PM as Integral Part of the Corporate Strategy

Performance management is an integral part of the corporate strategy. Strategic management has been defined in many different ways based on the organization’s mission, policies, sector, structure, objectives, strengths, weaknesses, opportunities, threats, key success factors or decisions, capabilities, planning, implementation and sustainable competitive advantage. Research on strategic management has a long history. There are several definitions of strategy by key authors in the field of strategic management like Henry Mintzberg or Michael E. Porter. Strategic management can be defined as the management of an organization’s resources to achieve its goals and objectives. Strategic management involves setting objectives, analysing the competitive environment, analysing the internal organization, evaluating strategies and ensuring that management appropriately rolls out the strategies across the organization. At its heart, strategic management involves identifying how the organization stacks up compared to its competitors and recognizing opportunities and threats facing an organization, whether they come from within the organization or from competitors.