Running head: LITERATURE REVIEW
Literature Review
Name
Institution
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Literature Review
Literature review is an essential element in the writing process and often aims at
surveying the literature in the selected study, synthesize information, and analyze the gathered
information. Literature review often presents the topic of study being written and demonstrates
an in-depth grasp of the study. This paper presents a detailed literature review on specific topics
including how individual and group decisions tend to either help or hinder business decision
making, the new directions in strategy development and business decision making and the
various ways that my academic discipline impact the process of business strategy.
How do individual and group decision processes aid or impede business decision making?
Different researches provide different conclusions on group and individual decision
processes. Tindale & Winget (2019), view individual decision as decision made by one
individual, mainly the leader in a given organization while group decision is a decision that is
unanimously concluded by several individuals in an organization. This is not necessarily the case
in almost all business corporations since both individual and group decisions often have different
impacts on the business. As Mukherjee, et al., (2016), point out in their article, there are a
number of complex psychological aspects that play into an organization’s decision-making
process that result in either the selection of individual or group decision process. The authors
reviewed several articles on both individual and group decision making and afterward came up
with several ways in which these decision-making processes impede business decision making.
In Individual decision making, an individual often comes up with prompt decisions.
According to De Maio (2016), while different individuals often dominate a given group in an
organization setting, it could be time-consuming to make decisions using this model. As a result
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of saving time, individual decision making aids in business decision as it eradicates the
assembling of group members. Also, it aids in business decision making such that individuals
take full responsibility for their decisions and are accountable for the choices made, thus
enhancing business decision process. However, individual decision making, on certain occasions,
tends to impede business decision. When making individual decisions, the individual only
employs their personal views and intuitions, which could impede the decision-making process
(Mukherjee et al., 2016). According to this conclusion made by the authors, this hinders making
effective and more practical decisions since the individual does not consider the interests of other
members in the organization in making the decision.
Several researchers argue for the use of group decision process to in business decision
making. This decision making process involves a participatory process whereby many
individuals who primarily act collectively analyze situations and problems within the
organization, evaluate alternatives and choose the best options to devise the best solution
(Tindale & Winget, 2019). This process is essential to an organization when making a decision
since it encourages several methods in its processes such as brainstorming ideas or relevant
actions, nominal group technique and dialectal inquiry which focuses on a complete
consideration of all alternatives.
This process also aids business decision making by taking full advantage of the expertise
and diverse strengths in the members. Tindale & Winget (2019), support this argument in their
conclusion that tapping the exceptional qualities of all the members allows the group to generate
countless alternatives that are generally more quality compared to individual decisions.
Furthermore, group decision process aids business decision making by utilizing the collective
understanding of a selection decision. This creates ownership of the decision, which contributes
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commitment to the decision. Despite these crucial ways that group decisions aid decision
making, certain aspects impedes this approach. In most organizations, groups take too much time
to arrive at decisions compared to individuals. According to Mukherjee et al., (2016), this
concern makes it quite challenging to utilize them in occasions where decisions are required
relatively fast. Another way that group decision impedes decision making is by group
polarization. The predisposition of a group to converge on more extreme solutions and in most
cases often results in the risky shift phenomenon.
What are the newest directions in the process of strategy development and execution?
The new directions in the process of strategy development and execution are a crucial
topic in management currently. In recent years, most business enterprises utilized a highly
structured methodology to strategy development and execution (Thompson, Strickland &
Gamble, 2015). This approach involved utilizing annual processes of instituting plans to be used
in the coming year. However, in the current complex and very competitive business
environment, it is quite challenging to plan effectively for every possible eventuality. Developing
a strategy also need to be a dynamic and flexible process that must reflect strategic thought in the
business as well as the general environment that it operates.
The newest directions in the process of strategy development, according to contemporary
researches, ought to identify strategic options by choosing the most promising options while
deciding the allocation of resources in the organization in order to archive the desired objectives.
Thompson, Strickland & Gamble (2015), argue that the key resolve for strategy development is
to identify and establish the organization’s long-term as well as short-term opportunities by
adopting the newest directions. The first direction in this process includes clarifying the vision of
the organization. This involves defining short and long-term goals. According to Thompson,
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Strickland & Gamble (2015), the set objectives should be realistic, detailed, and fit the core
values of the organization.
Secondly, adequate data should be gathered and analyzed. This analysis allows the
management to understand all the needs of the organization as a suitable entity. According to
new directions, it is essential to examine any possible internal and external concerns that could
influence the goals of the organization. Other directions involve formulating strategies and
evaluating and control of the strategy. On formulating a strategy, Thompson, Strickland &
Gamble (2015), propose that the business should determine the existing resources that could help
it reach the set objectives. In this stage, all the issues that the business is facing must be
prioritized.
Sull, Homkes, & Sull (2015), in their article “Why strategy execution unravels—and
what to do about it” holds a different opinion on strategy execution and further provides
significant insights to new approaches and directions. The authors propose that strategy
execution should be conducted in relation to the newest step by step directions. The new
direction in the execution strategy includes visualizing the strategy before executing it. This
could be achieved by utilizing the available frameworks such as the Success Map, Activity Map,
or the Strategy Map by Norton and Kaplan. Another direction in executing a strategy is reporting
progress. According to Sull, Homkes, & Sull (2015), the strategy under this stage ought to be
reviewed continually with emphasis on determining whether the strategy is providing the
expected results.
Managers should also identify strategy projects. This new direction implores business
managers to organize and capture all projects during the execution process. In this case,
researchers argue that organizations should have a clear understanding of the range of projects.
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Another direction in execution is reward performance. Upon explaining and aligning the strategy
to the personnel, senior managers ought to institute incentives that aim to drive behaviors that are
relatively consistent with the strategy.
How can my academic discipline, as a function within the organization, impact the process
of business strategy development and execution?
Since strategic management as my academic discipline involves laying out business
goals, the advancement of strategic vision, and creating and implementing strategies in an
organization, it plays a key role in impacting the process of business strategy development and
execution. Strategic management can impact strategy development and execution processes
through necessitating a robust commitment to the processes, which exemplify the ability of an
organization to set long-and short-term goals. Mordern (2016), supports this argument in his
conclusion that strategic management positively impacts business strategy development and
execution by determining the crucial actions and decisions required to meet the set strategic
goals. This enables organizations to identify relevant processes quite easily and allocate
resources in order to archive the set goals; thus strengthening and supporting the core
competencies of the organization.
My discipline also impacts strategy development and execution processes by helping the
organization to determine strategy. This allows the organization to develop strategic goals and
make logical choices in order to keep pace with the alternating contemporary business
environment. Through strategic management, the organization not only enhances its market
share, but it also gains a competitive advantage. This discipline also impacts the process of
business strategy development and execution by assisting the organization to become proactive.
According to research conducted by Mordern (2016), results concluded that a proactive firm is
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able to analyze competitor’s actions and implement steps that enhance competition. As a result,
strategic management proves to be the basis for all essential decisions for strategy development
and execution process.
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References
De Maio, C., Fenza, G., Loia, V., Orciuoli, F., & Herrera-Viedma, E. (2016). A framework for
context-aware heterogeneous group decision making in business processes. Knowledge-
Based Systems, 102, 39-50.
Morden, T. (2016). Principles of strategic management. Routledge.
Mukherjee, N., Dicks, L. V., Shackelford, G. E., Vira, B., & Sutherland, W. J. (2016).
Comparing groups versus individuals in decision making: a systematic review
protocol. Environmental Evidence, 5(1), 19.
Sull, D., Homkes, R., & Sull, C. (2015). Why strategy execution unravels—and what to do about
it. Harvard Business Review, 93(3), 57-66.
Thompson, A., Strickland, A. J., & Gamble, J. (2015). Crafting and executing strategy: Concepts
and readings. McGraw-Hill Education.
Tindale, R. S., & Winget, J. R. (2019). Group decision-making. In Oxford Research
Encyclopedia of Psychology.
