Planning And Strategic Decision Making

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Planning and strategic decision making should be integrated within the management of corporations in today’s society of technological advancement. With the changes in the global marketplace and increased competition from expanding third-world economies, companies are having to rethink their competitive strategies. Therefore, the incorporation and development of strategic plans are vital in companies for future success. As engineering companies realize an ongoing need for self-reflection and assessment of progress toward their stated mission and goals, engineering companies, as well as management teams, need to develop strategic plans that incorporate all activities undertaken by the various areas of the company. Strategic plans should…show more content…
By using a cyclical methodology in assessment of the action steps defined within this plan, management can become engaged in planning for the future successes of the company. Strategic plans are constructed in a rational, step-wise sequence of evaluations, including organizational vision, goals, strengths, weaknesses, opportunities, and threats. This can be conducted in a SWOT analysis. An advantage of using a SWOT analysis in a company’s strategic plan is to consider challenges and develop action steps to cope with these various difficult circumstances that are identified (Cho & Brown, 2013). Integration of strategic decision making with a company is inherent in the future of the company. For companies to succeed, they must develop and implement innovative strategic management and planning practices. Using a SWOT analysis is one way to examine needed change, but there can be different avenues for assessing change and developing a strategic plan. New techniques such as scenarios, future mapping, and performance scores can be investigated as different avenues of providing information to top executive management teams as a means for the possibility of change. Larger companies have a tendency to plan reactive responses based on analytical thinking which allows them to employ these techniques in order to respond to any given future circumstances. However, smaller firms are not afforded that luxury,
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