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Discussion of KM Most-Cited 1-3

Discussion of KM Most-Cited 1-3. by Yan An. Firm Resources and Sustained Competitive Advantage . What is formal and informal strategic planning?. Formal . informal. Rare Valuable Not imitable Is a source of sustained competitive advantage. Not rare Valuable Imitable

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Discussion of KM Most-Cited 1-3

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  1. Discussion ofKM Most-Cited 1-3 by Yan An

  2. Firm Resources and Sustained Competitive Advantage • What is formal and informal strategic planning? Formal informal Rare Valuable Not imitable Is a source of sustained competitive advantage • Not rare • Valuable • Imitable • Not a source of sustained competitive advantage

  3. 5 Components of Formal Planning Process • Setting of objectives • Generating strategies • Evaluating strategies • Monitoring the process • Commitment to the process

  4. Is Formal Strategic Planning Beneficial for Small Businesses? • Researchers draw conflicting conclusions: • Formal is beneficial • Provides structure for decision making • Create long-term view • Formal is NO potential payoff • Heady • High-level • Conceptual activity suited solely to large firms

  5. Informal Strategic Planning • To exchange ideas on how to perform each member’s job better and more effectively • Provide professional development training • Refine day-to-day organizational operations • Generate useful knowledge for decision making • Derive sustained competitive advantages

  6. Information Processing Systems and Sustained Competitive Advantage • How to let IS become a useful resource? • Process quickly • Share effectively • Codification • Personalization = Tacit Knowledge (What ‘s your strategy for managing knowledge? & The Knowledge-Creating Company) • Avoid eleven deadliest sins of knowledge management

  7. References • Effects of formal strategic planniing on financial performance in small firms: a meta-analysis (1993) –by Sharader, Charles B. • www.library.arizona.edu • Formal and informal mandates—by the Sanford Consulting Group • http://www.fgca.org/about_strategic_plan_formal.asp

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