HR Strategic Planning Flashcards
3 Levels of Strategy
Organizational strategy; Business unit; Operational strategy
critical success factors that successful at strategy
Alignment of effort; Control of drift; Focus on core competencies
Strategic Planning and Management Process for deliberate approach
Formulation; Development; Implementation; Evaluation
What recognizes that organizations are composed of interacting and sometimes interdependent parts that together create a dynamic internal environment.
Systems thinking
Given this complexity, those who plan and implement strategy often use which model to analyze actions
input-process-output (IPO)
A process of systematically surveying and gathering data, from both internal and external sources, that can be analyzed to identify opportunities and threats and to strengthen strategic plans and goals.
Environmental scanning
A statement specifies what activities the organization intends to pursue and what course management has charted for the future—a concise statement of the organization’s strategy. The language of the statement often expresses a sense of priorities.
mission statement
A statement is a vivid, guiding image of the organization’s desired future—the future it hopes to attain through its strategy. The purpose of the vision statement is to inspire and motivate.
vision statement
Beliefs that are important to an organization and often dictate employee behavior.
Organizational values
The purpose of a balanced scorecard is to achieve balance in three key areas
Between financial and nonfinancial indicators of success
Between internal and external constituents in the organization
Between lagging and leading indicators of performance
The indicator is predictive in that action in this area can change future performance and help achieve success.
leading indicator
The indicator describes effects that have already occurred and cannot be changed.
lagging indicator
the consonance or compatibility of an organization’s strategy with its external and internal environments, especially with regard to the goals and values it chooses and the resources and capabilities that can be deployed toward strategic goals.
strategic fit
Each organization’s strategy must describe what two strategies?
How an organization can create what Michael Porter calls a strategic position, a position in which it enjoys a competitive edge over its rivals—its business strategy.
Where an organization will compete in terms of markets and industries—its corporate strategy. This defines the scope of the organization.
Which is the difference between a strategic alliance and a joint venture
A strategic alliance is a formal agreement between two or more companies to collaborate and contribute resources but not equity. Strategic alliances create synergy based on the partners’ strengths and technical capabilities. A joint venture is an agreement between two or more parties to create a new economic entity. Both partners contribute equity and share in revenues, expenses, and control.
