Group Members:

Hafiza Maryam Amin F10BA007

Amna Khalid F10BA028

Hira Kaleem F10BA034

Kausar Azam F10BA043

Aneka Noor F10BA042

Fatima Nawaz F10BA046

Irum Tariq F10BA061

Strategic management is the science of formulating, implementing, and evaluating crossfunctional decisions that enable an organization to achieve its objectives

Developing vision statements and mission statements.

Vision and mission statements establish a sense of what the organization hopes to accomplish or what top managers hope it will become at some point in the future.

A corporate vision serves as a focal point for members of the organization who may find themselves pulled in multiple directions by competing demands.

Formulating, implementing, and evaluating

projects serve as the vehicles that enable companies to seize opportunities, capitalize on their strengths, and implement overall corporate objectives

Making crossfunctional decisions

Business strategy is a corporate-wide venture, requiring the commitment and shared resources of all functional areas to meet overall objectives.

Achieving objectives.
Whether the organization is seeking market leadership through lowcost , innovative products, superior quality, or other means, projects are the most effective tools to allow objectives to be met

Projects have been called the stepping-stones of corporate strategy This idea implies that an organizations overall strategic vision is the driving force behind its project development the examples illustrates the underlying theme that projects are the operational reality behind strategic vision.

Projects Reflect Strategy

Strategy Technical or operating initiatives (such as new distribution strategies or decentralized plant operations) Project Construction of new plants or modernization of facilities

Redevelopment of products for greater market acceptance.

Reengineering projects

New business processes for greater streamlining and efficiency

Reengineering project

Projects Reflect Strategy

Changes in strategic direction or product portfolio reconfiguration Creation of new strategic alliances Matching or improving on competitors products and services Improvement of cross-organizational communication and efficiency in supply chain relationships New product lines Negotiation with supply chain members(including suppliers and distributors) Reverse engineering projects Enterprise IT efforts

Promotion of crossfunctional interaction, streamlining of new product or service introduction, and improvement of departmental coordination.
Concurrent engineering projects

Strategic alignment between a firms projects and its basic vision, objectives , strategies, and goals.

If, for example, a manufacturer of refrigeration equipment creates a vision statement that says, in part, that the company is in the business of supplying system components to world wide nonresidential air conditioning market