Strategic Managementtechniques Can Be Viewed As Bottom-Up, Top-Down or Collaborative Processes. Inthe Bottom-Up Approach, Employees Submit Proposals to Their Managers Who, Inturn, Funnel the Best Ideas Further Up the Organization. This Is Oftenaccomplished By a Capital Budgeting Process. Proposals Are Assessed Usingfinancial Criteria Such As Return on Investment Or Cost-Benefitanalysis. Cost Underestimation and Benefit Overestimation Are Majorsources of Error. the Proposals That Are Approved Form the Substance of a Newstrategy, All of Which Is Done Without a Grand Strategic Design or a Strategicarchitect. the Top-Down Approach Is the Most Common By Far. In It, the Ceo,Possibly With the Assistance of a Strategic Planning Team, Decides on Theoverall Direction the Company Should Take. some Organizations Are Starting Toexperiment With Collaborative Strategic Planning Techniques That Recognize Theemergent Nature of Strategic Decisions.