The Efficiency of Management Decision Making in Universities: Concept and Method of Evaluation

Abstract

In the context of ongoing market volatility and requirements to university performance, difficulties in making effective management decisions arise. Therefore, perspective methods play an important role here that allows for making management decisions based on the assessment of possible future situations and the choice of several alternatives. The development and implementation of effective management decisions is an essential prerequisite for university competitiveness in the market of educational services, as well as creating the optimal structure of the university, the implementation of adequate personnel policy and rationalization of other areas related to university performance. Making effective management decisions is the outcome of the integral use of economic, organizational, technical, informational, mathematical and other aspects, which ultimately leads to the achievement of the set goals. In this article the author attempts to evaluate the effectiveness of management decision making in higher education, as well as the algorithm for subsequent decision making based on the evaluation results.