Chapter 2 Flashcards
(12 cards)
What are the 5 steps of the Strategic Management Process?
- Develop Vision & Mission
- Set Objectives
- Craft Strategy
- Implement & Execute
- Evaluate & Adjust
Story Hook:
Imagine you’re setting off on a mountain expedition:
🧭 Vision = Your dream peak. 🗺️ Objectives = Map with clear checkpoints. 🛠️ Strategy = Your route and climbing gear. 🧗♀️ Execution = Starting the climb. 🔭 Evaluation = Constantly checking the weather and changing conditions.
What is the difference between a Mission and a Vision?
-Vision: What the organization aspires to become in the future.
-Mission: What the organization does right now to serve its purpose.
Story Hook:
Think of a lighthouse (Mission) guiding ships today, while the star on the horizon (Vision) inspires the direction you’re sailing toward.
Why are both Financial and Strategic Objectives needed?
Because Financial Objectives ensure performance and profitability, while Strategic Objectives position the company competitively and ensure long-term success.
Story Hook:
A business is like a cyclist: the financial objectives are the speedometer (how fast you’re going), and the strategic objectives are the compass (where you’re headed).
What is the purpose of an Objectives Tree?
To break down a high-level goal into a logical, hierarchical structure of supporting objectives, enabling clear project planning and strategy alignment.
Story Hook:
Picture a tree: 🌳
The top branch is your dream (the Goal). The branches below are steps to reach it. The roots are your team’s actions and resources.
How do you begin constructing an Objectives Tree?
Start by identifying the highest-level objective, then ask “How can this be achieved?” to create the next level down.
Story Hook:
It’s like asking: “I want to bake a cake (goal). How? I need ingredients, an oven, and time (next level).”
What should you do if there’s a big gap between objectives in the tree?
Insert intermediate objectives to bridge the logic gap and clarify how one level leads to another.
Story Hook:
If a ladder has missing rungs, you can’t climb. Add steps so the logic holds your weight.
What is meant by “testing the logic” of an Objectives Tree?
Use If–Then reasoning to verify that lower-level objectives logically contribute to higher-level goals.
Story Hook:
Like dominoes: If you push the first tile, will it cause the last one to fall? That’s your causal logic.
What makes causal logic different from sequential logic in project planning?
Sequential logic is about order (X happens before Y), but causal logic means X leads to Y—there is a cause-effect relationship.
Story Hook:
It’s the difference between “the sun rises before my coffee” and “the sun heats the room, causing me to wake up and make coffee.”
What does it mean to think bidirectionally in strategy design?
Work top-down to ask how to achieve goals and bottom-up to ask why each task is needed.
Story Hook:
You’re building a bridge from both sides of a river. Top-down is designing the big picture, bottom-up is checking every nut and bolt.
What’s the benefit of using an Objectives Tree before finalizing a strategy?
It helps compare alternative strategies, spot logical gaps, and identify the optimum approach.
Story Hook:
Like laying out all your LEGO pieces before building—it helps you find the best design and avoids realizing halfway through that you’re missing a piece.
Why might leaders “glaze over” during your project presentation?
Because they don’t share a common language or terms with you—your strategy isn’t clearly communicated.
Story Hook:
You’re speaking fluent “Projectese” while your audience only speaks “Executive.” You need a shared dictionary to connect.
What does the next chapter promise to solve?
It introduces a common language—the four result levels—to help explain your project and strategy clearly to others.
Story Hook:
You’ve built the machine (Objectives Tree), now it’s time to write the manual (shared terminology) so others can use it too.
