About This Chapter
Strategic Decision Making for Managers - Chapter Summary
In this entertaining chapter are bite-sized lessons you can study to learn about or better understand strategic decision making for managers. Topics covered in the lessons include decision strategies in business, payback analysis and the process approach to management. Find out how well you understand each lesson you review by taking the accompanying quiz. If questions arise during your studies, be sure to send them to our experts via the Dashboard. These resources are available 24 hours a day via any computer or mobile device. Utilize them at your own pace to ensure you're able to do the following:
- Define decision strategy in business
- Differentiate between the three main quantitative decision making tools
- List and discuss types of decisional roles in management
- Share the definition and describe the process of strategy formulation
- Provide an example of payback analysis
- Describe the process approach to management and its key concepts
- Exhibit knowledge of the quantitative school of management
1. What Is a Decision Strategy in Business?
This lesson defines and explains decision strategy in business. Decision strategy helps companies to plan for any eventuality and affords middle managers a great deal of autonomy.
2. 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.
3. 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.
4. 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.
5. 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.
6. Quantitative School of Management: Improving Managerial Decision-Making
In order to be effective, managers must make informed decisions. In this lesson, we will help you to understand how managers make decisions using data, models and statistics.
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Other chapters within the Business 316: Strategic Decision Making course
- Introduction to Strategic Decision Making
- Strategic Thinking in Making Business Decisions
- Decision Making Models for Business
- Statistical Tools for Decision Making
- Quantitative Tools for Decision Making
- Financial Data for Strategic Decision Making
- Technological Support for Strategic Decision Making
- Strategic Decision Making & Risk Management
- Group Dynamics in Strategic Decision Making
- Decision Making in International Businesses
- Analyzing Business Decisions
- Communication in Strategic Decision Making