Knowledge Audit Report for Business Analysis - University Assignment

This report provides a comprehensive overview of a knowledge audit for business analysis, focusing on the strategic management process. The report begins by defining strategy and strategic management, emphasizing the importance of aligning organizational goals with available resources. It highlights the role of top-level management in setting strategic direction, considering both internal and external environments, including competitor analysis. The report details the four perspectives for developing a strategy: design, experience, innovation, and politics. The design lens emphasizes a planned approach, while the experience lens utilizes past performance. The innovation lens focuses on business process innovation, and the political lens involves strategic planning by different interest groups. The conclusion emphasizes the importance of strategic management in developing business turnaround plans. This report provides a solid foundation for understanding the strategic management process and its application in business analysis. Students can find similar assignments and study resources on Desklib.

Running head: KNOWLEDGE AUDIT FOR BUSINESS ANALYSIS
Knowledge Audit for Business Analysis
Name of the Student:
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Author Note

1KNOWLEDGE AUDIT FOR BUSINESS ANALYSIS
Table of Contents
Introduction................................................................................................................................2
Strategic Management................................................................................................................2
Conclusion..................................................................................................................................3
References..................................................................................................................................4

2KNOWLEDGE AUDIT FOR BUSINESS ANALYSIS
Introduction
The term strategy refers to the plan that is developed by an organization in order to
meet its long-term goals. The strategy or the strategic plan incorporated by a particular
organization provides direction and widens the scope of an organization for the achievement
of the projected goals in the future through the arrangement of the resources of the
organization according to the proposed strategy by the management of the organization (Eden
and Ackermann 2013).
Strategic Management
Strategic management essentially refers to the process of listing the major goals of an
organization by the top level management of the organization and the alignment of such goals
with the primary objectives of the organization. The company’s top management order, lists
or identifies the goals of the organization on the basis of availability of the organizational
resources and examination of the external and the internal environment in which the
particular organization is operating (Peppard and Ward 2016).
Strategic management involves both planning for the certain and predictable events in
that may arise in the future as well as events that are uncertain or are labeled as contingent
liability by business. The management carrying out the strategic management should have
thorough knowledge about the internal proceedings of business and the external environment
in which the business operates. The external environment refers to the fellow competitors and
the respective strategies adopted by those competitors. Accurate analysis of the strategies
incorporated by these competitor firms, help the top-level management to successfully
execute the strategic management of the organization (Hill, Jones and Schilling 2014).

3KNOWLEDGE AUDIT FOR BUSINESS ANALYSIS
The strategic management of business helps the employees of the particular
organization to get an overview into their individual roles and responsibilities so that they
understand how their respective jobs fit into the entire organizational plan. Essentially, the
strategic management of the organization, help in improving the quality of the environment in
which the employees operate as they get a clear understanding of what the organization
expects from them and the exact plan to execute the assigned task (Wheelen and Hunger
2017).
The four perspectives for developing a strategy are as follows:
 Design lens – this involves following of a plan that has been developed from the
organizational point of view.
 Experience lens - the business strategy developed using this perspective involves
utilization of the technique that is based on past performance of the firm or experience
acquired through years of operation.
 Innovation (ideas) lens – this strategic management perspective is dependent on
business process innovation.
 Politics – the political aspect of the firm involves development of the strategic plan
that is done by the different interest groups of the organization that utilize the
organizational resources for the achievement of the desired outcomes.
Conclusion
Therefore, the information obtained from the above discussion is that strategic
management is an imperial part of the managerial process and aids the managers in
developing the business turnaround plan that is essential for the successful running of the
organization.

4KNOWLEDGE AUDIT FOR BUSINESS ANALYSIS

5KNOWLEDGE AUDIT FOR BUSINESS ANALYSIS
References
Eden, C. and Ackermann, F., 2013. Making strategy: The journey of strategic management.
Sage.
Hill, C.W., Jones, G.R. and Schilling, M.A., 2014. Strategic management: theory: an
integrated approach. Cengage Learning.
Peppard, J. and Ward, J., 2016. The strategic management of information systems: Building a
digital strategy. John Wiley & Sons.
Wheelen, T.L. and Hunger, J.D., 2017. Strategic management and business policy. pearson.