Strategic Decision Making: An Empirical Study of Key Factors
Keywords:
Effective strategic decision-making, External environment, Internal resources, and environment, information availability and decision-making skill, risk assessment.Abstract
Effective strategic decision-making is crucial for organizations to navigate complex and dynamic business environments. Strategic decision-making is a critical process that shapes the success and competitiveness of organizations. Understanding the determinants that influence strategic decision-making is essential for effective decision-making outcomes. This research paper comprehensively reviews the critical determinants (External environment, Internal resources, and environment, information availability and decision-making skills, and risk assessment) that impact strategic decision-making. It synthesizes existing literature and empirical studies to identify and analyze the factors influencing strategic decision-making processes. The research has done on 200 respondents of IT sector employees in the Chennai region. The findings of this research offer insights into the complex dynamics of strategic decision-making and provide a foundation for future research and practical applications in strategic management.
Downloads
References
Abubakar, A.M., Elrehail, H., Alatailat, M.A. and Elçi, A. (2019), “Knowledge management, decisionmaking style and organizational performance”, Journal of Innovation and Knowledge, Vol. 4 No. 2, pp. 104-114,
Abuhjeeleh, M., Elrehail, H. and Harazneh, I. (2018), “The experiential image of North Cyprus destination as perceived by German tourists”, Journal for Global Business Advancement, Vol. 11 No. 5, pp. 630-649.
Adam, A., Lindahl, G. and Leiringer, R. (2020), “The dynamic capabilities of public construction clients in the healthcare sector”, International Journal of Managing Projects in Business, Vol. 13 No. 1, pp. 153-171.
Adam, S., Mahadi, B. and Rahman, A.P.A. (2018), “The effect of enterpreneurial orientation towards organizational performance of E-business in Malaysia”, International Journal of Entrepreneurship and Management Practices, Vol. 1 No. 2, pp. 12-21.
Acciarini, C., Brunetta, F. and Boccardelli, P. (2021), “Cognitive biases and decision-making strategies in times of change: a systematic literature review”, Management Decision, Vol. 59 No. 3, pp. 638-652.
Aseeri, M., & Kang, K. (2023). Organisational culture and big data socio-technical systems on strategic decision making: Case of Saudi Arabian higher education. Education and Information Technologies, 1-26.
Barlach, L. and Plonski, G.A. (2021), “The Einstellung effect, mental rigidity and decision-making in startup accelerators”, Innovation and Management Review, Vol. 18 No. 3, pp. 276-291.
Behling, O., Gifford, W.E. and Tolliver, J.M. (1980), “Effects of grouping information on decision making under risk”, Decision Sciences, Vol. 11 No. 2, pp. 272-283.
Chuang, R., Ishii, K., Kim, H. S., & Sherman, D. K. (2022). Swinging for the fences versus advancing the runner: Culture, motivation, and strategic decision making. Social Psychological and Personality Science, 13(1), 91-101.
Dhir, S. and Dhir, S. (2020), “Modeling of strategic thinking enablers: a modified total interpretive structural modeling (TISM) and MICMAC approach”, International Journal of System Assurance Engineering and Management, Vol. 11 No. 1, pp. 175-188.
Goldman, E.F., Scott, A.R. and Follman, J.M. (2015), “Organizational practices to develop strategic thinking”, Journal of Strategy and Management, Vol. 8 No. 2, pp. 155-175.
Johnsen, A. (2015), “Strategic management thinking and practice in the public sector: a strategic planning for all seasons?”, Financial Accountability and Management, Vol. 31 No. 3, pp. 243-268.
Nooraie M (2012), Factors Influencing Strategic Decision-Making Processes, International Journal of Academic Research in Business and Social Sciences, Vol. 2, No. 7
Pearce, J.A. II & Robinson, R.B. Jr. (1994). Strategic Management, Formulation, Implementation, and Control, 5th ed. Burr Ridge, Illinois: Irwin inc.
Pearce, John A., III and Richard B. Robinson, Strategic Management (Homewood, Ill.: Irwin, 1982).
Schendel, Dan E. and Charles W. Hofer (editors), Strategic Management: A New View of Business Policy and Planning (Boston: Little, Brown & Co., 1979).
Stevens P (2008), Kuwait Petroleum Corporation: Searching for Strategy in a Fragmented Oil Sector, Program on Energy and Sustainable Development, Working Paper #78 (Stevens, 2012).
Seginer, Rachel, “Game Ability and Academic Ability: Dependence on SES and Psychological Mediators,” Simulation and Games, Vol. 11, No. 4, 1980, pp. 403-421.
Simon, Herbert A., Administrative Behavior (New York: The Free Press, 1957).
Thompson, Arthur A. and A. J. Strickland III, Strategy Formulation and Implementation: Tasks of the General Manager (Plano, Texas: Business Publications, 1980).
Wolfe, Joseph, “Effective Performance Behaviors in a Simulated Policy and Decision Making Environment,” Management Science, Vol. 21, No. 8, 1975, pp. 872-882
Downloads
Published
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
All papers should be submitted electronically. All submitted manuscripts must be original work that is not under submission at another journal or under consideration for publication in another form, such as a monograph or chapter of a book. Authors of submitted papers are obligated not to submit their paper for publication elsewhere until an editorial decision is rendered on their submission. Further, authors of accepted papers are prohibited from publishing the results in other publications that appear before the paper is published in the Journal unless they receive approval for doing so from the Editor-In-Chief.
IJISAE open access articles are licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. This license lets the audience to give appropriate credit, provide a link to the license, and indicate if changes were made and if they remix, transform, or build upon the material, they must distribute contributions under the same license as the original.
