Course Outline: Strategic Decision Making: Tools and Techniques
Course Overview
This course is designed to equip students with the knowledge and skills necessary to make effective strategic decisions in a business context.
Through a combination of theoretical frameworks and practical applications, students will learn how to analyze complex situations, evaluate alternatives, and implement decisions that enhance organizational performance.
Course Objectives
- Understand the fundamental principles of strategic decision making.
- Explore various tools and techniques used in the decision-making process.
- Develop critical thinking and analytical skills.
- Apply strategic decision-making models to real-world business scenarios.
- Enhance leadership and communication skills in decision-making contexts.
Module 1: Introduction to Strategic Decision Making
Week 1: Course Introduction and Overview
- Course objectives and expectations
- Importance of strategic decision making in business
- Key concepts and terminology
Week 2: Foundations of Strategic Decision Making
- Definition and scope of strategic decision making
- Types of strategic decisions
- Decision-making process overview
Week 3: Decision-Making Models and Frameworks
- Rational decision-making model
- Bounded rationality and satisficing
- Incremental decision-making model
- Garbage can model of decision making
Module 2: Tools for Strategic Decision Making
Week 4: SWOT Analysis
- Understanding SWOT (Strengths, Weaknesses, Opportunities, Threats)
- Conducting a SWOT analysis
- Applying SWOT analysis in strategic planning
Week 5: PESTEL Analysis
- Overview of PESTEL (Political, Economic, Social, Technological, Environmental, Legal)
- Conducting a PESTEL analysis
- Integrating PESTEL analysis into strategic decision making
Week 6: Porter’s Five Forces
- Understanding Porter’s Five Forces model
- Analyzing industry structure and competitive dynamics
- Application of Porter’s Five Forces in strategy formulation
Week 7: Balanced Scorecard
- Introduction to the Balanced Scorecard
- Developing Balanced Scorecard perspectives
- Using the Balanced Scorecard for strategic management
Week 8: Decision Trees and Scenario Planning
- Decision trees: structure and application
- Scenario planning: techniques and benefits
- Case studies and practical applications
Module 3: Techniques for Effective Decision Making
Week 9: Data-Driven Decision Making
- Importance of data in strategic decision making
- Data collection and analysis methods
- Integrating data analytics into decision-making processes
Week 10: Risk Analysis and Management
- Identifying and assessing risks
- Risk management frameworks and strategies
- Decision making under uncertainty
Week 11: Game Theory and Strategic Interactions
- Basics of game theory
- Strategic interactions and competitive strategies
- Application of game theory in business decisions
Week 12: Behavioral Decision Making
- Psychological biases and heuristics in decision making
- Impact of cognitive biases on strategic decisions
- Techniques to mitigate biases
Module 4: Application and Integration
Week 13: Strategic Decision Making in Practice
- Case studies of strategic decision making in various industries
- Group projects and presentations
- Real-world application of tools and techniques
Week 14: Leadership and Communication in Decision Making
- Role of leadership in strategic decision making
- Effective communication of decisions
- Stakeholder management and engagement
Week 15: Ethical Considerations in Strategic Decision Making
- Ethics and corporate social responsibility in decision making
- Balancing ethical considerations with business objectives
- Case studies on ethical dilemmas in strategic decisions
Week 16: Course Review and Final Project Presentation
- Review of key concepts and tools
- Final project presentations
- Course wrap-up and feedback
Assessment and Evaluation
- Weekly Quizzes and Assignments: 20%
- Mid-Term Exam: 20%
- Group Projects: 20%
- Final Project: 30%
- Class Participation and Attendance: 10%
Required Readings
- Mintzberg, H., Ahlstrand, B., & Lampel, J. (2009). Strategy Safari: A Guided Tour Through the Wilds of Strategic Management. Free Press.
- Porter, M. E. (2008). Competitive Strategy: Techniques for Analyzing Industries and Competitors. Free Press.
- Kaplan, R. S., & Norton, D. P. (1996). The Balanced Scorecard: Translating Strategy into Action. Harvard Business Review Press.
- Kahneman, D. (2011). Thinking, Fast and Slow. Farrar, Straus and Giroux.
Recommended Readings
- Rumelt, R. P. (2011). Good Strategy Bad Strategy: The Difference and Why It Matters. Crown Business.
- McAfee, A., & Brynjolfsson, E. (2017). Machine, Platform, Crowd: Harnessing Our Digital Future. W. W. Norton & Company.
- Taleb, N. N. (2010). The Black Swan: The Impact of the Highly Improbable. Random House Trade Paperbacks.
Additional Resources
- Online databases and journals for case studies and industry reports
- Software tools for data analysis and decision modeling
- Guest lectures and webinars from industry experts
Course Policies
- Attendance: Regular attendance is mandatory. More than two unexcused absences will affect the final grade.
- Participation: Active participation in class discussions and group projects is required.
- Assignments: All assignments must be submitted on time. Late submissions will incur a penalty.
- Academic Integrity: Students are expected to adhere to the highest standards of academic integrity. Plagiarism and cheating will not be tolerated.
Instructor Information
- Instructor: [Instructor’s Name]
- Office Hours: [Office Hours Schedule]
- Contact: [Email Address and Phone Number]
- Office Location: [Office Location]
This course will provide students with a comprehensive understanding of strategic decision making, equipping them with the tools and techniques needed to navigate complex business environments and make informed strategic decisions.
