Strategic Management Strategy

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STUDY AND EVALUATION OF STRATEGIC MANAGEMENT IN INDIAN CONSTRUCTION INDUSTRY Naveen Thomas Abraham1, A. Arokia Prakash2 1 Student, Construction Engineering and Management, SRM University, Chennai, 603203, naveennt2007@gmail.com 2Assistent Professor, Construction Engineering and Management, SRM University, Chennai, 603203, arokiaprakash.a@ktr.srmuniv.ac.in 1 ABSTRACT Strategic Management is a concept that concerns with making decisions and taking corrective actions to achieve long term targets and goals of an organization. The importance of strategic management in a firm can be answered by analyzing relationship between strategic management and organizational performance. Generally strategic management can improve the efficiency in various…show more content…
As a central component of long-term planning, the development of strategies is integrated into every facet of business organizations. The basic concept of strategy is that of an idea that sets in place a path that responds to multiple internal and external influences. In contrast to the execution and control plans developed for individual projects, strategies are concepts that contain no intrinsic steps to achieve the final destination. Originally developed by rulers and Military leaders attempting to broaden their empires, the concept of strategy can be traced to the beginnings of recorded history. (McGraw-Hill Irwin, 2009). Strategic management can be defined in various ways. According to Wheelen and Hungers’ study (2006, 3), strategic management is a set of managerial decisions and actions that determines the long-term performance of a corporation. It involves environmental scanning (both external and internal), strategy formulation (strategic or long range planning), strategy implementation, and evaluation and control. They emphasize the analyzing and evaluating of external opportunities and threats in terms of an organization’s strengths and weaknesses. (Wheelen & Hunger 2006,…show more content…
It contributes to the success of the organization and creates competitive advantage for the organization. The way HRM practices and policies take shape also affects the employee’s experiences of work and the employment relationship. HRM is therefore important in any organization. Within the mainstream HRM literature, there is a long tradition of research arguing that in order to make an optimal contribution to firm performance, HRM policies and practices should be integrated both with firm strategy, so-called vertical strategic integration and with each other, so-called horizontal integration. The orientation of the HRM function, its goals and aims, need to be aligned with the strategy of the organization. If we consider ‘‘managing by projects’’ as the strategy of the project-oriented company this would imply that the HRM policies, processes, and practices in the project-oriented company are in some way supportive of project-oriented working and are different from more traditional HRM processes and practices which are designed for the classically-managed organization where the emphasis is not on projects but instead on routine products and services and where the job requirements are well defined and stable. J. Rodney Turner
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