Strategic management is a field that deals with the major intended and emergent initiatives taken at Board level involving utilisation of resources, to enhance the performance of an organisation in its external environment. It entails specifying the organisation’s mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs.
Effective performance management relies on systems and people working together to ensure the right things happen. The systems, processes and data, are inseparable from the softer aspects such as culture, leadership and learning. Equally, a system does not stand apart from day-to-day management.
Effective performance management arrangements can help any organisation to integrate planning, review, financial management and organisational improvement.