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Strategy refers to decisions bearing on the future of an enterprise defining its direction and scope in the long run. These decisions ideally involve matching of resource to the changing environment, and determining what the enterprise ought to be doing in the years to come and how it should position itself to take advantage of the future market opportunities. Strategy may thus be defined as "the pattern of an organisation's responses to its environmental ...
Almost all business decisions, in one way or other, relate to business and economic variables. The behaviour of these variables is uncertain. Therefore, business decisions are taken in an environment of uncertainty and thus risk is involved. This fact of uncertainty and complexity of modern, business makes the function of decision-making and future planning complicated. To take appropriate business decisions, management of a business organisation must have ...