Decision Making

Literature Review on (Decision Making) Cost–Benefit Analysis

In the Encyclopedia of Public Administration and Public Policy, [1] Jay P. Hamilton offers the following summary about the topic of (Decision Making) Cost–Benefit Analysis: Benefit–cost analysis (or cost–benefit analysis) allows decision makers to evaluate the overall effect of their decisions using a single measure: dollars. While commonly associated with public works projects, benefit–cost methodology can be applied to any public decision. While simple in concept, benefit–cost analysis remains controversial for many reasons, including: 1) all consequences of a public decision are measured in dollars, which requires extensive estimation of intangible benefits and costs; 2) future consequences must be discounted; and 3) the role of uncertainty and 4) distributional consequences must be subjectively considered. Despite the practical limitations of benefit–cost analysis, a well-prepared analysis can provide decision makers with useful information.

Cognitive Process Elements of People Decision-making, the Law and other Social Sciences

The ability to make choices is regarded as essential to human action and to modern life, individually, collectively and in the corporate context, and is crucial to the concept of freedom. This study examines individual decision-making processes. In this respect, it is important to distinguish between the task of deciding, described as a system of events and relationships in the external, “objective” world, and the system of cognitive processes that take place in the “psychological world”. The study of decision-making has a long history that spans a variety of perspectives, philosophical positions and prescriptions – amidst a great deal of controversy – which have evolved into descriptive processes and approximated to how decisions are actually taken. This exploratory study builds on the premise that, in order for decision-making to be understood “completely” and improved, the underlying cognitive processes must be examined. It thus sets out to identify how decision-making is shaped by the cognitive processes of the agents involved.[1]

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See Also

• Government
• Government Contract
• Local Government
• Public Administration
• Administrative Law
• Public Law

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Notes and References

1. Thais Spiegel, “Cognitive Process Elements of People Decision-Making” (Encyclopedia of Information Science and Technology, 4th Edition, Information Resources Management Association, 2018)

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Notes and References

1. Entry about (Decision Making) Cost–Benefit Analysis in the Encyclopedia of Public Administration and Public Policy (2015, Routledge, Oxford, United Kingdom)

See Also

Further Reading

• Global Encyclopedia of Public Administration, Public Policy, and Governance (2018, Springer International Publishing, Germany)

Hierarchical Display of Decision-making

Business And Competition > Management > Management
Politics > Political framework > Political power > Power of decision
Politics > Executive power and public service > Public administration > Policymaking
Education And Communications > Information and information processing > Information policy > Big data

Decision-making

Concept of Decision-making

See the dictionary definition of Decision-making.

Characteristics of Decision-making

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Translation of Decision-making

• Spanish: Toma de decisiones
• French: Prise de décision
• German: Beschlussfassung
• Italian: Processo decisionale
• Portuguese: Tomada de decisão
• Polish: Podejmowanie decyzji

Thesaurus of Decision-making

Business And Competition > Management > Management > Decision-making
Politics > Political framework > Political power > Power of decision > Decision-making
Politics > Executive power and public service > Public administration > Policymaking > Decision-making
Education And Communications > Information and information processing > Information policy > Big data > Decision-making

See also

• Power of decision

• Decision-making process