Strategic management glossary of terms

Jul 19, 2018 the definitive data management glossary of terms is the perfect primer to educate your enterprise. Its important that everyone is on the same page when discussing strategy. This glossary will help your it project teams standardize on frequently used project management terms, from critical path to work breakdown structure to scrum. Definitions for terms or phrases used throughout the strategic plan process.

The most important requirement around the use of strategic. The scorecard is to be used as both a measurement and management tool to assist in fulfilling your organizations vision. Noun phrase definition 30,000 foot view program management view 50,000 foot view. Glossary of core strategic management concepts 8020 rule sometimes called the pareto distribution, the notion that to be strategic organ. Activitybased management abm is the use of the activitybased costing tool by process owners to control and improve their operations. Consensus unanimous agreement among the decisionmakers that. Below is the detail all the 8 important strategic management key terms, which are important to understand for developing a successful strategic plan in business. The information contained in this listing was gathered from global supply chain leaders. It defines what they can expect from the institution, and differentiates it from competitors. Brand a brand is an organizations promise to, and reputation among, its customers. Many planners might have a different interpretation of a particular term, especially if they primary use one model of strategic planning. Effective conflict management prevents differences becoming destructive elements in a project. Because process analysis is conducted in the building of an activitybased cost model, management knows its business much better and can consequently evaluate valueadded and nonvalueadded activities.

Section i is a listing of basic project management terms. It includes a feedback loop to monitor execution and timely changes to the planning process. Forming a strategic vision should provide longterm direction, delineate the organizational activities to be pursued and the capabilities the organization plans to develop, and infuse the organization with a sense of purposeful action. The most important requirement around the use of strategic planning terms and concepts is that the facilitator and planners share common interpretations, at least during the planning process. A specific task or duty assigned to a person or group of people. Glossary of strategic terms learn more from a strategy workshop held on your premises it is vitally important to have a common language when working in the area of strategy management. The glossary of terms provides you with a comprehensive listing of current logistics and supply chain management terms along with their descriptions.

Each aspect of the product strategy and process is numerically rated to identify areas of weakness that would benefit from improvement, as well as any areas that are completely lacking. Some organizations may choose to use different terminologies and definitions. Strategic audit a checklist of questions that provide an assessment of a firms strategic position and performance. Morgan asset management s glossary of investment terms, which is a valuable resource especially if youre new to investing. These strategic management key terms are eight in numbers and are the base of strategic management. Session 2 7122010 strategic management the remark team slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Activity one of the steps required to complete a process. Strategic management and planning glossary of terms. Gtm gotomarket a products gtm or gotomarket is a strategic plan encompassing the major tactics and resources that a company will use to release, promote and sell the product. Indeed, the acute painpoint was recently and eloquently described at a conference in london.

Strategic management involves setting objectives, analyzing the competitive environment. Strategic management can be defined as a decisionmaking process that leads to the development. Its vital that everyone is on the same page when discussing strategy. Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. Acceptance criteria performance requirements and essential conditions that have to be achieved before project deliverables are. Many businesses use credit for supplies, raw materials, or inventory purchases. It project management glossary and terminology hygger. Conflict management conflict management is the process of identifying and addressing differences. Strategic planning coordinating committee spcc group that oversees the strategic planning effort. Choose from 500 different sets of vocabulary business strategic management flashcards on quizlet.

What is strategic management, and why is it important. Common strategic planning terminology used in organizations. G ssary of c ore s trate g i c m ana g e m ent c on c epts 417 glossary of core strategic management concepts 8020 rule sometimes called the pareto distribution, the notion that to be strategic organ. If youre a new business owner, you may be hearing some terms youre not familiar with. The following terms are in everyday use in financial regions, such as commercial business and the management of large organisations such as corporations. Contract management includes negotiating the terms and conditions in contracts, ensuring compliance with the terms and conditions, documenting and agreeing on any changes that may arise during its implementation or execution.

Glossary of key terms strategic commitment or priority or issue. Glossary of standard project management terms page i developed by comptia. Business model colloquial term used to express how an organization seeks to turn a profit or created added value. If you continue browsing the site, you agree to the use of cookies on this website. Learn vocabulary business strategic management with free interactive flashcards. A management tool that involves calculating or estimating the. Strategic planning system sps strategic planning process applied to an organization as a whole or to significant parts of it on an ongoing basis. The management of contracts made with customers, suppliers, partners, or employees. Economic or other characteristics of a marketplace that make it difficult fornew firms toenter or exit. Download our free glossary of strategic management terms that you can keep handy at all times. Glossary of strategic management terms acquisition. In this process, the strategists determine objectives and make strategic decisions. This is an accounting term that refers to the credit debt your business has incurred. Morgan asset managements glossary of investment terms, which is a valuable resource especially if youre new to investing.

It is a governance that serves the strategic plan and provides for appropriate operational and strategic management. The definitive data management glossary of terms is the perfect primer to educate your enterprise. Project management glossary of terms page 7 fall 2007 approved change request outputinput a change request that has been processed through the integrated change control process and approved. To help you achieve this goal, were offering this authoritative reference guide, pulling together a complete list of project management terminology. The complete glossary of project management terms smartsheet. Section ii provides definitions for terms you will likely need as your project. In order to achieve business objectives, it is important for the people involved in strategic planning to understand what each strategic planning terminology means. Budget at completion bac the sum of all budget values established for the work to be performed on a project or a work breakdown structure component or a schedule activity.

Term of the day application data management adm application data management adm is a technologyenabled business discipline in which business and it work together to ensure the uniformity, accuracy, stewardship, governance, semantic consistency and accountability for data in a business application or suite, such as erp, custommade or core banking. Strategic management, like many other subjects, has developed terminology to identify important concepts. Cscmp supply chain management definitions and glossary. Strategic management is the process of decision making and planning which leads to the development of an effective strategy to help achieve organizational objectives. Nov 27, 2015 it project management terms you should know. Download our free glossary of strategic management terms. Strategic management is the management of an organizations resources to achieve its goals and objectives. Glossary of strategic planning terms consultants development.

Feb 12, 2020 strategic management is the management of an organizations resources to achieve its goals and objectives. In terms of organizations coming together, through trade or ownership, cultural differences can result in significant friction termed culture clash. Glossary of core strategic management concepts wiley online. This management dictionary contains a description and explanation of terms and methods. You may also be looking for an mba dictionary or mba glossary. To help monitor your strategic plan, one of the best tools around is the balanced scorecard, developed by kaplan and norton from harvard. Understanding these terms and acronyms is an important.

Glossary of project management terms and acronyms used by project managers and business professionals. Special thanks is extended to those who participated in the case studies by sharing the details of their strategies. Project management glossary terms usaid learning lab. Glossary of strategic planning terms the following list includes many of the most common terms used in strategic planning. Product management terms and definitions glossary by productplan. The term strategic management is used to denote a branch of management that is concerned with the development of strategic vision, setting out objectives, formulating and implementing strategies and introducing corrective measures for the deviations if any to reach the organizations strategic intent.

Heres a sample of the terms covered in the glossary. An important undertaking that an organization believes it is its duty to do. Strategic management is the management of an organization s resources to achieve its goals and objectives. Establishing standardized definitions for common project management terms is a challenge, even for seasoned pros. Their input, advice, and lessons learned, both successes and failures, have been incorporated into this document so that we may all apply better strategic management processes in our organizations. Gartner glossary enables industry leaders to build and manage a common business vocabulary across an organization. When one company, the acquirer, purchases and absorbs the operations of another, theacquired.

Strategic myopia managements failure to recognize the importance of changing external conditions because they are blinded by their shared, strongly held beliefs. Strategic management definitions flashcards quizlet. It was compiled to assist operations management students in courses at the university of michigan business school. Feb 24, 2017 establishing standardized definitions for common project management terms is a challenge, even for seasoned pros. The following list includes many of the most common terms used in strategic. Strategic management involves setting objectives, analyzing the. Glossary of terms acceptance the formal process of accepting delivery of a product or deliverable. Principles of management glossary spanish cheat sheet spanish grammar glossary. Using external information or data to drive prioritization and predictions about current and. Each of the following definitions is amplified and. This glossary contains more than 600 terms and provides simple, clear explanations.

Person who has primary responsibility for managing the strategic planning process on a daytoday basis. Nara records management key terms and acronyms 6 k ey t erm d efinition federal enterprise architecture fea the enterprise architecture of a federal government. It provides a common approach for the integration of strategic, business, and technology management as part of organization design and performance improvement. Acceptance testing acceptance testing is a validation activity conducted to determine whether or not a system satisfies its acceptance criteria.

Strategic management and planning glossary of terms strategic. Product management terms and definitions glossary by. Key terms in strategic management strategic management. Jun 28, 20 glossary of strategic management terms acquisition. A strategic management approach that assess capabilities by comparing the firms. This glossary includes terms pertinent to operations management. The following glossary has been developed to help you succeed as a project manager by establishing standard definitions for commonlyused terms you will encounter in your. Learn vocabulary, terms, and more with flashcards, games, and other study tools. This glossary of riskrelated technical terms aims at solving a painpoint common to mining and oil and gas, natural resources in general, and also in other industries. Therefore, the facilitator and planners should discuss the most often used terms before they use them in planning.

Project management glossary of terms page 8 fall 2007 budget the approved estimate for the project or any work breakdown structure component or any schedule activity. With it, you can actively track progress toward your goals. This strategy dictionary will explain the most common terms used in strategic. This list of 30 business phrases can help you understand some of the jargon. Glossary of sourcing terms sig sourcing industry group. Management, from a traditional perspective, is about planning, organizing, staffing recruiting, retaining and developing talent, directing and measuring the work that goes on in an organization. Following are some basic product management terms and definitions that any product manager should be familiar with. Whether youre a student, professor, or practicing professional, this glossary is an excellent tool to.