Increasing a large petrochemical company efficiency by improvement of decision making process

Abstract

The paper shows the results of a research conducted in a large petrochemical company, in a state under transition, with the aim to "shed light" on the decision making process from the aspect of personal characteristics of the employees, in order to use the results to improve decision making process and increase company efficiency. The research was conducted by a survey, i.e. by filling out a questionnaire specially made for this purpose, under real conditions, during working hours. The sample of the respondents is representative for the goal of the research and consists of 82 employees, of all levels of decision making, education, age structure, and years of service. The data was processed by appropriate mathematical-statistical techniques: factor analysis, cluster analysis, correlation. For determining the important factors in decision making process, a type of factor analysis was used - the principal components analysis and the normalized Varimax rotation procedure. The basic hypotheses of research, related to the readiness of the employees for independent decision making, readiness for risk taking, determining the level of usage of intuition, organization atmosphere, general and personal characteristics of employees, have been proven. The results of the research indicate that the decision making process is a complex one in the organization and that there is a tendency of the employees towards collective decision making, as it used to be done. A significant result is that the employees at the managing positions are more ready for independent decision making than the employees at the executive positions. Based on the results of the research, it is possible to draft managerial and organizational measures for increasing the level of readiness for independent and individual decision making, as well as increase company efficiency.