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.
What do you mean by the term key performance indicators or KPI? Explain in brief?
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Actual Cost: It is the amount (sum) determined on the basis of cost acquired involving standard cost appropriately adjusted for the applicable variance.
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What do you mean by the term Mission statements? Briefly describe it.
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