Leading business organizations in the global era

decision making in chaos and crisis situations

    Research output: Contribution to journalArticle

    Abstract

    Chaos is an inescapable part of modern day reality in business organizations across the world. In the midst of globalization, business leaders are constantly confronted with chaos due to various political, economic and social issues. Chaos introduces uncertainty, unpredictability, irregularity and randomness in organizations; and it challenges the conventional leadership theories, models and philosophies. The main objective of this research paper is to explore the concept of chaos in business organizations and how it affects the leadership capacity. It is a literature review based study focusing on the broader definition of chaos; application of chaos in business organizations; how chaos emerges; consequences of chaos; factors influencing and shaping chaos; and how leaders manage business organizations in the presence of chaos. This essay explores also the connection of chaos and crises faced by leaders and the role of decision-making indicating that as world slowly inches deeper into the global era business must slowly adapt and change to successfully fit in. The work concludes by stating the type of leadership needed and decision-making style needed for a business to thrive. It also concludes that complexities and uncertainty associated with chaos are often ignored when business models, practices, strategies and policies are formulated in most organizations, and as a result it becomes challenging for business leaders to deal with chaos when it arises. Application of chaos theory in business organizations provides a promising and pragmatic remedy to business challenges.
    Original languageEnglish
    Pages (from-to)73-90
    Number of pages18
    JournalEast-West Journal of Economics and Business
    Volume19
    Issue number2
    Publication statusPublished - 2016

    Fingerprint

    Decision making
    Chaos
    Business organization
    Uncertainty
    Decision-making styles
    Chaos theory
    Remedies
    Political economics
    Social issues
    Literature review
    Globalization
    Influencing factors
    Leadership theory
    Randomness
    Business model

    Keywords

    • Chaos
    • crisis
    • leadership
    • business
    • decision making
    • organizations

    Cite this

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    title = "Leading business organizations in the global era: decision making in chaos and crisis situations",
    abstract = "Chaos is an inescapable part of modern day reality in business organizations across the world. In the midst of globalization, business leaders are constantly confronted with chaos due to various political, economic and social issues. Chaos introduces uncertainty, unpredictability, irregularity and randomness in organizations; and it challenges the conventional leadership theories, models and philosophies. The main objective of this research paper is to explore the concept of chaos in business organizations and how it affects the leadership capacity. It is a literature review based study focusing on the broader definition of chaos; application of chaos in business organizations; how chaos emerges; consequences of chaos; factors influencing and shaping chaos; and how leaders manage business organizations in the presence of chaos. This essay explores also the connection of chaos and crises faced by leaders and the role of decision-making indicating that as world slowly inches deeper into the global era business must slowly adapt and change to successfully fit in. The work concludes by stating the type of leadership needed and decision-making style needed for a business to thrive. It also concludes that complexities and uncertainty associated with chaos are often ignored when business models, practices, strategies and policies are formulated in most organizations, and as a result it becomes challenging for business leaders to deal with chaos when it arises. Application of chaos theory in business organizations provides a promising and pragmatic remedy to business challenges.",
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    author = "Evangelia Fragouli",
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    AB - Chaos is an inescapable part of modern day reality in business organizations across the world. In the midst of globalization, business leaders are constantly confronted with chaos due to various political, economic and social issues. Chaos introduces uncertainty, unpredictability, irregularity and randomness in organizations; and it challenges the conventional leadership theories, models and philosophies. The main objective of this research paper is to explore the concept of chaos in business organizations and how it affects the leadership capacity. It is a literature review based study focusing on the broader definition of chaos; application of chaos in business organizations; how chaos emerges; consequences of chaos; factors influencing and shaping chaos; and how leaders manage business organizations in the presence of chaos. This essay explores also the connection of chaos and crises faced by leaders and the role of decision-making indicating that as world slowly inches deeper into the global era business must slowly adapt and change to successfully fit in. The work concludes by stating the type of leadership needed and decision-making style needed for a business to thrive. It also concludes that complexities and uncertainty associated with chaos are often ignored when business models, practices, strategies and policies are formulated in most organizations, and as a result it becomes challenging for business leaders to deal with chaos when it arises. Application of chaos theory in business organizations provides a promising and pragmatic remedy to business challenges.

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