Eli Broad College of Business

Strategic Decision Making — Online

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About the course

Make Smarter Decisions!

Whether you lead the decision making process or participate in it, you’ll benefit from developing and refining your decision making skills, both as an individual and as a member of a management team. In this course, you’ll learn key decision making concepts and processes as well as tools and techniques to improve strategic decision making. You’ll also discover factors that influence individual and group decision making and avoid the pitfalls of common decision making mistakes. Apply what you learn in Strategic Decision Making to develop and implement long-term strategies that create a competitive advantage for your organization.

What You’ll Learn

Strategic Decisions

  • The nature of strategic decisions and types of decisions companies make
  • How to identify the difference between strategic decisions and tactical decisions
  • Roles you might play in the strategic decision making process
  • Why implementation is critical

Human Information Processing and Decision Traps

  • What decision traps managers fall into and how to avoid them
  • How stereotypes can bias your decisions
  • Why “what is good for Starbucks may not be good for your company”
  • How initial “guesstimates” can negatively impact your future decisions
  • Why people look for confirming information and how that leads to faulty decisions

Strategic Decision Making Process

  • How to evaluate your company’s strategic decision making process
  • Why and where executives go wrong in the decision making process
  • The different models of decision making
  • What steps you need to master to improve your decision making skills
  • Why managers are not and cannot be rational when making decisions

Understanding Risk and Probabilities

  • The difference between uncertainty, risk and certainty
  • How to compute probabilities and expected values
  • How to combine probabilities to draw valid conclusions
  • How decision framing biases managers’ decisions and perceptions of value
  • Why and when managers are more likely to make risky choices
  • Ways to apply decision framing in business to influence behavior

Communication and Individual Differences in Decision Making

  • How communication can undermine effective decision making
  • The importance of comprehension and factors that affect comprehension
  • The four dimensions of the DISC Model of human behavior
  • How to leverage behavioral styles to improve strategic decision making

Group Decision Making

  • When to make the decision yourself and when to make a group decision
  • How the Vroom-Yetton Decision Tree Model can help you make better decisions
  • The benefits and potential pitfalls of group decision making
  • What best practices should be applied in group decision making

Creativity in Strategic Decision Making

  • Ways to prevent assumptions from blocking creativity in each stage of problem solving
  • How cognitive processes keep us from being creative
  • How you can break creative blocks and enhance your creative process
  • Which techniques will improve your brainstorming

Designing and Implementing an Effective Strategic Decision Making Process

  • How to create an effective and efficient strategic decision making process
  • Ways to analyze your company’s current strategic position
  • How to effectively set long-term strategic goals
  • Why you should focus on alignment and gap analysis in formatting your plan
  • How to generate and evaluate different strategic paths
  • What you can do to make sure your strategy works and the plan is implemented

Curriculum

8 Week Course

Strategic Decision Making and Human Information Processing

  • Introduction to Strategic Decisions
  • Your Role in Strategic Decision Making
  • Human Information Processing
  • The Selective Nature of Attention
  • Constructive Nature of Memory

Strategic Decision Making Biases and Traps

  • Decision Traps
  • Availability Bias in Decision Making
  • Representativeness and Small Sample Bias
  • Regression to the Mean Bias
  • Confirmation Bias
  • The Importance of Disconfirming Information: What Could Go Wrong
  • Anchoring Bias

Strategic Decision Making Process and Understanding Risk

  • Strategic Decision Making
  • Decision Making as Problem Solving
  • Bounded Rational Model of Decision Making
  • Understanding Risk and Estimating Probabilities
  • Combing Probabilities
  • Making Valid Decisions Using Probabilities
  • Decision Framing Part I
  • Decision Framing Part II

Communication and Individual Differences in Strategic Decision Making

  • Communication in Decision Making
  • Individual Differences in Decision Making Part I
  • Individual Differences in Decision Making Part II

Group Dynamics and Using Teams in Strategic Decision Making

  • Group Decision Making
  • Vromm-Yetton Case Study
  • Delphi and Nominal Group Techniques
  • Group Decision Making Pitfalls
  • Effective Teams Part I
  • Effective Teams Part II

Tools and Techniques: Defining the Current Situation and Strategy

  • Strategic Planning Tools and Techniques
  • Defining Current Situation - SWOT Analysis
  • SWOT Analysis - Case Study
  • Defining Current Situation - Understanding the Industry
  • Defining Current Situation - Strategy Activity Mapping
  • Strategy Activity Mapping - Case Study

Tools and Techniques: Creativity in Strategic Decision Making

  • Creativity in Decision Making
  • Improving Creative Thinking
  • Strategy Development - Brainstorming the Future
  • Blue Ocean Strategy Part I
  • Blue Ocean Strategy Part II
  • Evaluating Strategic Opportunities

Tools and Techniques: Building an Effective Strategic Plan

  • Setting Strategic Goals and Scaling the Business
  • Building the Strategic Plan
  • Strategic Planning Case Study I
  • Strategic Planning Case Study II
  • Strategy Implementation and Your Role

Who should attend

This program is essential for executives who lead strategic decision making processes, as well as managers who participate in the process and want to impact the strategic direction of their organization.

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