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How strategic management helps in decision making
Strategic decision making
Strategic decision making
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Personal Life Personal strategic planning is the best method of getting the best out of myself. I do this by discovering the inborn and personal skills, develop the skills to the highest order which in return helps me to achieve satisfaction in whatsoever I do. The first thing I do here is to increase my return on energy and I consider and develop most of my ability to think well, and later my earning ability. Clarification of values helps me to know what are the most important values and virtues I needed to have in order to function well. I also have a personal mission statement which is “to be the best in every good thing I do”. Performing an audit over my personal values and determining the area of my excellence is what I put to work daily. …show more content…
S.O.A. Olaniyon explained in his book “Why strategic planning fails in management”. Managers are inadequately prepared for strategic planning the goals of the organization are too vague to be of value, the business units are not clearly identified and the link between strategic planning and control is …show more content…
Staff planners, particularly in large companies, may assist these managers. But in order to do an effective job, line managers must be tutored in strategic planning. The following definition of strategic planning is the full operation in my current workplace. It is the continuous process of making present entrepreneurial decisions systematically and with the greatest knowledge of their futurity; organizing systematically the efforts needed to carry out these decisions; and measuring the result of the decisions against the expectations through organized systematic feedback. Usefulness of the Concept the Current World It is used in discharging the board of directors’ responsibilities. It also provides the framework. It also provides the framework for decision making. It also helps for the assessment of an organization’s objectives while it is also used as a tool to monitor progression. Organizations use strategic planning to define overall mission and focus on objectives. With strategic planning, a sense of continuity, direction, leadership and effective staffing is provided. Lastly organizations use it to provide commitment, credibility and communication within the organization. 6. ORGANIZATION
It is important to have some information about the organization that the strategic planning will cover. This section of the strategic plan gives a rapid review of the organization in order to understand the circumstances that the organization is performing in.
The strategic planning process is helpful and very challenging. According to Dess, Gregory G., G.T. Lumpkin and Marilyn L. Taylor, an organizations strategic management process consists of “the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages” (2005, para. 1). A strategic plan is a roadmap, a blueprint that an organization can follow that allows an organization to formulate fundamental decisions by engaging in a long-range view of what it anticipates to achieve and how it will do
Strategic Plan: Strategic plan is a complete packege of statements which describes the purpose and ethical conduct for a company together with the focused strategies designed to reach the targets. It is normally have conduct for few years. The main objectives of strategic plan is to take the company towards the expected vision. It can be defined as, 1. A set of procedures for making decisions about the organization’s long-term goals and strategies 2.
A strategic plan is a tool that delivers guidance in achieving a mission or goal with maximum proficiency and control for an organization. Strategic planning is used to transform and revitalize organizations. The plan helps provide an inclusive understanding of opportunities and challenges both internally and externally for the organization. The plan delivers an assessment of the strengths and limitations that are realistic within the company. A well-developed strategic plan will offer a comprehensive approach and empowerment for the stakeholders involved. It is an opportunity for learning and understanding priorities that will drive the business to succeed. Jones (2010), describes how in health care organizations, strategic plans characteristically concentrate on operational and organizational goals such as when to obtain new technology, how to meet competitive challenges, and what staffing, tools, or facilities are needed to ensure organizational survival. The mission and value statements are significant in determining the quality of a strategic initiative. Forcing the organization to look toward the future creates proactive objectives in which both short-term and long-terms plans and goals are necessary in order to succeed.
Strategic Planning Strategic planning is when a groups of decision makers for the organization sit down together and develop an agreed upon, step by step plan, which will allow the achievement of the organization’s mission and vision. This requires the group to utilize their critical thinking skills to develop SMART goals. These SMART goals can be used as benchmarks to ensure the plan they have created are meeting the group desired outcomes. This planning requires both an analytic and emergent approach. Analytical Approach Analytic approach is when management uses their knowledge of the capacity of their organization and effects of outside forces to develop a plan which follows a sensible progression of stages towards completion
A strategic plan is a form of document utilized to communicate with an organization on its goals and the actions needed to achieve those particular goals developed during the planning process. Strategic planning sets priorities, strengthens operations and ensures that employees are all working towards the goals of the organization in order to adapt to a changing environment. An effective plan that articulates actions needed, but know if the company will be successful.
Strategic Plans are used by top level management to set objectives, directions, and priorities, it is used to get everyone on the same page, and is a checklist of things that need to be done, to achieve the objectives. It is a guide that the whole organization needs to adhere to. Put things in the plan that you will be able to get done or by delegating to other employees. Upper management is responsible of the strategic plan, since they have an overall idea of the company,they set long term goals usually 5-10 years or longer. TACTICAL PLAN.
Strategic management can provide coordination between actions, objectives and direction for organisation to achieve organisational goals.
Strategic management are invariably ambiguous and unstructured, and the way in which management respond to them determines whether the organisation will succeed or fail.
Strategic planning is done by the highest levels of an organization that goes threw three major phases. These phases include the formulation phase, the implementation phase and the evaluation phase. () These all play a great role for making the best possible way to carry out an action. The formulation phase is when a plan is initially developing and thought about as a way to help a business. The implementation phase is when the plan that was thought of is carried out. The evaluation phase goes over the success or failure of the plan and what could be changed and what shold have been done on the first place that could have helped the plan work. In order to come up with a plan, there must be a reason for it. This is known as the m...
Strategic management is concerned with a set of decisions and actions intended to improve the long-run performance of an organization (Boddy, 2009). It draws from the company’s will to adapt and survive in varying external and internal environments. Strategic management incorporates rationalization, planning ahead, setting clear goals, designing logical structures and monitoring systems for efficiency. It helps to determine a model of investment of resources, time, effort and capital. Thus it is a plan to reduce uncertainty about the future and to choose viable and potential solutions for growth.
If asked what strategic planning is one could interpret it as simply a road map that can guide the organization in the right direction. It is very unlikely that an organization would know which direction to take without a sense of direction. Managers are faced every day with decisions that have a major impact on the direction the organization must take, therefore, strategic planning can play an important role in guiding managers in the right direction. In other words strategic planning is a tool that management can use to give them a sense of direction that will guide them in doing a better job and to ensure that all the members of the organization are working toward the same goals
Strategic Planning is looking at where you are now, knowing where you want to be in the future and planning the steps to get you there.
Within an organization, different types of planning are necessary to help establish the visions and goals a company has. Strategic and operational planning is essential for the success of a business. For example, Sports Authority has recently filed for bankruptcy, which is likely due to a lack of planning skills. With the addition of strategic and operational planning, the risk of going bankrupt could be significantly reduced. The many planning steps and strategies involved in these types of planning are what eventually produce the most success.
Group 6 Strategic Management Strategic management is the process where organization managers reach the goals and aspirations of the organization on behalf of its owners. This is done through formulation and implementation of ways and methods to fulfill the organizational goals and objectives (Brian, 2011). This is done with in-depth consideration of both the internal and external environments that the organization operates in, in order to allow the organization to make the right decisions. Strategic management is an important element that firms must put together through strategic thinking as well as strategic planning (Nag, R., Hambrick & Chen, 2007). In order for a firm to compete within its industry, it must plan and relate to the industry dynamics, determine its strengths and weaknesses before determining the best way to match and overcome competitors.