video games has been discussed. Extending these concepts in marketing, it could be argued than the phenomenon could enlighten and extending our understanding on consumer loyalty. This study took the Grounded Theory approach, and found that motivation, satisfaction, fulfillments, exploration and achievements to be part of the important elements that builds consumer loyalty.

Keywords: grounded theory, consumer loyalty, video games, video game addiction

Procedia PDF Downloads 509

Authors: Hussain Ali, Ahmad Ali, Syed Rashid Ali

Abstract:

The maternal mortality is one of the basic health issues faced by rural women in Pakistan. There are various structural and socio-cultural determinants which confine women to domestic sphere. Such mobility restriction compels women for home delivery which causes high maternal mortality and morbidity. However, it is hard to find out the research findings and well-organized literature that explain the cultural factors act as determinant to home delivery among Pakhtun women. The overall objective of this research is to study men’s decision making within the household in Pakhtun society as determinant of home delivery among Pakhtun women in Khyber Pakhtunkhwa province of Pakistan. In the present study, researchers used the quantitative research design in which the data are collected through household survey technique from (n=503) ever-married women having reproductive age (15-49 years) by using interview schedule. The data are analyzed through SPSS, and binary logistic regression was applied to draw the association between home as a place of delivery and men’s decision making in the Pakhtun society. The results show that majority (76%) of the husbands are key decision makers about the home delivery due to their superior position within household. Similarly, majority (88%) Pakhtun women prefer to stay in home for their delivery due to their dependency on husband’s decision. The researcher concludes that men are key decision makers in Pakhtun society and their decisions affect women maternal health care. Similarly, the women are in subordinate position, and their limited decision making in the domestic sphere are greatly responsible for home delivery which causing high maternal mortality rate in the study area. In order to achieve Sustainable Development Goal No. 3, the study recommends empowering women in the decision making about accessing and utilizing maternal health care services and given financial autonomy to them.

Keywords: home delivery, men’s decision, Pakhtun women, subordinate position

Procedia PDF Downloads 112

Authors: Oscar Vega Camacho, Andrea Vargas, Ellery Ariza

Abstract:

This paper presents the application of finite dynamic programming, specifically the "Markov Chain" model, as part of the decision making process of a company in the cosmetics sector located in the vicinity of Bogota DC. The objective of this process was to decide whether the company should completely reconstruct its waste water treatment plant or instead optimize the plant through the addition of equipment. The goal of both of these options was to make the required improvements in order to comply with parameters established by national legislation regarding the treatment of waste before it is released into the environment. This technique will allow the company to select the best option and implement a solution for the processing of waste to minimize environmental damage and the acquisition and implementation costs.

Keywords: decision making, markov chain, optimization, waste water

Procedia PDF Downloads 381

Authors: U. S. Putro, L. Mayangsari, M. Siallagan, N. P. Tjahyani

Abstract:

National Collective Management Institute (LKMN) in Indonesia stated that legal music products were about 77.552.008 unit while illegal music products were about 22.0688.225 unit in 1996 and this number keeps getting worse every year. Consequently, Indonesia named as one of the countries with high piracy levels in 2005. This study models people decision toward unlawful behavior, music content piracy in particular, using agent-based modeling and simulation (ABMS). The classification of actors in the model constructed in this study are legal consumer, illegal consumer, and neutral consumer. The decision toward piracy among the actors is a manifestation of the social norm which attributes are social pressure, peer pressure, social approval, and perceived prevalence of piracy. The influencing attributes fluctuate depending on the majority of surrounding behavior called social network. There are two main interventions undertaken in the model, campaign and peer influence, which leads to scenarios in the simulation: positively-framed descriptive norm message, negatively-framed descriptive norm message, positively-framed injunctive norm with benefits message, and negatively-framed injunctive norm with costs message. Using NetLogo, the model is simulated in 30 runs with 10.000 iteration for each run. The initial number of agent was set 100 proportion of 95:5 for illegal consumption. The assumption of proportion is based on the data stated that 95% sales of music industry are pirated. The finding of this study is that negatively-framed descriptive norm message has a worse reversed effect toward music piracy. The study discovers that selecting the context-based campaign is the key process to reduce the level of intention toward music piracy as unlawful behavior by increasing the compliance awareness. The context of Indonesia reveals that that majority of people has actively engaged in music piracy as unlawful behavior, so that people think that this illegal act is common behavior. Therefore, providing the information about how widespread and big this problem is could make people do the illegal consumption behavior instead. The positively-framed descriptive norm message scenario works best to reduce music piracy numbers as it focuses on supporting positive behavior and subject to the right perception on this phenomenon. Music piracy is not merely economical, but rather social phenomenon due to the underlying motivation of the actors which has shifted toward community sharing. The indication of misconception of value co-creation in the context of music piracy in Indonesia is also discussed. This study contributes theoretically that understanding how social norm configures the behavior of decision-making process is essential to breakdown the phenomenon of unlawful behavior in music industry. In practice, this study proposes that reward-based and context-based strategy is the most relevant strategy for stakeholders in music industry. Furthermore, this study provides an opportunity that findings may generalize well beyond music piracy context. As an emerging body of work that systematically constructs the backstage of law and social affect decision-making process, it is interesting to see how the model is implemented in other decision-behavior related situation.

Keywords: music piracy, social norm, behavioral decision-making, agent-based model, value co-creation

Procedia PDF Downloads 163

Authors: Jhansi Rani Boda, G. Sunitha

Abstract:

Worldwide, the financial markets are influenced by several factors such as the changes in economic and political processes that occur in the country and the globe, information diffusion and approachability and so on. Yet, the foremost important factor is the investor’s reaction and perception. For an individual investor, decision-making process can be perceived as a continuous process that has significant impact of their psychology while making investment decisions. Behavioral finance relies on research of human and social recognition and emotional tolerance studies to identify and understand the investment decisions. This article aims to report the research of individual investor’s financial behavior in a historical perspective. This article uncovers the investor’s psychology in investment decision making focusing on the investor’s rationality with an explanation of psychological and emotional factors that affect investing. The results of the study are revealed by means of Graphical visualization.

Keywords: behavioral finance, psychology, investor’s behavior, psychological and emotional factors

Procedia PDF Downloads 264

Authors: Mohsin Aslam Khan

Abstract:

Decision making tendency varies in people with different socio demographics. This study was conducted to identify the impact of work experience on decisional conflict and whether there is a gender differences in decisional conflict. Convenience sampling was more appropriate for this exploratory research. AM O’ Connor decisional conflict scale, (1995) with cronbach alpha 0.900 was administered on sample size of 109 participants (62males, 47females). The responses were scored according to the AM O’ Connor decisional conflict scale manual, (1995). The results of the study indicate that work experience has no significant impact on decisional conflict, whereas gender differences in decisional conflict illustrates significant mean score differences among male and female participants.

Keywords: decision making, decisional conflict, gender decision making, work experience

Procedia PDF Downloads 579

Authors: Abdelkader Mendas

Abstract:

The integration of MultiCriteria Decision Making (MCDM) approaches in a Geographical Information System (GIS) provides a powerful spatial decision support system which offers the opportunity to efficiently produce the land suitability maps for agriculture. Indeed, GIS is a powerful tool for analyzing spatial data and establishing a process for decision support. Because of their spatial aggregation functions, MCDM methods can facilitate decision making in situations where several solutions are available, various criteria have to be taken into account and decision-makers are in conflict. The parameters and the classification system used in this work are inspired from the FAO (Food and Agriculture Organization) approach dedicated to a sustainable agriculture. A spatial decision support system has been developed for establishing the land suitability map for agriculture. It incorporates the multicriteria analysis method ELECTRE Tri (ELimitation Et Choix Traduisant la REalité) in a GIS within the GIS program package environment. The main purpose of this research is to propose a conceptual and methodological framework for the combination of GIS and multicriteria methods in a single coherent system that takes into account the whole process from the acquisition of spatially referenced data to decision-making. In this context, a spatial decision support system for developing land suitability maps for agriculture has been developed. The algorithm of ELECTRE Tri is incorporated into a GIS environment and added to the other analysis functions of GIS. This approach has been tested on an area in Algeria. A land suitability map for durum wheat has been produced. Through the obtained results, it appears that ELECTRE Tri method, integrated into a GIS, is better suited to the problem of land suitability for agriculture. The coherence of the obtained maps confirms the system effectiveness.

Keywords: multicriteria decision analysis, decision support system, geographical information system, land suitability for agriculture

Procedia PDF Downloads 599

Authors: Babak Nematshahrbabaki, Fallahi Arezoo

Abstract:

Objective: The aim of this study was to describe teenagers’ decisions to undergo orthodontic treatment through a qualitative study. Materials and methods: Twenty-three patients (12 girls), aged 12–18 years, at a dental clinic in Sanandaj the western part of Iran participated. Face-to-face and semi-structured interviews and two focus group discussions were held to gather data. Data analyzed by the grounded theory method. Results: ‘Decision-making’ was the core category. During the data analysis four main themes were developed: ‘being like everyone else’, ‘being diagnosed’, ‘maintaining the mouth’ and ‘cultural-social and environmental factors’. Conclusions: cultural- social and environmental factors have crucial role in decision-making to undergo orthodontic treatment. The teenagers were not fully conscious of these external influences. They thought their decision to undergo orthodontic treatment is independent while it is related to cultural- social and environmental factors.

Keywords: decision-making, qualitative study, teenager, orthodontic treatment

Procedia PDF Downloads 423

Authors: Chang Liu, Rui Xing, Liyan Tang, Guohong Wang

Abstract:

Entrepreneurial actions are based on entrepreneurial decisions. The quality of decisions influences entrepreneurial activities and subsequent new venture performance. Uncertainty of surroundings put heightened demands on the team as a whole, and each team member. Diverse team composition provides rich information, which a team can draw when making complex decisions. However, team heterogeneity may cause emotional conflicts, which is adverse to team outcomes. Thus, the effects of team heterogeneity on team outcomes are complex. Although team heterogeneity is an essential factor influencing entrepreneurial decision-making, there is a lack of empirical analysis on under what conditions team heterogeneity plays a positive role in promoting decision-making quality. Entrepreneurial teams always struggle with complex tasks. How a team shapes its teamwork is key in resolving constant issues. As a collective regulatory process, team reflexivity is characterized by continuous joint evaluation and discussion of team goals, strategies, and processes, and adapt them to current or anticipated circumstances. It enables diversified information to be shared and overtly discussed. Instead of hostile interpretation of opposite opinions team members take them as useful insights from different perspectives. Team reflexivity leads to better integration of expertise to avoid the interference of negative emotions and conflict. Therefore, we propose that team reflexivity is a conditional factor that influences the impact of team heterogeneity on high-quality entrepreneurial decisions. In this study, we identify team heterogeneity as a crucial determinant of entrepreneurial decision quality. Integrating the literature on decision-making and team heterogeneity, we investigate the relationship between team heterogeneity and entrepreneurial decision-making quality, treating team reflexivity as a moderator. We tested our hypotheses using the hierarchical regression method and the data gathered from 63 teams and 205 individual members from 45 new firms in China's first-tier cities such as Beijing, Shanghai, and Shenzhen. This research found that both teams' education heterogeneity and teams' functional background heterogeneity were significantly positively related to entrepreneurial decision-making quality, and the positive relation was stronger in teams with a high level of team reflexivity. While teams' specialization of education heterogeneity was negatively related to decision-making quality, and the negative relationship was weaker in teams with a high level of team reflexivity. We offer two contributions to decision-making and entrepreneurial team literatures. Firstly, our study enriches the understanding of the role of entrepreneurial team heterogeneity in entrepreneurial decision-making quality. Different from previous entrepreneurial decision-making literatures, which focus more on decision-making modes of entrepreneurs and the top management team, this study is a significant attempt to highlight that entrepreneurial team heterogeneity makes a unique contribution to generating high-quality entrepreneurial decisions. Secondly, this study introduced team reflexivity as the moderating variable, to explore the boundary conditions under which the entrepreneurial team heterogeneity play their roles.

Keywords: decision-making quality, entrepreneurial teams, education heterogeneity, functional background heterogeneity, specialization of education heterogeneity

Procedia PDF Downloads 98

Authors: Oscar Vega Camacho, Andrea Vargas Guevara, Ellery Rowina Ariza

Abstract:

This paper presents the application of finite dynamic programming, specifically the "Markov Chain" model, as part of the decision making process of a company in the cosmetics sector located in the vicinity of Bogota DC. The objective of this process was to decide whether the company should completely reconstruct its wastewater treatment plant or instead optimize the plant through the addition of equipment. The goal of both of these options was to make the required improvements in order to comply with parameters established by national legislation regarding the treatment of waste before it is released into the environment. This technique will allow the company to select the best option and implement a solution for the processing of waste to minimize environmental damage and the acquisition and implementation costs.

Keywords: decision making, Markov chain, optimization, wastewater

Procedia PDF Downloads 460

Authors: O. Starineca, I. Voronchuk

Abstract:

Human Resources (HR) selection and training have various implementation possibilities depending on an organization’s abilities and peculiarities. We propose to base HR selection and training decisions about on a competence-based approach. HR selection and training of employees are topical as there is room for improvement in this field; therefore, the aim of the research is to propose rational decision-making approaches for an organization HR selection and training choice. Our proposals are based on the training development and competence-based selection approaches created within previous researches i.e. Analytic-Hierarchy Process (AHP) and Linear Programming. Literature review on non-formal education, competence-based selection, AHP form our theoretical background. Some educational service providers in Latvia offer employees training, e.g. motivation, computer skills, accounting, law, ethics, stress management, etc. that are topical for Public Administration. Competence-based approach is a rational base for rational decision-making in both HR selection and considering HR training.

Keywords: competence-based selection, human resource, training, decision-making

Procedia PDF Downloads 297

Authors: Bouchaib Gazzaz, Mounir Mehdi

Abstract:

In order to ensure consumer food protection, the food industry has a legal obligation to provide food products that comply with the requirements of the legislation in force. National regulations in this area occupy an important place in the food control system in terms of consumer protection. This article discusses the legal and regulatory framework of food safety and consumer protection in Moroccan law. We used the doctrinal research approach by analyzing the judicial normative and bibliographic legal research. As a result, we were able to present the basic principles of consumer food protection by showing to what extent the food safety law provides effective consumer protection in Morocco. We have concluded that there is an impact -in terms of consumer legal protection- of food law reform on the concept of food safety.

Keywords: food safety, Morocco, consumer protection, framework, food law

Procedia PDF Downloads 172