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The output of strategic planning includes documentation and communication describing the organization's strategy and how it should be implemented, sometimes referred to as the strategic plan. [ citation needed ] The strategy may include a diagnosis of the competitive situation, a guiding policy for achieving the organization's goals, and ...
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."
Strategy is important because the resources available to achieve goals are usually limited. Strategy generally involves setting goals and priorities, determining actions to achieve the goals, and mobilizing resources to execute the actions. [4] A strategy describes how the ends (goals) will be achieved by the means (resources). [5]
This framework enables the individual setting the goal to have a precise understanding of the expected outcomes, while the evaluator has concrete criteria for assessment. The SMART acronym is linked to Peter Drucker's management by objectives (MBO) concept, illustrating its foundational role in strategic planning and performance management. [4]
An important first step in the process is identifying a workable long-term goal and long-term outcomes. The long-term goal should be something the initiative can realistically achieve and that everyone involved understands. A trained external facilitator is best to lead the group to consensus and specificity in this process.
The satisfaction of goals should be reviewed on a monthly basis, with a larger annual review at the end of the year. [3] Performance measurement is also a key part of the process. [5] Hoshin Kanri is a top-down approach, with the goals being mandated by management and the implementation being performed by employees.
These goals are then translated into plans, both strategic and tactical, and finally carried out in actions. Goals motivate plans, and actions deliver the effort to accomplish goals. [ 1 ] The model is rooted in the scientific tradition, with scientific realism , the assumption that “much of the world is patterned, knowable, and objective."
They set the strategic goals and policy of the organization and make decisions on how the overall organization will operate. Senior managers are generally executive-level professionals who provide direction to middle management. Middle management roles include branch managers, regional managers, department managers, and section managers. They ...