A Study of Strategic Decision-making in the Indian Industry

1994 ◽  
Vol 19 (4) ◽  
pp. 29-40
Author(s):  
Satish Kumar ◽  
Shesh Modh
Keyword(s):  
Decision Making ◽  
Information Seeking ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Decision Making Process ◽  
Business Organizations ◽  
Strategic Decisions ◽  
Indian Industry ◽  
Strategy Making

In this article, the author makes an attempt to study 144 strategic decisions from 94 business organizations in the Indian industry with a view to understand the strategic decision-making process. The decisions are analysed to structure the process of strategy making and a model of strategic decision-making process is developed. It can be observed that the strategic decision-making process is organizationally oriented with prominent information seeking characteristics.

Analysis and Intuition in Strategic Decision Making

2011 ◽  
pp. 1531-1542
Author(s):  
Zita Zoltay Paprika
Keyword(s):  
Decision Making ◽  
Decision Makers ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Decision Making Process ◽  
Strategic Decisions ◽  
Managerial Skills ◽  
Research Scholarship ◽  
Empirical Tests

Many management scholars believe that the process used to make strategic decisions affects the quality of those decisions. However, several authors have observed a lack of research on the strategic decision-making process. Empirical tests of factors that have been hypothesized to affect the way strategic decisions are made are notably absent (Fredrickson, 1985). This article reports the results of a study that attempts to assess the effects of decision-making circumstances, focusing mainly on the approaches applied and the managerial skills and capabilities the decision makers built on during concrete strategic decisionmaking procedures. The study was conducted in California between September 2005 and June 2006 and it was sponsored by a Fulbright research scholarship grant.

The role of heuristic-driven biases in entrepreneurial strategic decision-making: evidence from an emerging economy

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Maqsood Ahmad ◽  
Syed Zulfiqar Ali Shah ◽  
Yasar Abbass
Keyword(s):  
Decision Making ◽  
Emerging Economy ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Decision Making Process ◽  
Strategic Decisions ◽  
Content Type ◽  
The Relationship

PurposeThis article aims to clarify the mechanism by which heuristic-driven biases influence the entrepreneurial strategic decision-making in an emerging economy.Design/methodology/approachEntrepreneurs' heuristic-driven biases have been measured using a questionnaire, comprising numerous items, including indicators of entrepreneurial strategic decision-making. To examine the relationship between heuristic-driven biases and entrepreneurial strategic decision-making process, a 5-point Likert scale questionnaire has been used to collect data from the sample of 169 entrepreneurs who operate in small- and medium-sized enterprises (SMEs). The collected data were analyzed using SPSS and Amos graphics software. Hypotheses were tested using structural equation modeling (SEM) technique.FindingsThe article provides empirical insights into the relationship between heuristic-driven biases and entrepreneurial strategic decision-making. The results suggest that heuristic-driven biases (anchoring and adjustment, representativeness, availability and overconfidence) have a markedly negative influence on the strategic decisions made by entrepreneurs in emerging markets. It means that heuristic-driven biases can impair the quality of the entrepreneurial strategic decision-making process.Practical implicationsThe article encourages entrepreneurs to avoid relying on cognitive heuristics or their feelings when making strategic decisions. It provides awareness and understanding of heuristic-driven biases in entrepreneurial strategic decisions, which could be very useful for business actors such as entrepreneurs, managers and entire organizations. Understanding regarding the role of heuristic-driven biases in entrepreneurial strategic decisions may help entrepreneurs to improve the quality of their decision-making. They can improve the quality of their decision-making by recognizing their behavioral biases and errors of judgment, to which we are all prone, resulting in a more appropriate selection of entrepreneurial opportunities.Originality/valueThe current study is the first to focus on links between heuristic-driven bias and the entrepreneurial strategic decision-making in Pakistan—an emerging economy. This article enhanced the understanding of the role that heuristic-driven bias plays in the entrepreneurial strategic decisions and more importantly, it went some way toward enhancing understanding of behavioral aspects and their influence on entrepreneurial strategic decision-making in an emerging market. It also adds to the literature in the area of entrepreneurial management specifically the role of heuristics in entrepreneurial strategic decision-making; this field is in its initial stage, even in developed countries, while, in developing countries, little work has been done.

scholarly journals Analysis and intuition in strategic decision making. The case of California

2007 ◽  
pp. 60-67
Author(s):  
Zita Zoltayné Paprika
Keyword(s):  
Decision Making ◽  
Decision Makers ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Decision Making Process ◽  
Strategic Decisions ◽  
Managerial Skills ◽  
Research Scholarship ◽  
Empirical Tests

Many management scholars believe that the process used to make strategic decisions affects the quality of those decisions. However several authors have observed a lack of research on the strategic decision making process. Empirical tests of factors that have been hypothesized to affect the way strategic decisions are made notably are absent. (Fredrickson, 1985) This paper reports the results of a study that attempts to assess the effects of decision making circumstances focusing mainly on the approaches applied and the managerial skills and capabilities the decision makers built on during concrete strategic decision making procedures. The study was conducted in California between September 2005 and June 2006 and it was sponsored by a Fulbright Research Scholarship Grant.

scholarly journals RATIONALITY IN THE STRATEGIC DECISIONS

2010 ◽  
Vol 9 (1) ◽  
pp. 182-199
Author(s):  
José Emilio Navas López ◽  
Luis Ángel Guerras Martín ◽  
Antonio Montero Navarro
Keyword(s):  
Decision Making ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Decision Making Process ◽  
Strategic Decisions ◽  
Synoptic Process ◽  
External Influences ◽  
Strategic Process ◽  
Decision Scheme ◽  
Rational Process

The goal of this paper is to analyze the relative convenience of using a rational process for making strategic decisions. According to traditional views, the strategic decision making process should be aligned with the so-called rational or synoptic process. Nevertheless, a look at the decisions taken by firms clarifies that this is far from the truth, -there are many aspects which could foster or refrain the degree of rationality. After explaining a wholly rational strategic process coupled with its potential strengths, this paper presents the principal criticisms to the model, in addition to the factors conditioning the level of rationality of the process in practice. As a consequence of this comparison, our conclusions defend the use of an intended rational process, bearing in mind the multiple internal and external influences that will affect the decision scheme, undermining the degree of rationality.

scholarly journals Evaluating the effectiveness of serious games in facilitating strategic decisions-making under COVID-19 crisis conditions

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Avo Schönbohm ◽  
Tingyue Viktoria Zhang
Keyword(s):  
Decision Making ◽  
Conceptual Model ◽  
Serious Games ◽  
Cognitive Biases ◽  
Economic Recession ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Decision Making Process ◽  
Strategic Decisions ◽  
Content Type

PurposeThis research seized the COVID-19 pandemic-induced economic recession as a strategic response background to answer whether serious games (SGs) can be effectively applied to facilitate the strategic decision-making process.Design/methodology/approachThis paper develops a conceptual model and hypotheses based on the strategic formulation and SGs literature. Virtual-gamified workshops treat four companies in a quasi-experimental framework applying an action research design approach. The data were analysed triangularly from the observations, the focus group interviews and the surveys.FindingsA SG facilitates conveying conceptual recession management knowledge and structures the decision-making process. It incentivises creativity and motivation. Meanwhile, it is a tool to mitigate human errors due to cognitive biases. More importantly, it offers a new means to improve strategic decision-making adapted to different cases. The variety of game elements expands possibilities for different needs.Originality/valueThis paper creatively bridges the gap between strategic decision facilitation and serious gaming in a crisis. It contributes a conceptual model and provides practical insights into SGs mechanics for companies.

Strategic Decision-Making Mechanism of Yuhan-Kimberly: 1984–2007

2011 ◽  
Vol 15 (01) ◽  
pp. 63-95
Author(s):  
Namgyoo K. Park ◽  
Jinsung Kim ◽  
Hyojung Kim
Keyword(s):  
Decision Making ◽  
Corporate Culture ◽  
Core Competence ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Decision Making Process ◽  
Strategic Decisions ◽  
Management Level ◽  
The Core Competence ◽  
Korean Market

Yuhan-Kimberly's core competence is its strategic decision-making process mechanism. During the early 1990s, Yuhan-Kimberly had some serious weaknesses in its major operational divisions. With multinational companies such as P&G coming into the Korean market, the company had to make important decisions. Fortunately, Yuhan-Kimberly was able to make timely strategic decisions at the top management level, successfully dealing with its weaknesses in order to withstand multi-national corporations much bigger than itself. However, if one considers "strategically sound decisions" are all that Yuhan-Kimberly took to accomplish what it has done today, such comment would miss the point. The unique organizational structure, the corporate culture of Yuhan-Kimberly, and the strategic decision-making process are what made the decisions of senior management possible. Only a close inspection of all these factors will reveal the competitive advantage as well as the core competence of Yuhan-Kimberly as a whole.

scholarly journals Strategic Thinking: The Role in Successful Management

2017 ◽  
Vol 9 (4) ◽  
pp. 44
Author(s):  
Marcelo Amaral Dionisio
Keyword(s):  
Decision Making ◽  
Strategic Planning ◽  
Strategic Management ◽  
Strategic Thinking ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Decision Making Process ◽  
Business Organizations ◽  
Successful Management ◽  
Strategic Process

Strategic thinking and strategic planning are concepts that are not clearly defined both in the literature and in the practice of business organizations and sometimes they are used interchangeably with each other or with strategic management. The purpose of this text is to differentiate and define both concepts and relate their role with the strategic decision making process of a firm. The text ends by approaching the issue of sustainability as a new challenge in the strategic process.

scholarly journals Improving the quality of strategic decision-making process in universities through employing expert systems: A case study from a developing country

2022 ◽  
Vol 9 (2) ◽  
pp. 81-94
Author(s):  
Hanaa Ouda Khadri Ahmed ◽  
Keyword(s):  
Decision Making ◽  
Expert Systems ◽  
Developing Country ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Decision Making Process ◽  
Strategic Decisions ◽  
Strategic Goals

Strategic decisions represent the fundamental core of the strategic planning process and strategic management in universities and they are essential in shaping the universities' policies and achieving their strategic goals. Without those strategic decisions, the universities stand unable to achieve their strategic goals and mission; therefore, specialists realized the critical importance of improving the quality of strategic decision-making in the current complex fast-changing environment that its dynamism continuously increases and which is based on the use of cutting-edge information and communications technology (ICT). Undoubtedly strategic decision-making process requires processing a huge amount of information with different robust smart methods and the extensive use of experts knowledge. There are many discussions about the uses and applications of expert systems (ESs), which are evolving rapidly in solving real problems in many fields that require experienced experts with deep sound experiences, and despite these many applications in many different fields and domains. Literature reveals that there is a scarcity of scientific research on how to employ expert systems to raise the quality of strategic decision-making processes in universities. Thus the purpose of the research is to fill this research gap by investigating how expert systems will enhance the quality of the strategic decision-making process in universities. The research design is a case study applied in Ain Shams University as a model of public universities in a developing country. This research makes a new research contribution by suggesting a futuristic proposal for improving the quality of the strategic decision-making process in universities through employing expert systems that are based on the theoretical framework of the research and the results of the field study.

An exemplar of open strategy: decision-making within multi-sector collaborations

2016 ◽  
Vol 54 (7) ◽  
pp. 1595-1614 ◽  
Author(s):  
Thomas G Pittz ◽  
Terry Adler
Keyword(s):  
Decision Making ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Future Research ◽  
Decision Making Process ◽  
Strategic Decisions ◽  
Public And Private ◽  
Content Type ◽  
Goal Interdependence ◽  
Open Strategy

Purpose – Collaborations and partnerships that span economic sectors heighten the complexity of decision-making processes and introduce challenges for structuring collective action. As hybrid organizations designed for cooperation, multi-sector partnerships involving firms from the private, public, and nonprofit industries are more likely to utilize a platform of open strategy than their single-sector counterparts. Through studying the decision-making process of multi-sector partnerships, the purpose of this paper is to suggest that the formative extra-organizational boundary conditions of these partnerships create fertile ground for a platform of open strategy. Design/methodology/approach – This manuscript presents a thorough analysis of the literature regarding multi-sector partnerships and the construct of open strategy to consider the importance of goal interdependence and strategic openness in the strategic decision-making process. The combination of these research streams results in a theoretical model of open strategy to be validated in the multi-sector partnership context. Findings – Partnerships that span multiple market sectors (multi-sector partnerships (MSPs)) are often founded on cooperation as opposed to competition and this fundamental distinction impacts organizational strategy and, more specifically, the manner in which strategic decisions are made. As proposed, the open strategy process model outlined in this work relies on goal interdependence, stakeholder legitimacy, participatory decision making, transparency, and inclusiveness as core components. Research limitations/implications – Future research that considers the implications of open strategy on performance and other organizational outcomes in the MSP context is warranted. Similarly, future research could ascertain the effects of open strategy on individual-level outcomes such as job satisfaction, organizational commitment, turnover, and related constructs. Additionally, later scholarship in the context of MSPs could serve to illuminate the possible effects of strategic openness on the social structures of partner organizations as well as highlight possible unintended consequences of its implementation. Practical implications – In practical terms, this research provides direction for managers of MSPs, particularly during the formative phases of collaboration. Establishing a clear recognition of interdependence toward partnership goals is demonstrated to be a valuable first step for establishing the preconditions for a platform of strategic openness. Subsequently, implementing techniques and disciplines to enhance the inclusiveness and transparency of information, to foster participation in decision making, and to recognize all stakeholders with a claim on outcomes during the strategic decision-making process combine to achieve the outcomes demonstrated by early adopters of open strategy. Social implications – This research has the potential to further the understanding of several questions arising from collaboration scholarship such as: what are the strategies and capabilities required to succeed in managing organizational forms that fuse and cross well-established public and private sector boundaries? How can public and private actors mutually learn and develop such capabilities? The authors hope that by putting forth this new model of open strategy in multi-sector social partnerships, the authors can stimulate both practice and empirical study to separate the general principles from the contingencies. The weighty social issues of the day can benefit from these efforts. Originality/value – This work links, both theoretically and conceptually, heretofore disparate streams of literature to outline a process by which strategic decisions are made in multi-sector collaborations. Traditional notions of competitive strategy have been demonstrated to be inadequate to guide theory and practice regarding the decision-making process within multi-sector collaborations. This work attempts to resolve that deficiency by considering goal interdependence and various dimensions of strategic openness (inclusiveness, transparency, stakeholder legitimacy, and participatory decision making) as aspects of cooperative strategy. The resulting model contributes to the instrumental view of stakeholder theory, the conceptual richness of the open strategy construct, and suggests a normative governance platform for multi-sector partnerships.

scholarly journals The Influence Of Boards Of Directors Characteristics On Strategic Decision-Making: Evidence From Greek Companies

2010 ◽  
Vol 26 (3) ◽  
Author(s):  
Maria Elisavet Balta ◽  
Adrian Woods ◽  
Keith Dickson
Keyword(s):  
Decision Making ◽  
Financial Reporting ◽  
Boards Of Directors ◽  
Stock Exchange ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Future Research ◽  
Decision Making Process ◽  
Strategic Decisions ◽  
Athens Stock Exchange

This study explores the influence Boards of Directors’ demographic characteristics on the process of making strategic decisions. Empirical testing is based on a sample of 105 Greek companies listed on the Athens Stock Exchange. The results suggest that educational level affect both the financial reporting and the hierarchical decentralisation in the strategic decision-making process. Also, functional background of executives was found to be related with financial reporting. However, the educational specialty did not appear to have any significant influence on the strategic decision-making process. In light of these findings, implications for practitioners are made and avenues for future research are suggested.

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