Question

In: Operations Management

The company is Diamondback Energy . ( Texas Company ) Discuss and explain the Company Implementation...

The company is Diamondback Energy . ( Texas Company )

Discuss and explain the Company Implementation . What will key steps to be taken to implement your proposed strategy ?

Suggestions : comment on the board of directors , Performance ( stock , market share , profits , revenues ) .

Solutions

Expert Solution

Strategy implementation refers to the means for execution of strategic plan. This involve designing the organizational structure, allocating resources, taking proper decision and managing the human resources effectively.

Strategic implementation is important to strategic management because: -

  • It helps the organization to strengthen the existing strategy or make new strategies as per the business requirements.
  • It involves taking important decisions of balancing the strategy with the organizational structure.
  • It helps the organization to accomplish the organizational objectives.
  • It helps in identifying the gaps or loopholes in strategy formulation.
  • It helps the managers to initiate corrective measure once the strategy is implemented.

Since business environment is uncertain and challenging, the strategic management plays important role in making the business respond to the environment effectively. In order to ensure the successful implementation of strategy, following steps can be taken: -

  • Making strategies with proper planning.
  • Strategic plan should be evaluated and communicated in effective way. This can be done by aligning the strategies with the initiatives, aligning the budget to the annual goals and objectives and communicating and clarifying the goals, objectives and strategies to a;; members of the organization.
  • Setting priorities based on the changing environment by conducting need analysis.
  • commitment of higher management and staff towards meeting the organizational goal.
  • Implementation structure and implementation-support policies and programs should be developed
  • Proper budgeting and allocation of resources should be done.
  • executing the strategies appropriately by the employees.
  • performing business activities based on the formulated strategies
  • making the strategies adaptable to changing environment.
  • making the employees and management adaptable to changing environment.
  • considering the reality, facts and assumptions when making strategies.

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