About This Chapter
Strategic Management and Managerial Decision Making - Chapter Summary and Learning Objectives
Leadership abilities may come naturally, but managers have to do a lot of thinking and planning to do their jobs effectively. In this set of lessons, you'll learn about how strategic management and decision-making processes work in a business context. These video lessons will go in-depth in discussing strategic management and managerial decision-making, but first you'll be able to explore foundational information about both subjects.
Foundational information that gets coverage includes the four steps involved in the strategic management process. You'll also learn about the four functions of management, and how factors like technology, innovation, and diversity have an impact on the four functions. Different business environments also get explored and explained.
Additionally, these lessons delve into the specific steps involved in a manager's decision-making process. Specific examples from real-world companies are used to help make the concepts clearer. Factors that can influence the decision-making process, like certainty, risk, and uncertainty, are also discussed.
Finally, you'll learn how to use quantitative decision-making tools. These tools include decision trees, payback analysis, and simulations. You will also learn what a PERT analysis is, and how it can be used to help management get a project completed in a limited amount of time. Thanks for watching!
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. 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.
3. 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
4. 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.
5. 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.
6. 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.
7. 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.
8. What is Benchmarking? - Definition, Types, Process & Examples
Companies use benchmarking as a way to compare key metrics to other businesses in the industry. This allows companies to see how well they are performing and identify ways they can become more competitive in the industry. In this lesson, we will look at the different types of benchmarking, the stages of benchmarking, and a real world example.
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Other chapters within the Business 101: Principles of Management course
- Management Basics
- Classical School of Management
- Behavioral School of Management Theory
- Contemporary and Future School of Management Theory
- Organizational Change
- Organizing in Business Management
- Work Teams
- Leading in Organizations
- Leadership Theory
- Motivation in the Workplace
- Communication in the Workplace
- Controlling in Organizations
- Human Resources
- Production and Quality Assurance
- International Management and Contemporary Issues
- Studying for Business 101