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A strategy describes how the ends (goals) will be achieved by the means (resources) in a given span of time. Often, Strategic Planning is long term and organizational action steps are established from two to five years in the future. [3] The senior leadership of an organization is generally tasked with determining strategy.
Strategic planning may also refer to control mechanisms used to implement the strategy once it is determined. In other words, strategic planning happens around the strategic thinking or strategy making activity. [15] Strategic management is often described as involving two major processes: formulation and implementation of strategy.
Evidence-based management is an emerging movement to use the current, best evidence in management and decision-making. It is part of the larger movement towards evidence-based practices . Evidence-based management entails managerial decisions and organizational practices informed by the best available evidence. [ 34 ]
In strategic planning and strategic management, SWOT analysis (also known as the SWOT matrix, TOWS, WOTS, WOTS-UP, and situational analysis) [1] is a decision-making technique that identifies the strengths, weaknesses, opportunities, and threats of an organization or project.
A strategy describes how the ends (goals) will be achieved by the means (resources). [5] Strategy can be intended or can emerge as a pattern of activity as the organization adapts to its environment or competes. [4] It involves activities such as strategic planning and strategic thinking. [6]
Mintzberg argued that strategic thinking cannot be systematized and is the critical part of strategy formation, as opposed to strategic planning exercises. In his view, strategic planning happens around the strategy formation or strategic thinking activity, by providing inputs for the strategist to consider and providing plans for controlling ...
Hoshin Kanri (Japanese: 方針管理, "policy management") [1] is a 7-step process used in strategic planning in which strategic goals are communicated throughout the company and then put into action. [2] [3] The Hoshin Kanri strategic planning system originated from post-war Japan, but has since spread to the U.S. and around the world.
Centralisation – Planning and decision making by a single authority; Decentralization – Planning and decision making by various local authorities; Developer relations; Management by objectives; Six Sigma – Business management strategy, originally developed by Motorola, that today enjoys widespread application in many sectors of industry