Strategy formulation is the act f rising long-term tactics for the future of a company by using the company’s strengthens, and weaknesses, for the efficient management of environmental opportunities and pressure. 2. Explain the role projects play in the strategic management process. Strategy implementation is the putting in action of the strategies formulated by a corporation. Projects create action item that you must plan and implement it is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage.
It is a process by which an organization establishes its objectives, formulates actions (strategies) designed to meet these objectives in the desired timescale, implements the actions, and assesses progress and results. 6. Why should an organization not rely only on ROI to select projects? ROI are always fluctuating and is something that you cannot always really upon. You must try to look at other contributing factors to select project using strategic management process and check for environmental factors. Create a plan of strategic formulation and implement it. Case Study Hector Gaming Company 1.
What is our major problem? The major problem for Hector Gaming Company is that there is no real set goal or vision and lack a mission. Also, there is a lack of common goal that you can work towards. 2. Identify some symptoms of the problem. I’d like to identify some of the systems as of the problem WOUld be that there is a lack of communication. Hector Gaming Company lacks the analysis and formulation strategies to reach objectives. Something that they need to work on is team work. I believe that it’s best that they take out some time and define the organizational goals. . What is the major cause of the problem? The major cause of the problem is the organizational power and struggle or more easily known as politics. Everyone needs to be brought back to the same page and have a communication relationship. They need to take all the projects and put them through some sort of decision group. By doing that it will help the company choose the projects that are most important 4 Provide a detailed action plan that attacks the problem. Be specific and provide examples that relate to Hector Gaming Company.
I find that Pewter’s entrepreneurial spirit, their unique industry specialist for the last two years being approximately 75% each year. The companies’ top weakness is too many projects taking place at one time and lack of internal communication. Their opportunity is that they have a unique product that has niche educational value although it is a well-established brand. Their threats consist of potential loss of industry talent to other companies, the increase elements of competition and the threat of substitution. One action is to do nothing, but you have potential of losing key employee’s.