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Strategic Decision Making Explained

   

Added on  2020-03-23

8 Pages958 Words59 Views
Business Development
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RUNNING HEAD: Strategic decision making1Name of the student-Topic-Strategic decision making( Speaker notes)University Name-
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Strategic decision making2Introduction This report reflects the key understanding on the strategic planning and businesseffectiveness. It is observed that if company wants to manage its business effectively then itcould be done by using effective strategic planning. Organization is accompanied with thecomplex set of activities in which various functions are performed. This presentation reflectshow board of directors through their team management sprit could increase the overallproductivity and effectiveness of business (Rothaermel, 2015).Strategic planning It is the long term planning process in which all the internal and external factors areanalysis. Company needs to manage its all the internal and external factors with a view todevelop strategic planning. In strategic planning company needs to evaluate its past factors andon the basis of its past factors and present business situation, it has to prepare its businessplanning (Christopher, 2016).Example of strategic planning Strategic alliance, Taking financial investment decisionsInstallation of cyber computing ERP systemIncreasing overall turnoverIncrease the number of employees
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Strategic decision making3Management decision success Decision making is the key success factors for the effective business function of NesbeeChocolate Factory. It is the process to take effective business decision. If company wants to createsynergy or reducing the complexity of business then it could be done by using effective businessdecision. All the long term strategic decisions depends upon the strategic planning. It is consistedof analyzing the internal, external factors and evaluating past data of company (Grant, 2016).Applied strategic thinking It is the process of using critical analysis mind. Ideally big organization get caught insituations where it has to prepare long term strategic planning. For instance, if a company wantsto install cyber computing ERP system then it will have to evaluate the available finance, cost ofcapital , available options and its impacts on the business functioning. If these all factors are nottaken in proper manner by the management department of organization then it may result todestruction of business operation and business loss (Short, et al. 2013).Strategic planning processThis process is accompanied with identifying the goals and objective of company, SWOTanalysis, formulating business strategies and implementation of these planning. After thatevaluation and follow up program is implemented (Smith, 2013).
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