Strategic decision-making is highlighted as a critical skill for executives, emphasizing its complexity due to resource commitments and long-term consequences. The essay traces the evolution of business strategy as a field, noting its emergence in the 1960s and the shift in focus during the 1980s and 90s towards competitive markets. It critiques the assumption that generic strategy tools are universally applicable, pointing out the challenges of balancing conflicting objectives amidst risk and uncertainty in modern business environments.
