MGT 626 - Improving Strategic Decision Making
Place the word "strategic" in front of any business discipline and it takes on a robust, and often misplaced, resonance. For our purpose in this course we consider a decision to be "strategic" if it 1) Entails discrete and significant allocation of resources and 2) Is understood as a distinct action to enhance or redirect the organizations strategy. Unfortunately many strategic decisions are understood based on the ex post performance of the choice. It is unfortunate as the quality of the decision cannot be solely judged on factors affecting performance after the decision.
The course, or more appropriately interactive seminar, is directed at evaluating and improving the quality of the thinking and system of the decision. To do so this seminar will rely upon some key disciplinary perspectives to understand what is known as a sound strategic decision. These perspectives are:
- Behavioral Decision Theory/Economics
- Theory of Group Dynamics and Decision Making
- Strategic System Design and Structure
Using these perspectives participants will learn, in this sequential order:
- The individual biases we demonstrate in making decisions
- How to think more creatively and objectively about problem solving
- How to design and structure team decision-making to improve strategic decision quality
The key distinction between this course and a basic course in decision making is that it is entirely focused on cases and exercises of major corporate decisions. Participants thus become better decision makers themselves, but more importantly smarter "strategic" decision makers.