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An SMS provides a systematic way to assess and improve prevention of workplace accidents and incidents based on structured management of workplace risks and hazards. It must be adaptable to changes in the organization's business and legislative requirements. It is usually based on the Deming cycle, or plan-do-check-act (PDCA) principle. [98]
An occupational safety management system (OSMS) is a management system designed to manage occupational safety and health risks in the workplace.If the system contains elements of management of longer-term health impacts and occupational disease, it may be referred to as a occupational safety and health management system (OSHMS) or occupational health and safety management system (OHSMS).
Risk and opportunities (Clauses: 6.1.1, 6.1.2.3, 6.1.4): companies are to determine, consider and, where necessary, take action to address any risks or opportunities that may impact (either positively or negatively) the ability of the management system to deliver its intended results, including enhanced health and safety at the workplace.
Business strategy is the primary driver of BPR initiatives and the other dimensions are governed by strategy's encompassing role. The organization dimension reflects the structural elements of the company, such as hierarchical levels, the composition of organizational units, and the distribution of work between them [ citation needed ] .
Porter's generic strategies describe how a company pursues competitive advantage across its chosen market scope. There are three/four generic strategies, either lower cost, differentiated, or focus. A company chooses to pursue one of two types of competitive advantage, either via lower costs than its competition or by differentiating itself ...
The 3Cs model points out that a business strategist should focus on three key factors for success. In the construction of a business strategy, three main elements must be taken into account: The Company; The Customers; The Competitors; Only by integrating these three can a sustained competitive advantage exist.
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Strategic management tools. In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates.