Strategic decision making processes

Strategic decision making processes
Will Mulcaster [88] argues that whilst much research and creative thought has been devoted to generating alternative strategies, too little work has been done on what influences the quality of strategic decision making and the effectiveness with which strategies are implemented. For instance, in retrospect it can be seen that the financial crisis of 2008/9 could have been avoided if the banks had paid more attention to the risks associated with their investments, but how should banks change the way in which they make decisions in order to improve the quality of their decisions in the future? Mulcaster's Managing Forces framework addresses this issue by identifying 11 forces that should be incorporated into the processes of decision making and strategic implementation. The 11 forces are:- Time; Opposing forces;Politics; Perception; Holistic effects; Adding value; Incentives; Learning capabilities; Opportunity cost; Risk; Style. The mnemonic "TOPHAILORS" is used to assist in the memory of these forces.


(http://en.wikipedia.org/wiki/Strategic_management)