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Making Strategy Work By Lawrence G. Hrebiniak

Making Strategy Work
by Lawrence G. Hrebiniak

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Offers a comprehensive process model for making strategy work in the real world. This book shows why execution is even more important than many senior executives realize, and describes why businesses fail to deliver on even their most promising strategies.
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Making Strategy Work Summary


Making Strategy Work: Leading Effective Execution and Change by Lawrence G. Hrebiniak

Without effective execution, no business strategy can succeed. Unfortunately, most managers know far more about developing strategy than about executing it -- and overcoming the difficult political and organizational obstacles that stand in their way. In this book, leading consultant and Wharton professor Lawrence Hrebiniak offers the first comprehensive, disciplined process model for making strategy work in the real world. Drawing on his unsurpassed experience, Hrebiniak shows why execution is even more important than many senior executives realize, and sheds powerful new light on why businesses fail to deliver on even their most promising strategies. Next, he offers a systematic roadmap for execution that encompasses every key success factor: organizational structure, coordination, information sharing, incentives, controls, change management, culture, and the role of power and influence in your business. Making Strategy Work concludes with a start-to-finish case study showing how to use Hrebeniak's ideas to address one of today's most difficult business execution challenges: ensuring the success of a merger or acquisition.

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Making Strategy Work Reviews


From Kirkus Reports, February 10, 2005 Volume 2, Issue 1

Making Strategy Work: Leading Effective Execution and Change
By:
Lawrence G. Hrebiniak
Publisher: Wharton School Publishing
Pub Date: January 2005

In what could be an excellent companion piece to either branding book mentioned this month, Wharton professor Hrebiniak deconstructs the grand theories and explores what it takes to work in the real world. He starts by discussing what doesn't work-when managers dream up ambitious scenarios but leave the execution to their underlings, things are bound to go wrong. In other words: formula is easy; execution is hard. Ownership, according to Hrebiniak, is the key to success, and he moves clearly through the many steps of taking strategy from the theoretical to the concrete. There are sections devoted to all the common pitfalls: information sharing, providing appropriate incentives, and managing culture change. Case studies of big corporations and the challenges they met or flubbed provide a real-world look at the stakes involved. The author also provides an examination of power and influence as they relate to execution, and a section that demonstrates how his theories could be applied to recent M&As. In all, a mercifully cut-and-dry, clear-eyed view of one way in which businesses can succeed or fail.

About Lawrence G. Hrebiniak


About the Author

Dr. Lawrence Hrebiniak is a professor in the Department of Management of the Wharton School at the University of Pennsylvania. He has been a member of the Wharton faculty since 1976, and currently teaches courses in strategic management and strategy implementation in the Wharton M.B.A. and Executive Education programs. He held several managerial positions in industry prior to entering academia, and is a past president of the Organization Theory Division of the Academy of Management. For over two years, he was one of five Wharton faculty providing commentaries on the Wharton Management Report, a daily program on the Financial News Network.

His consulting activities and executive development programs focus on strategy implementation, the formulation of strategy, and organizational design, both inside and outside the U.S. Dr. Hrebiniak's clients have included Johnson & Johnson, AT&T, Chemical Bank, Isuzu (Japan), Weyerhauser, Dun & Bradstreet, DuPont, Management Centre (Europe), the Social Security Administration, First American Bankshares, General Motors (U.S., Brazil, Japan, Venezuela), Chase Manhattan, Studio Amrosetti (Milan), and GE.

Dr. Hrebiniak's current research is concerned primarily with strategy implementation, especially the relationships among strategy, structure and performance. He is also interested in strategic adaptation as organizations change over time to remain competitive. He has authored four books, including Implementing Strategy (PHPTR 1984) and The We-Force in Management (Jossey-Bass, Inc. 1994).


(c) Copyright Pearson Education. All rights reserved.

Table of Contents


Introduction.

1. Strategy Execution Is the Key.

Execution Is a Key to Success

Making Strategy Work Is More Difficult Than the Task of Strategy Making

Sound Execution Is Critical-A Focus on Making Strategy Work Pays Major Dividends

Managers Are Trained to Plan, Not Execute

Let the "Grunts" Handle Execution

Planning and Execution Are Interdependent

Execution Takes Longer Than Formulation

Execution Is a Process, Not an Action or Step

Execution Involves More People Than Strategy Formulation Does

Additional Challenges and Obstacles to Successful Execution

Wharton-Gartner Survey

Wharton Executive Education Survey

Panel Discussions

The Results: Opinions About Successful Strategy Execution

Poor Execution Outcomes

Making Sense of the Data and Going Forward

The Execution Challenge

Having a Model or Guidelines for Execution

Strategy is the Primary Driver

Managing Change

The Power Structure

Coordination and Information Sharing

Clear Responsibility and Accountability

The Right Culture

Leadership

Controls, Feedback, and Adaptation

The Next Step: Developing a Logical Approach to Execution Decisions and Actions

Summary

Endnotes

2. Overview and Model: Making Strategy Work.

Common vs. Unique Execution Solutions

A Need for Action

A Model of Strategy Execution

Corporate Strategy

Corporate Structure

Need for Integration

Executing Business Strategy

"Demands" of Business Strategy

Integrating Strategy and Short-term Operating Objectives

Incentives and Controls

Incentives

Controls

Context of Execution Decisions

The Execution Context

Managing Change

Culture

The Organizational Power Structure

The Leadership Climate

Need for a Disciplined Approach

Summary

Endnotes

3. The Path to Successful Execution: Good Strategy Comes First.

Is the Impact of Strategy Overrated?

Issue #1: The Need for Sound Planning and a Clear, Focused Strategy

Corporate-Level Planning

AT&T: Bad Corporate Strategy?

Business Strategy

Issue #2: The Importance of Integrating Corporate and Business Strategies

The Role of the Business Is Unclear

Inappropriate Performance Metrics

Battles Over Resource Allocations

Assessments of Business Performance Create Additional Problems

The Strategy Review

Issue #3: The Need to Define and Communicate the Operational Components of Strategy

Integrating Strategic and Short-Term Objectives

Need for Measurable Objectives

Issue #4: Understanding the "Demands" of Strategy and Successful Execution

Low-Cost Producer

Differentiation Strategies

Developing the Right Capabilities

The Demands of Global Strategy

A Final Point

Summary

Endnotes

4. Organizational Structure and Execution.

The Challenge of Structural Choice

General Motors

Johnson & Johnson

Citibank and ABB

The Critical Structural Issues

Structural Issue #1: Measuring Costs and Benefits of Structure

Structural Issue #2: Centralization vs. Decentralization

Structural Issue #3: The Strategy-Structure-Performance Relationship

Summary

Endnotes

5. Managing Integration: Effective Coordination and Information Sharing.

The Importance of Integration

Boeing

Royal Dutch/Shell Group

Dell Computers

Interdependence and Coordination Methods

Types of Interdependence

Coordination Processes and Methods

The GE "Work Out"

Facilitating Information Sharing, Knowledge Transfer, and Communication

Creating, Using, and Sharing Knowledge

Methods, Tools, or Processes for Information Sharing

Informal Forces and Information Sharing

Additional Informal Factors Affecting Information Flow and Knowledge Transfer

Clarifying Responsibility and Accountability

Responsibility Plotting and Role Negotiation

Summary

Endnotes

6. Incentives and Controls: Supporting and Reinforcing Execution.

Role of Incentives and Controls

Incentives and Execution

A Basic Rule: Don't Demotivate People

Good Incentives

Reward the Right Things

Controls: Feedback, Learning, and Adaptation

The Control Process

Develop and Use Good Objectives

Reward the Doers, the Performers

Face the Brutal Facts Honestly

Reward Cooperation

Clarify Responsibility and Accountability

Controls Require Timely and Valid Information

Leadership, Controls, and Execution

The Strategy Review: Integrating Planning, Execution, and Control

Step 1: Strategy Formulation

Step 2: The Execution Plan

Step 3: Initiating the Control Process

Step 4: Cause-Effect Analysis and Organizational Learning

Step 5: Feedback and Change

Step 6: Follow Up and Continue the Process

Summary

Endnotes

7. Managing Change.

Managing Change: A Continuing Challenge

Steps in Managing Change

A Model of Change and Execution

Components of the Model

Relating Change to Execution Problems

Sequential Change

Complex Change

Other Factors Affecting Change

Summary

Endnotes

8. Managing Culture and Culture Change.

What Is Culture?

Culture is Important for Execution

Culture is Not Homogeneous

Culture Affects Performance

Organizational Performance Affects Culture

A Model of Culture and Cultural Change

The Top Line: The Effects of Culture

The Bottom Line: Changing Culture

Summary

Rule 1: The Reasons for Change Must Be Clear, Compelling, and Agreed Upon By Key Players

Rule 2: Focus on Changing Behavior-Not Directly on Changing Culture

Rule 3: Effective Communication is Vital to Culture Change

Rule 4: Adequate Effort Must Be Expanded to Reduce Resistance to Change

Rule 5: Beware of Excessive Speed

Endnotes

9. Power, Influence, and Execution.

A View of Power and Influence

Strategy and Environment

Problems or Dependencies

Organizational Structure

Uneven Resource Allocations

Internal Dependencies and Power

Using Power and Influence

Coming Full Circle: Conclusions About Power

Power and Execution

Define Power Bases and Relationships

Form Coalitions or Develop Joint Ventures with Those in Power

Focus on Value-Added, Measurable Results

A Final Note on Power: The Downside

Summary

Endnotes

10. Summary and Application: Making Mergers and Acquisitions Work.

Making Merger and Acquisition Strategies Work

Why Focus on Mergers and Acquisitions?

Why Do So Many Mergers and Acquisitions Fail or Founder?

Using the Present Model and Approach to Execution

Corporate Strategy

Corporate Structure

Cultural Integration in M&A

Business Strategy and Short-Term Objectives

Business Structure/Integration

Incentives and Controls

Managing Change

Managing Culture and Culture Change

The Critical Role of Leadership

Summary

Endnotes

Appendix.

Index.

Additional information

GOR005542626
Making Strategy Work: Leading Effective Execution and Change by Lawrence G. Hrebiniak
Lawrence G. Hrebiniak
Used - Very Good
Hardback
Pearson Education (US)
2005-01-05
408
013146745X
9780131467453
N/A
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
This is a used book - there is no escaping the fact it has been read by someone else and it will show signs of wear and previous use. Overall we expect it to be in very good condition, but if you are not entirely satisfied please get in touch with us.