Decision-Making Tools and Strategic Planning in Project Environments: The Overlap Of The Two Concepts

Abstract

Decision-making is at the core of business strategy. This paper studies that role of economic decision-making in strategic planning. It discusses methods such as foresight and roadmapping, and the contributions they make to the strategic vision. The literature gathered provides information on the methods used to implement foresight in policy making, as well as the business organization environment. We begin by providing a background of decision-making and strategic planning. The importance of making quality decisions is explained in the literature review with the intent of creating a setting for the need of decision-making tools. The literature selected for this study discusses tools such as trend analysis, change driver identification, and the overall of assessment capacity levels. The finding of this paper validates the assumption that decision-making tools are used to identify areas of improvement, as well as business opportunities. Information on the use of specific analytical tools is provided, as well as a comparison of tools used public administrator and company managers. The results of the study demonstrate the intention of managers and decision-makers to make decisions that are in alignment with the company's strategic vision. Some of the barrier and implications of the study are discussed, as well as areas for future study.