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What makes a strategic decision different

Summary of Rosenzweig, Phil 'What Makes Strategic Decisions Different' (2013). Retrieved from HBR
by

Marcell Buzás

on 16 June 2015

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Transcript of What makes a strategic decision different

Control
Performance
What Makes Strategic Decisions Different
by Phil Rosenzweig, 2013
First Field
Second Field
Third Field
Fourth Field
MAKING
JUDGEMENTS
AND CHOICES

INFLUENCING
OUTCOMES

PLACING
COMPETITIVE
BETS

MANAGING
FOR STRATEGIC
SUCCESS

HIGH
LOW
ABSOLUTE
RELATIVE
INTRODUCTION
Huge amount of research results on decision making
Executives are to apply
unable
Most of them are specific
Do not reflect on strategic decisions
consumer
life
gambling
market decisions

Strategy
comes in (e.g. voter and candidate).
Most consequential decisions

"Only those who are able to muster a degree of commitment and determination that is by some definitions excessive will be in a position to win."

Guidance from game theory
Limitation:
"Players cannot alter the terms of the game."
Does not help managers
management
is about
influencing outcomes
over time
"The art of outdoing an adversary, knowing that the adversary is trying to do the same to you."

e.g.
Optimism!
Some activities required us to move between the first and the second fields.

Element of high performance
HOW LONG will it take?
Activity that we can
control
Objective and deliberate thinking
Positive attitude
After action review

("The making of an Expert" by K. Anders Ericsson, Michael J. Prietula, and Edward T. Cokely,)
"Deliberate practice"

Nevertheless, most recent research has proved choices in first field can be successful regardless of what anyone else does.
Executives can influence the outcomes and their choices are successful only if they are better than their rivals.
Discernment & Versatility
Understanding which field is more significant
"The combination of skills essential to the trade: part tactician, part psychologist, part riverboat gambler."
-Buzz Bissinger
Categorizing Decisions
Control
Performance
Influence on Outcome
HIGH
LOW
The way we measure success
ABSOLUTE
RELATIVE
Low control & performance is absolute
no ability to improve
self-centered
Personal investment decisions
Systematic biases
presentation matters
MINIMIZE
Marcell Buzás
Galo Del Pozo Carrera
Mustafa Mavis

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