How strategy maps could be a useful management tool and system to monitor and control the performance of organisational or business units - Essay Example

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The contemporary business environment is something that is marked by an array of ambiguities, uncertainties and confusions emanating from a range of local and global sources. Therefore, more than ever, in the current times, the crux of business management is to evolve and convey…
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How strategy maps could be a useful management tool and system to monitor and control the performance of organisational or business units
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Extract of sample "How strategy maps could be a useful management tool and system to monitor and control the performance of organisational or business units"

Download file to see previous pages Strategy maps could effectively be used as a management tool and system to monitor and control the performance of business or organizational units (Meyer 202, p. 184). In the current business environment, strategy maps do have an immense advantage in the sense that they help in a systematic organization of strategy and the commensurate allocation of budgetary resources, they help in capturing and conveying the quintessential crux of the contrived business strategy, help elevate the overall business discussion in an organization from the level of operations to strategy and they facilitate a better management of business performance.
Strategy maps allow the managers to contrive a visual and structured organization of the contrived business strategy and help the managers decide as to in a given strategic scenario, what are the actual drivers of performance in a business or organizational unit (Ward, Tripp & Maki 2013, p. 227). Strategy maps help in the identification of objectives imminent in a business strategy and thereby they allow the managers to decide as to which objectives need to be optimally developed before the salient business measures are taken. Using the strategy maps in the management of a business or organizational unit assures that the concerned managers will chose only those measures that happen to be optimally appropriate and that are poised to aid the achievement of salient business goals.
Strategy maps do assure the success of any contrived strategy as they help the managers to capture, convey and manage the overall strategy to the salient stakeholders in a business or organizational unit in an optimal and better way (Fitz-enz 2010, p. 27). A well contrived strategy maps is an effective tool in the sense that it immaculately captures the thought process and vision of a management team in any viable business or organizational unit. Strategy maps help the managers effectively convey to the incumbent stakeholders as to how an envisioned ...Download file to see next pagesRead More
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