Strategy formulation

• Performing a situation analysis, self-evaluation and competitor analysis: both internal and external; both micro-environmental and macro-environmental.
• Concurrent with this assessment, objectives are set. These objectives should be parallel to a timeline; some are in the short-term and others on the long-term. This involves crafting vision statements (long term view of a possible future), mission statements (the role that the organization gives itself in society), overall corporate objectives (both financial and strategic), strategic business unit objectives (both financial and strategic), and tactical objectives.
• These objectives should, in the light of the situation analysis, suggest a strategic plan. The plan provides the details of how to achieve these objectives.

This three-step strategy formulation process is sometimes referred to as determining where you are now, determining where you want to go, and then determining how to get there. These three questions are the essence of strategic planning.

In formulating a strategy for a Process, the only difference it the process manager and the various functional managers must perform a situation analysis, self-evaluation, and competitor analysis at cross functional process level rather than for the organization as a whole. This process should lead to a strategic plan for the process and support the organizational strategic plan.

Strategy implementation

• Allocation and management of sufficient resources (financial, personnel, time, technology support)
• Establishing a chain of command or some alternative structure (such as cross functional teams)
• Assigning responsibility of specific tasks or processes to specific individuals or groups
• It also involves managing the process. This includes monitoring results, comparing to benchmarks and best practices, evaluating the efficacy and efficiency of the process, controlling for variances, and making adjustments to the process as necessary.
• When implementing specific programs, this involves acquiring the requisite resources, developing the process, training, process testing, documentation, and integration with (and/or conversion from) legacy processes.

Thus this type of problem can occur in strategy

In order for a policy to work, there must be a level of consistency from every person in an organization, including from the management. This is what needs to occur on the tactical level of management as well as strategic.

In implementing a strategy for a Process, the only difference it the process manager and the various functional managers must allocate and manage sufficient resources to achieve the objectives set for the process. Specific programs are implemented so the process achieves its targets and supports the organization's strategic plan and goals. 

Strategy evaluation

• Measuring the effectiveness of the organizational strategy, it's extremely important to conduct a SWOT analysis to figure out the strengths, weaknesses, opportunities and threats (both internal and external) of the entity in question. This may require to take certain precautionary measures or even to change the entire strategy.

In corporate strategy, Johnson and Scholes present a model in which strategic options are evaluated against three key success criteria:

• Suitability (would it work?)
• Feasibility (can it be made to work?)
• Acceptability (will they work it?)

In Evaluating  a strategy for a Process, the only difference it the process manager and the various functional managers must conduct A SWOT analysis at the process level. Likewise, the process owner must determine if the strategy is suitable for  their process, can it be made to work for their process, and will his process team make it work.  Finally will the process strategy achieve its objectives and support the organizational strategy and goals.