strategic management

English - English

Definition of strategic management in English English dictionary: The art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives; The term strategic management refers to the managerial process of forming a strategic vision, setting objectives, crafting a strategy, implementing and executing the strategy, and then over time initiating whatever corrective adjustments in the vision, objectives, strategy, and execution are deemed appropriate; is an organisation-wide task involving both the development and implementation of strategy It demands the ability to steer the organisation as a whole through strategic change under conditions of complexity and uncertainty; The process by which an organization determines its long-run direction and performance by ensuring that careful formulation, effective & efficient implementation, and continuous evaluation of strategy and performance takes place Strategic Management integrates various organizational functions and processes (that are typically strategic in nature) into a cohesive, broader strategy The boundaries between these various functions and processes are conceptual only, and it is through their interaction and interdependence that each is able to contribute to organizational improvements Strategic Management, therefore, is the process that links the various other functions and strategic processes together in a dynamic and interactive manner - responsive to the organization's changing environment; The function of applying broad systematic management planning for the organisation Includes the activities involved with the development, monitoring, and reviewing of business plans, strategic plans, work plans, corporate plans, Equal Employment Opportunity (EEO) plans, Ethnic Affairs Policy Statements (EAPS) and agreements, energy and waste management plans and other long-term organisational strategies Also includes the development of the corporate mission, objectives, continuous improvement processes, quality assurance and certification, and the formulation and amendment of legislation which provides the legislative basis for the organisation

strategic management