Question 1

Who are the important stakeholders in strategic decision-making?

Accepted Answer

Key stakeholders are individuals or groups with a vested interest in the result of a decision, such as employees, consumers, shareholders, suppliers, and government agencies.

Question 2

How do key stakeholders influence strategic decisions?

Accepted Answer

Strategic decision-making can be influenced by key stakeholders who provide input, feedback, and support, as well as those who oppose it. Their influence can change the outcome of a choice and affect the success of a project or endeavor

Question 3

What are the five most important aspects of decision making?

Accepted Answer

The five management functions—planning, staffing, organizing, directing, and controlling—are inadequate without the decision-making process.

Question 4

What are the four categories of decision-making?

Accepted Answer

There are four types of decision-making: analytical, directive, conceptual, and behavioral. These styles are ways that leaders and individuals use to make decisions.

Question 5

What three characteristics define strategic decision-making?

Accepted Answer

Strategic decision-making has three characteristics: it is focused on the organization’s long-term future, it is complex, and it entails a significant degree of uncertainty due to the difficulty of forecasting the future.

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