SHRM - Strategy Flashcards
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Balance sheet
Statement that reports the financial position of the organization at a specific point in time; shows assets, liabilities, and shareholder equity.
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Strategic management
The actions that leaders take to move their organizations toward those goals and create value for all stakeholders.
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Value drivers
Actions, processes, or results that are needed to deliver a desired value.
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Vision statement
Vivid, guiding image of an organization’s desired future, the future it hopes to attain through its strategy.
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Value
The benefit created when an organization meets its strategic goals.
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Critical path
Describes the shortest amount of time required to complete a project, taking into account all project task relationships—for example, whether task C must be completed before Task E, and whether Tasks A and B can be completed at the same time.
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Cash flows statement
Statement that shows incoming and outgoing cash in the areas of operations, investments, and financing and remaining cash reserves; reflects an organization’s ability to meet its current and short-term obligations.
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Income statement
Statement that reports revenues, expenses, and net income (profit) for a specified period—for example, quarterly or annually.
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Trend analysis
Statistical method that studies the way in which a variable may change over time.
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Variance analysis
Statistical method that identifies the degree of difference between planned and actual performance.
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Strategic planning
The process of setting goals and designing a path toward a competitive position.
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Business intelligence
Ability to gather and analyze data from inside and outside the organization so that information is available for decision makers.
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Scenario/what-if analysis
Statistical method used to test the possible effects of altering the details of a strategy to see if the likely outcome can be improved.
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Value chain
The process by which an organization creates the product or service it offers to the customer.
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Strategic fit
A state in which an organization’s strategy is consistent with its external opportunities and circumstances and its internal structure, resources, and capabilities.
