Describe and discuss the concept of the various theories of strategic Essay

Describe and discuss the concept of the various theories of strategic management and how information systems can be utilised to - Essay Example In this scenario, information technology provides a lot of tools that can help organizations implement strategic management effectively. Information system is a very useful tool which is currently used by the organizations to implement business strategies. This paper will discuss the concept of strategic management in detail. This paper will discuss how information systems can be useful for the organizations in achieving strategic advantage. This paper will also outline some challenges which are faced by the organizations while using information systems. Strategic management: A detailed overview Strategic  management  refers to a business methodology that is useful for the utilization in order to make the most competent use of available assets and resources in the process of operating some organization. However, the basic idea behind any  strategic management process  is to assess the existing status of the operation and all of its individual components, we must identify whet her those components are being utilized in such a way to attain maximal outcome, and to expand and implement the required changes when and as necessary. In addition, if organizations successfully utilize this approach, it can help them improve the overall performance of the business; we have to move the business nearer towards reaching its declared goals. However, we should keep the expenditure of raw materials, supplies and other related resources in stability with the returns that are generated by the business efforts (Tatum, 2010). The idea of strategic  management  is not only used by the large companies. Even a small business that encompasses no more than one or two persons can use this decision-making technique to get advantage from the basics of this methodology. Whereas, the exact nature related to these processes and tasks necessary for the operations will be quite different between a mom-and-pop seller and a corporation which is considered as multi-national. However, t he common idea behind this  managing  process will still be uses and considered as valid. When we apply these principals to the real-life conditions of the business, it is often likely to maximize the use of existing resources, reduce waste in the place of work, and eventually have a positive outcome on the bottom line of some organization (Tatum, 2010; Pollard & Hotho, 2006). In simple words, the term strategic management refers to a process by which a group of people or organization can examine the fact where they are at present, and also in addition they can think about where they want to be in the near future perspective and how they can create the visual ability and reality as when to reach where they want to reach in the coming future (Sulaiman, 2010). How Organizations use Strategic Management For achieving a competitive benefit position and also enhancing the organizational performance as compared to their competitors are the

Use data Essay Example | Topics and Well Written Essays - 250 words

Use data - Essay Example When enough experimental results confirm a hypothesis, a well-tested explanation known as a theory is developed. The theory is further subjected to more well-designed experiments and if there is continued regularity in results, scientists may accept the theory as a law (Shipman, Wilson and Todd). Statistical science explores the relationships between different variables for purposes of establishing the nature of the relationship between various aspects of nature. Statistical science requires that once data is collected, it becomes organized in a way that will enable others to experience the data which has been collected. For this purpose it makes use of specific models and tools such as graphs and charts. Statistical science, thus, evaluates and interprets confidence intervals and significance tests (Diggle and Chetwynd). Physical sciences use the scientific method of study to prove or disprove a theorem whereas statistical science is based on quantitative variables which are subjected to mathematical theorem for analysis