How Management Strategy and Decision Making is a Powerful Tool
Obviously this concept of management strategy and decision making consists of two concepts within that is strategy formulation and the decision making. This clearly means the management very firstly strategies and then accordingly basis the strategy formulated they take their decisions.
Formulating a strategy may sound simple but it is not, the higher management at first need to go department or function wise and then create organizational level strategy. Various departments, their supply chain management everything has to be seen and kept in mind. In fact, within some departments also there are sub strategies like within marketing department there may be a different strategy for a particular line of products and completely different for the remaining. Similarly, in recruitment department there may be different hiring strategies for different months’ basis the need, availability etc. Overall we can say an organization whether it is small or big they create strategy for their future mission or goal.
Talking about decision making so just like strategy formulation it also involves multitude of aspects. There are various factors associated with it like the risk involved, feasibility check, time available, cost involved, people impact etc. It is very crucial to ensure that the decision taken is not only all inclusive but also feasible for all.Students seeking assignment writing help on management strategy and decision making can contact us anytime through our website BookMyEssay or can contact is through email or phone call.
Decision Making Tools and Their Usage
Business leaders take so many decisions daily some are big and some are routine and quick. Managers use lot of tools and mechanisms to review the alternatives and choose among them. A typical decision process involves reviewing of the problem, defining alternatives, analyzing the same and choosing the best as part of the decision.
- Marginal analysis is the process where the benefits or value of the activity or decision is weighed against the cost. It is one of the effective tools which checks resources, constraints etc. and then only enables the decision making. It enables you to take optimal decision with right amount of information.
- SWOT analysis is another tool or a mechanism wherein the situation or the decision to be taken is divided into four distinct quadrants such as strengths, weakness, opportunity and threat. There are various forces that influence the action and there are going to be various consequences hence it shares all perspective in detail.
- Decision matrix is another way when one deals with multiple options or alternatives , decision matrix helps you get the clarity. It works like defining pros and cons and placing value on each.
- Pareto analysis is the one that helps you identify changes that are going to beneficial for your business. It works on 80/20 principle which says 20% of the factors contribute to 80% of growth of the business.
There can be one or a combination of tools being used for analysis however ensuring that your decision is beneficial for the business is very crucial. Students learn this discipline and are also made to do essay for which they can also seek essay writing help with management strategy and decision making from the celebrated name BookMyEssay.