Harris-Integrated-Management, management
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CIMA’S Official
Study System
Managerial Level
Integrated
Management
David Harris
AMSTERDAM BOSTON HEIDELBERG LONDON NEW YORK OXFORD
PARIS SAN DIEGO SAN FRANCISCO SINGAPORE SYDNEY TOKYO
CIMA Publishing
An imprint of Elsevier
Linacre House, Jordan Hill, Oxford OX2 8DP
30 Corporate Drive, Burlington, MA 01803
First published 2005
Copyright
#
2005, Elsevier Ltd. All rights reserved
No part of this publication may be reproduced in any material form (including
photocopying or storing in any medium by electronic means and whether
or not transiently or incidentally to some other use of this publication) without
the written permission of the copyright holder except in accordance with the
provisions of the Copyright, Designs and Patents Act 1988 or under the terms of
a licence issued by the Copyright Licensing Agency Ltd, 90 Tottenham Court Road,
London, England W1T 4LP. Applications for the copyright holder’s written
permission to reproduce any part of this publication should be addressed
to the publisher
Permissions may be sought directly from Elsevier’s Science and
Technology Rights Department in Oxford, UK: phone: (+44) (0) 1865 843830;
fax: (+44) (0) 1865 853333; e-mail: permissions@elsevier.co.uk. You may also
complete your request on-line via the Elsevier homepage
Permissions’
British Library Cataloguing in Publication Data
A catalogue record for this book is available from the British Library
ISBN 0 7506 6710 9
For information on all CIMA publications
visit our website at www.cimapublishing.com
Important Note
A new edition of the CIMA Official Terminology is due to be published in September 2005. As
this is past the publication date of this Study System the page reference numbers for
‘Management Accounting Official Terminology’ contained in this Study System are for the 2000
edition. You should ensure that you are familiar with the 2005 CIMA Official Terminology
(ISBN: 0 7506 6827 X) once published, available from www.cimapublishing.com
Typeset by Newgen Imaging Systems (P) Ltd, Chennai, India
Printed in Great Britain
Contents
The CIMA Study System
xv
Acknowledgements
xv
How to use your CIMA Study System
xv
Guide to the Icons used within this Text
xvi
Study technique
xvii
The Integrated Management Syllabus
xviii
Transitional arrangements
xxii
1 The Nature of Strategic Management
1
Learning Outcomes
1
1.1 What is strategy about?
1
1.1.1 Some initial definitions
1
1.1.2 Common themes in strategy
2
1.1.3 Three elements to strategy
2
1.1.4 Levels of strategy
4
1.2 A model of the rational strategy process
5
1.2.1 Mission and objectives
6
1.2.2 Corporate appraisal
6
1.2.3 Strategic option generation
6
1.2.4 Strategy evaluation and choice
6
1.2.5 Strategy implementation
7
1.3 Approaches to formulating business strategy
7
1.3.1 A formal top-down strategy process
7
1.3.2 Benefits of business strategy
9
1.3.3 Drawbacks of formal business strategy
9
1.3.4 Strategy and small businesses
10
1.4 Alternatives to the rational approach to strategy
12
1.4.1 Criticisms of the rational model of strategy formulation
12
1.4.2 Emergent strategies
14
1.4.3 Logical incrementalism
15
1.5 Resource-based versus positioning view of strategy
17
1.5.1 The source of competitive advantage
17
1.5.2 Economic profit
17
1.5.3 Competitive advantage and economic theory
18
1.5.4 The positioning approach
18
iii
2005.1
1.2.6 Review and control
7
iv
INTEGRATED MANAGEMENT P5
1.5.5 Resource-based theory (RBT)
19
1.5.6 Some RBT writers
19
1.6 Stakeholders
1.5.7 Comments on resource-based views of strategy
21
1.6.1 The identity of stakeholders
23
1.6.2 The influence of stakeholders
23
1.6.3 The Mendelow matrix
24
1.6.4 Assessing power of stakeholders
24
1.6.5 Assessing interest of stakeholders
25
1.6.6 Illustration of the stakeholder matrix
25
1.6.7 Strategies to deal with stakeholders
25
1.6.8 Conflict between stakeholders
27
1.7 Mission
27
1.7.1 Terminology
27
1.7.2 Elements of a mission statement
27
1.7.3 Roles of mission statements
28
1.8 Setting strategic objectives
29
1.8.1 The link between mission and objectives
29
1.8.2 The goal structure
30
1.9 Critical success factors
31
1.9.1 Defining critical success factors
31
1.9.2 Methodology of CSF analysis
31
1.10 Meeting the objectives of shareholders
32
1.10.1 Maximisation of shareholder wealth as an objective
32
1.10.2 Financial and non-financial objectives
33
1.11 Competing objectives
33
1.11.1 Importance of the existence of competing objectives
33
1.11.2 Resolving competing objectives
34
1.12 Corporate governance
35
1.12.1 What is corporate governance?
35
1.12.2 The history of corporate governance
35
1.12.3 The combined code principles of corporate governance
38
1.12.4 The benefits of corporate governance
39
1.13 Summary
39
Readings
43
Revision Questions
59
Solutions to Revision Questions
63
2 Strategy, Structure and Culture
71
Learning Outcomes
71
2.1 Strategy and structure
71
2.2 Organisational structure
72
2.2.1 Internal structure
73
2.2.2 Organisational design and contingency theory
73
2.2.3 Contingency theory
74
2005.1
23
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zanotowane.pl doc.pisz.pl pdf.pisz.pl chiara76.opx.pl
CIMA’S Official
Study System
Managerial Level
Integrated
Management
David Harris
AMSTERDAM BOSTON HEIDELBERG LONDON NEW YORK OXFORD
PARIS SAN DIEGO SAN FRANCISCO SINGAPORE SYDNEY TOKYO
CIMA Publishing
An imprint of Elsevier
Linacre House, Jordan Hill, Oxford OX2 8DP
30 Corporate Drive, Burlington, MA 01803
First published 2005
Copyright
#
2005, Elsevier Ltd. All rights reserved
No part of this publication may be reproduced in any material form (including
photocopying or storing in any medium by electronic means and whether
or not transiently or incidentally to some other use of this publication) without
the written permission of the copyright holder except in accordance with the
provisions of the Copyright, Designs and Patents Act 1988 or under the terms of
a licence issued by the Copyright Licensing Agency Ltd, 90 Tottenham Court Road,
London, England W1T 4LP. Applications for the copyright holder’s written
permission to reproduce any part of this publication should be addressed
to the publisher
Permissions may be sought directly from Elsevier’s Science and
Technology Rights Department in Oxford, UK: phone: (+44) (0) 1865 843830;
fax: (+44) (0) 1865 853333; e-mail: permissions@elsevier.co.uk. You may also
complete your request on-line via the Elsevier homepage
Permissions’
British Library Cataloguing in Publication Data
A catalogue record for this book is available from the British Library
ISBN 0 7506 6710 9
For information on all CIMA publications
visit our website at www.cimapublishing.com
Important Note
A new edition of the CIMA Official Terminology is due to be published in September 2005. As
this is past the publication date of this Study System the page reference numbers for
‘Management Accounting Official Terminology’ contained in this Study System are for the 2000
edition. You should ensure that you are familiar with the 2005 CIMA Official Terminology
(ISBN: 0 7506 6827 X) once published, available from www.cimapublishing.com
Typeset by Newgen Imaging Systems (P) Ltd, Chennai, India
Printed in Great Britain
Contents
The CIMA Study System
xv
Acknowledgements
xv
How to use your CIMA Study System
xv
Guide to the Icons used within this Text
xvi
Study technique
xvii
The Integrated Management Syllabus
xviii
Transitional arrangements
xxii
1 The Nature of Strategic Management
1
Learning Outcomes
1
1.1 What is strategy about?
1
1.1.1 Some initial definitions
1
1.1.2 Common themes in strategy
2
1.1.3 Three elements to strategy
2
1.1.4 Levels of strategy
4
1.2 A model of the rational strategy process
5
1.2.1 Mission and objectives
6
1.2.2 Corporate appraisal
6
1.2.3 Strategic option generation
6
1.2.4 Strategy evaluation and choice
6
1.2.5 Strategy implementation
7
1.3 Approaches to formulating business strategy
7
1.3.1 A formal top-down strategy process
7
1.3.2 Benefits of business strategy
9
1.3.3 Drawbacks of formal business strategy
9
1.3.4 Strategy and small businesses
10
1.4 Alternatives to the rational approach to strategy
12
1.4.1 Criticisms of the rational model of strategy formulation
12
1.4.2 Emergent strategies
14
1.4.3 Logical incrementalism
15
1.5 Resource-based versus positioning view of strategy
17
1.5.1 The source of competitive advantage
17
1.5.2 Economic profit
17
1.5.3 Competitive advantage and economic theory
18
1.5.4 The positioning approach
18
iii
2005.1
1.2.6 Review and control
7
iv
INTEGRATED MANAGEMENT P5
1.5.5 Resource-based theory (RBT)
19
1.5.6 Some RBT writers
19
1.6 Stakeholders
1.5.7 Comments on resource-based views of strategy
21
1.6.1 The identity of stakeholders
23
1.6.2 The influence of stakeholders
23
1.6.3 The Mendelow matrix
24
1.6.4 Assessing power of stakeholders
24
1.6.5 Assessing interest of stakeholders
25
1.6.6 Illustration of the stakeholder matrix
25
1.6.7 Strategies to deal with stakeholders
25
1.6.8 Conflict between stakeholders
27
1.7 Mission
27
1.7.1 Terminology
27
1.7.2 Elements of a mission statement
27
1.7.3 Roles of mission statements
28
1.8 Setting strategic objectives
29
1.8.1 The link between mission and objectives
29
1.8.2 The goal structure
30
1.9 Critical success factors
31
1.9.1 Defining critical success factors
31
1.9.2 Methodology of CSF analysis
31
1.10 Meeting the objectives of shareholders
32
1.10.1 Maximisation of shareholder wealth as an objective
32
1.10.2 Financial and non-financial objectives
33
1.11 Competing objectives
33
1.11.1 Importance of the existence of competing objectives
33
1.11.2 Resolving competing objectives
34
1.12 Corporate governance
35
1.12.1 What is corporate governance?
35
1.12.2 The history of corporate governance
35
1.12.3 The combined code principles of corporate governance
38
1.12.4 The benefits of corporate governance
39
1.13 Summary
39
Readings
43
Revision Questions
59
Solutions to Revision Questions
63
2 Strategy, Structure and Culture
71
Learning Outcomes
71
2.1 Strategy and structure
71
2.2 Organisational structure
72
2.2.1 Internal structure
73
2.2.2 Organisational design and contingency theory
73
2.2.3 Contingency theory
74
2005.1
23
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