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Strategic Decision-Making Process

   

Added on  2021-06-14

16 Pages3749 Words123 Views
Running head: STRATEGIC DECISION MAKINGSTRATEGIC DECISION MAKINGName of the StudentName of the UniversityAuthor Note

STRATEGIC DECISION MAKING1Executive SummaryThe paper has shed light on the strategic decision-making process and also makes the impactover the different strategic processes and approaches. The approach of the decision making isand leaders have to identify the fact for the development of an organisation. For the developmentof a sustainable organisation, legitimate decision making at the right time is the most importantaspect of a business process. In case of the long run in business when market competition is highrealistic business decisions are and relevant to the organisation.In this paper, two strategic decision-making models have been highlighted like Rational Modeland Behavioral model of decision making. The critical review of the model and their approachtowards the organisation and strengths and limitation of the model is also discussed in that case.The strategic decision making is an aspect and influencing decisions are highlighting the majoraspect of business development as well.

STRATEGIC DECISION MAKING2Table of Contents1. Introduction..............................................................................................................................32. Literature Review....................................................................................................................42.1 Literature review on the rational model.................................................................................42.2 Literature review on the Behavioral model...........................................................................63. Critical analyses and comparison of two models....................................................................84. Strengths and Limitations......................................................................................................114.1 Strength and Limitation of Rational Model.........................................................................114.2 Strength and Limitation of Bounded rationality or Behavioural Model..............................115. Conclusion.............................................................................................................................12References..................................................................................................................................13

STRATEGIC DECISION MAKING31. Introduction Decision-making process is one of the key dealings that associate every step of lifeprogression. In personal life, the decision makes the difference and enhances better opportunitiesin future. The same situation persists in the organisation also as the leader has to take a decisionin that case for the sustainable development of the organisation. The term Strategic Decisionmaking is a concept, thought the process that enhances the market position of the company orchanges the dimension of the company to make some move towards progressing potential. Theusual understating of the leader in case of strategic management is vital as identification of theproblem in the organisation is crucial and leader has to identify that and work over it (Course,2015). The decision-making phases are also crucial for the organisation as the introduction ofpotential performance and improved marketing handling is the better way of a suggested formatin that case. The company also relies on the leader's decision-making process and that impactedon their long-lasting business effects also.In this paper, two decision-making models have been chosen. Rational model is one ofthem and this is one of the simple models that most of the organization. Another model is theBehavioral model of decision making and the model is very common in formulating the processin step by step. In case of financial and non-financial benefit of the organization, most of themanagerial decisions are static in some cases and that reflects on the positional aspect of theorganisation.

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