Strategy and decision making

Unit Code: MBM701

Credit Points: 12.5 Credit Points

> Related Course/s
> Teaching Methods
> Assessment
> Aims & Objectives
> Generic Skills Outcomes
> Content
> Reading Materials
> Textbooks

Related Course/s:

A unit in the Master of Business Management

Aims & Objectives:

Unit Aims
This unit explores challenges facing business managers and entrepreneurs in strategic planning and decision making in complex and fast-paced change environments. Students critique conceptual frameworks around rational strategy development and implementation and tensions inherent in its application in contemporary market turbulence associated with:

• new forms of competition (often regional)
• financial markets
• resource usage
• shifting stakeholder expectations.



Students will be challenged to:

• think through complex issues in order to explore and develop business strategy, and make sense of the multiple paths that may emerge as an adaptive approach is managed into the future.
• observe and reflect on their own competence in contributing to adaptive strategy.
• research specific instances of adaptive strategy and apply content to work-based situations.




Learning Objectives
By the end of this unit students will be able to:

1. Critique models of strategic planning, adaptive strategy and business sustainability and appreciate tensions between these models

2. Differentiate between various ‘schools’ of strategic thinking, identifying the increasing importance of resource-based and stakeholder perspectives in current business environments

3. Identify and critique the value of inductive, adaptive and emergent strategy as decision-making processes

4. Critique autonomous strategic processes as a means of executing adaptive strategic initiatives in complex and fast-changing environments

5. Critique shifting community values and expectations around global sustainability pressures (commercial, environmental, social and people) as part of strategic decision-making

6. Appreciate and critique the role of strategy in holistic risk management

7. Appreciate and identify the relationship between various planning models and their impact on organisational innovation

8. Reflect on competencies supporting sustainable strategic practices and identify gaps in organisational culture and personal capabilities

Teaching Methods:

Lectures, guest speakers, tutorials, industry visits, case study analysis

Assessment:

Individual assignment/report 30-50%
Case-based project 30-50%
Group-based project 10-30%

Generic Skills Outcomes:

1. Strategic competence to align organisational decision making with environmental challenges.

2. Holistic and systemic thinking across business and commerce to support decision making and risk management in complexity

3. Analytical and problem solving skills that include rational-analytical, sense making and anticipatory competencies relevant to a shifting and turbulent business environment.

4. Communication, teamwork and advocacy skills to support the building of social capital in diverse project environments.

5. Capacity to apply normative ethical standards in the context of the business/society interface.

Content:

• The Nature of Strategy: Dimensions, tensions and decision making
• Strategy Process: Strategic thinking, formation and change
• The Rational Planning Model: Organisation purpose, external and internal environments
• The Rational Planning model: Business, corporate and global level strategy
• The Rational Planning Model: Strategic choices, implementation and evaluation
• Strategy Context: Adapting or shaping
• Adaptive strategy
• Internal corporate venturing and other autonomous processes
• Strategy making in complexity

Reading Materials:

Textbooks:

Hill, C.W.L. and Jones, G.R., (2013) Strategic Management Theory, 10th edition, South Western Cengage Learning, UK