Strategic Problem Formulation: Biases and Assumptions Embedded in Alternative Decision‐making Models

This article reviews the major theoretical approaches to strategic decision‐making and identifies how each treats the process of problem formulation. Five models of strategic decision‐making are analysed to determine the assumptions and biases made about strategic problem formulation. Successful strategic problem formulation is described and proposed as a beginning point for future research. Some constructs for further theory development are addressed.