Decision-making: Theory and Practice

Abstract

This paper compares a number of theoretical models of decision-making with the way in which senior managers make decisions in practice. Six prominent decision-makers were interviewed about their own decision-making style as well as their use of decision support technology. Much variation was found in people’s personal decision-making styles. However, some central themes emerged, such as the importance of sensitivity to the decision-making context, attention to the presentation of information, and the use of gut feel or intuition. In terms of the use of decision support technology, the use of self-help tools such as office software was clearly favoured.