0
Management thinking says that strategic decision is important to chart out the path of companies in the long term. The "long term" depends from industry to industry. While long term for Intel may be 5 yerars but long term for a steel industry may be 20 years.
On the contary black swan theory says that the external environment is changing so fast and unknown event change the course of industry/country etc that strategic decision and of no use.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
What is the difference between strategic decision administrative decision and operational decision?
Strategic decisions are made by executive level managers. Operational decisions are made by line managers. Operational decisions can change from day-to-day.
Why strategic management is necessary to be understood by all employees of a firm?
It is important that employees understand the strategic vision of the form so that the decisions they make day-to-day further the company getting to that vision. If people don't know where they are supposed to be going, the chances of getting there are slim. That doesn't mean they need to understand strategic management, just that they understand the plan and goals that came out of the strategic management process.
Why is it important that the weights mirror critical strategic factors?
It is important that the weights mirror critical strategic factors because failure to do so will cause selection of projects that do not contribute the most to the strategic plan.
What are corperate objectives?
Well defined and realistic goals set by a company that often influences its internal strategic decisions.
What is business policy and strategy?
Using business policy and strategy is called strategic management. Strategic management helps business make decisions and use information that help achieve company objectives.
Types of decisions?
tactic decisions & strategic decisions
What is the role of mission statement in strategic planning process?
Mission statement is play an important role in strategic planning through this the managers take decisions and can future forecasting.
What are the differences between strategic and operational decisions?
Strategic decisions affect long term goals whilst operational decisions are for short term and day to day efficiency
Who makes strategic decisions in an organization?
Strategic decisions, which affect the long-term direction of the entire company, are typically made by top managers.
Is Middle management usually is given the job of making strategic decisions?
No. Strategic decisions are usually made at a very high level of management.
What are differences between strategic management and strategic management accounting?
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.
What differentiate strategic decision from other types of decisions?
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.
What do top managers rely upon to make strategic decisions?
Managers at this level must often depend on past experiences and their instincts when making strategic decisions.
What is the difference between strategic decision administrative decision and operational decision?
Strategic decisions are made by executive level managers. Operational decisions are made by line managers. Operational decisions can change from day-to-day.
What has the author K J Radford written?
K. J. Radford has written: 'Startegic and Tactical Decisions Edition' 'Information systems for strategic decisions' -- subject(s): Decision making, Management information systems 'Strategic planning' -- subject(s): Strategic planning 'Individual and Small Group Decisions'
What are tactical decisions?
Tactical decisions support the strategic decision of the organisation. They tend to be of medium significance with moderate consequences.
Why has strategic management become so important to today's corporations?
Many corporations are focusing on strategic management because it will help them perform better. They know by making strategic decisions they will have an edge on the competition.
