n practice managers often anticipate future situations in their present time decision making.In theory however, mathematical models proposed in the literature very often do not take this anticipatory dimension into account. In this paper, by applying computer aided system technique (CAST), ways of extending that classical modelling techniques to include anticipation and retardation are demonstrated. The work is based on a cybernetic management model dealing with multi-level actions and decision-making on operative, strategic, and normative planning levels. Hence, by developing a multi-level management model with anticipation and delay and implementing it as a computer based simulation tool we have been able to advance the state of the art. The simulations show different behaviours, varying from stable fixed point to completely chaotic, depending on the values of the parameters. The introduction of retardation leads to a less stable solution while the effect of anticipation is to render the system more stable.