To determine:
The importance of strategic management for a company and whether an organization can be successful in the absence of a strategic plan.
Introduction:
Strategic management refers to the important business components that helps in designing and implementation of the organizational initiatives and goals suggested by the stakeholders. It is very important to have the strategies in place so that decision can be made in a wise manner and the operation and function of business can be supported.
Answer to Problem 1RDQ
Strategic management is important for an organization to grow its resources or maximize its resources. It allows the organization to monitor the progress of the company and make necessary changes as and when required. Setting initiatives and goals of an organization is difficult without strategic management planning.
Since, strategic management is required in all areas that decide the success of an organization; therefore an organization cannot be successful in the absence of a strategic plan.
Explanation of Solution
Strategic management is significant because it assists the organization in decision making and maximizing the profit. Strategic management is an important component in different areas of an organization that are crucial for its success, such as planning, forward thinking, allocation of resources, weakness and strengths, impact on the environment.
In planning, strategic management helps in prediction of the future trends that assist the organization to decide its future course of action well in advance. In forward thinking, A long term and clear goal can be made through a well though out strategy. These goals help in achieving overall growth of an organization. In resource allocation, strategic management enables an organization to make selections under pressure with availability of limited resources. It also assists organizations to invest its resources in most promising opportunities and in a wise manner. When it comes to weakness and strength, strategic planning helps in filling the gap between the strength of a company and the capability void. Strategic management helps the organization to identify possible market shifts in the future that may impact the business and its potential effect on the environment.
Want to see more full solutions like this?
- Describe the difference between coaching and mentoring. Which would you work best in an organization experiencing systemic organizational change? Explain choice.arrow_forwardMany students are surprised to learn that employees may be fired for any reason not expressly prohibited by the law. As we have seen, the law requires employers to accommodate a fairly wide range of employee behaviors and conditions. However, there are still classes of employees and behaviors that are not protected by federal law, e.g., sexual orientation or political affiliation. Should the law be expanded to cover additional classes and behaviors? Why or why not?arrow_forwardSaturated moist air at 15 °C and standard atmos- pheric pressure undergoes a process which has a sensible-heat ratio of SHR 0.70. After the process, the dry-bulb temperature is 40 °C. By the psychrometric chart, determine the following at the end of the process: (a) humidity ratio, (b) dew-point temperature, (c) relative humidity, and (d) wet-bulb temperature.arrow_forward
- Draw a plant with esthetic: solar csp tower that powers brayton cycle, has a fish farm as cogeneration. and heat storage; label every component and show flow directionsarrow_forwardWe are all from different social, cultural, economic, and demographic backgrounds. This human resource course brought us together as one group. discuss your experience learning about your classmates and how it impacted your understanding of people from other backgrounds. Reflect on what you learned in this course, and describe how you envision using your knowledge for personal or professional succarrow_forwardhttps://web.p.ebscohost.com/bsi/pdfviewer/pdfviewer?vid=1&sid=893c3f08-cf0a-4524-bfec-e7d61e03aa2a%40redis Base on the link above i need help answering the following for week 2 How would I consider myself an engaged employee? would the questions make you think of anything that can be done your healthcare organization to increase employee engagement and performance? Would I add any questions to the list? How can managers in the health care industry utilize these questions?arrow_forward
- If a test were scored using a criterion-referenced approach, which of the following would most correctly explain a student's low score to the student's caregivers? In relation to the standards and learning objectives covered on this test, your child is not yet proficient. Compared to other children in this class and across the state, your child performed less than average. Your child did better on this test than the previous one.arrow_forwardDesign a normalized order management database with the requirements provided below. Each record should have at least one primary key field specified. After identifying the records and their corresponding fields, draw an entity-relationship (ER) diagram to illustrate the relationships between entities and attributes.arrow_forwardTRUE or FALSE: It is not worth the loss of instructional time to have students process and act upon their feedback; students generally don't care about the feedback, anyway.arrow_forward
- Which of the following grading practices are considered to be inaccurate, ineffective, and/or harmful for student learning? (Select ALL that apply.) Using the 100-point grading scale Grading everything a student completes (including homework and practice) to encourage compliance Giving or reducing points for behavioral work habits (e.g., being on time for class, participation, submitting assignments on time) Boosting a student's grade because they tried really hard, even though they haven't yet met the learning goals Not allowing a reassessment because the student should have learned it the first timearrow_forwardWhat is the single most important thing you are expected to do when administering a standardized test? Teach students test-taking skills and strategies. Follow the proctor directions exactly. Remind students to get a good rest and eat breakfast the day of the test.arrow_forwardWhich form of test score interpretation is most likely taking place in the following situation? Samantha is above average. criterion-referenced norm-referencedarrow_forward
