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

2.2.3 Measuring and Evaluating Performance

The final stage in the strategic management process consists of establishing a review mechanism to assess the performance of strategic decisions, the need to occasionally modify or change them mid-stream, and the means to determine their effectiveness and future steps that may be needed. Note that in Figure 2.2, the evaluation process involves several feedback loops to earlier steps, as a firm recognizes that the need to change its strategy may lead to significant up-stream rethinking. For example, if the evaluation stage of the process demonstrates a misreading of the marketplace for a company's product line, a natural response would be to rethink their external audit in light of this new information. The measurement of strategy is highly important here and reinforces the need to create objectives that are quantifiable, time bound, and specific. It is only to the degree that objectives were correctly developed a priori that a company is able to generate reliable and actionable information downstream.

Project opportunities need to be evaluated against a set of criteria such as that proposed above in order to ensure that we are attempting to develop products and/or processes that enhance our strategic vision rather than distract from it. As we will discover in a future lesson on project selection, the goal of strategic project management is to create a vision for the company's future and then assess project opportunities in terms of whether or not they are able to contribute to that vision.