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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.
An example of a mission statement: Our mission is to ensure our students have the desire for learning and provide them with the knowledge, skills, and values to become contributing citizens of the world. A vision statement describes what the organization stands for, what it believes in, and why it exists. It describes the desired outcome ...
Although the noun forms of the three words aim, objective and goal are often used synonymously, [1] professionals in organised education define the educational aims and objectives more narrowly and consider them to be distinct from each other: aims are concerned with purpose whereas objectives are concerned with achievement.
Strategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals.. Furthermore, it may also extend to control mechanisms for guiding the implementation of the strategy.
Strategy is important because the resources available to achieve goals are usually limited. Strategy generally involves setting goals and priorities, determining actions to achieve the goals, and mobilizing resources to execute the actions. [4] A strategy describes how the ends (goals) will be achieved by the means (resources). [5]
The purpose of articulating the strategy is to translate the strategy into a form where managers and stakeholders agree consensually on what needs to be achieved [4] [8]. The strategy articulation will describe the strategic outcomes to be achieved, preferably expressed in the form of quantitative or qualitative goals. [9]
Strategic thinking is a mental or thinking process applied by an individual in the context of achieving a goal or set of goals. As a cognitive activity, it produces thought . When applied in an organizational strategic management process, strategic thinking involves the generation and application of unique business insights and opportunities ...
Goals are therefore an important tool for managers, since goals have the ability to function as a self-regulatory mechanism that helps employees prioritize tasks. [5] [37] Four mechanisms through which goal setting can affect individual performance are: Goals focus attention toward goal-relevant activities and away from goal-irrelevant activities.