DECISION MAKING PROCESS: A COMPARISON BETWEEN FAMILY BUSINESS AND NON-FAMILY BUSINESS IN THE CONSTRUCTION INDUSTRY USING THE BAYESIAN CAUSAL MAP

DECISION MAKING PROCESS: A COMPARISON BETWEEN FAMILY BUSINESS AND NON-FAMILY BUSINESS IN THE CONSTRUCTION INDUSTRY USING THE BAYESIAN CAUSAL MAP


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This is a conceptual paper in exploring the differences in decision making process between family business and non-family business in the construction industry in Malaysia.

The understanding of the complexity and dynamics of a family business is becoming more prevalent among researchers. Fast decision making is not only seen as necessary but crucial to ensure speed and efficiency in responding to market opportunities and maneuvering through market uncertainties and tumultuous environment, with the intention to diversify their businesses by finding opportunities towards new venture creation.

This study intends to suggest how to simplify decision making and find tactics to have quality decision making. Hence, this study will focus primarily on the decision making process which is mapped against the Bayesian causal map.

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