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http://academlib.com/3797/management/...

Top management team members are responsible for making strategic decisions that provide overall direction to organizations. Strategic decisions are different from routine decisions in that they are complex, vague, nonroutine, and do not have set precedents. These decisions have organization-wide ramifications. Strategic decisions require commitment of resources, and most of the time these decisions are irreversible in nature. A wrong strategic decision may prove to be costly to the firm and therefore the top management team invests considerable time and energy in making these decisions. Examples include decisions involving ...