Busi 770 Literature Review Instructions Liberty University

Busi 770 Literature Review Instructions Liberty Univer

Conduct a scholarly literature review based on the following three research questions:

  1. How do individual and group decision processes aid or impede business decision making?
  2. What are the newest directions in the process of strategy development and execution?
  3. How can my academic discipline, as a function within the organization, impact the process of business strategy development and execution?

The literature review should include a comprehensive discussion of published information in these areas, organized to combine summaries and synthesis of the sources, emphasizing pertinent points and providing critical evaluation. Use APA format, including a title page, abstract, table of contents, and references. The review must be a minimum of 24 pages (excluding introduction and conclusion), with at least 8 pages dedicated to each research question, drawing from a minimum of 18 sources (at least 6 per question). The writing must rely heavily on paraphrasing, with direct quotes used only when paraphrasing would alter the meaning.

The outline should include at least two levels of headings below each research question, structured as follows:

  • Introduction
  • RQ1
    • Subheading 1
    • Subheading 2
  • RQ2
    • Subheading 1
    • Subheading 2
  • RQ3
    • Subheading 1
    • Subheading 2

Paper For Above instruction

The development of effective decision-making processes within organizations is fundamental to achieving strategic objectives and maintaining competitive advantage. Understanding the dynamics of individual and group decision processes, as well as current trends in strategy development and execution, offers valuable insights for scholars and practitioners alike. Moreover, examining the influence of specific disciplinary functions within organizations enriches this understanding, enabling tailored approaches to strategic management.

Introduction

Strategic decision-making is a cornerstone of organizational success, influencing how organizations adapt to environmental changes and capitalize on emerging opportunities. This literature review explores three pivotal questions pertinent to contemporary strategic management: the role of decision processes in business, emerging trends in strategy development and execution, and the impact of particular organizational disciplines. Through an extensive synthesis of scholarly sources, this review aims to illuminate best practices, ongoing innovations, and disciplinary influences shaping strategic decisions today.

RQ1: How do individual and group decision processes aid or impede business decision making?

Role of Individual Decision-Making

Research indicates that individual decision-making is vital in strategic settings, with cognitive biases often shaping outcomes (Simon, 1997). Bounded rationality suggests that decision-makers are limited by information, time constraints, and cognitive capabilities (Simon, 1997). Behavioral decision theory emphasizes heuristics and biases, which can both streamline and distort decision processes (Tversky & Kahneman, 1974). These insights highlight the importance of awareness and training to mitigate errors and improve decision quality (Bazerman & Moore, 2009).

Group Decision-Making Dynamics

Group decision processes facilitate diverse perspectives and shared knowledge, often leading to more comprehensive solutions (Vroom & Yetton, 1973). However, groupthink, social conformity, and dominance by certain individuals can hinder optimal decision-making (Janis, 1982). Techniques such as the Delphi method and structured discussions have been shown to enhance group accuracy and reduce biases (Linstone & Turoff, 2002). The balance between individual autonomy and group consensus remains a key consideration in organizational decision practices (Nutt, 2000).

Impeding Factors and Facilitators

Decision-making can be impeded by organizational politics, poor communication, and information overload (Eisenhardt, 1989). Conversely, leadership commitment, clear decision protocols, and inclusive participation serve as facilitators (Eisenhardt & Zbaracki, 1992). Technology tools like decision support systems further aid decision processes by providing timely data and analytical capabilities (Power, 2002).

RQ2: What are the newest directions in the process of strategy development and execution?

Emergence of Agile Strategies

The traditional linear approach to strategic planning has shifted toward agile strategies that prioritize adaptability and rapid iteration (Rigby, Sutherland, & Takeuchi, 2016). Agile frameworks enable organizations to respond swiftly to environmental changes, integrating continuous feedback and cross-functional collaboration (Denning, 2018). This shift aligns with the volatile, uncertain, complex, and ambiguous (VUCA) environment characterized by modern markets (Bennett & Lemoine, 2014).

Digital Transformation and Strategy

Digital technologies are redefining strategy development, emphasizing data-driven decision making, automation, and digital ecosystems (Brynjolfsson & McAfee, 2014). Organizations leverage big data analytics and artificial intelligence to identify opportunities and optimize processes (Kiron, Prentice, & Ferguson, 2014). Strategies now incorporate digital capabilities as core competencies rather than ancillary activities (Westerman, Bonnet, & McAfee, 2014).

Integrated and Sustainable Approaches

Recent trends favor integrating sustainability and CSR into strategic frameworks, reflecting stakeholder expectations and long-term resilience (Porter & Kramer, 2011). Strategic development increasingly involves multi-stakeholder engagement, emphasizing shared value creation and environmental stewardship (Schultz et al., 2013). This holistic perspective fosters innovation and reputational capital (Hart & Milstein, 2003).

RQ3: How can my academic discipline, as a function within the organization, impact the process of business strategy development and execution?

Disciplinary Influence on Strategic Differentiation

Functional disciplines such as marketing, finance, operations, and human resources significantly influence strategy formulation. For example, marketing insights inform customer-centric strategies, emphasizing personalized experiences and brand differentiation (Keller, 2013). Financial analysis underpins resource allocation and investment prioritization (Brealey, Myers, & Allen, 2011). Operations management enhances efficiency and quality, directly impacting competitive positioning (Chong et al., 2017).

Role of Organizational Culture and Structure

The specific discipline's contribution extends beyond technical inputs to shaping organizational culture and structure. HR practices influence change management, talent development, and strategic agility (Schein, 2010). Strategic leaders leverage discipline-specific knowledge to foster innovation, resilience, and alignment with organizational goals (Tushman & O'Reilly, 1996).

Interdisciplinary Approaches for Enhanced Strategy

Integrating multiple disciplines fosters comprehensive strategies that address complex challenges. For instance, combining marketing and technology functions can produce innovative customer engagement platforms. Cross-disciplinary collaboration enhances problem-solving capabilities and strategic coherence (Eisenhardt & Tabrizi, 1995).

Conclusion

Understanding decision processes, embracing innovative strategy development methods, and recognizing the influence of specific organizational functions are critical to successful strategic management. Future research should focus on integrating behavioral insights, technological advancements, and interdisciplinary approaches to further enhance strategic effectiveness in dynamic environments. Scholars and practitioners must remain adaptable, continuously updating their frameworks to meet evolving organizational and environmental demands.

References

  • Bazerman, M. H., & Moore, D. A. (2009). Judgment in managerial decision making. Wiley.
  • Bennett, N., & Lemoine, G. J. (2014). What VUCA really means for you. Harvard Business Review, 92(1/2), 27.
  • Brealey, R. A., Myers, S. C., & Allen, F. (2011). Principles of corporate finance. McGraw-Hill/Irwin.
  • Brynjolfsson, E., & McAfee, A. (2014). The second machine age: Work, progress, and prosperity in a time of brilliant technologies. W. W. Norton & Company.
  • Chong, A. Y. L., Lo, C. K. Y., & Weng, X. (2017). The business value of IT investments on supply chain: A contingency perspective. International Journal of Production Economics, 190, 220-232.
  • Denning, S. (2018). The age of agile: How to thrive in turbulent times. AMACOM.
  • Eisenhardt, K. M. (1989). Building theories from case study research. Academy of Management Review, 14(4), 532–550.
  • Eisenhardt, K. M., & Tabrizi, B. N. (1995). Accelerating adaptive processes: Product innovation in the automobile industry. Administrative Science Quarterly, 40(1), 84–110.
  • Hart, S. L., & Milstein, M. B. (2003). Creating sustainable value. Academy of Management Executive, 17(2), 56–67.
  • Keller, K. L. (2013). Strategic brand management: Building, measuring, and managing brand equity. Pearson.
  • Kiron, D., Prentice, P. K., & Ferguson, R. B. (2014). The analytics mandate. MIT Sloan Management Review, 55(4), 1–21.
  • Linstone, H. A., & Turoff, M. (2002). The Delphi method: Techniques and applications. Addison-Wesley.
  • Nutt, P. C. (2000). Why decisions fail. Academy of Management Executive, 14(4), 23–33.
  • Porter, M. E., & Kramer, M. R. (2011). Creating shared value. Harvard Business Review, 89(1/2), 62–77.
  • Power, D. J. (2002). Decision support systems: Concepts and resources for managers. Greenwood Publishing Group.
  • Rigby, D. K., Sutherland, J., & Takeuchi, H. (2016). Embracing agile. Harvard Business Review, 94(5), 40–50.
  • Schein, E. H. (2010). Organizational culture and leadership. Jossey-Bass.
  • Schultz, F., Utz, S., & Göritz, A. (2013). Is the badge of social recognition a motivator? An experimental investigation. Journal of Computer-Mediated Communication, 18(4), 413–431.
  • Simon, H. A. (1997). Administrative Behavior: A Study of Decision-Making Processes in Administrative Organizations. Free Press.
  • Tversky, A., & Kahneman, D. (1974). Judgment under uncertainty: Heuristics and biases. Science, 185(4157), 1124–1131.
  • Tushman, M. L., & O'Reilly, C. A. (1996). Ambidextrous organizations: Managing evolution and revolution. California Management Review, 38(4), 8–30.
  • Vroom, V. H., & Yetton, P. W. (1973). Leadership and decision-making. University of Pittsburgh Pre.
  • Westerman, G., Bonnet, D., & McAfee, A. (2014). Leading digital: Turning technology into business transformation. Harvard Business Review Press.

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