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Formulation of strategy involves analyzing the environment in which the organization operates, then making a series of strategic decisions about how the organization will compete. Formulation ends with a series of goals or objectives and measures for the organization to pursue.
Strategic planning [1] 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.
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.
Thinking in time means being able to hold past, present and future in mind at the same time to create better decision making and speed implementation. "Strategy is not driven by future intent alone. It is the gap between today’s reality and intent for the future that is critical." [15] Scenario planning is a practical application for ...
The concept of decision yield, for instance, focuses on all five key attributes of decision-making: more targeted decisions (precision); in the same way, over and over again (consistency); while being able to adapt "on-the-fly" (business agility) while reducing cost and improving speed, is an overall metric for how well an organization is ...
Furthermore, management science contributes to strategic decision-making in project management, marketing, and human resources. By leveraging quantitative techniques, organizations can make data-driven decisions, allocate resources effectively, and enhance overall performance across diverse functional areas.
More specifically, organizational adaptation is premised on organizational decision-making that is intentional, whereby decision-makers are aware of their environment; relational, in that organizations and environments influence one another; conditioned, in that environmental characteristics evolved with other organizations’ actions; and ...
Strategic leadership presumes a shared vision of what an organization is to be so that the day-to-day decision-making or emergent strategy process is consistent with this vision. Managerial leaders influence only the actions and decisions of those with whom they work.