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Posted: April 3rd, 2023
Strategic Decision Making – Theories and Approaches
- Overview
The purpose of this module is to illustrate the study of decision-making behaviour by examining various theories and approaches that can be used in decision making. Timely and effective decision making is essential to successful operations in any organisation. Considerable time and resources are expended in organisations to develop and foster decision making methods. When one considers the various models and theorems of decision-making, there appears to be two main methods, analytical decision making and intuitive decision making. Emphasis is often placed on analytical methods of decision making whereby tools for estimation, risk assessment and operational planning are foremost in the method; and intuitive methods are often discouraged or ignored. There is obviously a place for both methods when decision makers take decisions.
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Learning Objectives:
At the completion of this module, you should be able to:
- Define strategic decision making in health
- Identify the main models of decision making
- Explain mission, vision, and goals of decision making
- Integrate theory with practice in the area of strategic decision making
- Strategic Decision Making: Theories and Approaches
- What is Decision Making?
- What is Decision Making
- “Decision making is an integral part of the management of any kind of organisation. More than anything else, competence in this activity differentiates the manager from the non-manager and, more important, the effective manager from the ineffective manager”
(Harrison 1999, p3) - It is important to understand the following terms that are critical in any decision making process:
- Decision making Terms
| Term | Defintion |
| Mission | • Mission statements are “enduring statements of purpose that distinguish one business from other similar firms”
• It answers the basic question:What is our business? (David 1991, p8) |
| Vision | • A vision is an over-arching idea of what the organisation should beIs It Legal to Use Your Writing Service?Absolutely, it’s 100% legal! Our service provides sample essays and papers to guide your own work—think of it as a study tool. Used responsibly, it’s a legit way to improve your skills, understand tough topics, and boost your grades, all while staying within academic rules. • Often reflects the dream of the founder or leader • Company's vision could be, for example, to be "the largest retailer of automobiles in the US", "the maker of the finest chocolate in London • A vision must be sufficiently clear and concise that everyone in the organisation understands it and can buy into it with passion |
| Values | • Values represent what is important to an organisationHow Much Does It Cost to Get a Paper Written?Our pricing starts at $10 per page for undergrad work, $16 for bachelor-level, and $21 for advanced stuff. Urgency and extras like top writers or plagiarism reports tweak the cost—deadlines range from 14 days to 3 hours. Order early for the best rates, and enjoy discounts on big orders: 5% off over $500, 10% over $1,000! • Values consciously or unconsciously drive behaviours • Value statements frequently contain words such as trust, responsibility, respect, loyalty, learning, integrity, fairness and creativity |
| Strategic objectives | • Objectives can be defined as specific results that an organisation seeks to achieve in pursuing its mission |
| Goals | • Goals are objective, measurable expectations set to measure progress toward desired results. A strategic plan is a management tool used to improve the performance of the organisation
• It outlines the organisation’s direction and priorities • It is a guideline to be used by management in making decisions regarding the allocation of resources Will My Use of This Service Stay Private?Yes, totally! We lock down your info with top-notch encryption—your school, friends, no one will know. Every paper’s custom-made to blend with your style, and we check it for originality, so it’s all yours, all discreet.
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| Strategic Plan | • A strategic plan is a management tool used to improve the performance of the organisation
• It outlines the organisation’s direction and priorities • It is a guideline to be used by management in making decisions regarding the allocation of resources
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| Strategy | • Clarifies and provides the foundation for the organisations directionDo You Use AI to Write Papers?No way—our papers are 100% human-crafted. Our writers are real pros with degrees, bringing creativity and expertise AI can’t match. Every piece is original, checked for plagiarism, and tailored to your needs by a skilled human, not a machine. • Defines the priorities around which work decisions are aligned • The basis for “consistency of purpose” • Establishes what is most important, allows the most effective and efficient use of resources • Provides a common purpose for collaboration |
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