Conclusion

In modern world decision making is important because it clarifies the understandingof cultural distinctions and actingwith courage in the moment it is needed. Characteristics ofeffective decision making process are: the concentration to important matters; logical andconsistent; takes into consideration objective and subjective thinking aswell as analytic andintuition thinking; needs information and analyses to solve the dilemmas; ensures collection of relevant information and competent thinking and at the end it is reliable, direct, and usable. Based on findingsgained from the study it is ascertained that thereare identified problems on decison making under risk and unceratintyconditions. The problemsare intercorrelated withthe accuracy of data, lack of information, avoiding from the decision taking where risk apparasand disregarding the risk upon decision making. Therisk and probabilityevaluation carried by managers ismainly based on intuition. The decisions are taken without havingenough information, without carrying full analyses and without paying importance to experts of respective fieldsas well as without usingcomputer tools to analyserisk and decisions. From other side it is noticed that people who take over the risk are more independent. Atprivate sector owners artrend toward progress and few of them have capacity to take quickdecisions. The overall consideration is that this people have personalcourage.

During decision making under the conditions of risk and uncertainty more attentionmust be paid to details and more information should be collected by both managers the onesfrom private and public sector. This information will serve during the development andanalyses ofalternatives. At public enterprises during the process ofalternative analyses mustbe involved the respective experts. Risk must be assessed byground in order to know exactlyabout what will bethe benefit and profit as well as the loss by taking difficult decisions. Toassess the risk, managers should also support their work on the information technology tools.

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http://www. decision-making-confidence.com/

http://www.wikihow.com/Develop-Alternative-Perspectives-for-Decision-Making