Strategic Management Process Paper – Week 1
September 24, 2012
Strategic Management Process Paper
Following a strategic management model, Environmental Scanning; Strategy Formulation; Strategy Implementation; & Evaluation and Control are the four basic steps that should be followed to ensure successful outcomes (Wheelen & Hunger, 2010). This is a more defined methodology than what I was trained to use at my last job which was: Plan; Do; Check; Act. Companies need to have processes in place to ensure not only a fair and balanced workload, but those internal and external variants are considered, plans can be developed, action initiated on the ...view middle of the document...
The composition of the company, customs of key players and associates, and wherewithal are internally relevant to having a successful plan. When formulating the plan, outputs feed directly into the next input. Why we are doing thus; what should be expect; how do we reach the goals outlined; and what practices or policies do we need to guide us? These steps help format and executing the plan. Teams should consider the activities required to complete the plan; what the budgetary requirements are; and what steps are needed to complete the project on time and on budget?
The final step is evaluating the project and the successes or failures from that project. While working in robotics, I worked closely with Intel as the company I worked with installed robotic vehicles and peripherals for the manufacture of microchips. Intel was very cognizant about spending 7-8 billion dollars on a new factory, they demanded Strategic Management from each of their tier one and tier two suppliers. We as a tier two supplier, had to have a quality system in place, business continuity planning for our critical suppliers, and Intel came to our workplace and evaluated our understanding of how they expected us to work. There was no room for poor planning. They were fine when issues or accidental errors were made, but they required a corrective action plan, a root cause analysis and then a detailed plan of how that was to be avoided in the future.
Wheelen, Thomas L., Hunger, J. David, 2010, Concepts in Strategic Management and Business Policy: Achieving Sustainability, Published by Prentice Hall.