It is important to choose the optimal approach because it reduces the costs of the activity and improves the chances to find the ‘best standards’ you can rely on.
Benchmarking is a strategy tool used to compare the performance of the business processes and products with the best performances of other companies inside and outside the industry.
Pareto's Principle states that roughly 20% of actions produce 80% of results, or 80% of effects come from 20% of causes. Pareto’s Principle or the 80/20 Rule is a useful construct when analyzing our efforts and outcomes.
Management by Objectives is the process of defining specific objectives within an organization that management can convey to organization members, then deciding on how to achieve each objective in sequence.
Operational leaders build the structures and systems that allow the strategic leader(s) vision and objectives to be achieved, while providing a framework for inspired action by the organization's tactical leaders.
Strategic leadership is concerned with the long-term purpose and goals of an organization, movement, or institution. By having a compelling vision and mission, a strategic leader will attract the right people to the organization.
Tactical leadership is concerned with the here and now, with short-term decisions and risk management for immediate gains. At the tactical level, leaders must balance the needs of team members with the needs of the mission or situation.
One of the challenges many managers and leaders face is in understanding the distinctions between levels of leadership. Though there is a common basis of theory and practice, the requirements of various forms of leadership are quite different.
According to Red Queen Hypothesis, any strategy that is likely to be effective will be met by a reaction from the competition that will make to undermine the advantages from the strategy.
The Peter principle is a concept in management theory that states that the selection of a candidate for a position is based on the candidate's performance in their current role, rather than on abilities relevant to the intended role.