Mgmt 404 Chapter 3 Questions Key Tems

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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. d. Achieving objectives -Whether the organization is seeking market leadership through low-cost, innovative products, superior quality, or other means, projects are the most effective tools to allow objectives to be met. Discuss how each of these four elements is important in understanding the challenge of strategic project management. How do projects serve to allow an organization to realize each of these four components of strategic management? Allows them to know they need to develop a plan evaluate that plan to see if fits the needs then deciding on to put it into action or not to achieve the overall goal. 2. Discuss the difference between organizational objectives and strategies. Strategic management is the science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives. The objectives are the ultimate focus of the project whereas the strategy is the process in which they complete the objectives. 3. Your company is planning to construct a nuclear power plant in Oregon. Why is stakeholder analysis important as a precondition of the decision whether or not to follow through with such a
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