TACTICAL AND STRATEGIC DECISIONS Investment decisions may be tactical or strategic. A tactical investment decision generally involves a relatively small amount of funds and does not constitute a major departure from what the firm has been doing in the past. The consideration of a new machine tool by a motor manufacturing company is a tactical decision‚ as is a buy-or-lease decision made by an oil company. Strategic investment decisions involve large sums of money and may also result in a major
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In a dynamic and uncertain environment‚ strategic decision making is important because it can provide managers with a systematic and comprehensive means for taking into account the external environment‚ focusing on an organisation’s strength‚ minimising weaknesses‚ and identifying opportunities in which an organisation can have a competitive advantage. However‚ the decision may still fail if it is not implemented properly. Implementation causes the chosen course of action to be carried out within
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as POLC: Planning‚ Organizing‚ Leading‚ and Controlling. However‚ in the late 1960’s‚ Henry Mintzberg undertook a careful study of 5 executives to determine what these managers did on their jobs. In Mintzberg’s framework‚ a manager consists of 3 roles: informational roles‚ interpersonal roles‚ and decisional roles. Throughout this essay‚ the structure will be first about discussion of Fayol and Mintzberg theories in management‚ then‚ their comparison and contrast relating functional and process approaches
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Strategic Decision Making Decision making is the most important function of any manager. Strategic decision making is the prominent task of the senior management. Both kinds of decision making are essentially the same. The difference lies in the levels at which they operate. While decision- making pertains to all managerial functions‚ strategic decision making largely relates to the responsibilities if the senior management. Conventional Decision - Making Most people agree that decision
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many different views about management has been appearing such as Fayol’s function theory (1949) which based on his owe managing experience and Mintzberg’s 10 roles theory (1973) which came from observing five chief-executive officers. Furthermore‚ Mintzberg regarded Fayol’s theory as “folklore”. It seems that Fayol’s theory has been made redundant by Mintzberg’s study. The purpose of this paper‚ however‚ is to present that Fayol’s administrative theory still has a practical significance and has not
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. INTRODUCTION Corporate strategic decisions are usually based on the methods through which an organization could leverage its existing competitive advantage in promoting value and ensuring growth (Lynch‚ 2009)‚ while sustainable competitive advantage depends largely on how well a company performs these actions (Porter‚ 2008). The need for companies to grow and expand has been known to drive product and marketing innovation‚ which in turn prompts them into adopting different organisational strategies
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Objectives Strategic Decision Making What is strategic management? Why study global strategic management? Fundamental issues General Approach Current competitive landscape Chapter 1 Strategic Management Full set of commitments‚ decisions‚ and actions required to achieve strategic competitiveness and earn sustainable competitive advantage Why study Strategic Management? Expertise in global strategy is highly sought after Preparation for international assignments Needed for advancing to
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Fayol and Mintzberg The aim of this project is to highlight what management is all about. Management is a vague term which many theorists have different interpretation. It has become an important part of our society and also in our daily activities. Based on my research‚ management is the process of getting activities completed efficiently and effectively with and through people. In this essay‚ I will be comparing and contrasting the views of management with two profound theorists‚ Fayol and Mintzberg
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Is the work of modern day management still comparable to the ideas‚ and structures created by management theorists of the past? Management functions‚ roles‚ and skills‚ have been labelled as the three distinctive categories to aid the job description of managers (Robbins‚ Bergman‚ Stagg & Coulter‚ 2006). The purpose of this essay is to identify the work that is required from a manager of today‚ and evaluate the comparisons with the characterisations created by past management researchers‚ and their
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Strategic Decision Making General Introductory Ideas 5 Minds of a Manager: Henry Mintzberg To be effective managers need to face the juxtaposition in order to arrive at a deep integration of contradictory concerns. 1) Reflective Mind-Set: Managing Self 2) Collaborative Mind-Set: Managing Relationships 3) Analytical Mind-Set: Managing Organizations 4) Worldly Mind-Set: Managing Context 5) Action Mind-set: Managing Change Emotional Intelligence: Daniel Goleman The 5 Components of EIQ
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