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Economic Decision-Making in Private Corporations Versus Public Sector: How to Compare Both Sectors
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Author(s): Brian J. Galli (Department of Engineering, Hofstra University, Hempstead, USA)
Copyright: 2020
Volume: 11
Issue: 1
Pages: 26
Source title:
International Journal of Service Science, Management, Engineering, and Technology (IJSSMET)
Editor(s)-in-Chief: Ahmad Taher Azar (College of Computer & Information Sciences, Prince Sultan University, Riyadh, Saudi Arabia & Faculty of Computers and Artificial Intelligence, Benha University, Benha, Egypt)and Ghazy Assassa (Benha University, Egypt)
DOI: 10.4018/IJSSMET.2020010106
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Abstract
This research takes a comparative analysis approach to study the process of economic decision-making within the private sector and the public sector. There are four main research objectives that guided this article. First, it aims to identify the different kinds of decision-making methods. Second, this article analyzes the economic decision-making processes that stakeholders have to make in public and private firms. Third, this r seeks to illustrate that establish effective decision-making and financial performance relate. Lastly, the article will offer effective economic decision-making procedures in private and public organizations, so as to make recommendations and to guide these businesses. To do so, there is a literature review in this research to find the best economic decision-making processes. Data collection tools were created in reference to the literature review that directed the structuring of the variables, and the study based the quantitative analysis on the adopted descriptive methodology. The sample was comprised of 100 respondents from China, and since 95% responded, that was a total of 95 responses. Based on the formulated study hypothesis and the research objectives, the collected data was examined for descriptive and inferential statistical analysis. In general, the findings showed that cost-benefit analysis was the favored economic evaluation method, and the respondents specified that they their internal and external economic decisions directly influence the company's operations. When focusing on how organizational performance is affected by effective economic decisions, the findings established that there was a key component for a better economic analysis outcome in the public and private firms: accounting information. Additionally, evaluating the number of processes in public and private firms led to findings that revealed the following: every decision in the public sector requires many approvals. These approvals greatly hinder economic decisions and decision-making. Social, cultural, and environmental aspects influence the decision process significantly, so they must be addressed immediately.
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