The project management with the strategic approach is a vast field and also is a big term in its meaning. It includes the processes and along with the goals and needs associated to it. It also takes care of the external as well ass internal happenings of the project. In this article, you can download example of Comprehensive Strategic Management Model by famous brand also or project.
- Need of Strategic management model in business
- Strategic Model Charts/Templates & Tool of project management
- Help with project execution plan
There are different models to do the strategic examination of the project. Therefore, in this context using a comprehensive strategic model proves to be very handy.
What is Project Strategic Model?
Moreover, the strategic management model mainly emphasis on the basic elements and their development at the same time. It is the excellent way of satisfying the project goal and missions. These days there are different varieties of models available you can get and use the one suited for your category of project.
Key Elements of Strategic Management Model
The main structure and components of all the models remains same and along with needs there comes some changes and alterations in it.
Related Article: Project Implementation Plan
Market Analysis/project Scope
The fist and very essential part is to do the analysis of the market. Along with this there is need of establishing the path with proper strategies. Lastly comes the implementation, monitoring and evaluating the strategy. As we can see it’s a systematic and dynamic process, thus can also benefit you tremendously.
In this process all the elements are interlinked and interact with each other simultaneously. The success of the implementation of these models mainly and chiefly depends on its uniqueness, features, and degree of complexity. Some of these models are briefly explained further in this reading to make the point clearer and understood. In Strategic management the project manager has to deal with both predictable and unfeasible likelihoods. Not only big the small organizations get benefit of it and eventually get the desired sustainable viable benefit from it.
In this article we will be discussing Strategic management along with the comprehensive strategic management models. We will also see how it all works by using some examples of it.
What is Comprehensive Strategic Management Model?
The strategic management model is a kind of tool used to deal and implement the strategies to the project for the betterment of the project. It is often used by project managers to pick and implement the strategies to the different phases of the project. Mostly it is the manager duty to pick the well-suited strategic plan foe the project by taking the consideration of the well suited one.
Project Capability & Reliability
Strategic management is way of dealing and managing the project with a broader prospective. In other words, it is the art of managing the project to maximizes the capability of project. Furthermore, this tool is also help workers and other members of team to understand their role in project.
- This will be useful to able to be more committed and organized to their allocated tasks.
- The management can also will be able to identify and handle the change by using comprehensive strategic management models.
As this process outlines the organization’s strategic approach and also the process as well to help in making batter decisions of strategies for the organization. All this ultimately result in accomplishing better performance.
Components of strategic planning model
The Strategic management is a constant and ongoing process that helps in evaluating and examining the business. Moreover, it also provides an opportunity of understanding the and industries in which involved competitors. Subsequently, its mange to ensure fixing the project goals to meet and compete with the potential competitors with the aid of suitable strategy.
Strategic management process involves following steps:
- The primary step in the strategic management starts with the highlighting and defining the project mission and goals.
- Second involves the process of collecting information about internal and external factors along with their influence on project. This step is also known as environment scanning process.
- Next comes the strategy formulation process of which highlights the steps needed for achieving organizational objectives and also explain project functional strategies.
- Then comes the step for planned strategies to work and implement them efficiently.
- Lastly the final stage is strategy assessment and evaluation which is for measuring performance and to examine if implementation meets the organizational objective criteria or not.
In case of change, you will need change management plan.
Types of Strategic Management Model?
Strategic planning aid in developing organization their action plan to attain their project goals. The strategic planning model basically highlight how organization organize strategy and make plan out of it. The implementing of such plan helps to implement and progress actions and meet their goals.
Following are some examples of Comprehensive Strategic Management Model:
BCG model in strategic management
BCG model is abbreviation for the Boston Consulting Group after the name of its creator. Mean of assessing the organization position with respect to product range. It is helpful in examining about your products and services. Also useful to make decisions about which product should be retained and which to get rid of according to growth and market positions.
Thus, BCG is a model helpful concept in reviewing your business plan. Moreover, it gives a platform for corporations to evaluate their products. Based on this information you can see how business products are doing in comparison with other competitor products in the market.
Porter’s five forces model in strategic management
Porter’s Five Forces is another tool for examining a company’s competitive market. This emphasis on the competitors and rivals and also the market. This information help you identify the most valuable, substitute and demanding products in market and also enhance company profitability.
- Porter’s Five Forces is an extraordinary and valuable tool that highlights and pinpoint the main competitors in your industry.
- Therefore, if you have a good idea about the market and what you are up against then you can map out the road to success.
- Porter that proposed five forces represent the foundation of competition in your field of market. Those five distinctive factors are as follows.
He stressed that it’s important not to confuse these with more fleeting factors, such as industry growth rates, government interventions, and technological innovations. According to Porter, these are temporary factors, while the Five Forces are permanent parts of an industry’s structure.
- Current competitive rivalry
- Supplier control
- Buyer information
- Threat of substitute product/services
- Risk of New comers in industry
Johnson and Scholes strategy model
This model mainly focuses on the scope and organization direction in future. This basically deals with the long-term direction and development of your business projects. The Johnson and Scholes model are a professional and very useful tool and serves you great help.
Moreover. It also makes accommodating adjustments and arrangements of resources in challenging situations, which is important to fulfil the market needs and requirements. For more information about Comprehensive Strategic Management Model, you can consult PMPDOCUMENT.COM Team