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Strategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals.. Furthermore, it may also extend to control mechanisms for guiding the implementation of the strategy.
Sample flowchart representing a decision process when confronted with a lamp that fails to light. In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options.
According to Fayol, management operates through five basic functions: planning, organizing, commanding, coordinating and controlling. Planning: Deciding what needs to happen in the future and generating action plans (deciding in advance). Organizing (or staffing): Making sure the human and nonhuman resources are put into place. [65]
In strategic planning and strategic management, SWOT analysis (also known as the SWOT matrix, TOWS, WOTS, WOTS-UP, and situational analysis) [1] is a decision-making technique that identifies the strengths, weaknesses, opportunities, and threats of an organization or project.
Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision-making in the context of complex environments and competitive dynamics. [6] Strategic management is not static in nature; the models can include a feedback loop to monitor execution and to inform the next round of planning. [7] [8] [9]
E-planning draws on the tools and techniques of e-participation in the context of urban planning. It has been described as "a socio-cultural, ethical and political practice which takes place offline and online in the overlapping phases of the planning and decision-making cycle, by using digital and non-digital tools". [31]
The rational model of decision-making is a process for making sound decisions in policy making in the public sector. Rationality is defined as “a style of behavior that is appropriate to the achievement of given goals, within the limits imposed by given conditions and constraints”. [4]
To optimize decision making when the firm is faced with problems or obstacles, with the consideration and application of macro and microeconomic theories and principles. [7] To analyze the possible effects and implications of both short and long-term planning decisions on the revenue and profitability of the business.
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