COMMERCE 2BC3 Chapter Notes - Chapter 2: Human Resource Management, Strategic Management, Strategic Choice
16 Sep 2016
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Document Summary
Strategic management: an approach for creating and managing a pattern or plan that integrates an organization"s major goals, policies, and actions into a cohesive whole. Strategic human resource management: a pattern of planned human resource deployments and activities intended to enable an organization to achieve its goals. Strategy formulation: the process of deciding on a strategic direction by de ning a company"s mission and goals, its external opportunities and threats, and its internal strengths and weaknesses. Strategy implementation: the process of deciding 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 organization"s operating environment to identify strategic opportunities and threats. Internal analysis: the process of examining an organization"s strengths and weaknesses. Strategic choice: the organization"s strategy; the ways an organization will attempt to ful ll its mission and achieve its long-term goals.
