Strategic Decision Making
You make a lot of decisions at work all of the time. Yet, there are typically two or three throughout the year that have a bigger impact on the direction of your company. New product strategies, investment opportunities, research and development initiatives – we call these “fork-in-the-road” decisions. Because of their impact, they take more time and require a more structured approach than typical day-to-day decisions.
That’s why we offer Strategic Decision Making, a three-day seminar that gives you the knowledge and tools needed to make strategic choices. You will learn how to clarify the specific decision you need to make, list the alternatives and manage any risk involved. Mastering this process and using these tools significantly increases your odds of success.
At this seminar, you will:
- Develop a more reasoned, systematic approach to making critical decisions.
- Acquire a set of practical decision-making tools, such as scenario analysis and real options thinking.
- Develop the discipline of identifying and documenting key assumptions as part of your decision process.
- Learn techniques to maintain current business while simultaneously driving future growth.
- Gain awareness of the most common psychological traps to avoid in making decisions.
Optional Individual Case Study
If you have a specific decision in mind that you are trying to make or will make in the near future, bring it with you. Using a guided framework, you will have the option to develop an individual case study with one-on-one feedback from the program faculty. This allows you to spend time applying some of the tools presented in the classroom to your own decision.
At breakfast on the second and third mornings of the program, you can meet with the faculty to discuss any questions you have regarding the decision-making tools. Examples of decisions that past participants have analyzed include: launching a new product, developing a new inventory system, acquiring another company, and investing in research and development.
Faculty instructor Allan Gray will use an agribusiness case study throughout the program to highlight:
Framework for Decision Making
- Defining the problem
- Setting objectives
- Considering alternatives
- Describing consequences
- Identifying tradeoffs
Tools for Effective Decision Making
- Identifying sources of uncertainty and alternative consequences (scorecarding and heat mapping)
- Outlining critical variables and framing the decision (scenario analysis and influence diagram)
- Defining potential outcomes in financial terms (pay off matrices)
- Making first choices, identifying gaps and gathering more information (decision trees)
- Using managerial flexibility in decision-making (real options)
Implementing the Decision
- Learning from failure
- Knowing when to kill a project
- Aligning resources and avoiding traps in decision-making
Who should attend?
This seminar is intended for leaders and managers who are:
- Pursuing possibilities for growth or considering investment opportunities.
- Investigating new market access or developing product launch strategies.
- Prioritizing research and technological developments.
- Leading or implementing growth or change initiatives.
Participants have found benefit to attending with a team from their organization. For information on team pricing, please contact Associate Director Betty Jones-Bliss.
The center offers this program in partnership with the Agricultural Retailers Association (ARA).
Monday, June 29
Tuesday, June 30
8:00 a.m. – 5:00 p.m.
Wednesday, July 1
*A more detailed agenda will be posted soon.
Please note that Indiana is on Eastern Standard Time (EST).
Krannert, Purdue University, Room 758
403 West State Street
West Lafayette, Indiana 47907
We have a block of rooms reserved for the group, checking in on Monday, June 29, and checking out on Wednesday, July 1. Please contact the Hilton Garden Inn to make your reservation ahead of time and use the group code STR20 to receive the special rate of $105.00 + taxes per night. Check-in is at 3:00 p.m. and check-out is at 11:00 a.m.
Hilton Garden Inn
356 East State Street
West Lafayette, IN 47906
Distance from campus: .64 miles
Locate with google maps
Arrival and Departure/Transportation
Covered parking is available at the Hilton Garden Inn. The Hilton Garden Inn has a free shuttle that you may reserve at the front desk to take to campus. There is also guest parking in the Grant Street Parking Garage if you choose to drive to campus. A parking pass to exit the garage will be provided at registration.
Please eat breakfast before attending the program. We will provide lunch to the group both days. Coffee, soft drinks and refreshments will be available throughout each day as well.
What to Wear
Attire for the conference is business casual. Summer in Indiana is typically cooler with a low of 65 degrees and a high of 90 degrees. Layers are recommended for the classroom.
Materials will be provided for you throughout the program. All of the presentations will also be emailed to you following the program.
Payment for the seminar is due upon registration.
Please refer to our cancellation policy. You can make a substitution at any time.
For more information, contact:
Program Cancellation Policy
If a participant is unable to attend a Purdue University Center for Food and Agricultural Business program, the participant may choose to: 1) transfer their registration fee to another participant within the same company, or 2) choose to receive a credit for the same program or another program that takes place within the 12 months following the originally booked event. However, a request to use a credit must be received no less than 30 days prior to the program start date, otherwise the credit will not be valid. No refunds will be issued regardless of cancellation date.
The Center for Food and Agricultural Business reserves the right to cancel a program due to low enrollment or other circumstances which would make the program non-viable. If a program is cancelled, registrants will be offered a full refund. Should circumstances arise that result in the postponement of a program, the Center for Food and Agricultural Business has the right to either issue a full refund or transfer registration to the same program on the new future date. The Center for Food and Agricultural Business will not be responsible for reimbursement of any participant expenses related to the cancellation or postponement of an event.