Strategic Decision Making: Process, Models, and Theories

Abstract

The theories and models underpinning strategic decision-making (SDM) are somewhat eclectic that demand multidisciplinary approach and appears non-differential from decision-making (DM) theories. This paper is a first attempt that puts the discipline into perspective of its coherent whole. We start by defining strategy and SDM in order to set the expectations for the rest of the paper. Next, we make an outline on the contribution of management science (MS) to SDM before establishing the relationship with MS and its application to micro, small, and medium enterprises (MSMEs). Subsequently, we make a discussion on the SDM process, SDM theories and models before concluding that the discipline has reached maturity.