8. Terminology relevant for this career area
Term
Simple definition
Strategy
Action planning and resource allocation to position a company or organization for sustained success in their sector.
Corporate Strategy
Refers to the strategy at the highest portfolio level, looking at a collection of businesses, and how resources should be allocated across the business to achieve the entire corporation’s overall goals.
Business Strategy
Refers to the strategy at the business unit level, typically within a larger, corporate environment, where the business is one piece of a larger corporate portfolio.
Functional Strategy
Refers to the strategy of a given function in the organization (e.g. HR, marketing, manufacturing strategy).
Strategic Planning
The process of developing overall plans that would deliver an organization’s strategy.
Corporate Planning
Similar to strategic planning and sometimes used interchangeably. Corporate planning refers to the higher-level process of planning at each BU.
Business Planning
The more detailed level of planning to execute a given strategy within a business unit of an organization.
Performance Management
The process of setting targets, aligned with overall strategy, down the organizational chain of command. It typically involves “corporate” or “business performance management” (looking at BU level and above), as well as “individual performance management,” which also looks at individual performance.
Operating Model
The combination of how organizational structure, processes, information flows, decision rights and incentives determine how work gets done in an organization.
Strategic Management
Sometimes synonymous with performance management; the process of managing and executing organizational strategy.
Corporate Governance
The rules, practices and structures by which a company is directed and controlled, ensuring accountability and transparency.
Change Management
A structured approach to plan, implement, manage and guide change initiatives within an organization, to ensure they achieve their desired outcome.
Leadership Development
The overall approach taken to identify, assess, prepare and develop current and future leaders in an organization, to ensure it stays competitive in the market.
Organizational Behavior
How individuals, teams and groups within an organization interact and influence its functioning and performance.
Organizational Culture
The fundamental set of norms, values and beliefs within an organization that drive how, in practice, it gets things done.
Program and Project and Management
The methodology and approach for structuring activities undertaken in pursuit of a particular purpose. This includes scope, quality, risk, time, resource and budget management, among others. Programs are a collection of projects.
Business Transformation
A comprehensive approach at redefining an organization’s structure, processes and culture to achieve lasting change.
Digital Transformation
A type of business transformation focused on integrating technology into every aspect of a company to improve its operations, customer offering and value delivery.