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Posted: June 9th, 2024
Strategy and Strategic Decision Making
Strategy and Strategic Decision Making
- Strategy is the direction set by an organisation in order to achieve the long-term vision. It determines how the main resources will be used (human resources, knowledge, material resources, investments) and therefore has a major impact in the sustainability of the entire organisation. The environment (competition, uncertainty, bureaucracy) plays an important role in shaping the strategy and in the way strategic decisions are made within the organisation. There are a number of factors affecting decision making, and not all of them are controllable.
- Mechanism for decision making
- It is important to understand that decision making is not a single activity carried out by senior management. It is a process for analysing the consequences of potential courses of action in complex and dynamic systems. Managers and leaders must ensure agreement within the different layers of the organisation to reach collective effort in the decision making process and buy-in for subsequent actions, in pursuit of the strategic objectives.
- Related leadership and management theories
Decision making is found at all levels of the organisational structure, however the reach and relevance of the decisions varies depending on the level. At top levels, executives make the main strategic decisions; at medium levels, managers make more organisational-type decisions; and at lower levels of the organisation is where more action-oriented decisions are made. Despite the critical role of top management in setting strategic direction, the leadership and action at lower levels must support strategy and cannot be underestimated in the decision making processes. As there are different personalities, there are different types of leaders, and a number of theories capture these particularities. Management and leadership style impact on how decision making is approached and conducted, and therefore in the acceptability and success of strategic decisions in an organisation.
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Henry Mintzberg on Decision Making find it on YouTube
Summary
- Strategic decisions and strategy development is crucial within an organisation.
- Understanding how strategic decisions are made and the various factors that impact on their development is complex and multifaceted.
- This course will explore a number of the more significant facets to gain an understanding of how they interrelate.
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