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Assignment due: For this assignment, you will be reading the following journal article that has been provided in the Student Resources and search in the library for one additional resource. You must have at least two references in your paper. Be sure that you include information from the journal article and your other reference and synthesize the articles as you respond to the questions.
Read: Franklin, C. L. (2013). Developing expertise in management decision-making. Academy of Strategic Management Journal, (1), 21. Available from http://search.proquest.com/abicomplete/docview/1369310720/abstract/embedded/DQAZYQP5WY798MVG?source=fedsrch
The text states that strategic decisions are (1) rare, (2) consequential, and (3) directive. These deal with the long-term future of the entire organization. To aid in the decision making, the authors suggest an eight step decision-making process. Found on page 25 in the text, these include: (1) evaluating current performance results; (2) reviewing corporate governance; (3) scanning and assessing the external environment; (4) scanning and assessing the internal corporate environment; (5) analyzing the strategic factors; (6) generating and selecting the best alternative strategy; (7) implementing selected strategies; and (8) evaluating implemented strategies. These guidelines for making and evaluating decisions at a strategic level can be important for leaders.
Most people in business on most days deal with company tactics and decisions at a level that is not strategic. However, every decision made by every employee in a company ultimately impacts the success of the strategy for that company. As pointed out by Malcolm Gladwell in his book The Tipping Point, it is the collection of thousands of decisions all aimed in relatively the same direction that can lead a company to the achievement of a strategy.
(Question 1): How do you decide what type of decision is strategic?
Search and look for an article about new moves being made by a corporation, specifically the decisions that are strategic. TIP - try to find something in the Wall Street Journal.
(Question 2): At what level is each of the decisions that you identified? Functional/Business/Corporate?
(Questions 3 and 4): Why do you believe this to be the case?What is your assessment of these decisions?
(Questions 5 and 6) Will they be effective? Why?
(Question 7): How have you decided this?