Includes bibliographical references (l. 117-119). ; One technique for identifying business processes in an organization is the value chain method. Guided by strategic management techniques such as the Critical Success Factors (CSF) method, each process can be evaluated as to its strategic relevance. This would help to identify a set of processes that are critical to the firm’s strategic performance. This research will focus on the concepts that Lebanese strategists consider in their processes of assessing their business critical success factors (CSFs). This will help identify those points offering strategic advantage in their businesses and which will guide them to apply the right mix of resources. Thus, the main purpose of this research is to assess whether the notion of critical success factors in setting or formulating a strategy are applied in the Lebanese firm or industry. This research study found that individual managers do not necessarily perceive the situation in the same manner. Differences in perceptions may occur with respect to the personal characteristics of managers, their available courses of action, their preferences between outcomes, and possible with regard to the issue itself around which the situation revolves. The usual condition is that the managers in setting their critical success factors (CSFs) do not have the same set of information about the situation in which they are mutually involved. For this reason, their perceptions of the situation are, to some extent, different. As seen, each manager has defined his own CSFs and ranked them according to his perception even within the same type of business. ; 1 bound copy: 119 leaves; ill., tables available at RNL.