Group Members: Subhajit Talukdar. Diptendu Dutta. Nikhil Parashara. Avinash devangan.

Arpit singh

Also Known as Theory Z. Developed by William Ouchi. Combines both US & Japanese Management Styles. Assumes that the best management style involves employees at all levels of the organization. Importance of quality as a strategic variable.

Long Term Employment. Less Specialized career paths. Informal Control. Group decision making. Concern for the individual rises above workrelated issues.

Looking out for employees well being satisfies the lower-level needs. Including group processes in decision making satisfies middle-level needs & encourages employees to take responsibility for their work decisions, which in turn satisfies higher-level needs.

Firms are increasing productivity by placing more emphasis on group decision making and teams. Firms are showing more concern for familyrelated issues like childcare, flexible work schedule and telecommuting.

Based on the idea that those feeling the impact of the decision should be involved in making it. Employees are trained in the analysis of quality problems and then other problems are also dealt with, such as, cost reduction, workshop facilities improvement, safety problems, employee moral and the education of employees.

Resulted in high manufacturing productivity and cost reduction. Supplier delivers the components and parts to the production line Just-in-Time to be assembled.

Quality of the parts must be very high. There must be dependable relationships and smooth co-operation with the suppliers. Suppliers should be located near the company with dependable transportation facilities.

Strategy implementation is the translation of chosen strategy into organizational action so as to achieve strategic goals and objectives. Strategy implementation is also defined as the manner in which an organization should develop, utilize, and amalgamate organizational structure and culture to follow strategies that lead to competitive advantage and a better performance.

A key role of a CEO is to communicate a vision and to guide strategic planning. Levels of strategic planning are: (1)corporate level (2)business level (3)functional level (4)operational level

Dimensions of strategic planning(the dimensions can tell us the ways in which competitors can differentiate from one another within an industry and can form the basis for strategic groups within an industry.): (1)specialization (2)brand identification (3)push vs. pull etc.

successfully implementing strategic plans involve teams at all levels in strategic planning and helps to build a shared vision. To ensure that the vision is shared, teams need to know that they can voice opinions, challenge premises, and suggest alternatives without fear of reprimand. Implementing strategic plans may require leaders who lead through inspiration and coaching . Recognizing and rewarding success, inspiring, and modeling behaviors is more likely to result in true commitment

Mathematical models are based on a small no. of highly aggregated factors that are most imp. In explaining the way a system works & determining outcome of different actions. The limitation of modeling is that the inclusion of too few alternative possibilities from which most satisfactory is to be selected . It therefore follows that a model permitting calculation of a larger number of alternatives should yield a closer approximation to ideal solution. This can be achieved via simulation models(analogue and symbolic).

Building of any model should be carried out by following a systematic method such as: 1.specify objectives to be achieved. 2.formulate problem to be solved. Analytical decision models(based on programming technique)can result in selection of best marketing mix to adopt for both trade and consumer. Simulation models, on the other hand, attempt to evaluate effect of alternative marketing mix combinations on companys sales and profits.

On account of difficulties involved in many industries in accurately predicting volume of business that may be expected during a forthcoming planning period. It is a wise policy to consider costvolume-profit picture. This can be done by means of a breakeven chart which illustrates profit emerging from different revenue/cost combinations. In above modeling technique it is assumed that: 1.F.costs are constant and var. cost vary at constant rate 2.All costs can be broken into either fixed or variable categories. LIMITATION: Cost-vol-profit analysis can only accommodate objectives that relate to profits,costs and sales levels It tends to treat costs,vol,and profit as if they are independent of each other.

IRR approach along with PV index Decision tree analysis.

It assumes that cash receipts are reinvested, giving a bias in favor of short lived projects. The selection of a particular proposal should follow a careful appraisal of both alternatives use for funds and alternative means of performing a particular project. The choice of a particular alternative will depend on how it accords with enterprises established investment objectives, &choice of projects will depend on both corporate objectives and availability of funds. When several competing strategies are being evaluated in a situation where there are insufficient resources to undertake all available strategies that meet the specified economic criterion, recommended basis for ranking acceptable strategies is by use of PV INDEX. PV INDEX=PV OF STRATEGY/INVESTMENT REQUIRED. In using this approach cash inflow and cash outflow forecasts relating to each alternative strategy should be available.

STRATEGIC EVALUATION

Final phase of strategic management. Process of determining the effectiveness of a given strategy in achieving organizational goals. Keeps the organization in right track. Capacity to co ordinate the task performed by managers, groups , departments etc. through control of performance.

Developing input for new strategic planning. Absence of evaluation may lead managers to pursue goals which are inconsistent. Need for feedback, Appraisal and reward Successful conclusion of the strategic management process To exercise proper strategic choice. similarity between decisions and future strategy.

Setting standards for performance.

Measurement of performance. Analyzing variances Taking corrective action

Quantitative criteria: -It has performed as compared to its past performance. -Its performance with industry average or that of major competitors. Qualitative criteria: -There has to be special set of qualitative criteria for a subjective assessment of factors like capabilities, competencies, risk bearing capacity, strategic clarity,flexibalaty and workability.

The evaluation process operates at the performances level as action takes place. Standards of performance act as the benchmark against which the actual performance is to be compared. The measurement should be done at the right time else evaluation will not meet its purpose. For measuring performance financial statements like- balance sheet , profit and loss accounts must be prepared at right time1

The measurement of actual performance and its comparison with standard or budgeted performance leads to an analysis of variances. Broadly the following three situations may arise- the actual performance matches the budgeted performance. -the actual performance deviates positively over the budget performance. -the actual performance deviates negatively from the budget.

The measurement of actual performance and its comparison with standard or budgeted performance leads to an analysis of variances. Broadly the following three situations may arise- the actual performance matches the budgeted performance. -the actual performance deviates positively over the budget performance. -the actual performance deviates negatively from the budget.

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