DISCUSS THE IMPORTANCE OF THE IMPLEMENTATION PHASE OF STRATEGIC M...

128) - LINK FULL DOWNLOAD TEST BANK FOR STATICS AND MECHANICS OF MATERIALS 5TH BY RUSSELL C HIBBELER 128) - LINK FULL DOWNLOAD TEST BANK FOR STATICS AND MECHANICS OF MATERIALS 5TH BY RUSSELL C HIBBELER
LINK FULL DOWNLOAD TEST BANK FOR STATICS AND MECHANICS OF MATERIALS 5TH BY RUSSELL C HIBBELER
128) Discuss the importance of the implementation phase of strategic management. Answer: Some organizations spend an inordinate amount of time developing a strategic plan, but then fail to follow through with the effective implementation. Change and results in a firm come through implementation, not through formulation, although effective formulation is critically important for successful implementation. Continual evaluation of strategies is also essential because the world changes so rapidly that existing strategies can need modifying often. Diff: 2 Objective: 1.05 Describe the nature of strategy formulation, implementation, and evaluation activities. Learning Outcome: Define strategic management and identify its basic concepts 129) Discuss the value of integrating intuition and analysis. Answer: Most organizations can benefit from strategic management, which is based on integrating intuition and analysis in decision making. Choosing an intuitive or analytic approach to decision making is not an either-or proposition. Managers at all levels in an organization inject their intuition and judgment into strategic-management analyses. Analytical thinking and intuitive thinking complement each other. Operating from the "I've-already-made-up-my-mind-don't-bother-me-with-the-facts" mode is not management by intuition; it is management by ignorance. Drucker says, "I believe in intuition only if you discipline it. 'Hunch' artists, who make a diagnosis but don't check it out with facts, are the ones in medicine who kill people, and in management kill businesses." In a sense, the strategic-management process is an attempt both to duplicate what goes on in the mind of a brilliant, intuitive person who knows the business, and assimilates and integrates that knowledge using analysis to formulate effective strategies. Objective: 1.03 Explain the need for integrating analysis and intuition in strategic management. Learning Outcome: Define strategic management and identify its basic concepts