Register Now
Classroom Login
Call Now
Call Now 855-300-1310

MGT 873 Strategic Decision Making


Course Description

Develop and refine your strategic decision-making skills as an individual and in working with a management team. Learn key decision-making concepts and processes necessary for developing and implementing long-term strategies that create a competitive advantage for your organization. Understand factors that impact individual and group decision-making processes as well as tools and techniques to improve strategic decision making. Learn how to avoid common decision-making errors and blunders that lead to failure in the competitive marketplace. This course is essential for executives leading the strategic decision-making processes as well as managers who participate in the process and want to impact the strategic direction of their organization.

Course Objectives

  • Describe the strategic decision-making process, roles, and goals
  • Explain the individual decision-making process
  • Explain decision biases and how to minimize their impact on individual decisions
  • Apply different strategic decision-making models, tools, and techniques effectively
  • Manage and leverage individual differences to make better strategic decisions
  • Utilize groups in the strategic decision process to make better decisions
  • Generate and build successful, creative, “out-of-the-box” business strategies
  • Apply practical planning tools and techniques in formulating strategy

Week 1


Topic: Strategic Decision Making at the Individual Level
Lecture: Introduction to Strategic Decisions

Outcomes

  • Define the unique nature of strategic decision making and your role in the process
  • Identify the factors that affect how individuals make strategic decisions
  • Identify the factors that affect how groups make strategic decisions
  • Describe different models of decision making in a strategic decision-making context
  • Apply strategic decision-making models and techniques to increase effectiveness
Lecture: Your Role in Strategic Decision Making

Outcomes

  • Identify the roles individuals play in the strategic decision-making process
  • Explain the types of strategic decisions that companies make and the process used
  • Examine questions to ask that can support improvement and guide strategic decision making
Lecture: Human Information Processing

Outcomes

  • Cite the fundamental role that cognitive processes play in strategic decision making
  • Identify the stages of human information processing
  • Explain how attention and encoding function
  • Examine how individuals store and retrieve information
Lecture: The Selective Nature of Attention

Outcomes

  • Discuss how attention can impact decision making
  • Identify the factors that affect attention
  • Demonstrate the limits of attention and how they affect encoding and decision making
Lecture: Constructive Nature of Memory

Outcomes

  • Clarify how people store and recall information
  • Explain how information storage and recall processes impact strategic decision making
  • Explain how memory can bias perceptions and managerial choices
Lecture: Decision Traps

Outcomes

  • Explain decision traps and their impact on decision making
  • Define availability bias
  • Explain how availability bias influences perceptions
Lecture: Availability Bias in Decision Making

Outcomes

  • Examine scenarios and recognize how availability bias impacts managerial decisions
  • Examine situations and recognize how availability bias impacts company strategic decisions
Lecture: Representativeness and Small Sample Bias

Outcomes

  • Describe two permutations of representativeness bias
    • Stereotyping
    • Small sample bias
  • Explain how stereotyping can bias managerial decisions
  • Explain the importance of small sample bias in making managerial decisions
Lecture: Regression to the Mean Bias

Outcomes

  • Define regression to the mean bias
  • Explain how high levels of performance may predict lower levels of future performance
  • Explain how to adjust decisions about future performance by considering regression effects
Lecture: Confirmation Bias

Outcomes

  • Define confirmation bias
  • Demonstrate how confirmation bias impacts managerial decisions
  • Explain the importance of looking for disconfirming information
Lecture: Anchoring Bias

Outcomes

  • Define anchoring bias
  • Demonstrate how anchoring bias impacts perceptions and estimates
  • Explain how to overcome decision biases

Week 2


Topic: Strategic Decision-Making Process and Understanding Risk
Lecture: Strategic Decision Making

Outcomes

  • Evaluate a company's decision-making process
  • Explain why executives overestimate their strategic decision-making ability
  • Define terminology related to decision-making models
Lecture: Decision Making as Problem Solving

Outcomes

  • Explain the stages and steps of the problem-solving process
  • Define what a problem is
  • Identify where people go wrong in each stage of the problem-solving process
  • Explain the rational model of decision making
Lecture: Bounded Rational Model of Decision Making

Outcomes

  • Explain reasons why managers are not rational when making decisions
  • Explore how limited rationality directly and indirectly impacts decision making
  • Discuss the bounded rational model used for decision making
Lecture: Understanding Risk and Estimating Probabilities

Outcomes

  • Explain the role probabilities play in making strategic decisions
  • Calculate the difference between uncertainty, risk, and certainty
  • Explain the Laws of Chance
  • Identify biases people have when estimating probabilities
Lecture: Combining Probabilities

Outcomes

  • Compute expected values
  • Combine probabilities to draw valid conclusions using decision trees
  • Distinguish the differences between AND and OR rules in probabilities
  • Identify errors people make when combining probabilities that lead to false conclusions
Lecture: Making Valid Decisions Using Probabilities

Outcomes

  • Explain how to combine base rate data without probability data to draw valid conclusions
  • Identify errors people make when combining probabilities using the AND and OR rules
Lecture: Decision Framing – Part 1

Outcomes

  • Explain how framing can impact perceptions
  • Discuss how decision framing biases managers' decisions
  • Identify why and when managers are likely to make risky choices
  • Explain how framing impacts behavior
Lecture: Decision Framing – Part 2

Outcomes

  • Explain how decision framing biases managers' decisions and perceptions of value
  • Discuss how framing impacts behavior
    • Surcharge vs. discount
    • Perceptions of value
    • Perceptions of time

Week 3


Topic: Strategic Decision Making at the Group Level
Lecture: Communication in Decision Making

Outcomes

  • Describe how communication can undermine effective decision making
  • Explain the importance of comprehension and factors that affect comprehension
  • Explain the importance of words and their meanings on comprehension
Lecture: Individual Differences in Decision Making: Part 1

Outcomes

  • Identify behavioral styles and individual differences in behavioral styles
  • Explain how behavioral styles affect decision-making processes
  • Describe the DISC model of human behavior
Lecture: Individual Differences in Decision Making: Part 2

Outcomes

  • Discuss characteristics of each behavioral style in the DISC model
    • Value to team members
    • Weaknesses of each style
    • How different styles respond under stressful situations
  • Explain how to leverage behavioral styles to improve the strategic decision-making process
Lecture: Group Decision Making

Outcomes

  • Demonstrate when to make a decision yourself
  • Demonstrate when to delegate a decision
  • Demonstrate when to make a group decision
  • Apply the Vroom-Yetton model
Lecture: Vroom-Yetton Case Study

Outcomes

  • Apply the Vroom-Yetton decision tree model to a case study
  • Determine how decisions should be made
Lecture: Delphi and Nominal Group Techniques

Outcomes

  • Explain the Delphi technique
  • Explain the nominal group technique
  • Apply the techniques in decision making
Lecture: Group Decision-Making Pitfalls

Outcomes

  • Identify pitfalls that can lead groups to make bad decisions
  • Explain the concept of groupthink and its antecedents
  • Explain types of escalation of commitment
  • Demonstrate how to avoid escalation of commitment
Lecture: Effective Teams: Part 1

Outcomes

  • Identify benefits of using teams in strategic decision making
  • Explain characteristics of dysfunctional teams
Lecture: Effective Teams: Part 2

Outcomes

  • Demonstrate how to create a highly functional team

Week 4


Topic: Defining the Current Situation and Strategy
Lecture: The Importance of Disconfirming Information: What Could Go Wrong?

Outcomes

  • Explain the impacts of making strategic decisions without looking for disconfirming information
  • Apply a checklist to support risk identification and looking for disconfirming information
Lecture: Strategic Planning Tools and Techniques

Outcomes

  • Explain how to conduct a strategic decision-making planning session
  • Identify tools and techniques used at different stages in the strategic planning process
  • Discuss key elements in the brainstorming process
Lecture: Defining Current Situation: SWOT Analysis

Outcomes

  • Discuss SWOT analysis
  • Explain how to use a SWOT analysis
  • Demonstrate how to conduct a SWOT analysis with a team
Lecture: SWOT Analysis: Case Study

Outcomes

  • Examine an example SWOT analysis
  • Analyze SWOT results once developed
Lecture: Defining Current Situation: Understanding the Industry

Outcomes

  • Explain how to analyze the industry in which a company competes
  • Demonstrate how to conduct an industry trend analysis
  • Analyze a case example using industry trend analysis
  • Explain competitor profiles
Lecture: Defining Current Strategy: Strategy Activity Mapping

Outcomes

  • Describe a strategy activity map
  • Explain the importance of creating a strategy activity map
  • Explain the key components of a strategy activity map
  • Analyze the strategy activity map for Southwest Airlines
Lecture: Strategy Activity Mapping: Case Study

Outcomes

  • Create a strategy activity map with a team
  • Analyze a case study involving strategy activity mapping

Week 5


Topic: Building an Effective Strategic Plan
Lecture: Strategy Development: Brainstorming the Future

Outcomes

  • Demonstrate how to use brainstorming to develop long-term strategy
  • Examine a case example using brainstorming
Lecture: Blue Ocean Strategy: Part 1

Outcomes

  • Clarify what a blue ocean strategy is
  • Identify differences between blue ocean and red ocean environments
  • Explain a strategy canvas
  • Outline six strategic paths to creating a blue ocean strategy
Lecture: Blue Ocean Strategy: Part 2

Outcomes

  • Explain how to uncover new customers
  • Identify four ways to create value
  • Examine how to create a strategy canvas with a team
  • Explain how to uncover potential blue ocean strategies
  • Analyze a case example involving uncovering blue ocean opportunities
Lecture: Evaluating Strategic Opportunities

Outcomes

  • Explain how to evaluate strategic alternatives
  • Describe how to complete an opportunity analysis with a team
  • Analyze a case example involving an opportunity analysis
Lecture: Setting Strategic Goals and Scaling the Business

Outcomes

  • Describe a strategic goal
  • Explain gap analysis
  • Explain the importance of scaling a business
  • Examine a case example involving how to grow a business
Lecture: Building the Strategic Plan

Outcomes

  • Combine tools and techniques to create a strategic plan
  • Formulate strategic goals and objectives
Lecture: Strategic Planning Case Study: Part 1

Outcomes

  • Analyze a case study involving creating an organization's strategic plan
    • Setting strategic goals and objectives
    • Implementing exercises
Lecture: Strategic Planning Case Study: Part 2

Outcomes

  • Examine a case study involving the completion of an organization's strategic plan
    • Evaluate the visioning exercise
    • Identify key elements
Lecture: Strategy Implementation and Your Role

Outcomes

  • Explain the importance of implementation
  • Identify ways to enhance implementation
  • Discuss how to play a role in the strategic decision-making process

The course description, objectives and learning outcomes are subject to change without notice based on enhancements made to the course. May 2015