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Chapter 1 - Organizational Policy Chpt 1 January 19th 2012...

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Organizational Policy Chpt 1 January 19 th 2012 Concept of strategy: The term strategy is derived from a Greek word strategos which means generalship. A plan or course of action or a set of decision rules making a pattern or creating a common thread. Definition for strategic management: - Strategic Management is defined as the dynamic process of formulation, implementation, evaluation and control of strategies to realize the organizations strategic intent. Conceptual framework for the development of strategic management: - Strategic Advantage - Organizational capability -  Competencies -  Synergistic Effects -  Strengths and weaknesses -  Organizational Resources -  organizational behavior Meaning for Goal: Goal denotes what an organization hopes to accomplish in a future period of time . Meaning for Objectives: - Objectives are the ends that state specifically how the goals shall be achieved. They are concrete and specific in contrast to goals that are generalized. Role of Objectives: -  Objectives define the organizations relationship with its environment. -  Objectives help an organization pursue its vision and mission. -  Objectives provide the basis for strategic decision making. -  Objectives provide the standards for performance Appraisal. Characteristics of Objectives: -  Objectives should be understandable. -  Objectives should be concrete and specific. -  Objectives should be related to a time frame -  Objectives should be measurable and controllable.
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