...Strategic Decision Making in Healthcare Essay Table of Contents Introduction 2 Key Discussion 2 Conclusion 5 References 6 Introduction The development of this essay is based on concentrating on the strategic decision making process used in the context of healthcare organizations. Considering the nature of healthcare, it has been identified as one of the most unique areas of the organization, and also it becomes a most promising field for conducting the research. The formation of this particular study is highly research-oriented as the lack of researches can be observed regarding the healthcare context, especially in the strategic decision making process. Though, it can be noticed among the current researches most of them focusing upon the strategic decision making, but at a whole the numbers are limited regarding the chosen area (Ferrell, Fraedrich and Ferrell, 2008). Therefore, different number of literature framework is adopted for the purpose of formulating the overall study in order to include different views and concepts of various authors in order to facilitate the theoretical and empirical contributions to this particular attempt. Through the development process of the study, different types of advantages and limitations can also be explored out of the theoretical implications which are essentially discussed. Key Discussion The strategic decision making process is thoroughly integrated with the strategic planning process useful for providing guidance...
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...somewhat forces me to use this viewpoint. My psychology background forces me to use this viewpoint because it has given me a deeper understanding into how different every person is. So I know that each person is going to respond to things differently, and that must be taken into consideration when managing people. When I am faced with a situation and I have to make a decision, I almost always take into consideration the individual and the environment. A common one is with my toddler and why she might be acting a certain way when we are somewhere. Maybe we are in a new place and she is scared and starts crying, how do I handle the situation? I have to take into account the individual (my toddler) and the environment (the mall). To get handle on the circumstances, or the situation, I would talk to my toddler and reassure her that she is safe and that we are in a new place, and try to make it seem a little fun. What girl doesn’t like to spend money! In my work experience, I think that you have to be careful when using the contingency viewpoint. Since you have to consider the individual and the environment, and your decision is contingent upon these two things, I think that you...
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...Research Methods for Strategic Managers to Aid in Decision Making Abstract [P1] Managers can be trained to make better decisions. They also need a supportive environment where they won’t be unfairly criticised for making wrong decisions and will receive proper support from their colleague and superiors. A climate of criticism and fear stifles risk-taking and creativity; managers will respond by ‘playing it safe’ to minimise the risk of criticism which diminishes the business’ effectiveness in responding to market changes. It may also mean managers spend too much time trying to pass the blame around rather than getting on with running the business. The study is based on all-embracing research to assemble information from a variety of sources such as internet, interview and books. The research was conducting on the decision making in the different economic scenario data was collected and results were evaluated. Introduction [P1] [1.1] Some decisions are difficult because of the need to take into account how other people in the situation will respond to the decision that is taken. The analysis of such social decisions is more often treated under the label of game theory, rather than decision theory, though it involves the same mathematical methods. From the standpoint of game theory most of the problems treated in decision theory are one-player games (or the one player is viewed as playing against an impersonal background situation). In the emerging socio-cognitive engineering...
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...Cost, Budgets and Strategic Decision Making in Management Accounting Answer (a) Budgets can be characterized as a quantitative explanation, for a certain time period, which may incorporate arranged incomes, cash flow, costs, resources, and liabilities. Budgeting alludes to the procedure of outlining, actualizing, and working budgets. Budgeting, as a control device, gives an activity plan to guarantee that the association's real exercises are slightest digressed from the planned exercises. Budgets are utilized to give an outline of the organization and procedures performed in it. They are helpful in asset allocation where assets are distributed in such a route, to the point that the techniques, which are relied upon to give the most astounding returns, receive top priority (Libby and Murray, 2010). Budgets are additionally forecast instruments and bring about a significant improvement readied to adjust to changes in business atmosphere. They ought to be produced in such a route, to the point that they consider the key necessities of each of the functions. Budget detailing comprises of an arrangement of exercises: a budget department is created in which a budget controller is appointed, strategies are developed for budget readiness, budget recommendations are created at the department level, the budget is developed for the whole company, financial backing period and key budget elements are decided, the budget is evaluated and approved, growth is observed, and the budget...
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...Management Vol. 5, No. 12; December 2010 Impact of Resource Based View and Resource Dependence Theory on Strategic Decision Making Ali Raza Nemati Riphah International University, Islamabad, Pakistan Tel: 92-345-590-5581 E-mail: aliraza.nemati@riphah.edu.pk Afkar Majeed Bhatti Riphah International University, Islamabad, Pakistan Tel: 92-333-535-9743 E-mail: Afkar_tg@yahoo.com Muhammad Maqsal Riphah International University, Islamabad, Pakistan Tel: 92-345-956-5435 E-mail: mmaqsal@gmail.com Immad Mansoor Riphah International University, Islamabad, Pakistan Tel: 92-345-580-0451 E-mail: immadmansoor@gmail.com Fariha Naveed Riphah International University, Islamabad, Pakistan E-mail: farihanaveed@riphah.edu.pk Abstract This paper aims to investigate different factors determining strategic Decision making. This study attempts to identify the role of RBV and RDT and its impact on strategic Decision making. It has been seen that different strategies has to be made to get competitive advantage keeping in mind external resources and while strategies differ when to get competitive advantage through internal resources such as Human resource and capital Resource. In this research heuristics and bounded rationality acted as moderator to strategic decision making as when decision makers (managers take decisions personal biases and heuristics also get involved. Keywords: Decision making, Resource based view, Resource dependence theory, Heuristics and biases 1. Introduction The purpose of...
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...operate most efficiently and what has to be considered to generate sustainable success. For me personally the topic “resourced-based view of a company” was the most interesting one. Therefore, I was wondering if it is possible to apply a resource-based view as an innovative perspective to support the strategic decision making process of certain management sections. During this research proposal I am going to present my research strategy to answer this question. 2. Literature Review In order to prove the value of the research question a review of the relevant literature was undertaken. Obviously, the central element of my research question is “the resource-based view” (RBV). Therefore, I disclose which initial assumptions, approaches and results have been evolved about the RBV thematic in literature. The findings about the development of the concept are introduced chronologically. Moreover, a dissertation about a closely related topic to my research question is presented. As for every major business concept, there exist countless definitions about the RBV. A concise and covering one might be: “A management device used to assess the available amount of a business' strategic assets. In essence, the resource-based view is based on the idea that the effective and efficient application of all useful resources that the company can muster helps to determine its competitive advantage.” (Businessdictionary) One of the first significant citations about the RBV was done by Coase...
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...MGT 605 Assignment 03 How effective was Ko in defining and framing a vision for Motorola Penang? In what ways were her efforts similar to and different from the example of Charles Schwab citied earlier? How did Ko resolve the dilemma of where visions come from? Where did she find her vision? S. K. Ko had a very aggressive and challenging vision for Motorola Penang. She struggled with the most effective way of making that vision a reality. Ideal vision is something that inspires and directs people. There is always a tension for a leader when it comes to giving and receiving a vision. She engaged many of her top team in discussions about the challenges of the future of the facility. She had many specific and concrete ideas but didn’t want to seem to be imposing them on the group. She wanted to get most involvement possible to ensure all relevant information was considered that would be tasked with making the vision a reality. Ko’s philosophy reflects a positive, familial, celebrate every accomplishment kind of work environment. She saw technology as a two sided coin that would eliminate low skill job at the same time that it brought new opportunities. She was committed to rapidly moving Motorola Penang to produce more complex systems products, creating an increased demand for technicians and engineers and potentially less demand for unskilled operators. Besides Charles Schawb anticipated a need in the middle class. His vision led him the unique path. It took his organization...
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...invited to join him. On the other hand I have been meaning to start my own business for a long time. Both companies will take up about the same amount of time to invest and it will be impossible to manage both at the same time. So I stay before the decision whether I try to undertake on my own or join with my friend. It is obvious that both of the way has its risks and advantages. So this decision demands more consideration. To illustrate the decision-making I stay before I imagined the following decision-tree: If I would follow my passion, namely to build up my own venture I have to invest the ~ 51% of the acquired money. The rest would be invested by a venture capital firm, which I have already convinced with my business plan. This investment means from my side almost all of my savings, and a bankruptcy would mean that I have to start my life over. As I know that in nowadays’ always changing business environment the knowledge, the well built business plan, well prepared exit strategy and the confidence are not always enough to be successful, hence I am really scared to take this courageous step on my own. However it gives the biggest freedom regarding my working time, my own leading style, significant control over company decision and it would be difficult to give up my own independence. On the other hand I could join my friends’ venture. This venture needs the...
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...University | Strategic Management in a Global Context | Assessment A | Module Leader: Karl Warner | Matriculation Number: 09005374 | | Abstract The purpose of this essay is to evaluate a proposition which claims that the weaknesses of formal strategic planning confirm that alternative forms of strategic decision making are more appropriate for organisations that operate in highly uncertain and dynamic environment. | Table of Contents Introduction.......................................................................................................................3 Contrast between the nature of formal planning and strategic decision making...........3 Benefits and problems of formalised strategic decision making.....................................4 Benefits and problems of emergent strategy...................................................................4 The role of uncertain and dynamic environment.............................................................5 Why Borders failed while Barnes & Noble survived?.......................................................6 Conclusion.........................................................................................................................7 References.........................................................................................................................8 Introduction Planning is the basic function of strategic management and...
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...Discuss the three levels of strategic decision making with reference to an organisation of your choice. Solution Strategic decision-making is the process of developing and putting into action choices that will influence the long-term welfare of the organization. Strategic decisions are the decisions that are concerned with whole environment in which the firm operates, the entire resources and the people who form the company and the interface between the two. These choices often involve major organizational changes and large resource commitments that are difficult to reverse once they are implemented. Strategic decision-making reflects decision makers’ experience, the positions they occupy and their organizational environment. Work on improving strategic decision-making has focused on the content of decision outcomes and the process that produces these outcomes. Strategic decision-making takes place within a context defined by the organization’s strategy and varies according to the extent to which this strategy is a deliberate, as opposed to an emergent, process. The decision-making hierarchy of a firm typically contains three levels,the corporate level, business level and the functional level. The corporate level, composed principally of a board of directors and the chief executive and administrative officers. In a multi business firm, corporate-level executives determine the businesses in which the firm should be involved. Corporate-level strategic managers attempt to exploit...
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...Strategic decisions are made on problems which are important. Strategic decisions require thorough fact finding analysis of the possible alternatives, and it has long term implications. The factors affecting decision making are: Marketing Issues: The important aspect of successful event is promoting the event through the available medium. Sending e-mail invitations are the most economic and professional way. To generate greater returns of events, the event managers and stakeholders should use different methods of publicity. Online marketing methods are user friendly and can promote the event in small time period. Planning is essential in marketing, as the last minute marketing will be expensive. Sales Issues: The event management firm must have a good sales team to identify...
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...Self-reflection marking form |Student name: Le Thi Huyen Trang |ID:1204040094 |Date: 06/12/2013 | |Tutor: Nguyen Dang Hoang |Tutorial: Tut3FB12 |Word count: 1458 | |Title of report: THE IMPACTS OF MANAGEMENT BY OBJECTIVES ON ORGANIZATIONS | |The two primary articles: | | | |The effects of Management by objectives on performance and satisfaction in a public sector organization. | | | |The influence of Management by objectives on employee performance and organizational | |productivity. | | ...
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...The Top Manager-Adviser Relationship in Strategic Decision Making during Executive Life Cycle: Exploring the Impediments to Strategic Change ABSTRACT The purpose of this study is to examine how strategy persistence would be induced from top manager-adviser relationships in strategic decision making during executive life cycle. Prior studies have shown that a top manager’s tenure is characterized as inverted U-shaped relationship between a top manager’s tenure and organizational performance that a top manager is effective during initial time in office, but as a span of top manager’s tenure become long, organizational performance is decline. However, little has been known about the reason of the inverted U-shaped relationship. To investigate this question, we apply the concept of the decision maker-adviser model to the argument. Upper echelons theorists have found that the top executives are critical to shaping the characteristics of the firm. However, since this research stream has emphasized on the decision making of Chief Executive Officer (CEO) or Top Management Team (TMT), relational aspects of strategic decision making between top managers and adviser have not been sufficiently argued. In response to this theoretical gap, we will discuss the relational aspect of strategic decision making between top managers and advisers. Keywords: Upper echelons theory, executive life cycle, decision maker-adviser model. INTRODUCTION Over the past 20 years, growing evidence...
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...AND ACCOUNTING DECISION MAKING AND THE ROLE OF MANAGEMENT ACCOUNTING FUNCTION – A REVIEW OF EMPIRICAL LITERATURE Fitsum Kidane (Phd. Research scholar), Lecturer in Accounting and Finance College of Business and Economics Mekelle University Mekelle, Ethiopia Abstract This study examines decision making and the role of management accounting function in a business organization. Using the review of literature, I identify management accountants perform a wide variety of tasks. Only a part of management accounting activity is directed at performance improvement. Some of the activities they perform are related to the statutory reporting requirements of the organization. Some of these are related to the operational requirements of the finance function itself such as processing transactions receiving money and paying bills. Literature foresees new management accounting techniques and changes in organizational and business environments having a huge impact on management accountants’ roles, yet empirical evidence on fundamental shifts in these roles remains relatively scarce. Journal of Radix International Educational and Research Consortium www.rierc.org RIJBFA KEYWORDS Volume 1, Issue 4(April 2012) ISSN: 2277 – 100X Decision making, management accountant, management accounting INTRODUCTION Accounting can be defined as "the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information"...
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...Psychological Traits of an Entrepreneur What is an entrepreneur? One who starts a business from nothing? Someone who happens to create the next best thing? Well, both of these things would be considered an entrepreneur. However, there is no set in stone definition of what an entrepreneur actually is. Despite that, these types of people do differ from your everyday person. They possess specific characteristics that help influence how decisions are made, which is an enormous task in the process of starting up a business and eventually keeping it functional (Brouthers et al., 1998). So, what exactly are these traits that make entrepreneurs so much different than others? I, amongst many others, believe that there are definite attributes that entrepreneurs have that drive them to do what they do so well (or not so well). And as a typical American, I shall compare my most central psychological traits and compare it to those of an entrepreneur Entrepreneurs are motivated. They have some sort of drive that causes them to put so much time and effort in one of the hardest tasks to do today, starting a business. Entrepreneurs tend to have a need for achievement. This need for achievement, not only helps motivate and bring positive thoughts, but it can also have its negative factors. These could be frustration, which leads to mistakes, which could ultimately lead to unemployment (Shapero and Sokol 1982). Like entrepreneurs, I too have a need for achievement. For example, I always wanted...
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