How strategic management process can be approached
What are the various modes that the strategic management process can be approached?
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The strategic management method can be approached in many modes. To gain an insight to how this might be completed, one well-established approach, comprising five steps that are illustrated below:
a) Establish mission and objectives.b) Undertake a position analysis.c) Recognize and assess the strategic options.d) Choose strategic options and formulate the plans.e) Perform, review and control.
Cash Management: Cash Management is the management of cash balances of a concern in such a way as to maximize the accessibility of cash not invested in inventories or fixed assets and to ignore the risk of insolvency. According to Keynes there are thr
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Opportunity Cost: The value of the substitutes foregone by approving a particular strategy or utilizing resources in a particular manner. Al so termed as Alternative Cost or Economic Cost.
Support Costs: Costs of activities are not directly related with the production. Typical illustrations are the costs of automation support, postage, communications, process engineering, and purchasing.
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