Buy Copies. Strategic management is itself the fourth and culminating element. <> Coined in the 1980's by Frederick W. Gluck and his McKinsey Consulting firm colleagues Stephen P. Kaufman and Steven Walleck, strategic management has four basic elements: finance-related planning, forecast-based planning and externally-focused planning. 3 0 obj Our findings show that the most important cognitive elements of strategic thinking are creative, visionary, rule oriented and quick insight learning. The answer to that question helps an executive drive organizational strategy through various ways to maximize results in minimal time, maintain a bird’s-eye view of the big picture and ensure the team aligns its goals with those of the organization. Developing your strategic thinking skills isn’t enough to get you promoted. A mission statement is your overall, lasting formulation of why your company exists and what it hopes to be. Refine the plan. A tactical thinker is sequential, focusing on one thing followed by another. Elements of a Strategic Plan A plan spells out where an organization is going over the next year or more and how it is going to get there. These are the five elements that make up strategic thinking as described by Dr. Jeanne M. Liedtka, a faculty member at the University of Virginia's Darden Graduate School of Business and former chief learning officer at United Technologies Corporation. %%EOF A strategic framework is your road map for moving your business forward. ��"� endobj A strategic plan is a ... ate a culture of strategic thinking, so your strategic planning does not become an annual retreat but, instead, a part of daily decision making. h�bbd``b`�)@�q?�` �����$ ��~ �M� THE ELEMENTS OF STRATEGIC THINKING: A PRACTICAL GUIDE Robert Kennedy 58,000 American lives lost, 350,000 casualties, With and untold national treasure forfeited, on April 30, 1975, the last Americans in South Vietnam were airlifted out of the country as Saigon fell to communist forces at the height of the Cold War. One of the essential elements in strategic thinking is having desired information that can help leaders in increasing their thinking beyond day-to-day. You'll need to consider some key elements to build that strategy. Strategic thinking is built on a systems perspective, intent driven, hypothesis driven, intelligently opportunistic (capitalizing on new possibilities as the situation changes), and involves the ability to think in time (linking past, present, and future Taken together, these elements are capable of creating superior value, in hard to initiate ways, that make organizations more adaptable to change. (These may also be referred to as stretch goals.) %PDF-1.3 %���� Ability to drive results 4. Once there is a consistent definition of strategy enterprise-wide, organizations should include strategy skills into their leadership development programs. endobj You should connect the managers with the mentors. Ability to work across functions 3. endobj ��3������XwWwGGGx����wtuu������~����]M Print. 53 0 obj <> endobj This group of elements, which are central to the strategic management process outlined in Figure 10.6 "The Strategy Diamond", makes up the strategy diamond The constellation of business, corporate, and international strategy elements in terms of arenas, differentiators, vehicles, staging and pacing, and economic logic.. "�η���?9�D�P(�E޾}M4PBTz��a�w��_�իW��<66��z������sg���##����6Z���":Z��ɏ�?Un�kCSAюV�����ǎf0���ָ�e���82~�����e��P(�_(vzZ���tOLX��B}��ݠ� U%5%y���^ It will, however, be the combination of applying design tools with a strong understanding or organisational innovation that identifies the strategic value of design thinking. Format: The workshop format included a series of keynote presentations ... “Strategic Thinking in a Complex World” — Ms. T. Irene Sanders, Washington Center for Complexity and Public Policy Core financial understanding Recent research by authors Carroll and Mui underscore the importance of strategic thinking at the organizational level as well. This is marked by complexity, flux and contradictions in all aspects of the operating environments within which the organisations function. 0 It includes the goals you want to accomplish and an outline of how you intend to fulfill them. This essentially means looking at the definition of strategy and how it can be linked to leadership. A strategic thinker embraces possibilities. Elements of Strategic Thinking Intent Focus Hypothesis Driven Systems Perspective Thinking in Time Intelligent Opportunism 4 0 obj <> 7 0 obj endobj endobj e*�\)�_� &,N����+��I����7e����a���0ܰ��&� m�,;��=00���B��������hk�)q%y��m�U�߷~xx8*2zR������� ��U�p������yB\���6i���ʎظ����^�B���hii �! 10. a. Think of a vision statement as what your small business looks like in an ideal situation. Instead of doing what seems like the next best thing, you can stop and take the time to develop a strategy. These steps capture the essence of the strategic thinking public relations managers use to make their organization or unit more effective. <> design thinking is its ability to capture new knowledge, whereby practitioners might differ in their technique and tools (Bucolo & Matthews, 2010). A company’s strategic plan is the game plan that management uses for positioning the company in its chosen market arena, competing successfully, satisfying customers, and achieving good business performance. The most effective tool to develop your strategic thinking skills is that you are led by someone who is highly strategic. '-O��,[�,7'opp�G� ���a\�ÿ�n ��#��B���oO����1/'�j����N>+0::v��u�5��Bb(KBT"�/ #��i�B���������m ����J�Iy��������7�n�i��3����=}�t��"���Z�5#S����4Mn�y����x�q�v�A��>�&��?�߲y����(. Results of the present research indicate that the main elements of strategic thinking at the individual level include having vision, ability to analyze, having systems thinking, ability to question, creativity, ability to make synergy and ability to create advantage. endstream endobj 54 0 obj <> endobj 55 0 obj <>/ProcSet 66 0 R>>/Rotate 0/Type/Page>> endobj 56 0 obj <>stream HR Talk by Paul Nyausaru Strategic thinking has six key elements that include the ability to: anticipate, challenge, interpret, decide, align and learn. endobj 58 0 obj <>/Filter/FlateDecode/ID[<58F60333B6C7074D79476795D90F03E7><37C55ED4F7C2874293063CA6458CF9CE>]/Index[53 15]/Info 52 0 R/Length 49/Prev 38107/Root 54 0 R/Size 68/Type/XRef/W[1 2 1]>>stream A strategic thinker is holistic, looking for the next biggest result to deliver. endobj endobj Planning and Strategic Thinking Practitioners learn to think in terms of a formula of steps. 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