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Strategic Management

Essay by 24  •  December 20, 2010  •  274 Words (2 Pages)  •  1,142 Views

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Strategic planning is a management tool that determines where an organization is going over the next year or more, how it's going to get there, and how it'll know if it got there or not. The way that a strategic plan is developed depends on the nature of the organization's leadership, culture of the organization, complexity of the organization's environment, size of the organization, expertise of planners, etc. No plan or strategy has value unless it can be implementing (translating strategic thought into organizational action).Basically, they move from "planning their work" to "working their plan" as they shift their focus from strategy formulation to strategy implementation. Key aspect of implementing a strategy is an institutionalization of the strategy so it permeates daily decisions and actions in a manner consistent with long-term strategic success. Leaders have an important role in strategy implementation because leaders clarifying strategic intent, building an organization, and shaping organizational culture, they look to one key element to help, their management team throughout their organization. Therefore, a good strategy needs good leadership to carry it off. On the other hand, good project management deals with three factors: time, cost, and performance. Projects are successful if they are completed on time, within budget, and to performance requirements. In order to bring the many components of a large project into control there is a large toolkit of techniques, methodologies, and tools. These techniques provide the tools for managing different components involved in a project: planning and scheduling, developing a product, managing financial and capital resources, and monitoring progress. Success of a project will always depend on a project manager and the team members.

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