ABSTRACT
The goal of this chapter is to develop a broad perspective as to how companies and individuals should plan, develop, and re‚ne their strategies.
In earlier chapters, we introduced the tools of multi-criteria decision making, decision trees, and risk analysis. These have been used by organizations to evaluate, select, and re‚ne the best strategies among a clearly de‚ned set of alternatives. DuPont has used in•uence diagrams and decision trees to develop its global product and manufacturing strategy (Krumm and Rolle 1992). Phillips Petroleum has used decision trees to develop investment strategies in oil ‚elds (Walls et al. 1995). Pharmaceutical companies routinely use them to evaluate drug development, investment, licensing, and partnership strategies for speci‚c drugs. Power companies use multi-criteria decision tools in making strategic decisions (Kidd and Prabhu 1990; Keeney and McDonalds 1992; Keeney et al. 1995).
