Strategic Management - Meaning and Important Concepts Strategic Management - Meaning and Important Concepts Strategic Management - An Introduction Strategic Management is all about identification and description of the strategies that managers can carry so as to achieve better performance and a competitive advantage for their organization. An organization is said to have competitive advantage if its profitability is higher than the average profitability for all companies in its industry. The manager must have a thorough knowledge and analysis of the general and competitive organizational environment so as to take right decisions. Strategic management is nothing but planning for both predictable as well as unfeasible contingencies.
Facilitating and identifying training opportunities Engaging staff Setting organization-wide direction Quality management systems: When the Industrial Revolution came, early quality management systems were used as standards that controlled product and process outcomes.
As more people had to work together to produce results and production quantities grew, best practices were needed to ensure quality results. Eventually, best practices for controlling product and process outcomes were established and documented.
These documented best practices turned into standard practices for quality management systems.
Quality became increasingly important during World War II, for example, when bullets made in one state had to work with rifles made in another. The armed forces initially inspected virtually every unit of product.
The importance of quality only grew after the war. The Japanese enjoyed a quality revolution, improving their reputation for shoddy exports by fully embracing the input of American thinkers like Joseph M.
Edwards Deming and shifting focus from inspection to improving all organization processes through the people who used them. By the s the U. The rise of quality management systems The American response to the quality revolution in Japan gave birth to the concept of total quality management TQMa method for quality management that emphasized not only statistics but approaches that embraced the entire organization.
In the late 20th century, independent organizations began producing standards to assist in the creation and implementation of quality management systems. At the start of the 21st century, QMS had begun to merge with the ideas of sustainability, and transparency, as these themes became increasingly important to consumer satisfaction.
The ISO audit regime deals with both quality and sustainability and their integration into organizations. Two overarching benefits to the design and implementation of documented quality management systems include:Quality Management System (QMS) Software.
In today’s market, the need to maintain a high level of quality is paramount to success. EtQ has developed a leading Quality Management Software solution that provides a holistic and scalable solution for automating processes, integrating business systems, and fostering collaboration and continuous improvement.
Strategic Analytics for Improvement and Learning (SAIL) What is SAIL? Strategic Analytics for Improvement and Learning Value Model or SAIL, is a system for summarizing hospital system performance within Veterans Health Administration (VHA).
As a reader of quality related books and periodicals, I have been noting the delicate dance between two different factions. On one side of the floor are those whose passions are for a strong and all encompassing quality management system (QMS), such as ISO or a derivative.
On the other. Recently, we have seen some companies move beyond our early vision for the scorecard to discover its value as the cornerstone of a new strategic management system.
Total Quality Management and strategic planning provide an organization with the tools to gain a competitive advantage in the marketplace.
Total Quality Management focuses the organization's goals. "R. Edward Freeman's book, Strategic Management: A Stakeholder Approach, is THE seminal book in the field. It is the authoritative source that created the field and has had immeasurable impact on scholars, executives, and students.