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The term strategic management in MTG510 assessment answers refers to a type of process used by many organizations such as domestic or international business organizations. This strategic management is used to develop a certain type of goals, vision, and mission for the organization that helps to grow in the marketplace with greater competitiveness. Apart from these goals, vision, or mission of the company, the procedures, as well as objectives, are also included in the entire process of the strategic management of a particular company.
In a typical manner, strategic management looks at the effectiveness of the deployment of the staff or the human resources as well as the other resources to achieve these kinds of organizational goals. In addition, it can be stated that strategic management comprises every kind of strategic evaluation, analysis for the internal organization, and execution of the strategy in the entire operation of the company that helps increase the effectiveness of the strategic management of the company.
While gathering the knowledge about strategic management in MTG510 assessment answers, various factors can be learned which can easily explain the importance of strategic management that can be helpful for any kind of organization regardless of the size of the organization. In the business field, there is a huge importance of strategic management as it allows a company to analyze certain areas for better improvement in operations.
There are many cases where the companies have followed these analyses to find out the threats as well as the opportunities in the business operation area. Based on the structure of the business the companies can either choose prescriptive or descriptive approaches for their strategic management. Here, the prescriptive model is about outlining the strategy for the development as well as execution of the same. On the other hand, the descriptive approach talks about the development of all the strategies by the companies.
It can be a lot easier to understand a matter if it is presented with a clear example. In the following, the strategic management is going to be explained with a plausible example. If a college is willing to increase the enrollment of the students to a certain number, suppose within the next five years. They are having a clear purpose of increasing the revenue while establishing themselves as one of the top technical colleges in the region. To do so, the administration needs to come up with proper strategic management. In this case, the main strategies should be to ensure that the college has skilled teachers and high-tech study places. However, it is dependable on the leader of the college about prioritizing a certain goal, vision, and mission for the same.
MTG510 assessment is going to describe certain areas of strategic management in every kind of business sector. It will also help in developing skills and knowledge that can be required in establishing a proper standard to design proper strategic management and learn about how to execute such alongside.
This is applicable for the management students who are well aware of the leadership strategies and other areas of the management studies. However, MTG510 assessment answers also require some of the basic technical knowledge as well as proper decision-making skills for the development of the strategies and use them practically. After the completion of the unit, the students will be able to deliver and demonstrate the learning outcomes and also apply them to their fields for designing a proper organization. Lastly, the result will be evaluated for the evaluation of the learning outcome of the students.
Location: Footscray Nicholson, Industry, Werribee
Study level: Vocational and further education (TAFE)
Unit code: MGT510
The entire MTG510 solutions will be designed in a way that each of the students gets the chance to learn and extend their knowledge area based on strategic management. Proper training along with easy-to-learn materials will be provided to the students which will help the students to ensure that the process of teaching about strategic management is effective. The entire MTG510 assessment will include the following learning outcome:
Identification and explanation of the strategic management along with the ket=y components which makes it more successful.
To make a proper review and evaluation of the strategic management for the development of the ideas and practices.
Learning about strategic management in each of the areas such as finance, marketing, or human resources.
Ability to evaluate the relationship between strategic management with other business resources such as people, functions, operations, or even the entire organization.
Ability to increase the potentiality to apply all the strategic management to develop aims and objectives, vision as well as the mission of the organization for the desired growth in future.
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The main weightage of the MGT510 task answers is 55 credit points that will be added to their certification as well. Each of the learning outcomes will be marked separately based on the evaluation of the students learning process and their performances.
20% will be marked for the identification and explanation of the components of the strategic management which includes analysis of the strategies, formulation, and implementation of the strategies, and lastly, their interrelationships as well as their effectiveness.
20% will be marked for the evaluation of the learning and developing ideas for the strategic management based on the previously mentioned learning outcomes. Here, the students will be evaluated based on their performance for the evaluation based on their expertise in the fields such as finance, marketing, or human resources.
30% will be marked for the group discussion based on their learning and their opinions on the given topic.
Rest 30% will be marked for the practical parts and attentiveness of the students.
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