Knowledge Audit for Business Analysis †MyAssignmenthelp.com

Question: Discuss about the Knowledge Audit for Business Analysis. Answer: Introduction The term strategy refers to the plan that is developed by an organization in order to meet its long-term goals. The strategy or the strategic plan incorporated by a particular organization provides direction and widens the scope of an organization for the achievement of the projected goals in the future through the arrangement of the resources of the organization according to the proposed strategy by the management of the organization (Eden and Ackermann 2013). Strategic Management Strategic management essentially refers to the process of listing the major goals of an organization by the top level management of the organization and the alignment of such goals with the primary objectives of the organization. The companys top management order, lists or identifies the goals of the organization on the basis of availability of the organizational resources and examination of the external and the internal environment in which the particular organization is operating (Peppard and Ward 2016). Strategic management involves both planning for the certain and predictable events in that may arise in the future as well as events that are uncertain or are labeled as contingent liability by business. The management carrying out the strategic management should have thorough knowledge about the internal proceedings of business and the external environment in which the business operates. The external environment refers to the fellow competitors and the respective strategies adopted by those competitors. Accurate analysis of the strategies incorporated by these competitor firms, help the top-level management to successfully execute the strategic management of the organization (Hill, Jones and Schilling 2014). The strategic management of business helps the employees of the particular organization to get an overview into their individual roles and responsibilities so that they understand how their respective jobs fit into the entire organizational plan. Essentially, the strategic management of the organization, help in improving the quality of the environment in which the employees operate as they get a clear understanding of what the organization expects from them and the exact plan to execute the assigned task (Wheelen and Hunger 2017). The four perspectives for developing a strategy are as follows: Design lens this involves following of a plan that has been developed from the organizational point of view. Experience lens - the business strategy developed using this perspective involves utilization of the technique that is based on past performance of the firm or experience acquired through years of operation. Innovation (ideas) lens this strategic management perspective is dependent on business process innovation. Politics the political aspect of the firm involves development of the strategic plan that is done by the different interest groups of the organization that utilize the organizational resources for the achievement of the desired outcomes. Conclusion Therefore, the information obtained from the above discussion is that strategic management is an imperial part of the managerial process and aids the managers in developing the business turnaround plan that is essential for the successful running of the organization. References Eden, C. and Ackermann, F., 2013. Making strategy: The journey of strategic management. Sage. Hill, C.W., Jones, G.R. and Schilling, M.A., 2014. Strategic management: theory: an integrated approach. Cengage Learning. Peppard, J. and Ward, J., 2016. The strategic management of information systems: Building a digital strategy. John Wiley Sons. Wheelen, T.L. and Hunger, J.D., 2017. Strategic management and business policy. pearson.