1.1 The nature of strategy and planning Flashcards
What is meant by a “VUCA World”?
A world that is volatile, uncertain, complex and ambigious.
What is a “black swan”?
An unknown unknown - something that exists but is highly unusual and beyond expectation.
How many industrial revolutions have there been?
Three, we are currently entering the “fourth industrial revolution”.
What is “strategy”?
The combining of knowledge and capability in the perception of a future outcome. Strategy is how we focus on our vision for the future.
How is “planning” different to “strategy”?
A strategy precedes a plan, which is the detailed scheme for executing strategy.
“There is an important distinction between strategy and planning”. What is it?
A strategy is the initial high-level strategic idea. The plan is the scheme for implementing that idea.
What is the difference between a vision and a mission?
A vision is the ability of the human brain to imagine something different from the current situation. A mission is the ethos, values and beliefs which help to form that vision.
The “core strategy model” requires us to firstly define today, and then to visualise the future dimension and how to move from here to there. Complete this sentence: the minute we leave the safety of the TODAY position and head towards the FUTURE we are surrounded by __________”.
Risk
To ensure strategic thinking is based in reality, we need to fully understand our boundaries and parameters what are these?
Boundaries are the limits beyond which we are not able to operate (e.g. accountants cannot repair machinery).
Parameters are the aspects that must remain constant (e.g. expected profit).
Is the following an irreversible decision?
“I get on a train, the doors closed - I have to wait until the next stop.”
Yes, this is an irreversible decision.
Weardon describes four different perspectives of strategy:
- Mintzberg’s 5Ps
- Spender’s 4 paradigms
- Maccoby’s four dimensions
- Argyris’ Ladder of influence.
Which uses the term “Perspective”?
Mintzberg:
- Plan
- Pattern
- Position
- Perspective
- Ploy
Weardon describes four different perspectives of strategy:
- Mintzberg’s 5Ps
- Spender’s 4 paradigms
- Maccoby’s four dimensions
- Argyris’ Ladder of influence.
Which uses the term “Visioning”?
Maccoby:
- Foresight
- Visioning
- Partnering
- Motivating
Weardon describes four different perspectives of strategy:
- Mintzberg’s 5Ps
- Spender’s 4 paradigms
- Maccoby’s four dimensions
- Argyris’ Ladder of influence.
Which uses the term “Judgement”?
Spender’s 4 paradigms:
- Goals
- Judgement
- People
- Flexibility
Weardon describes four different perspectives of strategy:
- Mintzberg’s 5Ps
- Spender’s 4 paradigms
- Maccoby’s four dimensions
- Argyris’ Ladder of inference.
Which uses the term “Data”?
Argyris’ ladder of inference:
- Action
- Beliefs
- Conclusions
- Assumptions
- Meanings
- Data
- Observation
“The level of planning will determine the strategic time frame. The further we move from TODAY the less we can be certain about the changing characteristics of the parameters that surround our strategic intent.”
Weardon identifies three types of plan. What are they?
Operational plans - accomplished by individual employees
Intermediate plans - overseen by managers
Strategic plans - developed by the Board/senior execs
