Literature Review Minimum of 24 pages

1. How do individual and group decision processes aid or impede business decision making? 

Level 1 introduction

Decision making process in a business involves identifying a decision, gathering relevant information, identifying alternatives, weighing the evidence tabled, choosing among alternatives, taking action and reviewing decision made and its consequences (Bazerman, Moore, 2013). All businesses require sound decision making to make sure that the business growth and development is maintained. Whether as a person or as a group, sound decision making is of paramount importance to the continued growth of the business.

Level 1 body

A sole proprietor has all the obligations of making the decision of the business without having to consult with anyone about it. This therefore calls for the individual to have wise decision making skills and to see through problems in order to have firm and best decision strategies. On the other hand, as a group or partnership people brainstorm and come up with the best decision for the growth of the business. Before making a decision in the group, each person is given a chance to give his/her view before a conclusion is made on the best course of action to be taken. Under group decision making, the best idea wins while under individual decision making is based on the thinking of the individual and the ability to make decision concerning the business.

2. What are the newest directions in the process of strategy development and execution? 

Level 2 introduction

A strategy is a way of describing how you are going to get things done. A strong, clearly-defined, widely-shared strategy has the potential to propel an organization towards the future it desires, directs all other planning efforts, and informs organizational design (Zagotta, Robinson, 2002). Setting up a good strategy for the business will see to the success and the growth of business to the heights it desires to grow. Latest and recommended steps of strategy include; scanning, articulating, defining, aligning, executing and monitoring. On reaching the last step, a repetition is made from the first step to the last step. It forms a circle of events that are repeated each and every time the last step is reached.

Level 2 body

Scanning involves identifying internal and external realities that can affect the current and the future operation of the business. Articulating involves describing precisely the mission, vision and values of the business. Defining involves outlining specific and goals and priorities necessary to achieving the business mission and vision. Aligning calls for specific actions accountabilities, and resources required to achieve the strategic priorities. Executing is a planned way of bringing strategic plan into life. Monitoring involves looking into the progress through appropriate measuring and reporting tools, course correct where required, and celebrate success.

2. How can my academic discipline, as a function within the organization, impact the process of business strategy development and execution? 

Level 3

Having background knowledge on the basis and the importance of making strategic plans for the business is very important; not only to me but also to the organization I will end up working in. As an individual, I will strive to understand the best way to come up with strategic plans, mission, visions and values of the organization and on the best way to achieve the goals of the organization. It is therefore important for me as a person to learn as much as I can to make sure that I will use the skills and the knowledge that I will obtain to help organizations grow and achieve their businesses goals.

References

Bazerman, M., & Moore, D. A. (2013). Judgment in managerial decision making.

Zagotta, R., & Robinson, D. (2002). Keys to successful strategy execution. Journal of Business Strategy, 23(1), 30-34.