Of azerbaijan high technical educational institutions

Ключевые слова:
банковское дело, девелопмент, экономика, акционеры, инвестиции. 
 
 
 
Publication history 
Article received: 07.03.2023 
Article accepted: 21.03.2023 
Article published online: 05.04.2023
DOI suffix: 10.36962/PAHTEI27042023-139 
 
 
 
 

---

154 
PAHTEI 
PROCEEDINGS OF AZERBAIJAN HIGH TECHNICAL EDUCATIONAL INSTITUTIONS 
VOLUME 27 ISSUE 04 2023 
E-ISSN: 2674-5224 
ENVIRONMENTAL FACTORS THAT DIRECTLY AND INDIRECTLY 
INFLUENCE MANAGEMENT DECISIONS UNDER CONDITIONS OF 
UNCERTAINTY 
Adil Ahmadov
1
, Gunay Jafarova
2 
1,2 
Department of Economics and Technological Sciences, 
1,2 
Azerbaijan State University of Economics, 
1
Doctor of Philosophy in Economics 
2
Master student, [e-mail] 
 
ABSTRACT 
 
Decisions made under Risk conditions include those whose consequences are not certain, only the 
probability of each outcome is known. In general, decision-making in conditions of risk is based 
on the fact that each possible situation of the development of events can be given a certain 
probability of its implementation. When it is impossible to assess the likelihood of potential 
consequences, the decision is made in conditions of uncertainty. Uncertainty is also related to the 
completeness of information. The totality of material and information relations in modern 
production is so complex that management processes are necessarily carried out in conditions of 
incomplete information. Material and information uncertainty, information incompleteness are 
sources of non-determinism of the main characteristics of the production process, including 
indicators of production performance. 
One of the factors of uncertainty is the determination of the goal of economic development. If the 
behavior of the economic system is purposeful, then the determination of the goal can take some 
Conditional Form. This, as a rule, is due to the fact that the manager or leader sets not one goal, 
but several hierarchically related ones. If it is not possible to achieve one goal in a changing 
situation, it is necessary to know the next (other) goal that replaces the previous one. The presence 
of several ways to achieve a fixed goal leads to uncertainty, even if the goal and ways to achieve 
it are described clearly enough. The way to overcome this uncertainty the application of an 
alternative comparison criterion may depend on both the initial data and the target. 
Faced with uncertainty, the leader can use two main options. First of all, he should try to get 
additional relevant information and re-analyze the problem. The second possibility is to act based 
on past experience, judgments or intuition and speculate about the probability of events occurring. 
This is necessary when there is not enough time to collect additional information or the cost of 
information is too high. Temporary and information constraints are of great importance in 
management decision making. 
Factors that create uncertainty in the economy are, first of all, factors of complexity due to the fact 
that the economy is a large, dynamic system that cannot be fully described formally, with a 
constantly changing structure, internal inconsistency, but without determinism of relations. For 
the level of uncertainty, stochastic (probabilistic) factors are of paramount importance, which are 
manifested both in the influence on the economy by nature and society, and in internal systemic 
relations. 
The socio-economic situation in the modern world is characterized by an increase in uncertainty. 
This circumstance leads to an increase in the number of problems and tasks of management at all 
levels. In this context, one of the main problems of modern management is the development, 
154-103 

---

155