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Factors in Strategic Decision Making
Doreen Zelia, Manager, Seychelles, Member
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What are the factors affecting strategic decision making? (...) Read more? Sign up for free
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4-7 External Factors in Strategic Decision Making
Bill Carter, Business Consultant, United States, Member
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Strategic planning is the vehicle (process) used to change the direction/operation of an enterprise in order to achieve its goal(s).
We don't plan to remain the same. We plan because something, usually in the EXTERNAL ENVIRONMENT in which the enterprise operates, changes requiring the enterprise to adjust if it is to achieve its goal(s).
The primary factors in strategic decision making is to continually understand what is going on in the external environment (there are 4, some people say even 7 of those external factors needing to be monitored) and assessing the postitve and/or negative impact the external changes will have on the enterprise as it tries to achieve its goal(s).
Once that is understood, you then make adjustments / changes to the strategy and its operating components for achieving your enterprise goal(s).
What this says is that the strategic planning process and its continuous, iterative life cycle within an organization is far more more important than any one plan it produces.
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