9780131467453

Formulating strategy is one thing. Executing it throughout the entire organization... well, that's the really hard part. 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, Larry Hrebiniak offers a comprehensive, disciplined process model for making strategy work in the real world. 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. 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 the execution process. Making Strategy Work concludes with a start-to-finish case study showing how to use Hrebiniak's ideas to address one of today's most difficult business execution challenges: ensuring the success of a merger or acquisition. The advice on making M&A strategies work justifies the addition of this book to any execution toolkit. bull; bull; Building the capabilities and culture you'll need to execute bull;How to align your organization's skills, resources, and culture around the strategies you're pursuing bull; Integrating long-term strategy with short-term operations bull;Why managing the short-term is crucial to the success of long-term strategy bull; Ensuring robust coordination... up, down, and sideways bull;Effective information sharing and cooperation: bringing coherence and focus to execution bull; Managing change, including culture change bull;Avoiding "speed traps," resistance, and other change-related problems that hurt execution About the AUTHORLawrence G. 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 competitive strategy and strategy implementation in the Wharton M.B.A. and Executive Education programs. He held managerial positions in the automobile 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 members providing commentaries on the Wharton Management Report, a daily TV program on the Financial News Network. His consulting activities and executive development programs focus on strategy execution, 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, Dun & Bradstreet, DuPont, the Social Security Administration, First American Bankshares, General Motors, Chase Manhattan, Studio Ambrosetti, Microsoft, Aventis, and GE. Dr. Hrebiniak's current research is concerned primarily with strategy execution and organizational design. He is also interested in strategic adaptation as organizations manage change and execution efforts over time to remain competitive. He coAUTHORed Implementing Strategy (PHPTR 1984) and AUTHORed The We-Force in Management (Jossey-Bass, Inc. 1994), two other books, and numerous articles in professional journals. A Comprehensive Roadmap and Process Model for Executing Strategy bull; bull; Beyond "war stories": detailed, integrated solutions for delivering on strategy bull;&l

Lawrence G. Hrebiniak is a professor in the Department of Management of the Wharton School at the University of Pennsylvania.

Introduction
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
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
The Path to Successful Execution: Good Strategy Comes First
Is the Impact of Strategy Overrated?
The Need for Sound Planning and a Clear, Focused Strategy
Corporate-Level Planning
AT&T: Bad Corporate Strategy?
Business Strategy
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
The Need to Define and Communicate the Operational Components of Strategy
Integrating Strategic and Short-Term Objectives
Need for Measurable Objectives
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
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
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"
Facilitatin
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INTRODUCTION INTRODUCTION This book focuses on a critical management issue: Making strategy work or executing strategy effectively. Theories and advice about the requisites of good planning and strategy formulation abound in management literature. A vast array of planning models and techniques has been paraded before managers over the years, and managers for the most part understand them and know how to use them effectively. The problem with poor performance typically is not with planning, but with doing. That is, strategies often aren't implemented successfully. Making strategy work is more difficult than strategy making. Sound plans flounder or die because of a lack of execution know-how. This book focuses on execution--the processes, decisions, and actions needed to make strategy work. What differentiates this book from others, beyond its emphasis on a critical management need? I'm excited about the present approach to execution for the six following reasons. Learning from Experience This book is based on data. It borrows from the experiences of hundreds of managers actually involved in strategy execution. There are multiple sources of data, which ensures complete coverage of execution-related issues. This book doesn't rely on the armchair musings of a few people relating unconnected anecdotes; it is based on real-world execution experiences, problems, and solutions--including mine over the last two decades. What You Need to Lead The focus of the book is on the knowledge, skills, and capabilities managers need to lead execution efforts. Its content is action- and results-oriented. Most organizations recruit, train, and retain good managers; they are staffed by good people--even great people. Most managers are motivated and qualified people who want to perform well. Even good people, however, can be hampered by poor incentives, controls, organizational structures, and company policies or operating procedures that inhibit their ability to execute and get things done. Even great leaders, in top management positions, will fail if they're not well versed in the conditions that affect execution success. Managers need to understand what makes strategy work. Intuition and personality simply aren't sufficient, given such a complex task. This book focuses on this knowledge and the capabilities and insights leaders need for execution success. The Big Picture In this book, I develop a unifying, integrated approach to execution. I focus on the big picture, as well as the nitty-gritty of the execution process and methods. I spell out a logical approach to execution and the relationships among key execution decisions. This book not only identifies these key factors and their relationships, but also goes into detail on each of the factors needed for execution success. It provides an important, integrated approach to execution and dissects the approach to focus on its key elements, actions, or decisions. This book then provides both an overview of the execution process and an in-depth reference manual for key aspects of this process. Effective Change Management Leading successful execution efforts usually demands the effective management of change, and this book integrates important change-management issues into its treatment of execution. This book discusses power, influence, and resistance to change. It focuses on real and practical change-related issues--such as whether to implement execution related changes quickly, all at once, or in a more deliberate and sequential fashion over time. I tell you why "speed kills" and explain how large, complex changes can severely hurt execution outcomes. I focus on the details of

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Making Strategy Work : Leading Effective Execution and Change

Making Strategy Work : Leading Effective Execution and Change

013146745X

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