Strategic Decision-Making
Strategic decision-making is the process of making choices that will shape the long-term direction of an organization. It involves analyzing various factors, such as market trends, competition, and internal capabilities, to determine the best course of action. This type of decision-making is crucial for achieving organizational goals and ensuring sustainable growth.
In strategic decision-making, leaders often use tools like SWOT analysis and Porter's Five Forces to evaluate their options. These frameworks help identify strengths, weaknesses, opportunities, and threats, enabling decision-makers to make informed choices that align with their overall vision and mission.