We propose a holistic managerial decision making framework that requires managers to take into consideration the three impact dimensions of any decision involving interactions with stakeholders, internal or external. The impact dimensions are a) effectiveness b) operative learning and c) relational learning. We posit that holistic decision making is a managerial competence. We submit that an organization whose managers systematically take into consideration these three impact dimensions in their decision making is more likely to achieve superior long term performance. We discuss the implications for researchers, practitioners and educators of our framework