Final answer:
Henry Mintzberg's concepts of deliberate and realized strategies involve planning and adaptation in a firm's strategic direction. Decision-making includes the consideration of risks and rewards, and as a firm establishes itself, it becomes less dependent on personal manager relationships for investment.
Step-by-step explanation:
According to Henry Mintzberg, decisions following from a firm's strategic analysis can lead to a deliberate strategy or a realized strategy. A deliberate strategy involves the formulation and execution of a plan that has been considered and crafted in advance. Conversely, a realized strategy refers to the pattern of actions that a firm actually follows, which may differ from the original plan due to unforeseen conditions or changes in the external environment. This could include adjustments based on informed deliberation, practical wisdom, available information on competitors' motivations, and the potential for profit that shapes investors' willingness to provide capital.
Decision-making in production involves weighing the risks and rewards of possible actions, seeking the greatest net benefit. Policy analysts add an objective lens by identifying all possible choices and their possible impacts to inform decision makers. Over time, as information about a firm's performance becomes available, the need for personal knowledge about individual managers decreases, and outside investment may increase.