The-definition.com

Definition

Formality of strategic management

The formality of strategic management system varies widely among companies.

Formality refers to the degree to which participants, responsibilities, authority and discretion  in decision making are specified.

It is an important consideration in the study of strategic management, because greater formality is usually positively correlated with the cost, comprehensiveness, accuracy, and success of planning.

Share it:  Cite

More from this Section

  • Goals
    Goals are desired outcomes or targets. They guide management decisions and form the criteria ...
  • Conglomerate Diversification
    A grand strategy based on the acquisition of a business because it presents the most promising ...
  • Leader's Perseverance
    The capacity to see a commitment through to completion long after most people would have ...
  • Principles of management
    Fundamental rules of management that could be applied in all organizational situations ...
  • Workplace misbehavior
    Workplace misbehavior is any intentional employee behavior that is potentially harmful ...