lec_13 - MIT OpenCourseWare http:/ocw.mit.edu 1.133 M.Eng....

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MIT OpenCourseWare http://ocw.mit.edu 1.133 M.Eng. Concepts of Engineering Practice Fall 2007 For information about citing these materials or our Terms of Use, visit: http://ocw.mit.edu/terms .
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STRATEGIC MANAGEMENT ISSUES
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ROLE OF THE E&C INDUSTRY • Through planning, design, construction, operation, and maintenance activities, the E&C Industry transforms resources of labor, capital (money, materials, & equipment), and knowledge into the physical facilities required to meet a broad range of social and economic needs.
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A BASIC PREMISE In the economy of the future , the civil engineering profession is ideally positioned to take on an expanded role in the traditional engineering and construction industry; and to conceive and implement innovative business ideas in the future.
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SCENARIO PLANNING Scenario:Description of plausible future business environment Scenario Planning: Testing of the Business Idea against multiple, equally plausible futures (scenarios)
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SCENARIO PLANNING Understanding the Environment (Scenarios) Understanding the Organization (Business Idea) Strategy Workshops Strategic Insights & Options
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THE BUSINESS IDEA • An organization’s mental model of the forces behind its current and future success. • Success= Establishing value – Create surplus for stakeholders – Create the expectation of being able to create a surplus and grow in the future – Reference: “Scenarios: The Art of Strategic Conversation”; Kees van der Heijden; John Wiley & Sons; 1996
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GENERIC BUSINESS IDEA Understanding Evolving Needs in Society Entrepreneurial Invention Distinctive Competencies Competitive Advantage Results Resources
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ENTREPRENEURIAL INVENTION • Discovering new ways of creating value for customers • Bringing together a combination of competencies which creates this value • Creating uniqueness in this formula in order to appropriate part of the value created
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DISTINCTIVE COMPETENCIES • Definition: Unique, hard to emulate individual organizational capabilities or combinations of these capabilities • Categories: – Institutional knowledge – Embedded processes – Legal protection – Activity specific assets
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COMPETITIVE ADVANTAGE Differentiated product with premium price Low cost commodity product
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DIFFERENTIATED PRODUCT • A differentiated product which cannot be matched by the competition and for which the customer is prepared to pay a superior
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This note was uploaded on 12/04/2011 for the course ESD 1.133 taught by Professor Ericadams during the Fall '07 term at MIT.

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lec_13 - MIT OpenCourseWare http:/ocw.mit.edu 1.133 M.Eng....

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