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Select a company that you work for now or have worked for in the past, or a company in your community of which you have sufficient knowledge. Show how the selected technique/concept would be applied to that particular business in its strategic allocation of financial resources in the area of capital budgeting decisions. Your paper must be in current APA format and must include references from at least 7 peer-reviewed journal articles. The paper must be at least 5–7 pages, not including the title page and reference page.

Decision Making with a Strategic Emphasis

Effective decision making at the managerial level consists of two crucial elements. According to Blocher, Stout, Juras, & Smith (2019), these elements are relevant cost analysis and strategic analysis. Successful organizations will apply the decision-making process to many of the common decisions that management might encounter. Successful strategy is the result of a decision process where organizational managers are able to frequently render fast, widely supported, high-quality strategic decisions on a frequent basis is the cornerstone of effective strategy (Eisenhardt, 1999). Interestingly, the text identifies a five-step process to assist managers with deciding between alternatives for any given situation (Blocher, Stout, Juras, & Smith (2019). The decision process allows managers to evaluate the results of previous decisions to see if there was anywhere in the decision-making process where improvements could be made. In respect to capital budgeting, the strategic allocation of resources should be managed in a way that yields the best possible impact on the organization’s performance. When strategy and budget are properly utilized, the organizations performance is more likely to improve and if there are disconnections between the two it could lead to a budget that hinder the implementation of the organization’s strategies or strategies that cannot be reinforced by the organization’s finances (Blumentritt, 2006).

References

Blocher, E., Stout, D., Juras, P., & Smith, S. (2019). Cost management: A strategic

emphasis. (8th ed.). New York, NY: McGraw-Hill Education.

Blumentritt, T. (2006). Integrating strategic management and budgeting. Journal of Business

Strategy, Vol. 27 Issue: 6, pp.73-79, https://doi.org/10.1108/02756660610710382

Eisenhardt, K. (1999). Strategy as strategic decision making. MIT Sloan Management Review;

Cambridge Vol. 40(3):65-72. Retrieved from

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