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Strategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals.. Furthermore, it may also extend to control mechanisms for guiding the implementation of the strategy.
Strategic management involves the related concepts of strategic planning and strategic thinking. Strategic planning is analytical in nature and refers to formalized procedures to produce the data and analyses used as inputs for strategic thinking, which synthesizes the data resulting in the strategy. Strategic planning may also refer to control ...
In management, a strategy map is a diagram that documents the strategic goals being pursued by an organization or management team.It is an element of the documentation associated with the Balanced Scorecard, and in particular is characteristic of the second generation of Balanced Scorecard designs that first appeared during the mid-1990s.
It involves activities such as strategic planning and strategic thinking. [ 6 ] Henry Mintzberg from McGill University defined strategy as a pattern in a stream of decisions to contrast with a view of strategy as planning, [ 7 ] . while Max McKeown (2011) argues that "strategy is about shaping the future " and is the human attempt to get to ...
Operational planning (OP) is the process of implementing strategic plans and objectives to reach specific goals. [1] In an Introduction to Management and Organizational Behavior , Barbara Carlin and Marina Sebastijanovic suggest that operational planning is one of the four basic types of planning involved in organizational management.
In their article titled Seven Principles of Strategic Leadership, Quong and Walker describe a framework of seven principles, which are: Principle 1 Strategic Leaders are Futures Oriented and have a Futures Strategy; 2. Strategic Leaders are Evidence Based and Research Led; 3. Strategic Leaders Get Things Done; 4. Strategic Leaders Open New ...
This step is typically followed by "strategic grouping" decisions, which define the fundamental architecture of the organization - essentially deciding which major roles will report at the top of the organization. The classic options for strategic grouping are to organize by: Behavior; Function; Product or category; Customer or market ...
VRIO (value, rarity, imitability, and organization) is a business analysis framework for strategic management.As a form of internal analysis, VRIO evaluates all the resources and capabilities of a firm.