Proceedings of the 19th International Academic Conference, Florence

THE WAYS OF INCREASING EFFICIENCY OF DECISION MAKING IN ARMENIAN COMPANIES

BENIAMIN FRUNJYAN

Abstract:

As we all know decision making is the mental process of choosing from a set of alternatives. Every decision-making process produces an outcome that might be an action, recommendation, or an opinion. In the evolution process of management many top organizations in the world use their own and well known approaches to the process of decision making. In the past decade management approaches on decision making changed and vary from organization to organization and the need of making them more efficient decisions become the central problem in this area. Economic growth, emerging markets, competitiveness forces companies to find better solution to the problems. And the first step in this huge mass of work is to gather appropriate data analyze it and sort from it information which will appropriate, useful, cost effective, relevant and timely. That's why the need of computer softwares and systems which will assist top management in decision-making process becomes high. Decision Support System is one of the most popular and familiar with companies all over the world, and the use of which will help most of companies in Armenia to increase the efficiency of the decision that they made. As a result they will generate higher rates of revenues and profits, they will make a cost effective approach and control. Decision support systems are interactive, computer-based systems that aid users in judgment and choice activities. They provide data storage and retrieval but enhance the traditional information access and retrieval functions with support for model building and model-based reasoning. They support framing, modeling, and problem solving. Decision support systems are typically used for strategic and tactical decisions faced by upper-level management—decisions with a reasonably low frequency and high potential consequences—in which the time taken for thinking through and modeling the problem pays off generously in the long run. So research shows that we should conclude that decision support systems integration in the Armenia companies is the number one solution to the increase of their own benefit and success, which will respectively increase business activity in Armenian market which will cause stable economic growth in the country.

Keywords: Decision Support System, Efficiency, Management, Emerging Markets

DOI: 10.20472/IAC.2015.019.049

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