Strategic Decisions Definition
Strategic decisions are decisions that are made at the highest level of an organization and that have a significant impact on the overall direction of the organization. A strategic decision is typically made by the CEO or other top-level executives, and it is usually based on a careful analysis of the organization’s strengths, weaknesses, opportunities, and threats.
In order to make a good strategic decision, an organization must first understand its current situation relative to its goals. This understanding requires a thorough analysis of the internal and external factors that will affect the organization’s ability to achieve its goals. Once this analysis is complete, the organization can develop a set of options for how to proceed. These options should be evaluated against each other in terms of their potential risks and rewards. The option with the best balance of risk and reward is then chosen as the basis for the strategic decision.
After a strategic decision has been made, it is important to monitor its implementation carefully. This includes tracking whether or not the decision is achieving its desired results and making adjustments as necessary.
