The SPACE matrix is a management tool used to analyze a company. It is used to determine what type of a strategy a company should undertake. The Strategic Position & ACtion Evaluation matrix or short a SPACE matrix is a strategic management tool that focuses on strategy formulation especially as related to the competitive position of an organization. The SPACE matrix can be used as a basis for other analyses, such as the SWOT analysis, BCG matrix model, industry analysis, or assessing strategic
Words: 895 - Pages: 4
Topic 1: Managing Management: • What is it? • Efficiency and Effectiveness Management • The process of getting things done effectively and efficiently, with and through people Effectiveness • “Doing the right things”, doing those tasks that help an organisation reach its goals Efficiency • Concerned with the means, efficient use of resources like people, money, and equipment (“Doing things right”) Managers: • Who are Managers? • Levels of Managers Top Managers • Responsible
Words: 2605 - Pages: 11
The four types of contemporary management are sociotechnical systems theory, quantitative management, organizational behavior and system theory. These approaches to management have all been developed at various times since World War 2 and continue to represent the corner stones of modern management thought (Vital source). Sociotechnical systems theory was developed in the 1950’s by the London based Tavistock Institute of Human Relations (Vital Source) .This is an approach to complex organizational
Words: 564 - Pages: 3
staff, and worldwide distribution. The company will rely on the use of strategic management and planning. Strategic management is defined as “development of corporate strategy, and the management of an organization according to that strategy. Strategic management focuses on achieving and maintaining a strong competitive advantage” (CBS Interactive Inc., para. 1, 2009). To put it simply, strategic management is focused on creating a solid framework in which individuals and departments within
Words: 4950 - Pages: 20
Essay Questions 101. Compare and contrast strategic planning with strategic management. Strategic planning is more often used in the business world, whereas strategic management is often used in academia. Sometimes, strategic management is used to refer to strategy formulation, implementation and evaluation, with strategic planning referring only to strategy formulation. The purpose of strategic management is to exploit and create new and different opportunities for tomorrow; long-range
Words: 9747 - Pages: 39
Internal and External Factors MGT/230 Internal and External Factors Internal functions are what you can control and External functions are basically what you cannot control. Now, being in the Army is a different ball game when it comes to management. If the boss wants to keep you until 8 pm he can and for no reason as well. In the Army it doesn’t matter about results necessary but about getting the job done on time. As long as the job gets done, the boss is usually happy upstairs. The worst
Words: 828 - Pages: 4
Roles and Function Demanesse Humphries HCS/325 September 17, 2012 Joan Ralph Webber Roles and Function The four major functions of management are planning, organizing, leading and controlling. Planning involves a detailed action plan to reach a goal, such as using critical and creative thinking, organization involves determining what roles everyone will have on a project, gathering resources need to do the job, leading involves communicating, motivating and inspiring others to meet the goals
Words: 458 - Pages: 2
the function of recruitment and training programs in HRM, the concept of strategic fit and how human resource management can lead to a competitive advantage. The manner in which an organization’s personnel are managed has a tangible influence on the productivity of the employees, which ultimately acts upon the firm’s bottom line. Corporate success is dependent upon the integration of the human resource plan and the corporate strategic plan. It has become a prominent part of business management, that
Words: 1874 - Pages: 8
The SPACE matrix is a management tool used to analyze a company. It is used to determine what type of a strategy a company should undertake. The Strategic Position & ACtion Evaluation matrix or short a SPACE matrix is a strategic management tool that focuses on strategy formulation especially as related to the competitive position of an organization. The SPACE matrix can be used as a basis for other analyses, such as the SWOT analysis, BCG matrix model, industry analysis, or assessing strategic
Words: 867 - Pages: 4
Essay Questions 101. Compare and contrast strategic planning with strategic management. Strategic planning is more often used in the business world, whereas strategic management is often used in academia. Sometimes, strategic management is used to refer to strategy formulation, implementation and evaluation, with strategic planning referring only to strategy formulation. The purpose of strategic management is to exploit and create new and different opportunities for tomorrow; long-range
Words: 9739 - Pages: 39
