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Top Management Teams and Corporate Governance

   

Added on  2020-06-04

10 Pages2628 Words37 Views
Top Management Teamsand Corporate Governance

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ..........................................................................................................................................1CONCLUSION ...............................................................................................................................5REFERENCES................................................................................................................................7.........................................................................................................................................................8

INTRODUCTIONAccording to the views of..... strategic decision making is process by which managementdevelops vision and mission of the firm and takes decision about the future actions which thecompany should follow in order to achieve goals and objectives of the firm. Benefits of strategicplanning and how it is helpful in increasing the performance of the firm is also defined. The linkbetween strategic leader and performance of firm is also described in this report. Apart from this,difference between leader and strategic leader is defined in the assignment (Hackman,andJohnson, 2013). At last, different leadership styles and approaches and the issues face by themanagement are stated in the present report. TASK 1 Strategic decision making is a process in which the management creates organisation'sobjectives and missions and takes decision about the future course of actions which the companyshould follow in order to accomplish those goals and objectives. It is a continuous process inwhich strategies are created so that the expected targets can be achieved and revise thosestrategies if required, on the basis of outcomes.Strategic decisions are taken by the management for long term such as, for 5 years or 10years. These decisions are acknowledged where future planning is required. As per the visionand mission of the organisation, these decisions are taken. Strategies are made and the overallplanning is done in it so that the goals can be attained. Strategic planning provides a clear framework and specified directions to themanagement that helps them in taking decision (Tschannen-Moran, 2014). Planning creates ahomogeneous purpose and vision which is shared between all the staff members of the firm andassist them to pull in the similar direction. High commitment is required to achieve the targets ofthe firm and strategic decisions helps in it. It administers the way by which the firm can achieveits targeted goals and objectives. Planning results in improvement in service quality which thefirm offers to its clients. It helps the organisation in setting priorities & matching the firm'sresources to the opportunities. Through strategic decision making, the firm is able to deal withuncertainties from exterior environment and help in taking competitive advantage from themarket. It enhance the decision making ability of the managers in different fields such astraining, human resource, finance departments etc. 1

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