Strategy

Last updated: 20.03.2016

Strategy is a method or action for achieving the chosen objectives.

The process of strategy setting involves the following stages:

  • develop possible alternative strategies – scenario planning is often practiced
  • evaluate them by their:
    • acceptability – whether it is acceptable to the key stakeholders
    • suitability - whether it is in line with the entity´s mission statement and exploits the opportunities and strength and minimizes threats and weaknesses
    • feasibility – whether it is achievable in terms of resources such as available raw materials or funding,  competencies and staff skills
  • select the best strategy

 



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