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Specifics of strategic managerial decisions-making in Russian oil companies

Author

Listed:
  • Vera Vladimirovna Plenkina

    () (Tyumen Industrial University, Russian Federation)

  • Irina Andronova

    (LLC "LUKOIL-Engineering”, Russian Federation)

  • Elena Deberdieva

    (Tyumen Industrial University, Russian Federation)

  • Olga Lenkova

    (Tyumen Industrial University, Russian Federation)

  • Irina Vladimirovna Osinovskaya

    () (Tyumen Industrial University, Russian Federation)

Abstract

The article considers methodological tools for developing and adopting strategic management decisions at oil and gas companies. For this purpose, the authors set and successively solved the following tasks: the most significant features of management decisions were classified regarding the operation of large vertically integrated oil companies (VIOC); the study presents a model of the full cycle of strategic management at industrial enterprises; the authors propose an original algorithm for the development of strategic decisions at VIOC and review the existing general theoretical tools used for selecting strategic alternatives regarding their applicability at various levels of the company’s management hierarchy; a mechanism for devising and taking strategic decisions has been developed on the example of the oil production department; the authors determined the significance of strategic managerial decisions that are currently transforming from traditionally functional into the corporate ones. The revealed positive dynamics in the costs of research and development (R&D), the increase in the number of applications for patents, and the findings of a survey conducted among top management of oil and gas companies have proven the importance of innovation and taking accurate managerial decisions on its implementation. In addition to this, the paper provides evidence that all oil and gas companies are currently using modeling as a key tool when making managerial decisions.

Suggested Citation

  • Vera Vladimirovna Plenkina & Irina Andronova & Elena Deberdieva & Olga Lenkova & Irina Vladimirovna Osinovskaya, 2018. "Specifics of strategic managerial decisions-making in Russian oil companies," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 5(4), pages 858-874, June.
  • Handle: RePEc:ssi:jouesi:v:5:y:2018:i:4:p:858-874
    DOI: 10.9770/jesi.2018.5.4(11)
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    Citations

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    Cited by:

    1. Michal Pohludka & Hana Stverkova & Beata Ślusarczyk, 2018. "Implementation and Unification of the ERP System in a Global Company as a Strategic Decision for Sustainable Entrepreneurship," Sustainability, MDPI, Open Access Journal, vol. 10(8), pages 1-16, August.
    2. Natalya Pavlovna Vinogradova & Alexander Nikolaevich Popov, 2019. "Methodological basis of economic decision-making," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 6(4), pages 1798-1806, June.

    More about this item

    Keywords

    management; strategy; managerial decisions; oil companies; innovation;
    All these keywords.

    JEL classification:

    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • L71 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Hydrocarbon Fuels
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • M19 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Other
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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