Opportunities for the development of a strategic management system for an entrepreneurial conglomerate in modern conditions

2021 ◽  
Vol 19 (4) ◽  
pp. 52-63
Author(s):  
D. V. Firsenko
Keyword(s):  
Decision Making ◽  
Strategic Management ◽  
Management System ◽  
External Environment ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Basic System ◽  
Key Factors ◽  
Basic Principles

The article examines the priorities and opportunities for the development of the strategic management system of an entrepreneurial conglomerate in modern conditions. Principles are proposed that describe the process of interaction between an entrepreneurial conglomerate and the external environment. The key challenges to the competitiveness of entrepreneurial conglomerates in the digital economy are considered. Shows the basic principles that must comply with the strategic management system. The key factors that led to a significant adjustment of the basic system of strategic decision-making in business conglomerates were identified. The priority directions have been substantiated, in accordance with which it is necessary to develop theoretical proposals and practical tools for strategic management in modern conditions. The importance of setting up relations in accordance with the rules of corporate governance is substantiated. It can become an important element of improving the quality of the strategic management system in the context of globalization. The scenarios for the implementation of the strategic management system under the influence of various factors of globalization are concretized.

scholarly journals Evaluation of Strategy Based on the Three Elements

2021 ◽  
pp. 141-160
Author(s):  
Xiu-bao Yu
Keyword(s):  
Decision Making ◽  
Human Resources ◽  
External Environment ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Actual Situation ◽  
Basic Logic ◽  
Strategic Decisions ◽  
Basic Principles ◽  
Incorrect Decision

AbstractThe implementation of each strategic decision involves investment of a large amount of capital, human resources and managerial efforts. An incorrect decision often means the failure of an investment. Risks of strategic decisions can be reduced if we can re-examine or identify whether the strategic decisions that have been made are consistent with the actual situation of the company and with the external environment and industry development. Based on the basic principles of strategic decision-making presented in this book, this chapter puts forward the basic logic and thinking of the evaluation of strategic decision-making from the standpoint of the three elements of strategy.

scholarly journals Quality Assurance in Knowledge Data Warehouse

2017 ◽  
Author(s):  
Andysah Putera Utama Siahaan
Keyword(s):  
Decision Making ◽  
Knowledge Discovery ◽  
Data Warehouse ◽  
Noisy Data ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Quality Of Information ◽  
External Data ◽  
Existing Data

Knowledge discovery is the process of adding knowledge from a large amount of data. The quality of knowledge generated from the process of knowledge discovery greatly affects the results of the decisions obtained. Existing data must be qualified and tested to ensure knowledge discovery processes can produce knowledge or information that is useful and feasible. It deals with strategic decision-making for an organization. Combining multiple operational databases and external data create the data warehouse. This treatment is very vulnerable to incomplete, inconsistent, and noisy data. Data mining provides a mechanism to clear this deficiency before finally stored in the data warehouse. This research tries to give technique to improve the quality of information in the data warehouse.

Analysis and Intuition in Strategic Decision Making

2011 ◽  
pp. 1531-1542
Author(s):  
Zita Zoltay Paprika
Keyword(s):  
Decision Making ◽  
Decision Makers ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Decision Making Process ◽  
Strategic Decisions ◽  
Managerial Skills ◽  
Research Scholarship ◽  
Empirical Tests

Many management scholars believe that the process used to make strategic decisions affects the quality of those decisions. However, several authors have observed a lack of research on the strategic decision-making process. Empirical tests of factors that have been hypothesized to affect the way strategic decisions are made are notably absent (Fredrickson, 1985). This article reports the results of a study that attempts to assess the effects of decision-making circumstances, focusing mainly on the approaches applied and the managerial skills and capabilities the decision makers built on during concrete strategic decisionmaking procedures. The study was conducted in California between September 2005 and June 2006 and it was sponsored by a Fulbright research scholarship grant.

The role of heuristic-driven biases in entrepreneurial strategic decision-making: evidence from an emerging economy

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Maqsood Ahmad ◽  
Syed Zulfiqar Ali Shah ◽  
Yasar Abbass
Keyword(s):  
Decision Making ◽  
Emerging Economy ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Decision Making Process ◽  
Strategic Decisions ◽  
Content Type ◽  
The Relationship

PurposeThis article aims to clarify the mechanism by which heuristic-driven biases influence the entrepreneurial strategic decision-making in an emerging economy.Design/methodology/approachEntrepreneurs' heuristic-driven biases have been measured using a questionnaire, comprising numerous items, including indicators of entrepreneurial strategic decision-making. To examine the relationship between heuristic-driven biases and entrepreneurial strategic decision-making process, a 5-point Likert scale questionnaire has been used to collect data from the sample of 169 entrepreneurs who operate in small- and medium-sized enterprises (SMEs). The collected data were analyzed using SPSS and Amos graphics software. Hypotheses were tested using structural equation modeling (SEM) technique.FindingsThe article provides empirical insights into the relationship between heuristic-driven biases and entrepreneurial strategic decision-making. The results suggest that heuristic-driven biases (anchoring and adjustment, representativeness, availability and overconfidence) have a markedly negative influence on the strategic decisions made by entrepreneurs in emerging markets. It means that heuristic-driven biases can impair the quality of the entrepreneurial strategic decision-making process.Practical implicationsThe article encourages entrepreneurs to avoid relying on cognitive heuristics or their feelings when making strategic decisions. It provides awareness and understanding of heuristic-driven biases in entrepreneurial strategic decisions, which could be very useful for business actors such as entrepreneurs, managers and entire organizations. Understanding regarding the role of heuristic-driven biases in entrepreneurial strategic decisions may help entrepreneurs to improve the quality of their decision-making. They can improve the quality of their decision-making by recognizing their behavioral biases and errors of judgment, to which we are all prone, resulting in a more appropriate selection of entrepreneurial opportunities.Originality/valueThe current study is the first to focus on links between heuristic-driven bias and the entrepreneurial strategic decision-making in Pakistan—an emerging economy. This article enhanced the understanding of the role that heuristic-driven bias plays in the entrepreneurial strategic decisions and more importantly, it went some way toward enhancing understanding of behavioral aspects and their influence on entrepreneurial strategic decision-making in an emerging market. It also adds to the literature in the area of entrepreneurial management specifically the role of heuristics in entrepreneurial strategic decision-making; this field is in its initial stage, even in developed countries, while, in developing countries, little work has been done.

scholarly journals Analysis and intuition in strategic decision making. The case of California

2007 ◽  
pp. 60-67
Author(s):  
Zita Zoltayné Paprika
Keyword(s):  
Decision Making ◽  
Decision Makers ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Decision Making Process ◽  
Strategic Decisions ◽  
Managerial Skills ◽  
Research Scholarship ◽  
Empirical Tests

Many management scholars believe that the process used to make strategic decisions affects the quality of those decisions. However several authors have observed a lack of research on the strategic decision making process. Empirical tests of factors that have been hypothesized to affect the way strategic decisions are made notably are absent. (Fredrickson, 1985) This paper reports the results of a study that attempts to assess the effects of decision making circumstances focusing mainly on the approaches applied and the managerial skills and capabilities the decision makers built on during concrete strategic decision making procedures. The study was conducted in California between September 2005 and June 2006 and it was sponsored by a Fulbright Research Scholarship Grant.

Analysis and Intuition in Strategic Decision Making

2011 ◽  
pp. 20-28 ◽  
Author(s):  
Zita Zoltay Paprika
Keyword(s):  
Decision Making ◽  
Decision Makers ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Strategic Decisions ◽  
Managerial Skills ◽  
Decisionmaking Process ◽  
Research Scholarship ◽  
Empirical Tests

Many management scholars believe that the process used to make strategic decisions affects the quality of those decisions. However, several authors have observed a lack of research on the strategic decisionmaking process. Empirical tests of factors that have been hypothesized to affect the way strategic decisions are made are notably absent (Fredrickson, 1985). This article reports the results of a study that attempts to assess the effects of decision-making circumstances, focusing mainly on the approaches applied and the managerial skills and capabilities the decision makers built on during concrete strategic decision-making procedures. The study was conducted in California between September 2005 and June 2006 and it was sponsored by a Fulbright research scholarship grant.

Social Media

2016 ◽  
pp. 94-111 ◽  
Author(s):  
Gordon Bowen ◽  
Deidre Bowen
Keyword(s):  
Decision Making ◽  
Social Media ◽  
Strategic Decision ◽  
User Generated Content ◽  
Strategic Decision Making ◽  
Consumer Feedback ◽  
Conceptual Paper ◽  
Marketing Tool ◽  
Decision Making Tool

Social media is seen very much as a marketing tool and there is little in the literature that considers its use as a strategic decision making tool. This conceptual paper is an attempt to redress the balance. Social media user-generated content from blogs or consumer feedback are methods that social media can support effective strategic decision making. However, the business and organisational environments are influential on the effective of the data collected and ultimately its analysis. The decision making approach – single or multistage are significant influencers on the quality of the decisions. Multistage decision making is supportive of controversial decision making, which leads to better utilisation of the information and consequently, better decision making. Ultimately, robust decision making is underpinned by the effectiveness of the decision making process.

scholarly journals Media Social based Smart DSM for Strategic Decision Making: Waste Management Case

2019 ◽  
Vol 8 (3) ◽  
pp. 7308-7312
Keyword(s):  
Decision Making ◽  
Waste Management ◽  
Information Exchange ◽  
Decision Problem ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Decision Support Model ◽  
Main Approach ◽  
Combination Of Methods

Social media is a fact. It grows rapidly. It is not only as a communication media, but also for information exchange. One of them is Twitter. It is text-based sharing media among its users. Based on all categories of sentiment interchanged in Twitter media, central issue could be academically addressed; then, it is able to be methodically converted to become a decision support model (DSM) that is operated to solve the strategic decision problem. Here, “waste’ issues were addressed and interconnected insight-parameters were defined. Then, a DSM constructed. Combination of methods fuzzy logic and mathematic successfully used as a main approach of the model. The constructed model is finally able to evaluate a quality of waste management in Indonesia and propose an actionable decision for answering the challenge of waste in Indonesia.

scholarly journals Implications for Future Research

2021 ◽  
pp. 161-189
Author(s):  
Xiu-bao Yu
Keyword(s):  
Decision Making ◽  
Decision Makers ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Future Research ◽  
Decision Factors ◽  
Research Questions ◽  
The Impact

AbstractOn the basis of the three elements of strategy, this chapter puts forward some follow-up research questions and prospects mainly from the following aspects. The first is the study of factors that have influences on the quality of strategic decision. Factors include individual aspects of decision-maker, strategic decision-making information factors, approaches of strategic decision-making, etc. The second is about normative studies. They are about how the world ought to be or how strategy decisions ought to be in given situations. Outcomes of the studies can provide guidance to industry decision makers when facing development issues. Future research includePerhaps the impact of strategic decision-makers on the quality of strategies is far beyond our imagination.

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