About This Chapter
Who's it for?
Anyone who needs help learning or mastering introductory management material will benefit from taking this course. You will be able to grasp the subject matter faster, retain critical knowledge longer and earn better grades. You're in the right place if you:
- Have fallen behind in understanding quantitative decision-making tools or the strategic management process.
- Need an efficient way to learn about strategic management and managerial decision making.
- Learn best with engaging auditory and visual tools.
- Struggle with learning disabilities or learning differences, including autism and ADHD.
- Experience difficulty understanding your teachers.
- Missed class time and need to catch up.
- Can't access extra management learning resources at school.
How it works:
- Start at the beginning, or identify the topics that you need help with.
- Watch and learn from fun videos, reviewing as needed.
- Refer to the video transcripts to reinforce your learning.
- Test your understanding of each lesson with short quizzes.
- Submit questions to one of our instructors for personalized support if you need extra help.
- Verify you're ready by completing the Strategic Management and Managerial Decision Making chapter exam.
Why it works:
- Study Efficiently: Skip what you know, review what you don't.
- Retain What You Learn: Engaging animations and real-life examples make topics easy to grasp.
- Be Ready on Test Day: Use the Strategic Management and Managerial Decision Making chapter exam to be prepared.
- Get Extra Support: Ask our subject-matter experts any relevant question. They're here to help!
- Study With Flexibility: Watch videos on any web-ready device.
Students will review:
In this chapter, you'll learn the answers to questions including:
- What steps are involved in the strategic management process?
- What are the four functions of management in business?
- How does the decision-making process work in an organization?
- How do decision makers deal with certainty, risk factors and uncertainty?
- What are decision-making trees and other quantitative decision-making tools?
- How does PERT analysis work?
- What are some of the decision-making roles found in management?
1. The Strategic Management Process
We will be reviewing the strategic management process, starting with the four main steps of the process. These steps provide the foundation for understanding strategic management as a whole and will serve you well as you deal with management decision-making situations.
2. Business Environments & the Four Functions of Management
The business environment and the forces that push against it are something every manager must deal with and learn to work with. In this lesson, we will detail the four key functions of management and review how different forces present in the business environment impact these four key funtions
3. The Decision Making Process for Organizations
We will be discussing the formal decision making process for managers. The process will show you how to look at a problem and use a series of steps to address that problem. It is a key element of managerial decision making and one that is very practical for the business environment.
4. Decision Making for Managers: Certainty, Risk & Uncertainty
Making decisions with the most amount of certainty is something managers learn to do over time. In this lesson, we will review how managers work with certainty and risk in order to make informed decisions.
5. Quantitative Decision Making Tools: Decision Trees, Payback Analysis & Simulations
Successful managers use decision-making tools to analyze a problem and try to determine the best solution for that problem. Here, we will discuss three main decision-making tools and help you to understand their function and implementation.
6. PERT Analysis & Project Completion
Time-based decision methods are used a great deal when a manager or company looks at a time-based project. To ensure the project can be done on time, managers use PERT analysis, a tool for estimating the time it will take to complete a project. This lesson will outline PERT and help you to understand how it is used to predict time based projects.
7. Bureaucratic Organizations: Examples & Characteristics
In this lesson, we will discuss what a bureaucratic organization is. We will also cover a few characteristics and examples of bureaucratic organizations, and then you can test your understanding with a quiz.
8. Decisional Roles in Management: Types, Examples & Definition
There are ten different management roles grouped into three distinct areas: informational, interpersonal and decisional. Define the four types of decisional managerial roles and explore real-life examples of this action-based style.
9. Strategy Formulation: Definition, Model & Process
Ever used a road map to get somewhere? Well, a strategy is a road map for a business. In this lesson, you'll learn about the process of strategy formulation. You'll also have a chance to take a short quiz after the lesson.
10. What Are Mergers and Acquisitions? - Definition & Examples
Do you understand the difference between and merger and an acquisition? Can you explain why a company might merger or acquire, and what can go wrong with the process? Read on to learn the answers to these questions.
11. What Is an Endowment? - Definition & Effect
This lesson will provide an overview of an endowment. Financial endowments affect numerous recipients, and those effects will be explored in this lesson.
12. Payback Analysis: Formula & Example
Payback analysis is an important financial decision-making tool. In this lesson, you'll learn what it is and how to apply the formula, and you'll see an example of payback analysis. You'll also have a chance to take a short quiz after the lesson.
13. Process Approach to Management: Definition & Concept
Quality and performance are the aims of process management. In this lesson, you'll learn about process management and some of its key concepts. You'll also have a chance to take a short quiz after the lesson.
14. What Are Strategic Plans in Business? - Definition & Examples
Strategic planning is the process of outlining a long-term vision for a company. Learn about the role of strategic planning in business, see its application, and take a quiz on what you've learned.
15. Earned Value Management: Definition, Formula & Examples
Earned value management is a systematic process used by project managers to determine project performance and forecast project completion schedules and budgets. This lesson demonstrates how to use the essential components of EVM to successfully manage a project.
Earning College Credit
Did you know… We have over 160 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the Introduction to Management: Help and Review course
- Business Management Basics
- Management Basics: Help and Review
- Classical School of Management Theory: Help and Review
- Behavioral School of Management Theory: Help and Review
- Contemporary and Future School of Management Theory: Help and Review
- Planning in Organizations: Help and Review
- Organizational Change: Help and Review
- Organizing in Business Management: Help and Review
- Work Teams: Help and Review
- Leading in Organizations: Help and Review
- Leadership Theory: Help and Review
- Motivation in the Workplace: Help and Review
- Communication in the Workplace: Help and Review
- Controlling in Organizations: Help and Review
- Human Resources Basics: Help and Review
- Production and Quality Assurance: Help and Review
- Managing Organizational Changes
- International Management and Contemporary Issues: Help and Review
- Introduction to Small Business Management
- Theories of Business Management