Building a sound business strategy is now a requirement, only recently we have seen British brand, House of Fraser, go into administration because of poor strategy and other brands such as Debenhams have reinvented themselves and also improved their digital offering, something House of Fraser have failed to do. Participants will understand the decision-making process from start to finish, with the ability to recognize cognitive biases that inhibit good decisions. 1. When the managers plan, they decide on many matters as what goals their organisation will pursue, what resources they will … – A free PowerPoint PPT presentation (displayed as a Flash slide show) on - id: 3afee5-ODJjM Meaning and Tips Explained, Career Management: Meaning, Process and Objectives. I am the director of the John Templeton Foundation’s character development portfolio. Fees for the on-campus program include accommodations and meals. View programs within Leadership and Management, Strategy and Innovation, Wharton LIVE Virtual Programs or: Effective Decision Making: Thinking Critically and Rationally, Vice President, Commercial Capabilities, Strategic Planning & Operations, GSK, CRO of Regulated Entities & Managing Director of Financial Risk Management, TD Ameritrade, Director of Character Virtue Development, John Templeton Foundation, Making Better Decisions Under Uncertainty, The Latest Thought Leadership for the COVID-19 Era, Customized Online Programs for Organizations, Customized Online Learning for Organizations, Executive Negotiation Workshop: Negotiate with Confidence, Strategic Persuasion Workshop: The Art and Science of Selling Ideas, Make decisions in a dynamic of uncertainty, Provide the leadership to mitigate the effects of cognitive biases, Understand the role of emotions and ethics in decision making, Develop tools to improve individual and organizational decision making, Judgment and Decision Making: The Logic of Chance, You cannot judge the quality of individual decisions based on their outcomes; instead, the quality should be judged on the process that was used to make them, People tend to be overly precise while they should consider a much larger range of possibilities, Even dramatically different outcomes can be purely the product of chance. It is quite vital to have goals, aims, and objectives as it helps the organization to keep the cash registers ringing and attain the pinnacle of growth and success. Wharton teaches you how to think about how best to approach problems like these — by using the tools that I learned in this course, I believe that in my new role, my team will net better results as we seek to solve complex issues like these facing our company and our industry. In simpler words, to ensure wise decision-making processes, it is important that strategies are in place to support the business functions and operations. Every business needs to goal-oriented having a certain and specific set of aims and objectives. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. We are currently going through a strategic planning process and our foundation’s president asked the senior grant-making staff to brainstorm a number of ideas to pursue in the next round of our planning; during one of our off-site retreats, she used Wharton’s process for brainstorming. Strategic management therefore entails evaluating business goals, the organisation’s vision and objectives as well as the future plans. Rare- Strategic Another lecture topic was on the logic of chance, which is very relevant to philanthropy. Developing such a skill requires a combination of knowledge, experience and intuition. Effective Decision Making: Thinking Critically and Rationally is designed for executives who are moving from tactical to strategic roles and for those involved in cross-functional decisions. Learn more. Many managers try to align strategic decisions with the company's overall vision -- where it would like to be and how it would like to get there. When the firm follows the Importance of Strategic Planning in each of its business facets and operations, it is swiftly moving towards accomplishing the aim of higher sales and profits. Strategic decisions deal with harmonizing organizational resource capabilities with the threats and opportunities. If you are interested in taking up a strategic business management course, you do not need to look any further. Hence, the management along with the key members of the team take corrective measures well before time ironing out the issues much before they hamper the brand value and profits of the firm. Prior to becoming a professional player, Annie was awarded a National Science Foundation Fellowship to study cognitive psychology at the University of Pennsylvania. These scholars are also very talented at translating that research and making it relevant to organizations independent of industry. Cecilia Yen Koo Professor; Professor of Operations, Information and Decisions; Professor of Management, The Wharton School, Research Interests: Decision making, deception and trust, negotiations, Mark O. Winkelman Professor; Professor of Legal Studies and Business Ethics, The Wharton School, Research Interests: Business ethics, corporate compliance, corporate governance, Practice Professor, Operations, Information and Decisions, The Wharton School, Research Interests: People analytics, judgment under uncertainty, organizational behavior, Professor of Operations, Information, and Decisions, The Wharton School, Research Interests: Judgment and decision making, experimental methods, consumer behavior, Professor of Statistics; Director of Undergraduate Program in Statistics; Faculty Lead of the Wharton Sports Analytics and Business Initiative, The Wharton School, Research Interests: Baseball, boosting, data compression, entropy, information theory, probabilistic modeling, temperature reconstructions, Speaker, Decision Strategist, and Former Professional Poker Player, Ernest D. Haynes IIIVP & General Manager, Sonoco. And all of it results in the firm marching ahead amidst the tough and ever growing competition from the existing as well as new players in the market. Annie Duke is an author, corporate speaker, and consultant in the decision-making space. It refers to the formulation and implementation of the goals and initiatives involved in the strategies, laid out by the stakeholders of an organisation. These sessions include: Through highly interactive lectures, exercises, and case studies, both in the classroom and in smaller work groups, this deep dive into the art and science of decision making will enhance your effectiveness as a leader. Course Hero is not sponsored or endorsed by any college or university. It is of particular benefit to organizations and industries whose decision-making approaches are shifting as a result of high levels of uncertainty, including telecommunications, financial services, and health care. There were several key takeaways that I have been able to leverage in my day-to-day work responsibilities, including the following: My overall experience exceeded my expectations. An organization with a plan in hand and a strategy in mind and place accomplishes its goals and objectives before its contemporaries in the market gaining a competitive edge and advantage. Managers of successful businesses do more than simply find a way to make money and sell stuff. As with the strategic planning and inputs from the internal team, external parties, and experts; the firm plans and strategizes its next line of offerings that are unique and exclusive in the market and is sure to elevate the sales, profit margins, and brand value. Strategic decisions are large-scale, risky, and hard to reverse and require a systematic approach. April 29, 2019 By Hitesh Bhasin Tagged With: Marketing strategy articles. Wharton faculty, led by Professor Maurice Schweitzer, apply their field-based research and the latest strategic insights to help you broaden your perspective on how to influence, persuade, and make informed, strategic decisions without bias. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. This program is held at the Steinberg Conference Center located on the University of Pennsylvania campus in Philadelphia. Managers must address change and long-term growth with strategic … To further leverage the value and impact of this program, we encourage companies to send cross-functional teams of executives to Wharton. Wharton’s coursework and faculty’s way of thinking about decision making and how to be a better strategic thinker will absolutely help me in my new role. Strategic decision making is important as it gives a way forward to the company for better growth and profit & guides the company in bad times. This strategic decision-making program enhances participants' capacity to make well-thought-out individual, group, and organizational decisions. You can change your ad preferences anytime. Approaches of Strategic Decision Making – 5 Important Approaches of Strategic Decision Making Categorised by Few Authors. What drew me to Wharton was its reputation and the deep selection of courses. Realizing the Importance of Strategic Planning helps the organization to be more proactive rather than being reactive to the forthcoming issues and problems in attaining the goals and objectives.

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