Strategic Management: A Framework for Organizational Success
What is Strategic Management?
A strategy is a pattern or plan that integrates an organization’s major goals and policies. It allocates resources, creates order, and anticipates unforeseen changes or competitor actions. A genuine strategy is crucial when an opponent’s actions can significantly impact desired outcomes. Strategic decisions establish a company’s general direction and viability, achieving strategic goals through planning.
Purpose of Strategic Management
Strategic management defines a future
Read MoreDecision-Making: A Comprehensive Overview
What is Decision-Making?
Decision-making is the process of choosing between two or more alternatives.
Ingredients of a Decision
- Information
- Knowledge
- Insight
- Analysis
- Opinion
Types of Decisions
- Individual
- General
- Scheduled
- Unscheduled
- Decisions in conditions of certainty
- Decisions in conditions of uncertainty
Elements of Decisions
- Decision-making agents
- Goals
- Preferences
- Strategies
- Progress
- Results
Qualities of a Decision
- Experience
- Sound Opinion
- Creativity
Benefits of Decision-Making
- Saves time, effort, and energy
- Maintains
Understanding Organizational Design and Structure
Organizational Design and Structure
Introduction
When an organization grows, dividing labor and assigning tasks becomes essential. This division creates distinct parts within the organization, necessitating formal coordination mechanisms for optimal effectiveness and efficiency.
Defining Organization and Design
Organization: Represents the division of functions, hierarchical levels of authority, and relationships within an organization. It establishes units responsible for specific tasks.
Organizational
Read MoreSimulation: A Powerful Tool for Analyzing Complex Systems
Simulation: A Numerical Technique for Experimentation
Simulation is a numerical technique used to conduct experiments on computers. These experiments involve mathematical and logical relationships that describe the behavior and structure of complex real-world systems over extended periods.
Steps in a Simulation Study
1. System Definition and Model Formulation
This initial stage involves defining the system to be studied and creating a model that represents its key components and interactions.
2. Data
Read MorePrinciples of Organization and Organizational Structures
Principles of Organization
Objective
Every activity within the organization should align with the company’s objectives and purpose. A role is justified only if it contributes to achieving these goals.
Expertise
An individual’s job should be focused on a single activity. Greater specialization leads to increased efficiency and skill.
Hierarchy
Establish clear lines of authority for communication and plan execution. Authority and responsibility should flow from top management to the lowest levels.
Parity
Read MoreEffective Business Communication: Types, Models & Techniques
School of Communication
Types of Communication
No Return or One-Way Communication
This type of communication involves no response and flows in one direction. Examples include TV and newspapers.
Bidirectional Communication
This type of communication circulates in both directions between a sender and receiver. It helps clarify the meaning of the message and is more direct and complex.
Multidirectional Communication
This type of communication circulates in more than two directions and between more than two
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