Balanced Scorecard Organizations and upper-management often use a Strengths, Weaknesses, Opportunities, Threats, and Trends (SWOTT) analysis model to concentrate on the company’s competitive advantages, their possibilities, evaluate how to improve susceptibilities, and avoid coercion. Organizations depend on SWOTT analysis to remain successful in their industries. For a business to be successful and sustain their performance, the entity is obligated by their external environment to generate strategic objectives and constantly evaluate its vision and mission. Organizations must reflect on their mission and vision frequently to assess each for validity, consistency, and making sure the objectives are components useful to the desired vision. Businesses require a tool to measure the execution of objectives.
Verizon: External/Internal Factors MGT/330 January 28, 2012 Verizon: External/Internal Factors The four functions of management continue to guide Verizon through internal and external factors successfully. Of course, management needs to work creatively in problem solving and execute all the four functions in order to attain the objectives and goals in a way that the cost of accomplishment is viable for the company. Some of the internal and external factors that Verizon must effectively and efficiently guide themselves through are globalization, technology, innovation, diversity, and ethics. Verizon will need to continually adjust how they use the four functions of management to handle the strategic, tactical and operational decisions for the organization, and a crucial tool that Verizon uses to do so is delegation. How Internal and External Factors Affect the Four Functions of Management Like many others successful organizations, Verizon still stands on the four functions of management (planning, organizing, leading, and controlling) to guide them into the future.
Chapter 2 Discussion Questions 1. The chapter suggests that a definition of strategic management includes four components: a. Developing a strategic vision and sense of mission -Vision and mission statements establish a sense of what the organization hopes to accomplish or what top managers hope it will become at some point in the future. b. Formulating, implementing, and evaluating -Projects, as the key ingredients in strategy implementation, play a crucial role in the basic process model of strategic management. c. Making cross-functional decisions -Business strategy is a corporate-wide venture, requiring the commitment and shared resources of all functional areas to meet overall objectives.
Strategy critical success factors (CSF’s): resulting from the chosen competitive strategy of the business; 3. Environmental critical success factors (CSF’s): resulting from economic or technological changes; and 4. Temporal critical success factors (CSF’s): resulting from internal organizational needs and changes The specific factors will vary from business to business and industry to industry. Identifying CSF’s is important as it allows firms to focus their efforts on building their capabilities to meet the critical success factors, or even allow firms to decide if they have the capability to build the requirements necessary to meet Critical Success Factors (RAPIDBI, 2007). The CSF’s that are applied to Flayton Electronics (case study) are : Training and education, Quality data and reporting, management commitment, customer satisfaction, staff orientation, role of the quality department, communication to improve quality, Continuous improvement, aggressive commitment when required, managerial ability and experience, quick decision and action capability, organizational effectiveness, earning systematically from past strategies.
It is very important for the work to be planned out in advance to ensure success. Planning equates to creating expectations for performances and goals for the teams and the individuals to make sure they achieve their organizational objectives. It is also very important to get the employees involved in this planning process because will help them to understand the goals of the company. It also helps the employees understand what is expected of them to get doe for the company, also they will see and learn why it needs to be done and how well. Monitoring performances of employees needs to be done on a constant and continuous basis.
Having an original performance appraisal system in a human service organization is very important. They should be used in any organization or business, but especially in human service organizations for many reasons. Performance appraisal can be viewed as the process of assessing and recording staff performance for the purpose of making judgments about staff that lead to decisions. It is important for managers and leaders of the organization to know what is going on with their employees. The performance appraisal gives the employer the upper hand on what goes on throughout their organization and allows them to make sure that things are done correctly.
Two managerial roles identified by Henry Mintzberg. i. Decisional role – The roles in this category involve using information and divided into four specific roles and the example of their responsibility: * Entrepreneur – responsible to manage organisation resources to develop innovative products and services. This includes find ways for generating, developing and implementing new ideas, scouting and securing for new business opportunity. * Disturbance handler – When an organization or team facing an expected issues and obstacle, it's the manager who must take charge of handling and solving the issues wisely and diligently. The manager also need to response promptly and making right decision if facing external problem.
It also extends to finding out the necessary human qualifications to perform the job. These include establishing the levels of education, experience, training, leadership skills, physical skills, communication skills, responsibility, accountability, emotional characteristics and unusual sensory demands (ManagementStudyGuide.com, 2008). These factors change according to the type, seniority level, industry and risk involved in a particular job. The details collected by conducting job analysis play an important part in controlling the output of the particular job. Determining the success of job depends on the unbiased, proper and
Some scholars argued that HRM is said to have started from the term ‘Personnel Management’. HRM deals with recruiting, managing and providing direction to people who work for the organisation. Human resource of a company has been seen to be its greatest strength which if not taken care of can cause the company to close down. Human resources managers have to make sure that employees are carefully informed, monitored and evaluated. They also have to ensure that their staff is satisfied with the way the HR policies are carried out.
Strategic planning is also “a process of defining the values, purpose, vision, mission, goals and objectives of an organization. Through the planning process, a business identifies the outcomes it wants to achieve through its programs and the specific means by which it intends to achieve these outcomes.” Strategic Planning can be: • A process for setting future directions • A means to reduce risk • A vehicle for training managers and direct supports • A process for making strategic decisions • A way to develop consensus among managers and direct supports • A means to develop a written long-range plan. Why plan strategically: So your organization doesn’t end up like this! OOP’s! OOP’s!