Moreover, this phase is significant because it assess the practicality of any strategy. The last phase of strategic management is the measurement and evaluation stage. In the following process the data is gathered and collected from primary and secondary sources, after data collection the strategy
Top managers of the organization responsible overall direction of organisation Organising – more important for top and middle managers Leading – substantially more responsibility of first-line managers. Controlling – common degree of emphasis at all levels" 3. Managers skills and roles Smart companies around the world are dependent from their a good managers who has critical thinking skill, technical skill and excellent people skill. Study shows from above 3 most important is people skill or communication
Importance of Strategic Management and Planning Strategic management is essential for the progress, prosperity and development of an organization as it aligns the mission, vision, outcomes and objectives with operations. A well-planned strategic management is crucial and can bring various benefits and perks to the organization in present as well as in the future. A well established management strategy takes into consideration the destiny and fate of the business and provides a way to anticipate future problems and opportunities. It allows for identification, prioritization, and exploitation of
Better Management With strategic planning, managers will be able to establish a clear and comprehensive concept for an organisation. This process will help managers to evaluate internal forces and external forces in addressing the challenges their
Leadership will not only have to build a plan with an effective strategy utilizing the strategic resources and capabilities that exist within the business, but they will also have the responsibility for executing the plan which can be the most difficult part of the entire process. In order to achieve this, the leadership will need to communicate effectively at all levels while coordinating various departments and efforts to ensure that everyone is still focused and moving towards the same end goal. Effective strategic management also requires leadership to constantly be monitoring and evaluating the plan to see what changes may need to be made and if the overall plan and strategy needs to be adjusted. They must constantly be monitoring and evaluating both internal and external factors that may threaten to take away their competitive advantage – looking for lower cost opportunities if they are following a cost leadership
They are production manager, human resource manager and marketing managers at various Divisions in an organization. Their main objective is to perform various tasks assigned by top level management and assigning tasks to their subordinates at different functional levels. Like allocation of resources among functional areas and coordination between them for achievement of corporate level objectives. These strategies operate within the overall organizational strategies, within the broad constraints and long term objectives set by the corporate level management. Business level strategy deals with ‘How’ to perform the task assigned by corporate level strategy within the organization.
Stahl and Grigsby (1992) noted, strategic management becomes very necessary as it helps an organisation’s management to identify and be sensitive to environmental forces and develop the organisation’s resources meant to address organisational problems, demands and challenges whilst taking into account the threats and opportunities existing in the market place or industry. Therefore, Stahl and Grigsby (ibid.) imply that managers need to engage in the ongoing process of evaluating their organisation’s internal and external environments and intervene, if necessary, by initiating strategic change that may lead to organisational change and development. 2.4.0 THE ORGANISATIONAL CHANGE PROCESSES From the discussion above, strategic analysis is important in the process of initiating organisational change and development. Greenberg and Baron (1997) contend that this is so because the issues highlighted are actually the forces that lead to a change in organisational strategy, structure and design, technology and operations, and change in people or employees and employers.
Background Strategic leadership represents a process used by leaders with an aim to achieve a desirable and well-understood vision through influencing organizational culture, resource allocation, and providing policy directive (Schwartz & Castelli, 2014). The process also includes building consensus in complex and uncertain situations that exists in business environments where there are great opportunities and increased levels of risks (Bibu & El-Moniem, 2011). According to Honore (2009) employee motivation encompasses a host of factors that are either extrinsic or intrinsic which cause employees to pursue organizational goals and act in certain ways. Extrinsic factors emanate from aspects related to an organization such as the provision
It is crucial for the organization to retain those people who really work hard and are indispensable for the system. The management must understand the differentiation between a valuable employee and an employee who doesn’t have a say much to the organization. genuine efforts must be made to give confidence the employees so that they continue happy in the current organization and do not look for an adjustment in
• Motivating managers and other employees to complete the company’ goal. • Checking the performance of managers and all the employees The roles of strategic managerial accounting vary from one organization to the next, their roles is depends on the size and of organization. Cultures, industry and type of organization is also different depends on the circumstances nowadays. Management accountant also plays a role of Evaluator. Company assets are evaluated by him.