Strategic Management for Use of Resources- MyAssignmenthelp.com

Question: Discuss about theStrategic Managementfor Efficient Use of Resources. Answer: Strategic management in the work place gives an overall direction for the achievement of goals. Strategic management relates to the workplace through various aspects such as giving an overall direction for achieving the set goals, efficient use of resources, establishing goals, managing risks and uncertainty, team building and creating competitive advantages. Strategic management relates to the work place since every organization ought to scan its environment, formulate, implement and evaluate and control its strategic plan. An organization has to assess its competitors and set strategies of how to compete with existing and potential rivals. It has to implement the strategies then determine whether it was successful or there is a need for a new strategy. Every organization regardless of the size needs to adopt strategic management to endure and compete in the market and try to optimize the future following the current trend. Learning about strategic management helps me in developing personal skills such as time management, setting objectives, prioritizing work tasks, managing interruptions and in developing planning aids. Time management, for instance, involves deciding how I allocate time to achieve the set objectives. It entails identifying the amount of working time allocated each week, the type and number of job-related activities needed that have to be undertaken every week, and the quantity of time spent on each activity. Developing a strategy of how to utilize time effectively gradually improves my life. Strategic management aids in my professional development since it involves creating a learning culture in the workplace and providing strategies and opportunities to build basic skills. I can build my skills through being involved in mentoring and supervision activities, on-the-job training as well as leadership training. As a result of capacity building and skills training in an organization, I become increasingly capable.