Strategic decisions: How good does it fit the decision-making process into the strategic management process?
The complicated dance between the decision-making (hereinafter: DM) process, which is shaped by the individual psychological constructs and internal cognitive processes, and the methodological process of strategic management (hereinafter: SMP), which can be understood as a framework that defines dec...
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| Format: | Article |
| Language: | English |
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University of Novi Sad, Technical faculty Mihajlo Pupin, Zrenjanin
2024-01-01
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| Series: | Journal of Engineering Management and Competitiveness |
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| Online Access: | https://scindeks-clanci.ceon.rs/data/pdf/2334-9638/2024/2334-96382402099K.pdf |
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| _version_ | 1841554251533254656 |
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| author | Kolar Edvard Tušak Matej Robnik Petra Biloslavo Roberto |
| author_facet | Kolar Edvard Tušak Matej Robnik Petra Biloslavo Roberto |
| author_sort | Kolar Edvard |
| collection | DOAJ |
| description | The complicated dance between the decision-making (hereinafter: DM) process, which is shaped by the individual psychological constructs and internal cognitive processes, and the methodological process of strategic management (hereinafter: SMP), which can be understood as a framework that defines decision context, raises pertinent questions about their coherence. The purpose of this study is to propose an integrative model of the strategic decision-making process (hereinafter: SDM), which links the cognitive processes of decision-makers with the rigour of strategic management and identifies and mitigates potential risks at each stage of the holistic process. To design the research, we used the "model paper" approach which seeks to build a theoretical framework that predicts relationships between research concepts. The developed comprehensive model connects four independent concepts, creating a holistic framework for SDM in organizations. The comprehensive model reveals a high degree of consistency between the SMP, knowable decision-making cycle and cognitive processes. Throughout the entire process, decision-makers need to be mindful of the interplay between System 1 and System 2 thinking. While System 1 thinking may provide quick insights and initiate creative thinking, it is important to complement it with the deliberate and analytical reasoning of System 2 thinking, which can be supported by a proper application of different strategic management tools and methods. |
| format | Article |
| id | doaj-art-522caa7798a048eeb973208790203122 |
| institution | Kabale University |
| issn | 2334-9638 2217-8147 |
| language | English |
| publishDate | 2024-01-01 |
| publisher | University of Novi Sad, Technical faculty Mihajlo Pupin, Zrenjanin |
| record_format | Article |
| series | Journal of Engineering Management and Competitiveness |
| spelling | doaj-art-522caa7798a048eeb9732087902031222025-01-08T16:22:59ZengUniversity of Novi Sad, Technical faculty Mihajlo Pupin, ZrenjaninJournal of Engineering Management and Competitiveness2334-96382217-81472024-01-011429911110.5937/JEMC2402099K2334-96382402099KStrategic decisions: How good does it fit the decision-making process into the strategic management process?Kolar Edvard0https://orcid.org/0009-0003-4482-7843Tušak Matej1https://orcid.org/0009-0000-8888-7061Robnik Petra2https://orcid.org/0000-0002-4916-0422Biloslavo Roberto3https://orcid.org/0000-0002-6135-0536Institute for Behaviour Economic, Science and Research Centre Koper, Koper, SloveniaUniversity of Ljubljana, Faculty of Sport, Ljubljana, SloveniaUniversity of Maribor, Faculty of Organizational Science, Kranj, SloveniaScience and Research Centre Koper, Institute for Behaviour Economic, Koper, SloveniaThe complicated dance between the decision-making (hereinafter: DM) process, which is shaped by the individual psychological constructs and internal cognitive processes, and the methodological process of strategic management (hereinafter: SMP), which can be understood as a framework that defines decision context, raises pertinent questions about their coherence. The purpose of this study is to propose an integrative model of the strategic decision-making process (hereinafter: SDM), which links the cognitive processes of decision-makers with the rigour of strategic management and identifies and mitigates potential risks at each stage of the holistic process. To design the research, we used the "model paper" approach which seeks to build a theoretical framework that predicts relationships between research concepts. The developed comprehensive model connects four independent concepts, creating a holistic framework for SDM in organizations. The comprehensive model reveals a high degree of consistency between the SMP, knowable decision-making cycle and cognitive processes. Throughout the entire process, decision-makers need to be mindful of the interplay between System 1 and System 2 thinking. While System 1 thinking may provide quick insights and initiate creative thinking, it is important to complement it with the deliberate and analytical reasoning of System 2 thinking, which can be supported by a proper application of different strategic management tools and methods.https://scindeks-clanci.ceon.rs/data/pdf/2334-9638/2024/2334-96382402099K.pdfstrategic management processdecision-making processintegrative conceptstrategic decision-makingsystem 1 and 2 thinking |
| spellingShingle | Kolar Edvard Tušak Matej Robnik Petra Biloslavo Roberto Strategic decisions: How good does it fit the decision-making process into the strategic management process? Journal of Engineering Management and Competitiveness strategic management process decision-making process integrative concept strategic decision-making system 1 and 2 thinking |
| title | Strategic decisions: How good does it fit the decision-making process into the strategic management process? |
| title_full | Strategic decisions: How good does it fit the decision-making process into the strategic management process? |
| title_fullStr | Strategic decisions: How good does it fit the decision-making process into the strategic management process? |
| title_full_unstemmed | Strategic decisions: How good does it fit the decision-making process into the strategic management process? |
| title_short | Strategic decisions: How good does it fit the decision-making process into the strategic management process? |
| title_sort | strategic decisions how good does it fit the decision making process into the strategic management process |
| topic | strategic management process decision-making process integrative concept strategic decision-making system 1 and 2 thinking |
| url | https://scindeks-clanci.ceon.rs/data/pdf/2334-9638/2024/2334-96382402099K.pdf |
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