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Do you believe strategic management is more an art or science explain?
All things considered, management is not only an art but a science as well. It is termed as an art because strategic management necessitates accredited skills, which are particular to a given manager. Accordingly, science gives knowledge, while art handles application of acquired knowledge along with skills.
Do you feel strategic management should be more a top down or bottom IP process in a firm Briefly explain your answer?
Strategic management should be a top-down process so that the strategies that the manager apply in achieving results should come down and manager instill those strategies to their workers so that they can achieve the results expected by them from their leaders.
Why is strategic management more important for a company?
Here are some reasons why strategic management is a crucial business practice: Planning: This is an essential management tool for any company. Strategy management teaches you to ensure the company’s resources, in terms of products and services, are used wisely and vested in the most promising opportunities.
Why is strategy process important?
A strategic plan is a written document that points the way forward for your business. The strategic planning process also helps you uncover ways to improve performance. It can, for instance, spark insights about how to restructure your organization so that it can reach its full potential.
Is management is an art or science?
Management is science because of several reasons—it has universally accepted principles, it has cause and effect relationship, etc, and at the same time it is art as it requires perfection through practice, practical knowledge, creativity, personal skills, etc. Management is both art and science.
Should strategy be top-down or bottom-up?
In many companies, strategy planning is a top-down exercise. Plans are drawn up by senior executives and then passed down to managers who oversee this execution among staff members.
What is better top-down or bottom-up?
With a much more structured control, the top-down approach creates a plan faster by eliminating complex and time-consuming coordination tasks. With bottom-up planning, one of the greatest advantages is having more realistic plans created directly with the employees involved.
What is a strategy in strategic management?
A strategy is a plan of action designed to achieve a specific goal or series of goals within an organizational framework.
What is strategic management process?
Strategic management process is a continuous culture of appraisal that a business adopts to outdo the competitors. Simple as it may sound, this is a complex process that also covers formulating the organization’s overall vision for present and future objectives.
What is management as a process?
Management process is a process of setting goals, planning and/or controlling the organizing and leading the execution of any type of activity, such as: a project (project management process) or. a process (process management process, sometimes referred to as the process performance measurement and management system).
Should management be viewed as a science?
Management combines features of both science as well as art. It is considered as a science because it has an organized body of knowledge which contains certain universal truth. It is called an art because managing requires certain skills which are personal possessions of managers.