This handbook has been organized in three main sections. Section I provides guidance on the processes which comprise strategic management. These are: pre-planning, strategic planning, deployment, implementation, and measurement and evaluation. A model is presented in An Introduction to Strategic Management and this model is repeated in each chapter, highlighting the process being addressed.
In today's uncertain business environment, managing a life insurance company requires a much higher caliber of financial management than in the past. A company must be in a position to control its own destiny, rather than having its fate dictated by outside forces. This paper outlines a framework for managing life insurance company surplus. Within this framework, a company can assess the a…
Strategic planning and related strategic management elements have become ubiquitous practices at all levels of U.S. government and many nonprofit organizations over the past 25 years. The authors review strategic planning and management research over that time period using the premises of practice theory to guide the discussion. The review is organized according to 10 research directions propos…
This paper discusses the design characteristics management accounting systems should have to be useful for strategic planning and control and provides brief introductions to strategic variance analysis and profit-linked performance measurement models. It shows two multi-period, multi-product models (Banker, Chang and Majumdar 1993; Banker and Johnston 1989) are specified, can be related to Port…
Review of the strategy literature indicates there has been five phases in the evolution of the field since World War II. The paradigm was at its peak in the 1970s with the strategic planning phase, however, prescriptive approaches to strategy formulation and implementation were demonstrated to be inadequate in this period in the face of environmental uncertainty. In the 1980s the field evol…
This article tries to identify the crucial dimensions of strategic management in universities. To do so, the author looks at some practical cases of successful strategic decisionmaking in European universities. This case study approach is motivated by the conviction that in universities strategic management should be done with a permanent eye on their specific organisational environment ra…
This paper studies a strategy that minimizes the risk of a position in a zero coupon bond by buying a percentage of a put option, subject to a fixed budget available for hedging. We consider two popular risk measures: Value-at-Risk(VaR) and Tail Value-at-Risk (TVaR). We elaborate a formula for determining the optimal strike price for this put option in case of a Hull-White stochastic interes…
The United Nations Joint Staff Pension Fund (“UNJSPF”) administers a diverse and complex international public pension system based on a fully funded defined-benefit pension scheme. In 2009, annual pension benefits payments amounting to 1.9 billion USD dollars were paid in 15 currencies, there were some 110,000 participants and 60,000 pensioners/ beneficiaries residing and/or working in …
In a world of geo-political, social and economic uncertainty, strategic financial management is in a process of change, which requires a reassessment of the fundamental assumptions that cut across the traditional boundaries of the subject. Read on and you will not only appreciate the major components of contemporary finance but also find the subject much more accessible for future reference. …
Recent years have been tumultuous in the agricultural sector. Price volatility has increased, with sharp swings in product and input prices. Markets have been affected by macro-economic disturbances, disease outbreaks and adverse weather events such as floods and droughts. The latter may become more frequent through climate change. With agricultural policies that are more decoupled from product…
The purpose of the guidelines is to highlight the significance of strategic management and strategic planning, and to provide assistance to SAIs on how they should be strategically positioned to meet the challenges of both their internal and external environments. It is intended that the guidelines are used by all SAIs within the PASAI region
Established businesses are trying to take advantage of the opportunities and minimize the threats presented by e-business. Although e-business has emerged as a strategic imperative for many firms, v/e found that vision and strategy paled in importance compared to learning and implementation in the process of transforming to an e-business organization. Regardless of their strategic objectives…
In Chapter 24, we explained risk management techniques that employ derivative securities. In this extension we discuss an alternative technique for managing risk: insurance. The first step in a corporate insurance program is to identify all potential losses, and the second step is to assess their likelihoods of occurrence and loss potentials. We begin by discussing risk identification and …
Wheelen and Hunger (2002) say that strategic management is a set of managerial decisions and actions that determines the long-run performance of an organization. It includes environmental scanning (both external and internal) strategy formulation (strategic or long- range planning), strategy implementation and evaluation and control. The study of strategic management emphasizes the monitori…