Management and Organizational Studies 1023A/B Lecture Notes - Lecture 2: Institute For Operations Research And The Management Sciences, Strategic Choice, Society For Human Resource Management

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1023A/B
• Professor: Linda Eligh

Document Summary

Companies use resources to compete with other companies. Resources: systems: physical plant, equipment, technology, location, organizational structure, planning, controlling, coordinating, human experience, skills, intelligence of employees. The goal of strategic management is to deploy and allocate resources in a way that gives them a competitive advantage. Strategic human resource management: a pattern of planned human resource deployments and activities intended to enable an organization to achieve its goals. Two phases strategy formulation and strategy implementation. Strategy formulation: the process of deciding on a strategic direction by defining a company"s mission and goals, its external opportunities and threats, and its internal strengths and weaknesses. Strategy implementation: the process of devising structures and allocating resources to enact the chosen strategy. Goals: what an organization hopes to achieve in the medium to long- term future. External analysis: examining the organizations operating environment to identify strategic opportunities and threats. Internal analysis: the process of examining an organizations strengths and weaknesses.