The Contribution of Decision Making Methods to Business Success

Abstract

The late changes of last century brought about uncommon experiences, not encountered before to the Western Balkan countries on the political, economic, technological, social, ethical perspective and furthermore. Hence these countries left behind their past in an attempt to achieve better living standards. These changes dictated new approaches on doing business. Thereon a serious intellectual engagement is indispensable concerning the undertaking of studies on various problems or aspects of this change. At the time, businesses as a result of the radical transformation operated in a permanently complex and competitive environment, another reconfirming evidence on the necessity of a continuous adaptation to this environment. In this context, an important issue to be addressed is the decision-making process and the decision-making quality. The decision-making quality is depicted as a competitive advantage, which creates the due conditions for protection against the risk and ensures a successful business development. The study aims to analyze the impact of factors orienting the manager in determining the decision-making method to be used and the influence of these methods on the business performance. Thereupon a conceptual model is composed and presented. Functional to the model, primary and secondary data are collected. To the argumentation and interpretation of the data various statistical methods are used, as the non-parametric analysis, the descriptive statistical analysis, the Exploratory Factor Analysis (EFA) and the Confirmatory Factor Analysis (CFA). The findings resulting from this research study will serve the businesses mangers in Albania and in the regional countries regarding the decision-making issues, will serve as a guiding tool to other researchers who aim to get engaged in future research in the field, and will likewise serve to the policymakers.