SPMA 1P92 Chapter Notes - Chapter 3: Strategic Management, Event Management, Situation Two
9 Dec 2016
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Chapter 3 notes: strategic management and policy development- september. Strategy refers to the plans and actions implemented to achieve a goal in the most efficient and effective manner. Strategy is a common tool used by organizations as a whole or in part to achieve a goal or gain some advantage. Strategy is an important component in the management of an organization because it helps paint a picture of where the organization is headed. The term strategic management, business strategy, and organizational strategy are often used synonymously to refer to both a purpose and a plan of action enabling an organization to reach its goals. Involves decisions and action plans evolving from the organizations mission. Take into account both the internal and the external environment. Involves both short and long term objectives (tactics) and plans. Require strategic choices in budget resource allocation with respect to tasks, people, structures, technologies, and reward systems.
