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Conceptualizing Wise Management Decision‐Making: A Grounded Theory Approach
Author(s) -
Intezari Ali,
Pauleen David J.
Publication year - 2018
Publication title -
decision sciences
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.238
H-Index - 108
eISSN - 1540-5915
pISSN - 0011-7315
DOI - 10.1111/deci.12267
Subject(s) - grounded theory , knowledge management , context (archaeology) , construct (python library) , management science , business decision mapping , computer science , process (computing) , decision engineering , r cast , process management , qualitative research , sociology , decision support system , business , artificial intelligence , economics , social science , paleontology , biology , programming language , operating system
This article investigates the role of wisdom in management decision‐making. In one of the first empirical studies investigating wisdom and management, 37 CEOs, top managers, and senior executives were interviewed about their perspectives on the concept of wisdom in the business context and its role in management decision‐making; the data were analyzed using grounded theory methodology. The findings introduce a grounded construct of Wise Management Decision‐making , in which wise decision‐making is understood as an integrated cogni‐emotional, reflective process that accounts for internal and external conditions related to the decision, which is made with the well‐being of the greatest number of stakeholders in mind. The findings both confirm and challenge previous conceptual studies of wisdom and provide a practical approach to wise management decision‐making. The implications of this study are significant as they broaden the view of the practicability of wisdom in management and add greater understanding of the complex nature of decision‐making in the business context. For managers, developing wise decision‐making abilities in situ should be considered an integrated and multidimensional practice, one that can be learned.