Management: Strategic Management 

STRATEGIC MANAGEMENT.

-Its a type of management in which the top management team of an organization or organizational environment develop strategic plans, formulate strategies ,implement, monitor, evaluate and control  the strategies to achieve strategic objectives in a complete highly dynamic environment .

Elements

I. Strategic Analysis :Analyzing Organizational environment

ii. Planning ;laying down long term plans

iii. Formulation :developing or grafting of strategies ie the methods /techniques /approaches

     used to achieve strategic objectives .

iv. Implementation  :process of putting into action the strategic plans to  achieve strategic

      objectives of an organization .

v. Monitoring & evaluation:

                 Monitoring :find out the feed back (1st hand information )

                  Evaluation:process of determining whether there’s success or failure

vi. Control:Action taken to ensure that profit failure is reduced
STEPS IN STARTING CONTROL/PROCESS

a. Establish the goal /objectives to be achieved.

b. Set performances standard measures

c. Establish  actual performance  standards ,looking on performance records

d. Compare performances standards with actual performance
        P.S    V.S    A.P

    I. If P.S  >   A.P          =failure

    ii.PS<AP  = Over performance <more than success  

    iii.P.S = A.P : Equilibrium performance

         “tracing”

Taking corrective action
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