Office of Strategy Management Overview 2011

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Questions and Answers

What does an organization often do to signal the broader areas of responsibility of an OSM?

Change the name of the OSM (correct)

Increase the number of employees in the OSM

Lower the reporting hierarchy of the OSM

Reduce the strategic initiatives undertaken

Which of the following is a suggested phase in evolving an OSM?

Mastering advanced analytics

Integration with other departments (correct)

Introducing new technology

Evaluation of existing strategies

Why might large-scale reengineering efforts not be strategically aligned?

They are not initiated by the CEO

There may be pressure from stakeholders (correct)

There is always a budget constraint

Management does not see the value in them

What is one reason strategy management officers are advised to assess political motivations of partners?

To confirm the legitimacy of new initiatives Signup and view all the answers

What is often seen as a requirement before the next regularly scheduled review cycle?

Feedback from strategy updates Signup and view all the answers

What does a reporting relationship more than two levels away from the CEO suggest?

The CEO may not view strategy execution as his responsibility. Signup and view all the answers

What is one of the key roles of internal educational teams in the context provided?

To promote an understanding of the strategy management system. Signup and view all the answers

What is required to bring a new strategic initiative online according to the information provided?

Funding for software, staff recruitment, and IT integration services. Signup and view all the answers

What might indicate that the organization is in the early stages of educating its leadership?

The OSM is not yet appreciated by the CEO. Signup and view all the answers

What is the purpose of embedding new tools in the support infrastructure?

To enhance customer satisfaction through improved processes. Signup and view all the answers

What is the primary role of an Office of Strategy Management (OSM)?

An architect of the integrated strategy management system Signup and view all the answers

How many functions was the OSM originally conceived to handle?

Nine functions Signup and view all the answers

What has been observed about the design formulations of the OSM?

They may include ten or more roles and responsibilities. Signup and view all the answers

What organizations has Palladium Group worked with?

More than 70 organizations worldwide Signup and view all the answers

What key aspect distinguishes the OSM from other functions within organizations?

It integrates various strategic management roles. Signup and view all the answers

Which of the following is NOT a core responsibility of the OSM?

Handling compliance with legal frameworks Signup and view all the answers

What year were these insights into the OSM presented?

2011 Signup and view all the answers

Which of the following roles is most likely to be included within the OSM framework?

Integrated strategy planner Signup and view all the answers

What has been the trend in the evolution of BancoEstado's Office of Strategic Management (OSM) from 2006 to 2010?

Increase in the number of FTEs Signup and view all the answers

What is one key responsibility of the Office of Strategic Management at BancoEstado?

Convening strategic learning workshops Signup and view all the answers

What is the primary focus of the Balanced Scorecard Report?

Strategy execution and management Signup and view all the answers

How did the responsibilities of BancoEstado's OSM change from 2006 to 2010?

They expanded to include strategy execution lessons Signup and view all the answers

What does successful strategy execution require, according to the discussed content?

Cross-functional integrative efforts Signup and view all the answers

Who are the authors of the document titled 'The State of the Art, 2011'?

Randall H. Russell and David Norton Signup and view all the answers

Which organization does the Office of Strategy and Risk Management directly work with?

The CEO Signup and view all the answers

Which organization has approved the usage of this document for educator review?

Universidad Francisco de Vitoria Signup and view all the answers

What significant meeting is hosted by BancoEstado's OSM?

Strategic management meetings Signup and view all the answers

What is NOT a method of obtaining permission for copying or republishing the document?

Filing a formal request with the authors Signup and view all the answers

What can be inferred about the growth of the OSM at BancoEstado?

It is indicative of the organization’s focus on strategy Signup and view all the answers

When does the authorization for educator review use of this document expire?

October 2024 Signup and view all the answers

What type of services does Harvard Business Publishing offer according to the document?

E-mail newsletters and customized orders of reprints Signup and view all the answers

What is a key feature of the strategic learning workshops conducted by the OSM?

Sharing lessons about strategy execution Signup and view all the answers

What can be inferred about the recipients of Harvard Business Publishing's services?

Corporations are targeted for customized orders Signup and view all the answers

Which of the following is true regarding the contact information provided?

Multiple forms of contact are available for inquiries Signup and view all the answers

What is the recommended reporting structure for the OSM in an organization?

Reports directly to the CEO Signup and view all the answers

What is a dual relationship in the context of OSM reporting?

Having direct reporting to the CEO and indirect access through another executive Signup and view all the answers

Which specialized functions does the OSM collaborate with most closely?

Human Resources, Finance, and IT Signup and view all the answers

What is the role of the Nemours Center for Process Excellence in the organization?

It serves as the OSM for the organization Signup and view all the answers

What is one of the main objectives of linking strategy to operations?

To enhance resource allocation for strategic initiatives Signup and view all the answers

What might an organization consider a best practice concerning OSM?

Ensuring the OSM reports directly to a high-level executive like the CEO Signup and view all the answers

What aspect of management does the OSM focus on?

Strategic alignment and resource management Signup and view all the answers

Why is direct access to the CEO important for the OSM?

To ensure fast decision-making and resource allocation Signup and view all the answers

Study Notes

Office of Strategy Management (OSM) - State of the Art, 2011

Many organizations have established an Office of Strategy Management.
Palladium Group has worked with over 70 organizations adapting the concept to their unique contexts.
The Office of Strategy Management bridges strategy development and execution.
Key roles of the OSM: architect of integrated strategy management system, process owner of strategy management processes, and consultant/coordinator with other functions (like finance, HR, IT).
Originally, OSMs were designed to handle up to nine functions; newer designs can include 10 or more.
OSMs are responsible for defining strategy frameworks, governance conventions, and processes.
They are often involved in strategy mapping, scorecard cascading, and reporting.
OSMs also help to ensure alignment between strategy and operations.
The arrival of a new CEO may result in OSMs being eliminated.

OSM Responsibilities

Initiative planning is a key responsibility for nonprofits (72%).
Initiative management is a key responsibility for both for-profit and nonprofit organizations (86%).
OSMs often coordinate resources allocated to initiatives and ensure a balance across strategy themes.
Strategy communication is a core function of successful OSMs.
Most OSMs report directly to the CEO or a direct report to the CEO (e.g., CFO).
The number of full-time employees (FTEs) in an OSM is often around 5-10, regardless of organizational size.
Variations in OSM size are seen when specialized functions (risk management, project management) are part of the OSM.

Evolution of Process Ownership

OSMs typically evolve through three phases.
Basic strategy management (architect and process owner roles, e.g., defining and overseeing strategy documents).
Integration (linking strategy management to other functions like HR, Finance, and IT).
Extension (expanding into other specializations like risk or project management).
The size of an OSM can vary depending on its role and responsibilities.
The article recommends that the CEO plays a critical role in strategy execution.

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Description

This quiz explores the concept of the Office of Strategy Management (OSM) as of 2011. It covers the roles of OSMs in strategy development and execution, their responsibilities, and how they adapt to various organizational contexts. Discover how OSMs contribute to alignment between strategy and operations.