Search results for: Multiple Criteria Decision Making (MCDM)

Authors: Wided Guezguez, Nahla Ben Amor

Abstract:

This paper proposes a new decision making approch based on quantitative possibilistic influence diagrams which are extension of standard influence diagrams in the possibilistic framework. We will in particular treat the case where several expert opinions relative to value nodes are available. An initial expert assigns confidence degrees to other experts and fixes a similarity threshold that provided possibility distributions should respect. To illustrate our approach an evaluation algorithm for these multi-source possibilistic influence diagrams will also be proposed.

Keywords: influnece diagram, decision making, graphical decision models, influence diagrams, possibility theory.

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Authors: Adriana Ávila Zúñiga Nordfjeld

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This paper provides a literature review to document the state of the art with respect to handling “human bias” in decision making within the established quality management systems (QMS) and LEAN theory, in the context of shipbuilding. Previous research shows that in shipbuilding there is a huge deviation from the planned man-hours under the project management to the actual man-hours used because of errors in planning and reworks caused by human bias in the information flows, among others. This reduces the efficiency, and increases operational costs. Thus, the research question is how QMS and LEAN handle biases. The findings show the gap in studying the integration of methods to handle human bias in decision making into QMS and lean, not only within shipbuilding, but in general. Theoretical and practical implications are discussed for researchers and practitioners in the areas of decision making, QMS and LEAN, and future research is suggested.

Keywords: Human bias, decision making, LEAN Shipbuilding, quality management systems.

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Authors: Mustafa Yildiz, Murat Tekin, Hasan Şahan, Ahmet Şahin, Mehmet Şaker, Buket Ulucan, Osman Mutlu

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The purpose of this study is to examine the self and decision making levels of students receiving education in schools of physical training and sports. The population of the study consisted 258 students, among which 152 were male and 106 were female ( X age=19,3713 + 1,6968), that received education in the schools of physical education and sports of Selcuk University, Inonu University, Gazi University and Karamanoglu Mehmetbey University. In order to achieve the purpose of the study, the Melbourne Decision Making Questionnary developed by Mann et al. (1998) [1] and adapted to Turkish by Deniz (2004) [2] and the Self-Esteem Scale developed by Aricak (1999) [3] was utilized. For analyzing and interpreting data Kolmogorov-Smirnov test, t-test and one way anova test were used, while for determining the difference between the groups Tukey test and Multiple Linear Regression test were employed and significance was accepted at P<0,05. SPSS (Statistical package for social sciences) package software was used for evaluating the data and finding out the calculated values. In conclusion of the present study, while cautious, avoidant and postponing decision making levels of male students were found out to be higher than female students, panic decision making levels of female students were found out to be higher than that of male students. While cautious, avoidant and panicdriven decision making levels of the students attending to the first grade were found out to be higher than these of the fourth grades, for the students attending to the fourth grade influential decision making levels were found out to be higher. While male students were found out to be having relatively higher self value, self confidence and self sufficiency levels, for female students achieving, productivity and depressive affect were found out to be higher in comparison with male students. While self values, achieving and productivity levels of the students attending to the first grade were found out to be higher than those of fourth grade students, fourth grade students were determined to have higher self-confidence, depressive affection and self-sufficiency levels. It was also determined that there is a significant relation between decision making levels and self levels.

Keywords: Physical Education And Sports, Student, Self, Decision Making

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Authors: Jan Zeman

Abstract:

The paper describes the futures trading and aims to design the speculators trading strategy. The problem is formulated as the decision making task and such as is solved. The solution of the task leads to complex mathematical problems and the approximations of the decision making is demanded. Two kind of approximation are used in the paper: Monte Carlo for the multi-step prediction and iteration spread in time for the optimization. The solution is applied to the real-market data and the results of the off-line experiments are presented.

Keywords: futures trading, decision making

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Authors: R. Monib, C. I. Goodier, A. Gibb

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The aim of this paper is to investigate the key drivers in planning the construction phase for infrastructure projects to reduce project delays. To achieve this aim, the research conducted three case studies using semi-structured and unstructured interviews (n = 59). The results conclude that a lack of modularization awareness is among the key factors attributed to project delays. The current emotive and ill-informed approach to decision-making, coupled with the lack of knowledge regarding appropriate construction method selection, prevents the potential benefits of modularization being fully realized. To assist with decision-making for the best construction method, the research presents project management tools to help decision makers to choose the most appropriate construction approach through optimizing the use of modularization in engineering and construction (EC). A decision-making checklist is presented in this paper. This checklist tool assists the project team in determining the best construction method, taking into consideration the module type.

Keywords: Infrastructure, modularization, decision support, planning.

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Authors: Ibidapo O. Akinyemi, Ezekiel F. Adebiyi, Harrison O. D. Longe

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The major goal in defining and examining game scenarios is to find good strategies as solutions to the game. A plausible solution is a recommendation to the players on how to play the game, which is represented as strategies guided by the various choices available to the players. These choices invariably compel the players (decision makers) to execute an action following some conscious tactics. In this paper, we proposed a refinement-based heuristic as a machine learning technique for human-like decision making in playing Ayo game. The result showed that our machine learning technique is more adaptable and more responsive in making decision than human intelligence. The technique has the advantage that a search is astutely conducted in a shallow horizon game tree. Our simulation was tested against Awale shareware and an appealing result was obtained.

Keywords: Decision making, Machine learning, Strategy, Ayo game.

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Authors: C. Ardil

Abstract:

The purpose of this paper is to present fuzzy TOPSIS in an entropic fuzzy environment. Due to the ambiguous concepts often represented in decision data, exact values are insufficient to model real-life situations. In this paper, the rating of each alternative is defined in fuzzy linguistic terms, which can be expressed with triangular fuzzy numbers. The weight of each criterion is then derived from the decision matrix using the entropy weighting method. Next, a vertex method is proposed to calculate the distance between two triangular fuzzy numbers. According to the TOPSIS concept, a closeness coefficient is defined to determine the ranking order of all alternatives by simultaneously calculating the distances to both the fuzzy positive-ideal solution (FPIS) and the fuzzy negative-ideal solution (FNIS). Finally, an illustrative example of selecting stealth fighter aircraft is shown at the end of this article to highlight the procedure of the proposed method. Correlation analysis and validation analysis using TOPSIS, WSM, and WPM methods were performed to compare the ranking order of the alternatives.

Keywords: stealth fighter aircraft selection, fuzzy uncertainty theory (FUT), fuzzy entropic decision (FED), fuzzy linguistic variables, triangular fuzzy numbers, multiple criteria decision making analysis, MCDMA, TOPSIS, WSM, WPM

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Authors: Christiono Utomo, Arazi Idrus, Isnanto, Annisa Nugraheni, Farida Rahmawati

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A Negotiation Support is required on a value-based decision to enable each stakeholder to evaluate and rank the solution alternatives before engaging into negotiation with the other stakeholders. This study demonstrates a process of negotiation support model for selection of a building system from value-based design perspective. The perspective is based on comparison of function and cost of a building system. Multi criteria decision techniques were applied to determine the relative value of the alternative solutions for performing the function. A satisfying option game theory are applied to the criteria of value-based decision which are LCC (life cycle cost) and function based FAST. The results demonstrate a negotiation process to select priorities of a building system. The support model can be extended to an automated negotiation by combining value based decision method, group decision and negotiation support.

Keywords: NSS, Value-based, Decision, Construction.

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Authors: Mikel Alonso López

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In order to begin the process of studying the task of making consumer decisions, the main decision models must be analyzed. The objective of this task is to see if there is a presence of emotions in those models, and analyze how authors that have created them consider their impact in consumer choices. In this paper, the most important models of consumer behavior are analysed. This review is useful to consider an unproblematic background knowledge in the literature. The order that has been established for this study is chronological.

Keywords: Consumer behaviour, emotions, decision making, consumer psychology.

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Authors: A. M. Qahtani, G. B. Wills, A. M. Gravell

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Communicating and managing customers’ requirements in software development projects play a vital role in the software development process. While it is difficult to do so locally, it is even more difficult to communicate these requirements over distributed boundaries and to convey them to multiple distribution customers. This paper discusses the communication of multiple distribution customers’ requirements in the context of customised software products. The main purpose is to understand the challenges of communicating and managing customisation requirements across distributed boundaries. We propose a model for Communicating Customisation Requirements of Multi-Clients in a Distributed Domain (CCRD). Thereafter, we evaluate that model by presenting the findings of a case study conducted with a company with customisation projects for 18 distributed customers. Then, we compare the outputs of the real case process and the outputs of the CCRD model using simulation methods. Our conjecture is that the CCRD model can reduce the challenge of communication requirements over distributed organisational boundaries, and the delay in decision making and in the entire customisation process time.

Keywords: Customisation Software Products, Global Software Engineering, Local Decision Making, Requirement Engineering, Simulation Model.

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Authors: Jolanta Tamošaitienė

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The article focuses on a developed comprehensive model to be used in an agile environment for the risk assessment and selection based on multi-attribute methods. The model is based on a multi-attribute evaluation of risk in construction, and the determination of their optimality criterion values are calculated using complex Multiple Criteria Decision-Making methods. The model may be further applied to risk assessment in an agile construction environment. The attributes of risk in a construction project are selected by applying the risk assessment condition to the construction sector, and the construction process efficiency in the construction industry accounts for the agile environment. The paper presents the comprehensive risk assessment model in an agile construction environment. It provides a background and a description of the proposed model and the developed analysis of the comprehensive risk assessment model in an agile construction environment with the criteria.

Keywords: Assessment, environment, agile, model, risk.

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Authors: Christiono Utomo, Arazi Idrus, Madzlan Napiah, Mohd. Faris Khamidi

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This paper presents a conceptual model of agreement options on negotiation support for civil engineering decision. The negotiation support facilitates the solving of group choice decision making problems in civil engineering decision to reduce the impact of mud volcano disaster in Sidoarjo, Indonesia. The approach based on application of analytical hierarchy process (AHP) method for multi criteria decision on three level of decision hierarchy. Decisions for reducing impact is very complicated since many parties involved in a critical time. Where a number of stakeholders are involved in choosing a single alternative from a set of solution alternatives, there are different concern caused by differing stakeholder preferences, experiences, and background. Therefore, a group choice decision support is required to enable each stakeholder to evaluate and rank the solution alternatives before engaging into negotiation with the other stakeholders. Such civil engineering solutions as alternatives are referred to as agreement options that are determined by identifying the possible stakeholder choice, followed by determining the optimal solution for each group of stakeholder. Determination of the optimal solution is based on a game theory model of n-person general sum game with complete information that involves forming coalitions among stakeholders.

Keywords: Agreement options, AHP, agent, negotiation, multicriteria, game theory, and coalition.

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Authors: Musarrat Jabeen

Abstract:

Thoughtful intelligence offers a sustainable position to enhance the influence of decision-makers. Thoughtful Intelligence implies the understanding to realize the impact of one’s thoughts, words and actions on the survival, dignity and development of the individuals, groups and nations. Thoughtful intelligence has received minimal consideration in the area of Decision Support Systems, with an end goal to evaluate the quantity of knowledge and its viability. This pattern degraded the imbibed contribution of thoughtful intelligence required for sustainable decision making. Given the concern, this paper concentrates on the question: How to present a model of Thoughtful Decision Support System (TDSS)? The aim of this paper is to appreciate the concepts of thoughtful intelligence and insinuate a Decision Support System based on thoughtful intelligence. Thoughtful intelligence includes three dynamic competencies: i) Realization about long term impacts of decisions that are made in a specific time and space, ii) A great sense of taking actions, iii) Intense interconnectivity with people and nature and; seven associate competencies, of Righteousness, Purposefulness, Understanding, Contemplation, Sincerity, Mindfulness, and Nurturing. The study utilizes two methods: Focused group discussion to count prevailing Decision Support Systems; 70% results of focus group discussions found six decision support systems and the positive inexistence of thoughtful intelligence among decision support systems regarding sustainable decision making. Delphi focused on defining thoughtful intelligence to model (TDSS). 65% results helped to conceptualize (definition and description) of thoughtful intelligence. TDSS is offered here as an addition in the decision making literature. The clients are top leaders.

Keywords: Thoughtful intelligence, Sustainable decision making, Thoughtful decision support system.

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Authors: Yiannis Smirlis, Dimitris K. Despotis

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This study performs a comparative analysis of the 21 Greek Universities in terms of their public funding, awarded for covering their operating expenditure. First it introduces a DEA/MCDM model that allocates the fund into four expenditure factors in the most favorable way for each university. Then, it presents a common, consensual assessment model to reallocate the amounts, remaining in the same level of total public budget. From the analysis it derives that a number of universities cannot justify the public funding in terms of their size and operational workload. For them, the sufficient reduction of their public funding amount is estimated as a future target. Due to the lack of precise data for a number of expenditure criteria, the analysis is based on a mixed crisp-ordinal data set.

Keywords: Data envelopment analysis, Greek universities, operating expenditures, ordinal data.

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Authors: Saber Saati Mohtadi, Ali Payan, Azizallah Kord

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One of the most important issues in multi-criteria decision analysis (MCDA) is to determine the weights of criteria so that all alternatives can be compared based on the collective performance of criteria. In this paper, one of popular methods in data envelopment analysis (DEA) known as common weights (CWs) is used to determine the weights in MCDA. Two frontiers named ideal and anti-ideal frontiers, instead of ideal and anti-ideal alternatives, are defined based on two new proposed CWs models. Ideal and antiideal frontiers are more flexible than that of alternatives. According to the optimal solutions of these two models, the distances of an alternative from the ideal and anti-ideal frontiers are derived. Then, a relative distance is introduced to measure the value of each alternative. The suggested models are linear and despite weight restrictions are feasible. An example is presented for explaining the method and for comparing to the existing literature.

Keywords: Anti-ideal frontier, Common weights (CWs), Ideal frontier, Multi-criteria decision analysis (MCDA)

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Authors: R. Monib, C. I. Goodier, A. Gibb

Abstract:

This paper aims to investigate decision support strategies in the EC sector to determine the most appropriate degree of modularization. This is achieved through three oil and gas (O&G) and two power plant case studies via semi-structured interviews (n = 59 and n = 27, respectively), analysis of project documents, and case study-specific semi-structured validation interviews (n = 12 and n = 8). Terminology to distinguish degrees of modularization is proposed, along with a decision-making support checklist and a diagrammatic decision-making support figure. Results indicate that the EC sub-sectors were substantially more satisfied with the application of component, structural, or traditional modularization compared with system modularization for some types of modules. Key drivers for decisions on the degree of modularization vary across module types. This paper can help the EC sector determine the most suitable degree of modularization via a decision-making support strategy.

Keywords: Modularization, engineering construction, case study, decision support.

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Authors: M. A. Sharbafi, M. Shakiba Herfeh, Caro Lucas, A. Mohammadi Nejad

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Several researchers have proposed methods about combination of Genetic Algorithm (GA) and Fuzzy Logic (the use of GA to obtain fuzzy rules and application of fuzzy logic in optimization of GA). In this paper, we suggest a new method in which fuzzy decision making is used to improve the performance of genetic algorithm. In the suggested method, we determine the alleles that enhance the fitness of chromosomes and try to insert them to the next generation. In this algorithm we try to present an innovative vaccination in the process of reproduction in genetic algorithm, with considering the trade off between exploration and exploitation.

Keywords: Genetic Algorithm, Fuzzy Decision Making.

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Authors: Mitsuhiro Taniyama, Yuu Hidaka, Masato Arai, Satoshi Kai, Hiromi Igawa, Hiroshi Yajima, Ryoichi Sasaki

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Along with the progress of our information society, various risks are becoming increasingly common, causing multiple social problems. For this reason, risk communications for establishing consensus among stakeholders who have different priorities have become important. However, it is not always easy for the decision makers to agree on measures to reduce risks based on opposing concepts, such as security, privacy and cost. Therefore, we previously developed and proposed the “Multiple Risk Communicator" (MRC) with the following functions: (1) modeling the support role of the risk specialist, (2) an optimization engine, and (3) displaying the computed results. In this paper, MRC program version 1.0 is applied to the personal information leakage problem. The application process and validation of the results are discussed.

Keywords: Decision Making, Personal Information Leakage Problem, Risk Communication, Risk Management

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Authors: Cheng-Che Tsai, Huang-Ming Chuang

Abstract:

The purpose of this paper is to explore the role of cognitive decision effort in recommendation system, combined with indicators "information quality" and "service quality" from IS success model to exam the awareness of the user for the "recommended system performance". A total of 411 internet user answered a questionnaire assessing their attention of use and satisfaction of recommendation system in internet book store. Quantitative result indicates following research results. First, information quality of recommended system has obvious influence in consumer shopping decision-making process, and the attitude to use the system. Second, in the process of consumer's shopping decision-making, the recommendation system has no significant influence for consumers to pay lower cognitive decision-making effort. Third, e-commerce platform provides recommendations and information is necessary, but the quality of information on user needs must be considered, or they will be other competitors offer homogeneous services replaced.

Keywords: Recommender system, Cognitive decision-making efforts, IS success model, Internet bookstore.

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Authors: Yufang Cheng, Hsiu-Hua Yang

Abstract:

This work develops a novel intelligent “model of dynamic decision-making" usingcell assemblies network architecture in robot's movement. The “model of dynamic decision-making" simulates human decision-making, and follows commands to make the correct decisions. The cell assemblies approach consisting of fLIF neurons was used to implement tasks for finding targets and avoiding obstacles. Experimental results show that the cell assemblies approach of can be employed to efficiently complete finding targets and avoiding obstacles tasks and can simulate the human thinking and the mode of information transactions.

Keywords: Cell assemblies, fLIF, Hebbian learning rule.

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Authors: José M. Merigó, Montserrat Casanovas

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We analyze the problem of decision making under ignorance with regrets. Recently, Yager has developed a new method for decision making where instead of using regrets he uses another type of transformation called negrets. Basically, the negret is considered as the dual of the regret. We study this problem in detail and we suggest the use of geometric aggregation operators in this method. For doing this, we develop a different method for constructing the negret matrix where all the values are positive. The main result obtained is that now the model is able to deal with negative numbers because of the transformation done in the negret matrix. We further extent these results to another model developed also by Yager about mixing valuations and negrets. Unfortunately, in this case we are not able to deal with negative numbers because the valuations can be either positive or negative.

Keywords: Decision Making, Aggregation operators, Negret, OWA operator, OWG operator.

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Authors: Mohanad Alhabo, Li Zhang, Naveed Nawaz

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Small cell deployment in 5G networks is a promising technology to enhance the capacity and coverage. However, unplanned deployment may cause high interference levels and high number of unnecessary handovers, which in turn result in an increase in the signalling overhead. To guarantee service continuity, minimize unnecessary handovers and reduce signalling overhead in heterogeneous networks, it is essential to properly model the handover decision problem. In this paper, we model the handover decision problem using Multiple Attribute Decision Making (MADM) method, specifically Technique for Order Preference by Similarity to an Ideal Solution (TOPSIS), and propose a hybrid TOPSIS method to control the handover in heterogeneous network. The proposed method adopts a hybrid weighting policy, which is a combination of entropy and standard deviation. A hybrid weighting control parameter is introduced to balance the impact of the standard deviation and entropy weighting on the network selection process and the overall performance. Our proposed method show better performance, in terms of the number of frequent handovers and the mean user throughput, compared to the existing methods.

Keywords: Handover, HetNets, interference, MADM, small cells, TOPSIS, weight.

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Authors: Tunjo Peric, Zoran Babic

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The authors of this work indicate by means of a concrete example that it is possible to apply efficaciously the method of multiple criteria programming in dealing with the problem of determining the optimal production plan for a certain period of time. The work presents: (1) the selection of optimization criteria, (2) the setting of the problem of determining an optimal production plan, (3) the setting of the model of multiple criteria programming in finding a solution to a given problem, (4) the revised surrogate trade-off method, (5) generalized multicriteria model for solving production planning problem and problem of choosing technological variants in the metal manufacturing industry. In the final part of this work the authors reflect on the application of the method of multiple criteria programming while determining the optimal production plan in manufacturing enterprises.

Keywords: multi-criteria programming, production planning, technological variant, Surrogate Worth Trade-off Method.

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Authors: R. Sammoura

Abstract:

In Lebanon, public construction projects are awarded to the contractor submitting the lowest bid price based on a competitive bidding process. The contractor has to make a strategic decision in choosing the appropriate bid price that will offer a satisfactory profit with a greater probability to win. A simulation model for bid price decision making based on the lowest bid price evaluation is developed. The model, built using Crystal Ball decisionengineering software, considers two main factors affecting the bidding process: the number of qualified bidders and the size of the project. The validity of the model is tested on twelve separate projects. The study also shows how to use the model to conduct risk analysis and help any specific contractor to decide on his bid price with associated certainty level in a scientific method.

Keywords: Bid price, Competition, Decision making, Simulation.

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Authors: Kamalendu Pal

Abstract:

This paper describes the main features of a knowledge-based system evaluation method. System evaluation is placed in the context of a hybrid legal decision-support system, Advisory Support for Home Settlement in Divorce (ASHSD). Legal knowledge for ASHSD is represented in two forms, as rules and previously decided cases. Besides distinguishing the two different forms of knowledge representation, the paper outlines the actual use of these forms in a computational framework that is designed to generate a plausible solution for a given case, by using rule-based reasoning (RBR) and case-based reasoning (CBR) in an integrated environment. The nature of suitability assessment of a solution has been considered as a multiple criteria decision-making process in ASHAD evaluation. The evaluation was performed by a combination of discussions and questionnaires with different user groups. The answers to questionnaires used in this evaluations method have been measured as a fuzzy linguistic term. The finding suggests that fuzzy linguistic evaluation is practical and meaningful in knowledge-based system development purpose. 

Keywords: Case-based reasoning, decision-support system, fuzzy linguistic term, rule-based reasoning, system evaluation.

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Authors: Mikel Alonso López

Abstract:

This paper explores, in depth, the idea that emotions are present in all consumer decision making processes, meaning that purchase decisions have never been purely cognitive or as they traditionally have been defined, rational. Human beings, in all kinds of decisions, has "always" used neural systems related to emotions along with neural systems related to cognition, regardless of the type of purchase or the product or service in question. Therefore, all purchase decisions are, at the same time, cognitive and emotional. This paper presents an analysis of the main contributions of researchers in this regard.

Keywords: Emotions, decision making, consumer behavior.

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Authors: Aseela Alhinaai, Suliman Abdullah, Adil Albusaidi

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Knowledge has been considered an important asset in private and public organizations. It is utilized in the libraries sector to run different operations of technical services and administrative works. This study aims to identify the impact of the knowledge-sharing factors (technology, collaboration, management support) to improve decision-making at Sultan Qaboos University Libraries. This study conducted a quantitative method using a questionnaire instrument to measure the impact of technology, collaboration, and management support on knowledge sharing that lead to improved decision-making. The study population is the Sultan Qaboos University (SQU) libraries (Main Library, Medical Library, College of Economic and Political Science Library, and Art Library). The results showed that management support, collaboration, and technology use have a positive impact on the knowledge-sharing process, and knowledge sharing positively affects decision making process.

Keywords: Knowledge sharing, decision making, information technology, management support, corroboration, Sultan Qaboos University.

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Authors: R. Ferdous

Abstract:

Power, responsibility sharing, and democratic decision-making are the central ethos to co-management. It is assumed that involving local community in the decision-making process can create a sense of ownership and responsibility of that community and motivate the community towards collective action. But this paper demonstrated that the process to involve local community is not simple and straightforward as it is influenced by structural aspects, power relations among the actors, and social embedded institutions. These factors shape the process in that way who will participate, how they will participate and how the local community maneuvers their agency in the decision-making process. To grasp the complexities that materialize in the process of participation and to understand the inclusionary and exclusionary nature of participation, this paper examines the subjective understanding of different stakeholders concerning participation and furthermore observes the enabling or constraining factors that affect the community to exercise their agency.

Keywords: Participation, social embeddedness, power, structure.

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Authors: Sharmina Begum, M. G. Rasul, Delwar Akbar

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Waste management is now a global concern due to its high environmental impact on climate change. Because of generating huge amount of waste through our daily activities, managing waste in an efficient way has become more important than ever. Alternative Waste Technology (AWT), a new category of waste treatment technology has been developed for energy recovery in recent years to address this issue. AWT describes a technology that redirects waste away from landfill, recovers more useable resources from the waste flow and reduces the impact on the surroundings. Australia is one of the largest producers of waste per-capita. A number of AWTs are using in Australia to produce energy from waste. Presently, it is vital to identify an appropriate AWT to establish a sustainable waste management system in Australia. Identification of an appropriate AWT through Multi-criteria analysis (MCA) of four AWTs by using five key decision making criteria is presented and discussed in this paper.

Keywords: Alternative waste technology (AWT), Energy fromwaste, Gasification, Multi-criteria Analysis (MCA)

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Authors: Mária Hudáková, Vladimír Míka, Katarína Hollá

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Making decisions is the core of management and a result of conscious activities which is under way in a particular environment and concrete conditions. The managers decide about the goals, procedures and about the methods how to respond to the changes and to the problems which developed. Their decisions affect the effectiveness, quality, economy and the overall successfulness in every organisation. In spite of this fact, they do not pay sufficient attention to the individual steps of the decision-making process. They emphasise more how to cope with the individual methods and techniques of making decisions and forget about the way how to cope with analysing the problem or assessing the individual solution variants. In many cases, the underestimating of the analytical phase can lead to an incorrect assessment of the problem and this can then negatively influence its further solution. Based on our analysis of the theoretical solutions by individual authors who are dealing with this area and the realised research in Slovakia and also abroad we can recognise an insufficient interest of the managers to assess the risks in the decision-making process. The goal of this paper is to assess the risks in the managers´ decision-making process relating to the conditions of the environment, to the subject’s activity (the manager’s personality), to the insufficient assessment of individual variants for solving the problems but also to situations when the arisen problem is not solved. The benefit of this paper is the effort to increase the need of the managers to deal with the risks during the decision-making process. It is important for every manager to assess the risks in his/her decision-making process and to make efforts to take such decisions which reflect the basic conditions, states and development of the environment in the best way and especially for the managers´ decisions to contribute to achieving the determined goals of the organisation as effectively as possible.

Keywords: Risk, decision-making, manager, process, analysis, source of risk.

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