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Strategic management tools. In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates.
Responsive evaluation, which uses a constructivist evaluation approach to identify the outcomes of objectives, which then supports future strategic planning exercises. VRIO Framework , which determines the competitive advantage of a product or a service through evaluating four elements such as value, rarity, imitability and organization.
Monitoring or evaluation should begin early on in order to cut an errant strategy before losses or negative impacts become too costly or damaging. As mentioned in the Strategy translation, each short-term operating objectives needs to be associated with a measure whether it be an action plan with milestones or a metric (Owen, 1982).
Evaluation The situation analysis looks at both the macro-environmental factors that affect many firms within the environment and the micro-environmental factors that specifically affect the firm. The purpose of the situation analysis is to indicate to a company about the organizational and product position, as well as the overall survival of ...
SWOT analysis can be used to build organizational or personal strategy. Steps necessary to execute strategy-oriented analysis involve identifying internal and external factors, selecting and evaluating the most important factors, and identifying relationships between internal and external features. [14]
The rational planning model is a model of the planning process involving a number of rational actions or steps. Taylor (1998) outlines five steps, as follows: [1] Definition of the problems and/or goals; Identification of alternative plans/policies; Evaluation of alternative plans/policies; Implementation of plans/policies;
Results-based management (RBM) is a tool for monitoring and managing the implementation of strategy. [1] It in many respects is similar to the logical framework approach, a strategy implementation tool used extensively by Non-governmental organizations. [1]
Strategic control is the process used by organizations to control the formation and execution of strategic plans; it is a specialised form of management control, and differs from other forms of management control (in particular from operational control) in respects of its need to handle uncertainty and ambiguity at various points in the control process.