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What are the difficulties with strategy evaluation with the passage of time?
Wiki User
∙ 14y ago
Strategy evaluation is becoming increasingly difficult with the passage of time, for many reasons. Domestic and world economies were more stable in years past, product life cycles were longer, product development cycles were longer, technological advancement was slower, change occurred less often, there were fewer competitors, foreign companies were weak, and there were more regulated industries. Other reasons why strategy evaluation is more difficult today include the following trends:
1. A dramatic increase in the environment's complexity
2. The increasing difficulty of predicting the future with accuracy
3. The increasing number of variables
4. The rapid rate of obsolescence of even the best plans
5. The increase in the number of both domestic and world events affecting organizations
6. The decreasing time span for which planning can be done with any degree of certainty
Wiki User
∙ 14y ago
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The expense associated with the decrease in economic usefulness of a fixed asset with the passage of time is?
economics
What is a dominant strategy?
In game theory, a dominant strategy is one where regardless of what the other player does, you always have a larger payoff. In probability a dominant strategy is the one with the higher likelihood of winning. For example, if you have 30% red M&Ms, 70% yellow M&Ms coming out of a tube, the dominant strategy will be to always guess yellow. (Probability matching, which most adults use is guessing 30% of the time red, and the rest yellow). An every day example would be two work routes- one that is 80% of the time traffic jammed, and the other which is only 10% of the time traffic jammed. You will always prefer the second route- despite the small probability that the first route is better.
Difference between flow shop manufacturing and batch manufacturing?
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What does asset maximization mean?
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Can you have some definitions for strategy from differents authors?
Strategy is perspective, position, plan, and pattern. Strategy is the bridge between policy or high-order goals on the one hand and tactics or concrete actions on the other. Strategy and tactics together straddle the gap between ends and means. In short, strategy is a term that refers to a complex web of thoughts, ideas, insights, experiences, goals, expertise, memories, perceptions, and expectations that provides general guidance for specific actions in pursuit of particular ends. Strategy is at once the course we chart, the journey we imagine and, at the same time, it is the course we steer, the trip we actually make. Even when we are embarking on a voyage of discovery, with no particular destination in mind, the voyage has a purpose, an outcome, an end to be kept in view.Strategy According to Michael PorterIn a 1996 Harvard Business Review article [5] and in an earlier book [6], Porter argues that competitive strategy is "about being different." He adds, "It means deliberately choosing a different set of activities to deliver a unique mix of value." In short, Porter argues that strategy is about competitive position, about differentiating yourself in the eyes of the customer, about adding value through a mix of activities different from those used by competitors. In his earlier book, Porter defines competitive strategy as "a combination of the ends (goals) for which the firm is striving and the means (policies) by which it is seeking to get there." Thus, Porter seems to embrace strategy as both plan and position. (It should be noted that Porter writes about competitive strategy, not about strategy in general.) Strategy According to George SteinerGeorge Steiner, a professor of management and one of the founders of The California Management Review, is generally considered a key figure in the origins and development of strategic planning. His book, Strategic Planning [2], is close to being a bible on the subject. Yet, Steiner does not bother to define strategy except in the notes at the end of his book. There, he notes that strategy entered the management literature as a way of referring to what one did to counter a competitor's actual or predicted moves. Steiner also points out in his notes that there is very little agreement as to the meaning of strategy in the business world. Some of the definitions in use to which Steiner pointed include the following: Strategy is that which top management does that is of great importance to the organization.Strategy refers to basic directional decisions, that is, to purposes and missions.Strategy consists of the important actions necessary to realize these directions.Strategy answers the question: What should the organization be doing?Strategy answers the question: What are the ends we seek and how should we achieve them?Strategy According to Henry MintzbergHenry Mintzberg, in his 1994 book, The Rise and Fall of Strategic Planning [3], points out that people use "strategy" in several different ways, the most common being these four: Strategy is a plan, a "how," a means of getting from here to there.Strategy is a pattern in actions over time; for example, a company that regularly markets very expensive products is using a "high end" strategy.Strategy is position; that is, it reflects decisions to offer particular products or services in particular markets.Strategy is perspective, that is, vision and direction.Strategy According to Kenneth AndrewsKenneth Andrews presents this lengthy definition of strategy in his book, The Concept of Corporate Strategy [4]: "Corporate strategy is the pattern [italics added] of decisions in a company that determines and reveals its objectives, purposes, or goals, produces the principal policies and plans for achieving those goals, and defines the range of business the company is to pursue, the kind of economic and human organization it is or intends to be, and the nature of the economic and non-economic contribution it intends to make to its shareholders, employees, customers, and communities. (pp.18-19)."Andrew's definition obviously anticipates Mintzberg's attention to pattern, plan, and perspective. Andrews also draws a distinction between "corporate strategy," which determines the businesses in which a company will compete, and "business strategy," which defines the basis of competition for a given business. Thus, he also anticipated "position" as a form of strategy. Strategy as the basis for competition brings us to another Harvard Business School professor, Michael Porter, the undisputed guru of competitive strategy.I hope that answers the question.
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