Topics: Decision making, Management, Decision theory Pages: 3 (893 words) Published: February 1, 2014
Strategy is a plan of action which is designed to help achieve a long term goal. It is how the plan of action is decided that determines whether the strategy developed will be achieved. It is all about the analysing the strength of businesses' position and understanding the important factors that may influence that position. Strategy is of paramount importance in the business world, as without it managers and employees will be unable to coincide with each other and therefore the organisation will be unsuccessful reaching this goal.

Strategy can be used in any situation, but it is in the world of business where it is crucial. Everyday organisations are making decisions, which aim to steer their company in the right direction. Most decisions are made with strategy behind them, the final decision carefully processed and analysed, and then carried out throughout the workplace. Without strategy it is almost impossible for an organisation to move forward, it is through careful deliberation and thought that quality decisions are made. There are three main steps companies make when strategically making decisions, firstly is assessment, companies seeing where the stand and what the problem is facing them. Secondly process, making sure decision makers have all the critical information allowing them to make well thought through decisions. And thirdly focusing on targets, the decision makers basing their decisions on a mix of financial and strategic targets as well as on a mix of short and long term targets. (Dye, et al, 2009). It is with strategy that companies can make quality decisions which will affect stakeholders in the future.

Strategy is designed in order to lead companies through alterations and changes which may occur in order to move forward as a company and succour success (Clegg et al., 2004). Depending on the wants and needs of a company, strategy is designed differently. Strategy is more about designing solutions rather than just designing choices....
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