Implications for Professionals Involved in Strategic Management Essay (Article)
Article Summary
Written by Kazaz and Serdar , Strategic Management Practices in Turkish Construction Firms seeks to establish the policies birdie essay that Turkish construction companies employ in strategic management. The research uses a questionnaire to collect relevant information from the companies. The research established many ideas that professionals need in strategic management.
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The researchers define strategic management as the use of systematic approaches to lay down a course that an organization should follow and outlines benefits gained by managers for using it as a management tool. Besides, the researchers touch on crisis and risk management as well as Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis and its usefulness in strategic management.
The research also compares construction companies based on planning. Finally, the research endeavors to distinguish between two interrelated management policies: project management and strategic management
Implications for Professionals Involved in Strategic Management
The researchers identify crisis and risk management as an important tool in strategic management. The measures managers should www.futureofeducation.com take during and after crisis include expenditure reduction; avoidance of credit debts and bank debts after one has paid beyond the interest; “shrinkage through retrenchments, avoidance of new projects and departmental closures; growth control and diversity in business” (Kazaz and Serdar, 192).
The SWOT analysis, which is a summary of key business issues and strategic position of the company, is an important tool for planning future actions.
Private companies are quick in planning since fund releases are quicker, unlike their counterparts in the public sector. For professionals to prosper in their work, they distinguish between project management and strategic management. Project management is a functional strategy that uses projects to implement the strategies while strategic planning involves use of preventive measures to avoid crises.
Works Cited
Kazaz, Aynur, and Serdar, Ulubeyli. “ Strategic Management Practices in Turkish Construction Firms.” Journal of Management in Engineering 25.4 (2009):185-193.
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