We provide an overview of the idea of subjective probability and its foundational role in decision making and modern management sciences. We highlight the role of Savage’s theory as an organizing methodology to guide and constrain our modeling of choice under uncertainty, rather than a substantive statement subject to refutations by experimental or psychological evidence. ∗Prepared for The Wile...

To address the limitations of the traditional performance measurement systems (PMSs) in visualizing risk and preventing excessive managerial risk-taking, a number of research studies proposed to extend the functionality of PMSs by incorporating risk measures and goals and thereby enabling a better view on organizational risk exposures. While researchers still continue to provide claims regardin...

One of the biggest challenges that higher learning institutions face today is to improve the quality of managerial decisions. The managerial decision making process becomes more complex as the complexity of educational entities increase. Educational institute seeks more efficient technology to better manage and support decision making procedures or assist them to set new strategies and plan for...

Every individual makes decisions with a different mindset. Emotional-Intelligence is key for every leader working in the prevalent work settings era of technological revolution. Experts have categorized impact emotional intelligence (EI) into Personal (PEI) and Social (SEI). The theoretical model decision-making styles (DMS) includes ‘People-oriented’ ‘Task-oriented’ decision making (PDMS &...

Congestion is an important issue that requires the efficiency of decision-making units (DMUs). We first classify conventional congestion into congestion (newly defined) and technical inefficiency, based on prior research and real applications. Modified definitions and mathematical expression of congestion, managerial inefficiency, and technical inefficiency are proposed to better illustrate the...

Decision making is a common process in human activities. Every person or organization needs to make decisions besides dealing with uncertainty and vagueness associated with human cognition. The theory of fuzzy logic provides a mathematical base to model the uncertainities. Hesitant fuzzy linguistic term set (HFLTS) creates an appropriate method to deal with uncertainty in decision making. Manag...