IIARD International Institute of Academic Research and Development

IIARD International Journal of Economics and Business Management (IJEBM )

E-ISSN 2489-0065
P-ISSN 2695-186X
VOL. 8 NO. 1 2022
DOI: Strategy, Decision Making, Process, Aid, Organizations.

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Strategic Decision Making: Process and Aid to Better Decision Making in Organizations: A Literature Review Approach

Bayo, P. L. (PhD) & Akintokunbo, O.O. (PhD)

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Abstract

Organizations today survive and are sustainable as a result of the strategic decisions taken by the leadership of such organizations. Their ability and capability to make quality and sustainable decisions depend on the competence of the managers to achieve set goals and objectives. This paper examined the basic strategic decision-making process as an aid to good decisions. Strategic audit helps to list out the areas where the need for better decisions should be encouraged either by adopting or adapting to it for better performance by organization. Thus, since good decisions are said to be rare, the basic strategic process, the modes, the strategic diamond should be encouraged by organization. This paper also introduces us to a well- accepted model of strategic management in which environmental scanning leads to strategy formulation, implementation, evaluation and control. It further shows how the model can be put into action through the strategic decision-making process and the strategic audit

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