- The team will then analyze the member reports, searching for patterns (similarities and differences between and across specializations) and evaluating their broader implications for successful implementation of strategy and strategic decision making. Faculty will follow and contribute to this team analysis and discussion.
- Teams will prepare a brief (maximum 1,000 word) final synopsis of findings and conclusions and post it as a new thread in the team’s study group by Wednesday of the last week of class (Week 12)
STRATEGIC MANAGEMENT 4
MGMT 670 – Strategic Management Capstone
University of Maryland – University College
October 12, 2019
Running Head: STRATEGIC MANAGEMENT 1
This is a business course that focuses on the formulations and the implementations of the major goals and initiatives designed by the top management, based on the considerations of resources as well assessments of both internal and external environs in which the firm operates (Vishnevskiy, Karasev & Meissner, 2016). In the sense of the importance of the strategic management course to the students who have studied this course includes:
The examiner should be able to evaluate student’s ability to perform internal and external scanning of the business based on different cases. These includes applications of models such as PESTLE and the SWOT analysis.
The examiner should be able to focus on ability of student to develop and be aware of the processes in which businesses achieves their goals.
The examiner must be able to evaluate if the student understand the differentiation operations of the business.
The capacity of the learner to applying learning skills such as training and development within an organization, a scope which is fundamental to achieve organizational goals and the core competencies.
The examiner must also be able to focus on the ability of the learner to scan the opportunities linked with a certain industry as well the values which are derived by the investors through committing their resources for the fully internationalization of the business.
In learning strategic management, it has been credibly realized that learner’s ability to diagnose business problems, formulations of solutions and create business opportunities are the key merits that one is able to achieve.
Recently I am working as an contract administrative where strategic management is very essential. I have incorporated the skills I gained on learning interdisciplinary studies while at school. The study has helped me to effectively create and establish corporate plans, come up with realistic goals, operate daily tasks effectively and lead in the right way. The course has been of effect to my daily duties and that’s why the course is essential to interdisciplinary studies. Strategic management course is very essential for a management because new overall manager is supposed to come up with cross operational experience and base on how to establish corporate plans cross operations. This is because operation is not an entity that can be separated from people, and hence overall managers are supposed to understand how all enterprises operate together. In divergence, a strategic management course, for many senior managers will possibly base on international enterprise management and creating new business chances.
Also learning strategic management is essential in interdisciplinary studies since it provides leadership training in the process. An effective strategic management course provided strategy management training improved with leadership training. Appropriate leadership skills are vital property to all dimension of your career path and an absolute have for appropriate application and execution of any corporate plan. The study of strategic management will offer you a chance to step back and detect your personal styles of leadership and appropriateness. Both leadership practice and executive leadership training assists in gaining new aspects and have the notion that your leadership is safe and sustainable surrounding (Repko, Szostak & Buchberger, 2016).
In conclusion, learning strategic management is very essential in interdisciplinary studies. It helps in cooperating and developing plans which is essential in both leadership under management. As an administrative contractor, the study of strategic management has really helped me in setting objective and personal goals towards my work.
Repko, A. F., Szostak, R., & Buchberger, M. P. (2016). Introduction to interdisciplinary studies. Sage Publications.
Vishnevskiy, K., Karasev, O., & Meissner, D. (2016). Integrated roadmaps for strategic management and planning. Technological Forecasting and Social Change, 110, 153-166.
Running Head: WHY STRATEGIC MANAGEMENT IS RELEVANT IN FINANCIAL MANAGEMENT 2
WHY STRATEGIC MANAGEMENT IS RELEVANT IN FINANCIAL MANAGEMENT 2
University of Maryland Global Campus
MGMT 670: Strategic Management Capstone
Why Strategic Management is Relevant in Financial Management
Strategic Management is the involvement goals formulation and implementation based on current reachable and possessed resources. Strategic management also involves assessing the environment in which the organization is operating in or planning on operating in. This report will focus on how Strategic Management can be utilized in achieving milestones and goals in the Financial Management Degree program.
Strategic management are typically used my businesses/ companies to provide some sort of guideline to achieving and accomplishing goals and milestones. However, this management process can be useful for Achieving a Financial Management Degree Program. The idea of gaining competitive advantage and outpacing competitors can be related to achieving a Financial management degree as well from the aspect of not just passing courses but passing with the highest grade possible putting an individual at a top recognizable position amongst others.
With a Financial Management Degree, an individual will oversee planning, raising, controlling as well as facilitating the funds of an organization. The scope of work requires a careful approach to funding the sustainability and operation of a business. Financial managers must be proactive in estimating and deciding the direction is which the business is heading which comes with its own challenges, one of them being Risk management. In a highly volatile environment (Ilie, L. 2015), Financial Managers must be able to approach in a proactive way the diverse risks to safeguard a business’ assets, to prevent poor behavior that can erode value, to ensure the right policies in what concerns investments, cash availability and shareholder return. The ability of a Financial Manager balancing Risk with Return as well as financially Stabilizing a business’ position can be very challenging especially in a fast-changing environment
With these type of expected challenges as well as expectations and dependency a company has on its Financial Manager it is crucial that the individual develop a system to efficiently manage and execute tasks in a timely manner while making the best decisions for the benefit of the company. to do so an individual with this skill set need a system for planning, executing, evaluating, and repeat. Building this system will put a specialized Financial Manager in unique position above other individuals in that specialized group.
This brings the importance Strategic Management to the Specialized program as it provides all the right guidelines a financial manager will need to build an efficient work structure that can be used for any challenges it encounters. Strategic Management provides a specialized financial Management individual the ability to identify and control the key components of achieve a certain goal by itemizing its strategic intent, formulating identified levels needed to meet certain milestones and goals, the implementation of a formulated strategy which can also be called execution phase of the planned strategy, and lastly evaluating results for modification and control.
Strategic Management’s process is fairly like the idea of project management phase (Planning, Executing, Close-out) however, it holds a better reoccurrence structure of Planning, Executing, Evaluating, then repeating the process. Strategic Management process from the Financial Management aspect, serves as tool to provide and assist in paving a pathway to accomplishing goals as well as decision making.
In conclusion, Strategic Management can be utilized in any specialization to achieve goals, meet a certain milestone and/or guide a specialized individual to move in a specific direction by identifying key components and realistic targets. Strategic Management have been proven multiple times not guide companies to achievements but also to outperform your competitor(s).
Toppr. (2019). Business Function. Financial Management. Retrieved from: https://www.toppr.com/guides/business-environment/business-functions/financial-management/
Ilie, L. (2015). Challenges for financial managers in a changing economic environment. Procedia Economics and Finance, 27, 726-730.
Kenton, W (June 9, 2019). Investopedia. What is Strategic Management?. Retrieved From: https://www.investopedia.com/terms/s/strategic-management.asp
Business Jargons (October 07, 2019). Strategic Management. Retrieved from: https://businessjargons.com/strategic-management.html
STRATEGIC MANAGEMENT REPORT
Strategic Management Report- Supply chain Management
University of Maryland Global Campus
Strategic management is the process of scanning the business environment, formulating the strategies, Strategic implementation, and strategic evaluation and control. It is the work of top management people who will be responsible for long term business perspectives. For example, Strategic management has provided competitive advantages to a corporation. Strategic management is very relevant to our everyday life especially with having a rapid vision to make something out of nothing. A company which is implementing Strategic management process will utilize functions of defining the strategic intent like mission, vision, goals and objectives for the business. Strategic management can be applied to Supply Chain Management, Human resource management, marketing management, operations management, finance, research development etc. degree’s.
Strategic management has many terms and tools like strategy at the corporate level, business level and operational level. It has tools like SWOT analysis, BCG matrix, Strategic Advantage Profile, Organizational capabilities profile, IFE and EFE matrix, Portfolio management, Business definition, Acquisition & Merger, Takeover, ABC technique etc. (Jurevicius, O. 2014)
Now, we shall discuss the importance of strategic management with Supply Chain Management (SCM). As we know SCM is a function which generally deals with the procurement of people to the organization as well as handling every activity till their exit with the organization. Strategic Supply Chain Management (SSCM) can be defined as a process to develop, nurture, motivate, utilize, retain, buying, appraise etc. in such a way that they can provide competitive advantage to the organization.
Even, experts of management said that Supply Chain is only the resource which cannot be copied by the competing companies’ in spite of the fact that organization has similar capital structure, but they will be different in their productivity.
The various functions of SCM are as follows:
Strategic talent acquisition: It means hiring only those people who will be utilized to achieve competitive advantage in terms of knowledge, skills and abilities. Strategic training and development:
Developing such a pool of candidates, who will be unique in terms of leadership, innovation, and global icon for the customers?
Strategic employment relationship with the people:
In SCM, a company will focus to provide such employment policy which provides them relief, empowerment, equal opportunity to grow; equal compensation, benefits, flexible benefits, Work from home etc.It will focus to establish a rapport between, employer and employees.
Everyone who works for an organization will have to represent their organization due to their duties as well as moral responsibilities, In SCM, an organization believes that these will be the main torch bearers for the company’s policy.
In conclusion, Strategic Management can be utilized with more than just one specialization. The important goal is how it’s being used. Strategic decisions are different from administrative and operational decisions. Administrative decisions are routine decisions which help or rather facilitate strategic decisions or operational decisions. With that being said, it doesn’t matter how Strategic you get with different business models/ organizations, it all comes down to evaluating and planning and teaming up with the right businesses to be successful. This is why strategic management is important to any and everything we apply it too.
(MSG, 2019) Strategic Management Process – Meaning, Steps and Components Retrieved from:
Jurevicius, O. (October 2014). IFE & EFE Matrices Retrieved from:
Sisk, A. (November 1st 2018). The Three Components Of The Strategic Management Process. Retrieved from:
Running head: STRATEGIC MANAGEMENT REPORT – FM SPECIALIZATION
STRATEGIC MANAGEMENT REPORT – FM SPEACIALIZATION 5
Strategic Management Report – FM Specialization
University of Maryland University College
MGMT 670, 13 October 2019
Strategic Management Report – FM Specialization
In order to examine whether strategic management is a vital subject matter for a management degree program, with a specialization in financial management, there are some factors to consider. Strategic management is the management of an organization’s resources to achieve its goals and objectives, which involves setting objectives, analyzing the competitive environment, analyzing the internal organization, evaluating strategies, and ensuring that management rolls out the strategies across the organization (Kenton, 2019b). Trying to obtain a management degree should require coursework that develops management skills, which includes strategic management. Since strategic management is organizationally focused, taking a course would provide a practical framework that establishes and supports management practices, to boost leadership skills and provide credibility in whatever managerial or financial position.
Strategic management incorporates various functions within an organization, as a whole, to ensure those areas work well together. An individual can see the benefit of learning the wide-ranging position of an organization for greater understanding of how a financial position fits into the entire organizational plan and how it is co-related to other organizational members. With this added knowledge, employees become more responsible, committed and content because of feeling connected with each organizational task. Strategic management ensures current, up-to-date knowledge of business growth strategies and strategic planning tools. Also providing an opportunity to observe personal leadership styles and effectiveness. Financial management, as a specialization, has the same foundational cornerstones as strategic management, just with a greater financial aspect.
The best direction for a strategic management course would be to actually have case studies that require analysis and dissection, vice generating continuous informational reports every other week. Being able to look at an actual case-based scenario and implement strategic thinking/management skills would greatly develop an individual’s long-term goal of understanding organizational strategy. Some positions require risk, problem solving and quick, critical thinking, and strategic management helps individuals make better decisions toward success, both personally and professionally. Having a financial aspect only means that there is an element to not only manage an organization’s finances, but manage them with the intention to succeeding; focusing on attaining the organization’s goals and objectives and maximize shareholder value long-term (Kenton, 2019a). A strategic management course should help an individual learn how to interpret and determine the trends that could potentially impact an organization. Also, educate a person on how to analyze the competitive landscape and develop a long-term plan to deal with the changing environment. Practical application, which will go beyond just having head knowledge, is the key to successfully implementing a strategic management course that teaches financial risk forecasting.
A Robert Half survey stated that 30 percent of CFOs interviewed said strategic-thinking skills are mandatory, and 56 percent consider it a nice-to-have quality; the survey also found that 46 percent of employees were employed by organizations that do not offer training in strategic-thinking skills (Half, 2016). Even if professional development programs are not offered by an organization, these results show that a course in strategic management is relevant to an individual who wants to develop the ability to identify critical situations, analytically and creatively evaluate relevant financial information, and determine the consequences of choosing a particular action. If an organization is looking to operate in a proactive position, rather than reactive, strategy is vital and investing in the training and education of its employees should be seen as value.
Strategic Management is all about identifying ways to achieve better performance and a competitive advantage for an organization and that competitive advantage comes when an organization has a greater profitability than the average profitability of any other organization within its industry (Juneja, n.d.). Strategic management plans for foreseeable and unrealistic possibilities, which benefits an organization in sustaining competitive advantage. Strategic management is a continuous process that contributes to an individual gaining a greater understanding of how their job position connects to the day-to-day operations of an organization, which will only further improve the organizational success of its long-term goals and objectives, such as, increasing gross revenue, protecting assets, managing expenses, or reducing administrative costs. Relevance can be considered subjective, but this report has shown the importance of organizational success joined with having strategic management knowledge and implementation, even within the financial management specialization.
Juneja, P. (n.d.). Strategic management – meaning and important concepts. Management Study Guide. Retrieved from https://www.managementstudyguide.com/strategic-management.htm
Kenton, W. (2019a, May 3). Strategic Financial Management. Investopedia. Retrieved from https://www.investopedia.com/terms/s/strategic-financial-management.asp
Kenton, W. (2019b, June 9). Strategic Management. Investopedia. Retrieved from https://www.investopedia.com/terms/s/strategic-management.asp
University of Maryland Global Campus (UMGC). (n.d.). MGMT 670 Week 1 Lecture: Strategy. University of Maryland Global Campus.