Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The concepts of strategic thinking and strategic decisions are directly related. While being a strategic thinker is a mindset where leaders use collaborative and forward

The concepts of strategic thinking and strategic decisions are directly related. While being a strategic thinker is a mindset where leaders use collaborative and forward thinking to drive businesses, strategic decision making is the processes used to execute these decisions (Bhushan & Rai, 2004). Strategic decision makers are able to analyze data and future opportunities and turn them into action (Pillai, et al., 2004). Strategic decision makers must have a deep understanding of the values and mission of the organization. Using this knowledge, they can prioritize decisions based on how much they will benefit and growth they will add to the company. Good organizational skills and an ability to work in a collaborative environment are also characteristics essential to being a good strategic decision maker. One strategic decision-making model is the use of the balanced scorecard (BSC). The BSC a tool that can develop leaders develop strategic actions by evaluating the financial, customer, internal business processes, and learning and growth impacts of the decision (Bhushan & Rai, 2004).

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Risk Management And Insurance

Authors: George E. Rejda

10th Edition

0321414934, 9780321414939

More Books

Students also viewed these General Management questions

Question

Discuss the impact of religion on individual behavior.

Answered: 1 week ago