Identify the differences between the strategic management and other types of management.

There are a lot of differences that are found between the strategic management and other types of management in any organization. The differences between the strategic management and other managments are simply given in a table below -

Strategic management	Other types of management
Strategic management integrates are a functional management into a whole.	Other management deals with functional arena only.
It is oriented toward achieving organization wide goals.	It is oriented to achieving a local goal only.
It considers a broad range of stakeholders.	It tends to focus on serving individual stakeholders.
It entails multiply time horizons.	It tends to focus on short term issues alone.
It is concerned with both efficiency and effectiveness.	It is concerned with efficiency only.
The goals of strategic management are usually debatable.	The goals of operational management are validated through extensive past experiences.
Issues of strategic management are abstract deferrable and may be unfamiliar.	Issues of functional management are immediate, concrete and familiar.
Evidence of the merit of strategies is often available only after several years.	Evidence of merit of functional management gets promptly.
Strategic managers need a corporate point of view oriented to the environment.	Functional managers need procedural orientation to functions.

So from the above table we can easily find out the differences between these managements.

Analyze the feasibility of a project.

In a project analysis there are six broad phases that prevail the feasibility study of that project lies among the first four phases of capital budgeting such as planning, analysis, selection or evaluation and financing and the market, technical financial, economic and ecological analyses are also involved in this feasibility study. Below is the schematic diagram of the feasibility study of a project is given -

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What criteria to be considered in classifying an SBU?

The criteria that are to be considered in classifying an organizational unit as a Strategic Business Unit are:-

• An SBU would serve an external market rather than an internal market,
• It should have a clear set of external competitors which it is trying to equal or by-pass,
• It should have control over its own destiny,
• Its performance must be measurable in terms of profit and loss that is it should be a true profit center.

What is Strategic Business Unit?

Strategic Business Unit (SBU):

Here is the simplest definition of strategic business unit given below:

"Strategic Business Unit refers to a business unit which is an operating unit in an organization that sales a distinct set of products or services to an identifiable group of customers in competition with a well defined set of competitions."

State the process of formulating a mission statement.

Formulation of a mission statement:

The formulation of a mission statement of any business or non-business organization can be done in the following procedure.

• Belief that the product or service can provide benefits at least equal to its price,
• Belief that the product or service can satisfy customer needs currently not met adequately,
• Belief that, the technology to be used in production will provide a product that is cost and quality effective and competitive,
• Belief that, the management philosophy of the business will result in favorable public image,
• Belief that, with hand work and the support of others, the business can do better to survive, grow and be profitable,
• Belief that, the company is unique and distinct in its character from others.

Therefore, all the formulation tactics of mission statement are shown above.

What are the pitfalls of Strategic Management?

Pitfalls of Strategic Management

The pitfalls of strategic management are shortly given below :-

1. Strategic management does not work effectively in the real world situations, as conditions change so fast that managers can not do any planning specially for the long term.
2. Strategic objectives and goals are often needed to be vague and general. Therefore, it causes misunderstanding and confusion, among people that thwart,
3. Cognitive biases of the strategic decision makers often lead to severe and systematic errors in the strategic decision making process lest we forget that the rationality of the human decision makers is bounded by their own cognitive capabilities,
4. Strategic management is heavily influenced by “groupthink” that makes strategic decisions poor,
5. The test strategy formulation and implementation is seldom accomplished in planned and systematic fusion in isolation from everything else. Therefore strategic management can not have distinct qualitative attributes.

Draw a diagram of Strategic Management Process.

Diagram of Strategic Management Process:

The strategic management process has been shown in a graphical view below-

  

Figure: Strategic Management Process.

What is Strategic Management?

Definition of Strategic Management:

• “Strategic management is a process by which top management determines the long term direction and purpose of the organizer by ensuring that, careful formulation effective implementation and continuous evaluation of the strategy takes place.”

- Lloyd L Byarr

Leslie W. R

Shaker A. Zahra (1996)

• “Strategic management refers to the managerial process of forming a strategic vision, setting objectives, crafting a strategy, implementing and executing the strategy and evaluating performance and initiating corrective adjustments in the visions, objectives and strategies.”

- Aurther A. Thompson

A. J. Strickland 

What is Project Management?

• “Project management is the science and art of organizing the components of a project, whether the project is development of new product, the launch of a new service, a marketing campaign.”
• “Project management is the discipline of planning, organizing, securing and managing resources to achieve specific goals.”

Source: Here 

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What is Human Resource Management?

Here are some of the definitions of Human Resource Management opted out from some of the scholar's definitions. The definitions are written below: -

• “Human Resource Management is the set of organizational activities directed at attracting, developing and maintaining an effective work force.” - Griffin.
• “Human Resource Management is concerned with people dimension in management. It is a process consisting of acquisition, development, motivation and maintenance of human resource.” - Deconzo and S.P. Robbins.
• “Human Resource Management can be defined as a process of accomplishing organizational objectives by acquiring, retaining, terminating, developing and properly using the human resource in an organization.”- Skinner and Evanecevich.
• “Human Resource Management is the utilization of human resource available in order to effectively and efficiently achieve a set up goal” - Prof. Siraj Uddin

Source: Here

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What is Strategy?

Definition of Strategy

• “Strategy is the science and art of military command as applied to the overall planning and conduct of large scale business operations.”

The American Heritage Dictionary. 

• “Strategy is a unified, comprehensive and integrated plan designed to ensure that the basic objectives of the enterprise are achieved.”

William F. Glueck

• “Strategy is the formulation of organizational visions goals and objectives as well as action plans for achievement that explicitly recognize the competition and impact of outside environmental forces.”

William P. Anthony, Pamela L. Perrewe and K. Michael Keamar.

Source: Here

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