Published May 2024, Pg. 49-55

Section: Economy, management and law

UOT: 622:38

DOI: 10.37474/0365-8554/2024-05-49-55

Making management decisions in the activity of the enterprise

S.S. Sadigova PhD in Economics - Azerbaijan State Oil and Industry University

M.D. Urazayeva PhD in Economics - Azerbaijan State Oil and Industry University

Analysis of the enterprise’s production and economic activity, its evaluation is impossible without decision-making. There are controlling, controlled and feedback elements of management. It is in the feedback section that information is collected for making management decisions. There are numerous studies on decision-making and the tools used during it.
It is known that management decisions are made at the individual and organizational level, and E. Mayo addressed the problem of optimal selection of management decisions for the first time. Decision-making in management, selection of alternative options and implementation of these decisions is a cyclical action. Since the subsystems of management are the ones that manage and are managed, there is also a need for feedback here. In management, by transferring the database to the managed subsystem, that information is processed, and in addition to the known information, environmental information that has not been taken into account affects the stability of the managed system. During the solution of the problem, more optimal decisions are made by using the possibilities of feedback in decision-making. At this time, mutual comparison of the obtained results and the selection of the most optimal of them takes place, which makes it possible to use the decisions made more effectively in experimental activities. There are many principles and approaches to decision-making in the economic literature. In the presented article, these approaches have been discussed, the author’s views have been expressed and directions for using these tools have been shown.

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