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					      Management 780

Strategic
 Management
Discussion Notes

                 Prepared by
               Dr. Milton Silver
         Strategic Management
      Firm as a system
      The Performance Measurement Process

INPUTS                           OUTPUTS             ENVIRONMENT
Resources                                                   Internal
Labor
                                 Products   Goals           External
Capital Facilities
                          FIRM


Material                         Services   Objectives
Land
Management                                  Effectiveness
                                                  E
          Efficiency
               e                                               Adaptive
                                                                  A
                     Info / Feedback
     Definition of Information
   INFORMATION is the input or
    resource for the project manager.

   The information equation:
      IT    =    IK     +       IS
    Project   Manager       System
    Purpose                     Formal
                                Informal

                     SPECIFY MATCH
  Team Management

          FORM



PERFORM          STORM



          NORM
                             Life Cycle
TEAM Effectiveness




                                    TIME
                     Form   Storm          Norm   Perform
         Team Member Roles
   Project Task Performance Roles
    – Based on technical expertise and
      functional areas
   Team Roles
    –   Leader         -- Timekeeper
    –   Scribe         -- Coordinator
    –   Information Manager
    –   Facilitator
   Team Development &
Effectiveness: Contributing Factors
   Shared Goals and Objectives
    – In order for a team to operate effectively, it
      must have stated goals and objectives
   Utilization of Resources
    – The team must use effectively all the
      resources at its disposal. Team effectiveness is
      enhanced when every member has the
      opportunity to contribute and when all the
      opinions are heard and considered.
Development & Effectiveness, continued…
    Trust and Conflict Resolution
     – The ability to openly recognize conflict and
       seek to resolve it through discussion is critical
       to the team’s success. It must deal with the
       emotional problems and needs of its
       members and the interpersonal problems that
       arise in order to build working relationships
       that are characterized by openness and trust.
    Shared Leadership
     – All members accept some responsibility for
       task functions—those things necessary to do
       the job—and maintenance functions—those
       things necessary to keep the group together
       and interacting effectively.
Development & Effectiveness, continued…
    Control and Procedures
     – A group needs to establish procedures
       that can be used to guide or regulate
       its activities.
    Effective Interpersonal
     Communications
     – Effective interpersonal communications
       are apparent when team members
       listen to one another and attempt to
       build on one another’s contributions.
Development & Effectiveness, continued…
    Approach to Problem Solving and
     Decision Making
     – If a group is going to improve its ability to
       function as a team, recognized methods for
       problem solving and making decisions should
       be studied and adopted.
    Experimentation / Creativity
     – It is important that the team be prepared
       occasionally to move beyond the boundaries
       of established procedures and processes in
       order to experiment with new ways of doing
       things.
Development & Effectiveness, continued…
    Evaluation
     – Though evaluation, the team makes a
       commitment to continuous improvement.
       The team periodically should examine its
       group processes from both task and
       maintenance aspects. This examination
       or ―critique‖ requires the team to stop
       and look at how well it is doing and
       what, if anything, may be hindering
       its operation.
    Team Effectiveness Rating Sheet
                                    Individual Rating   Team Rating


   Shared Goals and Objectives

   Utilization of Resources

   Trust and Conflict Resolution

   Shared Leadership

   Control and Procedures

   Effective Interpersonal
    Communications
   Approach to Problem Solving &
    Decision Making
   Experimentation / creativity

   Evaluation
Team Development: Stages
  – Groups develop over a moderately
    long period of time and probably never
    reach completely stable structure.
    Tuckman (1965) has provided the most
    useful characterization of the four
    stages of group development:

                                                     Goal
Forming       Storming      Norming         Performing
(selection)   (power        (rule making)
               gathering)

                                                   Accomplishment
    Team Development: Stages, cont…
   Forming
    – Also known as testing or dependence,
      forming refers to an attempt by group
      members to discover from the reactions
      of other group members what
      interpersonal behaviors are acceptable
      in the group.

    – This is a period of establishing the
      ―ground rules‖ both for task requirements
      (―How much am I expected to do?
      Or ―Which behavior is OK?) and for
      interpersonal relationships (―Who has
      the real power?‖ Or ―What behavior is
      okay?‖)
    Team Development: Stages, cont…

   Storming
    – This stage is typified by intragroup
      conflict. Group members become
      hostile toward one another and/or
      toward the leader as a means of
      expressing their individuality and of
      resisting the formation of a group
      structure.

    – During this stage, goals set by the
      leader may be ignored and resistance
      to task requirements is common.
    Team Development: Stages, cont…

   Norming
    – The third stage described by Tuckman is a
      stage in which in-group feelings and close-knit
      relationships develop, new standards evolved
      and new roles are adopted.
    – In the task realm, intimate personal opinions
      are expressed.
    Team Development: Stages, cont…

   Performing
    – Finally, the group attains the last stage of
      development. The interpersonal structure of
      the group becomes a medium for task
      activities. Roles become flexible and
      functional, and group energy is channeled
      into the task.

    – Structural issues have been resolved, and
      structure can now be supportive of task
      performance.
    Team Development: Stages, cont…
   A Final Note
    – According to this model of group development, groups
      can be in any of these four stages of development at
      any time. But the farther the group is from the
      performing stage, the longer it takes to become and
      effective work unit.
    – For example, those who follow professional sports can
      see their favorite teams go through these four phases
      each season. First, new players are selected and old
      favorites are cut or traded. The personality power plays
      and contests for positions occur. Also, with each new
      season, a fresh tasting of the rules (for example, the
      rules governing dress or curfew) generally takes place.
      It is hoped that these first three stages will end prior to
      the start of the official season. If not, we generally find
      that the collective performance of the group is lower
      than expected, until those stages have been
      satisfactorily resolved.
              Overview
              Strategic Management: Phases and Processes
                                   S T R A T E G I C                P H A S E S
STRATEGIC PROCESSES




                                     Formulation   Implementation    Evaluation & Control
                      Long Range     Mission                            Strategic
                      Planning      Objectives                       Management
                      (Vision)                                        Information
                                                                         Systems
                      Portfolio      Priorities     Programs
                      Balancing     Initiatives      Projects
                                     Actions

                      Resource       Policies        Budgets           Operating
                      Allocation                   Procedures         Information
                                                                        Systems

                                    Feedback                              Audit
                                   Information                           Analysis
OUTLINE Plan Outline
  Strategic
   Concepts
    –   Current Situation
    –   External Analysis
    –   Internal Analysis
    –   Mission & Objectives
    –   Alternatives
    –   Decisions
    –   Implementation
    –   Results
OUTLINE Situation
    Current
       PROCESSES
    Review
    –   Mission
    –   Objectives
    –   Strategies
    –   Segments
    –   Products
OUTLINE Analysis
    External
       PROCESSES
    Analyze
    – Global Macro Factors
       • Economic GNP, CPI, DPI
       • Social/Demographics
       • Political/Legal (Taxes and Regulations)
       • Technological Product Processes
    – Global Micro Factors
       • Industry Financial Trends
       • Competitions Strategies, Objectives & Capabilities
OUTLINE Analysis
    Internal
        PROCESSES
    Analyze Functions
    – Marketing’s 4-P’s
    – Financial/Accounting Performance
    – Productions/Operations
        • Capacity / Efficiency
    –   Research & Development
    –   Information Systems
    –   Human Resources
    –   Management Organizational
        Culture/Structure
OUTLINE & Objectives
  Mission
       PROCESSES
    Write or Revise Mission
    – State Long-term Objectives
       • Quantitatively
       • Qualitatively
    – Include (minimum) 5-year goals
    – Show change from past
    – Illustrate influence of forecasts
OUTLINE
     Alternatives
      PROCESSES
    Identify and Evaluate
    – Corporate Strategies
      1.   Market Penetration      8.   Concentric
      2.   Market Development      9.   Conglomerate
      3.   Product Development     10. Cooperative /
                                       Joint Venture /
      4.   Backward Integration
                                       Strategic Alliances
      5.   Forward Integrations
                                      11. Defensive
      6.   Horizontal Diversification     • Retrenchment
      7.   Vertical Diversification       • Divestiture
                                          • Liquidation
                                          • Do Nothing
OUTLINE
      Decisions
      PROCESSES
    Decide Among Alternatives
    – Illustrating Basis
       • Reduce Risk
       • Growth
       • Stability
       • Equity Holders
       • Control
OUTLINE
    Implementation
      PROCESSES
    Determine by…
    – Business Unit / Functional Levels
      • Short-term Objectives
      • Strategies
    – Develop Timetable
    – Develop Organizational Chart
    – Discuss Organizational Culture
OUTLINEResults
      PROCESSES
    Examine
    – Cohesion and Clarity of Plan
    – Financials
      • 5 Years of Pro Forma
      • Income Statement
      • Balance Sheet
      • Cash Flow Statement
OUTLINE Situation
    Current
       G O A L S
    Revise or Restate (After external and internal analyses)
    – Mission
    – Objectives
    – Strategies
OUTLINE Analysis
    External
       G O A L S
    Assess Threats and Opportunities
    – History and forecast of:
      • Influence of factors on industry
      • Competitive factors within industry
OUTLINE Analysis
    Internal
        G O A L S
    Assess Strengths & Weaknesses
      • History & Forecast of:
         –   Market share
         –   Financial performance
         –   R&D Results
         –   Timeliness
         –   Competencies
OUTLINE & Objectives
  Mission
       G O A L S
    Achieve Mission &
    Long-Term Prosperity
      • Financial performance
      • Market share
      • Stakeholder’s interests
      • R&D performance
OUTLINE
     Alternatives
      G O A L S
    Provide choices to accomplish
    objectives


              Decisions
   Select corporate strategies to
    achieve mission and objectives
OUTLINE
    Implementation
      G O A L S
    Put into action chosen corporate
    strategies


                Results
   Evaluate and modify strategic
    actions to ensure performance
    against objectives

				
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