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STRATEGIC DECISION     MAKING        CHANDRA SHEKHAR PANDEY
What is Decision Making?    Decision making    The act of choosing one alternative    from among a set of alternatives    ...
Dimensions of StrategicDecisions     • Top management Decisions     • Are future oriented     • Require Large amount of re...
Characteristics of Strategic         Decisions   They are elusive problems that are difficult to define precisely.   They ...
Types of Decision Making    1.Programmed decision    A decision that is fairly structured or    Recurs with some frequency...
Decision Making Conditions                                The decision                                 maker faces        ...
Perspectives/models of DecisionMaking     1. Classical or Rational Model-     Managers are logical and rational and       ...
Assumptions of Rational Model    • 1. Decision makers have complete      information about the decision      situation and...
Steps in Rational DecisionMaking Process     • Objectives to be achieved are       determined.     • Alternative ways of a...
Behavioral Model of DecisionMaking     1. Administrative Model:- Managers     (1)use incomplete and imperfect        infor...
• Bounded rationalityA concept suggesting that decisionmakers are limited by their values andunconscious reflexes, skills,...
• SatisfyingThe tendency to search for alternativesonly until one is found that meets  some     minimum      standard     ...
Because of the inherent imperfection of  information, bounded rationality, and  satisficing, the decisions made by a manag...
Intuition     • An innate belief about something,     without conscious consideration             www.managepedia.blogspot...
Escalation of commitment     • A decision maker’s staying with a       decision even when it appears to be       wrong    ...
Scope of Strategic DecisionMaking           www.managepedia.blogspot.com
Advance issues in StrategicDecision Making???????     To be      continued…………………………      …………….           www.managepedia...
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Strategic decision making

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Strategic decision making

  1. 1. STRATEGIC DECISION MAKING CHANDRA SHEKHAR PANDEY
  2. 2. What is Decision Making? Decision making The act of choosing one alternative from among a set of alternatives www.managepedia.blogspot.com
  3. 3. Dimensions of StrategicDecisions • Top management Decisions • Are future oriented • Require Large amount of resources • Affect long term prosperity of the firm • Usually have multifunctional consequences www.managepedia.blogspot.com
  4. 4. Characteristics of Strategic Decisions They are elusive problems that are difficult to define precisely. They require an understanding of the problem to find a viable solution. They rarely have one best solution, but often a series of possible solutions. Questions about trade-offs and priorities appear in the solutions. Solution benefits are difficult to assess as to their effectiveness, in part becausethey lack a clear final end point against which effectiveness can be judged. Other problems in the organization are connected to solutions for a focalproblem. High levels of ambiguity and uncertainty are associated with solutions. Realizing hoped for benefits has considerable risk. Strategic decisions have competing interests that prompt key players to usepolitical pressure to ensure that a choice aligns with their preferences. www.managepedia.blogspot.com
  5. 5. Types of Decision Making 1.Programmed decision A decision that is fairly structured or Recurs with some frequency (or both) 2.Non programmed decision A decision that is relatively unstructured and occurs much less often than a programmed decision www.managepedia.blogspot.com
  6. 6. Decision Making Conditions The decision maker faces conditions of…. Certainty Risk Uncertainty Level of ambiguity and chances of making a bad decision www.managepedia.blogspot.com
  7. 7. Perspectives/models of DecisionMaking 1. Classical or Rational Model- Managers are logical and rational and that they make decisions that are in the best interests of the organization. 2. Behavioral Model :- Managers are not always logical and they use intuition, and personal judgements in making decisions www.managepedia.blogspot.com
  8. 8. Assumptions of Rational Model • 1. Decision makers have complete information about the decision situation and possible alternatives. • 2. They can effectively eliminate uncertainty to achieve a decision condition of certainty. • 3. They evaluate all aspects of the decision situation logically and rationally. www.managepedia.blogspot.com
  9. 9. Steps in Rational DecisionMaking Process • Objectives to be achieved are determined. • Alternative ways of achieving these objectives are identified. • Each alternative is evaluated. • The best alternative is chosen www.managepedia.blogspot.com
  10. 10. Behavioral Model of DecisionMaking 1. Administrative Model:- Managers (1)use incomplete and imperfect information, (2) constrained by bounded rationality, (3) tend to “satisfice” when making decisions www.managepedia.blogspot.com
  11. 11. • Bounded rationalityA concept suggesting that decisionmakers are limited by their values andunconscious reflexes, skills, and habits www.managepedia.blogspot.com
  12. 12. • SatisfyingThe tendency to search for alternativesonly until one is found that meets some minimum standard of sufficiency www.managepedia.blogspot.com
  13. 13. Because of the inherent imperfection of information, bounded rationality, and satisficing, the decisions made by a manager may or may not actually be in the best interests of the organization. A manager may choose a particular location for the new plant because it offers the lowest price and best availability of utilities and transportation. Or she may choose the location because it is located in a community where she wants to live. www.managepedia.blogspot.com
  14. 14. Intuition • An innate belief about something, without conscious consideration www.managepedia.blogspot.com
  15. 15. Escalation of commitment • A decision maker’s staying with a decision even when it appears to be wrong www.managepedia.blogspot.com
  16. 16. Scope of Strategic DecisionMaking www.managepedia.blogspot.com
  17. 17. Advance issues in StrategicDecision Making??????? To be continued………………………… ……………. www.managepedia.blogspot.com

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