Abstract
Strategic decision – making process represents a challenge in a dynamic industrial environment. Nowadays, many instruments and techniques are used in the process of decision-making. The perspective regarding real options analysis (ROA), joint ventures (JVs) and strategic decision-making process (SDMP) is very important to be analyzed because it represents a key source to obtain competitive advantage in a turbulent environment characterized by competitiveness, dynamism and a proactive thinking. The aim of the paper is to offer an interesting framework that emphasizes the relationship between real options (ROs), JVs, transaction cost (TC), bargaining models (BM), agency theory (AT) and SDMP. Also, the paper analyzes a real case study and it suggests a business model that includes elements that conduce to an innovative management. The findings are very useful for decision-makers from organizations, researchers and students.
Highlights
The topic of uncertainty has received more and more attention in strategic management field and there has been interest in how industrial organizations might manage strategic decision - making under uncertainty
The aim of the paper is to provide a comprehensive and extension framework that emphasizes the relationship between real options (ROs), joint ventures (JVs), transaction cost (TC), bargaining models (BM), agency theory (AT) and strategic decision-making process (SDMP)
The results obtained after the analysis suggest that it is a great choice to implement the project based on the development of a new product and the joint ventures
Summary
The topic of uncertainty has received more and more attention in strategic management field and there has been interest in how industrial organizations might manage strategic decision - making under uncertainty. The aim of the paper is to provide a comprehensive and extension framework that emphasizes the relationship between real options (ROs), joint ventures (JVs), transaction cost (TC), bargaining models (BM), agency theory (AT) and strategic decision-making process (SDMP). In a dynamic industrial environment, the issues that are connected to the SDMP require a new thinking model. The goal of a new business model is to create and manage mechanisms that focus on the development of new opportunities by optimizing the existing knowledge, resources, capabilities and processes. The paper analyzes a real case study and it suggests a business model that includes elements that conduce to an innovative management. Based on the model proposed, the industrial organizations should reformulate their strategies and investors should develop new opportunities to gain competitive advantage and obtain performance
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