This is a good question.

two things are critical for any organizational success: strategy and action

Broadly, strategy means what is your vision and what is your plan to realize it keeping in view the market realities, your resources including talent and people; and the goal posts.

Action plan would mean your strategic architecture, leadership, and people's technical and behavioural competencies in realizing the vision.

If an organization falters on any of these two broad sets of essentials, it can not be a high performing organization.

The most important thing is aligning the structure and working of all functional areas like operations, marketing, finance, HR, R & D, etc. to the vision and goals. A good number of organizations fail in this regard. Also, their vision is seen just hanging at the reception and some other places. They do not bother to internalize it through impactful communication so as to build teams and ensure their buy-in, and align it with the working of each functional areas. Good leadership is needed to ensure that this happens.

So for business success, it is critical that strategic decisions are made carefully, and flawless action plans are made and carried out.

I agree that rational and timely decisions contribute to the organizational effectivenessAt the same time, irrational decisions would negatively affect organizations.

for organisations to be effective, good decisions must be made at the strategic level. It is at this level that unstructured or unprogrammed decisions are made and these decisions involve decisions relating to product development, new market entry, megers and acquisition, etc...these decisions tricking down to the tactical and operational levels to influence or determine the overall status of organisations

i meant trickle down

Strategic decisions are made for longer term period. To be effective for a company, timely decisions are needed. Situational decisions are  needed. short term decionns are needed. Mid term decisons are needed.