strategies in management of organization
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The strategic management process involves four phases: strategic assessment, strategic planning, strategy implementation, and performance evaluation. Strategic assessment includes analyzing the external environment, conducting a SWOT analysis, and determining strategic direction. Strategic planning develops scenarios and contingency plans. Strategy implementation allocates resources and assigns responsibility. Performance evaluation compares actual and desired results to evaluate strategy and make adjustments.
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strategies in management of organization
- 3. Strategic Management The strategic management process of four phases: i) Strategic Assessment ii) Strategic Planning iii) Strategy Implementation iv) Performance Evaluation
- 4. Strategic Assessment a. Anticipating Environmental Change: It makes clear why maintaining the status quo is not a viable option for the future. Social: This covers the target clientele, their value systems, their aspiration levels, how they are organised, and the ‘power’ they can exercise over the decision making process. Technical: This encompasses the technological developments which may require alteration or altogether abandonment of organisational objectives.
- 5. Strategic Assessment Economic: This refers to changes in the economy generally but also to disparities in income, higher unemployment or diminishing resources. Political: This includes international agreements, domestic legislation, political values etc.
- 9. b. Strategic Analysis The Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis is a useful and powerful tool to analyse consequences of environmental change for the organisation. The role of SWOT analysis is to take the information from the environmental analysis and separate it into internal issues (strengths and weaknesses) and external issues (opportunities and threats).
- 12. Strategic Assessment c. Strategic Direction The information developed through techniques like SWOT is used to review the organisation's mission, set goals, develop strategic vision, and determine the most critical issues the organisation must address if it is going to achieve this vision. The objective of the strategic direction is to help ensure that the organisation's vision and goals: are compatible with the organisation's capabilities and complement its culture, foster commitment and cooperation among stakeholders; and maximise the benefits inherent in environmental opportunities and minimise the risks inherent in environmental threats.
- 21. Mission Statement The organization's objectives are identified and articulated in a mission statement. The mission statement should be such that it clarifies: the nature of the organization, in what business the organization is, what the long term and short term objectives the methods to be adopted for achieving these objectives. A mission statement is relevant for big as well as small organizations and for both profit making as well as non profit making organizations.
- 25. Differences between vision and mission
- 28. Differences between goals and objectives
- 29. Strategic Planning It deals with creating range of scenarios to cover different situations in terms of favourability – an optimistic scenario, a pessimistic one and one in between these two. Probabilities of occurrence are assigned to each of them. Contingency planning is another technique, which in a way supplements the scenario planning. It requires plans to be made for possible damaging combinations of events. For example, construction of nuclear power centres in seismic zones may require contingency plans to be included in case of a disaster.
- 30. Strategic Implementation This involves executing the chosen strategy effectively and efficiently. It encompasses: 1. Allocation of sufficient resources- financial, personnel, infrastructure 2. Establishing a chain of command or structure to carry out tasks efficiently. 3. Assigning responsibility for specific tasks or processes to specific individuals or groups. 4. Managing the process, which includes monitoring results, comparing them with benchmarks and best practices, evaluating the efficacy and efficiency of the process, controlling for variances, and making adjustments to the process as necessary.
- 31. Performance Evaluation Strategy formation and implementation is an on-going, never-ending, integrated process requiring continuous reassessment and reformation. Performance evaluation system compares actual results and desired results. This subsequently enables the strategists in modifying or introducing corrections in the plan, strategies, resources, and timing, as circumstances warrant. A system is established to monitor use of resources by the organisation and its efficacy. The monitoring and reporting system is continuous, with periodic output reviewed by teams. However, major evaluations may be conducted on a rather long term basis.