Final answer:
Strategic thinking is the key managerial skill that involves thinking in large, abstract terms. It allows managers to analyze complex situations,
make decisions based on long-term goals, and anticipate future challenges and opportunities.
Step-by-step explanation:
The key managerial skill that involves the ability to think in large, abstract terms is strategic thinking. Strategic thinking refers to the ability to analyze complex situations, make decisions based on long-term goals, and anticipate future challenges and opportunities.
It involves seeing the big picture, understanding the interrelationships between different variables, and formulating effective strategies to achieve organizational objectives.
For example, a CEO of a company needs to think strategically when developing a new market entry strategy or implementing a major organizational change.
They must consider various factors such as market conditions, competitive landscape, technological advancements, and customer preferences to devise a comprehensive and forward-thinking plan.
Overall, strategic thinking is a crucial skill for managers as it enables them to navigate uncertainty, seize opportunities, and drive organizational success.