...12345) Mid-Term Exam – Review Questions 1) All of these are pitfalls an organization should avoid in strategic planning EXCEPT (Ch. 1) Some pitfalls to watch for and avoid in strategic planning are these: Using strategic planning to gain control over decisions and resources Doing strategic planning only to satisfy accreditation or regulatory requeriments Too hastily moving from mission development to strategy formulation Failing to communicate the plan to employees, who continue working in the dark Top managers making many intuitive decisions that conflict with the formal plan Top managers not actively supporting the strategic-planning process Failing to use plans as a standard for measuring performance Delegating planning to a “planner” rather than involving all managers Failing to involve key employees in all phases of planning Failing to create a collaborative climate supportive of change Viewing planning as unnecessary or unimportant Becoming so engrossed in current problems that insufficient or no planning is done Being so formal in planning that flexibility and creativity are stifled 2) The strategic-management process represents a(n) logical , systematic , and objective approach for determining an enterprise's future direction. 3) Strategic Management is used to refer to strategic formulation, implementation and evaluation, with strategic planing referring only to strategic formulation. 4) Which statement best describes intuition...
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...another author, Henry Mintzberg, has another definition; “strategic thinking is a synthesizing process utilizing intuition and creativity whose outcome is an integrated perspective of the enterprise.” While searching for these definitions you are bombarded with more terms such as “strategic management”, and “strategic planning”. Each of these again comes with dozens more individual definitions. In the end, you have several definitions and absolutely no idea which is correct. In these situations I find it best to create a personal definition. My personal definition, strategic thinking is the process by which leaders control their organization. This process involves all decisions big and small. Whether it be implementing a new advertising campaign, or switching from one inch post its to two inch post its. The decisions leaders make will affect the outcome of the organization’s success. I believe leaders have several tools at their disposal when using strategic thinking. Following I will discuss my personal key success factors and potential pitfalls that may occur during the strategic thinking process. To aid with strategic thinking I will discuss five key success factors: understanding, keeping an open mind, being approachable, having thick skin, and most importantly being confident. To help prevent bad strategic thinking I will discuss five...
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...1. Outline the major benefits of implementing a succession management process. Succession management programs are used to identify individual employees who have the skill and ability to assume fundamental roles within the employing organization and prepare them for positions if and when they become available, do to uncontrollable situations (1). Otherwise a succession management program can ensure a smooth transition of power under normal circumstances (4). A succession management program can identify and replace a vital member of an organization quickly and effectively. Without a succession management program in effect, it can take anywhere between 6 months to 2 years to replace a key employee and therefor decrease the operating performance of the company producing a negative effect on the organization for years following the replacement. Here are a few reasons why an organization should ensure they have a succession management program in effect as outlined in course text (2): 1. Provide increased opportunities for high-potential workers. 2. Identify replacement needs as a means of targeting necessary training, employee education, and employee development. 3. Increase the talent pool of promotable employees. 4. Contribute to implementing the organization’s strategic business plans. 5. Help individuals realize their career plans within the organization. 6. Tap the potential for intellectual capital in the organization. 7. Encourage...
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...True/False Introduction 1. The underpinnings of strategic management hinge on managers gaining an understanding of competitors, markets, prices, suppliers, distributors, governments, creditors, shareholders and customers worldwide. Ans: T Page: 4 2. Although the Internet has increased in popularity, it has actually led to increases in company expenses. Ans: F Page 4 3. Consumer e-commerce is five times greater than business-to-business e-commerce. Ans: F Page 4 What Is Strategic Management? 4. Optimizing for tomorrow the trends of today is the purpose of strategic management. Ans: F Page: 5 5. Even though useful, strategic planning has been cast aside by corporate America since the early 1990s. Ans: F Page: 5 Resource allocation is included in strategy-formulation activities. Ans: T Page: 5 6. The terms strategic management and strategy implementation are synonymous. Ans: F Page: 5 7. A vision statement is, in essence, a company’s game plan. Ans: F Page: 5 8. Strategy implementation is often considered to be the most difficult stage in the strategic-management process because it requires personal discipline, commitment and sacrifice. Ans: T Page: 6 9. The final stage in strategic management is strategy implementation. Ans: F Page 6 10. Strategy formulation...
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...The objectives and scopes of the plan is fulfil the needs of the customers and to get the good business for the company and to maintain good cost quality facility luxury Market research and feedback is giving very good response. Use indicators such as sales volume, productivity benchmarks and market share statistics to guide you in making a decision as to whether or not a target has or has not been met. Keys to Sucessfully Implementing a Business Plan Strategic planning are more than the process of analysis and objective setting that occurs once a year. Once the Business Plan has been created and communicated, implementation and continued review should follow throughout the year. The Business Plan is built during the planning season by completing a thorough business assessment, making operating decisions, building operating plans and making the financial decisions that will allow the Business Plan to succeed. The remaining part of the year should be devoted to implementation, continuous measurement and review and, if needed, corrective action planning. Implementation is a process involving aligning an organization's actions and resources with its objectives. Implementing the...
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...products/services) Market opportunity Marketing Attractiveness Strategy (size, Entry, Sustenance) Entrepreneurial Capability Strategy (Attitude, Skills, Knowledge pool/network – individual/group) Why businesses fail? • Not spotting opportunity right • Not developing balanced tripod and sharpened diamond • Not maintaining sharpness of diamond over time • In essence, S W resource pool not matching with OT of environment • Entrepreneurs need to facilitate transformation of the “baby” through its life cycle Rs FLC and Capability mix at different stages Growth Idea Motivaton Attitude Planning Opportunity Stabilisation t S Start - up W O T Write the horoscope of the enterprise Myths about Business Plan • Just to get funds from banks, figures bent for them • Prepared by consultants, not me • Dynamic environment, assumptions change fast • Not plan, but execution is key to success • Unnecessarily time consuming (analysis paralysis) Why BP? • BP is a guide map of the future • Tool to refine idea and examine technocommercial viability • Facilitates (forces)...
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...implementing, and evaluating crossfunctional decisions that enable an organization to achieve its objectives. 3 Terminology “Strategic Management” Synonymous with “Strategic Planning” • Strategic management Used more often in academia • Strategic planning Used more often in the business world 4 Terminology Strategic management Refers to: Strategy formulation Strategy implementation Strategy evaluation Strategic planning Refers to: Strategy formulation 5 Brief History 1950s Term strategic planning originates 1960s – 1970s Strategic planning very popular Widely viewed as panacea for problems 6 Brief History 1980s Strategic planning cast aside Planning models did not yield higher returns 1990s–2000 Revival of strategic planning Widely practiced in business world 7 Strategic-Management Process Three Stages Strategy Formulation Strategy Implementation Strategy Evaluation 8 Strategy Formulation Vision & Mission Opportunities & Threats Strengths & Weaknesses Long-Term Objectives Alternative Strategies Strategy Selection 9 Strategy Implementation Annual Objectives Policies Motivate Employees Resource Allocation 10 Strategy Evaluation Review External & Internal Measure Performance Corrective Action 11 Key Strategic Management Terms (Cont’d) 1. 2. 3. 4. 5. 6. 7. 8. 9. Strategists Vision statements Mission statements External opportunities and threats Internal strengths and weaknesses...
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...be a useful tool, recommends Christina Spindler. Roman Wolfensberger sees unmotivated staff as an avoidable pitfall by setting up precise timetables and responsibilities. This helps to reduce stress to a great extent. Km Schotze sees an important part of the staff training in giving them the ability to recognize key contacts. She...
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...management projects are perceived, planned, approved, communicated, and implemented within organizations at an alarming rate, it is important to reveal individual and group interests behind the ideologies of change management. This research provides insight into the characteristics of management, management’s approach to effective communication, the politics, power, and ideologies of change management implementation, the behavior of organizations, management, the workforce, and the unintended consequences. Organizations are under constant pressure from stockholders to meet their demands and maintain the organization’s competitiveness in increasingly complex environments. Because of these demands, leaders are continually perceiving and planning new strategic visions that will satisfy stockholders needs and bring value to its...
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...Project information and communication A small consulting company has been contracted to project manage a large research and development project which includes contractors spread over 10 locations. The key stakeholders to the project include the authorising agent which is a national government department, the client which is an agency acting on behalf of the department and seven main groups of consumer/ industry bodies that will have a vested interest in different parts of the final product, but all of whom want to be included in information about project progress. 1. What will be the main communications issues to be addressed? The main communication issues to be addressed will be: Location With 10 different locations, some could be interstate, communication takes on a whole new level. The cost of travelling for face to face meetings could make it more difficult and blow the project budget out. The communications plan would need to address the different types of communication that will be required throughout the project and how this will be communicated given the diversity of the locations and the potential cost involved. Push and Pull communication may be used more but the disadvantages of this communication would have to be taken into consideration e.g lack of non verbal cues, lack of networking, lack of personal touch and the increased chance of miscommunication. Type of information and when to produce the information The different departments will have their own reporting...
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...was one such operation. Considered by many as a stunning tactical success, this mission was a failure from an intelligence standpoint, and the ultimate goal of the operation, to rescue the POW’s held at Son Tay, was unsuccessful. Operation Ivory Coast Background and Planning In the spring of 1970, intelligence gathered from the United States Air Force through analysis of aerial imagery confirmed the presence of fifty five American POW’s, a handful of which were in a condition requiring urgent rescue, located at a compound near Son Tay, 23 miles west of Hanoi. Planning was finalized in August of 1970 to conduct a raid to rescue the POW’s. It would be a joint effort between Air Force search and rescue teams and Army Special Forces. Col Arthur “Bull” Simons was given command of the ground forces. With just over a hundred service members for the ground force, a mock site was built at Eglin Air Force Base, and the joint force conducted roughly 170 training missions in preparation for the operation. Air Force pilots flew over one thousand hours at different locations in the southeastearn United States, practicing the dissimilar aircraft formations they would use during infiltration of the prison camp. The final planning phase of the operation set a date window of October 21st through the 25th, but that was later pushed back to the same days in November. With a concentration of air defense batteries in and around Hanoi, these dates were chosen as the best possible time to execute a...
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...MBA 311:SUPPLY CHAIN MANAGEMENT (SCM) Unit 1. Introduction: Supply Chain encompasses all activities associated with the flow and transformation of goods from the raw material stage (extraction), through to the end user, as well as the associated information flows. Material and information flow both up and down the supply chain. Some Definitions of Supply Chain: A supply chain is a network of facilities that procure raw materials, transform them into intermediate goods and then final products, and deliver the products to customers through a distribution system. Lee and Billington A supply chain is a network of facilities and distribution options that performs the functions of procurement of materials, transformation of these materials into intermediate and finished products, and the distribution of these finished products to customers. Ganeshan and Harrison A supply chain, logistics network, or supply network is a coordinated system of organizations, people, activities, information and resources involved in moving a product or service in physical or virtual manner from supplier to customer. Supply chain activities (value chains or life cycle processes) transform raw materials and components into a finished product that is delivered to the end customer. Today, the ever increasing technical complexity of standard consumer goods, combined with the ever increasing size and depth of the global market has meant that the link between consumer and vendor...
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...Table of Contents Introduction 3 Section 1: Methodology & Organisation of the paper 3 Methodology 3 Organization of the paper 3 Section 2: Potential Pitfalls of oil extraction in a developing country 4 2.1.1 Dutch Disease effects in the resource curse 4 2.1.2 Governance related aspects of the resource curse 4 2.1.3 Environmental and public health related effects of the resource curse 5 2.1.4 Institutions 5 2.2 How do these points relate to management in countries? 6 2.2.1 Management of oil discovery and exploitation in Norway 6 2.2.2 Management of oil discovery and exploitation in Nigeria 6 2.3 Is Uganda's current economy at risk of being cursed? 6 Section 3: Uganda Oil & Gas Policy 8 3.1 Conceptualizing the Oil & Gas Policy Framework 8 3.1.1 Linkages of the National Oil and Gas Policy to the Country’s key policy frameworks 8 3.1.2 Using Finite Resources to Create Lasting Benefits to Society 9 3.1.3 Transparency and Accountability. 9 3.1.4 Competitiveness and Productivity. 9 3.1.5 Capacity and Institution Building 10 3.2 Issues arising in the Oil & Gas Policy 10 3.2.1 Institutional Development 10 3.2.2 Size of oil reserves 10 3.2.3 Oil and Gas revenue management 10 3.2.4 Investment promotion 11 3.2.5 National Participation 11 3.2.6 Public anxiety and expectations 11 3.2.7 Contribution of oil and gas resources to the energy mix 11 3.2.8 Impact of oil and gas activities 12 3.3 Crosscutting Issues 12 3.3.1...
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...Appraisal Activities Overall Satisfactory Rating Overall Unsatisfactory Rating Performance Appraisal System Feedback Pitfalls to Avoid Performance Appraisal System Feedback Managerial Steps Provide constructive feedback Demonstrate personal accountability Focus on specific behavioral outcomes Balance accolades / issues Encourage two-way communication Redirect focus to positive future outcomes Performance Appraisal System Company Benefits Productive, Loyal Employees Reduced Employee Turnover Lower recruitment and training costs Enhanced business reputation Identification of high-potential employees Evaluation of Teams Team Performance Evaluation of Teams Strategy Evaluation of Teams Performance Differences Team Individual Succession Planning Reasons for Adoption Mitigate risk due to employee turnover Availability of skilled replacements Prepare highly qualified candidates to fill executive positions Maintain continuity of operations Succession Planning Company Use Formal vs. informal Employee development Knowledge transfer Mitigate risk of discrimination actions Succession Planning Organization Use Assess the organization Determine key positions Identify competencies for key positions Identify...
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...rational and consistent. In order to get a great leadership, it needs several skills, such as effective communication, motivation, and planning. Effective communication will keep employees well informed and give a business a higher productivity rate. Motivation can help improve employee performance, and help the organization reach its objectives. Planning can improve effective decision making Motivational strategies can help improve employee performance, reduce the chances of low employee morale, encourage teamwork and instill a positive attitude during challenging times. Employees with a high level of motivation typically work harder and can overcome common workplace challenges with ease; this helps the organization reach its objectives and improve operations overall. Decision making skills of the staff can be strengthened, through proper planning. The management gauges and analyzes all the available alternatives and scenarios and chooses the one that is the best fit. This is with respect to production, marketing, systems and finance. Planning well in advance enhances the implementation process. An effective communication can convey thoughts, and reaching effective decisions faster. Motivation can push employees to achieve common goals. Planning can improve decision making. An effective communication is one of the most important key to a business leader’s success. Regardless of whether you’re talking about business, politics, sports or the military, the best leaders...
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