The paper "Potential and Limitations of the Strategy Implementation Tools" is an outstanding example of coursework on business. To date, strategy implementation has developed quite independently and separately from project management. But, there are various opportunities between the two that are under-exploited in theory and practice. A considerable number of tools used in strategic management, organizational change, and value management can equally be imported into the project management niche to enrich the traditional techniques. Strategy implementation tools are particularly powerful when used in complex and multi-functional projects (Draft & Lane, 2008, p.
406). Apart from being used to turn business strategies into implementation, these tools can be imported and used in the management practice of the mainstream project. The essay highlights a critical analysis of the potential and limitations of the strategy implementation tools. Part 1: Governance and stakeholdersCorporate governance is considered a system that allows companies to be controlled and directed. The objective of corporate governance is traditionally conceptualized by the principal-agency theory. Over-emphasis on the share price information and profit maximization is thought to be one of the major root causes of the governance crises the world over.
From a political perspective, corporate governance is often dependent on the consent given by those governed (Fernando, 2009, p. 7). The consent of the governed in turn refers to democratic principles such as political debate and separation of powers. The political view has been taken up by the stakeholder theory that argues that stakeholders are critical tools for the survival of an organization. Consequently, the stakeholders need to be considered in the systems they control and direct (Fernando, 2009, p.
50). Stakeholders often include individuals or groups of people that depend on an organization in order to fulfill their goals and on whom the organization depends. A good example of common stakeholders includes the owners/shareholders, the financial community, activist groups, customers, managers, unions, local community, employees, trade associations, competitors, suppliers, government, political groups, and the media.
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