Developments over the last few decades have led to a new way of thinking in economic and management approaches. The … scientific approach to management, which emphasizes the basic management functions of planning, organizing, leadership and … focus on explaining the rational management model, focusing on ordinary management, and go on to discuss the new approaches …

Today's corporate environment requires managers to be excellent decision makers. Their ability to make fast, widely … these processes. For example, we know from prospect theory that managers are unwilling to incur loss, so much so that they … escalation of commitment, explains why managers may continue to dedicate resources to failed projects. We describe these and …