Strategic Decision Making Flashcards, test questions and answers

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What is Strategic Decision Making?

Strategic decision making is the process of determining the most effective and efficient course of action for an organization to take in order to achieve its desired objectives. It involves looking at all available options, assessing potential risks and benefits, and selecting a path that produces the greatest benefit with the least amount of risk. Every decision made within an organization affects some aspect of operations or results, so it’s important that strategic decisions be carefully thought out in advance to ensure long-term success.The strategic decision-making process begins with identifying goals and objectives. This includes evaluating market conditions, customer needs, competitive environment, financial resources, technology capabilities, industry trends and other factors that could affect the success or failure of a project or product launch. Once these have been established, organizations can then weigh their options against one another to determine which strategy offers the best return on investment (ROI). A key factor here is understanding how each option will impact stakeholders such as shareholders, customers and employees. With this information in hand leaders can make informed decisions about which strategies are likely to yield successful outcomes over time. Once a strategy has been chosen it’s important for organizations to monitor progress closely throughout implementation using metrics such as cost savings projections or sales numbers in order to gauge whether they are achieving their targets effectively. Regular communication between senior management and staff responsible for carrying out tasks associated with executing the strategy is essential too; companies should also look out for any changes or new opportunities along the way that may necessitate adjustments being made mid-course in order to adapt accordingly. Making good strategic decisions requires knowledge not just about what works best but also why certain approaches are more suitable than others given specific circumstances; clear communication across teams involved in research gathering activities like data analysis helps ensure everyone understands both sides of this equation before any commitments are made so that everyone is working together toward common goals from start till finish.