Challenges of the Managerial Decision in the Context of the Economic Crisis Induced by the Effects of COVID-19

Abstract

Managerial decisions have a particularly important role in organizational life. Often the organization survives and develops due to good decisions, made by managers at the right time. There are also times when the lack of an adequate managerial response, at the right time and at the right time, can lead the organization to a less desired direction of development, or even to the bankruptcy of the organization. To understand which of the decisions are the most efficient and appropriate to the development of their organizations, managers must first know the fundamentals of decision management. The purpose of this article is primarily to present the main features of the decision-making process, as well as the particularities and specificities of the decision. Secondly, the emphasis will be on the presentation of theoretical notions on the identification of the characteristics of organizations in a process of change, in a world subject to the phenomenon of globalization. The typologies of decisions in conditions of certainty and uncertainty will be analyzed, according to how aspects related to the management of decisions in conditions of risk will be discussed. Thirdly, the opportunity to manage organizational change through projects will be discussed, as they will play the role of real vehicles of change. The case study presented in this article highlights an approach focused on a comparative analysis, between the modalities of managerial response to the economic and financial crisis in 2010-2012 and the managerial response to the crisis generated by COVID-19, as it was felt during the year 2020. The idea behind this comparative approach between responses and managerial actions in the two types of crises is that there is a common action pattern of these managers. It is also desired to identify distinct elements and particularities of the economic-financial crisis from 2010 -2012, as well as distinct elements related to the particularities of the crisis induced by the effects of COVID-19. In the concluding part of this chapter, we want to highlight some possible types of business lessons that could be learned for the future by Romanian managers from the crisis induced by COVID-19, as well as identifying possible directions for action for the future.