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Strategic decision making
Strategic decisions are made by top management, are future-oriented, require significant resources, and have long-term impacts on an organization. They are difficult to define, rarely have a single best solution, and involve trade-offs. Managers use both rational and behavioral models in decision-making. The rational model assumes complete information and logical evaluation of alternatives, while the behavioral model recognizes limitations in information, bounded rationality, satisficing, intuition and escalation of commitment.
Strategic decision making
This document discusses different approaches to strategic decision making. It describes rational, intuitive, political, administrative, entrepreneurial, adaptive, and planning approaches. The rational approach involves analyzing all alternatives and consequences to maximize gains. The intuitive approach relies on experience, instincts, and gut feelings. The political approach considers pressures from stakeholders. The administrative approach recognizes limitations of information and rationality, aiming to satisfice rather than optimize. The entrepreneurial approach is reactive to opportunities. The adaptive approach solves urgent problems. The planning approach anticipates the future through formal analysis of internal and external factors.
Basic concept of strategic management
Strategic decision making deals with long-term, unusual decisions that commit substantial resources across an entire organization. There are four modes of strategic decision making: entrepreneurial, adaptive, planning, and logical incrementalism. The strategic planning process involves evaluating current performance, scanning the external and internal environments, analyzing strategic factors, generating and selecting strategies, implementing strategies, and providing feedback. A strategic audit systematically examines and evaluates strategic management processes and measures corporate performance against strategic goals to identify deficiencies.
Basic model of strategic management
The document outlines the basic model of strategic management which includes 4 main elements: environmental scanning, strategy formulation, strategy implementation, and evaluation and control. Environmental scanning involves monitoring internal and external factors. Strategy formulation is the development of long-range plans including defining the mission, objectives, strategies, and policies. Strategy implementation is putting strategies and policies into action through programs, budgets, and procedures. Evaluation and control monitors performance to compare it against desired performance and identify triggering events that may require a change in strategy.
Topic 3 strategic decision making
1. Strategic decision making describes the process of creating a company's mission and objectives and deciding on courses of action to achieve goals. Strategic decisions are rare, consequential, and set precedents for future actions.
2. There are three typical modes of strategic decision making: the entrepreneurial mode guided by a visionary founder, the adaptive mode of reactive problem-solving, and the planning mode involving systematic information gathering and strategy selection.
3. The strategic decision making process involves evaluating performance, scanning the external and internal environments, analyzing strategic factors, generating and selecting strategies, implementing strategies, and evaluating results. Top management leads the process with input from various organizational levels.
Strategic Decision Making Process
This document provides an overview of strategic decision making. It discusses rational models of decision making and their key criteria. It also examines limitations of rational decision making in practice, including individual limitations like bounded rationality and organizational limitations like existing decision processes. Additionally, it outlines a process for strategic risk assessment and considers competitive reactions. A practical model for effective strategic decision making is proposed, and the document concludes by noting decision making often varies in practice.
1 introduction- concepts in strategic management.
Strategic management involves 4 key processes: 1) environmental scanning to analyze internal/external factors, 2) strategy formulation to develop long-term plans, 3) strategy implementation through programs/budgets, and 4) evaluation and control to assess performance and make adjustments. These cyclical processes integrate functions like marketing, finance, and HR to help organizations adapt to changing environments and gain competitive advantages.
Evolution of the strategic management
The document discusses strategic management. It begins with an overview of the strategic management process, including environmental analysis and forecasting. It then discusses the evolution of strategic management thinking over time from the 1950s to present. Various frameworks for environmental analysis are introduced, like Porter's Five Forces model and PEST analysis. Qualitative and quantitative methods of environmental forecasting are also summarized. The document outlines the strategic management process of defining the business, setting objectives, formulating strategies, implementing plans, and evaluating performance. It provides examples of growth strategies and discusses approaches to implementation.
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Strategic decision making
Strategic decisions are made by top management, are future-oriented, require significant resources, and have long-term impacts on an organization. They are difficult to define, rarely have a single best solution, and involve trade-offs. Managers use both rational and behavioral models in decision-making. The rational model assumes complete information and logical evaluation of alternatives, while the behavioral model recognizes limitations in information, bounded rationality, satisficing, intuition and escalation of commitment.
Strategic decision making
This document discusses different approaches to strategic decision making. It describes rational, intuitive, political, administrative, entrepreneurial, adaptive, and planning approaches. The rational approach involves analyzing all alternatives and consequences to maximize gains. The intuitive approach relies on experience, instincts, and gut feelings. The political approach considers pressures from stakeholders. The administrative approach recognizes limitations of information and rationality, aiming to satisfice rather than optimize. The entrepreneurial approach is reactive to opportunities. The adaptive approach solves urgent problems. The planning approach anticipates the future through formal analysis of internal and external factors.
Basic concept of strategic management
Strategic decision making deals with long-term, unusual decisions that commit substantial resources across an entire organization. There are four modes of strategic decision making: entrepreneurial, adaptive, planning, and logical incrementalism. The strategic planning process involves evaluating current performance, scanning the external and internal environments, analyzing strategic factors, generating and selecting strategies, implementing strategies, and providing feedback. A strategic audit systematically examines and evaluates strategic management processes and measures corporate performance against strategic goals to identify deficiencies.
Basic model of strategic management
The document outlines the basic model of strategic management which includes 4 main elements: environmental scanning, strategy formulation, strategy implementation, and evaluation and control. Environmental scanning involves monitoring internal and external factors. Strategy formulation is the development of long-range plans including defining the mission, objectives, strategies, and policies. Strategy implementation is putting strategies and policies into action through programs, budgets, and procedures. Evaluation and control monitors performance to compare it against desired performance and identify triggering events that may require a change in strategy.
Topic 3 strategic decision making
1. Strategic decision making describes the process of creating a company's mission and objectives and deciding on courses of action to achieve goals. Strategic decisions are rare, consequential, and set precedents for future actions.
2. There are three typical modes of strategic decision making: the entrepreneurial mode guided by a visionary founder, the adaptive mode of reactive problem-solving, and the planning mode involving systematic information gathering and strategy selection.
3. The strategic decision making process involves evaluating performance, scanning the external and internal environments, analyzing strategic factors, generating and selecting strategies, implementing strategies, and evaluating results. Top management leads the process with input from various organizational levels.
Strategic Decision Making Process
This document provides an overview of strategic decision making. It discusses rational models of decision making and their key criteria. It also examines limitations of rational decision making in practice, including individual limitations like bounded rationality and organizational limitations like existing decision processes. Additionally, it outlines a process for strategic risk assessment and considers competitive reactions. A practical model for effective strategic decision making is proposed, and the document concludes by noting decision making often varies in practice.
1 introduction- concepts in strategic management.
Strategic management involves 4 key processes: 1) environmental scanning to analyze internal/external factors, 2) strategy formulation to develop long-term plans, 3) strategy implementation through programs/budgets, and 4) evaluation and control to assess performance and make adjustments. These cyclical processes integrate functions like marketing, finance, and HR to help organizations adapt to changing environments and gain competitive advantages.
Evolution of the strategic management
The document discusses strategic management. It begins with an overview of the strategic management process, including environmental analysis and forecasting. It then discusses the evolution of strategic management thinking over time from the 1950s to present. Various frameworks for environmental analysis are introduced, like Porter's Five Forces model and PEST analysis. Qualitative and quantitative methods of environmental forecasting are also summarized. The document outlines the strategic management process of defining the business, setting objectives, formulating strategies, implementing plans, and evaluating performance. It provides examples of growth strategies and discusses approaches to implementation.
Strategic management chapter 1
This document provides an overview of strategic management concepts. It defines strategy as a series of actions determined by a firm's situation to achieve goals. Strategic management is described as analyzing, formulating, implementing, and evaluating actions to achieve organizational objectives. The strategic management process involves selecting a mission, analyzing external opportunities/threats and internal strengths/weaknesses, and selecting strategies to leverage strengths and address weaknesses. Cognitive biases that can influence strategic decision-making are also discussed.
Strategy development patterns and process
This presentation explains the various lenses of strategy development and also the challenges including that of strategic drift.
Strategic management
The document provides an overview of strategic management. It defines strategic management as the art and science of formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives. The strategic management process involves analyzing external opportunities and threats as well as internal strengths and weaknesses, formulating long-term objectives and strategies, implementing strategies, and evaluating performance. The benefits of strategic management include being proactive in shaping the firm's future, formulating better strategies, and improving financial and non-financial performance.
Rmb 301 strategic management 1
this is the notes of mba 3rd semester the compulsory subject strategic management the unified syllabus of aktu university
Approaches to the strategy making process
The document discusses four approaches to strategy making: the classical/rational planning approach, the evolutionary approach, the processual approach, and the systemic approach. The classical approach views strategy as formed through formal analysis and planning. The evolutionary approach sees strategy as emerging informally through market forces. The processual approach accounts for psychological and behavioral factors. The systemic approach views strategy as shaped by the social system an organization operates within.
Strategic management
The document discusses the origins and development of strategic management as a discipline. It began in the 1950s with pioneers like Chandler, Selznick, and Ansoff developing foundational concepts. Chandler recognized the importance of coordinating management functions under an overall strategy. Selznick introduced matching internal/external factors through SWOT analysis. Ansoff built on this with strategic frameworks and the concept of reducing gaps between current/desired states. The document outlines the key elements of strategic management theory that had developed by the 1970s, including relating strategy to the business environment, its fluid/complex nature, and its multi-level planning and conceptual aspects. Finally, it introduces tools for strategic analysis like PEST and scenario planning.
Role of Strategic Manager
A strategic manager analyzes major initiatives by top management involving resources and performance. As strategic management requires crucial long-term decisions, the strategic manager's role is important but complex. The strategic manager tries to answer questions about the organization's vision, purpose, mission, customers, competitors, capabilities, and strategy evaluation criteria. Strategic managers discharge roles as entrepreneurs, resource allocators, environmental monitors, and troubleshooters.
Strategies, policies and planning premises
This document discusses strategies, policies, and strategic planning. It covers the following key points in 3 sentences:
Strategies exist at the corporate, business unit, and functional levels and include a company's competitive moves, internal approaches, and action plans. Strategic planning involves analyzing the internal strengths and weaknesses as well as external opportunities and threats, setting objectives, and crafting strategies to guide the organization. Effective implementation of strategies requires consideration of factors like technology, human resources, decision processes, and organizational culture.
A Presentation on Strategies and Policies (Operation Research)
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Characteristics of strategy - strategic management - Manu Melwin Joy
The decision is concerned with or effects the long term direction of an organization.
Strategic decisions are normally about trying to achieve some advantage for the organization.
Decision is likely to be concerned about the scope of an organization’s activities.
Decisions can be seen as matching of the activities of an organization to the environment in which it operates.
Planning and Decision Making process
This document provides an overview of strategic planning and decision-making processes for organizations. It discusses strategic management, organizational goals and plans, the planning process, management by objectives (MBO), and SWOT analysis. Some key points covered include:
- Strategic management involves formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives.
- Organizations establish strategic, tactical, and operational goals and plans at different levels. Strategic plans outline long-term decisions, tactical plans implement strategic plans, and operational plans focus on short-term goals.
- The planning process involves establishing objectives, developing premises, evaluating alternatives, selecting a course of action, and developing derivative plans.
- M
The strategic management process 002
This document discusses the strategic management process, which includes formulation, implementation, and evaluation. It states that if a business has a proper strategic management process in place, it will yield profitability and growth. It defines strategy and explains the importance of having a strategy. It also outlines the key aspects of each part of the strategic management process.
Strategic Management Important topics
The document discusses several strategic management concepts including experience curves, life cycle analysis, portfolio analysis models like BCG matrix and GE matrix, generic strategies, strategic group analysis, contingency strategies, strategic choice process, and subjective factors in strategic choice. The key points are that experience curves show lower production costs with greater experience, life cycle assessment evaluates environmental impacts over a product's lifetime, and portfolio models analyze business units based on market factors.
How to do Strategic Audit ?
This document provides guidance on conducting a strategic audit in 6 parts:
1) Analyze past corporate performance through metrics like revenues and customer numbers
2) Examine the current strategic posture including vision, mission, policies
3) Assess corporate governance by reviewing board members and management roles
4) Analyze external opportunities and threats using PESTLE and industry analysis
5) Evaluate internal strengths and weaknesses across various business functions
6) Identify strategic issues, alternatives, and provide a recommendation on implementation.
Factors That Shape a Company's Strategies-SM-MBA
The document discusses the key factors that shape a company's strategies. It identifies six main factors: 1) the macro environment, 2) industry analysis, 3) competitor analysis, 4) structural analysis within industries, 5) internal organizational analysis, 6) environmental scanning, and 7) forecasting the environment. Each of these factors represents external forces and internal conditions that influence a company's strategic decision making.
Nature of sm ppt
This document provides an overview of strategic management. It discusses the comprehensive strategic management model, which involves external and internal audits to develop long-term objectives and strategies. The key stages are strategy formulation, implementation, and evaluation. Strategic management aims to integrate different business functions to achieve organizational success. It can provide benefits such as identifying opportunities and improving coordination. The document also discusses factors like business ethics, global competition, and the advantages and disadvantages of international operations.
Unit 2 environmental analysis
This document provides an overview of various concepts related to environmental analysis and internal analysis for strategic management. It discusses the need for and process of environmental analysis, as well as limitations. Techniques for environmental scanning like SWOT, ETOP and PEST analyses are explained. The document also covers forecasting, including characteristics, processes and techniques. Finally, it discusses the dynamics, approaches and methods of internal analysis, including value chain analysis, functional analysis and the grid approach.
Introduction to strategic management
This document provides an overview of key concepts in strategic management including definitions of strategic planning, management control, and operational control. It also discusses mission and vision statements, goal setting, gap analysis, strategic choice, and performance measurement. Multinational strategies and issues are briefly covered along with benchmarking, the product lifecycle, and sources of risk and uncertainty.
Chapter 1 the nature of strategic management
The document discusses key concepts in strategic management including:
1) Strategic management involves formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives.
2) The strategic management process consists of three stages: strategy formulation, implementation, and evaluation.
3) Strategic management requires integrating both analysis and intuition when making decisions under uncertain conditions.
4) Firms must adapt to changes in the external environment and internal capabilities to achieve sustained competitive advantage.
Chapter 7 strategic management
This document discusses various strategies for implementing organizational changes, including establishing annual objectives, revising policies and structures, and allocating resources. It compares functional and divisional organizational structures and describes how a matrix or strategic business unit structure can be used. Restructuring aims to reduce costs through downsizing while reengineering focuses on improving processes for employees and customers.
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- IT is widely used strategically to differentiate products/services, focus on market niches, lower costs, and lock in customers. Value chain analysis and data mining are approaches to apply IT strategically.
- Managing strategic transitions when adopting new IT is important and requires addressing changes to social and technical aspects of the organization. Key questions for managers include assessing industry forces and technology opportunities.
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The document discusses business policy and strategic management. It provides definitions of business policy as the study of functions and responsibilities of senior management related to organizational problems affecting enterprise success. Strategic management is defined as the dynamic process of formulating, implementing, evaluating, and controlling strategies to achieve strategic intent. The strategic management process involves environmental scanning, strategy formulation, implementation, and evaluation and control in an ongoing cycle.
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Strategic management chapter 1
This document provides an overview of strategic management concepts. It defines strategy as a series of actions determined by a firm's situation to achieve goals. Strategic management is described as analyzing, formulating, implementing, and evaluating actions to achieve organizational objectives. The strategic management process involves selecting a mission, analyzing external opportunities/threats and internal strengths/weaknesses, and selecting strategies to leverage strengths and address weaknesses. Cognitive biases that can influence strategic decision-making are also discussed.
Strategy development patterns and process
This presentation explains the various lenses of strategy development and also the challenges including that of strategic drift.
Strategic management
The document provides an overview of strategic management. It defines strategic management as the art and science of formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives. The strategic management process involves analyzing external opportunities and threats as well as internal strengths and weaknesses, formulating long-term objectives and strategies, implementing strategies, and evaluating performance. The benefits of strategic management include being proactive in shaping the firm's future, formulating better strategies, and improving financial and non-financial performance.
Rmb 301 strategic management 1
this is the notes of mba 3rd semester the compulsory subject strategic management the unified syllabus of aktu university
Approaches to the strategy making process
The document discusses four approaches to strategy making: the classical/rational planning approach, the evolutionary approach, the processual approach, and the systemic approach. The classical approach views strategy as formed through formal analysis and planning. The evolutionary approach sees strategy as emerging informally through market forces. The processual approach accounts for psychological and behavioral factors. The systemic approach views strategy as shaped by the social system an organization operates within.
Strategic management
The document discusses the origins and development of strategic management as a discipline. It began in the 1950s with pioneers like Chandler, Selznick, and Ansoff developing foundational concepts. Chandler recognized the importance of coordinating management functions under an overall strategy. Selznick introduced matching internal/external factors through SWOT analysis. Ansoff built on this with strategic frameworks and the concept of reducing gaps between current/desired states. The document outlines the key elements of strategic management theory that had developed by the 1970s, including relating strategy to the business environment, its fluid/complex nature, and its multi-level planning and conceptual aspects. Finally, it introduces tools for strategic analysis like PEST and scenario planning.
Role of Strategic Manager
A strategic manager analyzes major initiatives by top management involving resources and performance. As strategic management requires crucial long-term decisions, the strategic manager's role is important but complex. The strategic manager tries to answer questions about the organization's vision, purpose, mission, customers, competitors, capabilities, and strategy evaluation criteria. Strategic managers discharge roles as entrepreneurs, resource allocators, environmental monitors, and troubleshooters.
Strategies, policies and planning premises
This document discusses strategies, policies, and strategic planning. It covers the following key points in 3 sentences:
Strategies exist at the corporate, business unit, and functional levels and include a company's competitive moves, internal approaches, and action plans. Strategic planning involves analyzing the internal strengths and weaknesses as well as external opportunities and threats, setting objectives, and crafting strategies to guide the organization. Effective implementation of strategies requires consideration of factors like technology, human resources, decision processes, and organizational culture.
A Presentation on Strategies and Policies (Operation Research)
FellowBuddy.com is an innovative platform that brings students together to share notes, exam papers, study guides, project reports and presentation for upcoming exams.
We connect Students who have an understanding of course material with Students who need help.
Benefits:-
# Students can catch up on notes they missed because of an absence.
# Underachievers can find peer developed notes that break down lecture and study material in a way that they can understand
# Students can earn better grades, save time and study effectively
Our Vision & Mission – Simplifying Students Life
Our Belief – “The great breakthrough in your life comes when you realize it, that you can learn anything you need to learn; to accomplish any goal that you have set for yourself. This means there are no limits on what you can be, have or do.”
Like Us - https://www.facebook.com/FellowBuddycom
Characteristics of strategy - strategic management - Manu Melwin Joy
The decision is concerned with or effects the long term direction of an organization.
Strategic decisions are normally about trying to achieve some advantage for the organization.
Decision is likely to be concerned about the scope of an organization’s activities.
Decisions can be seen as matching of the activities of an organization to the environment in which it operates.
Planning and Decision Making process
This document provides an overview of strategic planning and decision-making processes for organizations. It discusses strategic management, organizational goals and plans, the planning process, management by objectives (MBO), and SWOT analysis. Some key points covered include:
- Strategic management involves formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives.
- Organizations establish strategic, tactical, and operational goals and plans at different levels. Strategic plans outline long-term decisions, tactical plans implement strategic plans, and operational plans focus on short-term goals.
- The planning process involves establishing objectives, developing premises, evaluating alternatives, selecting a course of action, and developing derivative plans.
- M
The strategic management process 002
This document discusses the strategic management process, which includes formulation, implementation, and evaluation. It states that if a business has a proper strategic management process in place, it will yield profitability and growth. It defines strategy and explains the importance of having a strategy. It also outlines the key aspects of each part of the strategic management process.
Strategic Management Important topics
The document discusses several strategic management concepts including experience curves, life cycle analysis, portfolio analysis models like BCG matrix and GE matrix, generic strategies, strategic group analysis, contingency strategies, strategic choice process, and subjective factors in strategic choice. The key points are that experience curves show lower production costs with greater experience, life cycle assessment evaluates environmental impacts over a product's lifetime, and portfolio models analyze business units based on market factors.
How to do Strategic Audit ?
This document provides guidance on conducting a strategic audit in 6 parts:
1) Analyze past corporate performance through metrics like revenues and customer numbers
2) Examine the current strategic posture including vision, mission, policies
3) Assess corporate governance by reviewing board members and management roles
4) Analyze external opportunities and threats using PESTLE and industry analysis
5) Evaluate internal strengths and weaknesses across various business functions
6) Identify strategic issues, alternatives, and provide a recommendation on implementation.
Factors That Shape a Company's Strategies-SM-MBA
The document discusses the key factors that shape a company's strategies. It identifies six main factors: 1) the macro environment, 2) industry analysis, 3) competitor analysis, 4) structural analysis within industries, 5) internal organizational analysis, 6) environmental scanning, and 7) forecasting the environment. Each of these factors represents external forces and internal conditions that influence a company's strategic decision making.
Nature of sm ppt
This document provides an overview of strategic management. It discusses the comprehensive strategic management model, which involves external and internal audits to develop long-term objectives and strategies. The key stages are strategy formulation, implementation, and evaluation. Strategic management aims to integrate different business functions to achieve organizational success. It can provide benefits such as identifying opportunities and improving coordination. The document also discusses factors like business ethics, global competition, and the advantages and disadvantages of international operations.
Unit 2 environmental analysis
This document provides an overview of various concepts related to environmental analysis and internal analysis for strategic management. It discusses the need for and process of environmental analysis, as well as limitations. Techniques for environmental scanning like SWOT, ETOP and PEST analyses are explained. The document also covers forecasting, including characteristics, processes and techniques. Finally, it discusses the dynamics, approaches and methods of internal analysis, including value chain analysis, functional analysis and the grid approach.
Introduction to strategic management
This document provides an overview of key concepts in strategic management including definitions of strategic planning, management control, and operational control. It also discusses mission and vision statements, goal setting, gap analysis, strategic choice, and performance measurement. Multinational strategies and issues are briefly covered along with benchmarking, the product lifecycle, and sources of risk and uncertainty.
Chapter 1 the nature of strategic management
The document discusses key concepts in strategic management including:
1) Strategic management involves formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives.
2) The strategic management process consists of three stages: strategy formulation, implementation, and evaluation.
3) Strategic management requires integrating both analysis and intuition when making decisions under uncertain conditions.
4) Firms must adapt to changes in the external environment and internal capabilities to achieve sustained competitive advantage.
Chapter 7 strategic management
This document discusses various strategies for implementing organizational changes, including establishing annual objectives, revising policies and structures, and allocating resources. It compares functional and divisional organizational structures and describes how a matrix or strategic business unit structure can be used. Restructuring aims to reduce costs through downsizing while reengineering focuses on improving processes for employees and customers.
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- 1. Mintzberg’s Modes of Strategic Decision making http://www.managementparadise.com/mba-projects/download-business-environment- projects/
- 3. Henry Mintzberg’s mode • Entrepreneurial Mode • Adaptive Mode • Planning Mode www.managementparadise.com
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- 5. Adaptive Mode • Focus on existing problems rather than proactive search for new opportunities. • Strategy is fragmented & is developed to move the corporation forward incrementally. e.g.., large hospitals, universities ,governmental agencies, “encyclopaedia Britannica” www.managementparadise.com
- 6. Planning Mode • This mode involves the systematic gathering of appropriate information for situation analysis. • It includes both the proactive search for new opportunities & the reactive solution of existing problems e.g.., Hewlett-Packard www.managementparadise.com
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