Discussion Thread: Effective Execution, Design / Focus, and Decision Traps
Discussion must be in current APA format and must include a reference list. Reference sample make sure to include DOI-Drollinger, T., Comer, L. B., & Warrington, P. T. (2006). Development and validation of the active empathetic listening scale. Psychology & Marketing, 23(2), 161-180. https://doi.org/10.1002/mar.20105 There needs to be 2 scholarly references, 1 required from list below, and 1 biblical references from the King James bible in the paper Must use one of these in references: 1. Gamble, J., Peteraf, M., & Thompson, A. (2021), Essentials of strategic management, McGraw-Hill Course Content Delivery (7th ed.), New York, NY. ISBN: 9781260785791. 2. Keller, T. (2014), Every good endeavor: Connecting your work to God’s work, Riverhead Books, New York, NY. ISBN: 9781594632822. 3. Krogerus, M., & Tschäppeler, R. (2017), The decision book: 50 models for strategic thinking., W.W. Norton & Co. (Revised ed.), New York, NY. ISBN: 9780393652376. 4. Rumelt, R. (2011), Good strategy/bad strategy: The difference and why it matters., Crown Business, New York, NY. ISBN: 9780307886231.
Discussion Thread: Effective Execution, Design / Focus, and Decision Traps Once a strategy has been developed, success depends on a solid process for effective execution. It is important to take the power of strategy design and the power of focus into consideration. Finally, good decision making relies on avoiding decision traps that can take the company down the wrong path.
Minimum of 500 words in the body Minimum of 2 sources from the literature in addition to course texts Current APA format must be used. Use the following outline: • Introduction • Process: Evaluating the External Environment – What is the process in no less than 200 words • Strategic Thinking: Discussion of a Key source of Power / Weakness ‐ What is it and why is it important in no less than 200 words • Decision Model: no less than 100 words • How do my decision models aid / hinder this process and why • What other decision models are being considered and why • Conclusion • Support your factual assertions with citations. Include an Annotated Bibliography, in current APA format, of the 2 additional Sources: Minimum of 200 words in each annotation Summary of Key Points Evaluation of the Quality of the Publication Evaluation of the Quality of the Author(s) Where this fits into the discussion
ANSWER
Discussion Thread: Effective Execution, Design / Focus, and Decision Traps
Introduction
An organization’s environment is a crucial consideration. The organization’s environment is the source of resources required by the environment. It offers threats and opportunities and influences the varying strategic decisions that the management needs to make. The external and internal environment create the forces that surround an organization. These may facilitate or hamper the organization’s access to resources which means they can offer threats and opportunities. To effectively manage an organization, the management must clearly understand the environment. Therefore, this paper will focus on evaluating the external environment, strategic thinking, and decision model and how they aid the success of an organization.
Process: Evaluating the External Environment
Understanding the environment surrounding and affecting an organization is important for any management. Ideally, the environment offers resources that an organization needs to create products and services. For instance, the external environment is the source of challenges and opportunities that improve performance. Analyzing the external environment is critical in preparing a strategic approaches (Gamble, Thompson, and Peteraf, 2014). This is a complex undertaking since it includes collecting various data to accurately depict the condition. Based on the external environment analysis, the organization can make sound conclusions that help grow and develop.
The external environment analysis entails a process through which a decision is taken by assessing the political, socio-cultural, economic, ethical, and technical elements. A strategic planner examines the economic, technological, social, political, and cultural market conditions to determine the challenges and opportunities for the organization and how they need to adjust their strategic plan to fit the organizational objectives and align with the market needs. PESTEL analysis is one of the strategic tools an organization can use to examine the external factors that impact operations. The PESTEL tools allow an organization to understand how these factors impact the firm (Shatilo, 2019). It includes six segments of the external environment that every organization should evaluate for its strategic plan. An organization can rely on the PESTEL analysis tool to realize the changes in a business model and understand changes in economic issues, political climate, and technology. An organization gains contextual information about the business productivity risk, brand positioning, and direction through the analysis process. This allows the organization to determine the value and validity of the existing business strategy and product development. For instance, the economic factor focuses on the economic condition within which an organization operates. This includes the inflation rates, the interest rates, unemployment rates, and general decline or growth of the economy.
Strategic Thinking
Strategic thinking entails seeing things in the bigger picture, putting thoughts into action, and planning to gain a competitive advantage in an organization. Through strategic thinking, businesses can make a series of decisions about their actions and the direction the company intends to take to be more successful. There is a rational and intentional thought process that focuses on the analysis of critical variables and factors that will influence an organization. Considerably, the competitive landscape can quickly change for organizations. New trends emerge daily, and organizations need to take charge. By incorporating daily strategic thinking into organizational routines, there is a high probability that the management will be more skilled at forecasting, anticipating threats, and capitalizing on opportunities. For instance, most organizations have an annual strategic plan procedure that allows them to combine, analyze and synthesize the internal and external data and develop ideas that build their strategic intent.
Source of Power
Expertise, skills, and knowledge are crucial sources of organizational power. Expertise skills and knowledge benefit the business by creating best practices for daily tasks and enhancing an organization’s capacity. Companies create competitive advantages through knowledge management which is crucial for an organization. Gaining, storing, and sharing employees’ skills and knowledge increases the workforce’s general knowledge, improves efficiency, and retains vital information within the organization. Knowledge is the heart of all decisions made within an organization. Therefore, through maintaining their skills and knowledge, an organization gains power that stimulates change and innovation, thus allowing an organization to evolve and meet changing business demands.
Decision Model
The Decision-making model is considered the method the management uses to make decisions. The most significant factor in effective decision-making is that all team members have an understanding of how a certain decisions are made. The decision-making model is designed so that an organization will identify the drawbacks and benefits of different options to help evaluate the best option. The most effective decision-making model in business is the rational decision-making model, which consists of a step-by-step decision-making approach. The rational decision-making model typically involves identifying the opportunity or problem, gathering relevant data, analyzing the condition, developing a range of options, evaluating the value of each option, selecting the most suitable option, and implementing the decision (Uzonwanne, 2016). The rational decision-making model is effective since it follows an objective methodology based on systematically obtained information to make knowledgeable decisions. This lowers the probabilities of assumptions and errors. It also helps lower the manager’s use of emotions while making decisions which might result in poor judgments. The step-by-step approach ensures that the decision-makers are well equipped to deal with the challenges during complex times. Other decision-making models that are being used include the intuitive model, which is less structured and focuses on subjective opinions. Vroom-Yetton Decision-Making Model is also used since it follows a systematic approach that brings order and consistency while looking for options.
Conclusion
Analyzing the external environment allows an organization to understand the external forces that influence its operations. An organization can reflect on its environment to adjust to change and keep ahead of its competitors through external analysis. Building an organizational source of power through expertise and skills helps formulate strategies and innovations that boost an organization’s growth and development. Organizations should focus on rational decision-making, where individual user information and facts to make a decision.
Annotated Bibliography
Uzonwanne, F. C. (2016). Rational model of decision making. Global encyclopedia of public administration, public policy, and governance. Springer International. https:/doi. org/10.1007/978-3-319-31816-5_2474-1. http://dx.doi.org/10.1007/978-3-319-31816-5_2474-1
The study focuses on rational decision-making, which includes a step-by-step decision procedure. According to Uzonwanne (2016), rational decision-making is characterized by detailed research and logical evaluation of alternatives. Rational decision-making is discussed among other decision-making models, such as intuitive decision-making. Rational decision-makers rely on logical, deliberate, and analytical decisions, evaluate their long-term effects, and have strong facts based on decision-making.
Shatilo, O. (2019). The impact of external and internal factors on strategic management of innovation processes at the company level. Ekonomika, 98(2), 85-96. https://doi.org/10.15388/Ekon.2019.2.6
The article focuses on the internal and external factors that influence operation at the organizational level. Shalito (2019) states that a company operates and exists in the conditions of the internal and external environment. At the company level, the factors of internal and external environment impact innovation, overall operation, decision making, performance, and company development. Therefore, an important step to success for all organizations is to analyze the external and internal factors that impact the strategic management of innovation practices.
References
Gamble, J., Thompson, A., & Peteraf, M. (2014). Essentials of Strategic Management 4e. McGraw Hill. https://dx.doi.org/10.4135/9781526435736
Shatilo, O. (2019). The impact of external and internal factors on strategic management of innovation processes at the company level. Ekonomika, 98(2), 85-96. https://doi.org/10.15388/Ekon.2019.2.6
Uzonwanne, F. C. (2016). Rational model of decision making. Global encyclopedia of public administration, public policy, and governance. Springer International. https:/doi. org/10.1007/978-3-319-31816-5_2474-1. http://dx.doi.org/10.1007/978-3-319-31816-5_2474-1
