About This Chapter
Strategic Management & Managerial Decision Making Overview - Chapter Summary
You can use this chapter on managerial decision making and strategic management to meet your corporate training goals. Your teams will watch short videos about the strategic management process, the four functions of management and the decision-making process for organizations. Use the entire chapter or just the individual lessons that line up with the concepts you need to reinforce with your employees.
How It Helps
- Strengthens your organization: Managers who understand how to make sound managerial decisions contribute to the success and strength of your company.
- Provides knowledge: This chapter provides a thorough overview of decision-making for managers, giving your employees a good understanding of these concepts.
- Makes training easy: Whether you need a resource to use in a corporate training workshop or to train a new employee, this chapter is for you.
Your employees should be able to achieve the following objectives once they complete this chapter:
- Understand how to make quantitative decisions in management
- Outline the strategic management process
- Explain business environments and the four functions of management
- Detail the decision-making process for organizations
- Discuss decision-making for managers
- Describe quantitative decision making tools such as payback analysis and decision trees
- Perform PERT analysis and successfully complete projects
- Define benchmarking
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. Practical Application: Making Quantitative Decisions in Management
Quantitative decision making tools are used by managers in every type of business. Let's practice applying these types of tools to a hypothetical scenario.
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 Management: Skills Development & Training course
- Management Overview
- Classical School of Management Overview
- Behavioral School of Management Theory Overview
- Contemporary & Future School of Management Theory Overview
- Planning in Organizations Overview
- Organizational Change Overview
- Organizing in Business Management Overview
- Work Teams Overview
- Leading in Organizations Overview
- Leadership Theory Overview
- Motivation in the Workplace Overview
- Communication in the Workplace Overview
- Controlling in Organizations Overview
- Human Resources Overview
- Production & Quality Assurance Overview
- International Management & Contemporary Issues Overview