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Strategic management processes and activities. Strategy is defined as "the determination of the basic long-term goals of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals."
Enterprise planning and budgeting go hand-in-hand as the wherewithal to execute plans will determine the success or failure of an enterprise strategy. In another light, expanding or limiting the budget for a particular operations aspect of the enterprise or an ongoing project in favor of another will signal changes to an enterprise's strategy. [10]
Strategy as perspective – executing strategy based on a "theory of the business" or natural extension of the mindset or ideological perspective of the organization. [21] Complexity theorists define strategy as the unfolding of the internal and external aspects of the organization that results in actions in a socio-economic context. [22] [23] [24]
Business plans can help decision-makers see how specific projects relate to the organization's strategic plan. Total quality management (TQM) is a business management strategy aimed at embedding awareness of quality in all organizational processes. TQM has been widely used in manufacturing, education, call centers, government, and service ...
The COSO "Enterprise Risk Management-Integrated Framework" published in 2004 (New edition COSO ERM 2017 is not Mentioned and the 2004 version is outdated) defines ERM as a "…process, effected by an entity's board of directors, management, and other personnel, applied in strategy setting and across the enterprise, designed to identify ...
Integrated Business Planning (IBP) is a strategic process that aligns an organization's business objectives with its operational and financial plans to ensure cohesive decision-making and optimized performance. It serves as an evolution of traditional sales and operations planning (TS&OP), extending its scope to integrate all necessary to ...
The international definition according to the Federation of Enterprise Architecture Professional Organizations is "a well-defined practice for conducting enterprise analysis, design, planning, and implementation, using a comprehensive approach at all times, for the successful development and execution of strategy. Enterprise architecture ...
Business Architecture is directly based on business strategy. It is the foundation for subsequent architectures (strategy embedding), where it is detailed into various aspects and disciplines. The business strategy can consist of elements like strategy statements, organizational goals and objectives, generic and/or applied business models, etc.