The paper ' Decision's Magnitude of Impact ' is a great example of a Management Case Study. Strategic decisions are those which directly affect the long term performance of the business and are in relation to the aims and objectives of the organization. This is taken by the senior-most group of the organization and involves a high degree of risks and its effectiveness brings a high level of rewards (Kaplan and Beinhocker, 2003). For the purpose of this system, many knowledgeable people have come up with different ideas presented through models and thesis and one among which has been studied in this project.
The importance of making an effective decision is very easy but to actually arrive at one takes real knowledge and understanding (Lamb and Lachow, 2006). The project focuses on the model-based upon control of the decision-maker and the actual performance achieved through the decision. Thesis Statement In the first step, the social, economic, and personal factors regarding the strategic decision making are to be considered. Decisions are categorized as per the control and performance and this directly affects the outcome of the decision.
A general thesis is to be initially followed to understand whether we are choosing from the options that we have in hand or are the decisions modified and shaped out as per the requirements. A strategic decision making in this article states a four type of decision model and it is very necessary to recognize the different types. The steps are as follows: Making judgment and regular choices: Making the right choice and taking the correct decision is the demand for an apt decision-making process. The choices are often not as per the control of the buyer and are made to choose from the options available.
But the performance is absolute as the buying is as per the individual’ s own choice and pattern. The options are often framed and shaped up to influence the buyer’ s decisions. This requirement of making regular choices demands routine follow up and the right balance between control and performance is to be attained. Influence on the outcome: Outcome is the ultimate desire of any decision made. In making certain decisions the options are out of control which pushes the performance to a rigid level.
In such situations the judgements cannot be influenced or highly influenced. With control over the decision making, it helps in getting positive thinking matters and better control helps in improving performances and acting more optimistically. Applicability of the right set of factors for influencing the decision directly affects the results desired. Sometimes choosing a deliberate practice, away between the two, become necessary and the ability to shift effectively between the options and developing a similar mindset helps in achieving better performance Competitive dimension: Decisions are always made to bring out the most positive reply.
So developing a sense of competitiveness is very essential in this stage of the decision-making process. The best decision making involves the anticipation of the rivals moves for that sort of problem to attain advantage which also is the importance of the strategic thinking process. With the capability to think different and more advanced than the rivals in the market or at any business place helps to gain relatively better performance. The development of a competitive dynamic theory is very much required for making the strategic decision more effective and beneficial. Decision making for success: A successful decision to win over the rivals in the ultimate result of the entire control and performance of the decision-making process.
A good strategic decision results in efficient strategic management as decisions are the backbones for any business to meet its goals. Good decision making is the ability of the mangers to lead and execute in different situations. The fourth field of the decision-making process was always less preferred to the first in many types of research.
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