Decision Making Strategies: Academic Theory and the Real World

There is a lot of overlap between the management decision-making articles written by academics and the use of decision-making in the real world. This shouldn't be surprising since academics base their conclusions on studies they conducted from the real world. It is not a waste of time to read articles from universities on management theory because they are based on actual management applications, but need to be taken with skepticism because they are based on limited empirical evidence and the subjective analysis.

There are a few major topics that need to be considered in decision-making. The role of analytical and intuitive decision-making styles is an important issue to address because each style can be advantageous in different situations. There are also different decision making styles to deal with uncertainty in the environment they are making decisions in. Decision makers also often have different biases that they should be aware of in order to minimize the likelihood of making poorly formed decisions.

Over the past two decades academic researchers have conducted numerous studies which can be used to serve managers trying to make better decisions. Here we will look at a number of the articles that have been written and how their theories apply to the real world.

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