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The objective with this module is to stimulate strategic thinking and the development of strategic decision making skills amongst students in the field of strategic management in an engineering environment. In this module the following topics are addressed:
Concepts and practice of strategy: An historical background serves as introduction. Classical concepts and misconceptions in strategic and operational management work are given.
The process of strategic management: The work content and structure of strategic management are discussed. A schematic model of the process is developed.
Formulation of Strategy: This section gives a statement of the work to be done in formulation of strategy. The following aspects are covered: The company mission. External environment. Environmental forecasting. The company SWOT analysis. Formulating objectives and grand strategies. Strategic analysis and choice.
Implementation of strategy: In the concluding part of the module attention is given to implementation through business functions, structure, leadership and culture, rewards, control mechanisms for measuring, evaluating and corrective actions.