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13 Cards in this Set

  • Front
  • Back

The process of making and implementing strategic decisions.


Strategic Management

An action that managers take to attain one or more of the organizations goals

Strategy

An analysis that guides you to identify the positives and negatives inside your organization (strength & weakness) and outside of it, in the external environment (opportunity & threat).


SWOT analysis

Can be also as a bundle of decision and acts which a manager undertakes, and which decides the result of the firm’s performance


Strategic Management

Refers to a process of collecting, scrutinizing and providing information for strategic purposes

Environmental Scanning

The process of deciding best course of action for accomplishing organizational objectives and hence achieving organizational purpose


Strategy Formulation

The ultimate step in strategy formulation

Choice of Strategy

Implies making the strategy work as intended or putting the organizations chosen strategy into action

Strategy Implementation

The final step of strategy management process


Strategy Evaluation

An analysis of the organization’s strength, weakness, opportunities, and threats


SWOT analysis

4 BASIC FMANAGEMENT FUNCTION OF STRARTEGIC MANAGEMENT


Planning


Controlling


Organizing


Leading

7 CHARACTERISTICS OF THE CONSTRUCTION INDUSTRY

Size of the Firm


Construction Project


Workforce


Ease of Entry to The Industry


Separation of Design and Production


The Nature of Demand


The Government’s Role

4 PHASES OF STRATEGIC MAANAGEMENT

Environmental Scanning


Strategy Formulation


Strategy Implementation


Strategy Evaluation