-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 .
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
Taking corrective action
Management Tutorial Africa –