Strategic Management
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Strategic Management
Strategic management is an ongoing process that must be followed through so that each of components are not thrown off. The strategic management process is defined by the way of management choices of set strategy for an organization or business. This paper will identify and define each component of the strategic management process.
Components of Strategic Management Process
Environmental Scanning
Environmental Scanning is a process that collects, provides information and scrutinizes a strategic purpose. It analyzes the external and internal factors when trying to influence an organization or business. After the execution of the environmental analysis process, the management will then continue to evaluate the plan that was established to improve the organization or business. After the Environmental Scanning process, managers will proceed to formulate their plans strategically.
Strategic Formulation
Strategic Formulation is the process that distinguishes the best plan of action for achieving the organizations purpose, goals and objectives. In this process, management formulates the business and organization functional strategies. After the formulation of the organization plan, the management will proceed with the Strategy Implementation.
Strategy Implementation
Strategic Implementation refers to the strategy work that was put together by the organization or business management that will be put into action. Strategic implementation consists of designing the structure of the organization, developing and finalizing the decisions, and the human resources management. The final process will be Strategic Evaluation.
Strategic Evaluation
The Strategic Evaluation process is the final process of the strategic management. The Strategic Evaluation involvements are: performance measurement, remedial and corrective actions, and evaluating the internal and external factors of the project.
Environmental Scanning, Strategy Formulation, Strategy Implementation, and Strategy Evaluation are all components in creating a successful strategic management plan.
Company Research
The University of Arkansas for Medical Sciences (UAMS) COM Review Committee hired a new Chancellor for the hospital effective January 1, 2010. Upon Chancellor Rahns appointment, he followed the strategic management process. The first two steps were important in his plan which was Environmental Scanning and Strategy Formulation. Chancellor Rahn was able to observe the hospital needs based upon the feedback from the faculty, staff and the hospital review committee. Dr. Rahn also took into consideration of the hospitals financial stance, the moral in the