Where we're going to go in this post is to discuss each of the 3 elements of successful strategy execution in detail individually, but also recognize that they're mutually reinforcing. They are not necessarily done sequentially but in fact, support one another and are done iteratively and support each other over time. So when one thinks of strategic analysis, one wants to think about analyzing a strategy, doing the work to try to figure out and conceive of a strategy. Formulation refers to the process by which strategy is set in the organization. Maybe it's a strategic planning process done on an annual or biannual level, but it also refers to the organizational elements that bring together to devise the strategy. Finally, implementation refers to once we have envisioned our strategy, how do we actually bring it to bear. Again, strategy execution requires proper analysis, proper formulation, and ultimately, proper implementation.
Being an effective leader is about two core tasks: making decisions to address threats and opportunities, and implementing those decisions. Implementing decisions is about the willingness of the targets of implementation to exert effort. It is not enough for the targets of implementation to know what to do (information) – they also have to want to do it (motivation).
Decision analysis provides individuals a systematic approach to making decisions. Unfortunately, no one knows everything and individual decisions are often biased by a decision-maker’s unique perspective. Inclusiveness – inviting others to help make a decision – should result in better decisions than any individual alone could make. Using a group of decision makers to make a decision should improve decision making quality because (1) more decision makers means more information, so decisions made by groups rather than individuals should be more informed decisions, and (2) more decision makers means more perspectives, so decisions made by groups rather than individuals should be less biased by any one individual’s unique perspective.
In this blog post, we're going to be talking about decision making. The central challenge in making good decisions is that we have to make decisions under uncertainty. The way we manage uncertainty leads us to make decisions in ways that are biased and not necessarily fully rational. So here we're going to talk about the biases that are triggered by making decisions under uncertainty and how to overcome those biases to make sound decisions.
The challenge of leadership is that we live in a “fast” business world. That means things happen quickly in an organization’s environment, and in order to survive, leaders have to get their organizations to react equally quickly – and effectively – when those things happen. That ability to react quickly is called agility, and the best leaders use their leadership skills to make their organizations agile.
Being an effective leader is about two core tasks: making decisions to address threats and opportunities, and implementing those decisions. Implementing decisions is about the willingness of the targets of implementation to exert effort. It is not enough for the targets of implementation to know what to do (information) – they also have to want to do it (motivation).
