SHRM-CP People Questions and Answers Rated A

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SHRM-CP People Questions and Answers Rated A Strategic Planning and Mgmt Process ✔✔1. Formulation 2. Development 3. Implementation 4. Evaluation Formulation ✔✔leaders gather and analyze internal and external info to determine the org's current position and capabilities, opportunities, and constraints. Development ✔✔of strategic goals and tactics that will optimize success given the environment, opportunities, and constraints-the strategic plan. Implementation ✔✔of tactics-the process of strategic mgmt. This requires clear communication of objectives to teams, coordination, and support of their efforts, and control of resources. Evaluation ✔✔of results, both continually-to make sure that activities maintain strategic focus and are effective-and at designated intervals determine the effectiveness of the strategy itself and the need for change or improvement. Systems Thinking ✔✔Recognizes that org's are composed of interacting and sometimes interdependent parts that together create a dynamic internal environment. Environmental Scanning ✔✔Process that involves a systematic survey and interpretation of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization in the future. PESTLE Analysis ✔✔The environmental scanning process is systemized by searching for environmental forces organized under specific categories; political, economical, social, technological, legal and environmental. SWOT Analysis ✔✔Method for assessment of an organization's strategic capabilities through use of the environmental scanning process, by which internal and external factors affecting achievement of organizational goals are identified and considered. Scenario Analysis ✔✔Helps an organization compare the impact of changes in the environment on the organization's outputs. This allows planners to identify those environmental factors that have the greatest potential for positive or negative impact and to apply the principles of risk management to strategy formulation. Mission Statement ✔✔Concise outline of an organization's strategy, specifying the activities it intends to pursue and the course its management has charted for the future. Vision Statement ✔✔Description of what an organization hopes to attain and accomplish in the future, which guides it toward that defined direction; its purpose it to inspire and motivate. Organizational Values ✔✔Beliefs and principles defined by an organization to direct and govern its employees' behavior. Value Drivers ✔✔Actions, process, or results that are needed to deliver a desired value. Balanced Scorecard ✔✔Performance manag

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