Selection of strategies

Full Answer Section However, there are also some potential risks associated with the board's increased involvement in the selection of strategies. First, it can lead to a conflict of interest between the board and management. Second, it can lead to a delay in the decision-making process. Third, it can lead to a lack of clarity about who is responsible for making strategic decisions. Overall, the board's increased involvement in the selection of strategies can have both positive and negative effects on a firm's strategic competitiveness. The impact will depend on a number of factors, including the specific role that the board plays, the skills and experience of the board members, and the relationship between the board and management. Here are some specific examples of how the board's increased involvement in the selection of strategies could affect a firm's strategic competitiveness:

• The board could help to identify new opportunities for growth and expansion.
• The board could help to mitigate risks and avoid costly mistakes.
• The board could help to ensure that the company's strategies are aligned with its long-term goals.
• The board could help to build a stronger corporate culture and a more cohesive management team.

However, it is important to note that the board's involvement in the selection of strategies should not be excessive. The board should not micromanage the management team or second-guess their decisions. The board's role sh

Sample Answer The board of directors of a corporation is responsible for overseeing the management of the company and ensuring that it is managed in the best interests of the shareholders. This includes setting the company's strategic direction and approving major strategic initiatives. Traditionally, the board has not been directly involved in the formulation of strategies. However, there is a growing trend for boards to become more involved in this process. This is because boards are increasingly aware of the importance of strategy for the long-term success of the company. There are several potential benefits to the board's increased involvement in the selection of strategies. First, it can help to ensure that the company is pursuing strategies that are aligned with its long-term goals. Second, it can help to bring in new perspectives and ideas that can improve the company's strategic thinking. Third, it can help to ensure that the company's strategies are implemented effectively.