Strategic Planning and HR Challenges Quiz

Strategic plan = A company’s plan for maintaining a competitive advantage by matching internal strengths and weaknesses with external opportunities and threats. Three basic challenges = The need to support corporate productivity and performance improvement efforts, expanded role of employees in performance improvement, and HR involvement in designing the company’s strategic plan. Strategic management = The process of identifying and executing the organization’s mission by matching its capabilities with the demands of its environment. Strategy = A course of action and the company’s long-term plan for balancing internal strengths and weaknesses with external opportunities and threats.

Corporate productivity = The overall performance and efficiency of a company in achieving its goals. Performance improvement efforts = Initiatives aimed at enhancing the effectiveness and output of employees and the organization. HR involvement in strategic planning = The increased participation of HR in not only executing but also designing the company’s strategic plan. Competitive advantage = The ability of a company to outperform its rivals and achieve superior profitability.

Internal strengths and weaknesses = Attributes and limitations of the organization that are under its control. External opportunities and threats = Favorable circumstances and potential risks in the organization’s environment that it must navigate. Mission execution = The process of implementing the organization’s purpose and goals in alignment with its capabilities and environmental demands. Long-term planning = The formulation of strategies and actions for sustaining a competitive advantage over an extended period.

Employees' expanded role = Increased involvement of employees in the organization’s performance improvement efforts. HR's expanded role = Elevated participation of HR in the design and execution of the company’s strategic plan. Balancing internal and external factors = Aligning the organization’s strengths and weaknesses with the opportunities and threats in its environment to maintain competitiveness. Course of action = The set of steps and decisions taken to achieve the organization’s long-term goals and competitive advantage.

Matching capabilities with demands = Ensuring that the organization’s abilities align with the requirements of its environment to fulfill its mission. Maintaining a competitive advantage = Sustaining superiority over rivals by effectively addressing internal and external factors. Designing strategic plan = Creating a comprehensive and forward-looking approach to align the organization with its environment and achieve its mission. Strategic management process = The systematic identification and execution of the organization’s mission, considering its capabilities and environmental demands.