MGMT 4P90 Chapter Notes - Chapter 2: Strategic Management, Business Process, Balanced Scorecard

• School: Brock University
• Department: Business - Management
• Course: MGMT 4P90
• Professor: Trish Ruebottom

Document Summary

Vision what the organization hopes to become in the future. A vision is one key tool available to executives to inspire the people in an organization. A mission statement should explain to stakeholders why they should support the organization by making clear what important role or purpose the organization plays in society. Goals narrower aims that should provide clear and tangible guidance to employees as they perform their work on a daily basis. The most effective goals are those that are specific, measurable, aggressive, realistic, and time-bound. (smart) A goal is measurable to the extent that whether the goal is achieved can be quantified. A goal is aggressive if achieving it presents a significant challenge to the organization. Organizational performance how well an organization is doing to reach its vision, mission, and goals. Assessing organizational performance is a vital aspect of strategic management.