Strategic management is the process where leaders establish an organization’s long-term direction, set the speciﬁc performance objectives, develop strategies to achieve these objectives in the light of all external and internal changes, and undertake effective strategies to manage these changes and execute action plans.
"Strategic management is a set of managerial decisions and actions that determine the long-run performance of a corporation" (Wheelen & Hunger, 2006, p.3). The benefits of strategic management helps the firm focus on the objectives and develop the steps involved in obtaining the vision and financial wealth of the organization. An effective strategic management plan should include the following three questions: (1) Where is the organization now? (2) If no changes are
Therefore, strategic management is an all-encompassing approach for formulating, implementing and evaluating managerial decisions in a way that permits the business to reach its objectives.
The strategic management is actually defined as the process in which an organization actually formats and also implements the plans which espouse the objectives and goals of that organization (Diana Wicks, 2011). The process of the strategic management is continuous and it changes with the evolution of the organizational goals and objectives.
Strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives. It involves the systematic identification of the firm 's objectives, nurturing policies and strategies to achieve these objectives, and acquiring and making available these resources to implement the policies and strategies to achieve the firm 's objectives. Strategic management, therefore, integrates the activities of the various functional sectors of a business, such as marketing, sales and production to achieve organisational goals. It is the highest level of managerial activity, usually
In simple understanding, strategic management refers to managing the resources so as to achieve the desired objectives and goals of an organization. In broader terms, it can be understood as a continuous process which
What Is Strategic Management a process for defining and addressing the management implications of an organization's strategic and operational plans? A long-term context for short-term activities. Strategic management is the analysis of the work done by the management of an organization on behalf of the owners. It gyrates around expressing the purposes of the organization and coming up with an appropriate mission and vision statement. Mission and vision statement together are used to help develop policies and plans to be used in long term and short term goals often categorized as projects or programs. It also involves the right resources of management to ensure that the business profit are maximized to grow the company. Strategic Competitiveness
Strategic management is a broader term that includes earlier steps of determining the mission and objectives of an organization within the context of its external as well as internal environment. The basic steps of the strategic management can be examined through the use of strategic management model.
I believe that strategic planning gives success to any organization, the project manager should be responsible for all the project and he designed to make a progress towards strategic planning & objectives. For any organization planning and implementation are the two key points, if any company success on these two points definitely the organization will be succeed.
As explained by Hill & Jones (2012), strategic management entail the process of implementing ways that would help an organization achieve its long term goals. Hill & Jones (2012) adds that organizations would be unable to attain their projected goals if they do not employ proper ways for strategic management. Through strategic management, companies strive to create ways that can create a balance between the external and internal environments. Management of information technology and innovation is among the most important aspects in strategic management. Schilling (2010) notes that managers have to establish the proper platforms to ran information technology in their respective organizations. Through the implementation of proper strategic management ways, organizations are able to capitalize on different opportunities.
‘Strategic Management’ is a very complex term as many eminent researchers and scholars have had different views and conclusions on strategy. According to White (2004), “Strategic Management involves both systematically developing an idea together with its implications and testing the empirical validity & usefulness of that idea against the real world.” Thus strategy is not only about planning for future but also about confirming the validity of the hypothesis considered and implementing it successfully. Strategy formation may take various forms such as implicit, explicit or emergent. Implicit strategy is a strategy formed by intuitions of an individual. As per implicit strategists, strategic management is about reading the environment
The objective of this study was to develop a strategic contingency planning model to be used to fully incorporate emergency management and business continuity into organization structures. (For the purpose of this study, Emergency Management and Business Continuity were collectively referred to as “contingency planning.”) Presently, contingency planning is mainly done on an operational or tactical level. Current thinking suggests that contingency planning should be an active part of organizations’ overall strategic planning processes as well. Organizations will ultimately be better prepared for future disasters and crises.
Anytown, Minnesota currently has an Emergency Operations Center (EOC) located in a back room of the City Hall. The designated room is 650 square feet and has not been updated for over ten years. Huder (2012), states that an Emergency Operations Center (EOC) is where decision-making and problem solving occurs when there is a disaster. An EOC can be activated for disasters as well as for large-scale planned events (Fairfax, 2015 p. 1). ASTM International identify that an EOC needs to be developed and maintained based on the risks, vulnerabilities, capabilities, and the needs of the community (Standard Guide, p.2). The Federal Emergency Management Agency has provided a checklist that assists with assessing the capability of the infrastructure of an EOC (United States, n.d,). Based on this assessment, it is recommended that the current EOC undergo restructuring and renovations to include; increasing the square footage of the current EOC and upgrading offices to be
The disaster history of the State shows that it is prone to earthquakes, wildfires, landslides, extreme heat, terrorist acts, etc. Regarding its vulnerability to a range of risks, the UCLA Office of Emergency Management developed the Volunteer and Donations Management Plan to handle the volunteer activities and influx of donations in disasters. The plan may be applicable to all types of disasters, including natural events, technological incidents and terrorist incidents. It is designed for use by the UCLA Volunteer and Donations Management Unit during the response and recovery phases. It also applies to the UCLA’s entire campus and community. It may be activated when a disaster strikes and will be demobilized when the recovery phase finishes.