Strategic thinking and decision making: literature review

Abstract

Purpose The paper seeks to examine both management and psychological literature on strategic decision making. Design/methodology/approach A review of the management and psychological literature is undertaken, with particular focus on factors affecting strategic decision making. Findings The literature review reveals that managerial cognition as well as individual and corporate values can have an impact on strategic decision making. The review also finds that strategic competencies are important although there is no agreement within the literature on what those competencies are. Originality/value Strategic thinking and strategic decision making have been discussed within the psychological and management literature for decades. Psychological and management theoretical perspectives and empirical research have been discussed separately and failed to consider both together. The current paper reviews both psychological and management literature to provide an understanding of the strategic thinking and decision making process and factors that may affect the process.

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