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Understanding the use of decision-making in strategic plans is essential for an organization’s long-term success. Most of these decisions are made by top-level management and will affect the direction and success of an organization. Gopaul and Rampersad (2020) explained that while companies may define strategies differently, their strategic planning and decision-making processes should be directly interlinked for maximum efficacy. These decisions guide an organization’s mission, vision, and values, along with extended planning for the future. It is important to understand an organization’s strategic vision and goals and where that organization plans to be in the future.
As you will find in the global companies researched in Fortune, a solid fundamental strategy is used when making decisions. Not all strategies need to be complex. In fact, a simple approach is easy and fast to apply when changes are needed for a day-to-day decision, an unexpected regulatory change, or an outside threat. An additional aspect of strategic decision-making is to consider an organization’s leaders and their possible biases or personalities. Additionally, the decision-making process may be positively influenced if a decision-maker is forward-thinking, inclusive, and collaborative. Conflict often emerges in decisions that have lasting consequences or even immediate impact. An organizational chart may also offer insight into the dynamics of strategic decision-making at the organization you choose to research.
Many organizations use strategy models. This week’s assignment is a good place to begin looking at models and determine which approach(es) best apply to your organization. Be sure to review this week’s resources carefully and any additional literature you locate. You are expected to apply the information from these resources when you prepare your assignments.
References
Fortune. (n.d.). 25 best global companies to work for.
https://fortune.com/global-best-companies/
Gopaul, R., & Rampersad, R. (2020). An assessment of strategic decision-making processes among small and micro enterprises in South Africa. Acta Commercii, 20(1), 1-10.
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Weekly Resources and Assignments
Review the resources from the Course Resources link, located in the top navigation bar, to prepare for this week’s assignments. The resources may include textbook reading assignments, journal articles, websites, links to tools or software, videos, handouts, rubrics, etc.
Strategic planning is an important element in the decision-making process of successful organizations, and while there is no standardized methodology for making strategic decisions, companies need to ensure that there is a process in place that will help to initiate the process.
There are 30 companies listed on the Dow Jones Industrial Average (DJIA) Market Index. For this assignment, you will select one company and provide some background information, including growth plan, strategic methodology, as well as the decision-maker(s). Then, you will conduct research and determine whether the company’s current approach is effective or not.
For this assignment, you will have a choice of deliverables. You only need to submit ONE of the deliverables listed below. For information on creating an infographic, refer to “Spotlight on Skills.”
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