The course objectives are as follows:
- Appraise the roles of emotion and fairness in decision making.
- Assess common biases in decision making.
- Assess situations that present potential legal and ethical issues and develop solutions for those issues
- Construct quantitative and qualitative research to analyze business cases
- Evaluate business situations using critical thinking skills
- Examine the opportunities provided by technology for businesses.
- Interpret reflective and expedient decision making.
- Justify the role of decision making in business
- Propose effective communication techniques.
In the objectives listed above the main objectives that stick out to me are Assess common biases in decision making, Assess situations that present potential legal and ethical issues, and develop solutions for those issues, Evaluate business situations using critical thinking skills, and Evaluate business situations using critical thinking skills. The listed objectives will ensure that I will not make any unethical decisions that may violate someone’s Equal Opportunity Rights. This will also ensure that no legal actions will not be taken against me or the business that I am employed with.
In addition, the objectives will assist in communicating pertinent information up and down my chain of command. I will also polish my delegating skills down to my subordinates. Also, identifying common biases will assist me in making a sound decision and not making a decision of the facts that is “How it has always been.” Critical thinking skills will always save time and money; it can be advantageous to the company and me.
How is strategy different from an organization’s vision and mission?
An organization’s vision and mission is the foundation of the company “What we are here for” while the strategy is how do we get there. In order to meet the vision and mission of an organization, strategic planning is vital to accomplishing the vision and mission.
The strategic planning model has four steps: assessments; strategy formulation; implementation of the plan; and evaluation of the results. Explain how this model along with strategic analysis is used to identify and assess an organization’s micro and macro environment.
- Assessment: Is the development of the plan.
- Communication/formulation: Sharing the plan.
- Implementation: Executing the plan.
- Evaluation: Assessing the plan and following up.
How are strategic planning and the analysis process used to facilitate an organization’s ability to initiate, formulate, and implement strategies?
It is also vital to evaluate the macro and micro environments that a firm may be confronted with, such as the economy and its opponents. The environment drastically influences the decisions an organization may make, and consequently, the organization must be constantly evaluated.