Strategic decision making process

Published by admin on September 6th, 2007 | Tagged Business, Strategic Management, Management

Strategic decision making is different from the conventional decision making.Strategy is derived from the Greek word strategos which means generalship or the direction of a force.Strategic decision making relates to the senior level management whereas the conventional decision making operates at all managerial levels.

Business strategy basically involves a course of action that the company adopts, which is based upon organizational goals and objectives.This concept of strategy is concerned with achieving some future state by the proper utilization of the organizational resources and capabilities.

In Conventional decision making the business manager is faced with many alternative courses of action.He has to basically, choose the most appropriate course of action after a comprehensive evaluation.Strategic decision making is a complex and difficult process

Strategic decision making is concerned with the course of action the business needs to adopt.This may may involve diversification ,retrenchment, expansion ,or a combination and so on.The course of action is based on the vision ,mission,goals and objectives of the company.

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