DCOM506 Lecture Notes - Lecture 1: Strategic Management, Strategic Thinking, Strategic Choice
Document Summary
We are tackling 20-year problems with five-year plans staffed with two-year personnel. 1. 5 benefits of strategic management funded by one year appropriations . The above quotation sums up why today"s decision-makers must plan and manage strategically. In developing as well as in industrialized countries, the increasingly rapid nature of change as well as a greater openness in the political and economic environments, requires a different set of perspective from that needed during more stable times. Forward calculations were simple, inputs were predictable, and planning was mostly an arithmetic exercise. Now, systems are much more open, environment is characterized by increasingly unstable economic growth, budgets are constantly revised, inputs are thoroughly unpredictable, and planning in the traditional sense is no longer tenable. Therefore, today"s enterprises need strategic management to reap the benefits of business opportunities, overcome the threats and stay ahead in the race.
