IBSU Silk Road Scientific Research Institute, 7th Silk Road Intr. Conference: "Challenges and Opportunities of Sustainable Economic Development in Eurasian Countries"

Font Size: 
Importance of Statistical Data in The Process of Decision Making in Management
Miray Celepli, Sebahatin Taş, Hakan Çetin

Last modified: 2012-11-28

Abstract


Decisions on the administrative level are mostly taken by leaders. It can be said that even within those approaches which foresee the participation of lower levels; the final decisions are being made by the leaders themselves by analyzing all existing points of views. The experience and intuition of a leader plays the crucial role within the decision making process. Supporting the above mentioned process with right information would increase the possibility of making right decisions by a leader. The factor of statistical data gains its importance at this very level. No matter how developed the intuition of an individual may be, they may not make rational decisions in complex situations. The goal of the statistical method is categorizing individuals and groups according to certain characteristics and making specific assumptions regarding them. Accordingly, the statistical data regarding the decision making process would help leaders in making right decisions.

Keywords: Management, Decision-making, Statistical Data, Rational Decision. 


Full Text: PDF