Paper Example on Strategy and Decision-Making: Keys to Business Success

Introduction

Business strategy and decision making in Management serve a vital role in the success of a business (Ejimabo, 2015). Decision making is a vital aspect of management skills. A manager is required to provide a well-thought strategy or decision. Strategy and decision making are two critical elements, in the implementation of the process, they determine strengths and weakness of a manger. A strategy has to be executable, objective-oriented, and attainable. The process of decision making, therefore, serves an essential role in the business as managers are required to evaluate their decisions effectively and select the best alternative.

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Importance of Mastering Course Objectives.

Decision making requires a manager to use critical thinking, therefore achieving this objective would be helpful, especially when decisions have to be made to solve a critical problem facing the Management, staff members, or marketing strategies (Ejimabo, 2015). Mastering the objectives would bring a significant impact on developing managerial skills, improve my abilities to asses, evaluate, and provide quick solutions in the Management. In this field, decision making involves a cognitive process that results in planned actions from the available alternatives. The course objective will help me to establish an efficient and successful decision-making process.

Identifying common biasness would help to improve the quality of decision making, the outcomes, and the success in my managerial profession. A good manager should be able to consider making bias-free decisions that develop inclusive cultures and collaborate with all stakeholders effectively. However, in some cases, there are common biasness such as Survivorship bias- paying more attention to success while ignoring failures. Anchoring bias- making decisions based on the first piece of information provided, and Overconfidence biases- thinking that one's contribution is essential. Mastering class objectives will help me avoid such mistakes.

Furthermore, mastering the objectives will serve as a source of motivation to empower staff and improve productivity when an employee perceives that the manager has excellent decision-making skills. It would allow them to emulate what I do as they develop in their professional life. Making bias-free decisions will enable employees to learn from me as a manager and become more reliable and independent employees. Mastering the objectives will help makes favorable decision to avoid conflicts.

Challenges Involved If a Manger Fails to Master the Objectives

1. Conflicts

Failing to master the objectives will lower the ability for a manager to make informed and realistic decisions; as a result, this may lead to conflicts in the Management or staff members. A manager should be assertive, make clear decisions, and avoid leaving excess room for workers to decide on their own.

2. Reduced productivity

Decision making requires critical thinking; that is, decisions made should d be able to address critical issues affecting the company. Failing to master this objective, therefore, will reduce production, primarily when decisions made do not address critical aspects of business, such as workers or supply chain. Decision making and leadership are intertwined.

3. Inability to deal with problems

Failing to master the objectives will lower the ability to handle problems whenever a manager is facing them. In adverse situations, a manager should act as a leader and make clear decisions to solve the problem; failure to master the objective, therefore, will hinder the abilities to respond to such a situation.

How Is Strategy Different From Mission And Vision?

Strategy and mission or vision statements of an organization are different; however, they share a common background as they are all aimed at achieving an organization's objectives. All these elements serve to give an organization direction; however, mission and vision become the first things to consider (Grunig, & Kuhn, 2015). To begin with, vision is the entire picture of what the organization intends to achieve. At the same time, the mission is the general statement that gives an overview of how vision can be achieved. Core values act as the companion by defining how the organization will behave in the process. Strategies, on the other hand, define a plan and procedures that the business can use to achieve the vision. Therefore the organization may have one mission, one vision statement, but several strategies such as marketing, employee, and production strategies.

Importance of Strategic Planning Model and Strategic Analysis in Identifying and Assessing Micro and Macro Environment of an Organization.

Strategic planning model and strategic analyses are essential to an organization because they provide a clear sense of direction, procedures, and highlights measures to achieve. The strategic planning model acts as a tool for identifying issues facing micro and macro business environment and outline steps to follow in solving them (Grunig, & Kuhn, 2015). It starts with the objectives; to achieve them, it would be necessary to identify and assess the environment from different perspectives to ascertain possible solutions and challenges to solving a problem. Strategic assessment will help to further analyses the macro and micro environmental factors influencing a particular strategy.

The strategic planning model is a process that helps the organization to allocate resources to address different parts of the business, including the micro and macro environment effectively. The process involves situation analyses and developing plans to achieve vision and missions. Inputs to the strategic planning process require the participants to identify the external and internal environment to decide on specific activities. Strategic planning and analysis seek to integrate and coordinate activities from various functional units of a business (Elbanna, Andrews & Pollanen, 2016). Macro and micro environment factors serve a critical role in achieving a given strategy; for this reason, the strategic model considers these factors in every step and during strategic analyses.

Use of Strategic Planning and Analyses to Facilitate Strategy Initiation, Formulation, and Implementation.

Strategic planning and analyses are often used in Management to ensure focus on the core objectives, strengthen operations, and establish priorities. It is therefore used to facilitate initiation of a strategy by providing the Management with measurable goals and drive business in the correct direction from the starting point of a strategy (Elbanna, Andrews & Pollanen, 2016). It helps to identify the strategic position, collect appropriate information, and conduct SWOT analyses for the initiation process.

Once a strategy has been initiated, and the relevant information analyzed, strategic planning and analyses are used in the formulation of a strategic plan. They help to develop a plan which involves consideration of the significant impacts of a strategy on the business. To ensure that a strategy is applicable, strategic planning and analyses are used to determine the best method of measuring progress. In the implementation phase, strategic planning and analyses can be used to determine the execution plan and predict its success. Once a strategy is in place, the action phase begins; the two elements, therefore, helps to monitor performance to ensure that a strategy is on track.

Responses

Response to Post A

I agree with the classmate post, mastering the course objectives is vital to succeeding in Management. The post identifies course objectives as the core learning skills in Management and that the students should appreciate and master to avoid changes assorted to poor decision- making. Besides, the post provides a clear understanding strategy and decision making; this is important for a manager to help in running managerial duties.

The post provides credible answers to all questions; it clarifies the relationship between strategies, vision, and mission. The three elements are essential for the manager to understand because, at one point, they might be involved in the formulation of mission, vision, and more critical business strategies. I, therefore, concur with this post because it provides precise analyses of decision making and strategy and the role mastering course objectives in Management.

Response to Post B

The post is useful in understanding the importance of course objectives in Management from professional experience perspectives. It clarifies the role of decision making in management examples from a real-life situation. I agree with my classmate because decision mastering course objectives on decision making is vital to developing better managerial skills.

Besides, I find the post more persuasive because it provides exemplary answers to the question while giving reasons for mastering the course objectives. Furthermore, the post clarifies the difference between strategy, vision, and mission using personal experiences. I aggress with the post as it provides a better understanding of course objectives, starting planning and its role in managerial duties.

Response to Post C

I agree with the post because it analyses the role of mastering course objectives based on the factors about the topic and managerial perspectives. However, it makes it difficult to understand the actual course of the study because it provides diverse information about each aspect of the topic. I don't agree with the post when it comes to analyzing the role of strategy, strategic planning and analyses because it does not relate directly to individual managerial skills

Besides, the post does not provide clear responses to the questions based on the course objectives. Strategy and strategic planning are not applied clearly into the context of Management; the unit requires us to relate these concepts with managerial skills development and application of these skills in real-world situations... the post, therefore, does satisfy course objectives.

Response to Post D

The post is short and does not provide a clear explanation of all the questions, is vital to understand the role of mastering course objectives because they are the core elements of the topic and the entire course. Answering all the questions clear would have helped to understand the concepts of the topic and the course more clearly.

Furthermore, I do not agree with the post because it does not provide a sufficient explanation to support the rationale. The topic requires precise analyses of the decision making, strategy, strategic planning, and analyses because it helps to determine the development f managerial skills. I agree with what the post identifies strategic planning and analyses; however, in my opinion, the point is not sufficient to support the topic from managerial perspectives.

Response to Post E

The post analyses the concepts of the topic from business management perspectives. In my opinion, the post is significantly useful in developing a better understanding of decision making and strategic planning as a manager. I agree with the post because it provides a clear explanation of the importance of mastering course objectives in Management.

The post identifies concepts of started, mission, and vision of an organization. The strategy serves an essential role in Management and determines the success of a business. I concur with my classmate because the post provides precise analyses of decision making and strategy from managerial perspectives, which is essential to developing better skills in Management. It provides a credible explanation of strategic planning and analyses and...