For the better part of a decade, strategy has been a business buzzword. Top executives ponder strategic objectives and missions. Mere planning has lost its glamor; the planners have all turned into […]. Mere planning has lost its glamor; the planners have all turned into strategists. All this may have blurred the concept of strategy, but it has also helped to shift the attention of managers from the technicalities of the planning process to substantive issues affecting the long-term well-being of their enterprises. Instead of behaving like large unwieldy bureaucracies, they have been nimbly leap-frogging smaller competitors with technical or market innovations, in true entrepreneurial style.
Unit -1 : Introduction to Human Resource Management Structure of Unit
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Image via Wikipedia. Pages Home. Saturday, February 20, Central plans B16bn outlay. Image via Wikipedia Central Group of Companies says it will invest 16 billion baht this year in a vote of confidence in the country's economic recovery. The investment budget this year is slightly higher than the Sources of funds will come from its cashflow and bank loans.
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Strategic management is the process of decision making and planning which leads to the development of an effective strategy to help achieve organizational objectives. Strategic Management can be defined as a decision-making process that leads to the development of the strategic position i. It synergizes the strategic and operational orientation and provides an overall framework for resource allocation among different units and time horizons. It can be regarded as the architecture of integrative decision making. It results in the articulation of the corporate strategy followed by competitive and functional strategy what it is and outcomes.
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. Michael Porter identifies three principles underlying strategy: . Corporate strategy involves answering a key question from a portfolio perspective: "What business should we be in? Management theory and practice often make a distinction between strategic management and operational management , with operational management concerned primarily with improving efficiency and controlling costs within the boundaries set by the organization's strategy. Strategy is defined as "the determination of the basic long-term goals of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals.