Complex Data Set Using Lu Strategic Planning For

Write a response to another students original discussion board post. This should be Meaningful. Here is the original post you are responding to:

Strategy Formulation & Strategic Thinking Forum Two

If asked, anyone can put together a strategy, by their own definition, and present that strategy in a way that many would accept as worthy of attention. The truth is, that most organizations do a poor job of strategy development (Rumelt, 2011). Many company strategies do not incorporate the appropriate amount of research, are unrealistic, or are unsustainable. Appropriate strategy formulation must include the development of a strategic vision, creating objectives, creating a strategy, executing the strategy, and measuring and evaluating the outcomes (Gamble, Peteraf & Thompson, 2019).

Process: Setting the Company’s Direction with Strategy

The five-stage process discussed by Gamble et al. (2019) must also include a number of internal and external considerations. A company must pay attention to what is happening around them in order to predict where the strategy will lead them and whether the results are worthy of change, provide them a competitive advantage, or lead them down a path that someone in their industry has already been down.

A company must first determine where it is going, its strategic vision. A well-developed vision provides a clearly defined statement of where the company is going. Additionally, it gives a clear point of reference for strategic decision-making (Gamble et al., 2019). A company’s mission provides a snapshot of what the business does now in terms of products, service, and identity. The values of the organization outline how the organization conducts their business in terms of their beliefs and norms and direct the activities described in the vision and mission (Gamble et al., 2019).

In order to focus the organization on specific actions and determine whether the actions are providing the desire outcome, the organization must develop objectives that are measurable and provide a timeline for completion. These “targets” are what the organization hopes to achieve both financially and strategically, short-term and long-term. The organization is then ready to develop the strategy, or game plan, on how all of this will work together and what steps must be taken in order to do so (Gamble et al., 2019).

For both public and private organizations, a strategic planning approach to decision-making has been show to result in decisions that are more informed and target specific (George, Walker, & Monster, 2019).

Strategic Thinking: Discussion of Key Advantage or Disadvantage – Rumelt

The success of an organization often depends on the ability of leaders to explore business opportunities that might otherwise not appear viable and to innovate and capitalize on these opportunities (Calabrese & Costs, 2015). In addition, leaders must identify the obstacles and focus on why things are being done rather than what is being done. Strategic thinking requires one to move beyond simplistic alternatives that can be easily argued or disputed (Rumelt, 2011).

One key advantage of a good strategy, as described by Rumelt (2011), is that a good strategy builds a bridge between a critical challenge and actions. Of course, leaders must first be able to identify the critical challenge and discuss why it is a challenge before they are able to determine what actions might be taken to alter that challenge. Rumelt (2011) describes this combination of thought and action as the kernel, where the core of the strategy includes diagnosing the challenge, creating an approach to overcome obstacles, and coordinated steps to successfully accomplish desired results. It may include making difficult choices or reallocating resources toward favorable outcomes. Rumelt (2011) says, “A good strategy draws power from focusing minds, energy, and action. That focus, channeled at the right moment onto a pivotal objective can produce a cascade of favorable outcomes (p.97).

Decision Model

Most often, I choose decision models based on changes that I would like to see in myself such as the conflict resolution model or SWOT analysis. Although these models may serve to open my own mind to strategic thinking, I believe that working toward defining a direction for an organization or setting its direction, I would likely choose Krogerus, Tschäppeler, and Piening’s (2018) Team Model (p.126). The Team Model is a tool that will help to determine whether the right people are available to move the project in the desired direction, based on their skill set and capability. If a strategy is going to be successful, it is important to know if your team is able to see that strategy through to completion.

Conclusion

In conclusion, there are a number of considerations when developing a strategic plan. Leaders and decision-makers must pay attention to what is happening around them in order to predict where the strategy will lead them and whether the results are worthy of change, provide them a competitive advantage, or lead them down a path that someone in their industry has already been down. Effective strategy will address obstacles and methods for getting around those obstacles, internal and external considerations, and a detailed plan of action to successfully reach organizational objectives.

References

Calabrese, A., & Costa, R. (2015). Strategic thinking and business innovation: Abduction as cognitive element of leaders’ strategizing. Journal of Engineering and Technology Management, 38, 24-36. doi:10.1016/j.jengtecman.2015.06.001

Gamble, J., Peteraf, M., & Thompson, A. (2019). Essentials of strategic management: The quest for competitive advantage. McGraw-Hill Education: New York, NY.

George, B., Walker, R. M., & Monster, J. (2019). Does strategic planning improve organizational performance? A meta-analysis. Public Administration Review, 79(6), 810-819. doi:10.1111/puar.13104

Keller, T. (2012). Every good endeavor: Connecting your work to God’s work. Penguin Random House LLC: New York: NY.

Krogerus, M., Tschäppeler, R., & Piening, J. (2018). The decision book: Fifty models for strategic thinking. New York: W.W. Norton & Company.

Rumelt, R. (2011). Good strategy bad strategy: The difference and why it matters. Penguin Random House LLC. New York: NY.

Annotated Bibliography

According to Calabrese and Costra (2015) innovation is the product of strategic thinking. The authors acknowledge the complexity of strategy and identifying and overcoming obstacles. The reason, according to Calabrese and Costra, is that decision-making is a human process that depends on the strategic thinking capabilities of the decision-maker. A successful strategy requires leaders develop a different set of objectives and actions to deliver business opportunities. The study also explores the cognitive processes of leaders and the environmental forces of those leaders’ organizations and how these influence their strategic choices.

This study used the abductive reasoning theory, which examines “a mass of facts and allows the facts to suggest a theory”, and a laddering technique using interviews of twenty strategic leaders. Results conclude that leaders must move beyond what is rational and improve strategy in order to support innovation.

The authors provide a very complex data set using two different models and provide very little in explanation of those results. Results were interpreted more toward cognitive results rather than in strategic innovative results. I agree with the information provided in the study, but it did not prove to be an extremely useful source. The article gave me the impression that the study began with one set of objectives and finished on another, although I am certain that the authors’ intention was met with their research, it was very difficult for me to follow. The information that I was able to glean from the information provided was very helpful and supported the information provided by Rumelt and the importance of strategic planning and looking for innovative ways to gain competitive advantage. Overall, the information provided served the purpose for exploration into strategic thinking by leaders and their ability to gain and sustain competitive advantage through innovation.

George, B., Walker, R. M., & Monster, J. (2019). Does strategic planning improve organizational performance? A meta-analysis. Public Administration Review, 79(6), 810-819. doi:10.1111/puar.13104

George, Walker and Monster (2019) sought to explore whether strategic planning was recognized in contemporary organizations and whether it has a positive impact on organization performance. The study provided interpretation of meta-analysis data, which indicates that strategic planning is a significant in both the private and public sector and that it has a significant positive impact on organizational performance. Information provided also provides information on the importance of strategic planning across an organization and requires funding that many are unwilling to provide. According to George, Walker and Monster (2019) “The findings suggest that strategic planning should be part of the standard managerial approaches in contemporary organizations and contradict many of the critiques of strategic planning”.

The authors are seasoned in the area of strategy, behavior and the social sciences, as well as public administration. Their meta-analysis covered 20 years of empirical research and included both public and private sector across geographic contexts. The authors sought to determine the effectiveness of strategic planning in response to critics of the process including Mintzberg and Martin. Mintzberg stated that strategic planning and strategic thinking are unrelated. Martin reported that strategy cannot be controlled and the hype associated with strategic planning is false information to organizational leaders. I agree with the results of the meta-analysis and conclusions of George, Walker and Monster (2019). The positions taken by both Mintzberg and Martin provide no details of the reasons for their position on strategic planning and strategic thinking.

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Complex Data Set Using Lu Strategic Planning For

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