THE ROLE OF ARTIFICIAL INTELLIGENCE IN MODERN DECISION MAKING: A STAGE-WISE AND SECTOR-WISE ANALYTICAL STUDY

Decision-making has become an increasingly complex activity in management, governance, and day-to-day operations. Today’s volume of information available is higher than the human ability to cope with it. This is where artificial intelligence comes into play. It is a practical solution which totally changed the perception of AI as a research idea transforming it into an effective tool used by such industries as finance, health care, retail, manufacturing and human resources. The article describes the role of AI in the decision-making process from two sides which include the stage-based approach illustrating the activity of AI during the decision-making process and sector-based approach of its implementation. It has been concluded that AI is most productive at the stages of collecting data, assessing the collected data and monitoring it and it is the least effective in the stages of defining the problem and making decisions on the basis of values. Different industries are more or less appropriate for the implementation of AI because of the availability of data, number of repetitions in the decision-making process and cost of mistakes.