Psychological features of business managers' decision-making in a situation of uncertainty

Abstract

Introduction. The long-term global upheavals (economic crises, pandemics, wars) require a review of decision-making strategies by the management of business organizations. Aim. To identify the leading decision-making styles used by managers of small and medium-sized business in stressful situations and the styles’ impact on managers' job adaptation in war conditions. Methods. The study was conducted on a sample of 109 business managers and entrepreneurs using the Melbourne Decision-Making Questionnaire and the General Decision-Making Style Questionnaire. The individual psychological characteristics of business managers and levels of their adaptation were explored using S. Cohen's Perceived Stress Scale (PSS-10) (adapted by O. Veldbrecht and N. I. Tavrovetska), N. Carleton Intolerance to Uncertainty Scale (IUS-12)(adapted by G. Gromova), General Self-Efficacy Scale (adapted by I. Galetska), Life Orientation Test (dispositional optimism) (LOT-R) (adapted by S. Lukova), and a specially designed questionnaire (I. Syngayivska, H. Gura). Results. The leading business managers' decision-making styles during the first year of a full-scale war included mainly the rational, intuitive and spontaneous styles. The formation of managerial competence was accompanied by managers' readiness to make important decisions, which is manifested in managers' reluctance to use defensive reactions: avoidance, postponement, transfer of responsibility, and impulsivity. Maladaptive styles formed a symptom complex based on personal traits and tendencies rather than on cognitive characteristics. A comparative analysis of groups with different levels of adaptability (successful, problematic and super-successful) demonstrated the impact of different decision-making styles on job adaptation. In situations of uncertainty, the traditionally successful decision-making style, which was based on a thorough analysis of information, lost its adaptive value. Conclusions. The obtained results may be helpful for effective responding to challenges and sustainable functioning of business in crisis conditions.