Decision-making and firm success

Managers make many decisions as part of their daily work. They are expected to resolve a variety of issues including those concerned with a firm's strategies, structures, quality-improvement systems, performance-appraisal systems, and work flow, among many others. Importantly, managerial decisi...

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Bibliographic Details
Published in:Academy of Management perspectives 2004-11, Vol.18 (4), p.8-12
Main Authors: Ireland, R Duane, Miller, C Chet
Format: Article
Language:English
Subjects:
Business management
Business strategies
Business studies
Corporate planning
Decision making
Entrepreneurship
Firm theory
Management science
Management techniques
Organization theory
Organizational behaviour
Planning methods
Psychology
Strategic management
Superstition
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Summary:Managers make many decisions as part of their daily work. They are expected to resolve a variety of issues including those concerned with a firm's strategies, structures, quality-improvement systems, performance-appraisal systems, and work flow, among many others. Importantly, managerial decisions may have significant consequences for firm performance and success. Failure to make the right decision or even to make any decisions at all may have costly consequences for an organization as well as for the person tasked with selecting value-creating choices. Strategic decisions and strategic decision-making processes have long been of interest to both academic researchers and to practicing managers. Research evidence and managerial experience show that strategic decisions are made with many organizational resources at stake. Another way of saying this is that strategic decisions are "big-bet" decisions.
ISSN:1558-9080
1079-5545
1943-4529
DOI:10.5465/ame.2004.15268665