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Exploring the Role of Emotions and Moods in Decision Making: Study on the Use of Structured Decision Approach and Intuition
140-149Views:624Emotions and moods can play a significant role in the decision making. The present paper contest this point by providing evidence on the two important approaches used in decision making that is structured decision approach and intuition. For this purpose data was gathered from 150 respondents in two different groups. Chi square test, independent sample t-test and logistic regression analysis were used to test the hypothesis. The results of the study reveal that individuals with positive and negative mood state vary significantly in their use of structured decision approach and intuition. The individuals with negative mood state are more likely to use all steps of structured decision approach as compared to the individuals in the positive mood state. The results of the study further reveal that the individual’s emotional state significantly predicted the use of structured approach and intuition in decision making.
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Transformation of the Decisional Leadership Role
26-40Views:446Leadership decision-making is important for the successful functioning of organizations, so it is necessary for leaders to understand the factors that impact their decisions. Decision-making is always the responsibility of the leader, but in a changing world, it becomes an even more crucial factor for success. Making good decisions requires time, experience, and thorough problem-solving skills. In my research, through the analysis of scholarly sources, I have identified several role factors that clearly influence the decision-making process and its implementation. Furthermore, I have developed a self-designed questionnaire to examine the decision-making role in modern organizations. I analyzed the data from 230 respondents using various statistical methods. Based on my findings, conflict management, risk-taking, and a thorough understanding of the problem strongly determine leadership decision-making processes. The ability of leaders to effectively manage conflicts significantly impacts their decisions. Risk-taking is also of key importance, as leaders need to recognize the risks associated with a given situation and make decisions accordingly.
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Factors Influencing Female Entrepreneurship
32-55Views:483The following research was conducted with the objective of identifying the factors that influence women to become entrepreneurs. It explores the effectiveness of support mechanisms, including mentorship programs, networking opportunities, access to financial resources, and policy interventions in enhancing the success of female entrepreneurs. Special attention is given to the decision-making threshold concept and the role of self-confidence. A multi-method approach was employed, entailed a comprehensive literature review, a qualitative analysis based on interviews, and a quantitative analysis conducted through surveys. The data obtained from these methods were triangulated to ensure robust insights. The research resulted in a model that illustrates the interrelationship between the scientific, practical and educational approaches. The findings highlight the potential of developing a motivation model for female decision-making in entrepreneurship, identifying key motivators, focusing on economic, social and personal factors with self-confidence as a central concept of study.
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The Governance of Sports Organizations in Morocco: the Case of the Royal Moroccan Federation of Judo and Related Martial Arts
38-50Views:483Governance is crucial for effective sports organization management, particularly as sports organizations increasingly adopt business models. Research inquiries into suitable governance practices in sports have grown, reflecting the evolving landscape of sports management. This qualitative research examined the governance of the Moroccan Judo Federation through semi-structured interviews and analysis using Voyant Tools. Stakeholders, including the vice president, board members, coaches, athletes, referees, technical committee members, and financial manager, provided insights on key aspects of governance. The findings emphasized the importance of strong leadership, effective decision-making processes, transparent governance structures, stakeholder engagement, and ethical conduct. However, challenges were identified in decision-making, stakeholder engagement, conflict resolution, and financial management. Stakeholders highlighted the need for inclusive decision-making processes and transparent and accountable governance practices. By addressing these challenges, the federation can strengthen its governance, support judo's growth, and foster fairness and inclusivity.
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Why Public Sector Projects Fail or Succeed in Pakistan- A Model for Evaluating Impact of HR Management Practices on Project Success
77-90Views:1938Employees are the most important assets of an organization. As quality human resources become scarce, companies need to pay more heed to the satisfaction and motivation of their employees. If employees are motivated towards work, then it is likely to yield better results. This study will examine the role of Human resource management (HRM) practices upon New product development (NPD). NPD involves technical, marketing, and financial risks organizations undertake for developing new products and services. Effective project planning and control are valuable for decision-making. The analysis of the impact of HRM practices on NPD, project success, and organizational benefit is based on data collected using a cross-sectional design via a survey questionnaire. The questionnaire consisted of items related to HR practices, New product development, Project Success, and Organizational benefits adapted from previous studies. Respondents working in 10 large-scale public sector projects executed by National Database & Registration Authority, Pakistan were selected for the study. Therefore, the results of the study can be generalized to similar projects executed by the public sector in Pakistan. From the findings of data analysis, it has been concluded that there is a significant association between HR practices and project success, but no significant relationship has been established between new product development and organizational benefit. Therefore, it can be concluded that HR management practices have a significant impact on public sector project success in the case of Pakistan.
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Strategic Role of Environmental Factors in the Operation of a Manufacturing Company: A Synthesis of Three Analytical Models
56-74Views:408Nowadays, the operations of companies are influenced by increasingly complex internal and external factors, the systematic examination of which is essential for conscious strategy-making. The relevance of this study lies in the context of global economic instability, rapid technological advancement, and intensifying market competition, all of which present new challenges for organizations. The aim of the research is to demonstrate how the analysis of environmental factors can support strategic decision-making, with particular emphasis on a specific company case. The analysis was based on three established methods—PESTEL analysis, Porter’s Five Forces model, and the SWOT framework—which together enabled an integrated examination of macro- and micro-environmental factors as well as internal resources. The results highlighted several key strengths of the company, such as professional expertise, international presence, and the quality of customer relationships, while also identifying several areas in need of improvement, particularly in terms of pricing strategy, digital information accessibility, and internal communication. The novelty of the study lies in the combined application of the three analytical tools, which revealed interrelated insights and served as the basis for well-founded recommendations aimed at enhancing strategic flexibility and strengthening competitiveness.
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Analyzing Determinants of Construction Project Resilience and Success in Ethiopia: a Structural Equation Modelling Approach (PLS-SEM)
68-108Views:339The purpose of this study is to investigate the factors that contribute to the success and resilience of construction projects in Ethiopia’s construction industry. A major gap exists in the current literature regarding the empirical validation of the relationships between resilience and success in the Ethiopian construction industry. Data collection was conducted via an online survey between March 8th and May 13th, 2024. PLS-SEM analysis was performed on the survey responses. Results indicate that resilience significantly impacts a project's success. The following are resilience-enabling factors that increase a project's resilience and enhance overall project performance. These are: resilient leadership (taking risks; learning from subordinates; being flexible during decision making); organisational structures (having few direct reports; narrow span of control; job rotation); and project team culture (assign right people for right jobs; recognition or rewarding the team members; team passions for contribution for project success; team trusts); external environment factors (mitigating high inflation effect; managing unstable economy; using appropriate legal enforcement); and risk management practices (communicating frequently; understanding/knowing how to implement risk management practices; integrating risk management practices into routine activities; having enough budget/finance). Success indicators for construction projects include quality, cost, time, safety and customer satisfaction. Therefore, developing resilience-enhancing strategies could greatly increase the effectiveness of construction project performance. The contribution of this study includes empirical evidence from the Ethiopian context, as well as practical recommendations for policymakers and project managers to create customised resilience strategies. The limitations of this study include reliance on self-reported data and convenience sampling in collecting survey responses. Overall, the study emphasizes the importance of resilience in overcoming the challenges of the construction industry in Ethiopia.
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Discussion on São Paulo Mobility Plans
17-33Views:360Since urbanization rising and urban demographic increase, urban transportation has been an important life quality aspect and a strategic decision for cities. Mobility seems to follow citizens' behavior and be influenced by urban cultural changes at the same pace it influences back the city routine and resident’s conduct. The discussion around the future of mobility gained new magnitude nowadays since some sort of vehicles have proved themselves as the cause of significant environmental impact, while others showed themselves as alternatives of low impact for different reasons – from quality public transportation to individual transport with minimized emissions. The city of São Paulo in Brazil published its Master Plan in 2014 and its Mobility Plan in 2015, analyzing the current situation and proposing a future for the city’s transportation system. This paper intends to analyze both plans, construe the popular participation in their formulation and application, discuss how data and strategy were presented and whether they are aligned with other countries’ thinking on the subject. As a city of over 10 million inhabitants, in a Metropolitan Region of 39 cities with over 20 million inhabitants, the transportation system of São Paulo is not an easy or single-solution issue. It is known the need for a combination of different transportation modes, requiring likewise new visions for all methods. Owing to the fact that modes complete each other and, in that manner, may reach a wider range of options for the population to plan daily life, then a system with a great variety of modes ensures the best functioning of them all. This paper focuses on an outsider view that searches for answers and solutions on the São Paulo transportation system, having as a base what is considered outstanding in the world for this issue.
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Decision Support for Difficulties in a Furniture Manufacturing Company
405-418Views:290In “Decision support for difficulties in a furniture manufacturing company” titled work we are presenting in detail the operation of a particular furniture company and the difficulties encountered during its operation, which they try to overcome in some way so that they do not hinder the operation of the company. After that, we will show how we wanted to achieve the production support system. In different versions, we detail what we actually wanted to accomplish while showing results that illustrate the evolution of the system. We also present the difficulties of the development, which is made in Java. We also present the latest version of the system and its results. After processing the input parameters, the system is able to produce results using scheduling algorithms that can help in making important decisions during production planning.
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The Future of AI-Integrated Project Management: A Structured Literature Review Based Risk Identification
42-67Views:837The evolution of AI is changing the landscape of project management. The integration of AI into project management brings many advantages, yet it is also accompanied by prominent weaknesses and serious challenges. In addition, rapidly evolving technologies continue to transform the field’s dynamics. These evolving dynamics result in ambiguity about the current state of the field, and consequently, create an uncertainty regarding a roadmap for future advancements. The purpose of this paper is to address this challenge by developing a well-grounded conceptual insight that identifies the risks associated with AI adoption in project management, guiding both academia and industry towards a structured approach to its future advancements. This paper conducts a detailed structured literature review, adhering the PRISMA protocol, to evaluate the impact of AI on key facets of project management, its potential benefits and implementation challenges. Then it analyzes the literature and synthesizes the key findings. Finally, it conducts comprehensive analysis to identify both positive and negative risks i.e. opportunities and threats. This in-depth analysis and its findings enable us to understand the nature of the risks, and how those can be harnessed or mitigated to advance the field. Furthermore, it provides both academia and industry the foundation to plan improved risk mitigation strategies and to develop a structured adoption framework. This study is expected to make a significant contribution to the advancement of the field.
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Latest Trends and New Tools Being Used in Strategic Management
73-85Views:1125In today’s rapidly changing world, there is an increased need for excellent strategic planning. A firm’s survival may indeed hinge on the firm’s planning process being exemplary. Various aspects of the strategic planning process are under review today as organizations wrestle to compete more effectively in an ever-changing world. This paper reveals and describes five new trends or tools being utilized today by firms to more effectively engage in strategic planning. Specifically, the new trends and tools to be discussed in this paper are as follows: increased need to follow a strategic planning model; increased need to develop quality vision and mission statements; a new improved method for incorporating SWOT analysis into practice. Utilizing two matrices one internal and one external to provide a less biased way to access the current strategy fit with conditions facing the firm. Explain the use of a decision matrix commonly called the QSPM (Quantitative Strategic Planning Matrix) for assessing the relative attractiveness of various strategies being considered for implementation. The purpose of this paper is to familiarize readers with basic new tools and techniques being used by organizations to effectively develop an improved strategic plan for the firm.
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Corporate Performance Measurement in the E-Commerce
80-91Views:612Performance of the domestic online commerce showed a dynamic increase in recent years and, based on the expected forecasts, this trend will be realized in the future as well. In Hungary, the number of electronic commerce undertakings is estimated to be within a range of between 5 000 and 6 000 pieces and this number is steadily increasing. Today, the opportunities offered by the internet play an increasingly significant role in every segment of the economy. In the increasing market competition, it is no longer sufficient to serve the local population. Driver of the internet commerce is a marketing activity therefore the performance measurement is a priority. The excellent result and success essentially and principally depend on the performance, in addition to luck. Performance is understood as the measurable results or, in the broad sense, the successful efforts which are made to achieve the organizational objectives. The performance measurement is a measurement process of the efficiency and economy of an activity. Its aim is to support the decisions and actions related to the operation of the undertaking. The performance measurement is not only a decision support tool but also an element influencing every level of the decision-making system; it has an effect on the actions of stakeholders. Its danger and importance are simultaneously the fact that its improper operation (application of incorrect yardstick) can result in a functioning contrary to the corporate objectives. My aim is to survey the corporate performance measurement practice, to assess the connection between the financial and operational performance as well as to analyse the connection between the performance measurement practice and the performance achieved.
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Use of IoT Tools to Support the Decision-making Process
125-141Views:444Nowadays sensor networks and other systems, based on the IoT concept demonstrate the benefits of their usage, which includes the support of the decision-making process, therefore achieving an optimal result in the context of more and more fields. In this experiment, an additional sensor network has been developed based on a modular system derived from a previous development by means of a target-specific modification of the required modules to measure environmental data in a drying chamber used in food industry. The main objectives include the development of the device, the verification of the measurements of the factory-built device, providing an interface, which is able access the measurement data and after gathering experience from the usage, further developing the system and extending the functionality of the web application. The built-in data acquisition and control system stores the data of the measurements in the form of text files, while our additional data acquisition and control system uses a unified measurement database to store the data. According to the structure, a task-specific application has been developed in order to unify the two sources. Analysis of collected data was performed after running the ETL (extract, transform, load) algorithm converting the transaction-oriented database. The experiment shows so far the benefits of the multi-point measurements by a significant difference between the measured values, so we certainly consider further developments.
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Investigation of the Luxury Yachts Condition and Their Maintenance
95-105Views:451Surveying the condition of yachts and their maintenance is of great importance for their functionality and efficiency. Finding the right approaches, expertise at different levels, design benchmarking are essential for all yacht maintenance and security, resulting in crew and passenger safety. This report presents an evaluation and expertise in a real environment and documentation of decision-makers for the strength and functionality of a luxury motor yacht. For a good understanding of the problem, detailed photographic material has been documented showing in detail the required technical corrections. The research would be of interest to a wide range of yacht design and industry professionals, academic and research representatives, yacht users and all interested stakeholders.
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Testing Methods of Green Supply Chain, in Particular Supplier’s Selection an Evaluation Tools
240-254Views:640Today, more and more articles have emerged in the field of sustainability and sustainable development. Sustainability plays an important role in supply chain management too. Green Supply Chain Management (GSCM) has emerged as a key approach for enterprises seeking to make their businesses environmentally sustainable. The notion of GSCM implies the insertion of environmental criteria within the decision-making context of the traditional supply chain management. Enterprises are increasingly expected to extend their sustainability efforts beyond their own operations to their suppliers and customers to their sustainability expectations. Literature of green supplier evaluation and selection methods number is large, though the number of environmental factors are relatively limited. Recently in supply chain management decision making, approaches for evaluating green supplier performance have used both qualitative and quantitative environmental data. Given this evolving research area, the purpose of this article is to analyse research conducted in international scientific journals focusing on the selection and evaluation of a green supplier. The purpose of this article will answered two questions: Which selection methods are commonly used? What environmental and other selection criteria for green supplier management are popular?
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Dimensions of Ethnocentric Emotions in Hungary
136-147Views:389The concept ot ethnocentrism appeared first in the literature in the early 1900s. Since then, several international and national studies have focused on defining this concept and have aimed at the investigation of its role in terms of national and international product opinion. The consumer’s decision is influenced not only by the different marketing effects (product, price, place, promotion), but also by the cultural, social, personal and psychological characteristics of the costumers. The examination of ethnocentrism – as a socio-psychological concept – is increasingly important in marketing research. This paper focuses on exploring the dimensions of ethnocentric emotions. My aim is to support the assumption that these dimensions have a significant influence on the thinking of the consumer society. As a result of my primary research, I introduce these dimensions and terminate consumer segments. Based on my research it can be stated that the ethnocentric emotions (such as patriotism, national superiority, national consciousness, national discrimination) are determinants of consumer thinking and demonstrate the fact that awareness of ethnocentric emotions can be the basis for marketing strategies to protect national products.
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Knowledge of Control Methods and their Application in the Practice of Small and Medium Enterprises in the Northern Great Plain Region
441-452Views:647Like large companies, the small, and medium-sized businesses need also all the information to ensure the efficiency and effectiveness of their business by making sound management decisions. Compared to large companies, SMEs have significant development potential, which can be created in part by the companies themselves, possibly through the introduction of new-modern management - business administration methods or economic policy measures (= targeted and efficient support system), which, by stimulating R & D & I processes, serves to increase competitiveness and contribute more and proportionally to domestic GDP and exports. The analysis presented in the study covers the controlling knowledge of the leading SMEs of the Northern Great Plain Region, the conscious or unconscious application of controlling tools, the assessment of succession, customer and supplier valuation and certain areas of managerial accounting. Overall, it can be concluded from the small sample size that the use of controlling tools is proportional to the size of the business, but nevertheless, many mid-size business executives do not require the collection and analysis of insider information that could explicitly help decision making for example through advanced costing procedures.
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Comparison of R&D innovation indicators of the visegrád group
162-172Views:251Innovation is a crucial strategic issue not only for businesses to maintain and improve competitiveness, but also has paramount role at a macroeconomic level how a national economy is able to contribute to the national division of labour. Innovation and research and development are particular and even more crucial in post-socialist countries which are trying to catch up with Western Europe in an economic point of view. We compared countries in the Visegrád Group in the study regarding their innovation indexes, R&D indicators and corporate innovations. These indicate that countries in the Visegrád Group are lagging behind the European Union. The Czech Republic ranks the first place in almost each aspect among the countries in the Visegrád Group. As for time series indicators, there is a steadily improving tendency in R&D. Regarding measuring innovation and R&D, it can be concluded that perfect method and scorecard are not available, indexes based on varying methods may generate different results and decision taking only one index into consideration cannot be made in business practice. In my opinion, R&D indicators are dominant to a large extent in comprehensive innovation indexes that might be misleading in the assessment of innovation (particularly in corporate innovation).
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Applying New Innovative Market Research Methods in the Innovation Process of New Products
56-69Views:414The innovation environment has changed a lot in the recent years, companies and their enterprises concentrating on product- and process innovation have undergone a lot of changes. According to GUPTA et al. (1986) product innovation is a multidisciplinary process. Although, all functional interfaces are important in the product development process, the research and development – marketing interface is one of the most difficult one. In the last two decades the incredibly fast penetration of the internet has more and more effects on the consumer attitudes. It encourages market researchers to apply such methods by which they could get as close as to the consumers to know their attitudes without taking them out of their natural habitat. In this study our aim is to concentrate on the first phase of the product innovation, which is the exploration of insights and attitudes. In this phase we can use the classical, conventional market research techniques if we want to get primary data, such as focus group interviews, questionnaires, in-depth interviews, but there are new methods as well. One of such novel methods is netnography. The biggest advantage of this research method is that the researcher can observe the consumer groups’ state of mind and decision-making mechanisms through publicly available communication sources in their natural environment. In this study it will be analysed how the directions of netnographic researches have changed by the dynamic changes of the internet. Besides, online participants’ attitudes towards healthconscious nutrition are analysed in practice. As a result of this study, special groups could be identified, which can provide a new perspective for the companies operating in this field beside the classical segmentation techniques. These groups can be the ones which draw up latent market requirements, and thus, helping the companies’ innovation processes.
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Practice of Organizational Development in a Domestic Company
117-126Views:1204In today's changing world, it is extremely important that organizations can keep up with market trends. The perspectives of continuous development are expanding and the commitment of decision-makers to development activities is growing steadily. The starting point for organizational development is always man. Organizational development always begins with deeper research and modeling. Fundamental guidelines are set out as a paradigm of development. The most important and at the same time the most difficult step is to introduce the results of the analysis. The most effective, but the most time-consuming and cost-effective solution is full organizational development. The management of the organization faces significant efforts to embark on a full organizational development process. The aim of our study is to propose different development opportunities for the company's management with the help of analysis by the organization and supported by measurable data, as well as the catalyst for the modifying efforts observed among employees.
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Can the local government in Hungary be the appropriate local level framework for environmental sustainability?
32-45Views:299During the search for the framework for environmental (respectively social and economic) sustainability, the importance of local action / decision-making has been formulated several times. At the same time, the capability of local government structures is questioned from several aspects. Local governments today are not necessarily a proper legal-administrative framework for sustainable development, for example because the population of a sustainable local community (conceptually) and of a larger settlement (by size) does not coincide. However, the (partly networked) environmental policy system of the municipalities transcends the administrative area of the settlement, where appropriate, a larger area (agglomeration, city areas, etc.), connecting several actors and activities. The paper seeks to clarify this issue in two rather different but interrelating ways. The first approach is geographically rooted and examines the local government system and the spatial structure of the Hungarian state through environmental economics and environmental policy. The second question is about structural links, namely the problems of local governments potential for infrastructure development and the structure of the local economy. The paper concludes that municipal functions - administration, ownership, public service organization - are all concerned with environmental protection. Considering that many of the processes that are relevant to sustainability are taking place in settlements, so serious changes are needed at this level as well. In this context, cooperation between local and central government levels and the active involvement of (local) society can not be dispensed with, but the current mechanisms are hindering progress.
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Model Calculations on the Use of Mobile and Stationary Units for Wood Pellet Production
1-8Views:491This paper presents the model calculations made for supporting the decision making of different technology alternatives. Base cases were A) use of a mobile pelletizer and B) using pellet factories at fixed locations for the production of a new product, sheep wool pellets. Calculations were made for three alternatives for each base case. The results of the model were used to examine the energy, time and cost criteria of the alternatives. Based on the given preliminaries, results of the model calculations supported the recommendation to choose case B) for further technology management and supply chain management decisions.
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COVID-19 Pandemic Impact on Employees’ Physical Activity
72-84Views:1031Globalization and the recent explosive development of technology have significantly changed people’s lifestyles resulting in an increase in the number of people living a sedentary lifestyle. COVID-19 pandemic has exacerbated the situation and created an unprecedented situation in the world. In the present study, we investigate changes in the physical activity and sedentary behavior of adult workers caused by the coronavirus epidemic. In our online cross-sectional research, we used snowball methodology. The target group of the survey was adult workers. 108 people filled in the questionnaire, the majority (73.1%) are women, the average age is 37.18 years and most of them have higher degrees (Diploma: 74%, PhD: 14%). The present study revealed a decrease in physical activity and an increase in sedentary time for the employees in our study. Despite respondents detected a decrease in their physical activity, an increase was reported in the proportion of online training participants. The majority of respondents partially, or totally switched to work from home during the pandemic, which may further increase their sedentary lifestyle. We did not find significant differences among the domain of work and leisure time or occupational physical activity patterns. The workplace is a great opportunity for promoting physical activity and reducing sedentary time in the adult working population, therefore it would be important for organizations, decision-makers and health professionals to work on the design of strategies to these goals.
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Maintenance Strategies and Life Cycle Costs of Renewable Energy Systems
106-116Views:297Life cycle costs are important factors in decisions on renewable energy investments. Since maintenance costs generally constitute a high portion of the life cycle costs, the maintenance strategy applied in a project can affect the bottom line significantly. The effective maintenance tools used in the production industry (e.g., diagnostics, condition monitoring, data management, integrated information systems, machine learning, and automated decision making) can be involved in planning and maintenance of renewable energy systems to gain the benefits of these approaches. In this paper the effects of maintenance strategies on life cycle costs are investigated and the benefits of up-to-date condition monitoring techniques are presented through case studies.
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International Financial Reporting Standards Convergence Process for Small and Medium-Sized Entities
1-12Views:962The "International Financial Reporting Standards (IFRS) Convergence Process for Small and Medium-Sized Entities (SMEs)" seeks to address the unique challenges and requirements faced by smaller businesses in adhering to international accounting and reporting standards. This initiative recognizes that SMEs operate in diverse economic environments and have distinct financial reporting needs compared to larger enterprises. The primary purpose of this convergence process is to enhance the relevance, accessibility, and practicality of IFRS for SMEs, fostering consistency in financial reporting practices across global markets.A project to create accounting standards appropriate for small and medium-sized businesses (SMEs) is being worked on by the International Accounting Standards Board. This abstract provides an overview of the convergence process involving International Financial Reporting Standards (IFRS) for Small and Medium Sized Entities (SMEs). With the global landscape of financial reporting constantly evolving, the integration of IFRS tailored specifically for SMEs marks a pivotal transition towards harmonizing financial reporting practices. This paper examines the essential elements and implications of this convergence, addressing the challenges and benefits faced by SMEs as they align with these international standards. The analysis delves into the driving factors behind the convergence, including the necessity for a unified and transparent financial reporting framework, aiming to facilitate comparability and accessibility of financial information across borders. Furthermore, the abstract discusses the potential impact on SMEs' financial reporting quality, decision-making processes, and access to capital. Through a comprehensive review of the convergence process, this abstract seeks to contribute to the understanding of the significance and implications of adopting IFRS for SMEs, thereby providing valuable insights for practitioners, regulators, and stakeholders in the financial reporting ecosystem.
