12 Pages
2974 Words
Introduction Of Strategic Decision Making Assignment
The strategic making is crucial process which team undertakes to assess the effective actions. In the context of business unit, strategic decision making is highly required for the achievement of long term goals and objectives. This process involves key steps to achieve it in smother way, the first and foremost is to understand the missions and complex goals of the organization, priorities, and competitive advantages. For this project, Morrison’s has been selected which offers variety of retail products and services to the customers. The role of decision making in the organization is the must to reflect the risks and opportunities for gaining competitive advantages. This report will address the reliability of quantitative techniques used in strategic decision-making to work for the different organizational goals.
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1.1Describing the link between strategic decision-making and business goals.
The strategic decision making and business goals related to each other because it is all about achieving goals and objectives. This guides business towards its goals and works for successful business for the better future (Shrestha, Krishna and von Krogh, 2021). While enhancing strategic decision-making it has been absorbed that the outcomes and the development. Strategic management is about the organization and direction to achieve the company’s goals. Strategy emphasizes on determining the long-run goals and objectives of an enterprise and the implementation of a course of action. By applying data-driven methods, decision-makers can make more objective and evidence-based decisions. It can be helpful in improving the quality of their decision, organizational performance, position of the organization, and opportunities. It increases the likelihood that strategic objectives will be achieved by enabling those making decisions to make knowledgeable and quick decisions. For example: in the context of Morrison’s, social media market strategy is followed by the firm with the motive to achieve goal related to sales and profit maximization.
1.2 Evaluating the role of information in strategic decision-making.
Strategic choices unavoidably include some degree of unpredictability and risk. In the assessment and management of these risks, understanding is essential. Managers of Morrison’s may recognize possible threats, assess their possibility of impact, and construct methodologies for minimizing or taking advantage of them by gathering and analysing relevant information. Organizations may arrive at improved choices by using reliable and up-to-date data, which lowers the possibility of unfavorable consequences. Information in strategic decision-making is crucial and can put significantly impression on the decision making so that company can easily achieve the goals (Abubakar, et.al, 2019). It provides help to decision makers to balance the pros and cons and make informed selections. This in turn assists in reducing the failure of decisions. These comprehensive analytics can be used by those making decisions to identify trends, patterns, and relationships that could help with strategic projects.
Integrated information systems are crucial for supporting organisations in making strategic decisions. Businesses require the ability to access reliable, up-to-date, and relevant data in today's complex and fast-paced business environment in order to arrive at wise strategic decisions. A centralised platform that integrates records from many assets is offered by integrated records systems, allowing decision-makers to access and analyse data from particular intended areas (Joseph and Gaba, 2020). Morrison’s can eliminate records barriers and ensure information integrity and uniformity across divisions through the integration of Data systems. This integration provides Morrison’s with comprehensive picture of the business' operations, finances, sales, advertising, and other relevant areas. These comprehensive analytics can be used by the organization in making decisions by identifying trends, patterns, and relationships with strategic projects.
First of all, coordinating information systems with company strategy makes sure that current resources and capabilities are in line with the company's shared goals. Organisations might make informed decisions about the selection, development, and incorporation of information frameworks that best support their unique business needs through the strategic application of knowledge. Additionally, coordination enhances efficiency as well as effectiveness of MorrisDescribing the need to align information systems with business strategy.on’s (Hauser, Eggers and Güldenberg, 2020.). Analytics technologies may simplify and automate methods, cut down on the process of duplication, and improve decision-making while still being compatible with the corporate organization strategy. Improvements in value, increased production, and better utilization of resources result from this. Facts Systems must be flexible and adaptive to handle new demands when corporate strategies change. Integrating the two assures that the company can react quickly to market opportunities, changing customer wants, and rival obstacles.
- Assessing the need for a corporate information systems strategy.
In today’s era, the information systems strategy is a must in the organization because it helps align technology creativities with business objectives. Nowadays, cyber threats are increasing so for that every organization need to have strong strategies to manage that kind of risks and be aware of them. Decision-makers may work more effectively in coordinating their strategic goals, and make decisions with greater understanding when they have access to integrated information and statistics. A centralized platform that integrates records from many assets is offered by integrated records systems, allowing decision-makers to access and analyze data from particular intended areas. Moreover, Morrison’s can use the current aspects as a strategy instructor with the help of coordination. Organizations can take advantage of emerging technologies to develop new business models, improve interactions with consumers, and encourage creativity by integrating statistical tools with their corporate strategy (Calabrese, et.al, 2019).
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2.1 Evaluating the contribution of information systems to business planning.
A good planning process can help the organization in strategic formulation and goal setting. In the recent era, due to the inclining trend of online business, organization cannot survive without information systems. Moreover, pertaining to Morrison’s it is an essential part of day-to-day business to achieve strategic business objectives. Facts Systems must be flexible and adaptive to handle new demands when corporate strategies change (Govindan, et.al, 2021). The goal of any information system is transforming data into general knowledge so it can be get used in decision-making, it can be holding the characteristics to ensure quality because it is necessary to add values in the decision-making process for the better result. This system can quicken the daily activities in the organization to enhance the knowledge of employees and it can improve their knowledge about the technology.
2.2 Assess the value of information systems to business decision-making
In this digital era, the value of information systems in the decision-making plays a crucial in the business. It is essential to identify the mistakes and the goal-setting criteria in a valuable business decision so it enhances the criteria of management. Despite the data, it can be a huge advantage of special matter aim to prove the value of information (Grainger-Brown and Malekpour, 2019). By getting use of decision making tools, Morrison’s manager can gain deeper understanding into business operation, market trends and behaviour of customers. These related features can allow them to make it more accurate and based on evidences. Overall, information systems can provide value of business decision values by empowering decision- making with accurate and timely given information since it allows them to make evidence-based decisions.
2.3 Assess the role of information systems in supporting business operations
Information system plays a vital role in data processing and put significantly impact on profitability to support the business operation. Many studies in strategic decision making have found that it is structured process which is careful reflection of conditions, values and alternatives (Saeidi, et.al, 2019). However, role of information in the decision making be a part of developing and implementing new ideas for business growth and better understanding of any hurdles. Due to several changes in the business environment the role of information plays a main part in setting goals, strategies and tactics. The role of information systems is to support companies to reduce costs, improve productivity and improve their technical skills because every company needs employees who can easily manage and operate the various information-based tools to improve their skills.
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3.1 Analyse ways in which quantitative approaches are used to support strategic decision-making.
Quantitative approaches play a vital role in supporting strategic decision-making by providing deep data and giving objective analysis with few keys and approaches. There are a number of techniques such as simulation etc by which decision makers can employ for evaluating consequences. On the basis of simulation technique manager evaluates results of concerned decisions in artificial environment. It gives valuable output to the manager and thereby contributes in effectual decision making. A decision is essentially a judgment of a course of achievement to make a decision on a repetitive basis (Nieto, et.al, 2019). The decision-making includes selecting a course of achievement to utilize customer data, industry trends, and performance from past marketing strategies to plan campaigns. Predicting the future can be helpful for organizational formula strategies to provide ample data based on likely scenarios. Accordingly, complex activities often required more energy and money which this technique solves by creating a strong network.
3.2 Evaluate the reliability of quantitative techniques used in strategic decision-making
To improve the overall quality of decision-making quantitative techniques, help a manager in a positive manner. It can be commonly used in the rational/logical decision model or other models as well. There are many other types of reports found in the literature to enhance the “bounded rationally” to manage complex problems and exclude the range of alternatives. However, manager of Morrison’s can simulate substitutes and forecast their outcomes by adjusting the variables used in model building. There are a number of models like decision trees, payback analysis, and simulations (Abdel-Basset, et.al, 2021). Generally, these trees are used in evaluating decisions under conditions of risks and are shown as the base of various alternatives.
3.3 Evaluate the limitations of quantitative techniques in strategic decision-making
In the decision making all decisions are necessary some are made solely based on qualitative since those quantitative methods in decision-making are not absolutely required. Those statistical and programming techniques are supported in the decision-making to focus on the application of information technology. The major strength is the use of quantitative techniques to highlight the abruptness of the conflict with accountability. It can be a huge support for the decision-makers to provide a tool for scientific analysis. Under decision tree, it is highly difficult for the manager of Morrison’s to make appropriate estimation or prediction about the outcome. In addition to this, simulation technique does not give better results under recessionary conditions or period. Quantitative techniques are considered scientific approaches as well in the process of decision-making.
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4.1 Evaluate the contribution of systems approaches to strategic decision-making
The systems approach has the capability to offer an extensive and integrated perspective and has been of great help in strategic decision-making. These approaches emphasize the importance of comprehending the connections and dependencies between these parts because they acknowledge that organizations are complex systems built up of interconnected parts. Decision-makers can better understand the structure of the total system and how modifications to one element can affect the entire system by adopting systems thought (Govindan, et.al, 2021). The systems approach makes it feasible to analyze strategic issues comprehensively by taking into account a variety of points of view, stakeholders, and factors. They arrive possible for decision-makers to identify and evaluate the possibility of outcomes and trade-offs related to various tactics. System approaches further offer a framework for recognizing and managing systemic issues such as obstacles, loops of feedback, and unintended consequences.
4.2 Describe how decision-making theories can inform strategic decision-making
Decision-making theories offer insightful perspectives as well as important insights that help guide strategic choice-making procedures. These theories offer an organized comprehension of how people and organizations make choices, weigh compromises, and evaluate alternatives. Strategic decisions may be achieved more efficiently and with greater precision by utilizing making decisions theories. Rational decision-making is one of the major theories, which makes the assumption that decision-makers are reasonable and want to maximize their results. This approach emphasizes the significance of obtaining pertinent data, weighing your options, and choosing the one with the greatest expected value. Strategic decision-makers can guarantee a logical and unbiased approach to decision-making by sticking to a sound decision-making procedure. Bounded rationality is a diverse framework that acknowledges the cognitive and resource limitations of decision-makers. According to the bounded rationality theory, decision-makers utilize biases and shortcuts to reduce convoluted decision-making processes (Mishra, Singh and Koles, 2021).
4.3 Analyse the limitations of decision-making theories in strategic decision-making
Although decision-making theories offer helpful frameworks to guide strategic decisions, they have additional limits that have to be considered into consideration. The effectiveness or practical use of theories about decision-making may be affected by these limitations. Assumption of rationality: A lot of theories of decision-making, like the rational decision-making approach, assume that decision-makers being logical and have all the information they need. In practice, however, decision-makers frequently struggle with constrained reasoning, limited knowledge, subconscious prejudices, and time restraints. Unattainable goals and poor choices could arise from failing to take these limitations into consideration. Emphasis on individual decision-making: The complicated social and organizational factors that affect strategic decision-making are frequently disregarded by decision-making theories. Individual-level decision-making theories may not be able to effectively account for all of the stakeholders, relationships of power, and organizational dynamics involved in strategic decisions.
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CONCLUSION
After conducting this study, the following conclusions described the relationship between strategic decision-making and business goals in the objects to achieve the targeted goals for the better business. The information in strategic decision making can be effective for the decision makers to understand the threats and work on them to understand the loop hole in it. Information is the key in this process to enhance the better understating in the decision making. It helps in meeting Morrison’s goals set and the criteria of decision-makers in order to meet the needs of the overall business to achieve the main motive.
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