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Showing posts with the label developing strategy

Scientific Learning Fosters Strategic Decision-Making Skills

Permission to Use D.S. Socio-scientific answers are rarely specific enough to concrete. The complexity of making determinations in this field helps in highlighting which methods of strategic decision-making people are using. Research by Eggert & Bogeholz delves into the complex processes students use to make socio-scientific decisions based upon competing information and ambiguous direction (2010). Their results show that scientific thinking improves complexity of thought and strategy making. The process of making decisions that border between scientific research and sociological concepts is difficult. In scientific research it is necessary to answer ambiguous and specific questions like the potential societal benefits of research or the exact measurements used in instrumentation. It is hard for people to make cognitive models that can handle such widely dispersed information effectively.  Understanding science requires the ability to look at data, be open to new da

The Development of Strategy in Small and Medium Organizations

Strategy formation may be one of the most important aspects of managing a company. Without a proper strategy the ship bounces around the sea in hopes of finding fruitful land. How that strategy is formed is often a difficult question to answer. Research by Pop and Borza, (2013) helps to determine how strategy works within small and medium organizations (SME). This helps further solidify the concept that strategy is based     upon the environment and resources available that help to make companies more competitive. In developing strategic decisions it is important for managers to interpret the signals coming from the internal and external environment appropriately. Doing so creates an opportunity to formulate strategies not only for their daily operations but also for long term corporate interests. It is this strategy that will act as a guide to regeneration and renewal that leads to corporate achievement.  Successful strategies are developed, implemented and then re-evalu

The Strategy of Level-K Decisions-Outside Bounded Rationality

Art Dr. Murad Abel Reviewing a number of game theory results the authors Crawford, Costa-Gomes, and Iriberri (2013) discuss why people often deviate systematically from equilibrium in game theory. By understanding why some choices appear irrational (level-k) it is possible to better determine under what circumstances such behavior is prevalent. Their paper reviews and analyzes a large swath of game theory results to make some conclusions.  Strategic thinking is a natural part of everyone’s life and influences everything from school choice to business decisions. In game theory each person seeks to maximize their payoffs based upon predicting the choices of others by assuming the rationality of the other players. This is called bounded rationality as all players work under the same assumptions.  There is also something called level-k responses. It is an assumption that all players actions will improve in an attempt to take the dominant stance that eventually leads to equi

Book Review: Business Strategy by Jeremy Kourdi

The book Business Strategy-A Guide to Taking Your Business Forward by Jeremy Kourdi offers insight into understanding, developing and implementing strategy.   Each of these aspects is important for overcoming market difficulties that challenge and create difficulties for businesses. It is the ability of leaders to develop strategy and then implement that strategy in ways that are more likely to raise the success of an organization.  The author provides a definition of strategy as it, “…is the plans, choices and decisions used to guide a company to greater profitability and success”. Strong strategies create higher levels of outputs while poor strategies often fail in their ability to meet defined goals. Such strategies should be well thought out and the alternatives should be weighed. Henri Fayol, who established the classical school of management around 1910, developed some general management activities that fit within five sections: planning, organizing, commanding, co-