A process of creating value for business, through planning, controlling and evaluating performance.
Published in Chapter:
Managerial Decision-Making Process in the Modern Business Conditions in the EU: Importance of Cultural Influence
Boban Melovic (University of Montenegro, Montenegro), Slavica Mitrovic Veljkovic (University of Novi Sad, Serbia), Dragana Cirovic (University of Montenegro, Montenegro), and Ivana Djakovic Radojicic (University of Novi Sad, Serbia)
Copyright: © 2020
|Pages: 25
DOI: 10.4018/978-1-7998-1188-6.ch020
Abstract
This chapter analyzes the differences of decision-making process in the EU member countries, caused by differences in main dimensions of national culture of each of them. The influence of different cultural dimensions on decision-making process is explained. Thanks to the application of qualitative research method and deductive approach, there are conclusions about specificities of decision-making process, in particular EU countries. Using the inductive approach, content analysis method and method of synthesis, the EU countries were grouped regarding to the decision-making styles that are the most appropriate in each of them, based on the characteristics of the cultural framework that exist within them. Obtained results may help managers to better understand their decision-maker role in different cultural environment and it would enable them to apply the appropriate decision-making style, which would increase the quality of business decisions that are being made.