MANGT 510 Prospective Students
Sample Syllabus
Sample Lesson
Introduction
2.1 Strategic Management
2.1.1 Formulating, Implementing, and Evaluating
2.1.2 Cross-Functional Decisions
2.1.3 Achieving Corporate Objectives
2.2 Strategic Management Process Flow Chart
2.2.1 Formulating Strategies
Conducting an External Audit
Performing an Internal Audit
Establishing Long-Term Objectives
Generating, Evaluating, and Selecting Strategies
2.2.2 Implementing Strategies
Managerial and Financial
Technological and Functional
Final Words
Measuring and Evaluating Performance
Strategic Management Road Map
2.4 Stakeholder Management
2.4.1 Identifying Project Stakeholders
Clients
Competitors and Suppliers
Intervenor Groups
Top Management and Accounting
Functional Managers and Project Team Members
2.4.2 Managing Stakeholders
Assess the Environment
Managing Stakeholders--2. Identify the Goals of the Principal Actors
Assess Your Own Capabilities
Develop Solutions
Test and Refine the Solution
Stakeholder Management Cycle
2.5 Project Screening and Selection Approaches
2.5.2 Simple Scoring Model
2.5.3 Profile Models
2.5.4 Financial Models
Net Present Value
Internal Rate of Return
Picking the Selection Approach That Is Right for You

Formulating Strategies--Establishing Long-Term Objectives

Long-term objectives represent the results expected from pursuing certain strategies (David, 2001). Long-term objectives differ from a firm's vision statement in that they are guided by the overall vision, but also take into consideration the internal strengths and weaknesses of the firm as well as its external opportunities and threats. That is, the vision and operating environment within which a company finds itself shapes long-term objectives. The importance of long-term objectives is that they quantify or make specific, the goals a firm seeks to pursue. For example, one long-term objective might be to improve its project development processes in order to trim an additional 5% from overhead costs associated with new product development. While much has been written on the nature of long-term goals, at their core, such goals are only useful to companies when they are quantifiable, reasonable but challenging, time bound, and in line with the operation of corporate units. One business writer has coined the term SMART goals to identify the key elements necessary for objective setting to be useful (Doran, 1981). Table 2.1 identifies the key features underlying the acronym SMART, as it has been adapted by a Fortune 500 company:

Table 2.1 SMART Goals and Objective Setting
Specific
 The objectives to be sought must be well-defined.
Measurable
 The objectives must be quantifiable and thus, easily measured.
Attainable
 The goals must be realistic and generally regarded as within the capacity of the organization to achieve.
Relevant
 The goals should tie in with the business unit activities or operating departments of the organization.
Time-Bound
 The objectives should be directly linked to the business reporting cycle, whether it is based on quarterly, bi-annual, or annual assessments.