Strategic management
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Strategic management deals with the process of decision making and actions that determine whether an organization survives, excels, grows or declines. It is concerned with making and implementing decisions about an organization's future direction. Strategic management aims to fulfill organizational purpose and ensure achievement of basic objectives through proper execution of plans and actions. It involves determining strategy at different levels within an organization, from tactical to strategic, as well as different types and classes of decisions.
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The document discusses decision making in management. It provides details on:
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2. Key aspects of decision making including defining problems, evaluating alternatives, and implementing and monitoring decisions.
3. Types of decisions like strategic, tactical, and operational and factors to consider under uncertainty like risk analysis and decision trees.
MPOB unit2.pptx
This document discusses decision making and various aspects related to it. It defines decision making as the process of selecting an action from alternatives to fulfill objectives. It then describes the characteristics, types, and techniques of decision making. The types discussed are routine vs strategic, policy vs operating, and programmed vs non-programmed decisions. Quantitative techniques like marginal cost analysis and qualitative group techniques like brainstorming and the Delphi method are also summarized. Finally, the document outlines the rational model and bounded rationality in decision making.
unit-1 SM.pptx
The document discusses strategic management. It begins by defining strategy and describing the different levels of strategy, including corporate, business, and functional strategies. It then explains strategic management as comprising environmental scanning, strategy formulation, implementation, and evaluation. The key stages of strategic management are identified as strategy formulation, implementation, and evaluation. Strategy formulation involves environmental and organizational appraisal while implementation requires designing structures and processes. Evaluation and control help measure performance. Finally, some common reasons for strategic plans failing and benefits of strategic management are outlined.
Strategy and business policy by hhh
The document discusses strategic management and the development of company mission statements. It provides details on:
1) The key components of strategic management, including formulating a mission, assessing the external environment, identifying strategic options, and implementing strategies.
2) The importance of defining a company mission and the typical elements it includes, such as products/services, markets, goals, philosophy, public image, and self-concept.
3) The process of formulating a mission, which involves considering inputs from internal and external stakeholders and expressing the organization's fundamental purpose and direction.
Decision making and models of policy analysis
The document discusses decision making, including definitions, steps in the decision making process, and types of decisions. It defines decision making as the process of choosing between alternatives to achieve goals. The 7 steps in decision making are: identifying problems/opportunities, gathering information, analyzing the situation, developing options, evaluating alternatives, selecting options, and acting on the decision. The main types of decisions discussed are programmed vs non-programmed, routine vs strategic, tactical vs operational, organizational vs personal, and individual vs group decisions.
Individual decision making
DECISION MAKING
Individual decision making
Decision –making is the “selection of a course of action from among alternatives; it is the core of planning.” - Koontz and Weihrich
Decision-making means selecting a course of action out of alternative courses to solve a problem. Decisions may be major or minor, strategic or operational, long-term or short-term. They are made for each functional area at each level. The importance of decisions, however, varies at each level.
Decision making is a modest attempt to match environmental opportunities with organisation’s strengths. It is based on forecasts and assumptions about environmental factors.
FEATURES OF DECISION MAKING
Identify the Problem
Diagnose the Problem
Establish Objectives
Collect Information
Generate Alternatives
Evaluate Alternatives
Select the Alternatives
Implement the Alternative
Monitor the Implementation
TYPES OF DECISIONS
TECHNIQUES OF DECISION MAKING
Linear programming
Simulation
Probability theory
Decision tree
Queuing theory
Gaming theory
Network theory
Modern techniques for making programmed decisions:
Creative Techniques
i. Brainstorming
ii. Nominal Group Technique
Decision making ppt
Decision making involves recognizing a problem, searching for information, and defining alternatives. It is the process of choosing an action from two or more options based on preferences. There are different types of decisions including programmed vs non-programmed, routine vs strategic, and individual vs group. Programmed decisions deal with common problems using predetermined rules, while non-programmed decisions require careful analysis for unique situations. Decisions can also be classified as major/minor, delayed/quick, and individual/group.
Decision Making
Decision Making
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Strategic management
- 2. INTRODUCTION • “Strategy” refers to the plans and actions that aim to fulfill organisational purpose. It ensures the achievement of basic organisational objectives through proper execution. • Stategy management deals with the process of decision making and resulting actions, that determines whether an enterprise survives, excels, grows or dies. It is concerned with the making and implementing decisions about organisations future direction.
- 3. MEANING • The word “strategy” is derived from the Greek term “Statego” which means “General”. • Strategy may be defined as unified, comprehensive and integrated action plan designed to achieve specific objectives in the event of difficulty. • Strategy may be considered as an action plan, initiative or response of an organisation for seeking achievement of the objectives in a changed specific situation.
- 4. DEFINITIONS 1) “Strategy is the complex plan for bringing the organisation from a given posture to a desired position in a future period of time.” - D.I. Cleland and W.R. King 2) “Strategy is a plan or course of action, which is of vital, pervasive, or continuing importance to the organization as a whole.” -Arthur Sharplin
- 10. LEVELS OF DECISION- STRATEGY
- 12. Tactical Strategic CLASSES OF DECISION
- 13. • e.g. Purchase of a stationary is a minor matter Minor Major • e.g. If it relates to the purchase of a site for a factory it is major decision
- 15. Organisational or Personal or group decision individual decision Such decisions are taken by Such decisions are made by the board of directors or manager as an individual committee experts and not as a member
- 16. Policy or Intitutional decision Policy decisions are taken by top management Operating decisions are taken by lower level management Operating decision
- 18. • “Videocon international” the domestic electronic major adopts strategic management techniques to produce most advanced, internationally competitive consumer electronics and home appliances for Indian consumers at an affordable price, to become a market leader in this segment.
- 19. • The denim giant, “Arvind mills” adopts strategic management to achieve global dominance in selected business, through continuous product and technological innovation, customer orientation and a focus on cost effectiveness.
- 20. • The domestic auto giant “Mahindra and Mahindra” gives importance to strategic management techniques in its corporate planning to become a full line player in the auto business with industry leadership and to become a leading global tractor manufacturer