Theoretical background

Strategic decision making deals with poorly structured decision‐making problems for which there is no clear procedure on how to solve them, leading to the decision [1].

The strategic decision for the company is considered to be the choice of the overall strategic orientation of the company which is followed by the decomposition of strategic decisions and consequently the tactical nature [2]. Effective strategic decisions are the result of a gradual, step‐by‐step on‐going analysis of information [3].

Strategic decisions are intended to provide a competitive advantage and try to change the overall scope and direction of the company [4]. They are important for organizational health and survival [5].

In most businesses, however, strategic decision making is not about making those decisions. This is the documentation of the options which have already been made and often random. Therefore, leading companies reviewed approach to policy‐making, so that their decisions are better and faster [6]. Solving strategic problems affects a large number of factors both inside the company and its surroundings. Many of them cannot be accurately quantified, exist between the complex and varying bond, and are difficult to interpret the information necessary for decision [7]. Adoption and implementation of strategic decisions is fundamental not only for large but also for small and micro‐corporations, because they increase their performance [8].

Many theoretical models and approaches as well as the studies conducted in strategic decision making are focused primarily on large enterprises. Among the strategic decision of large and small corporations, however, there are some differences that result from the specific small corporations.

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