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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.
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]
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]
The very similar rational decision-making model, as it is called in organizational behavior, is a process for making logically sound decisions. [2] This multi-step model and aims to be logical and follow the orderly path from problem identification through solution.
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 ...
To be usable, a strategy needs to be translated into a set of actionable operational steps. The concrete and clear strategic objectives should be translated into operational implementation sub-objectives (Reid, 1989), be linked to departmental and individual goals (Kaplan, 1995), and be measurable (Reid, 1989).
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.
A decision cycle or decision loop [1] is a sequence of steps used by an entity on a repeated basis to reach and implement decisions and to learn from the results. The "decision cycle" phrase has a history of use to broadly categorize various methods of making decisions, going upstream to the need, downstream to the outcomes, and cycling around to connect the outcomes to the needs.