Strategic Decision Making

Paper Summary:

The paper reveals that the strategic decision-making process is an essential part of the success of a company. The paper looks at factors such as risk tolerance and cultural background that influence the decision. The paper explains that risk tolerance is used to measure how many risks a business is willing to assume in the carrying out of organizational goals. The paper explores the role that cultural background plays in the decision-making process and shows how in certain cultures, the decision-making process can almost be predicted based on the cultural norms of the society. The paper concludes that that risk tolerances and cultural background influence the decision- making process of senior managers.

Outline:
Introduction
Strategic Decision Making and its Importance
Risk Tolerance
Cultural Background
Conclusion

From the Paper:

"Strategic decision making is what separates successful companies form companies that are not successful. At every level of management that are decisions that must be made to ensure that the company is performing in the manner that it is capable of. With this being understood senior mangers have a unique responsibility in that the decisions that they make impact the decisions that lower level managers make which in turn affects the performance and direction of an entire company. As a result of this cause and effect relationship it is also essential that the strategic decisions that are being made are in congruence with the strategic goals and objectives that have already been established by the company."

Sample of Sources Used:

• Ashmos, D Duchon, D.,., & Dunegan, K. J. (1991). Avoid Decision Making Disaster by Considering Psychological Bias. Review of Business, 13(1-2), 13+.
• Chen, X., & Li, S. (2005). Cross-National Differences in Cooperative Decision-Making in Mixed-Motive Business Contexts: The Mediating Effect of Vertical and Horizontal Individualism. Journal of International Business Studies, 36(6), 622+.
• Culp, C. L. (2001). The Risk Management Process: Business Strategy and Tactics. New York: Wiley.
• Frame, J. D. (2003). Managing Risk in Organizations: A Guide for Managers. San Francisco: Jossey-Bass.
• Harbison, Frederick and Charles A. Myers (eds) (1959), 'Management in the Industrial World: An International Analysis', McGraw-Hill, New York.

More papers on Strategic Decision Making:

• Research Paper # 62276 : "Strategic Decision Making"
• Term Paper # 116320 : "Strategic Decision-Making"
• Analytical Essay # 132476 : "Improving Decision Making in an Organization"

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