The role of new technologies in the decision-making process

• Main Author: Marina Budimir
• Format: Article
• Language: English
• Published: Faculty of Economics in Osijek 2013-12-01
• Series: Ekonomski Vjesnik
• Subjects: decision-making model; decision-making process; new technologies in decision-making
• Online Access: http://hrcak.srce.hr/file/172166

Given the fact that a decision-making environment is subject to change due to the development of new technologies, networking of an individual or an organisation within and towards external environment as well as contemporary communication methods that facilitate a continuous inflow, outflow and exchange of data and information, the requirements set before decision-makers are more demanding than ever. In such contemporary conditions, the process of collecting, analyzing and selecting data and information for the purpose of making quality decisions depending on potential limitations and available options, and finally making decisions as the basis for future behaviour, whether of an individual or an organisation, is becoming more complex. New technologies provide a number of possibilities that facilitate the decision-making pro - cess. However, the decision-maker should still be able to choose the right models, methods, tools, systems and procedures for a particular situation, with the aim of arriving at an appropriate and timely decision. The purpose of this paper is to describe in detail the theoretical underpinnings of decision-making; explain the decision-making model and the decision-making process. Given the fact that decision-making can affect the course of the activities pursued by the decision-maker in the short or long term depending on the consequences of the decision, this paper will examine the latest software solutions that simplify decision- making, and clarify the role of new technologies in the process of decision-making in business and private life.