BU288 Lecture Notes - Lecture 10: Decision-Making, Strategic Thinking
Document Summary
3. 3 differences between strategic, administrative and operational decisions 3. 4 strategic. Strategic decision making, or strategic planning, is the process of creating an organization"s mission, values, goals and objectives. It involves charting a course based on long-term goals and a long term vision. Deciding upon a particular action plan a company also involves in altering strategies based on observed outcomes. Strategic decision making can transform companies into large groups and industries. It is a managerial process and a function of choosing a particular course of action out of several alternative courses for the purpose of achieving the organizational goals. They are different in nature than all other decisions which are taken at various level of the organization during day to day working. Strategic decisions refer to chosen alternative that affects key factors which determine the success of an organization"s strategy. They are long term, complex decisions made by top lvel management. These decisions affect the entire direction of the firm.
