Fluent Essays

I.               Overview: Prepare and present a report and contribute to a discussion that demonstrates mastery of the course material and its relevance to the following specializations:1.              Human Resources2.              Acquisition and Supply Chain Management3.              Financial Management – completed ready see attachmentPrepare a brief (maximum 500 - 750 word) report that examines whether, how, and why strategic management is/could/should be relevant and important for the specializations above. Analyze the specialization reports, searching for patterns (similarities and differences between and across specializations) and evaluating their broader implications for successful implementation of strategy and strategic decision-making.II.            Following the steps below will help produce a great team report.·    •Ensure that each individual report addresses the extent to which the strategic management concepts and tools taught in the course are used in their specialization.·    •Identify and list the practices and concepts being used and not used (by specialization) in a table.·    •Review the table to identify similarities and differences and discuss the concepts and practices that are common, those that are not.·    •Identify concepts and practices that are not in use (specialization by specialization) and for each specialization discuss the why, and evaluate the benefits of adopting the concept or practice.III.          Prepare a brief (maximum 1,000 word) final synopsis of findings and conclusions - Draft Report attached. Need assistance with content and add more substance based upon the instructions. I. Overview: Prepare and present a report and contribute to a discussion that demonstrates mastery of the course material and its relevance to the following specializations:1. The purpose of this report is a final synopsis of finding of the Finish Line Team’s evaluation of the broader implications for successful implementation of strategy and strategic decision-making. The Finish Line team is comprised of students specializing in Financial Management, Human Resource Management, and Acquisition and Supply Chain Management. Strategic Management Strategic management refers to the process of developing capabilities that enables a company to create value for its shareholders, society, and customers while performing its business activities. The strategic management process involves analyzing the business competitors, creating objectives, evaluating the internal organizations, identifying the strategies and ensuring those strategies are presented across the organization. When an organization’s strategies and objectives are not properly formulated, it has a negative impact on the overall organizational performance, efficiency, and effectiveness. Similarities The team discovered a common trend between all specializations: strategic management decisions affect the department decision-making process. Internal and external forces affect all specializations, albeit the types of forces shift from specialization to specialization. The concept of strategic fit requires that management strategies within an organization are aligned to the goals of the organizations (Chopra and Meindl, 2013). The management strategies for Human Resources, Financial Management and Acquisition/Supply Chain Management must roll into the overall organization’s strategic management goals. It is a balancing act between the departments to find the best approach and strategies that supports the organization’s greater strategic management goals. No one single department is more important than the other departments. There were no real differences as all specializations deal with internal and external strategies and are fed from and feed into the overall strategy of an organization. For example, Human Resources Management has targets to achieve and encompasses all dealings of the employees of the organization working to achieve those targets. The employees are the key components to the organization. Having a strong workforce opens many opportunities for the organization in terms of growing day to day business leading the organization to become sustainable in today’s competitive world. Financial management includes corporate finance, investment and financial accounting (Laegried, 2007). Through the specialization of financial management, the company is able to evaluate essential strategic corporate, investment and accounting decisions as well as understand the capital market from the financial perspective. Financial management enables the company to develop a fundamental framework based on financial decision-making. Specialization in financial management is linked to the diversification policies and evaluation of securities portfolios, investments, merger strategies, analyzing of exchange rates, and financial accounting decisions and it is necessary for a company to deal with the financial issues directly in order for the organization to achieve its goals (Hill, Jones & Schilling, 2014). Acquisition and supply chain management is the management of all supply chain and procurement processes and functions. “Supply chain decisions have a large impact on the success or failure of each firm because they significantly influence both the revenue generated and the costs incurred” (Chopra and Meindl, 2013, p. 17). Acquisitions and purchasing encompasses an organization’s contracting strategies, vendor agreements, and how organizations interface internally with its departments as well as externally with customers, vendors and suppliers. Supply chain management includes decisions regarding network design, warehousing and transportation decisions. Network design decisions revolve around facility locations, what the facilities will do and what their capacities will be. Warehousing and transportation decisions decide the movement of goods from those locations, inventory and facilities impacts. Joining strategic management and acquisition and supply chain management is key for an organization to meet its objectives. As organizational environments become more and more global these decisions become even more important. Conclusion There are more similarities than differences between the importance of the implementation of strategy and strategic decision making on the team members’ chosen degree specializations. Strategic management decisions impact all subsequent decisions of an organization and help to develop competitive advantages between one another. Successful human resource management, supply chain management and financial management decisions are possible with the balancing of an organization’s overall strategic management plan and decisions. Likewise, a strategic management plan that is crafted and includes inputs from key players from those specialized departments will result in a greater chance of overall success for an organization. References Chopra, S. & Meindl, P. (2013). Supply Chain Management (5th edition). Pearson: Boston. Hill, C. W. L, Jones, G. R. & Schilling, M. A . (2014.). Strategic Management: Theory: An Integrated Approach. Canada: Cengage Learning Laegried, P. (2007). Transcending New Public Management: the transformation of public sectors reforms. London: Routledge. I. Overview: Prepare and present a report and contribute to a discussion that demonstrates mastery of the course material and its relevance to the following specializations:1. Strategic management refers to the process of developing capabilities that enables a company to create a value for its shareholders, society, and customers while performing its business activities, including competitive marketing. It involves the analysis of the company’s internal and external environment to allow the maximization of the resources in relations to the company’s objective and goals. Strategic management depends on the size of the firm and its needs to change the firm’s business environment. The strategic management process entails specifying the company’s vision, objectives, and mission and developing plans that enable the achievements of these objectives and allocating the necessary resources to strategically implement the plans and policies. For instance, a strategic management process of a company that intended to expand its coffee operation would be to analyzing other businesses that are in the same industry (Morden, 2018). Through the analysis, the company will develop strategically how to enter the market with a unique difference from its competitors. Generally, strategic management involves determining how the company’s operations and performance is compared to its competitors within the industry and recognizing new opportunities and risks facing the company. Strategic management is critical to a company’s development as it entails its mission and vision by establishing plans to determine if the development is successful or will be successful. As such, strategic management is important for the specialization of financial management, for it seeks to integrate and coordinate various business activities within the company such as its financial activities to achieve a long-term objective and goals of the business. The specialization of financial management entails the basics of strategic financial management, including corporate finance, investment and financial accounting (Laegried, 2007). Through the specialization of financial management, the company is able to evaluate essential strategic corporate, investment and accounting decisions as well as understand the capital market from the financial perspective, and enable the company to develop a fundamental framework based on financial decision-making. The field financial management, including finance has undergone various changes over the last decades and now it involves one of the most dynamic financial programs that is designed to provide a conceptual framework for financial activities. From the concept of strategic management, the strategic management process is relevant in the specialization of financial management in various ways. The strategic management process involves analyzing the businesses competitors, creating objectives, evaluating the internal organizations, identifying the strategies and ensuring that strategies are presented across the organization. From this assessment, a company is able to determine and analyze the basic objectives and important risks that it may face (Laegried, 2007). It will also be able to evaluate essential strategic corporate and investment and accounting decision making of the company. Both the specialization of financial management and strategic management are critical in growth and expansion of an organization. They are crafted and designed to formulate short-term and long-term objectives directed to achieve the organization initiatives. Strategic management is linked to the organization’s mission and vision statements that allow the organizations to execute its goals. While, specialization in financial management is linked to the diversification policies and evaluation of securities portfolios, investment, merger strategies, analyzing of exchange rate, and financial accounting decisions it is necessary for a company to deal with the financial issues directly which allows the organization achieve its goals (Charles W.L. Hill, 2014). In addition, through the strategic management process, the organization will be able to access the financial conditions and capital structure of the company and the impact these issues have on the organizational capital, and recommend the best actions to take financially. It is also relevant in assessing the security portfolios and investment plans as well as the analysis the methods of payment for foreign exchange rates. In conclusion, strategic management is and should be relevant in the implementation of the specialization financial management. Strategic management is broad and allows a company to execute it initiatives, and due to its benefits, it is perceived to be the first priority for managers. Strategic management begins from the top manager and executives and is presented to directors of the company to ensure they are complying with their stakeholder’s expectations. The implications of these strategies in the specialization of financial management are highly important, since a company is able to have a solid foundation in the development of the integrated framework for financial decision-making References Charles W.L. Hill, G. R. (2014). Strategic Management: theory: an Integrated Approach . cangageBrian.com. Laegried, P. (2007). Transcending New Public Management: the transformation of public sectors reforms . London: Routledge . Morden, T. (2018). Principles of Strategic Management. Ashgate Publishing, Ltd.