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MBA718 Strategic Leadership and Practice
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This paper analyses the art of strategic decision making. It first discusses the theory that underpins decision making by top management in the organisation. It explains in detail how the three leadership styles, visionary, managerial and strategic impact decision making in an organisation. It is reported that some traits and characteristics influence decision making. The paper highlights the impact of attributes such as age, personality, experience, expertise, position in the organisation and propensity to risk will affect the leader’s ability to make decisions. It expands on characteristics discussed by other philosophers as influencing strategic choices such as marital status and gender. These are some of the modern theories on strategic leadership and decision making.
Nonetheless, strategic leadership is vital for strategic decision making because of the strength of having a short and long term focus on organisational objectives and goals. Management needs to be aware of the various characteristics that influence decision making and develop deliberae structural frameworks that derive optimal results from the aspects. For instance, the experience of employees is critical in decision-making, but an organisation that only employees or have highly experienced employees may indicate that they have a concentration of mature employees. They may be missing out on not having a mix of young, not so experienced leaders. Such a team may be more conservative than risk-taking or may not quickly
respond to innovation.
The paper then closes by applying the theory to a real-life example of a decision recently taking in my organisation. The example given reveals some of the characteristics that influence the decision. It shows that my organisation is adequately calibrated to make effective strategic decisions.
2.0 Top management and the strategic decision-making process
2.1 Top Management and decision making
Top management represents organisational leaders that are responsible for controlling and overseeing the whole organisation. Top-level management is responsible for developing goals, strategies, plans, policies, deciding on the direction of the business and mobilising external resources such as debt instruments or other forms of capital. Leadership is a process of continuous influence between leaders and followers through which objectives are achieved through change (Lussier and Achua, 2015). Meaning it is through leadership that employees are motivated to achieve organisational goals (Daft and Lane, 2008). Additionally, it is imperative that decision making becomes a critical component in the success of any organisation. Top-level management decisions are three-fold cascading from strategic to tactical and operational decisions. Effective implementation of any of these decisions rests on the leadership style adopted by an organisation.
An individual’s assessment of risk and the likelihood to take risk will influence strategic decision making. By nature, some people are risk-takers, while others are risk-averse. Singh Amarjit and Jampel Gempo (2010) argued that becoming older amongst engineers resulted in making less risky decisions with a desire to avoid conflict. This is a view shared by many phycologists who state that ageing may affect decision-making performance and sometimes leads to a reduction in cognitive functions.
Position in the organisation may mean power. The more position power and control the easier it is to lead and communicate the vision to the employees. At whatever level a manager is operating in the organisation, operational, tactical or strategic; they ought to have adequate position power to ensure that they carry out their leadership roles effectively. The final action plan had the following key milestones Build internal capacity on green finance and climate change through training, workshops, research, and collaboration with other regulators.
Prepare a concept note explaining the need for commitment to the Sham El Sheik Accord of September 2017 on green finance and climate change. Subject the concept note to peer review. Seek support from sponsoring departmental head Present the concept paper to the Executive. Present concept paper to seek endorsement from the Ministry of Finance.
Discuss the concept note with the private sector, including associations such as the Bankers Association of Zambia (BAZ) and Zambia Chamber of Commerce and Industry (ZACCI). Develop the Bank of Zambia Policy on Climate Change and Green Finance.
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