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Essay / Research Paper Abstract
This is a 7 page paper that provides an overview of decision making in business. The role of management is emphasized. Bibliography lists 4 sources.
Page Count:
7 pages (~225 words per page)
File: KW60_KFbiz073.doc
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competitive in increasingly crowded markets, an organization must absolutely leverage all of its assets towards brokering a competitive advantage at all times. Since the quality of ones strategic decisions is
very much a business asset, this should be considered as an integral aspect of performance management. This paper will explore the role of management in organizational decision making, with an
eye towards various ways in which higher quality decisions can be achieved. In most situations, the primary type of decision that must be made in a business context is one
related to strategic planning. Strategic planning is, of course, "the process for managing the future direction of the company in relation to its environment and the demands of external stakeholders,
including strategy formulation, analysis of agency strengths and weaknesses, identification of agency stakeholders, implementation of strategic actions, and issue management" (Williams 2008, pp. 89-90). In other words, strategic planning is
an effort to develop an direction for the organization that moves towards the fundamental goals and values upon which the organization is based, and which takes into account all the
environmental and organizational factors that could potentially affect the quality of progress towards that direction, such that specific plans can be developed which, when put into action, invariably and effectively
move the organization closer to its goals. Fundamentally, the "ultimate goal of strategy is achieving competitive advantage" (Almani & Esfaghansary 2011, p. 139). Therefore, it stands to reason that developing
the most effective strategies is key, and that one should develop the capacity to do so as a matter of critical urgency; this is why high quality decision making is
so essential to doing competitive business. When one is able to make high quality decisions in an organization, one will be able to develop strategies "in conditions of uncertainty and
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