Specifics of strategic managerial decisions-making in Russian oil companies

Vera Vladimirovna Plenkina (), Irina Andronova, Elena Deberdieva, Olga Lenkova and Irina Vladimirovna Osinovskaya ()
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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

Entrepreneurship and Sustainability Issues, 2018, vol. 5, issue 4, 858-874

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.

Keywords: management; strategy; managerial decisions; oil companies; innovation (search for similar items in EconPapers)
JEL-codes: D70 L21 L71 M19 O32 (search for similar items in EconPapers)
Date: 2018
References: View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:ssi:jouesi:v:5:y:2018:i:4:p:858-874

DOI: 10.9770/jesi.2018.5.4(11)

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