significance of strategic decision making

Thus, Delphi method discriminates against extreme opinions. For a large group, the facilitator has to prepare in advance and the participants have to be divided iiito smaller groups of 6-10 members. Decision making is essential in each level of management. Automate and pay employees on time and stay compliant, 360 reviews, Goals and OKRs, Continuous feedback and, Do something more with a modern people platform, Manage Leaves, track time and pay on time, Easy peolpe management in your organization of any size. It is nothing but the art of managing employees in a manner which maximizes the ability of achieving business objectives. a. It is a way in which strategists set the objectives and proceed about attaining them. Discussions and consultations are two main tools that support and eventually bring out decisions. Account Disable 12. In spite of its pitfalls, the Delphi method is a systematic way of organizing the views of experts, it brings together the expertise all me participants in a particular domain. Planning is something that we do consciously or habitually all our lives. Therefore, the ideas generated in a nominal group process may not portray the concerns of the entire community. Such an expert’s view must not be mistaken as the most appropriate. Ethics is another important issue in strategic planning and decision making. Less experienced participants in group action learn how to cope with group dynamics by actually being involved. It provides a clear line of guidance to the management for the achievement of defined objectives. Uploader Agreement. During decision-making of strategic decisions, you will have a picture of things that need to be done in a given time frame. The whole fabric of management, i.e. It uses the individual views and opinions of a panel of experts. Strategic decision making is important as it gives a way forward to the company for better growth and profit & guides the company in bad times. The management solves those problems in time by using decision making tools. Individuals with varied experience and interests help the group see decision situations and problems from different angles. This form of group decision-making involves obtaining the opinions of experts and developing a consensus. Strategic management process encompasses of three phases. There is lot to debate, research and finalize. Keeping in mind the long-term benefits to organizations, strategic planning drives them to focus on the internal environment, through encouraging and setting challenges for employees, helping them achieve personal as well as organizational objectives. Middle level management makes tactical decisions such as division of works, fixation of authority and responsibility, integration of efforts etc. It is also possible that differences in status or rank, or personality, result in one or more individuals dominating the group. Decision making is a time consuming process and decision makers spend more time to select the alternative. Thus the employees can judge the impact of such changes on their own job and can effectively face the changes. They can understand the reaction of environmental changes on the organization and the probable response of the organization with the help of strategic management. Political wheeling and dealing can displace sound thinking when an individual’s pet project or vested interest is at stake. The nature of Strategic Management is dissimilar form other facets of management as it demands awareness to the “, Establishing the hierarchy of strategic intent. Strategic decision making, or strategic planning, involves in the process of creating an organization's mission, values, goals and objectives. Next, a problem is presented to them and they are asked to give their (anonymous) solutions to the problem. e. Individuals who are selected to participate in the process may not represent all the subgroups of the community. h. Transmission of the second questionnaire to the panelists. ii. i. The group members are so focused on preserving the cohesiveness of the group that they may not raise topics which bring to the fore differences of opinion. Importance of decision making includes Implementation of managerial function, Pervasiveness of decision-making, Evaluation of managerial performance, Helpful in planning and policies, Selecting the best alternatives and Successful; operation of business. Nominal group processes are used in the field of health services, social services and education.

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