importance of strategic decision making ppt

If you continue browsing the site, you agree to the use of cookies on this website. This virtual program is a fully immersive and structured learning experience that culminates with a new set of knowledge and tools that can be put to immediate use. Other strategic decisions, approaches or modes of Strategic decision, Sometimes referred to as “muddling through”, This decision making mode is characterized by, reactive solutions to existing problems rather, than a proactive search for new opportunities, Strategy is fragmented and is developed to, move the corporation forward incrementally, This mode is typical of most universities, many, large hospitals, a large number of government, agencies and a surprising number of large. With the proper strategy and plan in hand and mind, there is an increase in the levels of productivity and operational efficiency of the entire firm. We will now examine the three modes of strategic decision making. Emphasizing the importance of long-term strategic decision making, Effective Decision Making: Thinking Critically and Rationally is designed to improve managers’ judgment and critical thinking skills using proven approaches, cutting-edge research, and behavioral economics. Annie Duke Hence, the management along with the key members of the team take corrective measures well before time ironing out the issues much before they hamper the brand value and profits of the firm. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. We use cookies to enhance your experience. It also requires a process to help define the problem and select the right course of action. How much can you earn as a Strategic Management Professional? As a former professional poker player, Annie won more than $4 million in tournament poker before retiring from the game in 2012. She is also the Rosa Lee and Egbert Chang Professor at the University of Pennsylvania, faculty co-director of the Penn-Wharton Behavior Change for Good Initiative, and faculty co-director of Wharton People Analytics. Scribd will begin operating the SlideShare business on December 1, 2020 Title Slide of Strategic Decision-Making Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. These different approaches have also been categorised by a few authors. These scholars are also very talented at translating that research and making it relevant to organizations independent of industry. Looks like you’ve clipped this slide to already. The main task in the strategic planning process is … Another lecture topic was on the logic of chance, which is very relevant to philanthropy. You can change your ad preferences anytime. Strategic management is a broad term that includes innovative thinking, a strategic planning process and operational strategising. Personally, I consider bias on a more regular basis and more intentionally, trying to build systems into my own process to mitigate the effects of these biases. A properly and aptly formulated strategic plan works like a blueprint or a roadmap for the firm to attain its objectives. This has direct relevance to my role in risk management because we don’t deal with anything that is black and white. Routine & strategic decisions, individual and group decisions. Strategic decisions have major resource propositions for an organization. Strategic planning is not only important to get the desired output but also to make plans and decision effectively and manage tasks efficiently in the turbulent business environment where changes are occurring in a continuous rate (Smith, 1996). Strategic Decision-Making 2. The outcome of a leader’s choices significantly impacts employees, customers, the market, and ultimately the success of the company. Meaning and Tips Explained, Career Management: Meaning, Process and Objectives. In Effective Decision Making: Thinking Critically and Rationally, you will learn how to: In an uncertain business environment, a major challenge is being a decisive, strategic leader. When it comes to strategic decision making, there are no absolutes — you frequently have to make decisions without 100 percent of the information. It is quite vital to have goals, aims, and objectives as it helps the organization to keep the cash registers ringing and attain the pinnacle of growth and success. Let's stay in touch :), Your email address will not be published. Prior to becoming a professional player, Annie was awarded a National Science Foundation Fellowship to study cognitive psychology at the University of Pennsylvania. Wharton’s program was immediately applicable to my work. Strategic decisions deal with harmonizing organizational resource capabilities with the threats and opportunities. Her book Grit: The Power of Passion and Perseverance is a #1 New York Times best seller. She completed her PhD in Psychology as a National Science Foundation Graduate Fellow at the University of Pennsylvania. Why is strategic business management important? Strategic decisions deal with the range of organizational activities. How do you find the right balance between having a profit so you can innovate but being able to bridge for patients who need to be able to afford your innovation? It also helps to maintain harmony with the members of the department and inter-departments along with the positive and healthy working atmosphere. These sessions include: Through highly interactive lectures, exercises, and case studies, both in the classroom and in smaller work groups, this deep dive into the art and science of decision making will enhance your effectiveness as a leader. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. 1. An organization with a plan in hand and a strategy in mind and place accomplishes its goals and objectives before its contemporaries in the market gaining a competitive edge and advantage.

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