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Strategic management processes and activities. Strategy is defined as "the determination of the basic long-term goals of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals."
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.
Business and management research is a systematic inquiry that helps to solve business problems and contributes to management knowledge. It Is an applied research. Four factors (Easterby-Smith, 2008) combine to make business and management a distinctive focus for research : Transdiscipline approach
Rational decision making is a multi-step process for making choices between alternatives. The process of rational decision making favors logic, objectivity, and analysis over subjectivity and insight. Irrational decision is more counter to logic. The decisions are made in haste and outcomes are not considered. [57]
Strategic leadership presumes a shared vision of what an organization is to be so that the day-to-day decision-making or emergent strategy process is consistent with this vision. Managerial leaders influence only the actions and decisions of those with whom they work.
Thinking in time means being able to hold past, present and future in mind at the same time to create better decision making and speed implementation. "Strategy is not driven by future intent alone. It is the gap between today’s reality and intent for the future that is critical." [15] Scenario planning is a practical application for ...
Business decision mapping (BDM) is a technique for making decisions, particularly for the kind of decisions that often need to be made in business.It involves using diagrams to help articulate and work through the decision problem, from initial recognition of the need through to communication of the decision and the thinking behind it.
This step does of course require a significant amount of work compared to the others, and may be left out in back-of-the-envelope-analyses. Converge towards decision scenarios. Retrace the steps above in an iterative process until you reach scenarios which address the fundamental issues facing the organization.
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