...employees and stakeholders to focus on their common aim. By using strategic management, an organization utilizes a methodical way so that all their resources combine with their mission to underwrite their future success. Changes incorporated into a common goal demand strategic management especially in health care organizations. “A well-crafted, duly executed strategic plan can provide numerous intangible, internal benefits for a health care organization’s culture, working environment and employees"(Reed, 2013). Today’s health care environment, with expectations of health care organizations constantly changing creates a compelling reason to employ strategic planning. To ensure success, the whole organization must be involved in strategic planning. There are five essential components of strategic planning, and they are “engaging commitment, setting long term strategic objectives for improved performance of the organization, generating policy options. Evaluating and deciding on strategies and monitoring implementation of the policies against the long-term goals" ("Components of Strategic Planning", 2005). Practical implementation of each of these components requires organizational extensive corroboration and accountability. The strategic management process enhances all of the essential elements of strategic planning. An organization’s strategy and goals embedded in the strategic management process enables management to make better decisions. Such decisions lead to a better performance...
Words: 917 - Pages: 4
...Operations and the manner in which Executive Management and newly appointed CEO Michael Jordan, provide a new corporate vision and strategy to improve profits, and increase productivity. In this essay I will discuss the relationship, similarities and differences between IT strategy and Business strategy. Information Technology (IT) is a vital component to any successful business. IT Strategy focuses on how to make IT work for businesses and advance the business performance alongside examining ways of exploiting the full potential of information systems from existing and new IT products. Successful businesses now view IT as a tool to serves as a foundation of both operational excellence and competitive advantage. Frito-Lay used IT to improve sales management processes and to make the information readily available to its sales staff. 1-Identify and describe the overlap between the IT strategy and Frito-Lay business strategy. Frito-Lay management realized that the paper-based method of keeping inventory was inaccurate, wasted time, money and product. The overall strategy was to increase the efficiency of the sales operations process by implementing of The IT strategy is similar to Frito Lay business strategy business although the focus is specifically on technology. It is important to plan ahead for the development of your IT systems, which will need to be able to grow and adapt to any changes in business. The business and IT strategies overlap in the following instances: ...
Words: 1955 - Pages: 8
...introduces the concept of strategic management and provides an overview of strategic management. This chapter is divided into six sections. The first section explains the evolution of the strategic management concept. This is followed by the second section on definition of strategic management. The third section describes the context in which strategic management takes place. This is followed by the fourth section which covers the scope of strategic management. The fifth section shows some of the benefits of strategic management for organizations. Finally the sixth section describes the process of strategic management. Upon the completion of this chapter you should be able to: 1. understand the concept of strategic management 2. know the brief history of the strategic management concept 3. understand the definition of strategic management 4. know the context in which strategic management occurs 5. comprehend the scope of strategic management 6. describe the benefit of strategic management 7. know the strategic management process 1.1 Introduction to the Strategic Management Concept Strategic management is a concept that originated from the military field. The concept of strategic management was first applied in ancient battles. The period around 500 B.C. saw numerous battles that took place Greece and China. The early written record on strategic management can be traced back during this warring period. The term strategy is derived from the Greek word ‘strategos’...
Words: 4525 - Pages: 19
...A Case Study in Human Resource Management Practices Name: Cadien Vaccianna Course Number: HRMN 495 School: University of Maryland Professor: DR Henderson Date: June 14, 2016 Introduction PAC is a company that deals in the manufacturing of high-quality specialty components that are essential in the computer industry. PAC Resources was initiated by David Dukakis in early 1990s. PAC resources started as a small unit operating in a temporary office. In the preceding years, PAC Resources has managed to grow. Particularly, the company has managed to employ 835 personnel working as full-time workers. Additionally, the company has a large facility that hosts most of the operations. PAC Resources has managed to maintain the line of production and position despite the recession in the industry. The company has a market for the products in the United States and Asia. The major source of revenue for PAC Resources originates from the contract they have with a particular manufacturer. The contract involves building specific high-quality specialty components for the computer manufacturing company. The reliance on the single source of revenues has been the subject of worry for PAC Resources. The company has been focusing on strategies that will help in expanding the customer base. Other intentions of the company include; reducing the rate at which the...
Words: 2660 - Pages: 11
...different levels of granularity, from large chunks (e.g., the front end, including bumpers, lights, radiator, etc.) to small components (e.g., a brake disc) up to little metal parts. What HappensWhenYou OutsourceT Much? oo With complex products such as automobiles, integration is a key element of performance. That means managers must understand which activities and competencies they can safely outsource and which they need to keep. BY FRANCESCO ZIRPOLI AND MARKUS C. BECKER THE LEADING QUESTION How can companies make the right decisions about outsourcing? FINDINGS !Keep activities WE LIVE IN AN ERA in which business disaggregation is the norm. In industry after industry, managers have taken deliberate steps to separate their value chains and shift important activities and functions to outside suppliers. The outsourcing trend became increasingly visible during the 1990s, when companies such as IBM began to outsource not just manufacturing but also design activities. The trend reached its peak within the past decade, when even companies such as Boeing started outsourcing innovation activities. But what happens when companies become too dependent on outside suppliers and cede them too much control if they lack the same degree of understanding and awareness about how important product or service elements fit together and what’s necessary? Once management lets go of critical internal levers, how does it go about reestablishing them? COURTESY OF HYUNDAI MOTOR CO. in-house that have...
Words: 4284 - Pages: 18
...Talent Management Strategy Assignment 3 HRM-532 Contemporary Business Submitted by: TJ McPhail Submitted to: Dr. Daniel C. Frost May 18, 2015 Formulate a talent management strategy to encompass the entire talent requirements of the organization. When discussing and planning your organization’s future, it’s important to consider not just the goals, objectives, and initiatives, but clearly how to accomplish them. The most important contributor is undoubtedly your employees. Aligning the organization’s business strategy with its employees is called talent management, and it encompasses aligning the right employee with the right position in the organization. Talent management is a business strategy and must be fully incorporated within all of the employee connected practices of the organization. Retaining and attracting talented employees, in a talent management system, is the responsibility of every tier of management in the organization, but especially the Human Resource managers who are in charge of hiring, training, and development. A successful talent management strategy also engages in the practice of sharing data regarding high profiled employees and their employment histories and accomplishments with all divisions of the organization. This process of sharing and transparency makes it possible for a range of departments to recognize available talent when opportunities become available. The charting of the staffs skills and strengths enable the organization...
Words: 1737 - Pages: 7
...Strategic Management Process Strategic Management process Judy Wiggens MGT/498 Eligah King December 5, 2013 Strategic Management Process 1 I think that the components of strategic management in corporate terms is strategy this is the plant hat many businesses devise in order to achieve its long term goals and objectives, these objectives are very essential to secure continued business and meet the demands and expectations of the business and stakeholders. In terms of shareholders, this would mean adding value to their investments, so an essential element of the strategic plan is to gain competitive and advantage in a every changing commercial, political, and social environment. As with all plans, to ensure success it needs to be managed efficiently and effectively, what I mean is that there has to be a strategic management process operated by the business, which comprises of three main component parts, strategic position, strategic choices, and translating the strategy into action so by doing this we first start with the strategic position for strategic management to work the business has to be fully cognizant of its current or strategic position and what elements may affect that position. Next is strategic choice this is the process of decision making that occurs once a review of all available data and information has been conducted...
Words: 487 - Pages: 2
...Task 3 A. Recommend, with sufficient support, the adoption of one of the following strategies by the power tool company: a Keiretsu network, a virtual company, a vertical integration, or a different supply chain strategy. An efficient supply chain is fundamental to the success of any organization. The expense of the supply chain is usually an organizations largest cost therefore implementing a strategy that effectively minimizes costs while maintaining product quality is an effective way to increase profits. The best way to minimize costs and maximize product quality is to adopt a lean operations strategy that includes just in time (JIT) initiatives. Central to the JIT technique is continuous problem solving. JIT requires that items and materials are ordered only when needed minimizing inventory. When inventory is minimized wasted costs in layout, quality, and procurement are easily spotted and immediately dealt with. With JIT very few suppliers are chosen creating large commitments to the organization. The suppliers should also use JIT and offer their expertise in design and quality control to the supply chain. Since the owners of the power tool company are willing to own or invest in any component of the supply chain I would recommend they initiate a Keiretsu. A Keiretsu is a company coalition which includes few key suppliers and secondary suppliers. The power tool company would support key members of the Keiretsu through ownership or loans. The suppliers...
Words: 2877 - Pages: 12
...Many companies and organizations now considered quality management as one of the most important corporate strategies in today’s business; as well as the main factor of most companies in order to achieve customer satisfaction. Quality Management has adapted across the board and is no longer limited to one particular field of business. Quality Management is a business process that brings together the responsibilities of all employees to attain customer satisfaction and continuous improvement in the quality of all employee’s responsibilities and company’s product and services. The importance of quality and customer satisfaction should be established prior to the implementation of the total quality management process. Thus, there’s the framework, which includes six supply chain strategies along with ISO, Six-Sigma, and Baldridge to incorporate within a business. The company I chose to analyze is the Riordan Manufacture Corporation. I will examine and analyze the importance and measurement of Riordan Manufacture Corporation and its components. Riordan Manufacture is a global plastics manufacturer; which has incorporated quality management (QM) into its mission statement. The company’s major clients are aircraft, appliance, and automotive parts manufactures as well as bottles and beverages makers and the defense department. It’s headquarter is in San Jose, CA and has facilities worldwide. Riordan mission is to ensure that it maintain leader position in the plastic manufacturing...
Words: 1326 - Pages: 6
...Article Essential Layers, Artifacts, and Dependencies of Enterprise Architecture By Robert Winter and Ronny Fischer Abstract After a period where implementation speed was more important than integration, consistency and reduction of complexity, architectural considerations have become a key issue of information management in recent years again. Enterprise architecture is widely accepted as an essential mechanism for ensuring agility and consistency, compliance and efficiency. Although standards like TOGAF and FEAF have developed, however, there is no common agreement on which architecture layers, which artifact types and which dependencies constitute the essence of enterprise architecture. This paper contributes to the identification of essential elements of enterprise architecture by (1) specifying enterprise architecture as a hierarchical, multilevel system comprising aggregation hierarchies, architecture layers and views, (2) discussing enterprise architecture frameworks with regard to essential elements, (3) proposing interfacing requirements of enterprise architecture with other architecture models and (4) matching these findings with current enterprise architecture practice in several large companies. Keywords enterprise architecture, architectural components, architectural layers, architectural views, interfaces ENTERPRISE ARCHITECTURE: DEFINITION According to ANSI/IEEE Std 1471-2000, architecture is defined as the “ fundamental organization of a system, embodied in...
Words: 5469 - Pages: 22
...A Talent Management Strategy Formulate a talent management strategy to encompass the entire talent requirements of the organization. When discussing and planning your organization’s future, it’s important to consider not just the goals, objectives, and initiatives, but clearly how to accomplish them. The most important contributor is undoubtedly your employees. Aligning the organization’s business strategy with its employees is called talent management, and it encompasses aligning the right employee with the right position in the organization. Talent management is a business strategy and must be fully incorporated within all of the employee connected practices of the organization. Retaining and attracting talented employees, in a talent management system, is the responsibility of every tier of management in the organization, but especially the Human Resource managers who are in charge of hiring, training, and development. A successful talent management strategy also engages in the practice of sharing data about high profiled employees and their employment history and accomplishments to all divisions of the organization. This process of sharing openness makes it possible for a range of departments to recognize available talent when opportunities open and become available. The charting of people’s skills and strengths enable the organization to appraise the manpower that is not being utilized properly and to its highest potential. This is critical from the standpoint...
Words: 1712 - Pages: 7
...The primary components of a strategic management process vary in terminology; however, to effectively implement any strategy, the core components must be sufficiently considered. In basic corporate terms, strategy is defined as the plan that the organization develops to accomplish its primary long-term goals and objectives. These goals and objectives are critical to ensure continual business success and meet expectations of all stakeholders. In terms of the shareholders this means assuring their investment returns positive dividends. So, a critical component to a strategic plan is to gain a competitive advantage over a continuously environment. As is normally the case with any plan in order for it to be executed successfully it needs to be planned and managed efficiently. There must be a strategic management process operated by the organization that consists of three primary elements—strategic position, choices and setting the strategy into motion. STRATEGIC POSITION In order for strategic management to function correctly the organization must be aware of its current or strategic position and what elements potentially could affect the position. External forces must be considered appropriately and integrated in to the strategic plan. The forces usually vary over many issues and understanding them and how they will affect the business is essential to enabling management to select the opportunities and threats to its strategic plan. Strategic Management Process Paper 3 An example...
Words: 665 - Pages: 3
...Strategic Management Process Erica Valadez MGT/ 498 February, 12, 2014 Mr. Bernal Abstract There are several components of a strategic management process that are imperative for a company’s success. The most important components are environmental planning, strategy formulation, strategy implementation and strategy evaluation. Understanding each of them is essential when implementing them in the company. Strategic Management Process The primary components of a strategic management process are environmental planning, strategy formulation, strategy implementation and strategy evaluation. Environmental scanning is a process of collecting, examining and providing information for strategic purposes. This information assists in the internal and external factors influencing an organization. Following the analysis process, there should be an evaluation on it to improve the analysis (Management Study Guide, n.d.) Strategy formulation is the method of deciding the best course of action for accomplishing organizational objectives for this reason achieving organizational purpose. After conducting environment scanning, managers formulate corporate, business and functional strategies (Management Study Guide, n.d.). Strategy implementation entails producing the strategy work as intended or putting the organization’s chosen strategy into action. This includes designing the organization’s structure, distributing resources, developing decision making process and managing human resouces...
Words: 457 - Pages: 2
...Although not a guarantee for success, strategic management allows organisations to make effective long-term decisions, to execute those decisions efficiently and to take concrete actions as needed to ensure success ([Thompson & Strickland (1999)]). The importance of mission statements to the effective strategic management of business organisations is well documented in the literature. A mission statement is a general expression of the overriding purpose of an organisation that, ideally, is in line with the values and expectations of major stakeholders. Mission statements are often regarded as ‘enduring statements of purpose that distinguish one business firm from others’. Some theorists regard the organisation's mission as a ‘cultural glue’ which enables it to function as a collective unit. This ‘cultural glue’ consists of strong norms and values that influence the way in which people behave, how they work together and how they pursue the goals of the organisation ( [Campbell & Yeung (1991a)]). A well-designed mission statement is essential for formulating, implementing, and evaluating business strategy ( [David (2001)]). The role of the mission statement in the strategic management of business firms has not been sufficiently highlighted in the research literature. As [Campbell & Yeung (1991a)] note, regarding the mission statement ‘there is little research into its nature and importance’. Since this refers to the management literature generally, it is not surprising that minimal...
Words: 1712 - Pages: 7
... Major Components of a Strategic Management Process Organizations use the strategic management process to set goals and objectives that will help them to reach a higher level of performance (Pearce & Robinson, 2011). A continuous process, strategic management studies the businesses and industries in which the organization operates, examines the competitors, and establishes goals and objectives to counter competitors in the present and in the future. The strategic management repeats the process continuously. This process has four major components, which are environmental scanning, strategy formulation, strategy implementation and strategy evaluation. Environmental scanning helps organization to analyze the internal and external factors that influence the flow of the organization (Pearson & Robinson, 2011). The strategy formulation helps an organization to charter the best course of action to accomplish the goals and objectives of the organization. The strategy implementation helps management to find ways to make the organization’s strategy works. The strategy evaluation looks at internal and external factors, measures performance, and makes necessary corrections. Most Difficult Strategic Management Process Component to Manage Strategy implementation involves change, and people tend to have a difficult time dealing with change (Mintzberg, Ghoshal, Lampel, & Quinn, 2003). As a result, the strategy implementation aspect of strategic management is the most...
Words: 327 - Pages: 2
