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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.
The DICE framework, or Duration, Integrity, Commitment, and Effort framework is a tool for evaluating projects, [1] predicting project outcomes, and allocating resources strategically to maximize delivery of a program or portfolio of initiatives, aiming for consistency in evaluating projects with subjective inputs.
This framework enables the individual setting the goal to have a precise understanding of the expected outcomes, while the evaluator has concrete criteria for assessment. The SMART acronym is linked to Peter Drucker 's management by objectives (MBO) concept, illustrating its foundational role in strategic planning and performance management.
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]
The evaluation determines whether target populations are being reached, people are receiving the intended services, staff are adequately qualified. Process evaluation is an ongoing process in which repeated measures may be used to evaluate whether the program is being implemented effectively.
Strategy consultants occasionally use Porter's five forces framework when making a qualitative evaluation of a firm's strategic position. However, for most consultants, the framework is only a starting point and value chain analysis or another type of analysis may be used in conjunction with this model. [ 11 ]
Although strategic control is a general management topic rather than a prescriptive tool, its reliance on feedback on organisational performance has resulted in a long association with performance management tools such as the balanced scorecard and its derivatives such as the Performance Prism, and with related strategy implementation / execution frameworks such as the ACME framework, [15] the ...