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Related Experiment Videos

Stop making plans; start making decisions.

Michael C Mankins1, Richard Steele

  • 1Marakon Associates, San Francisco, USA. mmankins@marakon.com

Harvard Business Review
|February 2, 2006
PubMed
Summary
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Traditional strategic planning often fails due to annual, siloed approaches. Forward-thinking companies achieve better results by adopting continuous, issue-focused decision-making for improved strategy and executive engagement.

Area of Science:

  • Business Strategy
  • Organizational Behavior
  • Management Science

Background:

  • Strategic planning processes are often criticized for being ineffective.
  • Traditional annual, business-unit-focused planning hinders good decision-making.
  • Executives frequently make strategic decisions outside formal planning, lacking analysis and debate.

Purpose of the Study:

  • To identify the root causes of strategic planning failures.
  • To explore alternative models for effective strategic decision-making.
  • To understand how companies can improve their strategy formulation and execution.

Main Methods:

  • Survey of 156 large companies on strategic planning practices.
  • Analysis of decision-making processes in traditional versus innovative firms.

Related Experiment Videos

  • Qualitative assessment of executive discussions and decision outcomes.

    • Main Results:

    • Traditional strategic planning is often a barrier to effective strategy and decision-making.
    • Companies adopting continuous, issue-focused decision-making outperform traditional models.
    • Innovative firms make over twice as many strategic decisions annually compared to traditional ones.

    Conclusions:

    • Rethinking the timing and focus of strategic planning is crucial for success.
    • Separating, yet integrating, decision and plan making enhances strategic agility.
    • Shifting from 'review and approve' to 'debate and decide' fosters better strategic outcomes.