Strategic Decision-making in the Context of Crisis and Uncertainty PDF Download
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Author: Vishad Ramnund
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
In times of crisis, leaders are faced with deep uncertainty and effective crisis management requires strategic decisions to ensure long-term sustainability. There are opposing academic views on the types of cognition and philosophies used in crisis decision-making, thus raising a need for empirical evidence. Coupled with this, increasing turbulence in the business environment has created a renewed interest in research on management decision-making in uncertainty. The novel coronavirus pandemic represents an unprecedented challenge which has accelerated these research agendas. This study explores how business leaders in the banking sector respond to crisis and uncertainty in their organisational strategic decision-making process. Using a qualitative approach, twenty-one semi-structured interviews were conducted with business leaders. This study found that crisis and uncertainty created opposing forces for decision makers which led to a combination of intuition and analysis being applied, shifts in strategy were identified and a three-stage approach was applied in decision-making using a pragmatic philosophy. This study contributes to literature by providing an in-depth understanding of the strategic decision-making process used by business leaders in banking during the coronavirus crisis, revisiting the roles of intuition and analysis in decision-making and proposing a framework which could lead to effective and sustainable strategicdecision making.
Author: Vishad Ramnund
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
In times of crisis, leaders are faced with deep uncertainty and effective crisis management requires strategic decisions to ensure long-term sustainability. There are opposing academic views on the types of cognition and philosophies used in crisis decision-making, thus raising a need for empirical evidence. Coupled with this, increasing turbulence in the business environment has created a renewed interest in research on management decision-making in uncertainty. The novel coronavirus pandemic represents an unprecedented challenge which has accelerated these research agendas. This study explores how business leaders in the banking sector respond to crisis and uncertainty in their organisational strategic decision-making process. Using a qualitative approach, twenty-one semi-structured interviews were conducted with business leaders. This study found that crisis and uncertainty created opposing forces for decision makers which led to a combination of intuition and analysis being applied, shifts in strategy were identified and a three-stage approach was applied in decision-making using a pragmatic philosophy. This study contributes to literature by providing an in-depth understanding of the strategic decision-making process used by business leaders in banking during the coronavirus crisis, revisiting the roles of intuition and analysis in decision-making and proposing a framework which could lead to effective and sustainable strategicdecision making.
Author: Kristian J. Sund
Publisher: Emerald Group Publishing
ISBN: 1786351692
Category : Business & Economics
Languages : en
Pages : 242
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Book Description
In this book, leading researchers on Managerial and Organizational Cognition consider the foundations of individual and social cognition and their effect on strategic decision-making.
Author: Marco I. Bonelli
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
As currently exemplified by the COVID-19 situation, there is a need to conduct strategic decision-making research through a process approach for crisis where threats, uncertainties, instabilities, pressures and virous negative environmental factors present or coming. The purpose of this research is to examine the presence of rational strategic decision-making processes and relevant factors involved in a crisis context from empirical managerial practice. This research is based on seven multi-case study interviews of both top and middle level managers from multiple industries. Empirical evidence indicates the predominance of a rational strategic decision-making process with intuitive elements incorporated in within a situation of crisis. A rational strategic decision-making process with intuitive elements embedded in is derived and structured from the data collected. This paper further presents many influential factors in the processes that are either already known (e.g., information, uncertainty, heterogeneity, dynamism) or newly discovered/named (e.g., regulatory requirement, sustainability and heteroturbulence).
Author: Richard J. Arend
Publisher: Springer Nature
ISBN: 303148553X
Category : Business & Economics
Languages : en
Pages : 466
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Book Description
Knight (1921) defines uncertainty as an informational market failure that, while being detrimental to most existing businesses, presents possible profitable opportunities for others. This book builds upon that classic work by providing an analysis of the alternative approaches to strategic decision-making under such uncertainty. It covers what uncertainty is, why it is important, and what connections it has to business and related fields, culminating in a new and comprehensive typology and a valuable guide for how to appropriately address various types of uncertainties, even under AI. It clarifies the current terminological and categorical confusion about ‘unknowns’ while complementing the mathematical, probability-based approaches that treat uncertainty as ‘knowable’ (i.e., as risk). It corrects the mistaken approaches that treat ‘unknowables’ as ‘shapeable’ or ‘discoverable’. This book widens the perspective for viewing uncertainty, in terms of its impacts across humanity, by offering a shrewder understanding of what roles uncertainties play in human activity. It will appeal to academics across business, economics, philosophy, and other disciplines looking for approaches to apply, test, and hone for dealing with decision-making under uncertainty.
Author: Frank A. Heller
Publisher: CUP Archive
ISBN: 9780521403702
Category : Business & Economics
Languages : en
Pages : 272
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Book Description
Author: Xiaoli Lu
Publisher: Springer
ISBN: 9811039909
Category : Social Science
Languages : en
Pages : 256
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Book Description
This book studies the variety of organizational strategies selected to cope with critical uncertainties during crises. This research formulates and applies an institutional sense-making model to explain the selection of strategies for coping with uncertainties during crises to answer the question why some organizations select a rule-based strategy to cope with uncertainties, whereas others pursue a more ad hoc-based strategy. It finds that the level of institutionalization does not affect strategy selection in the initial phase of responding to crises; that three rigidity effects can be identified in the selection of sense-making strategies once organizations have faced the failure of their selected strategies; that discontinuities in the feedback loop of sense-making do not necessarily move organizations to switch their sense-making strategies, but interact with institutionalization to contribute to switching sense-making strategies. This book bridges the gap between institutional thinking and crisis management theorizing. A major step forward in the world of crisis management studies! ——Professor Arjen Boin, Leiden University, the Netherlands In a world of increasingly complex, sociotechnical systems interacting in high-risk environments, Professor Lu’s analysis of how organizations manage uncertainty is both timely and profound. ——Professor Louise K. Comfort, Director, Center for Disaster Management, University of Pittsburgh, USA Prof. Lu greatly enhances our understanding of how organizations cope with uncertainty and make sense of their challenges under the pressures of catastrophe. ——Dr. Arnold M. Howitt, Faculty Co-Director, Program on Crisis Leadership, Harvard Kennedy School, USA This book provides not only a theory of crisis management but also a key concept around which research and practice can be conducted. ——Professor Naim Kapucu, Director of School of Public Administration, University of Central Florida, USA A generic institutional model for analyzing and managing hazards, disasters and crises worldwide. ——Professor Joop Koppenjan, Erasmus University Rotterdam, the Netherlands This book has done an excellent job in opening the black box of how organizations make sense of the crisis situations they face and develop strategies to respond. It should be read by all of us who wish for a peaceful and safe world. ——Professor Lan Xue, Dean of School of Public Policy and Management, Tsinghua University, China
Author: Navneet Bhushan
Publisher: Springer Science & Business Media
ISBN: 1852338644
Category : Business & Economics
Languages : en
Pages : 175
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Book Description
Strategic Decision Making provides an effective, formal methodology that provides help with decision making problems, especially strategic ones with high stakes involving human perceptions and judgements. Focusing on applying the AHP to decision-making problems, Strategic Decision Making covers problems in the realms of business, defence and governance. Using case studies drawn from years of experience, the book discusses decision making for real life problems and includes many worked examples and solutions to problems throughout. The reader will gain comprehensive exposure to the extent of assistance that a formal methodology, such as AHP, can provide to the decision maker in evolving decisions in complex and varied domains.
Author: Vincent A. W. J. Marchau
Publisher: Springer
ISBN: 3030052524
Category : Business & Economics
Languages : en
Pages : 408
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Book Description
This open access book focuses on both the theory and practice associated with the tools and approaches for decisionmaking in the face of deep uncertainty. It explores approaches and tools supporting the design of strategic plans under deep uncertainty, and their testing in the real world, including barriers and enablers for their use in practice. The book broadens traditional approaches and tools to include the analysis of actors and networks related to the problem at hand. It also shows how lessons learned in the application process can be used to improve the approaches and tools used in the design process. The book offers guidance in identifying and applying appropriate approaches and tools to design plans, as well as advice on implementing these plans in the real world. For decisionmakers and practitioners, the book includes realistic examples and practical guidelines that should help them understand what decisionmaking under deep uncertainty is and how it may be of assistance to them. Decision Making under Deep Uncertainty: From Theory to Practice is divided into four parts. Part I presents five approaches for designing strategic plans under deep uncertainty: Robust Decision Making, Dynamic Adaptive Planning, Dynamic Adaptive Policy Pathways, Info-Gap Decision Theory, and Engineering Options Analysis. Each approach is worked out in terms of its theoretical foundations, methodological steps to follow when using the approach, latest methodological insights, and challenges for improvement. In Part II, applications of each of these approaches are presented. Based on recent case studies, the practical implications of applying each approach are discussed in depth. Part III focuses on using the approaches and tools in real-world contexts, based on insights from real-world cases. Part IV contains conclusions and a synthesis of the lessons that can be drawn for designing, applying, and implementing strategic plans under deep uncertainty, as well as recommendations for future work. The publication of this book has been funded by the Radboud University, the RAND Corporation, Delft University of Technology, and Deltares.
Author: Michel Syrett
Publisher: The Economist
ISBN: 1610395131
Category : Business & Economics
Languages : en
Pages : 224
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Book Description
Managing uncertainty has become a new business imperative. Technological discontinuities, regulatory upheavals, geopolitical shocks, abrupt shifts in consumer tastes or behavior, and many other factors have emerged or intensified in recent years and together conspire to undermine even the most carefully constructed business strategies. Managing Uncertainty: Strategies for Surviving and Thriving in Turbulent Times addresses these new challenges, assessing the sources of business turbulence, how to classify uncertainty, and the different ways in which uncertainty can be embraced to allow greater innovation and growth. Drawing on examples from around the world, the book presents the most recent ideas on what it means to manage uncertainty, from practitioners, academics, and consultants. Addresses the challenges of managing uncertainty in business Presents a step-by-step guide to managing business uncertainty Draws examples from major international companies, including Intel, Procter & Gamble, Siemens, Boeing, Quinetiq, Philips, China Telecom, Ford, Apple, Shell, Glaxo SmithKline and many more Written for business leaders and managers looking for new ways to ensure that their businesses continue to thrive in a world of increasing complexity, Managing Uncertainty presents new and innovative ideas about reducing risk by understanding difficult-to-predict shifts.
Author: Uriel Rosenthal
Publisher: Springer Science & Business Media
ISBN: 9401133980
Category : Business & Economics
Languages : en
Pages : 186
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Book Description
