About This Chapter
Who's It For?
Anyone who needs help learning or mastering management strategy material will benefit from the lessons in this chapter. There is no faster or easier way to learn about management strategy. Among those who would benefit are:
- Students who have fallen behind in understanding the roles of planning and goal setting in management
- Students who struggle with learning disabilities or learning differences, including autism and ADHD
- Students who prefer multiple ways of learning business (visual or auditory)
- Students who have missed class time and need to catch up
- Students who need an efficient way to learn about management strategy
- Students who struggle to understand their teachers
- Students who attend schools without extra business learning resources
How It Works:
- Find videos in our course that cover what you need to learn or review.
- Press play and watch the video lesson.
- Refer to the video transcripts to reinforce your learning.
- Test your understanding of each lesson with short quizzes.
- Verify you're ready by completing the management strategy chapter exam.
Why It Works:
- Study Efficiently: Skip what you know, review what you don't.
- Retain What You Learn: Engaging animations and real-life examples make topics easy to grasp.
- Be Ready on Test Day: Use the management strategy chapter exam to be prepared.
- Get Extra Support: Ask our subject-matter experts any management strategy question. They're here to help!
- Study With Flexibility: Watch videos on any web-ready device.
Students Will Review:
This chapter helps students review the management strategy concepts covered in a standard business course. Topics covered include:
- Steps in the strategic management process
- The advantages of planning and its role in management
- Strategic, tactical, operational and contingency planning
- The components of operations planning
- Management by exception and the use of variance analysis
- Goal-setting techniques and review processes
1. The Strategic Management Process
We will be reviewing the strategic management process, starting with the four main steps of the process. These steps provide the foundation for understanding strategic management as a whole and will serve you well as you deal with management decision-making situations.
2. Planning as a Function of Management
In this lesson you will learn the role of planning as a function of management. Discover the advantages of and barriers to planning and how it is used to achieve organizational goals.
3. Types of Planning: Strategic, Tactical, Operational & Contingency Planning
This lesson will explain the four types of planning used by managers, including strategic, tactical, operational and contingency planning. Terms, such as single-use plans, continuing plans, policy, procedure and rule, will also be defined.
4. Operations Management: Focusing on Production Efficiency & Customer Satisfaction
Operations is the lifeblood of any organization - how a business works and processes materials and services helps produce its output. In this lesson we will focus on operations and explain the elements present in it.
5. Management By Exception: Definition and Limitations
Sometimes things go as planned, and sometimes they don't. In this lesson, you'll learn about management by exception, including how it works and its advantages and disadvantages. You'll also have an opportunity to take a short quiz.
6. Setting Business Department Goals
Setting goals is an important part of organizational management. In this lesson, we'll look at a method that departments can use to develop goals that fit into the overall vision of their organization. A short quiz follows the lesson.
7. Reviewing Goal Achievement: Comparing Results to Set Goals
Progress towards goals must be monitored and reviewed to determine whether you're on the right track. In this lesson, you'll learn about comparing results against a standard to determine goal achievement.
8. Critical Path Method: Definition, Analysis & Examples
In this lesson you will learn what the critical path methodology is, how it is used as a planning tool, and how the project manager uses it to execute projects on schedule and on budget
9. Synergy in Business: Definition & Examples
Businesses often try to create synergies because of the advantages they provide. In this lesson, you'll learn about what a synergy is and how it works. Some examples will also be provided. You'll also have a chance to take a short quiz.
10. Systematic Risk Principle: Definition, Types & Examples
In this lesson you will learn about the principle of systematic risk. We will define the principle and identify types of systematic risk, and show some some common examples.
11. What Is a Recessionary Gap? - Definition & Graph
In this lesson, we will learn the definition of the macroeconomic term recessionary gap and what it means for the economy. We will explore reasons recessionary gaps occur and take a look at how a recessionary gap is represented on graphs.
12. What Is a Risk Assessment? - Process, Methods & Examples
What is a risk assessment, and why would we prepare one? In this lesson we'll learn what it is, why it's needed, and how to prepare a risk assessment and rank potential risks for our business.
13. What Is the Planning Process? - Steps & Concept
What is the planning process, and why would you need one? In this lesson, we'll learn what it is, what it does, the types of plans you might need to develop, and the steps in the process.
14. Standard Operating Procedures: Definition & Explanation
Standard operation procedures (SOPs) document the steps of key processes to help ensure consistent and quality output. In this lesson, you'll read the definition of SOPs, understand why they are important tools for organizations, and learn some tips for writing SOPs.
15. Tactical Plans: Examples & Overview
Businesses can have a good strategy, but will fail if they don't execute. In this lesson, you will learn how tactical plans help turn a strategy into specific, action-oriented steps.
16. Military Strategy and Tactics
How can military strategy and tactics be applied to the business world? This lesson explains what lessons can be learned from some of history's great military leaders and their campaigns.
17. The Abilene Paradox - Definition & Examples
The Abilene Paradox occurs when the outcome of a group's actions contradicts the intent of the decision. In this lesson, we will define the paradox, describe its elements and analyze the space shuttle Challenger example.
18. Horizontal Expansion in Business: Definition & Examples
In this lesson you will learn what it means when a company horizontally integrates. The lesson will explain the main reasons companies decide to horizontally integrate and provide some examples of horizontal integration for a particular business.
19. Vertical Expansion in Business: Definition & Examples
In this lesson, we'll discuss what it means when a company vertically expands. We'll give reasons why companies do this and examples of the vertical expansion of a pizza parlor.
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