Question

Individual Brief for group project

Members will prepare and share with their team a brief (maximum 500 - 750 word) report
that examines whether, how, and why strategic management is/could/should be relevant
and important for the specialization, they have pursued in this degree program.

(Master of Science in Management w/specialization in Project Management)

Answer 1

Strategic Management is the process of assessing "what we are" and deciding and implementing "what we intend to be and how we are going to get there" .

1.It provides theme and focus of the future direction of the organization.

2.It supports consistency of action at every level of the organization.

3.It encourages integration because effort and resources are committed to common goals and strategies.

4.It positions the organization to meet the needs and requirements of its customers for the long term.

Two major dimensions of strategic management are

1.Responding to changes in external environment

This is by allocating scarce resources of the firm to impove its competitive position and constantly monitoring external enviroment for the changes in a dynamic competitive environment.

2.Internal Responses to new action programs

This will enhance competitive position of the firm. The response typically depends on type of business, environment volatility, competition and organizational culture.

The specialization in project management is very important. It is because unlike the old school thinking that project managment is solely concerned with planning and execution of projects, the new school thinking recognises that project management is the apex of strategy and operations. In modern evolving organanizations, project managers will be focussed on business aspects, and their role will expand from getting the job done to achieving the business results and winning in the market place.

The typical sequence of activities in Stategic Management Process which depicts how strategic management is relevant is as given below.

1.Define organizational mission and review.

The mission identifies 'what we want to become'. It sets the parameter for developing objectives. Mission statements identify the scope of the organization in terms of its product or service. It provides focus for decision making when shared by organizational managers and employees. It communicates and identifies the purpose of the organization to all stakeholders. It is used for evaluating organization performance. However, when nature of business changes or shifts, revised mission and strategy statements may be required.

Example : Mission statement for Classroom learning and Virtual learning will be different even if its done by the same faculty.

2.Analyze and formulate strategies

Formulating strategy answers the question of what needs to be done to reach objectives. It includes determining and evaluating alternatives that support the organizations objectives and selecting best alternatives. It is mostly done by assessment of external and internal environment typically using the SWOT analysis (S-strengths W-weaknesses O-opportunities T-threats). Strategy formulation ends with cascading objectives or projects assigned to lower divisions, departments or individuals.

3.Set objectives to achieve strategy

Objectives translate the organization strategy into specific, concrete, measurable terms. It sets targets for all levels of the organization. It answers in detail where a firm is headed and when it is going to get there. Typically it covers markets, products, innovation, productivity, quality, finance, profitability, employees and consumers. Characteristics of objectives can be remembered as SMART (S-Specific M-Measurable A-Assignable R-Realistic T-Time related)

4.Implement strategies through projects

Implementation answers the question of how strategies will be realized, given available resources. It requires action and completion of tasks. It requires attention into few key areas. First, completing tasks require allocation of resources. It typically represents allocation of funds, people, managment talents, technological skills and equipment. Second, implementation requires a formal and informal organization that complements and supports strategy and projects. Authority, responsibility and performance, all depend on organization structure and culture. Third, planning and control systems must be in place for certain project activities. It is necessary to ensure strategies are effectively performed. Fourth, motivating project coordinators will be major factor for achieving project success.