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Examples of strategic decisions might be to focus efforts on a new product or to increase production output.
An advantage of a strategic business unit is its ability to react to change. A disadvantage is the need for advanced technology to make decisions.
Mission statement is play an important role in strategic planning through this the managers take decisions and can future forecasting.
strategic planning
List three factors that affect budget resource allocation decisions of managers provide appropriate examples for each of these three factors?
1. Explain in what sense the top management takes decisions for a company and in what sense it does not takes the strategic decisions for a company alone? Illustrate with suitable examples.
Examples of strategic decisions managers make include who the customer or clientele should be, what products or services should be sold, and where the products and services should be sold
Examples of strategic decisions might be to focus efforts on a new product or to increase production output.
tactic decisions & strategic decisions
Strategic decisions affect long term goals whilst operational decisions are for short term and day to day efficiency
No. Strategic decisions are usually made at a very high level of management.
Strategic decisions, which affect the long-term direction of the entire company, are typically made by top managers.
Strategic management uses strategy, including strategic thinking to make all decisions, often through the lens of a strategic plan. Strategic management accounting is strict focused on fiscally related decisions, also as aligned with the organization's strategic direction.
companies whose values and interests guide strategic decisions. usually companies that are involved in extractive FDI such as oil/gas companies.
Strategic decisions can be distinguished from other types of decisions because it is:Rare: we dont make strategic decision very often.Consequential: is has a future impact on our business in the long term.Directive and binding: the strategic decision we make today will be directed to certain goal and vision, and we will be committed to it.
Managers at this level must often depend on past experiences and their instincts when making strategic decisions.
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