successful strategic planning with decision making tools & techniques
Post on 16-Apr-2017
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What is Strategic Planning?The process of developing a mission, a set of goals and strategies, and then, incorporating the strategies to accomplish the mission and goals is called strategic planning.
Strategic planning helps in prioritizing activities, allocating resources to the right direction and to fortify business operations.
How Decision-making Tools & Techniques Help in Decision-making?Strategic planning involves making several vital decisions. It is important to spot the right decision to be made, evaluate the decision and at the same time, look for viable alternatives.
Decision making tools and techniques come handy in the pursuit of making effective strategic planning decisions.
continuedImportant Decision-making ToolsSWOT Analysis:This tool helps in evaluating the strengths (S) and weaknesses (W) of a business, and to analyze the opportunities (O) and threats (T) that a business comes across.
Pareto Analysis:It aids in identifying the most important decision to be made by defining the one which will generate the biggest impact.
Important Decision-making ToolsDecision Tree:You can mull over every aspect of a decision with this tool.
Decision Matrix:It is one of the most important decision-making tools and techniques. Decision Matrix helps in analysing each of the options related to a decision, including the factors that will generate most impact and the ones that will affect the operations.